Morgan Stanley Institutional Fund, Inc.
First Quarter Report − March 31, 2024 (unaudited)
Consolidated Portfolio of Investments
Advantage Portfolio
Value | ||||||||
Shares | (000) | |||||||
Common Stocks (95.6%) | ||||||||
Automobiles (4.6%) | ||||||||
Tesla, Inc. (a) | 52,963 | $ | 9,310 | |||||
Biotechnology (1.0%) | ||||||||
Roivant Sciences Ltd. (a) | 192,320 | 2,027 | ||||||
Broadline Retail (5.1%) | ||||||||
Amazon.com, Inc. (a) | 29,480 | 5,318 | ||||||
MercadoLibre, Inc. (a) | 3,393 | 5,130 | ||||||
10,448 | ||||||||
Capital Markets (1.9%) | ||||||||
Intercontinental Exchange, Inc. | 27,539 | 3,785 | ||||||
Entertainment (4.3%) | ||||||||
ROBLOX Corp., Class A (a) | 228,158 | 8,711 | ||||||
Financial Services (5.4%) | ||||||||
Adyen NV (Netherlands) (a) | 5,868 | 9,912 | ||||||
Block, Inc., Class A (a) | 12,657 | 1,070 | ||||||
10,982 | ||||||||
Ground Transportation (9.0%) | ||||||||
Uber Technologies, Inc. (a) | 197,873 | 15,234 | ||||||
Union Pacific Corp. | 12,431 | 3,057 | ||||||
18,291 | ||||||||
Health Care Technology (1.7%) | ||||||||
Veeva Systems, Inc., Class A (a) | 14,618 | 3,387 | ||||||
Hotels, Restaurants & Leisure (13.9%) | ||||||||
Airbnb, Inc., Class A (a) | 59,091 | 9,748 | ||||||
DoorDash, Inc., Class A (a) | 135,532 | 18,665 | ||||||
28,413 | ||||||||
Information Technology Services (21.3%) | ||||||||
Cloudflare, Inc., Class A (a) | 191,086 | 18,503 | ||||||
Shopify, Inc., Class A (Canada) (a) | 174,141 | 13,438 | ||||||
Snowflake, Inc., Class A (a) | 71,354 | 11,531 | ||||||
43,472 | ||||||||
Interactive Media & Services (2.0%) | ||||||||
Meta Platforms, Inc., Class A | 2,092 | 1,016 | ||||||
ZoomInfo Technologies, Inc., Class A (a) | 186,612 | 2,991 | ||||||
4,007 | ||||||||
Life Sciences Tools & Services (3.0%) | ||||||||
Danaher Corp. | 12,154 | 3,035 | ||||||
Illumina, Inc. (a) | 22,526 | 3,093 | ||||||
6,128 | ||||||||
Media (5.7%) | ||||||||
Trade Desk, Inc., Class A (a) | 133,409 | 11,663 | ||||||
Pharmaceuticals (4.4%) | ||||||||
Royalty Pharma PLC, Class A | 295,886 | 8,986 | ||||||
Software (8.5%) | ||||||||
Bill Holdings, Inc. (a) | 49,980 | 3,435 | ||||||
Crowdstrike Holdings, Inc., Class A (a) | 9,292 | 2,979 | ||||||
MicroStrategy, Inc., Class A (a) | 4,508 | 7,684 | ||||||
Procore Technologies, Inc. (a) | 38,535 | 3,166 | ||||||
17,264 | ||||||||
Specialized REITs (1.4%) | ||||||||
American Tower Corp. REIT | 14,862 | 2,937 | ||||||
Specialty Retail (2.4%) | ||||||||
Chewy, Inc., Class A (a) | 68,143 | 1,084 | ||||||
Floor & Decor Holdings, Inc., Class A (a) | 29,644 | 3,843 | ||||||
4,927 | ||||||||
Total Common Stocks (Cost $144,406) | 194,738 | |||||||
Investment Company (2.7%) | ||||||||
Grayscale Bitcoin Trust (a) (Cost $1,682) | 87,659 | 5,538 | ||||||
Short-Term Investment (1.7%) | ||||||||
Investment Company (1.7%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $3,408) | 3,407,830 | 3,408 | ||||||
Total Investments Excluding Purchased Options (100.0%) (Cost $149,496) | 203,684 | |||||||
Total Purchased Options Outstanding (0.2%) (Cost $878) | 419 | |||||||
Total Investments (100.2%) (Cost $150,374) (c)(d)(e)(f) | 204,103 | |||||||
Liabilities in Excess of Other Assets (–0.2%) | (362 | ) | ||||||
Net Assets (100.0%) | $ | 203,741 |
(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, 2024, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Liquidity Fund. |
(c) | The approximate fair value and percentage of net assets, $9,912,000 and 4.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(d) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, 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, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $62,535,000 and the aggregate gross unrealized depreciation is approximately $8,806,000, resulting in net unrealized appreciation of approximately $53,729,000. |
REIT | Real Estate Investment Trust. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report − March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont’d)
Advantage Portfolio
Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2024:
Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
Standard Chartered Bank | USD/CNH | CNH | 7.57 | May–24 | 56,717,357 | $ | 56,717 | $ | 14 | $ | 240 | $ | (226 | ) | |||||||||||||
Goldman Sachs & Co. LLC | USD/CNH | CNH | 7.68 | Jan–25 | 51,817,605 | 51,818 | 182 | 196 | (14 | ) | |||||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.78 | Mar–25 | 48,537,600 | 48,538 | 190 | 206 | (16 | ) | |||||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 57,077,746 | 57,078 | 33 | 236 | (203 | ) | |||||||||||||||||
$ | 419 | $ | 878 | $ | (459 | ) |
CNH | — | Chinese Yuan Renminbi Offshore |
USD | — | United States Dollar |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Other* | 31.2 | % | ||
Information Technology Services | 21.3 | |||
Hotels, Restaurants & Leisure | 13.9 | |||
Ground Transportation | 9.0 | |||
Software | 8.4 | |||
Media | 5.7 | |||
Financial Services | 5.4 | |||
Broadline Retail | 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, 2024 (unaudited)
Portfolio of Investments
American Resilience Portfolio
Shares | Value (000) | |||||||
Common Stocks (93.8%) | ||||||||
Beverages (4.3%) | ||||||||
Coca-Cola Co. | 528 | $ | 32 | |||||
Constellation Brands, Inc., Class A | 68 | 19 | ||||||
51 | ||||||||
Capital Markets (7.0%) | ||||||||
FactSet Research Systems, Inc. | 28 | 13 | ||||||
Intercontinental Exchange, Inc. | 374 | 51 | ||||||
Moody’s Corp. | 48 | 19 | ||||||
83 | ||||||||
Commercial Services & Supplies (0.4%) | ||||||||
Veralto Corp. | 54 | 5 | ||||||
Electronic Equipment, Instruments & Components (3.0%) | ||||||||
Amphenol Corp., Class A | 52 | 6 | ||||||
CDW Corp. | 116 | 30 | ||||||
36 | ||||||||
Financial Services (6.0%) | ||||||||
Jack Henry & Associates, Inc. | 37 | 6 | ||||||
Visa, Inc., Class A | 236 | 66 | ||||||
72 | ||||||||
Health Care Equipment & Supplies (7.9%) | ||||||||
Abbott Laboratories | 261 | 30 | ||||||
Becton Dickinson & Co. | 147 | 36 | ||||||
Hologic, Inc. (a) | 120 | 9 | ||||||
Steris PLC | 85 | 19 | ||||||
94 | ||||||||
Health Care Providers & Services (3.4%) | ||||||||
UnitedHealth Group, Inc. | 81 | 40 | ||||||
Household Products (3.4%) | ||||||||
Procter & Gamble Co. | 244 | 40 | ||||||
Information Technology Services (5.5%) | ||||||||
Accenture PLC, Class A | 188 | 65 | ||||||
Insurance (5.4%) | ||||||||
Aon PLC, Class A | 133 | 45 | ||||||
Arthur J Gallagher & Co. | 81 | 20 | ||||||
65 | ||||||||
Interactive Media & Services (3.6%) | ||||||||
Alphabet, Inc., Class A (a) | 286 | 43 | ||||||
Life Sciences Tools & Services (11.8%) | ||||||||
Danaher Corp. | 117 | 29 | ||||||
IQVIA Holdings, Inc. (a) | 168 | 43 | ||||||
Revvity, Inc. | 242 | 25 | ||||||
Thermo Fisher Scientific, Inc. | 76 | 44 | ||||||
141 | ||||||||
Machinery (3.2%) | ||||||||
Otis Worldwide Corp. | 387 | 38 | ||||||
Pharmaceuticals (1.3%) | ||||||||
Zoetis, Inc. | 97 | 16 | ||||||
Professional Services (8.1%) | ||||||||
Automatic Data Processing, Inc. | 151 | 38 | ||||||
Broadridge Financial Solutions, Inc. | 149 | 30 | ||||||
Equifax, Inc. | 104 | 28 | ||||||
96 | ||||||||
Semiconductors & Semiconductor Equipment (3.6%) | ||||||||
Texas Instruments, Inc. | 246 | 43 | ||||||
Software (14.1%) | ||||||||
Constellation Software, Inc. (Canada) | 16 | 44 | ||||||
Microsoft Corp. | 209 | 88 | ||||||
Roper Technologies, Inc. | 64 | 36 | ||||||
168 | ||||||||
Tobacco (1.8%) | ||||||||
Philip Morris International, Inc. | 245 | 22 | ||||||
Total Common Stocks (Cost $953) | 1,118 |
No. of Warrants | ||||||||
Warrants (0.0%) | ||||||||
Software (0.0%) | ||||||||
Constellation Software, Inc. expires 3/31/40 (a) (Cost $—) | 16 | — |
Shares | ||||||||
Short-Term Investment (2.0%) | ||||||||
Investment Company (2.0%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $24) | 23,745 | 24 | ||||||
Total Investments (95.8%) (Cost $977) (c)(d) | 1,142 | |||||||
Other Assets in Excess of Liabilities (4.2%) | 50 | |||||||
Net Assets (100.0%) | $ | 1,192 |
(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, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund. |
(c) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(d) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $167,000 and the aggregate gross unrealized depreciation is approximately $2,000, resulting in net unrealized appreciation of approximately $165,000. |
Portfolio Composition | ||||
Classification | Percentage of Total Investments | |||
Other* | 31.4 | % | ||
Software | 14.7 | |||
Life Sciences Tools & Services | 12.4 | |||
Professional Services | 8.4 | |||
Health Care Equipment & Supplies | 8.2 | |||
Capital Markets | 7.3 | |||
Financial Services | 6.3 | |||
Information Technology Services | 5.7 | |||
Insurance | 5.6 | |||
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, 2024 (unaudited)
Consolidated Portfolio of Investments
Asia Opportunity Portfolio
Shares | Value (000) | |||||||
Common Stocks (96.2%) | ||||||||
China (47.5%) | ||||||||
China Resources Mixc Lifestyle Services Ltd. (a) | 455,800 | $ | 1,444 | |||||
Full Truck Alliance Co. Ltd. ADR (b) | 194,418 | 1,414 | ||||||
Greentown Service Group Co. Ltd. (a) | 1,506,000 | 576 | ||||||
Haidilao International Holding Ltd. (a) | 2,820,000 | 6,381 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 724,786 | 2,791 | ||||||
KE Holdings, Inc. ADR | 371,965 | 5,107 | ||||||
Kuaishou Technology (a)(b) | 485,200 | 3,054 | ||||||
Kweichow Moutai Co. Ltd., Class A | 25,794 | 6,080 | ||||||
Meituan, Class B (a)(b) | 523,920 | 6,467 | ||||||
PDD Holdings, Inc. ADR (b) | 21,790 | 2,533 | ||||||
Qifu Technology, Inc. ADR | 204,666 | 3,772 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 60,300 | 2,337 | ||||||
Shenzhou International Group Holdings Ltd. (a) | 355,400 | 3,374 | ||||||
Tencent Holdings Ltd. (a) | 144,200 | 5,617 | ||||||
Trip.com Group Ltd. ADR (b) | 175,752 | 7,714 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 125,400 | 2,659 | ||||||
61,320 | ||||||||
Hong Kong (2.1%) | ||||||||
AIA Group Ltd. | 398,500 | 2,680 | ||||||
India (26.1%) | ||||||||
Axis Bank Ltd. | 376,774 | 4,749 | ||||||
HDFC Bank Ltd. | 399,591 | 6,968 | ||||||
ICICI Bank Ltd. ADR | 325,007 | 8,583 | ||||||
Indian Hotels Co. Ltd. | 133,922 | 951 | ||||||
MakeMyTrip Ltd. (b) | 31,263 | 2,221 | ||||||
Titan Co. Ltd. | 116,517 | 5,326 | ||||||
Zomato Ltd. (b) | 2,204,826 | 4,833 | ||||||
33,631 | ||||||||
Korea, Republic of (12.2%) | ||||||||
Coupang, Inc. (b) | 397,794 | 7,077 | ||||||
KakaoBank Corp. | 212,189 | 4,431 | ||||||
NAVER Corp. | 29,928 | 4,158 | ||||||
15,666 | ||||||||
Singapore (3.6%) | ||||||||
Grab Holdings Ltd., Class A (b) | 1,479,175 | 4,645 | ||||||
Taiwan (4.7%) | ||||||||
Silergy Corp. | 120,000 | 1,228 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 204,000 | 4,887 | ||||||
6,115 | ||||||||
Total Common Stocks (Cost $111,797) | 124,057 | |||||||
Short-Term Investment (4.6%) | ||||||||
Investment Company (4.6%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (c) (Cost $5,895) | 5,895,271 | 5,895 | ||||||
Total Investments (100.8%) (Cost $117,692) (d)(e)(f) | 129,952 | |||||||
Liabilities in Excess of Other Assets (–0.8%) | (971 | ) | ||||||
Net Assets (100.0%) | $ | 128,981 |
(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, 2024, 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, $80,991,000 and 62.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(e) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(f) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $25,054,000 and the aggregate gross unrealized depreciation is approximately $12,794,000, resulting in net unrealized appreciation of approximately $12,260,000. |
ADR | American Depositary Receipt. |
Portfolio Composition | ||||
Classification | Percentage of Total Investments | |||
Other* | 22.9 | % | ||
Hotels, Restaurants & Leisure | 21.9 | |||
Banks | 19.1 | |||
Interactive Media & Services | 9.9 | |||
Broadline Retail | 7.4 | |||
Beverages | 6.7 | |||
Textiles, Apparel & Luxury Goods | 6.7 | |||
Real Estate Management & Development | 5.4 | |||
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, 2024 (unaudited)
Consolidated Portfolio of Investments
Counterpoint Global Portfolio
Shares | Value (000) | |||||||
Common Stocks (91.1%) | ||||||||
Argentina (0.0%)‡ | ||||||||
Globant SA (a) | 13 | $ | 3 | |||||
Belgium (0.0%)‡ | ||||||||
Argenx SE ADR (a) | 4 | 2 | ||||||
Brazil (0.3%) | ||||||||
B3 SA - Brasil Bolsa Balcao | 313 | 1 | ||||||
NU Holdings Ltd., Class A (a) | 2,541 | 30 | ||||||
Vale SA | 87 | 1 | ||||||
32 | ||||||||
Canada (2.9%) | ||||||||
Brookfield Corp. | 191 | 8 | ||||||
Brookfield Infrastructure Partners LP | 175 | 5 | ||||||
Cameco Corp. | 3 | —@ | ||||||
Canada Goose Holdings, Inc. (a) | 387 | 5 | ||||||
Canadian National Railway Co. | 403 | 53 | ||||||
Canadian Pacific Kansas City Ltd. | 142 | 13 | ||||||
Constellation Software, Inc. | 4 | 11 | ||||||
FirstService Corp. | 8 | 1 | ||||||
Lumine Group, Inc. (a) | 56 | 2 | ||||||
Shopify, Inc., Class A (a) | 2,752 | 212 | ||||||
Topicus.com, Inc. | 122 | 11 | ||||||
321 | ||||||||
China (1.1%) | ||||||||
China Resources Mixc Lifestyle Services Ltd. (b) | 400 | 1 | ||||||
Full Truck Alliance Co. Ltd. ADR (a) | 221 | 2 | ||||||
Greentown Service Group Co. Ltd. (b) | 2,000 | 1 | ||||||
Haidilao International Holding Ltd. (b) | 3,000 | 7 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 700 | 3 | ||||||
KE Holdings, Inc. ADR | 389 | 5 | ||||||
Kuaishou Technology (a)(b) | 500 | 3 | ||||||
Meituan, Class B (a)(b) | 3,520 | 43 | ||||||
PDD Holdings, Inc. ADR (a) | 25 | 3 | ||||||
Qifu Technology, Inc. ADR | 199 | 4 | ||||||
Shenzhou International Group Holdings Ltd. (b) | 400 | 4 | ||||||
Tencent Holdings Ltd. (b) | 200 | 8 | ||||||
Trip.com Group Ltd. ADR (a) | 810 | 35 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 100 | 2 | ||||||
121 | ||||||||
Denmark (0.8%) | ||||||||
DSV AS | 466 | 76 | ||||||
Novo Nordisk AS, Class B | 70 | 9 | ||||||
85 | ||||||||
France (3.2%) | ||||||||
Accor SA | 67 | 3 | ||||||
Airbus SE | 223 | 41 | ||||||
Christian Dior SE | 46 | 39 | ||||||
EssilorLuxottica SA | 24 | 5 | ||||||
Eurofins Scientific SE | 2,247 | 143 | ||||||
Hermes International | 30 | 77 | ||||||
L’Oreal SA | 18 | 9 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 9 | 8 | ||||||
Pernod Ricard SA | 9 | 1 | ||||||
Remy Cointreau SA | 40 | 4 | ||||||
Safran SA | 75 | 17 | ||||||
347 | ||||||||
Germany (0.4%) | ||||||||
Delivery Hero SE (a) | 1,342 | 38 | ||||||
Hong Kong (0.1%) | ||||||||
AIA Group Ltd. | 1,000 | 7 | ||||||
India (1.3%) | ||||||||
Axis Bank Ltd. | 570 | 7 | ||||||
HDFC Bank Ltd. ADR | 1,002 | 56 | ||||||
ICICI Bank Ltd. ADR | 2,377 | 63 | ||||||
Indian Hotels Co. Ltd. | 152 | 1 | ||||||
MakeMyTrip Ltd. (a) | 36 | 2 | ||||||
Titan Co. Ltd. | 260 | 12 | ||||||
Zomato Ltd. (a) | 2,549 | 6 | ||||||
147 | ||||||||
Israel (2.6%) | ||||||||
Global-e Online Ltd. (a) | 6,479 | 236 | ||||||
Oddity Tech Ltd., Class A (a) | 126 | 5 | ||||||
Wix.com Ltd. (a) | 285 | 39 | ||||||
280 | ||||||||
Italy (0.8%) | ||||||||
Brunello Cucinelli SpA | 62 | 7 | ||||||
Davide Campari-Milano NV | 523 | 5 | ||||||
Ferrari NV | 3 | 2 | ||||||
Moncler SpA | 981 | 73 | ||||||
87 | ||||||||
Japan (0.3%) | ||||||||
Sansan, Inc. (a) | 2,900 | 33 | ||||||
Korea, Republic of (1.4%) | ||||||||
Coupang, Inc. (a) | 7,086 | 126 | ||||||
KakaoBank Corp. | 487 | 10 | ||||||
NAVER Corp. | 93 | 13 | ||||||
149 | ||||||||
Netherlands (2.7%) | ||||||||
Adyen NV (a) | 155 | 262 | ||||||
ASML Holding NV | 26 | 25 | ||||||
ASML Holding NV (Registered) | 12 | 12 | ||||||
Universal Music Group NV | 45 | 1 | ||||||
300 | ||||||||
Poland (0.0%)‡ | ||||||||
Allegro.eu SA (a) | 346 | 3 | ||||||
Singapore (1.5%) | ||||||||
Grab Holdings Ltd., Class A (a) | 35,293 | 111 | ||||||
Sea Ltd. ADR (a) | 1,064 | 57 | ||||||
168 | ||||||||
Sweden (0.1%) | ||||||||
Evolution AB | 125 | 15 | ||||||
Vitrolife AB | 48 | 1 | ||||||
16 | ||||||||
Switzerland (1.4%) | ||||||||
Cie Financiere Richemont SA, Class A (Registered) | 31 | 5 | ||||||
On Holding AG, Class A (a) | 3,548 | 126 | ||||||
Straumann Holding AG (Registered) | 109 | 17 | ||||||
148 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont’d)
Counterpoint Global Portfolio
Shares | Value (000) | |||||||
Taiwan (0.0%)‡ | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 20 | $ | 3 | |||||
United Kingdom (4.0%) | ||||||||
Babcock International Group PLC | 18,843 | 124 | ||||||
Burford Capital Ltd. | 1,549 | 24 | ||||||
Deliveroo PLC (a) | 1,910 | 3 | ||||||
London Stock Exchange Group PLC | 103 | 12 | ||||||
Rentokil Initial PLC | 9,565 | 57 | ||||||
Rightmove PLC | 1,006 | 7 | ||||||
Victoria PLC (a) | 62,304 | 208 | ||||||
435 | ||||||||
United States (66.2%) | ||||||||
10X Genomics, Inc., Class A (a) | 716 | 27 | ||||||
Adobe, Inc. (a) | 54 | 27 | ||||||
Affirm Holdings, Inc. (a) | 4,432 | 165 | ||||||
Agilon Health, Inc. (a) | 39,947 | 244 | ||||||
Airbnb, Inc., Class A (a) | 523 | 86 | ||||||
Alnylam Pharmaceuticals, Inc. (a) | 3 | —@ | ||||||
Altimmune, Inc. (a) | 283 | 3 | ||||||
Amazon.com, Inc. (a) | 511 | 92 | ||||||
American Tower Corp. REIT | 269 | 53 | ||||||
Appfolio, Inc., Class A (a) | 1 | —@ | ||||||
Appian Corp., Class A (a) | 2,625 | 105 | ||||||
Arbutus Biopharma Corp. (a) | 94,550 | 244 | ||||||
ATAI Life Sciences NV (a) | 852 | 2 | ||||||
Aurora Innovation, Inc. (a) | 47,764 | 135 | ||||||
Axon Enterprise, Inc. (a) | 1 | —@ | ||||||
Beam Therapeutics, Inc. (a) | 67 | 2 | ||||||
Bill Holdings, Inc. (a) | 1,517 | 104 | ||||||
Bio-Rad Laboratories, Inc., Class A (a) | 70 | 24 | ||||||
Birkenstock Holding PLC (a) | 710 | 34 | ||||||
Block, Inc., Class A (a) | 280 | 24 | ||||||
Brown & Brown, Inc. | 64 | 6 | ||||||
Cadence Design Systems, Inc. (a) | 1 | —@ | ||||||
Cardlytics, Inc. (a) | 10,562 | 153 | ||||||
Carvana Co. (a) | 5,513 | 485 | ||||||
Cava Group, Inc. (a) | 12 | 1 | ||||||
Celsius Holdings, Inc. (a) | 13 | 1 | ||||||
Chewy, Inc., Class A (a) | 34 | 1 | ||||||
Cloudflare, Inc., Class A (a) | 10,670 | 1,033 | ||||||
Coinbase Global, Inc., Class A (a) | 5 | 1 | ||||||
Confluent, Inc., Class A (a) | 98 | 3 | ||||||
Copart, Inc. (a) | 1 | —@ | ||||||
Cricut, Inc., Class A | 15,418 | 73 | ||||||
Crowdstrike Holdings, Inc., Class A (a) | 75 | 24 | ||||||
Danaher Corp. | 164 | 41 | ||||||
Deckers Outdoor Corp. (a) | 13 | 12 | ||||||
Dexcom, Inc. (a) | 17 | 2 | ||||||
Dlocal Ltd. (a) | 1,512 | 22 | ||||||
Dollar General Corp. | 196 | 31 | ||||||
DoorDash, Inc., Class A (a) | 1,596 | 220 | ||||||
Doximity, Inc., Class A (a) | 1,022 | 28 | ||||||
Duolingo, Inc. (a) | 9 | 2 | ||||||
Ecolab, Inc. | 1 | —@ | ||||||
Endeavor Group Holdings, Inc., Class A | 371 | 10 | ||||||
Fastenal Co. | 1 | —@ | ||||||
Fastly, Inc., Class A (a) | 7,577 | 98 | ||||||
Figs, Inc., Class A (a) | 650 | 3 | ||||||
Floor & Decor Holdings, Inc., Class A (a) | 1,074 | 139 | ||||||
Gartner, Inc. (a) | 1 | 1 | ||||||
General Electric Co. | 2 | —@ | ||||||
GH Research PLC (a) | 145 | 2 | ||||||
Ginkgo Bioworks Holdings, Inc. (a) | 7,412 | 9 | ||||||
Gitlab, Inc., Class A (a) | 166 | 10 | ||||||
Guidewire Software, Inc. (a) | 2 | —@ | ||||||
HCA Healthcare, Inc. | 192 | 64 | ||||||
HEICO Corp., Class A | 1 | —@ | ||||||
Home Depot, Inc. | 1 | —@ | ||||||
HubSpot, Inc. (a) | 105 | 66 | ||||||
Illumina, Inc. (a) | 15 | 2 | ||||||
Inspire Medical Systems, Inc. (a) | 9 | 2 | ||||||
Intellia Therapeutics, Inc. (a) | 182 | 5 | ||||||
Interactive Brokers Group, Inc., Class A | 407 | 46 | ||||||
Intercontinental Exchange, Inc. | 456 | 63 | ||||||
Intuitive Surgical, Inc. (a) | 1 | —@ | ||||||
IonQ, Inc. (a) | 338 | 3 | ||||||
Joby Aviation, Inc. (a) | 524 | 3 | ||||||
Klaviyo, Inc., Class A (a) | 87 | 2 | ||||||
Linde PLC | 3 | 1 | ||||||
Lithia Motors, Inc., Class A | 209 | 63 | ||||||
Maplebear, Inc. (a) | 784 | 29 | ||||||
Mastercard, Inc., Class A | 52 | 25 | ||||||
MaxCyte, Inc. (a) | 1,604 | 7 | ||||||
McCormick & Co., Inc. | 4 | —@ | ||||||
McDonald’s Corp. | 1 | —@ | ||||||
MercadoLibre, Inc. (a) | 130 | 197 | ||||||
Meta Platforms, Inc., Class A | 133 | 65 | ||||||
MicroStrategy, Inc., Class A (a) | 319 | 544 | ||||||
Moderna, Inc. (a) | 1 | —@ | ||||||
Mohawk Industries, Inc. (a) | 125 | 16 | ||||||
MongoDB, Inc. (a) | 25 | 9 | ||||||
MP Materials Corp. (a) | 70 | 1 | ||||||
MSCI, Inc. | 2 | 1 | ||||||
Netflix, Inc. (a) | 1 | 1 | ||||||
Opendoor Technologies, Inc. (a) | 1,034 | 3 | ||||||
Outset Medical, Inc. (a) | 131 | —@ | ||||||
Peloton Interactive, Inc., Class A (a) | 9,617 | 41 | ||||||
Penumbra, Inc. (a) | 14 | 3 | ||||||
Pool Corp. | 1 | —@ | ||||||
Privia Health Group, Inc. (a) | 72 | 1 | ||||||
Procore Technologies, Inc. (a) | 1,079 | 89 | ||||||
ProKidney Corp. (a) | 1,851 | 3 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont’d)
Counterpoint Global Portfolio
Shares | Value (000) | |||||||
United States (cont’d) | ||||||||
Recursion Pharmaceuticals, Inc., Class A (a) | 115 | $ | 1 | |||||
Redfin Corp. (a) | 482 | 3 | ||||||
RH (a) | 12 | 4 | ||||||
Rivian Automotive, Inc., Class A (a) | 8 | —@ | ||||||
ROBLOX Corp., Class A (a) | 4,156 | 159 | ||||||
Roivant Sciences Ltd. (a) | 7,731 | 82 | ||||||
Rollins, Inc. | 1 | —@ | ||||||
Royal Gold, Inc. | 198 | 24 | ||||||
Royalty Pharma PLC, Class A | 7,506 | 228 | ||||||
S&P Global, Inc. | 26 | 11 | ||||||
Salesforce, Inc. | 73 | 22 | ||||||
Samsara, Inc., Class A (a) | 2,345 | 89 | ||||||
Schrodinger, Inc. (a) | 50 | 1 | ||||||
Service Corp. International | 1 | —@ | ||||||
ServiceNow, Inc. (a) | 108 | 82 | ||||||
Sherwin-Williams Co. | 1 | —@ | ||||||
SilverSun Technologies, Inc. | 116 | 2 | ||||||
Snowflake, Inc., Class A (a) | 556 | 90 | ||||||
Spotify Technology SA (a) | 218 | 58 | ||||||
Standard BioTools, Inc. (a) | 3,508 | 10 | ||||||
Starbucks Corp. | 1 | —@ | ||||||
Tesla, Inc. (a) | 2,579 | 453 | ||||||
Texas Pacific Land Corp. | 48 | 28 | ||||||
TKO Group Holdings, Inc. | 136 | 12 | ||||||
Toast, Inc., Class A (a) | 2,625 | 65 | ||||||
Tractor Supply Co. | 1 | —@ | ||||||
Trade Desk, Inc., Class A (a) | 1,653 | 145 | ||||||
Tyler Technologies, Inc. (a) | 1 | —@ | ||||||
Uber Technologies, Inc. (a) | 1,813 | 140 | ||||||
Union Pacific Corp. | 17 | 4 | ||||||
Veeva Systems, Inc., Class A (a) | 10 | 2 | ||||||
Veralto Corp. | 36 | 3 | ||||||
Viking Therapeutics, Inc. (a) | 18 | 2 | ||||||
Visa, Inc., Class A | 104 | 29 | ||||||
Walt Disney Co. | 291 | 36 | ||||||
Waste Connections, Inc. | 8 | 1 | ||||||
Watsco, Inc. | 1 | —@ | ||||||
Wayfair, Inc., Class A (a) | 600 | 41 | ||||||
XOMA Corp. (a) | 10,863 | 261 | ||||||
Zoetis, Inc. | 1 | —@ | ||||||
ZoomInfo Technologies, Inc., Class A (a) | 93 | 2 | ||||||
Zscaler, Inc. (a) | 34 | 7 | ||||||
7,234 | ||||||||
Total Common Stocks (Cost $7,177) | 9,959 | |||||||
Preferred Stocks (0.4%) | ||||||||
United States (0.4%) | ||||||||
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $44; acquired 8/31/21) | 594 | 42 | ||||||
Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $1; acquired 9/15/23) | 19 | 1 | ||||||
Stripe, Inc., Series I (a)(c)(d) (acquisition cost — $3; acquired 3/17/23) | 123 | 3 | ||||||
Total Preferred Stocks (Cost $48) | 46 | |||||||
Investment Company (2.3%) | ||||||||
United States (2.3%) | ||||||||
Grayscale Bitcoin Trust (a) (Cost $106) | 3,934 | 248 |
No. of Warrants | ||||||||
Warrants (0.0%)‡ | ||||||||
Canada (0.0%) | ||||||||
Constellation Software, Inc. expires 3/31/40 (a) | 18 | — | ||||||
United States (0.0%)‡ | ||||||||
Ginkgo Bioworks Holdings, Inc. expires 8/01/26 (a) | 261 | —@ | ||||||
SomaLogic, Inc. expires 8/31/26 (a) | 96 | — | ||||||
—@ | ||||||||
Total Warrants (Cost $1) | —@ |
Shares | ||||||||
Short-Term Investment (5.1%) | ||||||||
Investment Company (5.1%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) (Cost $552) | 551,594 | $ | 552 | |||||
Total Investments Excluding Purchased Options (98.9%) (Cost $7,884) | 10,805 | |||||||
Total Purchased Options Outstanding (0.1%) (Cost $26) | 15 | |||||||
Total Investments (99.0%) (Cost $7,910) (f)(g)(h)(i) | 10,820 | |||||||
Other Assets in Excess of Liabilities (1.0%) | 110 | |||||||
Net Assets (100.0%) | $ | 10,930 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont’d)
Counterpoint Global Portfolio
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
‡ | Amount is less than 0.05%. |
@ | Value is less than $500. |
(a) | Non-income producing security. |
(b) | Security trades on the Hong Kong exchange. |
(c) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2024 amounts to approximately $46,000 and represents 0.4% of net assets. |
(d) | At March 31, 2024, the Fund held fair valued securities valued at approximately $46,000, representing 0.4% 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. 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, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund. |
(f) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(g) | Securities are available for collateral in connection with purchased options. |
(h) | The approximate fair value and percentage of net assets, $1,480,000 and 13.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(i) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,338,000 and the aggregate gross unrealized depreciation is approximately $428,000, resulting in net unrealized appreciation of approximately $2,910,000. |
ADR | American Depositary Receipt. |
REIT | Real Estate Investment Trust. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont’d)
Counterpoint Global Portfolio
Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2024:
Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.57 | May–24 | 1,505,000 | $ | 1,505 | $ | 1 | $ | 6 | $ | (5 | ) | ||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.69 | Jan–25 | 1,845,972 | 1,846 | 6 | 6 | —@ | |||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.78 | Mar–25 | 1,744,664 | 1,745 | 7 | 8 | (1 | ) | ||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 1,505,060 | 1,505 | 1 | 6 | (5 | ) | ||||||||||||
$ | 15 | $ | 26 | $ | (11 | ) |
@ | Value is less than $500. | |
CNH | — | Chinese Yuan Renminbi Offshore |
USD | — | United States Dollar |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Other* | 43.9 | % | ||
Information Technology Services | 13.8 | |||
Software | 13.1 | |||
Specialty Retail | 6.8 | |||
Broadline Retail | 6.1 | |||
Financial Services | 5.6 | |||
Biotechnology | 5.6 | |||
Investment Company | 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, 2024 (unaudited)
Consolidated Portfolio of Investments
Developing Opportunity Portfolio
Shares | Value (000) | |||||||
Common Stocks (97.5%) | ||||||||
Argentina (2.2%) | ||||||||
Globant SA (a) | 3,771 | $ | 761 | |||||
Brazil (5.6%) | ||||||||
B3 SA - Brasil Bolsa Balcao | 142,008 | 340 | ||||||
NU Holdings Ltd., Class A (a) | 138,347 | 1,650 | ||||||
1,990 | ||||||||
China (37.4%) | ||||||||
China Resources Mixc Lifestyle Services Ltd. (b) | 126,200 | 400 | ||||||
Full Truck Alliance Co. Ltd. ADR (a) | 53,806 | 391 | ||||||
Haidilao International Holding Ltd. (b) | 550,000 | 1,245 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 133,700 | 515 | ||||||
KE Holdings, Inc. ADR | 78,098 | 1,072 | ||||||
Kuaishou Technology (a)(b) | 91,900 | 579 | ||||||
Kweichow Moutai Co. Ltd., Class A | 6,289 | 1,482 | ||||||
Meituan, Class B (a)(b) | 147,780 | 1,824 | ||||||
PDD Holdings, Inc. ADR (a) | 6,030 | 701 | ||||||
Qifu Technology, Inc. ADR | 36,140 | 666 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 10,500 | 407 | ||||||
Shenzhou International Group Holdings Ltd. (b) | 73,200 | 695 | ||||||
Tencent Holdings Ltd. (b) | 27,800 | 1,083 | ||||||
Trip.com Group Ltd. ADR (a) | 38,321 | 1,682 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 24,300 | 515 | ||||||
13,257 | ||||||||
India (23.8%) | ||||||||
Axis Bank Ltd. | 100,960 | 1,273 | ||||||
HDFC Bank Ltd. | 98,866 | 1,724 | ||||||
ICICI Bank Ltd. ADR | 81,412 | 2,150 | ||||||
Indian Hotels Co. Ltd. | 37,064 | 263 | ||||||
MakeMyTrip Ltd. (a) | 7,518 | 534 | ||||||
Titan Co. Ltd. | 27,612 | 1,262 | ||||||
Zomato Ltd. (a) | 570,614 | 1,251 | ||||||
8,457 | ||||||||
Korea, Republic of (11.2%) | ||||||||
Coupang, Inc. (a) | 112,461 | 2,001 | ||||||
KakaoBank Corp. | 42,386 | 885 | ||||||
NAVER Corp. | 7,942 | 1,103 | ||||||
3,989 | ||||||||
Poland (1.3%) | ||||||||
Allegro.eu SA (a) | 56,744 | 470 | ||||||
Singapore (3.4%) | ||||||||
Grab Holdings Ltd., Class A (a) | 380,767 | 1,196 | ||||||
Taiwan (4.8%) | ||||||||
Silergy Corp. | 33,000 | 338 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 57,000 | 1,365 | ||||||
1,703 | ||||||||
United States (7.8%) | ||||||||
MercadoLibre, Inc. (a) | 1,833 | 2,771 | ||||||
Total Common Stocks (Cost $30,342) | 34,594 | |||||||
Short-Term Investment (1.6%) | ||||||||
Investment Company (1.6%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (c) (Cost $586) | 586,362 | 586 | ||||||
Total Investments (99.1%) (Cost $30,928) (d)(e)(f) | 35,180 | |||||||
Other Assets in Excess of Liabilities (0.9%) | 316 | |||||||
Net Assets (100.0%) | $ | 35,496 |
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, 2024, 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, $18,679,000 and 52.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(e) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(f) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,236,000 and the aggregate gross unrealized depreciation is approximately $1,984,000, resulting in net unrealized appreciation of approximately $4,252,000. |
ADR | American Depositary Receipt. |
Portfolio Composition | ||||
Classification | Percentage of Total Investments | |||
Other* | 22.9 | % | ||
Banks | 21.8 | |||
Hotels, Restaurants & Leisure | 19.3 | |||
Broadline Retail | 16.9 | |||
Interactive Media & Services | 7.8 | |||
Beverages | 5.7 | |||
Textiles, Apparel & Luxury Goods | 5.6 | |||
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, 2024 (unaudited)
Portfolio of Investments
Emerging Markets ex China Portfolio
Shares | Value (000) | |||||||
Common Stocks (97.0%) | ||||||||
Brazil (7.5%) | ||||||||
Banco BTG Pactual SA (Units) (a) | 13,862 | $ | 102 | |||||
Itau Unibanco Holding SA (Preference) | 12,241 | 84 | ||||||
Localiza Rent a Car SA | 8,330 | 91 | ||||||
Raia Drogasil SA | 18,297 | 100 | ||||||
Santos Brasil Participacoes SA | 24,906 | 66 | ||||||
WEG SA | 10,817 | 82 | ||||||
525 | ||||||||
Chile (0.7%) | ||||||||
SMU SA | 266,509 | 46 | ||||||
India (28.9%) | ||||||||
Axis Bank Ltd. | 2,435 | 31 | ||||||
Bajaj Auto Ltd. | 1,300 | 143 | ||||||
Bajaj Finance Ltd. | 1,024 | 89 | ||||||
Delhivery Ltd. (b) | 7,787 | 42 | ||||||
HDFC Asset Management Co. Ltd. | 847 | 38 | ||||||
HDFC Bank Ltd. | 11,868 | 207 | ||||||
Hindalco Industries Ltd. | 14,710 | 99 | ||||||
ICICI Bank Ltd. | 14,170 | 187 | ||||||
Infosys Ltd. | 4,928 | 89 | ||||||
Infosys Ltd. ADR | 3,149 | 56 | ||||||
Larsen & Toubro Ltd. | 1,915 | 87 | ||||||
Macrotech Developers Ltd. | 6,752 | 92 | ||||||
Mahindra & Mahindra Ltd. | 6,931 | 160 | ||||||
MakeMyTrip Ltd. (b) | 952 | 68 | ||||||
Max Healthcare Institute Ltd. | 9,017 | 89 | ||||||
Pidilite Industries Ltd. | 1,858 | 67 | ||||||
Reliance Industries Ltd. | 6,384 | 228 | ||||||
Star Health & Allied Insurance Co. Ltd. (b) | 8,897 | 58 | ||||||
State Bank of India | 17,247 | 156 | ||||||
United Breweries Ltd. | 1,566 | 33 | ||||||
2,019 | ||||||||
Indonesia (5.2%) | ||||||||
Bank Central Asia Tbk. PT | 132,600 | 84 | ||||||
Bank Mandiri Persero Tbk. PT | 249,600 | 114 | ||||||
Bank Rakyat Indonesia Persero Tbk. PT | 303,200 | 116 | ||||||
Cisarua Mountain Dairy Tbk. PT | 169,700 | 52 | ||||||
366 | ||||||||
Korea, Republic of (13.6%) | ||||||||
DB Insurance Co. Ltd. | 354 | 25 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 980 | 22 | ||||||
Hyundai Motor Co. | 192 | 35 | ||||||
KB Financial Group, Inc. | 2,004 | 105 | ||||||
Kia Corp. | 692 | 57 | ||||||
Korea Zinc Co. Ltd. | 145 | 49 | ||||||
Samsung Electronics Co. Ltd. | 7,281 | 438 | ||||||
SK Hynix, Inc. | 1,642 | 218 | ||||||
949 | ||||||||
Malaysia (0.6%) | ||||||||
Frontken Corp. Bhd. | 47,400 | 39 | ||||||
Mexico (7.0%) | ||||||||
Gruma SAB de CV, Class B | 5,401 | 102 | ||||||
Grupo Financiero Banorte SAB de CV Series O | 6,966 | 74 | ||||||
Qualitas Controladora SAB de CV | 8,877 | 103 | ||||||
Regional SAB de CV | 9,786 | 97 | ||||||
Wal-Mart de Mexico SAB de CV | 28,306 | 114 | ||||||
490 | ||||||||
Poland (3.6%) | ||||||||
Allegro.eu SA (b) | 8,122 | 67 | ||||||
Grupa Kety SA | 635 | 121 | ||||||
Powszechny Zaklad Ubezpieczen SA | 5,304 | 65 | ||||||
253 | ||||||||
Saudi Arabia (1.6%) | ||||||||
Bupa Arabia for Cooperative Insurance Co. | 1,603 | 113 | ||||||
South Africa (4.1%) | ||||||||
Anglo American PLC | 3,642 | 90 | ||||||
AVI Ltd. | 14,619 | 70 | ||||||
Capitec Bank Holdings Ltd. | 877 | 97 | ||||||
OUTsurance Group Ltd. | 13,939 | 31 | ||||||
288 | ||||||||
Sweden (0.9%) | ||||||||
Medicover AB | 4,953 | 64 | ||||||
Switzerland (1.2%) | ||||||||
SIG Group AG (b) | 3,707 | 82 | ||||||
Taiwan (17.9%) | ||||||||
Advantech Co. Ltd. | 3,000 | 38 | ||||||
Airtac International Group | 1,000 | 35 | ||||||
Chailease Holding Co. Ltd. | 14,220 | 76 | ||||||
CTBC Financial Holding Co. Ltd. | 29,000 | 29 | ||||||
Delta Electronics, Inc. | 3,000 | 32 | ||||||
E Ink Holdings, Inc. | 4,000 | 29 | ||||||
Hon Hai Precision Industry Co. Ltd. | 4,000 | 19 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 33,000 | 791 | ||||||
Unimicron Technology Corp. | 15,000 | 89 | ||||||
United Microelectronics Corp. | 72,000 | 117 | ||||||
1,255 | ||||||||
Thailand (2.0%) | ||||||||
Central Retail Corp. PCL | 21,400 | 21 | ||||||
CP ALL PCL | 13,400 | 20 | ||||||
Kasikornbank PCL | 12,200 | 42 | ||||||
Tisco Financial Group PCL | 21,100 | 57 | ||||||
140 | ||||||||
United Kingdom (2.2%) | ||||||||
Antofagasta PLC | 4,708 | 121 | ||||||
Mondi PLC | 1,815 | 32 | ||||||
153 | ||||||||
Total Common Stocks (Cost $5,345) | 6,782 | |||||||
Short-Term Investment (2.4%) | ||||||||
Investment Company (2.4%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (c) (Cost $166) | 166,447 | 166 | ||||||
Total Investments (99.4%) (Cost $5,511) (d)(e)(f) | 6,948 | |||||||
Other Assets in Excess of Liabilities (0.6%) | 44 | |||||||
Net Assets (100.0%) | $ | 6,992 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont’d)
Emerging Markets ex China Portfolio
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
(a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
(b) | Non-income producing security. |
(c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury 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, 2024, 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, $6,079,000 and 86.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(e) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(f) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,573,000 and the aggregate gross unrealized depreciation is approximately $136,000, resulting in net unrealized appreciation of approximately $1,437,000. |
ADR | American Depositary Receipt. |
Portfolio Composition | ||||
Classification | Percentage of Total Investments | |||
Other* | 37.1 | % | ||
Banks | 21.3 | |||
Semiconductors & Semiconductor Equipment | 16.2 | |||
Metals & Mining | 6.9 | |||
Tech Hardware, Storage & Peripherals | 6.8 | |||
Insurance | 6.0 | |||
Automobiles | 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, 2024 (unaudited)
Portfolio of Investments
Emerging Markets Leaders Portfolio
Shares | Value (000) | |||||||
Common Stocks (98.5%) | ||||||||
Argentina (4.3%) | ||||||||
Globant SA (a) | 53,203 | $ | 10,742 | |||||
Brazil (15.1%) | ||||||||
Localiza Rent a Car SA | 883,986 | 9,637 | ||||||
NU Holdings Ltd., Class A (a) | 1,732,332 | 20,667 | ||||||
Raia Drogasil SA | 1,234,702 | 6,738 | ||||||
WEG SA | 17,310 | 132 | ||||||
37,174 | ||||||||
China (6.0%) | ||||||||
Shenzhou International Group Holdings Ltd. (b) | 1,562,600 | 14,834 | ||||||
India (43.5%) | ||||||||
Aarti Industries Ltd. | 1,289,799 | 10,308 | ||||||
Aarti Pharmalabs Ltd. | 256,024 | 1,335 | ||||||
Astral Ltd. | 240,445 | 5,751 | ||||||
AU Small Finance Bank Ltd. | 367,443 | 2,500 | ||||||
Avenue Supermarts Ltd. (a) | 214,223 | 11,643 | ||||||
Bajaj Finance Ltd. | 140,984 | 12,310 | ||||||
Cholamandalam Investment & Finance Co. Ltd. | 7,537 | 105 | ||||||
GMR Airports Infrastructure Ltd. (a) | 5,828,403 | 5,719 | ||||||
HDFC Bank Ltd. | 140,384 | 2,448 | ||||||
ICICI Bank Ltd. | 865,631 | 11,412 | ||||||
KEI Industries Ltd. | 250,316 | 10,431 | ||||||
Laurus Labs Ltd. | 26,130 | 123 | ||||||
Oberoi Realty Ltd. | 148,661 | 2,639 | ||||||
Timken India Ltd. | 77,789 | 2,674 | ||||||
Titan Co. Ltd. | 151,060 | 6,905 | ||||||
Trent Ltd. | 255,866 | 12,145 | ||||||
TVS Motor Co. Ltd. | 343,386 | 8,888 | ||||||
107,336 | ||||||||
Korea, Republic of (3.9%) | ||||||||
SK Hynix, Inc. | 72,994 | 9,670 | ||||||
Mexico (5.4%) | ||||||||
Becle SAB de CV | 521,156 | 1,227 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 27,168 | 3,539 | ||||||
Gruma SAB de CV, Class B | 68,573 | 1,287 | ||||||
Grupo Aeroportuario del Sureste SAB de CV ADR | 3,928 | 1,252 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 42,785 | 1,354 | ||||||
Grupo Financiero Banorte SAB de CV Series O | 435,290 | 4,623 | ||||||
13,282 | ||||||||
Taiwan (12.8%) | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 730,000 | 17,488 | ||||||
Unimicron Technology Corp. | 1,226,000 | 7,289 | ||||||
Voltronic Power Technology Corp. | 131,334 | 6,774 | ||||||
31,551 | ||||||||
United States (7.5%) | ||||||||
MercadoLibre, Inc. (a) | 12,182 | 18,419 | ||||||
Total Common Stocks (Cost $170,939) | 243,008 | |||||||
Short-Term Investment (2.1%) | ||||||||
Investment Company (2.1%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (c) (Cost $5,227) | 5,227,063 | 5,227 | ||||||
Total Investments (100.6%) (Cost $176,166) (d)(e)(f) | 248,235 | |||||||
Liabilities in Excess of Other Assets (–0.6%) | (1,374 | ) | ||||||
Net Assets (100.0%) | $ | 246,861 |
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, 2024, 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, $171,882,000 and 69.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(e) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(f) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $73,423,000 and the aggregate gross unrealized depreciation is approximately $1,354,000, resulting in net unrealized appreciation of approximately $72,069,000. |
ADR | American Depositary Receipt. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Other* | 36.6 | % | ||
Banks | 16.8 | |||
Semiconductors & Semiconductor Equipment | 11.0 | |||
Textiles, Apparel & Luxury Goods | 8.8 | |||
Broadline Retail | 7.4 | |||
Consumer Staples Distribution & Retail | 7.4 | |||
Electrical Equipment | 7.0 | |||
Consumer Finance | 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, 2024 (unaudited)
Portfolio of Investments
Emerging Markets Portfolio
Shares | Value (000) | |||||||
Common Stocks (98.3%) | ||||||||
Brazil (6.8%) | ||||||||
Banco BTG Pactual SA (Units) (a) | 653,574 | $ | 4,747 | |||||
Itau Unibanco Holding SA (Preference) | 747,566 | 5,163 | ||||||
Localiza Rent a Car SA | 610,985 | 6,661 | ||||||
NU Holdings Ltd., Class A (b) | 277,147 | 3,306 | ||||||
Petroleo Brasileiro SA (Preference) | 529,064 | 3,941 | ||||||
Raia Drogasil SA | 977,744 | 5,336 | ||||||
WEG SA | 735,712 | 5,604 | ||||||
34,758 | ||||||||
China (20.7%) | ||||||||
Alibaba Group Holding Ltd. (c) | 1,087,600 | 9,835 | ||||||
Baidu, Inc. ADR (b) | 15,508 | 1,633 | ||||||
BYD Co. Ltd., H Shares (c)(d) | 237,500 | 6,081 | ||||||
China Construction Bank Corp., H Shares (c) | 14,599,120 | 8,810 | ||||||
China Mengniu Dairy Co. Ltd. (b)(c) | 1,332,000 | 2,867 | ||||||
China Merchants Bank Co. Ltd., H Shares (c) | 1,344,500 | 5,329 | ||||||
China Resources Beer Holdings Co. Ltd. (c) | 562,000 | 2,595 | ||||||
China Tourism Group Duty Free Corp. Ltd. (c)(d) | 117,600 | 1,174 | ||||||
JD.com, Inc., Class A (c) | 95,373 | 1,308 | ||||||
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 461,259 | 2,952 | ||||||
KE Holdings, Inc. ADR | 79,198 | 1,087 | ||||||
Kweichow Moutai Co. Ltd., Class A | 19,149 | 4,514 | ||||||
Li Auto, Inc., Class A (b)(c) | 69,800 | 1,060 | ||||||
Li Ning Co. Ltd. (c) | 498,500 | 1,330 | ||||||
Meituan, Class B (b)(c) | 174,490 | 2,154 | ||||||
NARI Technology Co. Ltd., Class A | 904,400 | 3,019 | ||||||
NetEase, Inc. (c) | 175,600 | 3,639 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H (c) | 437,500 | 1,858 | ||||||
Postal Savings Bank of China Co. Ltd. (c) | 7,928,000 | 4,150 | ||||||
Proya Cosmetics Co. Ltd., Class A | 184,528 | 2,384 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 389,000 | 3,243 | ||||||
Shenzhou International Group Holdings Ltd. (c) | 609,700 | 5,788 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 233,595 | 3,338 | ||||||
Tencent Holdings Ltd. (c) | 483,200 | 18,821 | ||||||
Trip.com Group Ltd. ADR (b) | 100,009 | 4,389 | ||||||
Yum China Holdings, Inc. | 51,151 | 2,035 | ||||||
105,393 | ||||||||
Hong Kong (0.6%) | ||||||||
AIA Group Ltd. | 457,000 | 3,074 | ||||||
India (23.2%) | ||||||||
Axis Bank Ltd. | 277,288 | 3,495 | ||||||
Bajaj Auto Ltd. | 67,226 | 7,396 | ||||||
Bajaj Finance Ltd. | 55,384 | 4,836 | ||||||
Delhivery Ltd. (b) | 578,630 | 3,108 | ||||||
HDFC Asset Management Co. Ltd. | 96,073 | 4,333 | ||||||
HDFC Bank Ltd. | 434,966 | 7,585 | ||||||
Hindalco Industries Ltd. | 635,354 | 4,290 | ||||||
Hitachi Energy India Ltd. | 33,736 | 2,826 | ||||||
ICICI Bank Ltd. | 957,298 | 12,621 | ||||||
Infosys Ltd. | 343,465 | 6,185 | ||||||
Infosys Ltd. ADR | 125,760 | 2,255 | ||||||
Larsen & Toubro Ltd. | 127,627 | 5,772 | ||||||
Macrotech Developers Ltd. | 311,154 | 4,252 | ||||||
Mahindra & Mahindra Ltd. | 448,176 | 10,353 | ||||||
MakeMyTrip Ltd. (b) | 39,808 | 2,828 | ||||||
Max Healthcare Institute Ltd. | 418,214 | 4,125 | ||||||
Pidilite Industries Ltd. | 120,043 | 4,342 | ||||||
Reliance Industries Ltd. | 365,990 | 13,087 | ||||||
Star Health & Allied Insurance Co. Ltd. (b) | 414,719 | 2,712 | ||||||
State Bank of India | 974,483 | 8,825 | ||||||
United Breweries Ltd. | 139,408 | 2,905 | ||||||
118,131 | ||||||||
Indonesia (3.9%) | ||||||||
Bank Central Asia Tbk. PT | 8,351,800 | 5,311 | ||||||
Bank Mandiri Persero Tbk. PT | 13,250,400 | 6,029 | ||||||
Bank Rakyat Indonesia Persero Tbk. PT | 14,525,900 | 5,555 | ||||||
Cisarua Mountain Dairy Tbk. PT | 8,862,100 | 2,738 | ||||||
19,633 | ||||||||
Korea, Republic of (10.7%) | ||||||||
DB Insurance Co. Ltd. | 27,288 | 1,952 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 75,680 | 1,733 | ||||||
Hyundai Motor Co. | 13,227 | 2,327 | ||||||
KB Financial Group, Inc. | 74,619 | 3,899 | ||||||
Kia Corp. | 45,397 | 3,773 | ||||||
Korea Zinc Co. Ltd. | 8,379 | 2,828 | ||||||
Samsung Electronics Co. Ltd. | 428,664 | 25,762 | ||||||
SK Hynix, Inc. | 90,738 | 12,021 | ||||||
54,295 | ||||||||
Mexico (5.6%) | ||||||||
Gruma SAB de CV, Class B | 432,846 | 8,126 | ||||||
Grupo Financiero Banorte SAB de CV Series O | 615,194 | 6,534 | ||||||
Qualitas Controladora SAB de CV | 582,156 | 6,764 | ||||||
Wal-Mart de Mexico SAB de CV | 1,709,929 | 6,905 | ||||||
28,329 | ||||||||
Poland (1.9%) | ||||||||
Allegro.eu SA (b) | 603,399 | 4,997 | ||||||
Powszechny Zaklad Ubezpieczen SA | 401,706 | 4,906 | ||||||
9,903 | ||||||||
Saudi Arabia (1.8%) | ||||||||
Alinma Bank | 426,803 | 4,987 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 62,958 | 4,431 | ||||||
9,418 | ||||||||
South Africa (4.1%) | ||||||||
Anglo American PLC | 321,200 | 7,909 | ||||||
AVI Ltd. | 719,319 | 3,469 | ||||||
Bidvest Group Ltd. (d) | 341,975 | 4,383 | ||||||
Capitec Bank Holdings Ltd. | 48,153 | 5,326 | ||||||
21,087 | ||||||||
Taiwan (15.6%) |
| |||||||
Advantech Co. Ltd. | 210,000 | 2,672 | ||||||
Airtac International Group | 94,448 | 3,274 | ||||||
Chailease Holding Co. Ltd. | 939,480 | 5,034 | ||||||
CTBC Financial Holding Co. Ltd. | 1,270,000 | 1,285 | ||||||
Delta Electronics, Inc. | 142,000 | 1,520 | ||||||
E Ink Holdings, Inc. | 360,000 | 2,555 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont’d)
Emerging Markets Portfolio
Shares | Value (000) | |||||||
Taiwan (cont’d) | ||||||||
Hon Hai Precision Industry Co. Ltd. | 270,000 | $ | 1,297 | |||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,917,205 | 45,929 | ||||||
Unimicron Technology Corp. | 898,000 | 5,339 | ||||||
United Microelectronics Corp. | 3,978,000 | 6,461 | ||||||
Voltronic Power Technology Corp. | 37,000 | 1,908 | ||||||
Wiwynn Corp. | 34,000 | 2,328 | ||||||
79,602 | ||||||||
Thailand (1.7%) | ||||||||
Central Retail Corp. PCL | 1,107,900 | 1,094 | ||||||
CP ALL PCL | 691,400 | 1,034 | ||||||
Kasikornbank PCL | 945,200 | 3,216 | ||||||
Tisco Financial Group PCL | 1,309,300 | 3,563 | ||||||
8,907 | ||||||||
United Arab Emirates (0.5%) | ||||||||
Americana Restaurants International PLC | 2,739,746 | 2,477 | ||||||
United Kingdom (1.2%) | ||||||||
Antofagasta PLC | 242,758 | 6,235 | ||||||
Total Common Stocks (Cost $392,047) | 501,242 | |||||||
Short-Term Investments (3.3%) | ||||||||
Investment Company (3.1%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (e) (Cost $15,757) | 15,756,533 | 15,757 | ||||||
Securities held as Collateral on Loaned Securities (0.2%) | ||||||||
Investment Company (0.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (e) (Cost $914) | 913,820 | 914 | ||||||
Total Short-Term Investments (Cost $16,671) | 16,671 | |||||||
Total Investments (101.6%) (Cost $408,718) Including $10,487 of Securities Loaned (f)(g)(h) | 517,913 | |||||||
Liabilities in Excess of Other Assets (–1.6%) | (7,955 | ) | ||||||
Net Assets (100.0%) | $ | 509,958 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
(a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
(b) | Non-income producing security. |
(c) | Security trades on the Hong Kong exchange. |
(d) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $10,487,000 and $10,994,000 respectively. The Fund received cash collateral of approximately $914,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $10,080,000 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. |
(e) | 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, 2024, advisory fees paid were reduced by approximately $4,000 relating to the Fund’s investment in the Liquidity Fund. |
(f) | The approximate fair value and percentage of net assets, $450,960,000 and 88.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(g) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(h) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $137,269,000 and the aggregate gross unrealized depreciation is approximately $28,074,000, resulting in net unrealized appreciation of approximately $109,195,000. |
ADR | American Depositary Receipt. |
Portfolio Composition* | ||||
Classification | Percentage of Total Investments | |||
Other** | 49.9 | % | ||
Banks | 20.3 | |||
Semiconductors & Semiconductor Equipment | 12.5 | |||
Automobiles | 6.0 | |||
Tech Hardware, Storage & Peripherals | 6.0 | |||
Insurance | 5.3 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments
Global Concentrated Portfolio
Shares | Value (000) | |||||||
Common Stocks (97.7%) | ||||||||
China (5.4%) | ||||||||
NetEase, Inc. ADR | 73,553 | $ | 7,611 | |||||
Tencent Holdings Ltd. ADR | 19,063 | 744 | ||||||
8,355 | ||||||||
France (2.7%) | ||||||||
LVMH Moet Hennessy Louis Vuitton SE ADR | 23,315 | 4,221 | ||||||
Ireland (7.7%) | ||||||||
CRH PLC ADR | 137,518 | 11,862 | ||||||
Italy (6.1%) | ||||||||
Ferrari NV | 21,417 | 9,336 | ||||||
Japan (5.2%) | ||||||||
Mitsui & Co. Ltd. ADR | 8,432 | 7,909 | ||||||
Taiwan (5.0%) | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 56,545 | 7,693 | ||||||
United States (65.6%) | ||||||||
Ameriprise Financial, Inc. | 17,546 | 7,693 | ||||||
Costco Wholesale Corp. | 11,395 | 8,348 | ||||||
Danaher Corp. | 5,288 | 1,321 | ||||||
JPMorgan Chase & Co. | 38,445 | 7,701 | ||||||
LPL Financial Holdings, Inc. | 28,607 | 7,558 | ||||||
Mastercard, Inc., Class A | 18,463 | 8,891 | ||||||
Microsoft Corp. | 35,034 | 14,740 | ||||||
Netflix, Inc. (a) | 9,533 | 5,790 | ||||||
NextEra Energy, Inc. | 30,701 | 1,962 | ||||||
NVIDIA Corp. | 15,105 | 13,648 | ||||||
Progressive Corp. | 45,999 | 9,514 | ||||||
United Rentals, Inc. | 10,867 | 7,836 | ||||||
Waste Management, Inc. | 26,692 | 5,689 | ||||||
100,691 | ||||||||
Total Common Stocks (Cost $105,040) | 150,067 | |||||||
Short-Term Investment (2.6%) | ||||||||
Investment Company (2.6%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $3,939) | 3,939,334 | 3,939 | ||||||
Total Investments (100.3%) (Cost $108,979) (c)(d) | 154,006 | |||||||
Liabilities in Excess of Other Assets (–0.3%) | (502 | ) | ||||||
Net Assets (100.0%) | $ | 153,504 |
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, 2024, 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”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(d) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $45,099,000 and the aggregate gross unrealized depreciation is approximately $72,000, resulting in net unrealized appreciation of approximately $45,027,000. |
ADR | American Depositary Receipt. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Semiconductors & Semiconductor Equipment | 13.9 | % | ||
Other* | 11.6 | |||
Trading Companies & Distributors | 10.2 | |||
Capital Markets | 9.9 | |||
Software | 9.6 | |||
Entertainment | 8.6 | |||
Construction Materials | 7.7 | |||
Insurance | 6.2 | |||
Automobiles | 6.1 | |||
Financial Services | 5.8 | |||
Consumer Staples Distribution & Retail | 5.4 | |||
Banks | 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, 2024 (unaudited)
Portfolio of Investments
Global Core Portfolio
Shares | Value (000) | |||||||
Common Stocks (99.3%) | ||||||||
China (4.2%) | ||||||||
NetEase, Inc. ADR | 7,634 | $ | 790 | |||||
Tencent Holdings Ltd. ADR | 11,224 | 438 | ||||||
1,228 | ||||||||
France (2.2%) | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 693 | 624 | ||||||
India (0.8%) | ||||||||
HDFC Bank Ltd. ADR | 3,991 | 223 | ||||||
Ireland (8.5%) | ||||||||
CRH PLC ADR | 24,059 | 2,075 | ||||||
Ryanair Holdings PLC ADR | 2,710 | 395 | ||||||
2,470 | ||||||||
Italy (6.1%) | ||||||||
Ferrari NV | 4,019 | 1,752 | ||||||
Japan (4.1%) | ||||||||
Mitsui & Co. Ltd. ADR | 878 | 824 | ||||||
Nippon Telegraph & Telephone Corp. ADR | 12,209 | 364 | ||||||
1,188 | ||||||||
Taiwan (3.6%) | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 7,640 | 1,039 | ||||||
United Kingdom (0.4%) | ||||||||
Experian PLC ADR | 2,945 | 128 | ||||||
United States (69.4%) | ||||||||
Alphabet, Inc., Class A (a) | 5,608 | 846 | ||||||
Amazon.com, Inc. (a) | 6,509 | 1,174 | ||||||
Ameriprise Financial, Inc. | 3,010 | 1,320 | ||||||
Apple, Inc. | 7,420 | 1,272 | ||||||
Applied Materials, Inc. | 1,168 | 241 | ||||||
Brown & Brown, Inc. | 6,152 | 539 | ||||||
Chevron Corp. | 2,152 | 339 | ||||||
Danaher Corp. | 1,569 | 392 | ||||||
Eli Lilly & Co. | 119 | 93 | ||||||
Fortune Brands Innovations, Inc. | 6,213 | 526 | ||||||
Jack Henry & Associates, Inc. | 2,762 | 480 | ||||||
JPMorgan Chase & Co. | 7,351 | 1,472 | ||||||
Lam Research Corp. | 94 | 91 | ||||||
Lennar Corp., Class A | 1,220 | 210 | ||||||
Linde PLC | 1,185 | 550 | ||||||
LPL Financial Holdings, Inc. | 1,420 | 375 | ||||||
Lululemon Athletica, Inc. (a) | 1,202 | 470 | ||||||
Masterbrand, Inc. (a) | 3,869 | 72 | ||||||
Mastercard, Inc., Class A | 1,808 | 871 | ||||||
McDonald’s Corp. | 1,063 | 300 | ||||||
MGM Resorts International (a) | 2,449 | 116 | ||||||
Microsoft Corp. | 5,608 | 2,359 | ||||||
Netflix, Inc. (a) | 673 | 409 | ||||||
NextEra Energy, Inc. | 4,732 | 302 | ||||||
Nucor Corp. | 845 | 167 | ||||||
NVIDIA Corp. | 1,441 | 1,302 | ||||||
Progressive Corp. | 3,888 | 804 | ||||||
Target Corp. | 1,281 | 227 | ||||||
TJX Cos., Inc. | 9,637 | 977 | ||||||
Tyler Technologies, Inc. (a) | 178 | 76 | ||||||
United Rentals, Inc. | 1,197 | 863 | ||||||
Valero Energy Corp. | 3,756 | 641 | ||||||
Veeva Systems, Inc., Class A (a) | 470 | 109 | ||||||
Waste Management, Inc. | 392 | 84 | ||||||
20,069 | ||||||||
Total Common Stocks (Cost $17,972) | 28,721 | |||||||
Short-Term Investment (1.0%) | ||||||||
Investment Company (1.0%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $299) | 299,012 | 299 | ||||||
Total Investments (100.3%) (Cost $18,271) (c)(d)(e) | 29,020 | |||||||
Liabilities in Excess of Other Assets (–0.3%) | (85 | ) | ||||||
Net Assets (100.0%) | $ | 28,935 |
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, 2024, 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, $624,000 and 2.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(d) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(e) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,752,000 and the aggregate gross unrealized depreciation is approximately $3,000, resulting in net unrealized appreciation of approximately $10,749,000. |
ADR | American Depositary Receipt. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Other* | 51.8 | % | ||
Semiconductors & Semiconductor Equipment | 9.2 | |||
Software | 8.4 | |||
Construction Materials | 7.1 | |||
Automobiles | 6.0 | |||
Banks | 5.9 | |||
Capital Markets | 5.8 | |||
Trading Companies & Distributors | 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, 2024 (unaudited)
Portfolio of Investments
Global Endurance Portfolio
Shares | Value (000) | |||||||
Common Stocks (100.0%) | ||||||||
France (5.0%) | ||||||||
Eurofins Scientific SE | 34,543 | $ | 2,200 | |||||
Germany (2.4%) | ||||||||
Delivery Hero SE (a) | 37,679 | 1,077 | ||||||
Israel (7.4%) | ||||||||
Global-e Online Ltd. (a) | 58,565 | 2,129 | ||||||
Wix.com Ltd. (a) | 8,323 | 1,144 | ||||||
3,273 | ||||||||
Japan (2.6%) | ||||||||
Sansan, Inc. (a) | 97,800 | 1,124 | ||||||
Korea, Republic of (1.5%) | ||||||||
Coupang, Inc. (a) | 37,572 | 668 | ||||||
Netherlands (2.5%) | ||||||||
Adyen NV (a) | 654 | 1,105 | ||||||
Singapore (2.4%) | ||||||||
Sea Ltd. ADR (a) | 19,520 | 1,049 | ||||||
United Kingdom (14.5%) | ||||||||
Babcock International Group PLC | 341,080 | 2,239 | ||||||
Burford Capital Ltd. | 43,200 | 677 | ||||||
Victoria PLC (a)(b) | 1,040,282 | 3,475 | ||||||
6,391 | ||||||||
United States (61.7%) | ||||||||
Appian Corp., Class A (a) | 77,908 | 3,112 | ||||||
Arbutus Biopharma Corp. (a) | 194,827 | 503 | ||||||
Bill Holdings, Inc. (a) | 22,832 | 1,569 | ||||||
Bio-Rad Laboratories, Inc., Class A (a) | 1,959 | 678 | ||||||
Carvana Co. (a) | 20,440 | 1,797 | ||||||
Cricut, Inc., Class A | 397,582 | 1,893 | ||||||
Fastly, Inc., Class A (a) | 153,828 | 1,995 | ||||||
Floor & Decor Holdings, Inc., Class A (a) | 17,278 | 2,240 | ||||||
HCA Healthcare, Inc. | 5,389 | 1,797 | ||||||
HubSpot, Inc. (a) | 2,945 | 1,845 | ||||||
Interactive Brokers Group, Inc., Class A | 10,890 | 1,217 | ||||||
Lithia Motors, Inc., Class A | 6,165 | 1,855 | ||||||
Mohawk Industries, Inc. (a) | 3,509 | 459 | ||||||
ROBLOX Corp., Class A (a) | 35,265 | 1,346 | ||||||
Roivant Sciences Ltd. (a) | 59,758 | 630 | ||||||
Royalty Pharma PLC, Class A | 54,437 | 1,653 | ||||||
Toast, Inc., Class A (a) | 68,312 | 1,702 | ||||||
Wayfair, Inc., Class A (a) | 14,134 | 959 | ||||||
27,250 | ||||||||
Total Common Stocks (Cost $46,382) | 44,137 | |||||||
Short-Term Investments (2.5%) | ||||||||
Investment Company (1.9%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (c) (Cost $835) | 835,018 | 835 | ||||||
Securities held as Collateral on Loaned Securities (0.6%) | ||||||||
Investment Company (0.5%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (c) (Cost $232) | 232,368 | 232 |
Face Amount (000) | ||||||||
Repurchase Agreements (0.1%) | ||||||||
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $18; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $18) | $ | 18 | 18 | |||||
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $9; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $9) | 9 | 9 | ||||||
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $32; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $33) | 32 | 32 | ||||||
59 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $291) | 291 | |||||||
Total Short-Term Investments (Cost $1,126) | 1,126 | |||||||
Total Investments (102.5%) (Cost $47,508) Including $2,733 of Securities Loaned (d)(e)(f) | 45,263 | |||||||
Liabilities in Excess of Other Assets (–2.5%) | (1,117 | ) | ||||||
Net Assets (100.0%) | $ | 44,146 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont’d)
Global Endurance Portfolio
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
(a) | Non-income producing security. |
(b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $2,733,000 and $2,583,000 respectively. The Fund received cash collateral of approximately $291,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $2,292,000 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, 2024, 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, $11,897,000 and 26.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(e) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(f) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,050,000 and the aggregate gross unrealized depreciation is approximately $9,295,000, resulting in net unrealized depreciation of approximately $2,245,000. |
ADR | American Depositary Receipt. |
Portfolio Composition*
Classification | Percentage of Total Investments | |||
Other** | 17.2 | % | ||
Software | 17.0 | |||
Specialty Retail | 15.2 | |||
Household Durables | 13.0 | |||
Financial Services | 7.7 | |||
Information Technology Services | 7.0 | |||
Life Sciences Tools & Services | 6.4 | |||
Broadline Retail | 6.2 | |||
Entertainment | 5.3 | |||
Aerospace & Defense | 5.0 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (unaudited)
Portfolio of Investments
Global Focus Real Estate Portfolio
Shares | Value (000) | |||||||
Common Stocks (98.1%) | ||||||||
Australia (6.1%) | ||||||||
Charter Hall Group REIT | 4,779 | $ | 43 | |||||
Goodman Group REIT | 6,571 | 145 | ||||||
National Storage REIT | 21,892 | 34 | ||||||
Stockland REIT | 14,024 | 44 | ||||||
266 | ||||||||
Canada (3.7%) | ||||||||
Boardwalk REIT | 1,471 | 85 | ||||||
Chartwell Retirement Residences (Units) (a) | 8,129 | 74 | ||||||
159 | ||||||||
France (1.9%) | ||||||||
Carmila SA REIT (b) | 1,772 | 31 | ||||||
Unibail-Rodamco-Westfield REIT (b) | 663 | 53 | ||||||
84 | ||||||||
Germany (2.5%) | ||||||||
Vonovia SE | 3,657 | 108 | ||||||
Hong Kong (1.0%) | ||||||||
Link REIT | 10,580 | 45 | ||||||
Japan (10.0%) | ||||||||
Comforia Residential, Inc. REIT | 17 | 37 | ||||||
Invincible Investment Corp. REIT | 188 | 84 | ||||||
Mitsui Fudosan Co. Ltd. | 13,500 | 146 | ||||||
Mitsui Fudosan Logistics Park, Inc. REIT | 14 | 42 | ||||||
Nippon Building Fund, Inc. REIT | 10 | 40 | ||||||
Sumitomo Realty & Development Co. Ltd. | 2,300 | 86 | ||||||
435 | ||||||||
Netherlands (1.5%) | ||||||||
CTP NV | 3,572 | 64 | ||||||
Singapore (0.9%) | ||||||||
Mapletree Industrial Trust REIT | 23,100 | 40 | ||||||
Spain (0.8%) | ||||||||
Merlin Properties Socimi SA REIT | 3,240 | 35 | ||||||
Sweden (1.4%) | ||||||||
Castellum AB (b) | 2,974 | 39 | ||||||
Pandox AB | 1,377 | 23 | ||||||
62 | ||||||||
United Kingdom (3.8%) | ||||||||
Hammerson PLC REIT | 93,395 | 35 | ||||||
Segro PLC REIT | 8,398 | 96 | ||||||
UNITE Group PLC REIT | 2,585 | 32 | ||||||
163 | ||||||||
United States (64.5%) | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 503 | 65 | ||||||
American Homes 4 Rent, Class A REIT | 2,903 | 107 | ||||||
American Tower Corp. REIT | 1,312 | 259 | ||||||
AvalonBay Communities, Inc. REIT | 806 | 150 | ||||||
CareTrust REIT, Inc. | 2,611 | 64 | ||||||
Digital Realty Trust, Inc. REIT | 1,077 | 155 | ||||||
EastGroup Properties, Inc. REIT | 594 | 107 | ||||||
Equinix, Inc. REIT | 333 | 275 | ||||||
Essential Properties Realty Trust, Inc. REIT | 4,963 | 132 | ||||||
Federal Realty Investment Trust REIT | 813 | 83 | ||||||
Hilton Worldwide Holdings, Inc. | 200 | 43 | ||||||
Iron Mountain, Inc. REIT | 1,186 | 95 | ||||||
Lamar Advertising Co., Class A REIT | 724 | 86 | ||||||
Mid-America Apartment Communities, Inc. REIT | 642 | 84 | ||||||
PotlatchDeltic Corp. REIT | 455 | 21 | ||||||
Prologis, Inc. REIT | 983 | 128 | ||||||
Public Storage REIT | 516 | 150 | ||||||
Rexford Industrial Realty, Inc. REIT | 2,067 | 104 | ||||||
Ryman Hospitality Properties, Inc. REIT | 445 | 51 | ||||||
Simon Property Group, Inc. REIT | 954 | 149 | ||||||
Sun Communities, Inc. REIT | 628 | 81 | ||||||
Urban Edge Properties REIT | 2,521 | 44 | ||||||
VICI Properties, Inc. REIT | 2,992 | 89 | ||||||
Welltower, Inc. REIT | 2,951 | 276 | ||||||
2,798 | ||||||||
Total Common Stocks (Cost $3,858) | 4,259 | |||||||
Short-Term Investment (0.3%) | ||||||||
Investment Company (0.3%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 5.16% (c) (Cost $12) | 11,912 | 12 | ||||||
Total Investments (98.4%) (Cost $3,870) (d)(e)(f) | 4,271 | |||||||
Other Assets in Excess of Liabilities (1.6%) | 70 | |||||||
Net Assets (100.0%) | $ | 4,341 |
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) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
(b) | Non-income producing security. |
(c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the “Liquidity 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, 2024, 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, $1,302,000 and 30.0%, 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”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(f) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $450,000 and the aggregate gross unrealized depreciation is approximately $49,000, resulting in net unrealized appreciation of approximately $401,000. |
REIT | Real Estate Investment Trust. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Residential | 16.0 | % | ||
Diversified | 13.7 | |||
Other* | 13.2 | |||
Industrial | 12.6 | |||
Retail | 12.3 | |||
Data Centers | 10.1 | |||
Health Care | 9.7 | |||
Specialty | 6.3 | |||
Telecommunications REITs | 6.1 | |||
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, 2024 (unaudited)
Portfolio of Investments
Global Franchise Portfolio
Shares | Value (000) | |||||||
Common Stocks (98.8%) | ||||||||
France (5.7%) | ||||||||
L’Oreal SA | 120,186 | $ | 56,917 | |||||
LVMH Moet Hennessy Louis Vuitton SE | 51,333 | 46,189 | ||||||
Pernod Ricard SA | 403,744 | 65,360 | ||||||
168,466 | ||||||||
Germany (6.8%) | ||||||||
SAP SE | 1,045,446 | 203,568 | ||||||
Italy (0.3%) | ||||||||
Davide Campari-Milano NV | 787,764 | 7,917 | ||||||
Netherlands (2.8%) | ||||||||
Heineken NV | 628,635 | 60,605 | ||||||
Universal Music Group NV | 773,467 | 23,243 | ||||||
83,848 | ||||||||
United Kingdom (9.5%) | ||||||||
Experian PLC | 1,206,842 | 52,586 | ||||||
Haleon PLC | 5,068,125 | 21,239 | ||||||
Reckitt Benckiser Group PLC | 1,731,558 | 98,707 | ||||||
RELX PLC (Euronext NV) | 535,803 | 23,209 | ||||||
RELX PLC (LSE) | 2,056,528 | 88,689 | ||||||
284,430 | ||||||||
United States (73.7%) | ||||||||
Abbott Laboratories | 867,302 | 98,578 | ||||||
Accenture PLC, Class A | 479,629 | 166,244 | ||||||
Aon PLC, Class A | 297,413 | 99,253 | ||||||
Arthur J Gallagher & Co. | 230,137 | 57,543 | ||||||
Automatic Data Processing, Inc. | 314,934 | 78,652 | ||||||
Becton Dickinson & Co. | 419,640 | 103,840 | ||||||
Broadridge Financial Solutions, Inc. | 210,185 | 43,058 | ||||||
CDW Corp. | 255,727 | 65,410 | ||||||
Coca-Cola Co. | 1,410,372 | 86,287 | ||||||
Constellation Brands, Inc., Class A | 135,031 | 36,696 | ||||||
Danaher Corp. | 307,928 | 76,896 | ||||||
Equifax, Inc. | 242,055 | 64,755 | ||||||
FactSet Research Systems, Inc. | 40,511 | 18,408 | ||||||
Hologic, Inc. (a) | 172,026 | 13,411 | ||||||
Intercontinental Exchange, Inc. | 939,455 | 129,109 | ||||||
Jack Henry & Associates, Inc. | 85,758 | 14,899 | ||||||
Microsoft Corp. | 578,910 | 243,559 | ||||||
Moody’s Corp. | 108,576 | 42,674 | ||||||
Otis Worldwide Corp. | 536,600 | 53,268 | ||||||
Philip Morris International, Inc. | 888,152 | 81,372 | ||||||
Procter & Gamble Co. | 475,927 | 77,219 | ||||||
Roper Technologies, Inc. | 139,820 | 78,417 | ||||||
Steris PLC | 170,616 | 38,358 | ||||||
Thermo Fisher Scientific, Inc. | 182,792 | 106,240 | ||||||
UnitedHealth Group, Inc. | 214,923 | 106,322 | ||||||
Veralto Corp. | 149,509 | 13,255 | ||||||
Visa, Inc., Class A | 615,994 | 171,912 | ||||||
Zoetis, Inc. | 150,169 | 25,410 | ||||||
2,191,045 | ||||||||
Total Common Stocks (Cost $1,877,075) | 2,939,274 | |||||||
Short-Term Investment (1.7%) | ||||||||
Investment Company (1.7%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $49,584) | 49,583,707 | 49,584 | ||||||
Total Investments (100.5%) (Cost $1,926,659) (c)(d)(e) | 2,988,858 | |||||||
Liabilities in Excess of Other Assets (–0.5%) | (15,340 | ) | ||||||
Net Assets (100.0%) | $ | 2,973,518 |
(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, 2024, advisory fees paid were reduced by approximately $24,000 relating to the Fund’s investment in the Liquidity Fund. |
(c) | The approximate fair value and percentage of net assets, $748,229,000 and 25.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(d) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(e) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,092,483,000 and the aggregate gross unrealized depreciation is approximately $30,284,000, resulting in net unrealized appreciation of approximately $1,062,199,000. |
Euronext NV | Euronext Amsterdam Stock Market. |
LSE | London Stock Exchange. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Other* | 18.2 | % | ||
Software | 17.5 | |||
Professional Services | 11.7 | |||
Beverages | 8.6 | |||
Health Care Equipment & Supplies | 8.5 | |||
Capital Markets | 6.3 | |||
Financial Services | 6.3 | |||
Life Sciences Tools & Services | 6.2 | |||
Household Products | 5.9 | |||
Information Technology Services | 5.6 | |||
Insurance | 5.2 | |||
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, 2024 (unaudited)
Portfolio of Investments
Global Infrastructure Portfolio
Shares | Value (000) | |||||||
Common Stocks (99.9%) | ||||||||
Australia (2.1%) | ||||||||
Transurban Group (Units) (a) | 612,216 | $ | 5,311 | |||||
Brazil (0.0%)‡ | ||||||||
Rumo SA | 26,696 | 118 | ||||||
Canada (22.2%) | ||||||||
Canadian National Railway Co. (b) | 2,872 | 379 | ||||||
Enbridge, Inc. | 350,998 | 12,684 | ||||||
Fortis, Inc. | 104,305 | 4,121 | ||||||
GFL Environmental, Inc. | 472,107 | 16,288 | ||||||
Keyera Corp. | 133,560 | 3,440 | ||||||
Pembina Pipeline Corp. | 264,288 | 9,328 | ||||||
TC Energy Corp. (b) | 237,816 | 9,558 | ||||||
55,798 | ||||||||
China (0.4%) | ||||||||
China Resources Gas Group Ltd. (c) | 283,100 | 903 | ||||||
France (4.3%) | ||||||||
Aeroports de Paris | 4,010 | 550 | ||||||
Getlink SE | 88,352 | 1,504 | ||||||
Vinci SA | 68,523 | 8,794 | ||||||
10,848 | ||||||||
Hong Kong (0.7%) | ||||||||
Power Assets Holdings Ltd. | 295,000 | 1,728 | ||||||
Italy (3.1%) | ||||||||
Infrastrutture Wireless Italiane SpA | 281,040 | 3,190 | ||||||
Snam SpA | 445,637 | 2,104 | ||||||
Terna — Rete Elettrica Nazionale | 316,866 | 2,619 | ||||||
7,913 | ||||||||
Japan (0.9%) | ||||||||
Central Japan Railway Co. | 85,900 | 2,133 | ||||||
Mexico (2.8%) | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 371,395 | 6,052 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 29,679 | 939 | ||||||
6,991 | ||||||||
New Zealand (0.4%) | ||||||||
Auckland International Airport Ltd. | 194,979 | 973 | ||||||
Spain (7.7%) | ||||||||
Aena SME SA | 25,676 | 5,057 | ||||||
Cellnex Telecom SA (d) | 185,402 | 6,559 | ||||||
Ferrovial SE | 135,333 | 5,358 | ||||||
Iberdrola SA | 188,181 | 2,337 | ||||||
19,311 | ||||||||
Switzerland (0.7%) | ||||||||
Flughafen Zurich AG (Registered) | 8,085 | 1,836 | ||||||
United Kingdom (6.8%) | ||||||||
National Grid PLC | 875,211 | 11,793 | ||||||
Pennon Group PLC | 130,428 | 1,065 | ||||||
Severn Trent PLC | 91,082 | 2,842 | ||||||
United Utilities Group PLC | 108,749 | 1,413 | ||||||
17,113 | ||||||||
United States (47.8%) | ||||||||
American Electric Power Co., Inc. | 23,551 | 2,028 | ||||||
American Tower Corp. REIT | 84,330 | 16,663 | ||||||
American Water Works Co., Inc. | 28,142 | 3,439 | ||||||
Atmos Energy Corp. | 41,609 | 4,946 | ||||||
CenterPoint Energy, Inc. | 190,738 | 5,434 | ||||||
Cheniere Energy, Inc. | 41,734 | 6,731 | ||||||
CMS Energy Corp. | 96,524 | 5,824 | ||||||
Crown Castle, Inc. REIT | 57,527 | 6,088 | ||||||
CSX Corp. | 16,569 | 614 | ||||||
Edison International | 70,638 | 4,996 | ||||||
Essential Utilities, Inc. | 31,244 | 1,158 | ||||||
Eversource Energy | 46,473 | 2,778 | ||||||
Exelon Corp. | 146,198 | 5,493 | ||||||
Kinder Morgan, Inc. | 84,020 | 1,541 | ||||||
NiSource, Inc. | 188,151 | 5,204 | ||||||
ONEOK, Inc. | 151,431 | 12,140 | ||||||
PG&E Corp. | 320,235 | 5,367 | ||||||
PPL Corp. | 56,666 | 1,560 | ||||||
SBA Communications Corp. REIT | 19,563 | 4,239 | ||||||
Sempra | 116,297 | 8,354 | ||||||
Southern Co. | 25,988 | 1,864 | ||||||
Targa Resources Corp. | 80,253 | 8,988 | ||||||
Waste Connections, Inc. | 1,576 | 271 | ||||||
Williams Cos., Inc. | 63,380 | 2,470 | ||||||
Xcel Energy, Inc. | 42,527 | 2,286 | ||||||
120,476 | ||||||||
Total Common Stocks (Cost $217,815) | 251,452 | |||||||
Short-Term Investment (0.3%) | ||||||||
Investment Company (0.3%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 5.16% (e) (Cost $838) | 838,129 | 838 | ||||||
Total Investments (100.2%) (Cost $218,653) Including $9,915 of Securities Loaned (f)(g)(h) | 252,290 | |||||||
Liabilities in Excess of Other Assets (–0.2%) | (441 | ) | ||||||
Net Assets (100.0%) | $ | 251,849 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont’d)
Global Infrastructure Portfolio
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
‡ | Amount is less than 0.05%. |
(a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
(b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $9,915,000 and $10,290,000, respectively. The Fund received non-cash collateral of approximately $10,290,000 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) | Non-income producing security. |
(e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury 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, 2024, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Liquidity Fund. |
(f) | The approximate fair value and percentage of net assets, $75,060,000 and 29.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(g) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(h) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $38,027,000 and the aggregate gross unrealized depreciation is approximately $4,390,000, resulting in net unrealized appreciation of approximately $33,637,000. |
REIT | Real Estate Investment Trust. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Oil & Gas Storage & Transportation | 35.1 | % | ||
Electricity Transmission & Distribution | 14.7 | |||
Communications | 14.6 | |||
Others | 11.8 | |||
Diversified | 9.5 | |||
Other* | 8.2 | |||
Airports | 6.1 | |||
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, 2024 (unaudited)
Consolidated Portfolio of Investments
Global Insight Portfolio
Shares | Value (000) | |||||||
Common Stocks (95.2%) | ||||||||
Brazil (0.6%) | ||||||||
NU Holdings Ltd., Class A (a) | 36,103 | $ | 431 | |||||
Canada (6.5%) | ||||||||
Shopify, Inc., Class A (a) | 64,309 | 4,963 | ||||||
Israel (4.9%) | ||||||||
Global-e Online Ltd. (a) | 103,270 | 3,754 | ||||||
Korea, Republic of (3.5%) | ||||||||
Coupang, Inc. (a) | 151,367 | 2,693 | ||||||
Netherlands (8.0%) | ||||||||
Adyen NV (a) | 3,579 | 6,045 | ||||||
Singapore (6.0%) | ||||||||
Grab Holdings Ltd., Class A (a) | 1,113,890 | 3,497 | ||||||
Sea Ltd. ADR (a) | 20,457 | 1,099 | ||||||
4,596 | ||||||||
United States (65.7%) | ||||||||
Affirm Holdings, Inc. (a) | 91,741 | 3,418 | ||||||
Agilon Health, Inc. (a) | 212,858 | 1,298 | ||||||
Airbnb, Inc., Class A (a) | 16,226 | 2,677 | ||||||
Arbutus Biopharma Corp. (a) | 131,441 | 339 | ||||||
Aurora Innovation, Inc. (a) | 361,144 | 1,018 | ||||||
Cardlytics, Inc. (a) | 18,916 | 274 | ||||||
Carvana Co. (a) | 43,875 | 3,857 | ||||||
Cloudflare, Inc., Class A (a) | 70,824 | 6,858 | ||||||
Dlocal Ltd. (a) | 73,000 | 1,073 | ||||||
DoorDash, Inc., Class A (a) | 26,959 | 3,713 | ||||||
Ginkgo Bioworks Holdings, Inc. (a) | 141,030 | 164 | ||||||
MercadoLibre, Inc. (a) | 3,119 | 4,716 | ||||||
MicroStrategy, Inc., Class A (a) | 2,327 | 3,967 | ||||||
Peloton Interactive, Inc., Class A (a) | 66,783 | 286 | ||||||
ProKidney Corp. (a)(b) | 41,461 | 68 | ||||||
ROBLOX Corp., Class A (a) | 67,079 | 2,561 | ||||||
Roivant Sciences Ltd. (a) | 107,078 | 1,129 | ||||||
Royalty Pharma PLC, Class A | 109,763 | 3,334 | ||||||
Snowflake, Inc., Class A (a) | 16,159 | 2,611 | ||||||
Spotify Technology SA (a) | 407 | 107 | ||||||
Tesla, Inc. (a) | 19,754 | 3,473 | ||||||
Trade Desk, Inc., Class A (a) | 34,686 | 3,032 | ||||||
XOMA Corp. (a) | 1,710 | 41 | ||||||
50,014 | ||||||||
Total Common Stocks (Cost $51,189) | 72,496 | |||||||
Preferred Stock (0.1%) | ||||||||
United States (0.1%) | ||||||||
Lookout, Inc., Series F (a)(c)(d) (acquisition cost — $73; acquired 6/17/14) | 6,374 | 17 | ||||||
Investment Company (2.7%) | ||||||||
United States (2.7%) | ||||||||
Grayscale Bitcoin Trust (a) (Cost $546) | 32,517 | 2,054 | ||||||
Short-Term Investment (2.3%) | ||||||||
Investment Company (2.3%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) (Cost $1,770) | 1,770,074 | 1,770 | ||||||
Total Investments Excluding Purchased Options (100.3%) (Cost $53,578) | 76,337 | |||||||
Total Purchased Options Outstanding (0.2%) (Cost $326) | 155 | |||||||
Total Investments (100.5%) (Cost $53,904) Including $68 of Securities Loaned (f)(g)(h)(i) | 76,492 | |||||||
Liabilities in Excess of Other Assets (–0.5%) | (352 | ) | ||||||
Net Assets (100.0%) | $ | 76,140 |
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, 2024, were approximately $68,000 and $73,000, respectively. The Fund received non-cash collateral of approximately $73,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(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, 2024 amounts to approximately $17,000 and represents less than 0.05% of net assets. |
(d) | At March 31, 2024, the Fund held a fair valued security at approximately $17,000, 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. |
(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, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund. |
(f) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(g) | Securities are available for collateral in connection with purchased options. |
(h) | The approximate fair value and percentage of net assets, $6,045,000 and 7.9%, 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. |
(i) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $28,320,000 and the aggregate gross unrealized depreciation is approximately $5,732,000, resulting in net unrealized appreciation of approximately $22,588,000. |
ADR | American Depositary Receipt. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
Standard Chartered Bank | USD/CNH | CNH | 7.57 | May–24 | 21,463,987 | $ | 21,464 | $ | 5 | $ | 91 | $ | (86 | ) | |||||||||||||
Goldman Sachs & Co. LLC | USD/CNH | CNH | 7.69 | Jan–25 | 19,293,018 | 19,293 | 68 | 73 | (5 | ) | |||||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.78 | Mar–25 | 17,900,646 | 17,901 | 70 | 76 | (6 | ) | |||||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 20,862,233 | 20,862 | 12 | 86 | (74 | ) | |||||||||||||||||
$ | 155 | $ | 326 | $ | (171 | ) |
CNH | — | Chinese Yuan Renminbi Offshore |
USD | — | United States Dollar |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Other* | 32.8 | % | ||
Information Technology Services | 18.9 | |||
Broadline Retail | 14.6 | |||
Financial Services | 13.8 | |||
Hotels, Restaurants & Leisure | 8.4 | |||
Software | 6.5 | |||
Specialty 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, 2024 (unaudited)
Consolidated Portfolio of Investments
Global Opportunity Portfolio
Shares | Value (000) | |||||||
Common Stocks (96.4%) | ||||||||
Brazil (1.3%) | ||||||||
NU Holdings Ltd., Class A (a) | 3,405,729 | $ | 40,630 | |||||
Canada (4.4%) | ||||||||
Shopify, Inc., Class A (a) | 1,759,356 | 135,770 | ||||||
China (5.0%) | ||||||||
Meituan, Class B (a)(b) | 7,261,000 | 89,630 | ||||||
Trip.com Group Ltd. ADR (a) | 1,496,464 | 65,680 | ||||||
155,310 | ||||||||
Denmark (4.1%) | ||||||||
DSV AS | 781,126 | 126,976 | ||||||
France (3.4%) | ||||||||
Hermes International | 41,240 | 105,400 | ||||||
India (6.1%) | ||||||||
HDFC Bank Ltd. | 5,015,971 | 87,467 | ||||||
ICICI Bank Ltd. ADR | 3,820,372 | 100,896 | ||||||
188,363 | ||||||||
Italy (3.7%) | ||||||||
Moncler SpA | 1,551,117 | 115,746 | ||||||
Japan (1.3%) | ||||||||
Keyence Corp. | 89,400 | 41,505 | ||||||
Korea, Republic of (4.1%) | ||||||||
Coupang, Inc. (a) | 5,247,951 | 93,361 | ||||||
KakaoBank Corp. | 611,700 | 12,776 | ||||||
NAVER Corp. | 141,114 | 19,605 | ||||||
125,742 | ||||||||
Netherlands (0.9%) | ||||||||
Adyen NV (a) | 17,244 | 29,127 | ||||||
Singapore (1.2%) | ||||||||
Grab Holdings Ltd., Class A (a) | 11,462,196 | 35,991 | ||||||
Switzerland (1.1%) | ||||||||
On Holding AG, Class A (a) | 985,642 | 34,872 | ||||||
United States (59.8%) | ||||||||
Adobe, Inc. (a) | 157,447 | 79,448 | ||||||
Amazon.com, Inc. (a) | 810,709 | 146,236 | ||||||
Block, Inc., Class A (a) | 813,084 | 68,771 | ||||||
Crowdstrike Holdings, Inc., Class A (a) | 212,374 | 68,085 | ||||||
Deckers Outdoor Corp. (a) | 39,506 | 37,185 | ||||||
DoorDash, Inc., Class A (a) | 948,162 | 130,581 | ||||||
Endeavor Group Holdings, Inc., Class A | 1,049,766 | 27,010 | ||||||
Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $3,175; acquired 12/22/15) | 6,530 | — | ||||||
Mastercard, Inc., Class A | 154,032 | 74,177 | ||||||
MercadoLibre, Inc. (a) | 99,799 | 150,892 | ||||||
Meta Platforms, Inc., Class A | 380,422 | 184,725 | ||||||
Salesforce, Inc. | 217,068 | 65,377 | ||||||
ServiceNow, Inc. (a) | 308,643 | 235,309 | ||||||
Spotify Technology SA (a) | 342,129 | 90,288 | ||||||
TKO Group Holdings, Inc. | 401,831 | 34,722 | ||||||
Uber Technologies, Inc. (a) | 3,489,618 | 268,666 | ||||||
Visa, Inc., Class A | 308,502 | 86,097 | ||||||
Walt Disney Co. | 859,867 | 105,213 | ||||||
1,852,782 | ||||||||
Total Common Stocks (Cost $1,524,151) | 2,988,214 | |||||||
Short-Term Investment (3.9%) | ||||||||
Investment Company (3.9%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) (Cost $119,058) | 119,058,134 | 119,058 | ||||||
Total Investments (100.3%) (Cost $1,643,209) (f)(g)(h) | 3,107,272 | |||||||
Liabilities in Excess of Other Assets (–0.3%) | (8,383 | ) | ||||||
Net Assets (100.0%) | $ | 3,098,889 |
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 securities (excluding 144A holdings) at March 31, 2024 amounts to $0 and represents 0.0% of net assets. |
(d) | At March 31, 2024, 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, 2024, advisory fees paid were reduced by approximately $34,000 relating to the Fund’s investment in the Liquidity Fund. |
(f) | The approximate fair value and percentage of net assets, $628,232,000 and 20.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(g) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(h) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,543,906,000 and the aggregate gross unrealized depreciation is approximately $79,843,000, resulting in net unrealized appreciation of approximately $1,464,063,000. |
ADR | American Depositary Receipt. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Software | 14.5 | % | ||
Other* | 13.6 | |||
Broadline Retail | 12.5 | |||
Ground Transportation | 9.8 | |||
Textiles, Apparel & Luxury Goods | 9.4 | |||
Hotels, Restaurants & Leisure | 9.2 | |||
Financial Services | 8.3 | |||
Entertainment | 8.3 | |||
Banks | 7.8 | |||
Interactive Media & Services | 6.6 | |||
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, 2024 (unaudited)
Consolidated Portfolio of Investments
Global Permanence Portfolio
Shares | Value (000) | |||||||
Common Stocks (94.8%) | ||||||||
Brazil (0.1%) | ||||||||
Vale SA | 370 | $ | 4 | |||||
Canada (7.2%) | ||||||||
Canadian National Railway Co. | 1,667 | 220 | ||||||
Constellation Software, Inc. | 16 | 44 | ||||||
FirstService Corp. | 33 | 5 | ||||||
Lumine Group, Inc. (a) | 223 | 6 | ||||||
Topicus.com, Inc. | 504 | 45 | ||||||
320 | ||||||||
France (15.0%) | ||||||||
Airbus SE | 896 | 165 | ||||||
Christian Dior SE | 185 | 155 | ||||||
EssilorLuxottica SA | 100 | 23 | ||||||
Eurofins Scientific SE | 3,528 | 225 | ||||||
Hermes International | 2 | 5 | ||||||
L’Oreal SA | 12 | 6 | ||||||
Remy Cointreau SA | 170 | 17 | ||||||
Safran SA | 311 | 70 | ||||||
666 | ||||||||
India (0.5%) | ||||||||
HDFC Bank Ltd. ADR | 395 | 22 | ||||||
Italy (0.8%) | ||||||||
Brunello Cucinelli SpA | 262 | 30 | ||||||
Ferrari NV | 14 | 6 | ||||||
36 | ||||||||
Netherlands (1.1%) | ||||||||
ASML Holding NV (Registered) | 46 | 44 | ||||||
Universal Music Group NV | 190 | 6 | ||||||
50 | ||||||||
Switzerland (4.2%) | ||||||||
On Holding AG, Class A (a) | 5,331 | 189 | ||||||
United Kingdom (12.6%) | ||||||||
Babcock International Group PLC | 27,449 | 180 | ||||||
Rentokil Initial PLC | 39,299 | 233 | ||||||
Victoria PLC (a) | 44,203 | 148 | ||||||
561 | ||||||||
United States (53.3%) | ||||||||
Amazon.com, Inc. (a) | 876 | 158 | ||||||
American Tower Corp. REIT | 1,038 | 205 | ||||||
Birkenstock Holding PLC (a) | 2,397 | 113 | ||||||
Brown & Brown, Inc. | 252 | 22 | ||||||
Celsius Holdings, Inc. (a) | 50 | 4 | ||||||
Cloudflare, Inc., Class A (a) | 4,309 | 417 | ||||||
Danaher Corp. | 623 | 156 | ||||||
Dollar General Corp. | 775 | 121 | ||||||
Floor & Decor Holdings, Inc., Class A (a) | 1,732 | 225 | ||||||
Intercontinental Exchange, Inc. | 1,756 | 241 | ||||||
Linde PLC | 12 | 6 | ||||||
MSCI, Inc. | 8 | 4 | ||||||
Procore Technologies, Inc. (a) | 1,938 | 159 | ||||||
Royal Gold, Inc. | 797 | 97 | ||||||
Royalty Pharma PLC, Class A | 8,946 | 272 | ||||||
S&P Global, Inc. | 104 | 44 | ||||||
Texas Pacific Land Corp. | 191 | 111 | ||||||
Veralto Corp. | 144 | 13 | ||||||
Waste Connections, Inc. | 35 | 6 | ||||||
2,374 | ||||||||
Total Common Stocks (Cost $3,635) | 4,222 | |||||||
Investment Company (2.6%) | ||||||||
United States (2.6%) | ||||||||
Grayscale Bitcoin Trust (a) (Cost $21) | 1,835 | 116 |
No. of Warrants | ||||||||
Warrants (0.0%) | ||||||||
Canada (0.0%) | ||||||||
Constellation Software, Inc. expires 3/31/40 (a) (Cost $—) | 186 | — |
Shares | ||||||||
Short-Term Investment (0.2%) | ||||||||
Investment Company (0.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $8) | 7,958 | 8 | ||||||
Total Investments Excluding Purchased Options (97.6%) (Cost $3,664) | 4,346 | |||||||
Total Purchased Options Outstanding (0.3%) (Cost $31) | 12 | |||||||
Total Investments (97.9%) (Cost $3,695) (c)(d)(e)(f) | 4,358 | |||||||
Other Assets in Excess of Liabilities (2.1%) | 94 | |||||||
Net Assets (100.0%) | $ | 4,452 |
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, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund. |
(c) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(d) | Securities are available for collateral in connection with purchased options. |
(e) | The approximate fair value and percentage of net assets, $1,263,000 and 28.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(f) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $863,000 and the aggregate gross unrealized depreciation is approximately $200,000, resulting in net unrealized appreciation of approximately $663,000. |
ADR | American Depositary Receipt. |
REIT | Real Estate Investment Trust. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (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, 2024:
Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
Standard Chartered Bank | USD/CNH | CNH | 7.57 | May–24 | 2,268,747 | $ | 2,269 | $ | 1 | $ | 10 | $ | (9 | ) | |||||||||||||
Goldman Sachs & Co. LLC | USD/CNH | CNH | 7.69 | Jan–25 | 1,578,869 | 1,579 | 6 | 6 | (—@ | ) | |||||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.78 | Mar–25 | 1,045,683 | 1,046 | 4 | 4 | (—@ | ) | |||||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 2,624,782 | 2,625 | 1 | 11 | (10 | ) | |||||||||||||||||
$ | 12 | $ | 31 | $ | (19 | ) |
@ | Value is less than $500. | |
CNH | — | Chinese Yuan Renminbi Offshore |
USD | — | United States Dollar |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Other* | 25.8 | % | ||
Textiles, Apparel & Luxury Goods | 11.3 | |||
Information Technology Services | 9.6 | |||
Aerospace & Defense | 9.6 | |||
Life Sciences Tools & Services | 8.7 | |||
Capital Markets | 6.7 | |||
Pharmaceuticals | 6.3 | |||
Software | 5.9 | |||
Commercial Services & Supplies | 5.8 | |||
Specialty Retail | 5.2 | |||
Ground Transportation | 5.1 | |||
Total Investments | 100.0 | % |
* | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments
Global Real Estate Portfolio
Shares | Value (000) | |||||||
Common Stocks (99.5%) | ||||||||
Australia (6.7%) | ||||||||
Goodman Group REIT | 70,510 | $ | 1,553 | |||||
National Storage REIT | 144,675 | 226 | ||||||
Region Group REIT | 214,066 | 333 | ||||||
Stockland REIT | 147,097 | 465 | ||||||
2,577 | ||||||||
Belgium (1.7%) | ||||||||
Aedifica SA REIT | 2,454 | 151 | ||||||
Montea NV REIT | 3,222 | 290 | ||||||
Shurgard Self Storage Ltd. REIT | 4,633 | 206 | ||||||
647 | ||||||||
Canada (2.9%) | ||||||||
Boardwalk REIT | 6,750 | 389 | ||||||
Chartwell Retirement Residences (Units) (a) | 42,615 | 389 | ||||||
InterRent REIT | 34,837 | 349 | ||||||
1,127 | ||||||||
France (2.0%) | ||||||||
Carmila SA REIT (b) | 12,273 | 213 | ||||||
Gecina SA REIT | 1,231 | 126 | ||||||
Unibail-Rodamco-Westfield REIT (b) | 5,414 | 436 | ||||||
775 | ||||||||
Germany (2.5%) | ||||||||
LEG Immobilien SE (b) | 4,491 | 386 | ||||||
Vonovia SE | 20,067 | 593 | ||||||
979 | ||||||||
Hong Kong (2.1%) | ||||||||
Link REIT | 67,829 | 292 | ||||||
Sun Hung Kai Properties Ltd. | 36,367 | 351 | ||||||
Wharf Real Estate Investment Co. Ltd. | 52,075 | 170 | ||||||
813 | ||||||||
Japan (10.5%) | ||||||||
Comforia Residential, Inc. REIT | 69 | 149 | ||||||
Heiwa Real Estate, Inc. REIT | 170 | 160 | ||||||
Hulic Co. Ltd. | 17,900 | 184 | ||||||
Invincible Investment Corp. REIT | 1,091 | 490 | ||||||
Japan Hotel REIT Investment Corp. | 505 | 265 | ||||||
Japan Metropolitan Fund Invest REIT | 209 | 130 | ||||||
Japan Real Estate Investment Corp. REIT | 29 | 103 | ||||||
Mitsubishi Estate Co. Ltd. | 10,700 | 195 | ||||||
Mitsui Fudosan Co. Ltd. | 94,600 | 1,020 | ||||||
Mitsui Fudosan Logistics Park, Inc. REIT | 48 | 144 | ||||||
Nippon Building Fund, Inc. REIT | 81 | 324 | ||||||
Nippon Prologis, Inc. REIT | 112 | 200 | ||||||
Sumitomo Realty & Development Co. Ltd. | 19,000 | 708 | ||||||
4,072 | ||||||||
Netherlands (0.6%) | ||||||||
CTP NV | 14,015 | 250 | ||||||
Singapore (1.7%) | ||||||||
CapitaLand Integrated Commercial Trust REIT | 170,400 | 250 | ||||||
Frasers Centrepoint Trust REIT | 165,500 | 268 | ||||||
Mapletree Industrial Trust REIT | 82,200 | 143 | ||||||
661 | ||||||||
Spain (0.7%) | ||||||||
Merlin Properties Socimi SA REIT | 23,783 | 256 | ||||||
Sweden (1.4%) | ||||||||
Castellum AB (b) | 26,453 | 348 | ||||||
Pandox AB | 10,869 | 182 | ||||||
530 | ||||||||
Switzerland (0.4%) | ||||||||
PSP Swiss Property AG (Registered) | 1,119 | 147 | ||||||
United Kingdom (4.4%) | ||||||||
Hammerson PLC REIT | 341,066 | 129 | ||||||
Impact Healthcare PLC REIT | 120,375 | 128 | ||||||
LondonMetric Property PLC REIT | 80,262 | 206 | ||||||
Segro PLC REIT | 57,828 | 659 | ||||||
Sirius Real Estate Ltd. REIT | 133,538 | 165 | ||||||
UNITE Group PLC REIT | 21,296 | 263 | ||||||
Workspace Group PLC REIT | 22,016 | 143 | ||||||
1,693 | ||||||||
United States (61.9%) | ||||||||
Agree Realty Corp. REIT | 8,232 | 470 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 4,881 | 629 | ||||||
American Homes 4 Rent, Class A REIT | 28,457 | 1,047 | ||||||
American Tower Corp. REIT | 935 | 185 | ||||||
Americold Realty Trust, Inc. REIT | 13,384 | 334 | ||||||
AvalonBay Communities, Inc. REIT | 6,689 | 1,241 | ||||||
CareTrust REIT, Inc. | 20,642 | 503 | ||||||
Digital Realty Trust, Inc. REIT | 10,072 | 1,451 | ||||||
EastGroup Properties, Inc. REIT | 2,432 | 437 | ||||||
Equinix, Inc. REIT | 2,916 | 2,407 | ||||||
Essential Properties Realty Trust, Inc. REIT | 10,219 | 272 | ||||||
Essex Property Trust, Inc. REIT | 2,703 | 662 | ||||||
Extra Space Storage, Inc. REIT | 2,322 | 341 | ||||||
Federal Realty Investment Trust REIT | 4,606 | 470 | ||||||
Hilton Worldwide Holdings, Inc. | 1,845 | 394 | ||||||
Iron Mountain, Inc. REIT | 7,203 | 578 | ||||||
Kilroy Realty Corp. REIT | 5,154 | 188 | ||||||
Kimco Realty Corp. REIT | 21,764 | 427 | ||||||
Kite Realty Group Trust REIT | 12,800 | 277 | ||||||
Lamar Advertising Co., Class A REIT | 1,668 | 199 | ||||||
Mid-America Apartment Communities, Inc. REIT | 5,518 | 726 | ||||||
Prologis, Inc. REIT | 16,969 | 2,210 | ||||||
Public Storage REIT | 4,500 | 1,305 | ||||||
Realty Income Corp. REIT | 12,499 | 676 | ||||||
Rexford Industrial Realty, Inc. REIT | 12,860 | 647 | ||||||
Ryman Hospitality Properties, Inc. REIT | 4,045 | 468 | ||||||
Simon Property Group, Inc. REIT | 8,195 | 1,282 | ||||||
Sun Communities, Inc. REIT | 4,741 | 610 | ||||||
Urban Edge Properties REIT | 13,804 | 238 | ||||||
VICI Properties, Inc. REIT | 30,085 | 896 | ||||||
Welltower, Inc. REIT | 25,494 | 2,382 | ||||||
23,952 | ||||||||
Total Common Stocks (Cost $32,184) | 38,479 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont’d)
Global Real Estate Portfolio
Shares | Value (000) | |||||||
Short-Term Investment (0.9%) | ||||||||
Investment Company (0.9%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 5.16% (c) (Cost $368) | 368,178 | $ | 368 | |||||
Total Investments (100.4%) (Cost $32,552) (d)(e)(f) | 38,847 | |||||||
Liabilities in Excess of Other Assets (–0.4%) | (161 | ) | ||||||
Net Assets (100.0%) | $ | 38,686 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
(a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
(b) | Non-income producing security. |
(c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the “Liquidity 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, 2024, 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, $13,400,000 and 34.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(e) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(f) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,295,000 and the aggregate gross unrealized depreciation is approximately $1,000,000, resulting in net unrealized appreciation of approximately $6,295,000. |
REIT | Real Estate Investment Trust. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Residential | 16.5 | % | ||
Other* | 16.2 | |||
Diversified | 15.5 | |||
Retail | 14.1 | |||
Industrial | 13.3 | |||
Data Centers | 9.9 | |||
Health Care | 9.1 | |||
Self Storage | 5.4 | |||
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, 2024 (unaudited)
Portfolio of Investments
Global Sustain Portfolio
Shares | Value (000) | |||||||
Common Stocks (98.8%) | ||||||||
Canada (3.2%) | ||||||||
Constellation Software, Inc. | 1,292 | $ | 3,529 | |||||
France (1.4%) | ||||||||
L’Oreal SA | 3,220 | 1,525 | ||||||
Germany (7.7%) | ||||||||
Deutsche Boerse AG | 9,409 | 1,927 | ||||||
SAP SE | 33,471 | 6,517 | ||||||
8,444 | ||||||||
Hong Kong (1.9%) | ||||||||
AIA Group Ltd. | 316,400 | 2,128 | ||||||
Netherlands (0.9%) | ||||||||
Universal Music Group NV | 31,084 | 934 | ||||||
Sweden (1.3%) | ||||||||
Atlas Copco AB, Class A | 86,031 | 1,453 | ||||||
Taiwan (2.3%) | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 18,591 | 2,530 | ||||||
United Kingdom (7.4%) | ||||||||
Experian PLC | 29,358 | 1,279 | ||||||
Haleon PLC | 204,932 | 859 | ||||||
Reckitt Benckiser Group PLC | 43,990 | 2,508 | ||||||
RELX PLC (LSE) | 82,161 | 3,543 | ||||||
8,189 | ||||||||
United States (72.7%) | ||||||||
Abbott Laboratories | 27,039 | 3,073 | ||||||
Accenture PLC, Class A | 14,718 | 5,101 | ||||||
Alphabet, Inc., Class A (a) | 22,355 | 3,374 | ||||||
Aon PLC, Class A | 10,914 | 3,642 | ||||||
Arthur J Gallagher & Co. | 8,398 | 2,100 | ||||||
Automatic Data Processing, Inc. | 10,078 | 2,517 | ||||||
Becton Dickinson & Co. | 13,920 | 3,445 | ||||||
Broadridge Financial Solutions, Inc. | 8,769 | 1,796 | ||||||
CDW Corp. | 8,124 | 2,078 | ||||||
Coca-Cola Co. | 48,753 | 2,983 | ||||||
Danaher Corp. | 9,967 | 2,489 | ||||||
Equifax, Inc. | 8,253 | 2,208 | ||||||
FactSet Research Systems, Inc. | 1,628 | 740 | ||||||
Hologic, Inc. (a) | 6,953 | 542 | ||||||
Intercontinental Exchange, Inc. | 29,554 | 4,062 | ||||||
IQVIA Holdings, Inc. (a) | 14,731 | 3,725 | ||||||
Jack Henry & Associates, Inc. | 3,439 | 597 | ||||||
Microsoft Corp. | 16,757 | 7,050 | ||||||
Moody’s Corp. | 2,380 | 935 | ||||||
Otis Worldwide Corp. | 17,444 | 1,732 | ||||||
Procter & Gamble Co. | 20,188 | 3,276 | ||||||
Revvity, Inc. | 18,927 | 1,987 | ||||||
Roper Technologies, Inc. | 4,244 | 2,380 | ||||||
Steris PLC | 5,735 | 1,289 | ||||||
Texas Instruments, Inc. | 15,658 | 2,728 | ||||||
Thermo Fisher Scientific, Inc. | 6,587 | 3,828 | ||||||
UnitedHealth Group, Inc. | 7,245 | 3,584 | ||||||
Veralto Corp. | 4,350 | 386 | ||||||
Visa, Inc., Class A | 20,427 | 5,701 | ||||||
Zoetis, Inc. | 4,567 | 773 | ||||||
80,121 | ||||||||
Total Common Stocks (Cost $81,010) | 108,853 |
No. of Warrants | ||||||||
Warrants (0.0%) | ||||||||
Canada (0.0%) | ||||||||
Constellation Software, Inc. expires 3/31/40 (a) (Cost $—) | 1,639 | — |
Shares | ||||||||
Short-Term Investment (1.2%) | ||||||||
Investment Company (1.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $1,385) | 1,385,185 | 1,385 | ||||||
Total Investments (100.0%) (Cost $82,395) (c)(d)(e) | 110,238 | |||||||
Liabilities in Excess of Other Assets (–0.0%)‡ | (49 | ) | ||||||
Net Assets (100.0%) | $ | 110,189 |
‡ | Amount is less than 0.05%. |
(a) | Non-income producing security. |
(b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund. |
(c) | The approximate fair value and percentage of net assets, $22,673,000 and 20.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(d) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(e) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $29,391,000 and the aggregate gross unrealized depreciation is approximately $1,548,000, resulting in net unrealized appreciation of approximately $27,843,000. |
ADR | American Depositary Receipt. |
LSE | London Stock Exchange. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Other* | 28.5 | % | ||
Software | 17.7 | |||
Life Sciences Tools & Services | 10.9 | |||
Professional Services | 10.2 | |||
Health Care Equipment & Supplies | 7.6 | |||
Insurance | 7.1 | |||
Capital Markets | 7.0 | |||
Financial Services | 5.7 | |||
Household Products | 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, 2024 (unaudited)
Consolidated Portfolio of Investments
Growth Portfolio
Shares | Value (000) | |||||||
Common Stocks (87.4%) | ||||||||
Automobiles (4.7%) | ||||||||
Rivian Automotive, Inc., Class A (a) | 554,580 | $ | 6,073 | |||||
Tesla, Inc. (a) | 1,456,332 | 256,008 | ||||||
262,081 | ||||||||
Biotechnology (0.9%) | ||||||||
Intellia Therapeutics, Inc. (a) | 176,141 | 4,846 | ||||||
Moderna, Inc. (a) | 45,229 | 4,819 | ||||||
ProKidney Corp. (a)(b) | 2,368,537 | 3,884 | ||||||
Roivant Sciences Ltd. (a) | 3,789,733 | 39,944 | ||||||
53,493 | ||||||||
Broadline Retail (3.8%) | ||||||||
Global-e Online Ltd. (Israel) (a) | 2,390,744 | 86,904 | ||||||
MercadoLibre, Inc. (a) | 83,525 | 126,286 | ||||||
213,190 | ||||||||
Capital Markets (1.7%) | ||||||||
Coinbase Global, Inc., Class A (a) | 281,641 | 74,669 | ||||||
Intercontinental Exchange, Inc. | 153,356 | 21,031 | ||||||
95,700 | ||||||||
Chemicals (0.2%) | ||||||||
Ginkgo Bioworks Holdings, Inc. (a)(b) | 10,806,276 | 12,535 | ||||||
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 (4.2%) | ||||||||
ROBLOX Corp., Class A (a) | 6,122,770 | 233,767 | ||||||
Financial Services (7.8%) | ||||||||
Adyen NV (Netherlands) (a) | 115,206 | 194,599 | ||||||
Affirm Holdings, Inc. (a) | 6,472,863 | 241,179 | ||||||
435,778 | ||||||||
Ground Transportation (6.9%) | ||||||||
Uber Technologies, Inc. (a) | 5,022,008 | 386,644 | ||||||
Health Care Providers & Services (0.9%) | ||||||||
Agilon Health, Inc. (a) | 8,051,980 | 49,117 | ||||||
Health Care Technology (0.5%) | ||||||||
Doximity, Inc., Class A (a) | 1,085,238 | 29,204 | ||||||
Hotels, Restaurants & Leisure (12.8%) | ||||||||
Airbnb, Inc., Class A (a) | 1,571,285 | 259,199 | ||||||
DoorDash, Inc., Class A (a) | 3,347,467 | 461,013 | ||||||
720,212 | ||||||||
Information Technology Services (20.2%) | ||||||||
Cloudflare, Inc., Class A (a) | 5,186,042 | 502,165 | ||||||
Shopify, Inc., Class A (Canada) (a) | 4,492,679 | 346,700 | ||||||
Snowflake, Inc., Class A (a) | 1,775,417 | 286,907 | ||||||
1,135,772 | ||||||||
Leisure Products (0.3%) | ||||||||
Peloton Interactive, Inc., Class A (a) | 4,641,832 | 19,890 | ||||||
Life Sciences Tools & Services (0.4%) | ||||||||
10X Genomics, Inc., Class A (a) | 538,917 | 20,226 | ||||||
Media (6.0%) | ||||||||
Trade Desk, Inc., Class A (a) | 3,829,283 | 334,756 | ||||||
Pharmaceuticals (4.0%) | ||||||||
Royalty Pharma PLC, Class A | 7,427,443 | 225,572 | ||||||
Software (7.2%) | ||||||||
Aurora Innovation, Inc. (a) | 12,762,232 | 35,990 | ||||||
Bill Holdings, Inc. (a) | 1,298,473 | 89,231 | ||||||
MicroStrategy, Inc., Class A (a) | 119,130 | 203,064 | ||||||
Samsara, Inc., Class A (a) | 2,002,312 | 75,667 | ||||||
403,952 | ||||||||
Specialty Retail (4.9%) | ||||||||
Carvana Co. (a) | 3,144,166 | 276,404 | ||||||
Total Common Stocks (Cost $3,776,822) | 4,908,293 | |||||||
Preferred Stocks (2.6%) | ||||||||
Financial Services (0.3%) | ||||||||
Stripe, Inc., Series I (a)(c)(d) (acquisition cost — $12,876; acquired 3/17/23) | 639,525 | 16,628 | ||||||
Software (2.3%) | ||||||||
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $136,746; acquired 8/31/21) | 1,860,888 | 131,546 | ||||||
Total Preferred Stocks (Cost $149,622) | 148,174 | |||||||
Investment Company (2.6%) | ||||||||
Grayscale Bitcoin Trust (a) (Cost $69,046) | 2,331,240 | 147,264 | ||||||
Short-Term Investments (8.2%) | ||||||||
Investment Company (7.9%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) (Cost $445,718) | 445,718,180 | 445,718 | ||||||
Securities held as Collateral on Loaned Securities (0.3%) | ||||||||
Investment Company (0.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) | 14,032,991 | 14,033 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont’d)
Growth Portfolio
Face Amount (000) | Value (000) | |||||||
Repurchase Agreements (0.1%) | ||||||||
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $1,080; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $1,101) | $ | 1,080 | $ | 1,080 | ||||
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $520; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $529) | 519 | 519 | ||||||
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $1,944; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $1,983) | 1,943 | 1,943 | ||||||
3,542 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $17,575) | 17,575 | |||||||
Total Short-Term Investments (Cost $463,293) | 463,293 | |||||||
Total Investments Excluding Purchased Options (100.8%) (Cost $4,458,783) | 5,667,024 | |||||||
Total Purchased Options Outstanding (0.2%) (Cost $19,135) | 8,982 | |||||||
Total Investments (101.0%) (Cost $4,477,918) Including $16,399 of Securities Loaned (f)(g)(h)(i) | 5,676,006 | |||||||
Liabilities in Excess of Other Assets (–1.0%) | (58,831 | ) | ||||||
Net Assets (100.0%) | $ | 5,617,175 |
(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, 2024, were approximately $16,399,000 and $17,630,000 respectively. The Fund received cash collateral of approximately $17,575,000, 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 $55,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(c) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2024 amounts to approximately $148,174,000 and represents 2.6% of net assets. |
(d) | At March 31, 2024, the Fund held fair valued securities at approximately $148,174,000, representing 2.6% 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, 2024, advisory fees paid were reduced by approximately $135,000 relating to the Fund’s investment in the Liquidity Fund. |
(f) | The approximate fair value and percentage of net assets, $194,599,000 and 3.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(g) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(h) | Securities are available for collateral in connection with purchased options. |
(i) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,796,818,000 and the aggregate gross unrealized depreciation is approximately $598,730,000, resulting in net unrealized appreciation of approximately $1,198,088,000. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont’d)
Growth Portfolio
Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2024:
Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
Standard Chartered Bank | USD/CNH | CNH | 7.57 | May–24 | 1,232,952,555 | $ | 1,232,953 | $ | 313 | $ | 5,216 | $ | (4,903 | ) | |||||||||||||
Goldman Sachs International | USD/CNH | CNH | 7.68 | Jan–25 | 1,367,722,139 | 1,367,722 | 4,816 | 5,175 | (359 | ) | |||||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.78 | Mar–25 | 794,067,491 | 794,067 | 3,102 | 3,371 | (269 | ) | |||||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 1,297,584,118 | 1,297,584 | 751 | 5,373 | (4,622 | ) | |||||||||||||||||
$ | 8,982 | $ | 19,135 | $ | (10,153 | ) |
CNH | — | Chinese Yuan Renminbi Offshore |
USD | — | United States Dollar |
Portfolio Composition*
Classification | Percentage of Total Investments | |||
Other** | 29.0 | % | ||
Information Technology Services | 20.1 | |||
Hotels, Restaurants & Leisure | 12.8 | |||
Software | 9.5 | |||
Financial Services | 8.0 | |||
Short-Term Investments | 7.9 | |||
Ground Transportation | 6.8 | |||
Media | 5.9 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments
Inception Portfolio
Shares | Value (000) | |||||||
Common Stocks (94.5%) | ||||||||
Biotechnology (3.8%) | ||||||||
Altimmune, Inc. (a) | 183,600 | $ | 1,869 | |||||
Arbutus Biopharma Corp. (a) | 730,625 | 1,885 | ||||||
Beam Therapeutics, Inc. (a) | 43,520 | 1,438 | ||||||
Intellia Therapeutics, Inc. (a) | 61,734 | 1,698 | ||||||
ProKidney Corp. (a)(b) | 232,330 | 381 | ||||||
Recursion Pharmaceuticals, Inc., Class A (a)(b) | 74,570 | 743 | ||||||
Roivant Sciences Ltd. (a) | 614,357 | 6,475 | ||||||
Viking Therapeutics, Inc. (a) | 11,777 | 966 | ||||||
XOMA Corp. (a)(b) | 20,112 | 484 | ||||||
15,939 | ||||||||
Broadline Retail (5.5%) | ||||||||
Global-e Online Ltd. (Israel) (a) | 638,405 | 23,206 | ||||||
Chemicals (0.4%) | ||||||||
Ginkgo Bioworks Holdings, Inc. (a)(b) | 1,361,764 | 1,580 | ||||||
Consumer Staples Distribution & Retail (4.6%) | ||||||||
Maplebear, Inc. (a) | 522,465 | 19,483 | ||||||
Diversified Consumer Services (0.3%) | ||||||||
Duolingo, Inc. (a) | 5,629 | 1,242 | ||||||
Financial Services (6.1%) | ||||||||
Affirm Holdings, Inc. (a) | 691,110 | 25,751 | ||||||
Ground Transportation (1.5%) | ||||||||
Grab Holdings Ltd., Class A (Singapore) (a) | 2,011,911 | 6,317 | ||||||
Health Care Equipment & Supplies (0.3%) | ||||||||
Inspire Medical Systems, Inc. (a) | 5,918 | 1,271 | ||||||
Outset Medical, Inc. (a) | 84,778 | 188 | ||||||
1,459 | ||||||||
Health Care Providers & Services (3.4%) | ||||||||
Agilon Health, Inc. (a) | 2,183,228 | 13,318 | ||||||
Privia Health Group, Inc. (a) | 46,941 | 919 | ||||||
14,237 | ||||||||
Health Care Technology (2.6%) | ||||||||
Doximity, Inc., Class A (a) | 372,231 | 10,017 | ||||||
Schrodinger, Inc. (a) | 32,163 | 868 | ||||||
10,885 | ||||||||
Hotels, Restaurants & Leisure (0.1%) | ||||||||
Cava Group, Inc. (a) | 7,860 | 551 | ||||||
Household Durables (1.4%) | ||||||||
Victoria PLC (United Kingdom) (a) | 1,722,070 | 5,753 | ||||||
Information Technology Services (11.6%) | ||||||||
Cloudflare, Inc., Class A (a) | 400,605 | 38,790 | ||||||
Fastly, Inc., Class A (a) | 789,379 | 10,238 | ||||||
49,028 | ||||||||
Leisure Products (3.5%) | ||||||||
Peloton Interactive, Inc., Class A (a) | 3,450,786 | 14,787 | ||||||
Life Sciences Tools & Services (4.8%) | ||||||||
10X Genomics, Inc., Class A (a) | 259,427 | 9,737 | ||||||
MaxCyte, Inc. (a) | 1,040,149 | 4,358 | ||||||
Standard BioTools, Inc. (a) | 2,275,282 | 6,166 | ||||||
20,261 | ||||||||
Media (1.1%) | ||||||||
Cardlytics, Inc. (a) | 320,348 | 4,642 | ||||||
Metals & Mining (0.1%) | ||||||||
MP Materials Corp. (a)(b) | 45,168 | 646 | ||||||
Passenger Airlines (0.4%) | ||||||||
Joby Aviation, Inc. (a) | 339,739 | 1,821 | ||||||
Personal Care Products (1.0%) | ||||||||
Oddity Tech Ltd., Class A (Israel) (a)(b) | 97,456 | 4,234 | ||||||
Pharmaceuticals (0.5%) | ||||||||
ATAI Life Sciences NV (a)(b) | 552,374 | 1,088 | ||||||
GH Research PLC (a)(b) | 93,867 | 1,001 | ||||||
2,089 | ||||||||
Real Estate Management & Development (1.0%) | ||||||||
Opendoor Technologies, Inc. (a) | 667,437 | 2,022 | ||||||
Redfin Corp. (a) | 314,705 | 2,093 | ||||||
4,115 | ||||||||
Software (24.1%) | ||||||||
Aurora Innovation, Inc. (a) | 1,918,313 | 5,410 | ||||||
Bill Holdings, Inc. (a) | 225,303 | 15,483 | ||||||
Confluent, Inc., Class A (a) | 63,419 | 1,935 | ||||||
Gitlab, Inc., Class A (a) | 107,395 | 6,263 | ||||||
MicroStrategy, Inc., Class A (a) | 12,366 | 21,078 | ||||||
Procore Technologies, Inc. (a) | 239,744 | 19,700 | ||||||
Samsara, Inc., Class A (a) | 815,049 | 30,801 | ||||||
SilverSun Technologies, Inc. | 80,192 | 1,058 | ||||||
101,728 | ||||||||
Specialty Retail (10.1%) | ||||||||
Carvana Co. (a) | 402,618 | 35,394 | ||||||
RH (a) | 7,556 | 2,631 | ||||||
Wayfair, Inc., Class A (a) | 67,129 | 4,557 | ||||||
42,582 | ||||||||
Tech Hardware, Storage & Peripherals (0.5%) | ||||||||
IonQ, Inc. (a)(b) | 215,409 | 2,152 | ||||||
Textiles, Apparel & Luxury Goods (5.8%) | ||||||||
Figs, Inc., Class A (a) | 425,520 | 2,119 | ||||||
On Holding AG, Class A (Switzerland) (a) | 631,550 | 22,344 | ||||||
24,463 | ||||||||
Total Common Stocks (Cost $325,122) | 398,951 | |||||||
Preferred Stocks (2.0%) | ||||||||
Health Care Technology (1.2%) | ||||||||
Grand Rounds, Inc., Series B (a)(c)(d) (acquisition cost — $3,362; acquired 7/03/14) | 3,269,139 | 5,198 | ||||||
Software (0.8%) | ||||||||
Lookout, Inc., Series F (a)(c)(d) (acquisition cost — $13,476; acquired 6/17/14) | 1,179,743 | 3,209 | ||||||
Total Preferred Stocks (Cost $16,838) | 8,407 | |||||||
Investment Company (2.6%) | ||||||||
Grayscale Bitcoin Trust (a) (Cost $3,459) | 174,761 | 11,039 |
No. of Warrants | ||||||||
Warrants (0.0%) | ||||||||
Life Sciences Tools & Services (0.0%) | ||||||||
SomaLogic, Inc. expires 8/31/26 (a) (Cost $203) | 61,142 | — |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont’d)
Inception Portfolio
Shares | Value (000) | |||||||
Short-Term Investments (2.4%) | ||||||||
Investment Company (0.5%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) (Cost $2,104) | 2,103,599 | $ | 2,104 | |||||
Securities held as Collateral on Loaned Securities (1.9%) | ||||||||
Investment Company (1.5%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) | 6,536,967 | 6,537 |
Face Amount (000) | ||||||||
Repurchase Agreements (0.4%) | ||||||||
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $503; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $513) | $ | 503 | 503 | |||||
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $242; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $246) | 242 | 242 | ||||||
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $906; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $924) | 905 | 905 | ||||||
1,650 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $8,187) | 8,187 | |||||||
Total Short-Term Investments (Cost $10,291) | 10,291 | |||||||
Total Investments Excluding Purchased Options (101.5%) (Cost $355,913) | 428,688 | |||||||
Total Purchased Options Outstanding (0.2%) (Cost $1,740) | 885 | |||||||
Total Investments (101.7%) (Cost $357,653) Including $8,120 of Securities Loaned (f)(g)(h) | 429,573 | |||||||
Liabilities in Excess of Other Assets (–1.7%) | (7,322 | ) | ||||||
Net Assets (100.0%) | $ | 422,251 |
(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, 2024, were approximately $8,120,000 and $8,313,000 respectively. The Fund received cash collateral of approximately $8,187,000, 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 $126,000 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, 2024 amounts to approximately $8,407,000 and represents 2.0% of net assets. |
(d) | At March 31, 2024, the Fund held fair valued securities valued at $8,407,000, representing 2.0% 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, 2024, advisory fees paid were reduced by approximately $6,000 relating to the Fund’s investment in the Liquidity Fund. |
(f) | The approximate fair value and percentage of net assets, $5,753,000 and 1.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(g) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(h) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $136,702,000 and the aggregate gross unrealized depreciation is approximately $64,782,000, resulting in net unrealized appreciation of approximately $71,920,000. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont’d)
Inception Portfolio
Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2024:
Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
Standard Chartered Bank | USD/CNH | CNH | 7.57 | May–24 | 90,850,215 | $ | 90,850 | $ | 23 | $ | 384 | $ | (361 | ) | |||||||||||||
Goldman Sachs International | USD/CNH | CNH | 7.68 | Jan–25 | 111,519,585 | 111,520 | 393 | 422 | (29 | ) | |||||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.78 | Mar–25 | 102,122,764 | 102,123 | 399 | 433 | (35 | ) | |||||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 120,919,525 | 120,920 | 70 | 501 | (431 | ) | |||||||||||||||||
$ | 885 | $ | 1,740 | $ | (856 | ) |
CNH | — | Chinese Yuan Renminbi Offshore |
USD | — | United States Dollar |
Portfolio Composition* | ||||
Classification | Percentage of Total Investments | |||
Other** | 35.8 | % | ||
Software | 25.0 | |||
Information Technology Services | 11.7 | |||
Specialty Retail | 10.1 | |||
Financial Services | 6.1 | |||
Textiles, Apparel & Luxury Goods | 5.8 | |||
Broadline Retail | 5.5 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments
International Advantage Portfolio
Shares | Value (000) | |||||||
Common Stocks (96.4%) | ||||||||
Canada (14.0%) | ||||||||
Brookfield Corp. | 2,307,333 | $ | 96,608 | |||||
Brookfield Infrastructure Partners LP | 2,014,354 | 62,868 | ||||||
Canada Goose Holdings, Inc. (a)(b)(c) | 3,947,166 | 47,603 | ||||||
Canadian Pacific Kansas City Ltd. (b) | 1,459,093 | 128,648 | ||||||
Shopify, Inc., Class A (c) | 1,596,713 | 123,218 | ||||||
458,945 | ||||||||
Denmark (8.6%) | ||||||||
DSV AS | 1,385,816 | 225,271 | ||||||
Novo Nordisk AS, Class B | 435,173 | 55,821 | ||||||
281,092 | ||||||||
France (12.7%) | ||||||||
Hermes International | 113,330 | 289,646 | ||||||
L’Oreal SA | 104,818 | 49,639 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 87,589 | 78,812 | ||||||
418,097 | ||||||||
Hong Kong (1.9%) | ||||||||
AIA Group Ltd. | 9,136,900 | 61,460 | ||||||
India (6.9%) | ||||||||
HDFC Bank Ltd. | 4,841,838 | 84,430 | ||||||
ICICI Bank Ltd. ADR | 3,577,557 | 94,483 | ||||||
Titan Co. Ltd. | 1,080,910 | 49,411 | ||||||
228,324 | ||||||||
Italy (8.5%) | ||||||||
Davide Campari-Milano NV | 4,232,030 | 42,532 | ||||||
Moncler SpA | 3,178,708 | 237,197 | ||||||
279,729 | ||||||||
Japan (5.0%) | ||||||||
Keyence Corp. | 353,200 | 163,977 | ||||||
Netherlands (10.1%) | ||||||||
Adyen NV (c) | 73,011 | 123,325 | ||||||
ASML Holding NV | 214,199 | 207,658 | ||||||
330,983 | ||||||||
Sweden (3.1%) | ||||||||
Evolution AB | 808,142 | 100,374 | ||||||
Switzerland (7.5%) | ||||||||
Chocoladefabriken Lindt & Spruengli AG (Registered) | 447 | 53,926 | ||||||
Cie Financiere Richemont SA, Class A (Registered) | 260,594 | 39,673 | ||||||
Straumann Holding AG (Registered) | 959,091 | 153,030 | ||||||
246,629 | ||||||||
Taiwan (4.0%) | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 5,507,000 | 131,927 | ||||||
United Kingdom (4.4%) | ||||||||
London Stock Exchange Group PLC | 721,798 | 86,366 | ||||||
Rightmove PLC | 8,344,313 | 57,836 | ||||||
144,202 | ||||||||
United States (9.7%) | ||||||||
Birkenstock Holding PLC (b)(c) | 1,020,864 | 48,236 | ||||||
MercadoLibre, Inc. (c) | 100,585 | 152,081 | ||||||
Spotify Technology SA (c) | 454,416 | 119,920 | ||||||
320,237 | ||||||||
Total Common Stocks (Cost $2,294,624) | 3,165,976 | |||||||
Short-Term Investments (4.8%) | ||||||||
Investment Company (3.7%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (d) (Cost $121,750) | 121,749,893 | 121,750 | ||||||
Securities held as Collateral on Loaned Securities (1.1%) | ||||||||
Investment Company (0.9%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (d) | 30,554,693 | 30,555 |
Face Amount (000) | ||||||||
Repurchase Agreements (0.2%) | ||||||||
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $2,352; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $2,397) | $ | 2,350 | 2,350 | |||||
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $1,132; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $1,152) | 1,131 | 1,131 | ||||||
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $4,233; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $4,317) | 4,231 | 4,231 | ||||||
7,712 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $38,267) | 38,267 | |||||||
Total Short-Term Investments (Cost $160,017) | 160,017 | |||||||
Total Investments (101.2%) (Cost $2,454,641) Including $52,394 of Securities Loaned (e)(f)(g) | 3,325,993 | |||||||
Liabilities in Excess of Other Assets (–1.2%) | (40,814 | ) | ||||||
Net Assets (100.0%) | $ | 3,285,179 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (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) | For the three months ended March 31, 2024, 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 $459,000, including net realized loss of approximately $545,000. |
(b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $52,394,000 and $52,784,000 respectively. The Fund received cash collateral of approximately $38,267,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The remaining collateral of approximately $14,517,000 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) | Non-income producing security. |
(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, 2024, advisory fees paid were reduced by approximately $39,000 relating to the Fund’s investment in the Liquidity Fund. |
(e) | The approximate fair value and percentage of net assets, $2,292,311,000 and 69.8%, 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. |
(f) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(g) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $977,275,000 and the aggregate gross unrealized depreciation is approximately $105,923,000, resulting in net unrealized appreciation of approximately $871,352,000. |
ADR | American Depositary Receipt. |
Portfolio Composition* | ||||
Classification | Percentage of Total Investments | |||
Other** | 42.8 | % | ||
Textiles, Apparel & Luxury Goods | 24.0 | |||
Semiconductors & Semiconductor Equipment | 10.3 | |||
Air Freight & Logistics | 6.9 | |||
Capital Markets | 5.6 | |||
Banks | 5.4 | |||
Electronic Equipment, Instruments & Components | 5.0 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments
International Equity Portfolio
Shares | Value (000) | |||||||
Common Stocks (98.1%) | ||||||||
Australia (1.1%) | ||||||||
Aristocrat Leisure Ltd. | 535,901 | $ | 15,006 | |||||
Belgium (1.5%) | ||||||||
KBC Group NV | 268,465 | 20,127 | ||||||
Canada (6.6%) | ||||||||
Barrick Gold Corp. (LSE) | 2,048,325 | 34,069 | ||||||
Constellation Software, Inc. | 14,784 | 40,383 | ||||||
Tourmaline Oil Corp. | 295,268 | 13,805 | ||||||
88,257 | ||||||||
China (0.6%) | ||||||||
Tsingtao Brewery Co. Ltd., Class H (a) | 1,130,000 | 7,777 | ||||||
Denmark (4.1%) | ||||||||
Carlsberg AS Series B | 238,179 | 32,618 | ||||||
Tryg AS | 1,054,758 | 21,743 | ||||||
54,361 | ||||||||
Finland (2.0%) | ||||||||
Kone OYJ, Class B | 561,234 | 26,146 | ||||||
France (11.4%) | ||||||||
AXA SA | 347,164 | 13,038 | ||||||
Legrand SA | 277,758 | 29,414 | ||||||
L’Oreal SA | 30,994 | 14,678 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 24,096 | 21,681 | ||||||
Pernod Ricard SA | 131,600 | 21,304 | ||||||
Safran SA | 134,146 | 30,380 | ||||||
Sanofi SA | 217,338 | 21,144 | ||||||
151,639 | ||||||||
Germany (13.6%) | ||||||||
Deutsche Boerse AG | 110,972 | 22,726 | ||||||
Deutsche Post AG (Registered) | 468,269 | 20,181 | ||||||
Infineon Technologies AG | 769,481 | 26,167 | ||||||
Knorr-Bremse AG | 232,830 | 17,610 | ||||||
Merck KGaA | 76,774 | 13,538 | ||||||
QIAGEN NV (b) | 761,952 | 32,564 | ||||||
SAP SE | 245,980 | 47,897 | ||||||
180,683 | ||||||||
Hong Kong (1.7%) | ||||||||
AIA Group Ltd. (a) | 3,413,000 | 22,958 | ||||||
Italy (2.8%) | ||||||||
Davide Campari-Milano NV | 1,105,429 | 11,110 | ||||||
Moncler SpA | 349,253 | 26,061 | ||||||
37,171 | ||||||||
Japan (3.9%) | ||||||||
Hoya Corp. | 116,400 | 14,558 | ||||||
Keyence Corp. | 16,100 | 7,475 | ||||||
Kyocera Corp. | 878,600 | 11,783 | ||||||
SMC Corp. | 18,100 | 10,211 | ||||||
Sony Group Corp. | 101,000 | 8,671 | ||||||
52,698 | ||||||||
Korea, Republic of (2.2%) | ||||||||
Samsung Electronics Co. Ltd. | 487,798 | 29,315 | ||||||
Netherlands (4.8%) | ||||||||
Heineken NV | 352,234 | 33,958 | ||||||
Universal Music Group NV | 980,862 | 29,475 | ||||||
63,433 | ||||||||
Singapore (1.7%) | ||||||||
DBS Group Holdings Ltd. | 866,100 | 23,114 | ||||||
Sweden (6.3%) | ||||||||
Atlas Copco AB, Class A | 975,393 | 16,473 | ||||||
Boliden AB | 322,685 | 8,960 | ||||||
Epiroc AB, Class A | 821,702 | 15,426 | ||||||
Evolution AB | 128,107 | 15,911 | ||||||
Hexagon AB, Class B | 2,200,088 | 26,007 | ||||||
Svenska Handelsbanken AB, Class A | 64,465 | 652 | ||||||
83,429 | ||||||||
Switzerland (4.1%) | ||||||||
Alcon, Inc. | 97,359 | 8,052 | ||||||
Novartis AG (Registered) | 147,412 | 14,278 | ||||||
Roche Holding AG (Genusschein) | 90,134 | 23,013 | ||||||
UBS Group AG (Registered) (b) | 319,242 | 9,830 | ||||||
55,173 | ||||||||
Taiwan (1.7%) | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 169,069 | 23,002 | ||||||
United Kingdom (28.0%) | ||||||||
Anglo American PLC | 680,104 | 16,760 | ||||||
Associated British Foods PLC | 576,928 | 18,203 | ||||||
AstraZeneca PLC | 248,968 | 33,447 | ||||||
BP PLC | 4,886,144 | 30,653 | ||||||
British American Tobacco PLC | 699,921 | 21,243 | ||||||
Experian PLC | 395,363 | 17,227 | ||||||
Haleon PLC | 6,640,359 | 27,828 | ||||||
Halma PLC | 837,419 | 25,006 | ||||||
Hiscox Ltd. | 1,468,856 | 23,011 | ||||||
Legal & General Group PLC | 1,803,881 | 5,795 | ||||||
NatWest Group PLC | 6,450,307 | 21,604 | ||||||
Prudential PLC | 1,656,078 | 15,532 | ||||||
Reckitt Benckiser Group PLC | 410,097 | 23,378 | ||||||
RELX PLC (Euronext NV) | 439,857 | 19,053 | ||||||
RELX PLC (LSE) | 387,696 | 16,720 | ||||||
Rightmove PLC | 2,325,803 | 16,121 | ||||||
Shell PLC | 1,120,908 | 37,191 | ||||||
St. James’s Place PLC | 628,377 | 3,686 | ||||||
372,458 | ||||||||
Total Common Stocks (Cost $947,463) | 1,306,747 |
No. of Warrants | ||||||||
Warrants (0.0%) | ||||||||
Canada (0.0%) | ||||||||
Constellation Software, Inc. expires 3/31/40 (b) (Cost $—) | 18,454 | — |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont’d)
International Equity Portfolio
Shares | Value (000) | |||||||
Short-Term Investment (1.6%) | ||||||||
Investment Company (1.6%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (c) (Cost $21,281) | 21,280,902 | $ | 21,281 | |||||
Total Investments (99.7%) (Cost $968,744) (d)(e)(f) | 1,328,028 | |||||||
Other Assets in Excess of Liabilities (0.3%) | 4,174 | |||||||
Net Assets (100.0%) | $ | 1,332,202 |
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, 2024, advisory fees paid were reduced by approximately $10,000 relating to the Fund’s investment in the Liquidity Fund. |
(d) | The approximate fair value and percentage of net assets, $1,195,488,000 and 89.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(e) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(f) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $369,550,000 and the aggregate gross unrealized depreciation is approximately $10,266,000, resulting in net unrealized appreciation of approximately $359,284,000. |
ADR | American Depositary Receipt. |
Euronext NV | Euronext Amsterdam Stock Market. |
LSE | London Stock Exchange. |
Portfolio Composition | ||||
Classification | Percentage of Total Investments | |||
Other* | 51.8 | % | ||
Beverages | 8.1 | |||
Pharmaceuticals | 7.9 | |||
Insurance | 7.6 | |||
Software | 6.6 | |||
Machinery | 6.5 | |||
Oil, Gas & Consumable Fuels | 6.1 | |||
Electronic Equipment, Instruments & Components | 5.4 | |||
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, 2024 (unaudited)
Consolidated Portfolio of Investments
International Opportunity Portfolio
Shares | Value (000) | |||||||
Common Stocks (98.4%) | ||||||||
Argentina (1.2%) | ||||||||
Globant SA (a) | 60,122 | $ | 12,139 | |||||
Brazil (4.0%) | ||||||||
NU Holdings Ltd., Class A (a) | 3,427,693 | 40,892 | ||||||
Canada (6.6%) | ||||||||
Canada Goose Holdings, Inc. (a)(b) | 582,425 | 7,024 | ||||||
Canadian Pacific Kansas City Ltd. | 180,275 | 15,895 | ||||||
Shopify, Inc., Class A (a) | 575,555 | 44,415 | ||||||
67,334 | ||||||||
China (12.1%) | ||||||||
Kweichow Moutai Co. Ltd., Class A | 108,631 | 25,607 | ||||||
Meituan, Class B (a)(c) | 3,551,520 | 43,840 | ||||||
Tencent Holdings Ltd. (c) | 333,200 | 12,978 | ||||||
Trip.com Group Ltd. ADR (a) | 945,231 | 41,486 | ||||||
123,911 | ||||||||
Denmark (5.6%) | ||||||||
DSV AS | 355,986 | 57,867 | ||||||
France (5.1%) | ||||||||
Hermes International | 20,544 | 52,506 | ||||||
India (11.5%) | ||||||||
Axis Bank Ltd. | 1,394,681 | 17,578 | ||||||
HDFC Bank Ltd. | 2,044,722 | 35,655 | ||||||
ICICI Bank Ltd. ADR | 1,579,038 | 41,702 | ||||||
Titan Co. Ltd. | 507,415 | 23,195 | ||||||
118,130 | ||||||||
Italy (5.2%) | ||||||||
Moncler SpA | 717,765 | 53,560 | ||||||
Japan (5.2%) | ||||||||
Keyence Corp. | 69,100 | 32,080 | ||||||
Sanrio Co. Ltd. | 1,083,600 | 20,853 | ||||||
52,933 | ||||||||
Korea, Republic of (8.6%) | ||||||||
Coupang, Inc. (a) | 2,662,038 | 47,358 | ||||||
KakaoBank Corp. | 1,167,589 | 24,386 | ||||||
NAVER Corp. | 121,445 | 16,872 | ||||||
88,616 | ||||||||
Netherlands (6.8%) | ||||||||
Adyen NV (a) | 21,194 | 35,799 | ||||||
ASML Holding NV | 34,756 | 33,695 | ||||||
69,494 | ||||||||
Singapore (2.1%) | ||||||||
Grab Holdings Ltd., Class A (a) | 6,834,892 | 21,462 | ||||||
Sweden (3.3%) | ||||||||
Evolution AB | 238,961 | 29,680 | ||||||
Vitrolife AB | 200,213 | 3,758 | ||||||
33,438 | ||||||||
Switzerland (3.7%) | ||||||||
On Holding AG, Class A (a) | 1,068,933 | 37,819 | ||||||
Taiwan (2.9%) | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,225,000 | 29,346 | ||||||
United Kingdom (2.2%) | ||||||||
Deliveroo PLC (a) | 5,411,303 | 8,086 | ||||||
London Stock Exchange Group PLC | 125,775 | 15,050 | ||||||
23,136 | ||||||||
United States (12.3%) | ||||||||
Birkenstock Holding PLC (a) | 276,605 | 13,070 | ||||||
MercadoLibre, Inc. (a) | 45,640 | 69,006 | ||||||
Spotify Technology SA (a) | 165,973 | 43,800 | ||||||
125,876 | ||||||||
Total Common Stocks (Cost $736,350) | 1,008,459 | |||||||
Short-Term Investments (1.5%) | ||||||||
Investment Company (0.9%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (d) (Cost $8,797) | 8,796,639 | 8,797 | ||||||
Securities held as Collateral on Loaned Securities (0.6%) | ||||||||
Investment Company (0.5%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (d) (Cost $4,775) | 4,775,193 | 4,775 |
Face Amount (000) | ||||||||
Repurchase Agreements (0.1%) | ||||||||
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $367; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $375) | $ | 367 | 367 | |||||
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $177; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $180) | 177 | 177 | ||||||
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $661; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $675) | 661 | 661 | ||||||
1,205 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $5,980) | 5,980 | |||||||
Total Short-Term Investments (Cost $14,777) | 14,777 | |||||||
Total Investments (99.9%) (Cost $751,127) Including $7,100 of Securities Loaned (e)(f)(g) | 1,023,236 | |||||||
Other Assets in Excess of Liabilities (0.1%) | 1,428 | |||||||
Net Assets (100.0%) | $ | 1,024,664 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont’d)
International Opportunity Portfolio
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
(a) | Non-income producing security. |
(b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $7,100,000 and $7,065,000 respectively. The Fund received cash collateral of approximately $5,980,000, 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 $1,085,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(c) | Security trades on the Hong Kong exchange. |
(d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity 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, 2024, advisory fees paid were reduced by approximately $6,000 relating to the Fund’s investment in the Liquidity Fund. |
(e) | The approximate fair value and percentage of net assets, $572,391,000 and 55.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(f) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(g) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $338,804,000 and the aggregate gross unrealized depreciation is approximately $66,695,000, resulting in net unrealized appreciation of approximately $272,109,000. |
ADR | American Depositary Receipt. |
Portfolio Composition* | ||||
Classification | Percentage of Total Investments | |||
Other** | 24.9 | % | ||
Textiles, Apparel & Luxury Goods | 18.4 | |||
Banks | 15.7 | |||
Hotels, Restaurants & Leisure | 12.1 | |||
Broadline Retail | 11.4 | |||
Semiconductors & Semiconductor Equipment | 6.2 | |||
Air Freight & Logistics | 5.7 | |||
Information Technology Services | 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, 2024. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments
International Resilience Portfolio
Shares | Value (000) | |||||||
Common Stocks (95.7%) | ||||||||
Australia (1.5%) | ||||||||
Aristocrat Leisure Ltd. | 973 | $ | 27 | |||||
Canada (3.8%) | ||||||||
Constellation Software, Inc. | 24 | 66 | ||||||
Denmark (2.8%) | ||||||||
Carlsberg AS Series B | 361 | 49 | ||||||
Finland (2.2%) | ||||||||
Kone OYJ, Class B | 813 | 38 | ||||||
France (11.7%) | ||||||||
Legrand SA | 482 | 51 | ||||||
L’Oreal SA | 112 | 53 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 40 | 36 | ||||||
Pernod Ricard SA | 277 | 45 | ||||||
Sanofi SA | 219 | 21 | ||||||
206 | ||||||||
Germany (15.8%) | ||||||||
Deutsche Boerse AG | 300 | 62 | ||||||
Infineon Technologies AG | 1,123 | 38 | ||||||
Merck KGaA | 165 | 29 | ||||||
QIAGEN NV (a) | 1,242 | 53 | ||||||
SAP SE | 493 | 96 | ||||||
278 | ||||||||
Hong Kong (2.2%) | ||||||||
AIA Group Ltd. | 5,600 | 38 | ||||||
Italy (4.0%) | ||||||||
Davide Campari-Milano NV | 2,255 | 23 | ||||||
Moncler SpA | 636 | 47 | ||||||
70 | ||||||||
Japan (4.8%) | ||||||||
Hoya Corp. | 300 | 38 | ||||||
Keyence Corp. | 100 | 46 | ||||||
84 | ||||||||
Netherlands (5.7%) | ||||||||
Heineken NV | 486 | 47 | ||||||
Universal Music Group NV | 1,788 | 54 | ||||||
101 | ||||||||
Sweden (7.4%) | ||||||||
Atlas Copco AB, Class A | 2,691 | 45 | ||||||
Epiroc AB, Class A | 1,482 | 28 | ||||||
Hexagon AB, Class B | 4,807 | 57 | ||||||
130 | ||||||||
Switzerland (3.3%) | ||||||||
Alcon, Inc. | 350 | 29 | ||||||
Roche Holding AG (Genusschein) | 115 | 29 | ||||||
58 | ||||||||
Taiwan (2.4%) | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 305 | 42 | ||||||
United Kingdom (19.5%) | ||||||||
AstraZeneca PLC | 365 | 49 | ||||||
Experian PLC | 1,146 | 50 | ||||||
Haleon PLC | 12,634 | 53 | ||||||
Halma PLC | 1,579 | 47 | ||||||
Reckitt Benckiser Group PLC | 696 | 39 | ||||||
RELX PLC (LSE) | 1,595 | 69 | ||||||
Rightmove PLC | 5,041 | 35 | ||||||
342 | ||||||||
United States (8.6%) | ||||||||
Danaher Corp. | 113 | 28 | ||||||
Procter & Gamble Co. | 222 | 36 | ||||||
Thermo Fisher Scientific, Inc. | 69 | 40 | ||||||
Visa, Inc., Class A | 172 | 48 | ||||||
152 | ||||||||
Total Common Stocks (Cost $1,451) | 1,681 |
No. of Warrants | ||||||||
Warrants (0.0%) | ||||||||
Canada (0.0%) | ||||||||
Constellation Software, Inc. expires 3/31/40 (a) (Cost $—) | 31 | — |
Shares | ||||||||
Short-Term Investment (0.8%) | ||||||||
Investment Company (0.8%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $13) | 12,945 | 13 | ||||||
Total Investments (96.5%) (Cost $1,464) (c)(d)(e) | 1,694 | |||||||
Other Assets in Excess of Liabilities (3.5%) | 62 | |||||||
Net Assets (100.0%) | $ | 1,756 |
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, 2024, 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, $1,421,000 and 81.0%, 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”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(e) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $282,000 and the aggregate gross unrealized depreciation is approximately $52,000, resulting in net unrealized appreciation of approximately $230,000. |
ADR | American Depositary Receipt. |
LSE | London Stock Exchange. |
Portfolio Composition | ||||
Classification | Percentage of Total Investments | |||
Other* | 37.3 | % | ||
Beverages | 9.7 | |||
Software | 9.6 | |||
Electronic Equipment, Instruments & Components | 8.9 | |||
Pharmaceuticals | 7.6 | |||
Life Sciences Tools & Services | 7.1 | |||
Professional Services | 7.0 | |||
Machinery | 6.5 | |||
Personal Care Products | 6.3 | |||
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, 2024 (unaudited)
Consolidated Portfolio of Investments
Multi-Asset Real Return Portfolio
Shares | Value (000) | |||||||
Common Stocks (3.7%) | ||||||||
Austria (0.0%)‡ | ||||||||
OMV AG | 83 | $ | 4 | |||||
Finland (0.0%)‡ | ||||||||
Neste OYJ | 241 | 7 | ||||||
France (0.4%) | ||||||||
TotalEnergies SE | 1,415 | 97 | ||||||
Italy (0.1%) | ||||||||
Eni SpA | 1,425 | 23 | ||||||
Tenaris SA | 269 | 5 | ||||||
28 | ||||||||
Norway (0.1%) | ||||||||
Aker BP ASA | 181 | 4 | ||||||
Equinor ASA | 545 | 15 | ||||||
19 | ||||||||
Portugal (0.0%)‡ | ||||||||
Galp Energia SGPS SA | 285 | 5 | ||||||
Spain (0.1%) | ||||||||
Repsol SA | 786 | 13 | ||||||
United Kingdom (0.8%) | ||||||||
BP PLC | 10,340 | 65 | ||||||
Shell PLC | 4,026 | 133 | ||||||
198 | ||||||||
United States (2.2%) | ||||||||
APA Corp. | 87 | 3 | ||||||
Baker Hughes Co. | 278 | 9 | ||||||
Cheniere Energy, Inc. | 63 | 10 | ||||||
Chesapeake Energy Corp. | 33 | 3 | ||||||
Chevron Corp. | 507 | 80 | ||||||
ConocoPhillips | 340 | 43 | ||||||
Coterra Energy, Inc. | 220 | 6 | ||||||
Devon Energy Corp. | 168 | 8 | ||||||
Diamondback Energy, Inc. | 46 | 9 | ||||||
EOG Resources, Inc. | 160 | 21 | ||||||
EQT Corp. | 93 | 3 | ||||||
Exxon Mobil Corp. | 1,130 | 131 | ||||||
Halliburton Co. | 245 | 10 | ||||||
Hess Corp. | 75 | 11 | ||||||
HF Sinclair Corp. | 42 | 3 | ||||||
Kinder Morgan, Inc. | 562 | 10 | ||||||
Marathon Oil Corp. | 172 | 5 | ||||||
Marathon Petroleum Corp. | 127 | 26 | ||||||
Occidental Petroleum Corp. | 201 | 13 | ||||||
ONEOK, Inc. | 124 | 10 | ||||||
Ovintiv, Inc. | 67 | 4 | ||||||
Phillips 66 | 129 | 21 | ||||||
Pioneer Natural Resources Co. | 64 | 17 | ||||||
Schlumberger NV | 389 | 21 | ||||||
Targa Resources Corp. | 59 | 7 | ||||||
Texas Pacific Land Corp. | 6 | 4 | ||||||
Valero Energy Corp. | 104 | 18 | ||||||
Williams Cos., Inc. | 337 | 13 | ||||||
519 | ||||||||
Total Common Stocks (Cost $760) | 890 |
Face Amount (000) | ||||||||
U.S. Treasury Securities(60.3%) | ||||||||
United States (60.3%) | ||||||||
U.S. Treasury Bill, 5.57%, 4/25/24 (a) | $ | 13,729 | 13,681 | |||||
U.S. Treasury Inflation-Indexed Bonds, | ||||||||
0.13%, 4/15/25 - 10/15/26 | 392 | 378 | ||||||
0.38%, 7/15/25 - 1/15/27 | 168 | 162 | ||||||
0.63%, 1/15/26 | 82 | 80 | ||||||
2.00%, 1/15/26 | 48 | 48 | ||||||
2.38%, 1/15/27 | 40 | 40 | ||||||
Total U.S. Treasury Securities (Cost $14,390) | 14,389 |
Shares | ||||||||
Short-Term Investment (27.7%) | ||||||||
Investment Company (27.7%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class 5.16% (b) (Cost $6,615) | 6,615,335 | 6,615 | ||||||
Total Investments (91.7%) (Cost $21,765) (c)(d)(e)(f) | 21,894 | |||||||
Other Assets in Excess of Liabilities (8.3%) | 1,981 | |||||||
Net Assets (100.0%) | $ | 23,875 |
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) | Rate shown is the yield to maturity at March 31, 2024. |
(b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury 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, 2024, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Liquidity Fund. |
(c) | The approximate fair value and percentage of net assets, $371,000 and 1.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(d) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(e) | Securities are available for collateral in connection with foreign currency forward exchange contracts, futures contracts and swap agreements. |
(f) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $507,000 and the aggregate gross unrealized depreciation is approximately $136,000, resulting in net unrealized appreciation of approximately $371,000. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (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, 2024:
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (Depreciation) (000) | ||||||||||
BNP Paribas SA | GBP | 10 | $ | 13 | 6/20/24 | $ | —@ | |||||||
Citibank NA | GBP | 12 | $ | 16 | 6/20/24 | —@ | ||||||||
Goldman Sachs International | $ | —@ | CHF | —@ | 6/20/24 | (—@ | ) | |||||||
Goldman Sachs International | $ | 16 | EUR | 15 | 6/20/24 | (—@ | ) | |||||||
Goldman Sachs International | $ | 1 | SEK | 10 | 6/20/24 | (—@ | ) | |||||||
JPMorgan Chase Bank NA | GBP | 1 | $ | 1 | 6/20/24 | —@ | ||||||||
JPMorgan Chase Bank NA | $ | —@ | CHF | —@ | 6/20/24 | (—@ | ) | |||||||
JPMorgan Chase Bank NA | $ | 9 | JPY | 1,361 | 6/20/24 | (—@ | ) | |||||||
$ | (—@ | ) |
Futures Contracts:
The Fund had the following futures contracts open at March 31, 2024:
Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (000) | |||||||||||||
Long: | |||||||||||||||||
ICE Brent Crude Oil Index (United States) | 21 | Oct-24 | $ | 21 | $ | 1,731 | $ | 128 | |||||||||
U.S. Treasury Ultra Long Bond (United States) | 76 | Jun-24 | 7,600 | 9,804 | 135 | ||||||||||||
$ | 263 |
Centrally Cleared Interest Rate Swap Agreements:
The Fund had the following centrally cleared interest rate swap agreements open at March 31, 2024:
Swap Counterparty | Floating Rate Index | Pay/ Receive Floating Rate | Fixed Rate | Payment Frequency Paid/ Received | Maturity Date | Notional Amount (000) | Value (000) | Upfront Payment Paid (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||||||||
Morgan Stanley & Co. LLC | US CPI All Urban Consumers Index | Receive | 2.61 | % | Maturity/ Maturity | 10/10/53 | $ | 3,968 | $ | (105 | ) | $ | — | $ | (105 | ) | |||||||||||
Morgan Stanley & Co. LLC | US CPI All Urban Consumers Index | Receive | 2.45 | Maturity/ Maturity | 12/18/33 | 7,073 | 45 | — | 45 | ||||||||||||||||||
Morgan Stanley & Co. LLC | US CPI All Urban Consumers Index | Receive | 2.43 | Maturity/ Maturity | 1/9/54 | 5,432 | 64 | — | 64 | ||||||||||||||||||
Morgan Stanley & Co. LLC | US CPI All Urban Consumers Index | Receive | 2.35 | Maturity/ Maturity | 12/18/28 | 5,881 | (25 | ) | — | (25 | ) | ||||||||||||||||
$ | (21 | ) | $ | — | $ | (21 | ) |
@ | 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 Securities | 65.7 | % | ||
Short-Term Investments | 30.2 | |||
Other* | 4.1 | |||
Total Investments | 100.0 | %** |
* | Industries and/or investment types representing less than 5% of total investments. |
** | Does not include open futures contracts with a value of approximately $11,535,000 and total unrealized appreciation of approximately $263,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation less than $500. Also does not include open swap agreements with net unrealized depreciation of approximately $21,000. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments
Next Gen Emerging Markets Portfolio
Shares | Value (000) | |||||||
Common Stocks (95.2%) | ||||||||
Argentina (2.1%) | ||||||||
Despegar.com Corp. (a) | 57,563 | $ | 689 | |||||
Bangladesh (4.8%) | ||||||||
BRAC Bank PLC | 2,414,947 | 887 | ||||||
Square Pharmaceuticals PLC | 350,814 | 695 | ||||||
1,582 | ||||||||
Egypt (2.0%) | ||||||||
Commercial International Bank - Egypt (CIB) GDR | 413,937 | 661 | ||||||
Indonesia (15.3%) | ||||||||
Bank Mandiri Persero Tbk. PT | 3,333,800 | 1,517 | ||||||
Champ Resto Indonesia Tbk. PT | 4,702,300 | 326 | ||||||
Cisarua Mountain Dairy Tbk. PT | 2,416,600 | 747 | ||||||
Map Aktif Adiperkasa PT | 11,248,300 | 741 | ||||||
Medikaloka Hermina Tbk. PT | 12,943,800 | 959 | ||||||
Selamat Sempurna Tbk. PT | 2,848,600 | 354 | ||||||
Sumber Alfaria Trijaya Tbk. PT | 1,931,700 | 355 | ||||||
4,999 | ||||||||
Kazakhstan (11.1%) | ||||||||
Halyk Savings Bank of Kazakhstan JSC GDR | 48,227 | 858 | ||||||
Kaspi.KZ JSC ADR | 13,090 | 1,684 | ||||||
NAC Kazatomprom JSC GDR | 27,027 | 1,092 | ||||||
3,634 | ||||||||
Kenya (2.8%) | ||||||||
Safaricom PLC | 6,876,711 | 908 | ||||||
Pakistan (4.3%) | ||||||||
Meezan Bank Ltd. | 528,946 | 402 | ||||||
Systems Ltd. | 715,003 | 999 | ||||||
1,401 | ||||||||
Philippines (9.5%) | ||||||||
Bank of the Philippine Islands | 361,410 | 760 | ||||||
BDO Unibank, Inc. | 343,340 | 943 | ||||||
Century Pacific Food, Inc. | 1,959,200 | 1,394 | ||||||
3,097 | ||||||||
Poland (6.8%) | ||||||||
11 bit studios SA (a) | 7,554 | 1,009 | ||||||
Grupa Kety SA | 4,686 | 892 | ||||||
Text SA | 14,501 | 327 | ||||||
2,228 | ||||||||
Turkey (1.0%) | ||||||||
Logo Yazilim Sanayi Ve Ticaret AS | 129,893 | 315 | ||||||
United Arab Emirates (1.6%) | ||||||||
Emaar Properties PJSC | 230,885 | 512 | ||||||
United Kingdom (1.2%) | ||||||||
TBC Bank Group PLC | 10,139 | 411 | ||||||
United States (9.2%) | ||||||||
EPAM Systems, Inc. (a) | 3,491 | 964 | ||||||
Grid Dynamics Holdings, Inc. (a) | 71,862 | 883 | ||||||
MercadoLibre, Inc. (a) | 765 | 1,157 | ||||||
3,004 | ||||||||
Vietnam (23.5%) | ||||||||
Bank for Foreign Trade of Vietnam JSC (a) | 277,257 | 1,070 | ||||||
Binh Minh Plastics JSC | 125,800 | 573 | ||||||
FPT Corp. | 598,530 | 3,025 | ||||||
Mobile World Investment Corp. | 370,288 | 762 | ||||||
Phu Nhuan Jewelry JSC | 310,400 | 1,309 | ||||||
Vietnam Dairy Products JSC | 346,092 | 945 | ||||||
7,684 | ||||||||
Total Common Stocks (Cost $24,596) | 31,125 | |||||||
Short-Term Investment (4.0%) | ||||||||
Investment Company (4.0%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (b) (Cost $1,316) | 1,316,198 | 1,316 | ||||||
Total Investments (99.2%) (Cost $25,912) (c)(d)(e) | 32,441 | |||||||
Other Assets in Excess of Liabilities (0.8%) | 258 | |||||||
Net Assets (100.0%) | $ | 32,699 |
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, 2024, 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, $25,748,000 and 78.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(d) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(e) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,821,000 and the aggregate gross unrealized depreciation is approximately $1,292,000, resulting in net unrealized appreciation of approximately $6,529,000. |
ADR | American Depositary Receipt. |
GDR | Global Depositary Receipt. |
PJSC | Public Joint Stock Company. |
Portfolio Composition | ||||
Classification | Percentage of Total Investments | |||
Other* | 44.2 | % | ||
Banks | 23.0 | |||
Information Technology Services | 18.1 | |||
Food Products | 9.5 | |||
Consumer Finance | 5.2 | |||
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, 2024 (unaudited)
Portfolio of Investments
Passport Overseas Equity Portfolio
Shares | Value (000) | |||||||
Common Stocks (99.0%) | ||||||||
Argentina (6.0%) | ||||||||
Despegar.com Corp. (a) | 795,453 | $ | 9,514 | |||||
Brazil (1.6%) | ||||||||
Itau Unibanco Holding SA (Preference) ADR | 353,687 | 2,451 | ||||||
Canada (4.6%) | ||||||||
Agnico Eagle Mines Ltd. | 18,826 | 1,123 | ||||||
Canadian National Railway Co. (b) | 26,429 | 3,481 | ||||||
First Quantum Minerals Ltd. | 75,435 | 811 | ||||||
Teck Resources Ltd., Class B | 22,537 | 1,032 | ||||||
Tourmaline Oil Corp. | 17,229 | 805 | ||||||
7,252 | ||||||||
China (4.9%) | ||||||||
Alibaba Group Holding Ltd. ADR | 79,831 | 5,776 | ||||||
Tencent Holdings Ltd. (c) | 49,800 | 1,940 | ||||||
7,716 | ||||||||
Denmark (2.5%) | ||||||||
Novo Nordisk AS, Class B | 30,981 | 3,974 | ||||||
France (11.5%) | ||||||||
Air Liquide SA | 7,756 | 1,614 | ||||||
Airbus SE | 23,428 | 4,316 | ||||||
Capgemini SE | 7,866 | 1,810 | ||||||
Hermes International | 336 | 859 | ||||||
L’Oreal SA | 2,965 | 1,404 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,873 | 1,685 | ||||||
Pernod Ricard SA | 9,190 | 1,488 | ||||||
Sanofi SA | 19,701 | 1,917 | ||||||
TotalEnergies SE | 24,267 | 1,669 | ||||||
Verallia SA | 35,612 | 1,384 | ||||||
18,146 | ||||||||
Germany (6.9%) | ||||||||
Linde PLC | 11,005 | 5,093 | ||||||
Rheinmetall AG | 5,856 | 3,293 | ||||||
Siemens AG (Registered) | 12,911 | 2,465 | ||||||
10,851 | ||||||||
India (5.4%) | ||||||||
Apollo Hospitals Enterprise Ltd. | 18,435 | 1,407 | ||||||
HDFC Bank Ltd. ADR | 52,453 | 2,936 | ||||||
ICICI Bank Ltd. | 100,578 | 1,326 | ||||||
Reliance Industries Ltd. | 41,078 | 1,469 | ||||||
State Bank of India | 145,889 | 1,321 | ||||||
8,459 | ||||||||
Ireland (1.7%) | ||||||||
Ryanair Holdings PLC ADR | 18,488 | 2,692 | ||||||
Israel (1.1%) | ||||||||
CyberArk Software Ltd. (a) | 6,700 | 1,780 | ||||||
Japan (9.0%) | ||||||||
FANUC Corp. | 21,750 | 607 | ||||||
Hoya Corp. | 5,900 | 738 | ||||||
Keyence Corp. | 7,300 | 3,389 | ||||||
Nikon Corp. (b) | 183,800 | 1,860 | ||||||
SMC Corp. | 1,805 | 1,018 | ||||||
Sony Group Corp. | 29,293 | 2,512 | ||||||
Sony Group Corp. ADR (b) | 17,742 | 1,521 | ||||||
Tokyo Electron Ltd. | 10,100 | 2,631 | ||||||
14,276 | ||||||||
Korea, Republic of (6.6%) | ||||||||
Hanwha Aerospace Co. Ltd. | 10,945 | 1,688 | ||||||
Samsung Electronics Co. Ltd. | 113,200 | 6,803 | ||||||
SK Hynix, Inc. | 14,704 | 1,948 | ||||||
10,439 | ||||||||
Netherlands (4.5%) | ||||||||
ASML Holding NV | 3,754 | 3,639 | ||||||
Universal Music Group NV | 69,479 | 2,088 | ||||||
Wolters Kluwer NV | 8,554 | 1,340 | ||||||
7,067 | ||||||||
Norway (1.0%) | ||||||||
Var Energi ASA | 501,004 | 1,660 | ||||||
Singapore (2.8%) | ||||||||
Sea Ltd. ADR (a) | 81,383 | 4,371 | ||||||
South Africa (3.6%) | ||||||||
Anglo American Platinum Ltd. (b) | 40,646 | 1,649 | ||||||
Impala Platinum Holdings Ltd. | 160,203 | 662 | ||||||
Northam Platinum Holdings Ltd. | 128,516 | 766 | ||||||
Sibanye Stillwater Ltd. | 183,225 | 209 | ||||||
Sibanye Stillwater Ltd. ADR (b) | 179,556 | 846 | ||||||
Thungela Resources Ltd. (b) | 244,892 | 1,561 | ||||||
5,693 | ||||||||
Switzerland (1.8%) | ||||||||
Nestle SA (Registered) | 27,186 | 2,889 | ||||||
Taiwan (4.5%) | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 201,000 | 4,815 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 17,167 | 2,336 | ||||||
7,151 | ||||||||
United Kingdom (15.8%) | ||||||||
Anglo American PLC | 71,035 | 1,750 | ||||||
AstraZeneca PLC | 33,325 | 4,477 | ||||||
Diageo PLC | 62,003 | 2,294 | ||||||
Experian PLC | 57,812 | 2,519 | ||||||
Glencore PLC | 1,109,725 | 6,090 | ||||||
Shell PLC | 59,345 | 1,969 | ||||||
Unilever PLC | 32,525 | 1,633 | ||||||
Unilever PLC ADR | 28,801 | 1,446 | ||||||
Unilever PLC CVA | 56,188 | 2,821 | ||||||
24,999 | ||||||||
United States (3.2%) | ||||||||
MercadoLibre, Inc. (a) | 1,684 | 2,546 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 5,893 | 2,463 | ||||||
5,009 | ||||||||
Total Common Stocks (Cost $113,596) | 156,389 | |||||||
Preferred Stock (0.8%) | ||||||||
United States (0.8%) | ||||||||
Neurogenesis, Inc., Series A (a)(d)(e) (acquisition cost — $1,250; acquired 12/16/21) | 32,692 | 1,250 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont’d)
Passport Overseas Equity Portfolio
Shares | Value (000) | |||||||
Short-Term Investments (0.5%) | ||||||||
Securities held as Collateral on Loaned Securities (0.5%) | ||||||||
Investment Company (0.4%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (f) | 676,282 | $ | 676 |
Face Amount (000) | ||||||||
Repurchase Agreements (0.1%) | ||||||||
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $52; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $53) | $ | 52 | 52 | |||||
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $25; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $25) | 25 | 25 | ||||||
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $94; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $96) | 94 | 94 | ||||||
171 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $847) | 847 | |||||||
Total Investments (100.3%) (Cost $115,693) Including $8,443 of Securities Loaned (g)(h)(i)(j) | 158,486 | |||||||
Liabilities in Excess of Other Assets (–0.3%) | (435 | ) | ||||||
Net Assets (100.0%) | $ | 158,051 |
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, 2024, were approximately $8,443,000 and $8,789,000 respectively. The Fund received cash collateral of approximately $847,000, 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 $7,942,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(c) | Security trades on the Hong Kong exchange. |
(d) | 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, 2024 amounts to approximately $1,250,000 and represents 0.8% of net assets. |
(e) | At March 31, 2024, the Fund held a fair valued security valued at approximately $1,250,000, representing 0.8% of net assets. This security has been fair valued 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, 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, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund. |
(g) | The approximate fair value and percentage of net assets, $108,459,000 and 68.6%, 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) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(i) | Securities are available for collateral in connection with open futures contracts. |
(j) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $52,202,000 and the aggregate gross unrealized depreciation is approximately $9,247,000, resulting in net unrealized appreciation of approximately $42,955,000. |
ADR | American Depositary Receipt. |
CVA | Certificaten Van Aandelen. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont’d)
Passport Overseas Equity Portfolio
Futures Contract:
The Fund had the following futures contract open at March 31, 2024:
Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (000) | ||||||||||||
Long: | ||||||||||||||||
STOXX Europe Small 200 Index (Germany) | 302 | Jun-24 | EUR | 15 | $ | 5,496 | $ | 162 |
EUR | — | Euro |
Portfolio Composition* | ||||
Classification | Percentage of Total Investments | |||
Other** | 46.0 | % | ||
Semiconductors & Semiconductor Equipment | 9.8 | |||
Metals & Mining | 9.5 | |||
Pharmaceuticals | 6.6 | |||
Hotels, Restaurants & Leisure | 6.0 | |||
Aerospace & Defense | 5.9 | |||
Oil, Gas & Consumable Fuels | 5.8 | |||
Broadline Retail | 5.3 | |||
Banks | 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, 2024. |
** | Industries and/or investment types representing less than 5% of total investments. |
*** | Does not include an open futures contract with a value of approximately $5,496,000 and unrealized appreciation of approximately $162,000. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments
Permanence Portfolio
Shares | Value (000) | |||||||
Common Stocks (93.7%) | ||||||||
Aerospace & Defense (5.7%) | ||||||||
Airbus SE (France) | 674 | $ | 124 | |||||
Axon Enterprise, Inc. (a) | 21 | 7 | ||||||
Babcock International Group PLC (United Kingdom) | 19,129 | 126 | ||||||
HEICO Corp., Class A | 33 | 5 | ||||||
TransDigm Group, Inc. | 5 | 6 | ||||||
268 | ||||||||
Beverages (0.1%) | ||||||||
Celsius Holdings, Inc. (a) | 53 | 4 | ||||||
Broadline Retail (3.6%) | ||||||||
Amazon.com, Inc. (a) | 930 | 168 | ||||||
Capital Markets (6.5%) | ||||||||
Intercontinental Exchange, Inc. | 1,857 | 255 | ||||||
MSCI, Inc. | 8 | 5 | ||||||
S&P Global, Inc. | 109 | 46 | ||||||
306 | ||||||||
Chemicals (0.2%) | ||||||||
Ecolab, Inc. | 24 | 5 | ||||||
Sherwin-Williams Co. | 16 | 6 | ||||||
11 | ||||||||
Commercial Services & Supplies (4.1%) | ||||||||
Cintas Corp. | 9 | 6 | ||||||
Copart, Inc. (a) | 99 | 5 | ||||||
Rentokil Initial PLC (United Kingdom) | 26,371 | 157 | ||||||
Rollins, Inc. | 108 | 5 | ||||||
Veralto Corp. | 212 | 19 | ||||||
192 | ||||||||
Construction Materials (0.1%) | ||||||||
Martin Marietta Materials, Inc. | 10 | 6 | ||||||
Consumer Staples Distribution & Retail (3.6%) | ||||||||
Dollar General Corp. | 1,079 | 168 | ||||||
Distributors (0.5%) | ||||||||
Pool Corp. | 54 | 22 | ||||||
Diversified Consumer Services (0.1%) | ||||||||
Service Corp. International | 68 | 5 | ||||||
Entertainment (1.1%) | ||||||||
Netflix, Inc. (a) | 64 | 39 | ||||||
Walt Disney Co. | 115 | 14 | ||||||
53 | ||||||||
Food Products (0.5%) | ||||||||
McCormick & Co., Inc. | 341 | 26 | ||||||
Ground Transportation (4.8%) | ||||||||
Union Pacific Corp. | 913 | 225 | ||||||
Health Care Equipment & Supplies (0.1%) | ||||||||
Intuitive Surgical, Inc. (a) | 15 | 6 | ||||||
Health Care Technology (1.1%) | ||||||||
Veeva Systems, Inc., Class A (a) | 224 | 52 | ||||||
Hotels, Restaurants & Leisure (0.3%) | ||||||||
Domino’s Pizza, Inc. | 11 | 5 | ||||||
McDonald’s Corp. | 16 | 5 | ||||||
Starbucks Corp. | 45 | 4 | ||||||
14 | ||||||||
Household Durables (3.2%) | ||||||||
NVR, Inc. (a) | 6 | 48 | ||||||
Victoria PLC (United Kingdom) (a) | 30,206 | 101 | ||||||
149 | ||||||||
Industrial Conglomerates (0.6%) | ||||||||
General Electric Co. | 153 | 27 | ||||||
Information Technology Services (9.7%) | ||||||||
Cloudflare, Inc., Class A (a) | 4,485 | 435 | ||||||
Gartner, Inc. (a) | 48 | 23 | ||||||
458 | ||||||||
Insurance (0.5%) | ||||||||
Brown & Brown, Inc. | 263 | 23 | ||||||
Life Sciences Tools & Services (9.4%) | ||||||||
Danaher Corp. | 895 | 224 | ||||||
Eurofins Scientific SE (France) | 2,693 | 172 | ||||||
Illumina, Inc. (a) | 324 | 44 | ||||||
Thermo Fisher Scientific, Inc. | 7 | 4 | ||||||
444 | ||||||||
Metals & Mining (2.1%) | ||||||||
Royal Gold, Inc. | 814 | 99 | ||||||
Oil, Gas & Consumable Fuels (2.7%) | ||||||||
Cameco Corp. (Canada) | 283 | 12 | ||||||
Texas Pacific Land Corp. | 199 | 115 | ||||||
127 | ||||||||
Personal Care Products (0.5%) | ||||||||
Oddity Tech Ltd., Class A (Israel) (a) | 500 | 22 | ||||||
Pharmaceuticals (5.0%) | ||||||||
Royalty Pharma PLC, Class A | 7,567 | 230 | ||||||
Zoetis, Inc. | 22 | 4 | ||||||
234 | ||||||||
Semiconductors & Semiconductor Equipment (1.0%) | ||||||||
ASML Holding NV (Registered) (Netherlands) | 48 | 47 | ||||||
Software (7.0%) | ||||||||
Appfolio, Inc., Class A (a) | 102 | 25 | ||||||
Cadence Design Systems, Inc. (a) | 20 | 6 | ||||||
Guidewire Software, Inc. (a) | 200 | 23 | ||||||
Lumine Group, Inc. (Canada) (a) | 269 | 7 | ||||||
Procore Technologies, Inc. (a) | 2,826 | 232 | ||||||
Roper Technologies, Inc. | 9 | 5 | ||||||
Synopsys, Inc. (a) | 10 | 6 | ||||||
Tyler Technologies, Inc. (a) | 55 | 24 | ||||||
328 | ||||||||
Specialized REITs (4.6%) | ||||||||
American Tower Corp. REIT | 1,093 | 216 | ||||||
Specialty Retail (7.8%) | ||||||||
AutoZone, Inc. (a) | 8 | 25 | ||||||
Floor & Decor Holdings, Inc., Class A (a) | 2,268 | 294 | ||||||
Home Depot, Inc. | 60 | 23 | ||||||
Tractor Supply Co. | 88 | 23 | ||||||
365 | ||||||||
Textiles, Apparel & Luxury Goods (6.6%) | ||||||||
Christian Dior SE (France) | 132 | 111 | ||||||
On Holding AG, Class A (Switzerland) (a) | 5,619 | 199 | ||||||
310 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont’d)
Permanence Portfolio
Shares | Value (000) | |||||||
Trading Companies & Distributors (0.6%) | ||||||||
Fastenal Co. | 76 | $ | 6 | |||||
Watsco, Inc. | 50 | 21 | ||||||
27 | ||||||||
Total Common Stocks (Cost $3,728) | 4,402 | |||||||
Investment Company (2.6%) | ||||||||
Grayscale Bitcoin Trust (a) (Cost $24) | 1,921 | 121 |
No. of Warrants | ||||||||
Warrants (0.0%) | ||||||||
Software (0.0%) | ||||||||
Constellation Software, Inc. expires 3/31/40 (a) (Cost $—) | 58 | — |
Shares | ||||||||
Short-Term Investment (1.5%) | ||||||||
Investment Company (1.5%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $69) | 69,121 | 69 | ||||||
Total Investments Excluding Purchased Options (97.8%) (Cost $3,821) | 4,592 | |||||||
Total Purchased Options Outstanding (0.2%) (Cost $19) | 9 | |||||||
Total Investments (98.0%) (Cost $3,840) (c)(d)(e)(f) | 4,601 | |||||||
Other Assets in Excess of Liabilities (2.0%) | 94 | |||||||
Net Assets (100.0%) | $ | 4,695 |
(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, 2024, 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, $789,000 and 16.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(d) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, 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, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $942,000 and the aggregate gross unrealized depreciation is approximately $181,000, resulting in net unrealized appreciation of approximately $761,000. |
REIT | Real Estate Investment Trust. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont’d)
Permanence Portfolio
Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2024:
Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
Standard Chartered Bank | USD/CNH | CNH | 7.57 | May–24 | 1,105,323 | $ | 1,105 | $ | —@ | $ | 5 | $ | (5 | ) | |||||||||||||
Goldman Sachs International | USD/CNH | CNH | 7.69 | Jan–25 | 1,103,570 | 1,104 | 4 | 4 | (—@ | ) | |||||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.78 | Mar–25 | 1,081,829 | 1,082 | 4 | 5 | (1 | ) | |||||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 1,263,287 | 1,263 | 1 | 5 | (4 | ) | |||||||||||||||||
$ | 9 | $ | 19 | $ | (10 | ) |
@ | Value is less than $500. |
CNH | — | Chinese Yuan Renminbi Offshore |
USD | — | United States Dollar |
Portfolio Composition | ||||
Classification | Percentage of Total Investments | |||
Other* | 41.2 | % | ||
Information Technology Services | 10.0 | |||
Life Sciences Tools & Services | 9.7 | |||
Specialty Retail | 7.9 | |||
Software | 6.9 | |||
Textiles, Apparel & Luxury Goods | 6.8 | |||
Capital Markets | 6.6 | |||
Aerospace & Defense | 5.8 | |||
Pharmaceuticals | 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, 2024 (unaudited)
Portfolio of Investments
US Core Portfolio
Shares | Value (000) | |||||||
Common Stocks (99.4%) | ||||||||
Banks (5.1%) | ||||||||
JPMorgan Chase & Co. | 68,701 | $ | 13,761 | |||||
Broadline Retail (4.7%) | ||||||||
Amazon.com, Inc. (a) | 69,566 | 12,548 | ||||||
Building Products (1.4%) | ||||||||
Fortune Brands Innovations, Inc. | 44,003 | 3,726 | ||||||
Capital Markets (6.2%) | ||||||||
Ameriprise Financial, Inc. | 27,356 | 11,994 | ||||||
LPL Financial Holdings, Inc. | 17,316 | 4,575 | ||||||
16,569 | ||||||||
Commercial Services & Supplies (2.6%) | ||||||||
Waste Management, Inc. | 33,059 | 7,046 | ||||||
Consumer Staples Distribution & Retail (4.9%) | ||||||||
Costco Wholesale Corp. | 14,468 | 10,600 | ||||||
Target Corp. | 14,318 | 2,537 | ||||||
13,137 | ||||||||
Electric Utilities (1.0%) | ||||||||
NextEra Energy, Inc. | 41,080 | 2,625 | ||||||
Entertainment (2.2%) | ||||||||
Netflix, Inc. (a) | 9,670 | 5,873 | ||||||
Financial Services (6.1%) | ||||||||
Jack Henry & Associates, Inc. | 34,708 | 6,030 | ||||||
Mastercard, Inc., Class A | 21,289 | 10,252 | ||||||
16,282 | ||||||||
Hotels, Restaurants & Leisure (1.8%) | ||||||||
McDonald’s Corp. | 16,942 | 4,777 | ||||||
Household Durables (1.5%) | ||||||||
Lennar Corp., Class A | 23,164 | 3,984 | ||||||
Insurance (7.7%) | ||||||||
Brown & Brown, Inc. | 105,698 | 9,253 | ||||||
Progressive Corp. | 55,098 | 11,395 | ||||||
20,648 | ||||||||
Interactive Media & Services (7.2%) | ||||||||
Alphabet, Inc., Class A (a) | 127,587 | 19,257 | ||||||
Life Sciences Tools & Services (2.1%) | ||||||||
Danaher Corp. | 11,469 | 2,864 | ||||||
West Pharmaceutical Services, Inc. | 7,348 | 2,908 | ||||||
5,772 | ||||||||
Metals & Mining (1.3%) | ||||||||
Nucor Corp. | 18,141 | 3,590 | ||||||
Oil, Gas & Consumable Fuels (3.2%) | ||||||||
Chevron Corp. | 23,402 | 3,692 | ||||||
Valero Energy Corp. | 29,535 | 5,041 | ||||||
8,733 | ||||||||
Pharmaceuticals (0.6%) | ||||||||
Eli Lilly & Co. | 2,075 | 1,614 | ||||||
Semiconductors & Semiconductor Equipment (12.2%) | ||||||||
Applied Materials, Inc. | 39,131 | 8,070 | ||||||
Lam Research Corp. | 4,584 | 4,454 | ||||||
NVIDIA Corp. | 22,414 | 20,252 | ||||||
32,776 | ||||||||
Software (11.5%) | ||||||||
Microsoft Corp. | 64,543 | 27,154 | ||||||
Tyler Technologies, Inc. (a) | 8,621 | 3,664 | ||||||
30,818 | ||||||||
Specialty Retail (5.1%) | ||||||||
Home Depot, Inc. | 10,870 | 4,170 | ||||||
TJX Cos., Inc. | 93,928 | 9,526 | ||||||
13,696 | ||||||||
Tech Hardware, Storage & Peripherals (5.7%) | ||||||||
Apple, Inc. | 89,056 | 15,271 | ||||||
Textiles, Apparel & Luxury Goods (2.2%) | ||||||||
Lululemon Athletica, Inc. (a) | 14,843 | 5,798 | ||||||
Trading Companies & Distributors (3.1%) | ||||||||
United Rentals, Inc. | 11,694 | 8,433 | ||||||
Total Common Stocks (Cost $180,408) | 266,734 | |||||||
Short-Term Investment (1.3%) | ||||||||
Investment Company (1.3%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $3,422) | 3,421,725 | 3,422 | ||||||
Total Investments (100.7%) (Cost $183,830) (c)(d) | 270,156 | |||||||
Liabilities in Excess of Other Assets (–0.7%) | (1,812 | ) | ||||||
Net Assets (100.0%) | $ | 268,344 |
(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, 2024, 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”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(d) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $86,552,000 and the aggregate gross unrealized depreciation is approximately $226,000, resulting in net unrealized appreciation of approximately $86,326,000. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Other* | 33.8 | % | ||
Semiconductors & Semiconductor Equipment | 12.1 | |||
Software | 11.4 | |||
Insurance | 7.6 | |||
Interactive Media & Services | 7.1 | |||
Capital Markets | 6.1 | |||
Financial Services | 6.0 | |||
Tech Hardware, Storage & Peripherals | 5.7 | |||
Banks | 5.1 | |||
Specialty Retail | 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, 2024 (unaudited)
Portfolio of Investments
U.S. Focus Real Estate Portfolio
Shares | Value (000) | |||||||
Common Stocks (98.1%) | ||||||||
Apartments (7.8%) | ||||||||
AvalonBay Communities, Inc. REIT | 1,208 | $ | 224 | |||||
Mid-America Apartment Communities, Inc. REIT | 1,022 | 135 | ||||||
359 | ||||||||
Data Centers (13.7%) | ||||||||
Digital Realty Trust, Inc. REIT | 1,503 | 216 | ||||||
Equinix, Inc. REIT | 500 | 413 | ||||||
629 | ||||||||
Free Standing (4.1%) | ||||||||
Essential Properties Realty Trust, Inc. REIT | 7,046 | 188 | ||||||
Gaming (3.4%) | ||||||||
VICI Properties, Inc. REIT | 5,244 | 156 | ||||||
Health Care (13.5%) | ||||||||
CareTrust REIT, Inc. | 6,505 | 159 | ||||||
Chartwell Retirement Residences (Units) (Canada) (a) | 6,184 | 56 | ||||||
Welltower, Inc. REIT | 4,355 | 407 | ||||||
622 | ||||||||
Industrial (11.5%) | ||||||||
EastGroup Properties, Inc. REIT | 740 | 133 | ||||||
Prologis, Inc. REIT | 2,053 | 268 | ||||||
Rexford Industrial Realty, Inc. REIT | 2,610 | 131 | ||||||
532 | ||||||||
Lodging/Resorts (3.4%) | ||||||||
Hilton Worldwide Holdings, Inc. | 369 | 79 | ||||||
Ryman Hospitality Properties, Inc. REIT | 666 | 77 | ||||||
156 | ||||||||
Manufactured Homes (2.9%) | ||||||||
Sun Communities, Inc. REIT | 1,024 | 132 | ||||||
Office (2.2%) | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 800 | 103 | ||||||
Regional Malls (6.6%) | ||||||||
Macerich Co. REIT | 1,973 | 34 | ||||||
Simon Property Group, Inc. REIT | 1,729 | 270 | ||||||
304 | ||||||||
Self Storage (4.9%) | ||||||||
Public Storage REIT | 783 | 227 | ||||||
Shopping Centers (4.4%) | ||||||||
Federal Realty Investment Trust REIT | 1,100 | 112 | ||||||
Urban Edge Properties REIT | 5,331 | 92 | ||||||
204 | ||||||||
Single Family Homes (3.9%) | ||||||||
American Homes 4 Rent Class A REIT | 4,884 | 180 | ||||||
Specialty (6.4%) | ||||||||
Iron Mountain, Inc. REIT | 2,105 | 169 | ||||||
Lamar Advertising Co. Class A REIT | 1,048 | 125 | ||||||
294 | ||||||||
Telecommunications REITs (8.4%) | ||||||||
American Tower Corp. REIT | 1,967 | 389 | ||||||
Timberland REITs (1.0%) | ||||||||
PotlatchDeltic Corp. REIT | 963 | 45 | ||||||
Total Common Stocks (Cost $4,183) | 4,520 | |||||||
Short-Term Investment (0.2%) | ||||||||
Investment Company (0.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 5.16% (b) (Cost $12) | 12,149 | 12 | ||||||
Total Investments (98.3%) (Cost $4,195) (c)(d) | 4,532 | |||||||
Other Assets in Excess of Liabilities (1.7%) | 77 | |||||||
Net Assets (100.0%) | $ | 4,609 |
(a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
(b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury 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, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund. |
(c) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(d) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $362,000 and the aggregate gross unrealized depreciation is approximately $25,000, resulting in net unrealized appreciation of approximately $337,000. |
REIT | Real Estate Investment Trust. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Other* | 26.0 | % | ||
Data Centers | 13.9 | |||
Health Care | 13.7 | |||
Industrial | 11.7 | |||
Telecommunications REITs | 8.6 | |||
Apartments | 7.9 | |||
Regional Malls | 6.7 | |||
Specialty | 6.5 | |||
Self Storage | 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, 2024 (unaudited)
Portfolio of Investments
U.S. Real Estate Portfolio
Shares | Value (000) | |||||||
Common Stocks (98.3%) | ||||||||
Apartments (10.7%) | ||||||||
AvalonBay Communities, Inc. REIT | 7,133 | $ | 1,324 | |||||
Essex Property Trust, Inc. REIT | 3,704 | 907 | ||||||
Mid-America Apartment Communities, Inc. REIT | 5,969 | 785 | ||||||
3,016 | ||||||||
Data Centers (14.8%) | ||||||||
Digital Realty Trust, Inc. REIT | 11,094 | 1,598 | ||||||
Equinix, Inc. REIT | 3,123 | 2,577 | ||||||
4,175 | ||||||||
Free Standing (5.7%) | ||||||||
Agree Realty Corp. REIT | 9,924 | 567 | ||||||
Essential Properties Realty Trust, Inc. REIT | 10,689 | 285 | ||||||
NETSTREIT Corp. REIT | 10,971 | 201 | ||||||
Realty Income Corp. REIT | 10,389 | 562 | ||||||
1,615 | ||||||||
Gaming (3.7%) | ||||||||
VICI Properties, Inc. REIT | 34,606 | 1,031 | ||||||
Health Care (10.8%) | ||||||||
CareTrust REIT, Inc. | 23,983 | 585 | ||||||
Ventas, Inc. REIT | 6,021 | 262 | ||||||
Welltower, Inc. REIT | 23,526 | 2,198 | ||||||
3,045 | ||||||||
Industrial (15.0%) | ||||||||
Americold Realty Trust, Inc. REIT | 13,380 | 333 | ||||||
EastGroup Properties, Inc. REIT | 3,288 | 591 | ||||||
Prologis, Inc. REIT | 19,602 | 2,553 | ||||||
Rexford Industrial Realty, Inc. REIT | 14,920 | 751 | ||||||
4,228 | ||||||||
Lodging/Resorts (3.6%) | ||||||||
Hilton Worldwide Holdings, Inc. | 1,125 | 240 | ||||||
Host Hotels & Resorts, Inc. REIT | 23,665 | 489 | ||||||
Ryman Hospitality Properties, Inc. REIT | 2,418 | 280 | ||||||
1,009 | ||||||||
Manufactured Homes (2.9%) | ||||||||
Sun Communities, Inc. REIT | 6,401 | 823 | ||||||
Office (3.6%) | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 5,738 | 739 | ||||||
Kilroy Realty Corp. REIT | 7,678 | 280 | ||||||
1,019 | ||||||||
Regional Malls (4.9%) | ||||||||
Simon Property Group, Inc. REIT | 8,859 | 1,386 | ||||||
Self Storage (6.5%) | ||||||||
Extra Space Storage, Inc. REIT | 2,099 | 308 | ||||||
Public Storage REIT | 5,284 | 1,533 | ||||||
1,841 | ||||||||
Shopping Centers (5.6%) | ||||||||
Federal Realty Investment Trust REIT | 4,123 | 421 | ||||||
Kimco Realty Corp. REIT | 28,572 | 560 | ||||||
Kite Realty Group Trust REIT | 15,940 | 346 | ||||||
Urban Edge Properties REIT | 14,771 | 255 | ||||||
1,582 | ||||||||
Single Family Homes (4.4%) | ||||||||
American Homes 4 Rent Class A REIT | 34,038 | 1,252 | ||||||
Specialty (5.4%) | ||||||||
Iron Mountain, Inc. REIT | 12,270 | 984 | ||||||
Lamar Advertising Co. Class A REIT | 4,418 | 528 | ||||||
1,512 | ||||||||
Telecommunications REITs (0.7%) | ||||||||
American Tower Corp. REIT | 1,036 | 205 | ||||||
Total Common Stocks (Cost $24,897) | 27,739 | |||||||
Short-Term Investment (1.1%) | ||||||||
Investment Company (1.1%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 5.16% (a) (Cost $304) | 303,948 | 304 | ||||||
Total Investments (99.4%) (Cost $25,201) (b)(c) | 28,043 | |||||||
Other Assets in Excess of Liabilities (0.6%) | 164 | |||||||
Net Assets (100.0%) | $ | 28,207 |
(a) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury 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, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund. |
(b) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(c) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,631,000 and the aggregate gross unrealized depreciation is approximately $789,000, resulting in net unrealized appreciation of approximately $2,842,000. |
REIT | Real Estate Investment Trust. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Other* | 25.0 | % | ||
Industrial | 15.1 | |||
Data Centers | 14.9 | |||
Health Care | 10.9 | |||
Apartments | 10.7 | |||
Self Storage | 6.6 | |||
Free Standing | 5.8 | |||
Shopping Centers | 5.6 | |||
Specialty | 5.4 | |||
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, 2024 (unaudited)
Portfolio of Investments
Vitality Portfolio
Shares | Value (000) | |||||||
Common Stocks (91.5%) | ||||||||
Biotechnology (27.6%) | ||||||||
4D Molecular Therapeutics, Inc. (a) | 1,273 | $ | 41 | |||||
Alnylam Pharmaceuticals, Inc. (a) | 419 | 63 | ||||||
Altimmune, Inc. (a)(b) | 4,159 | 42 | ||||||
Argenx SE ADR (Belgium) (a) | 279 | 110 | ||||||
Ascendis Pharma AS ADR (Denmark) (a) | 261 | 39 | ||||||
Beam Therapeutics, Inc. (a) | 1,368 | 45 | ||||||
Exact Sciences Corp. (a) | 1,207 | 83 | ||||||
Fate Therapeutics, Inc. (a) | 1,572 | 12 | ||||||
Intellia Therapeutics, Inc. (a) | 1,593 | 44 | ||||||
Moderna, Inc. (a) | 372 | 40 | ||||||
Relay Therapeutics, Inc. (a) | 1,230 | 10 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 276 | 115 | ||||||
644 | ||||||||
Health Care Equipment & Supplies (13.3%) | ||||||||
Align Technology, Inc. (a) | 210 | 69 | ||||||
IDEXX Laboratories, Inc. (a) | 94 | 51 | ||||||
Inspire Medical Systems, Inc. (a) | 324 | 70 | ||||||
Intuitive Surgical, Inc. (a) | 306 | 122 | ||||||
312 | ||||||||
Health Care Providers & Services (6.8%) | ||||||||
Agilon Health, Inc. (a) | 7,354 | 45 | ||||||
UnitedHealth Group, Inc. | 232 | 115 | ||||||
160 | ||||||||
Health Care Technology (5.4%) | ||||||||
Doximity, Inc., Class A (a) | 1,353 | 36 | ||||||
Schrodinger, Inc. (a) | 1,098 | 30 | ||||||
Veeva Systems, Inc., Class A (a) | 259 | 60 | ||||||
126 | ||||||||
Life Sciences Tools & Services (22.2%) | ||||||||
10X Genomics, Inc., Class A (a) | 2,049 | 77 | ||||||
AbCellera Biologics, Inc. (Canada) (a)(b) | 3,223 | 15 | ||||||
Illumina, Inc. (a) | 289 | 40 | ||||||
MaxCyte, Inc. (a) | 14,540 | 61 | ||||||
Standard BioTools, Inc. (a) | 33,298 | 90 | ||||||
Stevanato Group SpA (Italy) | 1,793 | 57 | ||||||
Thermo Fisher Scientific, Inc. | 213 | 124 | ||||||
West Pharmaceutical Services, Inc. | 143 | 56 | ||||||
520 | ||||||||
Pharmaceuticals (15.5%) | ||||||||
ATAI Life Sciences NV (a) | 8,904 | 18 | ||||||
Eli Lilly & Co. | 294 | 229 | ||||||
GH Research PLC (a) | 958 | 10 | ||||||
Royalty Pharma PLC, Class A | 1,579 | 48 | ||||||
Zoetis, Inc. | 340 | 57 | ||||||
362 | ||||||||
Specialty Retail (0.7%) | ||||||||
Chewy, Inc., Class A (a) | 1,010 | 16 | ||||||
Total Common Stocks (Cost $2,509) | 2,140 | |||||||
Short-Term Investments (8.2%) | ||||||||
Investment Company (5.9%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (c) (Cost $137) | 137,447 | 137 | ||||||
Securities held as Collateral on Loaned Securities (2.3%) | ||||||||
Investment Company (1.8%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (c) | 42,942 | 43 |
Face Amount (000) | ||||||||
Repurchase Agreements (0.5%) | ||||||||
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $3; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $3) | 3 | 3 | ||||||
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $2; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $2) | 2 | 2 | ||||||
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $6; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $6) | 6 | 6 | ||||||
11 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $54) | 54 | |||||||
Total Short-Term Investments (Cost $191) | 191 | |||||||
Total Investments (99.7%) (Cost $2,700) Including $57 of Securities Loaned (d)(e) | 2,331 | |||||||
Other Assets in Excess of Liabilities (0.3%) | 6 | |||||||
Net Assets (100.0%) | $ | 2,337 |
(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, 2024, were approximately $57,000 and $54,000 respectively. The Fund received cash collateral of approximately $54,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(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, 2024, 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”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(e) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $313,000 and the aggregate gross unrealized depreciation is approximately $682,000, resulting in net unrealized depreciation of approximately $369,000. |
ADR | American Depositary Receipt. |
Portfolio Composition*
Classification | Percentage of Total Investments | |||
Biotechnology | 28.3 | % | ||
Life Sciences Tools & Services | 22.8 | |||
Pharmaceuticals | 15.9 | |||
Health Care Equipment & Supplies | 13.7 | |||
Health Care Providers & Services | 7.0 | |||
Short-Term Investments | 6.1 | |||
Health Care Technology | 5.5 | |||
Other** | 0.7 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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 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 a 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, 2024 (unaudited)
Notes to the Portfolio of Investments (cont’d)
Fair Value Measurement: Financial Accounting Standards Board (“FASB”) Accounting Standards CodificationTM (“ASC”) 820, “Fair Value Measurement” (“ASC 820”), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below:
• | Level 1 – | unadjusted quoted prices in active markets for identical investments |
• | Level 2 – | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – | significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
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 | $ | 9,310 | $ | — | $ | — | $ | 9,310 | ||||||||
Biotechnology | 2,027 | — | — | 2,027 | ||||||||||||
Broadline Retail | 10,448 | — | — | 10,448 | ||||||||||||
Capital Markets | 3,785 | — | — | 3,785 | ||||||||||||
Entertainment | 8,711 | — | — | 8,711 | ||||||||||||
Financial Services | 1,070 | 9,912 | — | 10,982 | ||||||||||||
Ground Transportation | 18,291 | — | — | 18,291 | ||||||||||||
Health Care Technology | 3,387 | — | — | 3,387 | ||||||||||||
Hotels, Restaurants & Leisure | 28,413 | — | — | 28,413 | ||||||||||||
Information Technology Services | 43,472 | — | — | 43,472 | ||||||||||||
Interactive Media & Services | 4,007 | — | — | 4,007 | ||||||||||||
Life Sciences Tools & Services | 6,128 | — | — | 6,128 | ||||||||||||
Media | 11,663 | — | — | 11,663 | ||||||||||||
Pharmaceuticals | 8,986 | — | — | 8,986 | ||||||||||||
Software | 17,264 | — | — | 17,264 | ||||||||||||
Specialized REITs | 2,937 | — | — | 2,937 | ||||||||||||
Specialty Retail | 4,927 | — | — | 4,927 | ||||||||||||
Total Common Stocks | 184,826 | 9,912 | — | 194,738 | ||||||||||||
Investment Company | 5,538 | — | — | 5,538 | ||||||||||||
Call Options Purchased | — | 419 | — | 419 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 3,408 | — | — | 3,408 | ||||||||||||
Total Assets | $ | 193,772 | $ | 10,331 | $ | — | $ | 204,103 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
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 | $ | 1,118 | (1) | $ | — | $ | — | $ | 1,118 | |||||||
Warrants | — | — | † | — | — | † | ||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 24 | — | — | 24 | ||||||||||||
Total Assets | $ | 1,142 | $ | — | † | $ | — | $ | 1,142 | † |
(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, 2024 (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, 2024:
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 | $ | 8,583 | $ | 16,148 | $ | — | $ | 24,731 | ||||||||
Beverages | — | 8,739 | — | 8,739 | ||||||||||||
Broadline Retail | 9,610 | — | — | 9,610 | ||||||||||||
Consumer Finance | 3,772 | — | — | 3,772 | ||||||||||||
Food Products | — | 2,791 | — | 2,791 | ||||||||||||
Ground Transportation | 6,059 | — | — | 6,059 | ||||||||||||
Health Care Equipment & Supplies | — | 2,337 | — | 2,337 | ||||||||||||
Hotels, Restaurants & Leisure | 9,935 | 18,632 | — | 28,567 | ||||||||||||
Insurance | — | 2,680 | — | 2,680 | ||||||||||||
Interactive Media & Services | — | 12,829 | — | 12,829 | ||||||||||||
Real Estate Management & Development | 5,107 | 2,020 | — | 7,127 | ||||||||||||
Semiconductors & Semiconductor Equipment | — | 6,115 | — | 6,115 | ||||||||||||
Textiles, Apparel & Luxury Goods | — | 8,700 | — | 8,700 | ||||||||||||
Total Common Stocks | 43,066 | 80,991 | — | 124,057 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 5,895 | — | — | 5,895 | ||||||||||||
Total Assets | $ | 48,961 | $ | 80,991 | $ | — | $ | 129,952 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Counterpoint Global | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | $ | —@ | $ | 182 | $ | — | $ | 182 | ||||||||
Air Freight & Logistics | — | 76 | — | 76 | ||||||||||||
Automobiles | 455 | — | — | 455 | ||||||||||||
Banks | 149 | 17 | — | 166 | ||||||||||||
Beverages | 1 | 12 | — | 13 | ||||||||||||
Biotechnology | 605 | 1 | — | 606 | ||||||||||||
Broadline Retail | 654 | 3 | — | 657 | ||||||||||||
Capital Markets | 131 | 12 | — | 143 | ||||||||||||
Chemicals | 10 | — | — | 10 | ||||||||||||
Commercial Services & Supplies | 4 | 57 | — | 61 | ||||||||||||
Consumer Finance | 4 | — | — | 4 | ||||||||||||
Consumer Staples Distribution & Retail | 60 | — | — | 60 | ||||||||||||
Distributors | —@ | — | — | —@ | ||||||||||||
Diversified Consumer Services | 2 | — | — | 2 | ||||||||||||
Entertainment | 333 | 1 | — | 334 | ||||||||||||
Financial Services | 330 | 286 | — | 616 | ||||||||||||
Food Products | —@ | 3 | — | 3 | ||||||||||||
Ground Transportation | 323 | — | — | 323 | ||||||||||||
Health Care Equipment & Supplies | 7 | 22 | — | 29 | ||||||||||||
Health Care Providers & Services | 309 | — | — | 309 | ||||||||||||
Health Care Technology | 31 | — | — | 31 | ||||||||||||
Hotels, Restaurants & Leisure | 344 | 116 | — | 460 | ||||||||||||
Household Durables | 89 | 208 | — | 297 | ||||||||||||
Industrial Conglomerates | —@ | — | — | —@ | ||||||||||||
Information Technology Services | 1,485 | — | — | 1,485 | ||||||||||||
Insurance | 6 | 7 | — | 13 | ||||||||||||
Interactive Media & Services | 67 | 31 | — | 98 | ||||||||||||
Leisure Products | 41 | — | — | 41 | ||||||||||||
Life Sciences Tools & Services | 111 | 143 | — | 254 | ||||||||||||
Media | 298 | — | — | 298 | ||||||||||||
Metals & Mining | 26 | — | — | 26 | ||||||||||||
Multi-Utilities | 5 | — | — | 5 | ||||||||||||
Oil, Gas & Consumable Fuels | 28 | — | — | 28 | ||||||||||||
Passenger Airlines | 3 | — | — | 3 | ||||||||||||
Personal Care Products | 5 | 9 | — | 14 | ||||||||||||
Pharmaceuticals | 232 | 9 | — | 241 | ||||||||||||
Real Estate Management & Development | 12 | 2 | — | 14 | ||||||||||||
Semiconductors & Semiconductor Equipment | 15 | 25 | — | 40 | ||||||||||||
Software | 1,335 | 33 | — | 1,368 | ||||||||||||
Specialized REITs | 53 | — | — | 53 | ||||||||||||
Specialty Retail | 733 | — | — | 733 | ||||||||||||
Tech Hardware, Storage & Peripherals | 3 | — | — | 3 | ||||||||||||
Textiles, Apparel & Luxury Goods | 180 | 225 | — | 405 | ||||||||||||
Trading Companies & Distributors | —@ | — | — | —@ | ||||||||||||
Total Common Stocks | 8,479 | 1,480 | — | 9,959 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Financial Services | — | — | 3 | 3 | ||||||||||||
Software | — | — | 43 | 43 | ||||||||||||
Total Preferred Stocks | — | — | 46 | 46 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (unaudited)
Notes to the Portfolio of Investments (cont’d)
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Investment Company | 248 | — | — | 248 | ||||||||||||
Warrants | —@ | † | — | † | — | —@ | † | |||||||||
Call Options Purchased | — | 15 | — | 15 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 552 | — | — | 552 | ||||||||||||
Total Assets | $ | 9,279 | † | $ | 1,495 | † | $ | 46 | $ | 10,820 | † |
@ | Value is less than $500. |
† | Includes a security valued at zero. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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:
Counterpoint Global | Preferred Stocks (000) | |||
Beginning Balance | $ | 46 | ||
Purchases | — | |||
Sales | — | |||
Transfers in | — | |||
Transfers out | — | |||
Corporate actions | — | |||
Change in unrealized appreciation (depreciation) | — | |||
Realized gains (losses) | — | |||
Ending Balance | $ | 46 | ||
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024 | $ | — |
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, 2024. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
Counterpoint Global | Fair Value at March 31, 2024 (000) | Valuation Technique | Unobservable Input | Amount or Range/ Weighted Average* | Impact to Valuation from an Increase in Input** | ||||||
Preferred Stocks | $46 | Market Transaction Method | Precedent Transaction | $26.00-$73.50/$67.62 | Increase | ||||||
Discounted Cash Flow | Weighted Average Cost of Capital | 15.5% | Decrease | ||||||||
Perpetual Growth Rate | 3.5% | Increase | |||||||||
Market Comparable Companies | Enterprise Value/Revenue | 14.8x | Increase | ||||||||
Discount for Lack of Marketability | 13.0% | 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, 2024 (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, 2024:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Developing Opportunity | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Banks | $ | 3,800 | $ | 3,882 | $ | — | $ | 7,682 | ||||||||
Beverages | — | 1,997 | — | 1,997 | ||||||||||||
Broadline Retail | 5,473 | 470 | — | 5,943 | ||||||||||||
Capital Markets | 340 | — | — | 340 | ||||||||||||
Consumer Finance | 666 | — | — | 666 | ||||||||||||
Food Products | — | 515 | — | 515 | ||||||||||||
Ground Transportation | 1,587 | — | — | 1,587 | ||||||||||||
Health Care Equipment & Supplies | — | 407 | — | 407 | ||||||||||||
Hotels, Restaurants & Leisure | 2,216 | 4,583 | — | 6,799 | ||||||||||||
Information Technology Services | 761 | — | — | 761 | ||||||||||||
Interactive Media & Services | — | 2,765 | — | 2,765 | ||||||||||||
Real Estate Management & Development | 1,072 | 400 | — | 1,472 | ||||||||||||
Semiconductors & Semiconductor Equipment | — | 1,703 | — | 1,703 | ||||||||||||
Textiles, Apparel & Luxury Goods | — | 1,957 | — | 1,957 | ||||||||||||
Total Common Stocks | 15,915 | 18,679 | — | 34,594 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 586 | — | — | 586 | ||||||||||||
Total Assets | $ | 16,501 | $ | 18,679 | $ | — | $ | 35,180 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
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 | $ | — | $ | 42 | $ | — | $ | 42 | ||||||||
Automobiles | — | 395 | — | 395 | ||||||||||||
Banks | 84 | 1,396 | — | 1,480 | ||||||||||||
Beverages | — | 33 | — | 33 | ||||||||||||
Broadline Retail | — | 88 | — | 88 | ||||||||||||
Capital Markets | 102 | 38 | — | 140 | ||||||||||||
Chemicals | — | 67 | — | 67 | ||||||||||||
Commercial Services & Supplies | — | 39 | — | 39 | ||||||||||||
Construction & Engineering | — | 87 | — | 87 | ||||||||||||
Consumer Finance | — | 89 | — | 89 | ||||||||||||
Consumer Staples Distribution & Retail | 100 | 180 | — | 280 | ||||||||||||
Containers & Packaging | — | 82 | — | 82 | ||||||||||||
Electrical Equipment | 82 | — | — | 82 | ||||||||||||
Electronic Equipment, Instruments & Components | 19 | 150 | — | 169 | ||||||||||||
Financial Services | — | 76 | — | 76 | ||||||||||||
Food Products | — | 224 | — | 224 | ||||||||||||
Ground Transportation | 91 | — | — | 91 | ||||||||||||
Health Care Providers & Services | — | 153 | — | 153 | ||||||||||||
Hotels, Restaurants & Leisure | 68 | — | — | 68 | ||||||||||||
Information Technology Services | 56 | 89 | — | 145 | ||||||||||||
Insurance | — | 417 | — | 417 | ||||||||||||
Machinery | — | 35 | — | 35 | ||||||||||||
Metals & Mining | — | 480 | — | 480 | ||||||||||||
Oil, Gas & Consumable Fuels | — | 228 | — | 228 | ||||||||||||
Paper & Forest Products | — | 32 | — | 32 | ||||||||||||
Real Estate Management & Development | — | 92 | — | 92 | ||||||||||||
Semiconductors & Semiconductor Equipment | — | 1,126 | — | 1,126 | ||||||||||||
Tech Hardware, Storage & Peripherals | — | 476 | — | 476 | ||||||||||||
Transportation Infrastructure | 66 | — | — | 66 | ||||||||||||
Total Common Stocks | 668 | 6,114 | — | 6,782 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 166 | — | — | 166 | ||||||||||||
Total Assets | $ | 834 | $ | 6,114 | $ | — | $ | 6,948 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
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 | $ | — | $ | 8,888 | $ | — | $ | 8,888 | ||||||||
Banks | 20,667 | 20,983 | — | 41,650 | ||||||||||||
Beverages | 3,539 | 1,227 | — | 4,766 | ||||||||||||
Broadline Retail | 18,419 | — | — | 18,419 | ||||||||||||
Building Products | — | 5,751 | — | 5,751 | ||||||||||||
Chemicals | — | 10,308 | — | 10,308 | ||||||||||||
Consumer Finance | — | 12,415 | — | 12,415 | ||||||||||||
Consumer Staples Distribution & Retail | 6,738 | 11,643 | — | 18,381 | ||||||||||||
Electrical Equipment | 132 | 17,205 | — | 17,337 | ||||||||||||
Electronic Equipment, Instruments & Components | — | 7,289 | — | 7,289 | ||||||||||||
Food Products | — | 1,287 | — | 1,287 | ||||||||||||
Ground Transportation | 9,637 | — | — | 9,637 | ||||||||||||
Information Technology Services | 10,742 | — | — | 10,742 | ||||||||||||
Machinery | — | 2,674 | — | 2,674 | ||||||||||||
Pharmaceuticals | — | 1,458 | — | 1,458 | ||||||||||||
Real Estate Management & Development | — | 2,639 | — | 2,639 | ||||||||||||
Semiconductors & Semiconductor Equipment | — | 27,158 | — | 27,158 | ||||||||||||
Specialty Retail | — | 12,145 | — | 12,145 | ||||||||||||
Textiles, Apparel & Luxury Goods | — | 21,739 | — | 21,739 | ||||||||||||
Transportation Infrastructure | 1,252 | 7,073 | — | 8,325 | ||||||||||||
Total Common Stocks | 71,126 | 171,882 | — | 243,008 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 5,227 | — | — | 5,227 | ||||||||||||
Total Assets | $ | 76,353 | $ | 171,882 | $ | — | $ | 248,235 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Emerging Markets | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Air Freight & Logistics | $ | — | $ | 3,108 | $ | — | $ | 3,108 | ||||||||
Automobiles | — | 30,990 | — | 30,990 | ||||||||||||
Banks | 8,469 | 96,520 | — | 104,989 | ||||||||||||
Beverages | — | 10,014 | — | 10,014 | ||||||||||||
Broadline Retail | — | 17,234 | — | 17,234 | ||||||||||||
Capital Markets | 4,747 | 4,333 | — | 9,080 | ||||||||||||
Chemicals | — | 4,342 | — | 4,342 | ||||||||||||
Construction & Engineering | — | 5,772 | — | 5,772 | ||||||||||||
Consumer Finance | — | 4,836 | — | 4,836 | ||||||||||||
Consumer Staples Distribution & Retail | 5,336 | 7,939 | — | 13,275 | ||||||||||||
Electrical Equipment | 5,604 | 11,091 | — | 16,695 | ||||||||||||
Electronic Equipment, Instruments & Components | 1,297 | 9,414 | — | 10,711 | ||||||||||||
Entertainment | — | 3,639 | — | 3,639 | ||||||||||||
Financial Services | — | 5,034 | — | 5,034 | ||||||||||||
Food Products | — | 17,200 | — | 17,200 | ||||||||||||
Ground Transportation | 6,661 | — | — | 6,661 | ||||||||||||
Health Care Providers & Services | — | 4,125 | — | 4,125 | ||||||||||||
Hotels, Restaurants & Leisure | 9,252 | 4,631 | — | 13,883 | ||||||||||||
Industrial Conglomerates | — | 4,383 | — | 4,383 | ||||||||||||
Information Technology Services | 2,255 | 6,185 | — | 8,440 | ||||||||||||
Insurance | — | 27,430 | — | 27,430 | ||||||||||||
Interactive Media & Services | 1,633 | 18,821 | — | 20,454 | ||||||||||||
Machinery | — | 6,517 | — | 6,517 | ||||||||||||
Metals & Mining | — | 21,262 | — | 21,262 | ||||||||||||
Oil, Gas & Consumable Fuels | 3,941 | 13,087 | — | 17,028 | ||||||||||||
Personal Care Products | — | 2,384 | — | 2,384 | ||||||||||||
Pharmaceuticals | — | 2,952 | — | 2,952 | ||||||||||||
Real Estate Management & Development | 1,087 | 4,252 | — | 5,339 | ||||||||||||
Semiconductors & Semiconductor Equipment | — | 64,411 | — | 64,411 | ||||||||||||
Specialty Retail | — | 1,174 | — | 1,174 | ||||||||||||
Tech Hardware, Storage & Peripherals | — | 30,762 | — | 30,762 | ||||||||||||
Textiles, Apparel & Luxury Goods | — | 7,118 | — | 7,118 | ||||||||||||
Total Common Stocks | 50,282 | 450,960 | — | 501,242 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 16,671 | — | — | 16,671 | ||||||||||||
Total Assets | $ | 66,953 | $ | 450,960 | $ | — | $ | 517,913 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
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 | $ | 9,336 | $ | — | $ | — | $ | 9,336 | ||||||||
Banks | 7,701 | — | — | 7,701 | ||||||||||||
Capital Markets | 15,251 | — | — | 15,251 | ||||||||||||
Commercial Services & Supplies | 5,689 | — | — | 5,689 | ||||||||||||
Construction Materials | 11,862 | — | — | 11,862 | ||||||||||||
Consumer Staples Distribution & Retail | 8,348 | — | — | 8,348 | ||||||||||||
Electric Utilities | 1,962 | — | — | 1,962 | ||||||||||||
Entertainment | 13,401 | — | — | 13,401 | ||||||||||||
Financial Services | 8,891 | — | — | 8,891 | ||||||||||||
Insurance | 9,514 | — | — | 9,514 | ||||||||||||
Interactive Media & Services | 744 | — | — | 744 | ||||||||||||
Life Sciences Tools & Services | 1,321 | — | — | 1,321 | ||||||||||||
Semiconductors & Semiconductor Equipment | 21,341 | — | — | 21,341 | ||||||||||||
Software | 14,740 | — | — | 14,740 | ||||||||||||
Textiles, Apparel & Luxury Goods | 4,221 | — | — | 4,221 | ||||||||||||
Trading Companies & Distributors | 15,745 | — | — | 15,745 | ||||||||||||
Total Common Stocks | 150,067 | — | — | 150,067 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 3,939 | — | — | 3,939 | ||||||||||||
Total Assets | $ | 154,006 | $ | — | $ | — | $ | 154,006 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Global Core | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Automobiles | $ | 1,752 | $ | — | $ | — | $ | 1,752 | ||||||||
Banks | 1,695 | — | — | 1,695 | ||||||||||||
Broadline Retail | 1,174 | — | — | 1,174 | ||||||||||||
Building Products | 598 | — | — | 598 | ||||||||||||
Capital Markets | 1,695 | — | — | 1,695 | ||||||||||||
Chemicals | 550 | — | — | 550 | ||||||||||||
Commercial Services & Supplies | 84 | — | — | 84 | ||||||||||||
Construction Materials | 2,075 | — | — | 2,075 | ||||||||||||
Consumer Staples Distribution & Retail | 227 | — | — | 227 | ||||||||||||
Diversified Telecommunication Services | 364 | — | — | 364 | ||||||||||||
Electric Utilities | 302 | — | — | 302 | ||||||||||||
Entertainment | 1,199 | — | — | 1,199 | ||||||||||||
Financial Services | 1,351 | — | — | 1,351 | ||||||||||||
Health Care Technology | 109 | — | — | 109 | ||||||||||||
Hotels, Restaurants & Leisure | 416 | — | — | 416 | ||||||||||||
Household Durables | 210 | — | — | 210 | ||||||||||||
Insurance | 1,343 | — | — | 1,343 | ||||||||||||
Interactive Media & Services | 1,284 | — | — | 1,284 | ||||||||||||
Life Sciences Tools & Services | 392 | — | — | 392 | ||||||||||||
Metals & Mining | 167 | — | — | 167 | ||||||||||||
Oil, Gas & Consumable Fuels | 980 | — | — | 980 | ||||||||||||
Passenger Airlines | 395 | — | — | 395 | ||||||||||||
Pharmaceuticals | 93 | — | — | 93 | ||||||||||||
Professional Services | 128 | — | — | 128 | ||||||||||||
Semiconductors & Semiconductor Equipment | 2,673 | — | — | 2,673 | ||||||||||||
Software | 2,435 | — | — | 2,435 | ||||||||||||
Specialty Retail | 977 | — | — | 977 | ||||||||||||
Tech Hardware, Storage & Peripherals | 1,272 | — | — | 1,272 | ||||||||||||
Textiles, Apparel & Luxury Goods | 470 | 624 | — | 1,094 | ||||||||||||
Trading Companies & Distributors | 1,687 | — | — | 1,687 | ||||||||||||
Total Common Stocks | 28,097 | 624 | — | 28,721 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 299 | — | — | 299 | ||||||||||||
Total Assets | $ | 28,396 | $ | 624 | $ | — | $ | 29,020 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Global Endurance | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | $ | — | $ | 2,239 | $ | — | $ | 2,239 | ||||||||
Biotechnology | 1,133 | — | — | 1,133 | ||||||||||||
Broadline Retail | 2,797 | — | — | 2,797 | ||||||||||||
Capital Markets | 1,217 | — | — | 1,217 | ||||||||||||
Entertainment | 2,395 | — | — | 2,395 | ||||||||||||
Financial Services | 1,702 | 1,782 | — | 3,484 | ||||||||||||
Health Care Providers & Services | 1,797 | — | — | 1,797 | ||||||||||||
Hotels, Restaurants & Leisure | — | 1,077 | — | 1,077 | ||||||||||||
Household Durables | 2,352 | 3,475 | — | 5,827 | ||||||||||||
Information Technology Services | 3,139 | — | — | 3,139 | ||||||||||||
Life Sciences Tools & Services | 678 | 2,200 | — | 2,878 | ||||||||||||
Pharmaceuticals | 1,653 | — | — | 1,653 | ||||||||||||
Software | 6,526 | 1,124 | — | 7,650 | ||||||||||||
Specialty Retail | 6,851 | — | — | 6,851 | ||||||||||||
Total Common Stocks | 32,240 | 11,897 | — | 44,137 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 1,067 | — | — | 1,067 | ||||||||||||
Repurchase Agreements | — | 59 | — | 59 | ||||||||||||
Total Short-Term Investments | 1,067 | 59 | — | 1,126 | ||||||||||||
Total Assets | $ | 33,307 | $ | 11,956 | $ | — | $ | 45,263 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Global Focus Real Estate | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Data Centers | $ | 430 | $ | — | $ | — | $ | 430 | ||||||||
Diversified | — | 584 | — | 584 | ||||||||||||
Health Care | 414 | — | — | 414 | ||||||||||||
Industrial | 339 | 202 | — | 541 | ||||||||||||
Industrial/Office Mixed | — | 39 | — | 39 | ||||||||||||
Lodging/Resorts | 94 | 107 | — | 201 | ||||||||||||
Office | 65 | 40 | — | 105 | ||||||||||||
Residential | 507 | 177 | — | 684 | ||||||||||||
Retail | 408 | 119 | — | 527 | ||||||||||||
Self Storage | 150 | 34 | — | 184 | ||||||||||||
Specialty | 270 | — | — | 270 | ||||||||||||
Telecommunications REITs | 259 | — | — | 259 | ||||||||||||
Timberland REITs | 21 | — | — | 21 | ||||||||||||
Total Common Stocks | 2,957 | 1,302 | — | 4,259 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 12 | — | — | 12 | ||||||||||||
Total Assets | $ | 2,969 | $ | 1,302 | $ | — | $ | 4,271 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
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 | $ | 122,983 | $ | 133,882 | $ | — | $ | 256,865 | ||||||||
Capital Markets | 190,191 | — | — | 190,191 | ||||||||||||
Commercial Services & Supplies | 13,255 | — | — | 13,255 | ||||||||||||
Electronic Equipment, Instruments & Components | 65,410 | — | — | 65,410 | ||||||||||||
Entertainment | — | 23,243 | — | 23,243 | ||||||||||||
Financial Services | 186,811 | — | — | 186,811 | ||||||||||||
Health Care Equipment & Supplies | 254,187 | — | — | 254,187 | ||||||||||||
Health Care Providers & Services | 106,322 | — | — | 106,322 | ||||||||||||
Household Products | 77,219 | 98,707 | — | 175,926 | ||||||||||||
Information Technology Services | 166,244 | — | — | 166,244 | ||||||||||||
Insurance | 156,796 | — | — | 156,796 | ||||||||||||
Life Sciences Tools & Services | 183,136 | — | — | 183,136 | ||||||||||||
Machinery | 53,268 | — | — | 53,268 | ||||||||||||
Personal Care Products | — | 78,156 | — | 78,156 | ||||||||||||
Pharmaceuticals | 25,410 | — | — | 25,410 | ||||||||||||
Professional Services | 186,465 | 164,484 | — | 350,949 | ||||||||||||
Software | 321,976 | 203,568 | — | 525,544 | ||||||||||||
Textiles, Apparel & Luxury Goods | — | 46,189 | — | 46,189 | ||||||||||||
Tobacco | 81,372 | — | — | 81,372 | ||||||||||||
Total Common Stocks | 2,191,045 | 748,229 | — | 2,939,274 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 49,584 | — | — | 49,584 | ||||||||||||
Total Assets | $ | 2,240,629 | $ | 748,229 | $ | — | $ | 2,988,858 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Global Infrastructure | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Airports | $ | — | $ | 15,407 | $ | — | $ | 15,407 | ||||||||
Communications | 26,990 | 9,749 | — | 36,739 | ||||||||||||
Diversified | 7,462 | 16,489 | — | 23,951 | ||||||||||||
Electricity Transmission & Distribution | 22,755 | 14,412 | — | 37,167 | ||||||||||||
Oil & Gas Storage & Transportation | 85,384 | 3,007 | — | 88,391 | ||||||||||||
Others | 28,093 | 1,728 | — | 29,821 | ||||||||||||
Railroads | 1,111 | 2,133 | — | 3,244 | ||||||||||||
Toll Roads | — | 6,815 | — | 6,815 | ||||||||||||
Water | 4,597 | 5,320 | — | 9,917 | ||||||||||||
Total Common Stocks | 176,392 | 75,060 | — | 251,452 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 838 | — | — | 838 | ||||||||||||
Total Assets | $ | 177,230 | $ | 75,060 | $ | — | $ | 252,290 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
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 | $ | 3,473 | $ | — | $ | — | $ | 3,473 | ||||||||
Banks | 431 | — | — | 431 | ||||||||||||
Biotechnology | 1,577 | — | — | 1,577 | ||||||||||||
Broadline Retail | 11,163 | — | — | 11,163 | ||||||||||||
Chemicals | 164 | — | — | 164 | ||||||||||||
Entertainment | 3,767 | — | — | 3,767 | ||||||||||||
Financial Services | 4,491 | 6,045 | — | 10,536 | ||||||||||||
Ground Transportation | 3,497 | — | — | 3,497 | ||||||||||||
Health Care Providers & Services | 1,298 | — | — | 1,298 | ||||||||||||
Hotels, Restaurants & Leisure | 6,390 | — | — | 6,390 | ||||||||||||
Information Technology Services | 14,432 | — | — | 14,432 | ||||||||||||
Leisure Products | 286 | — | — | 286 | ||||||||||||
Media | 3,306 | — | — | 3,306 | ||||||||||||
Pharmaceuticals | 3,334 | — | — | 3,334 | ||||||||||||
Software | 4,985 | — | — | 4,985 | ||||||||||||
Specialty Retail | 3,857 | — | — | 3,857 | ||||||||||||
Total Common Stocks | 66,451 | 6,045 | — | 72,496 | ||||||||||||
Preferred Stock | ||||||||||||||||
Software | — | — | 17 | 17 | ||||||||||||
Investment Company | 2,054 | — | — | 2,054 | ||||||||||||
Call Options Purchased | — | 155 | — | 155 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 1,770 | — | — | 1,770 | ||||||||||||
Total Assets | $ | 70,275 | $ | 6,200 | $ | 17 | $ | 76,492 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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 | $ | 19 | ||
Purchases | — | |||
Sales | — | |||
Transfers in | — | |||
Transfers out | — | |||
Corporate actions | — | |||
Change in unrealized appreciation (depreciation) | (2 | ) | ||
Realized gains (losses) | — | |||
Ending Balance | $ | 17 | ||
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024 | $ | (2 | ) |
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, 2024. 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, 2024 (000) | Valuation Technique | Unobservable Input | Amount* | Impact to Valuation from an Increase in Input** | ||||||
Preferred Stock | $17 | Discounted Cash Flow | Weighted Average Cost of Capital | 17.0% | Decrease | ||||||
Perpetual Growth Rate | 3.5% | Increase | |||||||||
Market Comparable Companies | Enterprise Value/Revenue | 7.8x | Increase | ||||||||
Discount for Lack of Marketability | 11.0% | Decrease | |||||||||
Comparable Transactions | Enterprise Value/Revenue | 8.7x | 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, 2024 (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, 2024:
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 | $ | — | $ | 126,976 | $ | — | $ | 126,976 | ||||||||
Banks | 141,526 | 100,243 | — | 241,769 | ||||||||||||
Broadline Retail | 390,489 | — | — | 390,489 | ||||||||||||
Electronic Equipment, Instruments & Components | — | 41,505 | — | † | 41,505 | † | ||||||||||
Entertainment | 257,233 | — | — | 257,233 | ||||||||||||
Financial Services | 229,045 | 29,127 | — | 258,172 | ||||||||||||
Ground Transportation | 304,657 | — | — | 304,657 | ||||||||||||
Hotels, Restaurants & Leisure | 196,261 | 89,630 | — | 285,891 | ||||||||||||
Information Technology Services | 135,770 | — | — | 135,770 | ||||||||||||
Interactive Media & Services | 184,725 | 19,605 | — | 204,330 | ||||||||||||
Software | 448,219 | — | — | 448,219 | ||||||||||||
Textiles, Apparel & Luxury Goods | 72,057 | 221,146 | — | 293,203 | ||||||||||||
Total Common Stocks | 2,359,982 | 628,232 | — | † | 2,988,214 | † | ||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 119,058 | — | — | 119,058 | ||||||||||||
Total Assets | $ | 2,479,040 | $ | 628,232 | $ | — | † | $ | 3,107,272 | † |
† | Includes a security valued at zero. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024 | $ | — |
† | Includes a security valued at zero. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
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 | $ | — | $ | 415 | $ | — | $ | 415 | ||||||||
Automobiles | 6 | — | — | 6 | ||||||||||||
Banks | 22 | — | — | 22 | ||||||||||||
Beverages | 4 | 17 | — | 21 | ||||||||||||
Broadline Retail | 158 | — | — | 158 | ||||||||||||
Capital Markets | 289 | — | — | 289 | ||||||||||||
Chemicals | 6 | — | — | 6 | ||||||||||||
Commercial Services & Supplies | 19 | 233 | — | 252 | ||||||||||||
Consumer Staples Distribution & Retail | 121 | — | — | 121 | ||||||||||||
Entertainment | — | 6 | — | 6 | ||||||||||||
Ground Transportation | 220 | — | — | 220 | ||||||||||||
Health Care Equipment & Supplies | — | 23 | — | 23 | ||||||||||||
Household Durables | — | 148 | — | 148 | ||||||||||||
Information Technology Services | 417 | — | — | 417 | ||||||||||||
Insurance | 22 | — | — | 22 | ||||||||||||
Life Sciences Tools & Services | 156 | 225 | — | 381 | ||||||||||||
Metals & Mining | 101 | — | — | 101 | ||||||||||||
Oil, Gas & Consumable Fuels | 111 | — | — | 111 | ||||||||||||
Personal Care Products | — | 6 | — | 6 | ||||||||||||
Pharmaceuticals | 272 | — | — | 272 | ||||||||||||
Real Estate Management & Development | 5 | — | — | 5 | ||||||||||||
Semiconductors & Semiconductor Equipment | 44 | — | — | 44 | ||||||||||||
Software | 254 | — | — | 254 | ||||||||||||
Specialized REITs | 205 | — | — | 205 | ||||||||||||
Specialty Retail | 225 | — | — | 225 | ||||||||||||
Textiles, Apparel & Luxury Goods | 302 | 190 | — | 492 | ||||||||||||
Total Common Stocks | 2,959 | 1,263 | — | 4,222 | ||||||||||||
Investment Company | 116 | — | — | 116 | ||||||||||||
Warrants | — | — | † | — | — | † | ||||||||||
Call Options Purchased | — | 12 | — | 12 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 8 | — | — | 8 | ||||||||||||
Total Assets | $ | 3,083 | $ | 1,275 | † | $ | — | $ | 4,358 | † |
† | Includes a security valued at zero. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Global Real Estate | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Data Centers | $ | 3,858 | $ | — | $ | — | $ | 3,858 | ||||||||
Diversified | — | 6,024 | — | 6,024 | ||||||||||||
Health Care | 3,274 | 279 | — | 3,553 | ||||||||||||
Industrial | 3,628 | 1,543 | — | 5,171 | ||||||||||||
Industrial/Office Mixed | — | 719 | — | 719 | ||||||||||||
Lodging/Resorts | 862 | 937 | — | 1,799 | ||||||||||||
Office | 817 | 696 | — | 1,513 | ||||||||||||
Residential | 5,024 | 1,391 | — | 6,415 | ||||||||||||
Retail | 4,112 | 1,379 | — | 5,491 | ||||||||||||
Self Storage | 1,646 | 432 | — | 2,078 | ||||||||||||
Specialty | 1,673 | — | — | 1,673 | ||||||||||||
Telecommunications REITs | 185 | — | — | 185 | ||||||||||||
Total Common Stocks | 25,079 | 13,400 | — | 38,479 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 368 | — | — | 368 | ||||||||||||
Total Assets | $ | 25,447 | $ | 13,400 | $ | — | $ | 38,847 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Global Sustain | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Beverages | $ | 2,983 | $ | — | $ | — | $ | 2,983 | ||||||||
Capital Markets | 5,737 | 1,927 | — | 7,664 | ||||||||||||
Commercial Services & Supplies | 386 | — | — | 386 | ||||||||||||
Electronic Equipment, Instruments & Components | 2,078 | — | — | 2,078 | ||||||||||||
Entertainment | — | 934 | — | 934 | ||||||||||||
Financial Services | 6,298 | — | — | 6,298 | ||||||||||||
Health Care Equipment & Supplies | 8,349 | — | — | 8,349 | ||||||||||||
Health Care Providers & Services | 3,584 | — | — | 3,584 | ||||||||||||
Household Products | 3,276 | 2,508 | — | 5,784 | ||||||||||||
Information Technology Services | 5,101 | — | — | 5,101 | ||||||||||||
Insurance | 5,742 | 2,128 | — | 7,870 | ||||||||||||
Interactive Media & Services | 3,374 | — | — | 3,374 | ||||||||||||
Life Sciences Tools & Services | 12,029 | — | — | 12,029 | ||||||||||||
Machinery | 1,732 | 1,453 | — | 3,185 | ||||||||||||
Personal Care Products | — | 2,384 | — | 2,384 | ||||||||||||
Pharmaceuticals | 773 | — | — | 773 | ||||||||||||
Professional Services | 6,521 | 4,822 | — | 11,343 | ||||||||||||
Semiconductors & Semiconductor Equipment | 5,258 | — | — | 5,258 | ||||||||||||
Software | 12,959 | 6,517 | — | 19,476 | ||||||||||||
Total Common Stocks | 86,180 | 22,673 | — | 108,853 | ||||||||||||
Warrants | — | — | † | — | — | † | ||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 1,385 | — | — | 1,385 | ||||||||||||
Total Assets | $ | 87,565 | $ | 22,673 | † | $ | — | $ | 110,238 | † |
† | Includes a security valued at zero. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
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 | $ | 262,081 | $ | — | $ | — | $ | 262,081 | ||||||||
Biotechnology | 53,493 | — | — | 53,493 | ||||||||||||
Broadline Retail | 213,190 | — | — | 213,190 | ||||||||||||
Capital Markets | 95,700 | — | — | 95,700 | ||||||||||||
Chemicals | 12,535 | — | — | 12,535 | ||||||||||||
Electronic Equipment, Instruments & Components | — | — | — | † | — | † | ||||||||||
Entertainment | 233,767 | — | — | 233,767 | ||||||||||||
Financial Services | 241,179 | 194,599 | — | 435,778 | ||||||||||||
Ground Transportation | 386,644 | — | — | 386,644 | ||||||||||||
Health Care Providers & Services | 49,117 | — | — | 49,117 | ||||||||||||
Health Care Technology | 29,204 | — | — | 29,204 | ||||||||||||
Hotels, Restaurants & Leisure | 720,212 | — | — | 720,212 | ||||||||||||
Information Technology Services | 1,135,772 | — | — | 1,135,772 | ||||||||||||
Leisure Products | 19,890 | — | — | 19,890 | ||||||||||||
Life Sciences Tools & Services | 20,226 | — | — | 20,226 | ||||||||||||
Media | 334,756 | — | — | 334,756 | ||||||||||||
Pharmaceuticals | 225,572 | — | — | 225,572 | ||||||||||||
Software | 403,952 | — | — | 403,952 | ||||||||||||
Specialty Retail | 276,404 | — | — | 276,404 | ||||||||||||
Total Common Stocks | 4,713,694 | 194,599 | — | † | 4,908,293 | † | ||||||||||
Preferred Stocks | ||||||||||||||||
Financial Services | — | — | 16,628 | 16,628 | ||||||||||||
Software | — | — | 131,546 | 131,546 | ||||||||||||
Total Preferred Stocks | — | — | 148,174 | 148,174 | ||||||||||||
Investment Company | 147,264 | — | — | 147,264 | ||||||||||||
Call Options Purchased | — | 8,982 | — | 8,982 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 459,751 | — | — | 459,751 | ||||||||||||
Repurchase Agreements | — | 3,542 | — | 3,542 | ||||||||||||
Total Short-Term Investments | 459,751 | 3,542 | — | 463,293 | ||||||||||||
Total Assets | $ | 5,320,709 | $ | 207,123 | $ | 148,174 | † | $ | 5,676,006 | † |
† | Includes a security valued at zero. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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 | $ | — | † | $ | 145,889 | |||
Purchases | — | — | ||||||
Sales | — | — | ||||||
Transfers in | — | — | ||||||
Transfers out | — | — | ||||||
Corporate actions | — | — | ||||||
Change in unrealized appreciation (depreciation) | — | 2,285 | ||||||
Realized gains (losses) | — | — | ||||||
Ending Balance | $ | — | † | $ | 148,174 | |||
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024 | $ | — | $ | 2,285 |
† | 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, 2024. 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, 2024 (000) | Valuation Technique | Unobservable Input | Amount or Range/ Weighted Average* | Impact to Valuation from an Increase in Input** | ||||||
Preferred Stocks | $148,174 | Market Transaction Method | Precedent Transaction | $26.00-$73.50/$65.68 | Increase | ||||||
Discounted Cash Flow | Weighted Average Cost of Capital | 15.5% | Decrease | ||||||||
Perpetual Growth Rate | 3.5% | Increase | |||||||||
Market Comparable Companies | Enterprise Value/Revenue | 14.8x | Increase | ||||||||
Discount for Lack of Marketability | 13.0% | 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, 2024 (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, 2024:
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 | ||||||||||||||||
Biotechnology | $ | 15,939 | $ | — | $ | — | $ | 15,939 | ||||||||
Broadline Retail | 23,206 | — | — | 23,206 | ||||||||||||
Chemicals | 1,580 | — | — | 1,580 | ||||||||||||
Consumer Staples Distribution & Retail | 19,483 | — | — | 19,483 | ||||||||||||
Diversified Consumer Services | 1,242 | — | — | 1,242 | ||||||||||||
Financial Services | 25,751 | — | — | 25,751 | ||||||||||||
Ground Transportation | 6,317 | — | — | 6,317 | ||||||||||||
Health Care Equipment & Supplies | 1,459 | — | — | 1,459 | ||||||||||||
Health Care Providers & Services | 14,237 | — | — | 14,237 | ||||||||||||
Health Care Technology | 10,885 | — | — | 10,885 | ||||||||||||
Hotels, Restaurants & Leisure | 551 | — | — | 551 | ||||||||||||
Household Durables | — | 5,753 | — | 5,753 | ||||||||||||
Information Technology Services | 49,028 | — | — | 49,028 | ||||||||||||
Leisure Products | 14,787 | — | — | 14,787 | ||||||||||||
Life Sciences Tools & Services | 20,261 | — | — | 20,261 | ||||||||||||
Media | 4,642 | — | — | 4,642 | ||||||||||||
Metals & Mining | 646 | — | — | 646 | ||||||||||||
Passenger Airlines | 1,821 | — | — | 1,821 | ||||||||||||
Personal Care Products | 4,234 | — | — | 4,234 | ||||||||||||
Pharmaceuticals | 2,089 | — | — | 2,089 | ||||||||||||
Real Estate Management & Development | 4,115 | — | — | 4,115 | ||||||||||||
Software | 101,728 | — | — | 101,728 | ||||||||||||
Specialty Retail | 42,582 | — | — | 42,582 | ||||||||||||
Tech Hardware, Storage & Peripherals | 2,152 | — | — | 2,152 | ||||||||||||
Textiles, Apparel & Luxury Goods | 24,463 | — | — | 24,463 | ||||||||||||
Total Common Stocks | 393,198 | 5,753 | — | 398,951 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Health Care Technology | — | — | 5,198 | 5,198 | ||||||||||||
Software | — | — | 3,209 | 3,209 | ||||||||||||
Total Preferred Stocks | — | — | 8,407 | 8,407 | ||||||||||||
Investment Company | 11,039 | — | — | 11,039 | ||||||||||||
Warrants | — | — | † | — | — | † | ||||||||||
Call Options Purchased | — | 885 | — | 885 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 8,641 | — | — | 8,641 | ||||||||||||
Repurchase Agreements | — | 1,650 | — | 1,650 | ||||||||||||
Total Short-Term Investments | 8,641 | 1,650 | — | 10,291 | ||||||||||||
Total Assets | $ | 412,878 | $ | 8,288 | † | $ | 8,407 | $ | 429,573 | † |
† | Includes a security valued at zero. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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) | |||
Beginning Balance | $ | 8,692 | ||
Purchases | — | |||
Sales | — | |||
Transfers in | — | |||
Transfers out | — | |||
Corporate actions | — | |||
Change in unrealized appreciation (depreciation) | (285 | ) | ||
Realized gains (losses) | — | |||
Ending Balance | $ | 8,407 | ||
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024 | $ | (285 | ) |
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, 2024. 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, 2024 (000) | Valuation Technique | Unobservable Input | Amount or Range/ Weighted Average* | Impact to Valuation from an Increase in Input** | ||||||
Preferred Stocks | $8,407 | Discounted Cash Flow | Weighted Average Cost of Capital | 14.0%-18.0%/15.8% | Decrease | ||||||
Perpetual Growth Rate | 3.0%-4.0%/3.5% | Increase | |||||||||
Market Comparable Companies | Enterprise Value/Revenue | 1.1x-19.2x/3.9x | Increase | ||||||||
Discount for Lack of Marketability | 11.0%-18.0%/15.3% | Decrease | |||||||||
Comparable Transactions | Enterprise Value/Revenue | 1.7x-15.2x/5.7x | 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, 2024 (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, 2024:
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 | $ | — | $ | 225,271 | $ | — | $ | 225,271 | ||||||||
Banks | 94,483 | 84,430 | — | 178,913 | ||||||||||||
Beverages | — | 42,532 | — | 42,532 | ||||||||||||
Broadline Retail | 152,081 | — | — | 152,081 | ||||||||||||
Capital Markets | 96,608 | 86,366 | — | 182,974 | ||||||||||||
Electronic Equipment, Instruments & Components | — | 163,977 | — | 163,977 | ||||||||||||
Entertainment | 119,920 | — | — | 119,920 | ||||||||||||
Financial Services | — | 123,325 | — | 123,325 | ||||||||||||
Food Products | — | 53,926 | — | 53,926 | ||||||||||||
Ground Transportation | 128,648 | — | — | 128,648 | ||||||||||||
Health Care Equipment & Supplies | — | 153,030 | — | 153,030 | ||||||||||||
Hotels, Restaurants & Leisure | — | 100,374 | — | 100,374 | ||||||||||||
Information Technology Services | 123,218 | — | — | 123,218 | ||||||||||||
Insurance | — | 61,460 | — | 61,460 | ||||||||||||
Interactive Media & Services | — | 57,836 | — | 57,836 | ||||||||||||
Multi-Utilities | 62,868 | — | — | 62,868 | ||||||||||||
Personal Care Products | — | 49,639 | — | 49,639 | ||||||||||||
Pharmaceuticals | — | 55,821 | — | 55,821 | ||||||||||||
Semiconductors & Semiconductor Equipment | — | 339,585 | — | 339,585 | ||||||||||||
Textiles, Apparel & Luxury Goods | 95,839 | 694,739 | — | 790,578 | ||||||||||||
Total Common Stocks | 873,665 | 2,292,311 | — | 3,165,976 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 152,305 | — | — | 152,305 | ||||||||||||
Repurchase Agreements | — | 7,712 | — | 7,712 | ||||||||||||
Total Short-Term Investments | 152,305 | 7,712 | — | 160,017 | ||||||||||||
Total Assets | $ | 1,025,970 | $ | 2,300,023 | $ | — | $ | 3,325,993 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
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 | $ | — | $ | 30,380 | $ | — | $ | 30,380 | ||||||||
Air Freight & Logistics | — | 20,181 | — | 20,181 | ||||||||||||
Banks | — | 65,497 | — | 65,497 | ||||||||||||
Beverages | — | 106,767 | — | 106,767 | ||||||||||||
Capital Markets | — | 36,242 | — | 36,242 | ||||||||||||
Electrical Equipment | — | 29,414 | — | 29,414 | ||||||||||||
Electronic Equipment, Instruments & Components | — | 70,271 | — | 70,271 | ||||||||||||
Entertainment | — | 29,475 | — | 29,475 | ||||||||||||
Food Products | — | 18,203 | — | 18,203 | ||||||||||||
Health Care Equipment & Supplies | — | 22,610 | — | 22,610 | ||||||||||||
Hotels, Restaurants & Leisure | — | 30,917 | — | 30,917 | ||||||||||||
Household Durables | — | 8,671 | — | 8,671 | ||||||||||||
Household Products | — | 23,378 | — | 23,378 | ||||||||||||
Insurance | — | 102,077 | — | 102,077 | ||||||||||||
Interactive Media & Services | — | 16,121 | — | 16,121 | ||||||||||||
Life Sciences Tools & Services | — | 32,564 | — | 32,564 | ||||||||||||
Machinery | — | 85,866 | — | 85,866 | ||||||||||||
Metals & Mining | 34,069 | 25,720 | — | 59,789 | ||||||||||||
Oil, Gas & Consumable Fuels | 13,805 | 67,844 | — | 81,649 | ||||||||||||
Personal Care Products | — | 42,506 | — | 42,506 | ||||||||||||
Pharmaceuticals | — | 105,420 | — | 105,420 | ||||||||||||
Professional Services | — | 53,000 | — | 53,000 | ||||||||||||
Semiconductors & Semiconductor Equipment | 23,002 | 26,167 | — | 49,169 | ||||||||||||
Software | 40,383 | 47,897 | — | 88,280 | ||||||||||||
Tech Hardware, Storage & Peripherals | — | 29,315 | — | 29,315 | ||||||||||||
Textiles, Apparel & Luxury Goods | — | 47,742 | — | 47,742 | ||||||||||||
Tobacco | — | 21,243 | — | 21,243 | ||||||||||||
Total Common Stocks | 111,259 | 1,195,488 | — | 1,306,747 | ||||||||||||
Warrants | — | — | † | — | — | † | ||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 21,281 | — | — | 21,281 | ||||||||||||
Total Assets | $ | 132,540 | $ | 1,195,488 | † | $ | — | $ | 1,328,028 | † |
† | Includes a security valued at zero. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
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 | $ | — | $ | 57,867 | $ | — | $ | 57,867 | ||||||||
Banks | 82,594 | 77,619 | — | 160,213 | ||||||||||||
Beverages | — | 25,607 | — | 25,607 | ||||||||||||
Biotechnology | — | 3,758 | — | 3,758 | ||||||||||||
Broadline Retail | 116,364 | — | — | 116,364 | ||||||||||||
Capital Markets | — | 15,050 | — | 15,050 | ||||||||||||
Electronic Equipment, Instruments & Components | — | 32,080 | — | 32,080 | ||||||||||||
Entertainment | 43,800 | — | — | 43,800 | ||||||||||||
Financial Services | — | 35,799 | — | 35,799 | ||||||||||||
Ground Transportation | 37,357 | — | — | 37,357 | ||||||||||||
Hotels, Restaurants & Leisure | 41,486 | 81,606 | — | 123,092 | ||||||||||||
Information Technology Services | 56,554 | — | — | 56,554 | ||||||||||||
Interactive Media & Services | — | 29,850 | — | 29,850 | ||||||||||||
Semiconductors & Semiconductor Equipment | — | 63,041 | — | 63,041 | ||||||||||||
Specialty Retail | — | 20,853 | — | 20,853 | ||||||||||||
Textiles, Apparel & Luxury Goods | 57,913 | 129,261 | — | 187,174 | ||||||||||||
Total Common Stocks | 436,068 | 572,391 | — | 1,008,459 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 13,572 | — | — | 13,572 | ||||||||||||
Repurchase Agreements | — | 1,205 | — | 1,205 | ||||||||||||
Total Short-Term Investments | 13,572 | 1,205 | — | 14,777 | ||||||||||||
Total Assets | $ | 449,640 | $ | 573,596 | $ | — | $ | 1,023,236 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
International Resilience | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Beverages | $ | — | $ | 164 | $ | — | $ | 164 | ||||||||
Capital Markets | — | 62 | — | 62 | ||||||||||||
Electrical Equipment | — | 51 | — | 51 | ||||||||||||
Electronic Equipment, Instruments & Components | — | 150 | — | 150 | ||||||||||||
Entertainment | — | 54 | — | 54 | ||||||||||||
Financial Services | 48 | — | — | 48 | ||||||||||||
Health Care Equipment & Supplies | — | 67 | — | 67 | ||||||||||||
Hotels, Restaurants & Leisure | — | 27 | — | 27 | ||||||||||||
Household Products | 36 | 39 | — | 75 | ||||||||||||
Insurance | — | 38 | — | 38 | ||||||||||||
Interactive Media & Services | — | 35 | — | 35 | ||||||||||||
Life Sciences Tools & Services | 68 | 53 | — | 121 | ||||||||||||
Machinery | — | 111 | — | 111 | ||||||||||||
Personal Care Products | — | 106 | — | 106 | ||||||||||||
Pharmaceuticals | — | 128 | — | 128 | ||||||||||||
Professional Services | — | 119 | — | 119 | ||||||||||||
Semiconductors & Semiconductor Equipment | 42 | 38 | — | 80 | ||||||||||||
Software | 66 | 96 | — | 162 | ||||||||||||
Textiles, Apparel & Luxury Goods | — | 83 | — | 83 | ||||||||||||
Total Common Stocks | 260 | 1,421 | — | 1,681 | ||||||||||||
Warrants | — | — | † | — | — | † | ||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 13 | — | — | 13 | ||||||||||||
Total Assets | $ | 273 | $ | 1,421 | † | $ | — | $ | 1,694 | † |
† | Includes a security valued at zero. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Multi-Asset Real Return | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Energy Equipment & Services | $ | 40 | $ | 5 | $ | — | $ | 45 | ||||||||
Oil, Gas & Consumable Fuels | 479 | 366 | — | 845 | ||||||||||||
Total Common Stocks | 519 | 371 | — | 890 | ||||||||||||
U.S. Treasury Securities | — | 14,389 | — | 14,389 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 6,615 | — | — | 6,615 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | —@ | — | —@ | ||||||||||||
Futures Contracts | 263 | — | — | 263 | ||||||||||||
Centrally Cleared Interest Rate Swap Agreements | — | 109 | — | 109 | ||||||||||||
Total Assets | 7,397 | 14,869 | — | 22,266 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Forward Exchange Contracts | — | (—@ | ) | — | (—@ | ) | ||||||||||
Centrally Cleared Interest Rate Swap Agreements | — | (130 | ) | — | (130 | ) | ||||||||||
Total Liabilities | — | (130 | ) | — | (130 | ) | ||||||||||
Total | $ | 7,397 | $ | 14,739 | $ | — | $ | 22,136 |
@ | Value is less than $500. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
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 | $ | — | $ | 354 | $ | — | $ | 354 | ||||||||
Banks | — | 7,509 | — | 7,509 | ||||||||||||
Broadline Retail | 1,157 | — | — | 1,157 | ||||||||||||
Building Products | — | 573 | — | 573 | ||||||||||||
Consumer Finance | 120 | 1,564 | — | 1,684 | ||||||||||||
Consumer Staples Distribution & Retail | — | 355 | — | 355 | ||||||||||||
Entertainment | — | 1,009 | — | 1,009 | ||||||||||||
Food Products | — | 3,086 | — | 3,086 | ||||||||||||
Health Care Providers & Services | — | 959 | — | 959 | ||||||||||||
Hotels, Restaurants & Leisure | 689 | 326 | — | 1,015 | ||||||||||||
Information Technology Services | 1,847 | 4,024 | — | 5,871 | ||||||||||||
Metals & Mining | — | 892 | — | 892 | ||||||||||||
Oil, Gas & Consumable Fuels | — | 1,092 | — | 1,092 | ||||||||||||
Pharmaceuticals | — | 695 | — | 695 | ||||||||||||
Real Estate Management & Development | — | 512 | — | 512 | ||||||||||||
Software | — | 642 | — | 642 | ||||||||||||
Specialty Retail | — | 1,503 | — | 1,503 | ||||||||||||
Textiles, Apparel & Luxury Goods | — | 1,309 | — | 1,309 | ||||||||||||
Wireless Telecommunication Services | — | 908 | — | 908 | ||||||||||||
Total Common Stocks | 3,813 | 27,312 | — | 31,125 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 1,316 | — | — | 1,316 | ||||||||||||
Total Assets | $ | 5,129 | $ | 27,312 | $ | — | $ | 32,441 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
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 | $ | — | $ | 9,297 | $ | — | $ | 9,297 | ||||||||
Banks | 5,387 | 2,647 | — | 8,034 | ||||||||||||
Beverages | — | 3,782 | — | 3,782 | ||||||||||||
Biotechnology | 2,463 | — | — | 2,463 | ||||||||||||
Broadline Retail | 8,322 | — | — | 8,322 | ||||||||||||
Chemicals | — | 6,707 | — | 6,707 | ||||||||||||
Containers & Packaging | — | 1,384 | — | 1,384 | ||||||||||||
Electronic Equipment, Instruments & Components | — | 3,389 | — | 3,389 | ||||||||||||
Entertainment | 4,371 | 2,088 | — | 6,459 | ||||||||||||
Food Products | — | 2,889 | — | 2,889 | ||||||||||||
Ground Transportation | 3,481 | — | — | 3,481 | ||||||||||||
Health Care Equipment & Supplies | — | 738 | — | 738 | ||||||||||||
Health Care Providers & Services | — | 1,407 | — | 1,407 | ||||||||||||
Hotels, Restaurants & Leisure | 9,514 | — | — | 9,514 | ||||||||||||
Household Durables | 1,521 | 4,372 | — | 5,893 | ||||||||||||
Industrial Conglomerates | — | 2,465 | — | 2,465 | ||||||||||||
Information Technology Services | — | 1,810 | — | 1,810 | ||||||||||||
Interactive Media & Services | — | 1,940 | — | 1,940 | ||||||||||||
Machinery | — | 1,625 | — | 1,625 | ||||||||||||
Metals & Mining | 3,812 | 11,126 | — | 14,938 | ||||||||||||
Oil, Gas & Consumable Fuels | 805 | 8,328 | — | 9,133 | ||||||||||||
Passenger Airlines | 2,692 | — | — | 2,692 | ||||||||||||
Personal Care Products | 1,446 | 5,858 | — | 7,304 | ||||||||||||
Pharmaceuticals | — | 10,368 | — | 10,368 | ||||||||||||
Professional Services | — | 3,859 | — | 3,859 | ||||||||||||
Semiconductors & Semiconductor Equipment | 2,336 | 13,033 | — | 15,369 | ||||||||||||
Software | 1,780 | — | — | 1,780 | ||||||||||||
Tech Hardware, Storage & Peripherals | — | 6,803 | — | 6,803 | ||||||||||||
Textiles, Apparel & Luxury Goods | — | 2,544 | — | 2,544 | ||||||||||||
Total Common Stocks | 47,930 | 108,459 | — | 156,389 | ||||||||||||
Preferred Stock | ||||||||||||||||
Biotechnology | — | — | 1,250 | 1,250 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 676 | — | — | 676 | ||||||||||||
Repurchase Agreements | — | 171 | — | 171 | ||||||||||||
Total Short-Term Investments | 676 | 171 | — | 847 | ||||||||||||
Futures Contract | 162 | — | — | 162 | ||||||||||||
Total Assets | $ | 48,768 | $ | 108,630 | $ | 1,250 | $ | 158,648 |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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 | $ | 1,250 | ||
Purchases | — | |||
Sales | — | |||
Transfers in | — | |||
Transfers out | — | |||
Corporate actions | — | |||
Change in unrealized appreciation (depreciation) | — | |||
Realized gains (losses) | — | |||
Ending Balance | $ | 1,250 | ||
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024 | $ | — |
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, 2024:
Passport Overseas Equity | Fair Value at March 31, 2024 (000) | Valuation Technique | Unobservable Input | Amount | Impact to Valuation from an Increase in Input* | |||||||
Preferred Stock | $1,250 | Market Transaction Method | Precedent Transaction | $38.24 | Increase |
* | 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, 2024 (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, 2024:
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 | $ | 18 | $ | 249 | $ | — | $ | 267 | ||||||||
Beverages | 4 | — | — | 4 | ||||||||||||
Broadline Retail | 168 | — | — | 168 | ||||||||||||
Capital Markets | 305 | — | — | 305 | ||||||||||||
Chemicals | 12 | — | — | 12 | ||||||||||||
Commercial Services & Supplies | 36 | 157 | — | 193 | ||||||||||||
Construction Materials | 6 | — | — | 6 | ||||||||||||
Consumer Staples Distribution & Retail | 168 | — | — | 168 | ||||||||||||
Distributors | 22 | — | — | 22 | ||||||||||||
Diversified Consumer Services | 5 | — | — | 5 | ||||||||||||
Entertainment | 53 | — | — | 53 | ||||||||||||
Food Products | 26 | — | — | 26 | ||||||||||||
Ground Transportation | 225 | — | — | 225 | ||||||||||||
Health Care Equipment & Supplies | 6 | — | — | 6 | ||||||||||||
Health Care Technology | 52 | — | — | 52 | ||||||||||||
Hotels, Restaurants & Leisure | 14 | — | — | 14 | ||||||||||||
Household Durables | 49 | 101 | — | 150 | ||||||||||||
Industrial Conglomerates | 27 | — | — | 27 | ||||||||||||
Information Technology Services | 458 | — | — | 458 | ||||||||||||
Insurance | 23 | — | — | 23 | ||||||||||||
Life Sciences Tools & Services | 272 | 171 | — | 443 | ||||||||||||
Metals & Mining | 99 | — | — | 99 | ||||||||||||
Oil, Gas & Consumable Fuels | 127 | — | — | 127 | ||||||||||||
Personal Care Products | 22 | — | — | 22 | ||||||||||||
Pharmaceuticals | 234 | — | — | 234 | ||||||||||||
Semiconductors & Semiconductor Equipment | 47 | — | — | 47 | ||||||||||||
Software | 327 | — | — | 327 | ||||||||||||
Specialized REITs | 216 | — | — | 216 | ||||||||||||
Specialty Retail | 365 | — | — | 365 | ||||||||||||
Textiles, Apparel & Luxury Goods | 199 | 111 | — | 310 | ||||||||||||
Trading Companies & Distributors | 28 | — | — | 28 | ||||||||||||
Total Common Stocks | 3,613 | 789 | — | 4,402 | ||||||||||||
Investment Company | 121 | — | — | 121 | ||||||||||||
Warrants | — | — | † | — | — | † | ||||||||||
Call Options Purchased | — | 9 | — | 9 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 69 | — | — | 69 | ||||||||||||
Total Assets | $ | 3,803 | $ | 798 | † | $ | — | $ | 4,601 | † |
† | Includes a security valued at zero. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
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 | $ | 266,734 | (1) | $ | — | $ | — | $ | 266,734 | |||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 3,422 | — | — | 3,422 | ||||||||||||
Total Assets | $ | 270,156 | $ | — | $ | — | $ | 270,156 |
(1) | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
U.S. Focus Real Estate | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 4,520 | (1) | $ | — | $ | — | $ | 4,520 | |||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 12 | — | — | 12 | ||||||||||||
Total Assets | $ | 4,532 | $ | — | $ | — | $ | 4,532 |
(1) | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
U.S. Real Estate | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 27,739 | (1) | $ | — | $ | — | $ | 27,739 | |||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 304 | — | — | 304 | ||||||||||||
Total Assets | $ | 28,043 | $ | — | $ | — | $ | 28,043 |
(1) | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
Morgan Stanley Institutional Fund, Inc.
First Quarter Report — March 31, 2024 (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, 2024:
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 | $ | 2,140 | (1) | $ | — | $ | — | $ | 2,140 | |||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 180 | — | — | 180 | ||||||||||||
Repurchase Agreements | — | 11 | — | 11 | ||||||||||||
Total Short-Term Investments | 180 | 11 | — | 191 | ||||||||||||
Total Assets | $ | 2,320 | $ | 11 | $ | — | $ | 2,331 |
(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.