<PAGE>
File No. 33-23166
811-05624
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- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------
FORM N-1A
REGISTRATION STATEMENT (NO. 33-23166)
UNDER
THE SECURITIES ACT OF 1933
Post-Effective Amendment No. 37
and
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
Amendment No. 38
--------------
MORGAN STANLEY INSTITUTIONAL FUND, INC.
(Exact Name of Registrant as Specified in Charter)
1221 Avenue of the Americas, New York, New York 10020
(Address of Principal Executive Office)
Registrant's Telephone Number (800) 548-7786
Harold J. Schaaff, Jr., Esquire
Morgan Stanley Asset Management Inc.
1221 Avenue of the Americas, New York, New York 10020
(Name and Address of Agent for Service)
--------------
COPIES TO:
Michael F. Klein Richard W. Grant, Esquire
Morgan Stanley Asset Management Inc. Morgan, Lewis & Bockius LLP
1221 Avenue of the Americas 2000 One Logan Square
New York, NY 10020 Philadelphia, PA 19103
--------------
IT IS PROPOSED THAT THIS FILING WILL BECOME EFFECTIVE
(CHECK APPROPRIATE BOX)
/X/ IMMEDIATELY UPON FILING PURSUANT TO PARAGRAPH (b) OF RULE 485
/ / ON ________________ PURSUANT TO PARAGRAPH (b) OF RULE 485
/ / 60 DAYS AFTER FILING PURSUANT TO PARAGRAPH (a) OF RULE 485
/ / 75 DAYS AFTER FILING PURSUANT TO PARAGRAPH (a) OF RULE 485
/ / ON _______________ PURSUANT TO PARAGRAPH (a) OF RULE 485
------------------
Registrant has elected to register an indefinite number of shares pursuant
to Rule 24f-2 under the Investment Company Act of 1940, as amended. Registrant
filed its Rule 24f-2 notice for the period ended December 31, 1996 on February
21, 1997.
- --------------------------------------------------------------------------------
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<PAGE>
MORGAN STANLEY INSTITUTIONAL FUND, INC.
CROSS REFERENCE SHEET
PART A -INFORMATION REQUIRED IN A PROSPECTUS
Form N-1A Location in Prospectus for the European Real Estate,
Item Number Asian Real Estate and U.S. Real Estate Portfolios
- ----------- ---------------------------------------------------------
Item 1. Cover Page -- Cover Page
Item 2. Synopsis -- Fund Expenses
Item 3. Condensed Financial Information -- Financial Highlights
Item 4. General Description of Registrant -- Prospectus Summary; Investment
Objective and Policies; Additional Investment Information; Investment
Limitations; General Information
Item 5. Management of the Fund -- Prospectus Summary; Management of the Fund;
Portfolio Transactions
Item 5A. Management's Discussion of Fund Performance**
Item 6. Capital Stock and Other Securities -- Purchase of Shares; Redemption
of Shares; Shareholder Services; Valuation of Shares; Dividends and
Capital Gains Distributions; Taxes; General Information
Item 7. Purchase of Securities Being Offered -- Prospectus Summary; Cover
Page; Purchase of Shares; Shareholder Services; Valuation of Shares
Item 8. Redemption or Repurchase -- Prospectus Summary; Redemption of Shares;
Shareholder Services
Item 9. Pending Legal Proceedings -- *
- ------------------------
* Omitted since the answer is negative or the Item is not applicable.
** Information required by Item 5A is not contained in the 1996 Annual
Report to Shareholders with respect to the European Real Estate and
Asian Real Estate Portfolios as they had not yet commenced operations
as of the date of the Annual Report. Information required by Item 5A
for the aforementioned portfolios will be contained in the next Report
to Shareholders following commencement of operations.
<PAGE>
MORGAN STANLEY INSTITUTIONAL FUND, INC.
CROSS REFERENCE SHEET
PART A -INFORMATION REQUIRED IN A PROSPECTUS
Form N-1A Location in Prospectus for the Asian Equity
Item Number and Japanese Equity Portfolios
- ----------- ---------------------------------------------------------
Item 1. Cover Page -- Cover Page
Item 2. Synopsis -- Fund Expenses
Item 3. Condensed Financial Information -- Financial Highlights
Item 4. General Description of Registrant -- Prospectus Summary; Investment
Objective and Policies; Additional Investment Information; Investment
Limitations; General Information
Item 5. Management of the Fund -- Prospectus Summary; Management of the Fund;
Portfolio Transactions
Item 5A. Management's Discussion of Fund Performance**
Item 6. Capital Stock and Other Securities -- Purchase of Shares; Redemption
of Shares; Shareholder Services; Valuation of Shares; Dividends and
Capital Gains Distributions; Taxes; General Information
Item 7. Purchase of Securities Being Offered -- Prospectus Summary; Cover
Page; Purchase of Shares; Shareholder Services; Valuation of Shares
Item 8. Redemption or Repurchase -- Prospectus Summary; Redemption of Shares;
Shareholder Services
Item 9. Pending Legal Proceedings -- *
- ------------------------
* Omitted since the answer is negative or the Item is not applicable.
** Information required by Item 5A is contained in the 1996 Annual
Report to Shareholders.
<PAGE>
MORGAN STANLEY INSTITUTIONAL FUND, INC.
CROSS REFERENCE SHEET
PART A -INFORMATION REQUIRED IN A PROSPECTUS
Form N-1A Location in Prospectus for the Global Equity, International
Item Number Equity, International Small Cap and European Equity Portfolios
- ----------- --------------------------------------------------------------
Item 1. Cover Page -- Cover Page
Item 2. Synopsis -- Fund Expenses
Item 3. Condensed Financial Information -- Financial Highlights
Item 4. General Description of Registrant -- Prospectus Summary; Investment
Objective and Policies; Additional Investment Information; Investment
Limitations; General Information
Item 5. Management of the Fund -- Prospectus Summary; Management of the Fund;
Portfolio Transactions
Item 5A. Management's Discussion of Fund Performance**
Item 6. Capital Stock and Other Securities -- Purchase of Shares; Redemption
of Shares; Shareholder Services; Valuation of Shares; Dividends and
Capital Gains Distributions; Taxes; General Information
Item 7. Purchase of Securities Being Offered -- Prospectus Summary; Cover
Page; Purchase of Shares; Shareholder Services; Valuation of Shares
Item 8. Redemption or Repurchase -- Prospectus Summary; Redemption of Shares;
Shareholder Services
Item 9. Pending Legal Proceedings -- *
- ------------------------
* Omitted since the answer is negative or the Item is not applicable.
** Information required by Item 5A is contained in the 1996 Annual
Report to Shareholders.
<PAGE>
MORGAN STANLEY INSTITUTIONAL FUND, INC.
CROSS REFERENCE SHEET
PART A -INFORMATION REQUIRED IN A PROSPECTUS
Form N-1A
Item Number Location in Prospectus for the U.S. Equity Plus Portfolio
- ----------- ---------------------------------------------------------
Item 1. Cover Page -- Cover Page
Item 2. Synopsis -- Fund Expenses (Estimated)
Item 3. Condensed Financial Information -- *
Item 4. General Description of Registrant -- Prospectus Summary; Investment
Objective and Policies; Additional Investment Information; Investment
Limitations; General Information
Item 5. Management of the Fund -- Prospectus Summary; Management of the Fund;
Portfolio Transactions
Item 5A. Management's Discussion of Fund Performance**
Item 6. Capital Stock and Other Securities -- Purchase of Shares; Redemption
of Shares; Shareholder Services; Valuation of Shares; Dividends and
Capital Gains Distributions; Taxes; General Information
Item 7. Purchase of Securities Being Offered -- Prospectus Summary; Cover
Page; Purchase of Shares; Shareholder Services; Valuation of Shares
Item 8. Redemption or Repurchase -- Prospectus Summary; Redemption of Shares;
Shareholder Services
Item 9. Pending Legal Proceedings -- *
- ------------------------
* Omitted since the answer is negative or the Item is not applicable.
** Information required by Item 5A is not contained in the 1996 Annual
Report to Shareholders as it had not yet commenced operations
as of the date of the Annual Report. Information required by Item 5A
for the aforementioned portfolio will be contained in the next Report
to Shareholders following commencement of operations.
<PAGE>
MORGAN STANLEY INSTITUTIONAL FUND, INC.
CROSS REFERENCE SHEET
PART A -INFORMATION REQUIRED IN A PROSPECTUS
Form N-1A Location in Prospectus for the Emerging Markets, Emerging
Item Number Markets Debt and Latin American Portfolios
- ----------- ---------------------------------------------------------
Item 1. Cover Page -- Cover Page
Item 2. Synopsis -- Fund Expenses
Item 3. Condensed Financial Information -- Financial Highlights
Item 4. General Description of Registrant -- Prospectus Summary; Investment
Objective and Policies; Additional Investment Information; Investment
Limitations; General Information
Item 5. Management of the Fund -- Prospectus Summary; Management of the Fund;
Portfolio Transactions
Item 5A. Management's Discussion of Fund Performance**
Item 6. Capital Stock and Other Securities -- Purchase of Shares; Redemption
of Shares; Shareholder Services; Valuation of Shares; Dividends and
Capital Gains Distributions; Taxes; General Information
Item 7. Purchase of Securities Being Offered -- Prospectus Summary; Cover
Page; Purchase of Shares; Shareholder Services; Valuation of Shares
Item 8. Redemption or Repurchase -- Prospectus Summary; Redemption of Shares;
Shareholder Services
Item 9. Pending Legal Proceedings -- *
- ------------------------
* Omitted since the answer is negative or the Item is not applicable.
** Information required by Item 5A is contained in the 1996 Annual
Report to Shareholders.
<PAGE>
MORGAN STANLEY INSTITUTIONAL FUND, INC.
CROSS REFERENCE SHEET
PART A -INFORMATION REQUIRED IN A PROSPECTUS
Form N-1A Location in Prospectus for the Equity Growth, Emerging Growth
Item Number and Aggressive Equity Portfolios
- ----------- ---------------------------------------------------------
Item 1. Cover Page -- Cover Page
Item 2. Synopsis -- Fund Expenses
Item 3. Condensed Financial Information -- Financial Highlights
Item 4. General Description of Registrant -- Prospectus Summary; Investment
Objective and Policies; Additional Investment Information; Investment
Limitations; General Information
Item 5. Management of the Fund -- Prospectus Summary; Management of the Fund;
Portfolio Transactions
Item 5A. Management's Discussion of Fund Performance**
Item 6. Capital Stock and Other Securities -- Purchase of Shares; Redemption
of Shares; Shareholder Services; Valuation of Shares; Dividends and
Capital Gains Distributions; Taxes; General Information
Item 7. Purchase of Securities Being Offered -- Prospectus Summary; Cover
Page; Purchase of Shares; Shareholder Services; Valuation of Shares
Item 8. Redemption or Repurchase -- Prospectus Summary; Redemption of Shares;
Shareholder Services
Item 9. Pending Legal Proceedings -- *
- ------------------------
* Omitted since the answer is negative or the Item is not applicable.
** Information required by Item 5A is contained in the 1996 Annual
Report to Shareholders.
<PAGE>
MORGAN STANLEY INSTITUTIONAL FUND, INC.
CROSS REFERENCE SHEET
PART A -INFORMATION REQUIRED IN A PROSPECTUS
Form N-1A
Item Number Location in Prospectus for the Technology Portfolio
- ----------- ---------------------------------------------------------
Item 1. Cover Page -- Cover Page
Item 2. Synopsis -- Fund Expenses
Item 3. Condensed Financial Information -- Financial Highlights
Item 4. General Description of Registrant -- Prospectus Summary; Investment
Objective and Policies; Additional Investment Information; Investment
Limitations; General Information
Item 5. Management of the Fund -- Prospectus Summary; Management of the Fund;
Portfolio Transactions
Item 5A. Management's Discussion of Fund Performance**
Item 6. Capital Stock and Other Securities -- Purchase of Shares; Redemption
of Shares; Shareholder Services; Valuation of Shares; Dividends and
Capital Gains Distributions; Taxes; General Information
Item 7. Purchase of Securities Being Offered -- Prospectus Summary; Cover
Page; Purchase of Shares; Shareholder Services; Valuation of Shares
Item 8. Redemption or Repurchase -- Prospectus Summary; Redemption of Shares;
Shareholder Services
Item 9. Pending Legal Proceedings -- *
- ------------------------
* Omitted since the answer is negative or the Item is not applicable.
** Information required by Item 5A is contained in the 1996 Annual
Report to Shareholders.
<PAGE>
MORGAN STANLEY INSTITUTIONAL FUND, INC.
CROSS REFERENCE SHEET
PART A -INFORMATION REQUIRED IN A PROSPECTUS
Location in Prospectus for the Fixed Income, Municipal
Form N-1A Bond, Mortgage-Backed Securities, Money Market and Municipal
Item Number Money Market Portfolios
- ----------- ---------------------------------------------------------
Item 1. Cover Page -- Cover Page
Item 2. Synopsis -- Fund Expenses
Item 3. Condensed Financial Information -- Financial Highlights
Item 4. General Description of Registrant -- Prospectus Summary; Investment
Objective and Policies; Additional Investment Information; Investment
Limitations; General Information
Item 5. Management of the Fund -- Prospectus Summary; Management of the Fund;
Portfolio Transactions
Item 5A. Management's Discussion of Fund Performance**
Item 6. Capital Stock and Other Securities -- Purchase of Shares; Redemption
of Shares; Shareholder Services; Valuation of Shares; Dividends and
Capital Gains Distributions; Taxes; General Information
Item 7. Purchase of Securities Being Offered -- Prospectus Summary; Cover
Page; Purchase of Shares; Shareholder Services; Valuation of Shares
Item 8. Redemption or Repurchase -- Prospectus Summary; Redemption of Shares;
Shareholder Services
Item 9. Pending Legal Proceedings -- *
- ------------------------
* Omitted since the answer is negative or the Item is not applicable.
** Information required by Item 5A is not contained in the 1996 Annual
Report to Shareholders with respect to the Mortgage-Backed Securities
Portfolio as it had not yet commenced operations as of the date of the
Annual Report. Information required by Item 5A for the aforementioned
portfolio will be contained in the next Report to Shareholders following
commencement of operations.
<PAGE>
MORGAN STANLEY INSTITUTIONAL FUND, INC.
CROSS REFERENCE SHEET
PART A -INFORMATION REQUIRED IN A PROSPECTUS
Form N-1A
Item Number Location in Prospectus for the International Magnum Portfolio
- ----------- --------------------------------------------------------------
Item 1. Cover Page -- Cover Page
Item 2. Synopsis -- Fund Expenses
Item 3. Condensed Financial Information -- Financial Highlights
Item 4. General Description of Registrant -- Prospectus Summary; Investment
Objective and Policies; Additional Investment Information; Investment
Limitations; General Information
Item 5. Management of the Fund -- Prospectus Summary; Management of the Fund;
Portfolio Transactions
Item 5A. Management's Discussion of Fund Performance**
Item 6. Capital Stock and Other Securities -- Purchase of Shares; Redemption
of Shares; Shareholder Services; Valuation of Shares; Dividends and
Capital Gains Distributions; Taxes; General Information
Item 7. Purchase of Securities Being Offered -- Prospectus Summary; Cover
Page; Purchase of Shares; Shareholder Services; Valuation of Shares
Item 8. Redemption or Repurchase -- Prospectus Summary; Redemption of Shares;
Shareholder Services
Item 9. Pending Legal Proceedings -- *
- ------------------------
* Omitted since the answer is negative or the Item is not applicable.
** Information required by Item 5A is contained in the 1996 Annual
Report to Shareholders.
<PAGE>
MORGAN STANLEY INSTITUTIONAL FUND, INC.
CROSS REFERENCE SHEET
PART A -INFORMATION REQUIRED IN A PROSPECTUS
Form N-1A
Item Number Location in Prospectus for the Gold Portfolio
- ----------- ---------------------------------------------------------
Item 1. Cover Page -- Cover Page
Item 2. Synopsis -- Fund Expenses
Item 3. Condensed Financial Information -- Financial Highlights
Item 4. General Description of Registrant -- Prospectus Summary; Investment
Objective and Policies; Additional Investment Information; Investment
Limitations; General Information
Item 5. Management of the Fund -- Prospectus Summary; Management of the Fund;
Portfolio Transactions
Item 5A. Management's Discussion of Fund Performance**
Item 6. Capital Stock and Other Securities -- Purchase of Shares; Redemption
of Shares; Shareholder Services; Valuation of Shares; Dividends and
Capital Gains Distributions; Taxes; General Information
Item 7. Purchase of Securities Being Offered -- Prospectus Summary; Cover
Page; Purchase of Shares; Shareholder Services; Valuation of Shares
Item 8. Redemption or Repurchase -- Prospectus Summary; Redemption of Shares;
Shareholder Services
Item 9. Pending Legal Proceedings -- *
- ------------------------
* Omitted since the answer is negative or the Item is not applicable.
** Information required by Item 5A is contained in the 1996 Annual
Report to Shareholders.
<PAGE>
MORGAN STANLEY INSTITUTIONAL FUND, INC.
CROSS REFERENCE SHEET
PART A -INFORMATION REQUIRED IN A PROSPECTUS
Form N-1A Location in Prospectus for the Small Cap Value Equity, Value
Item Number Equity, Balanced, Global Fixed Income and High Yield Portfolios
- ----------- ---------------------------------------------------------
Item 1. Cover Page -- Cover Page
Item 2. Synopsis -- Fund Expenses
Item 3. Condensed Financial Information -- Financial Highlights
Item 4. General Description of Registrant -- Prospectus Summary; Investment
Objective and Policies; Additional Investment Information; Investment
Limitations; General Information
Item 5. Management of the Fund -- Prospectus Summary; Management of the Fund;
Portfolio Transactions
Item 5A. Management's Discussion of Fund Performance**
Item 6. Capital Stock and Other Securities -- Purchase of Shares; Redemption
of Shares; Shareholder Services; Valuation of Shares; Dividends and
Capital Gains Distributions; Taxes; General Information
Item 7. Purchase of Securities Being Offered -- Prospectus Summary; Cover
Page; Purchase of Shares; Shareholder Services; Valuation of Shares
Item 8. Redemption or Repurchase -- Prospectus Summary; Redemption of Shares;
Shareholder Services
Item 9. Pending Legal Proceedings -- *
- ------------------------
* Omitted since the answer is negative or the Item is not applicable.
** Information required by Item 5A is contained in the 1996 Annual
Report to Shareholders.
<PAGE>
MORGAN STANLEY INSTITUTIONAL FUND, INC.
CROSS REFERENCE SHEET
PART A -INFORMATION REQUIRED IN A PROSPECTUS
Form N-1A Location in Prospectus for the Active Country Allocation
Item Number Portfolio
- ----------- ---------------------------------------------------------
Item 1. Cover Page -- Cover Page
Item 2. Synopsis -- Fund Expenses
Item 3. Condensed Financial Information -- Financial Highlights
Item 4. General Description of Registrant -- Prospectus Summary; Investment
Objective and Policies; Additional Investment Information; Investment
Limitations; General Information
Item 5. Management of the Fund -- Prospectus Summary; Management of the Fund;
Portfolio Transactions
Item 5A. Management's Discussion of Fund Performance**
Item 6. Capital Stock and Other Securities -- Purchase of Shares; Redemption
of Shares; Shareholder Services; Valuation of Shares; Dividends and
Capital Gains Distributions; Taxes; General Information
Item 7. Purchase of Securities Being Offered -- Prospectus Summary; Cover
Page; Purchase of Shares; Shareholder Services; Valuation of Shares
Item 8. Redemption or Repurchase -- Prospectus Summary; Redemption of Shares;
Shareholder Services
Item 9. Pending Legal Proceedings -- *
- ------------------------
* Omitted since the answer is negative or the Item is not applicable.
** Information required by Item 5A is contained in the 1996 Annual
Report to Shareholders.
<PAGE>
MORGAN STANLEY INSTITUTIONAL FUND, INC.
CROSS REFERENCE SHEET
PART A -INFORMATION REQUIRED IN A PROSPECTUS
Form N-1A
Item Number Location in Prospectus for the China Growth Portfolio
- ----------- ---------------------------------------------------------
Item 1. Cover Page -- Cover Page
Item 2. Synopsis -- Fund Expenses (Estimated)
Item 3. Condensed Financial Information -- *
Item 4. General Description of Registrant -- Prospectus Summary; Investment
Objective and Policies; Additional Investment Information; Investment
Limitations; General Information
Item 5. Management of the Fund -- Prospectus Summary; Management of the Fund;
Portfolio Transactions
Item 5A. Management's Discussion of Fund Performance**
Item 6. Capital Stock and Other Securities -- Purchase of Shares; Redemption
of Shares; Shareholder Services; Valuation of Shares; Dividends and
Capital Gains Distributions; Taxes; General Information
Item 7. Purchase of Securities Being Offered -- Prospectus Summary; Cover
Page; Purchase of Shares; Shareholder Services; Valuation of Shares
Item 8. Redemption or Repurchase -- Prospectus Summary; Redemption of Shares;
Shareholder Services
Item 9. Pending Legal Proceedings -- *
- ------------------------
* Omitted since the answer is negative or the Item is not applicable.
** Information required by Item 5A is not contained in the 1996 Annual
Report to Shareholders as it had not yet commenced operations
as of the date of the Annual Report. Information required by Item 5A
for the aforementioned portfolio will be contained in the next Report
to Shareholders following commencement of operations.
<PAGE>
PART B - INFORMATION REQUIRED IN A STATEMENT OF ADDITIONAL INFORMATION
Location in Statement of Additional Information for the
European Real Estate, Asian Real Estate, U.S. Real Estate,
Asian Equity, Japanese Equity, Emerging Markets, Emerging
Markets Debt, Latin American, Global Equity, International
Equity, International Small Cap, European Equity, U.S. Equity
Plus, International Magnum, Fixed Income, Municipal Bond,
Mortgage-Backed Securities, Money Market, Municipal Money
Market, Equity Growth, Emerging Growth, MicroCap, Aggressive
Equity, Small Cap Value Equity, Value Equity, Balanced,
Form N-1A Global Fixed Income, High Yield, Active Country Allocation,
Item Number Technology, Gold and China Growth Portfolios
- ----------- -----------------------------------------------------------------
Item 10. Cover Page -- Cover Page
Item 11. Table of Contents -- Cover Page
Item 12. General Information and History -- *
Item 13. Investment Objective and Policies -- Investment Objectives and
Policies; Investment Limitations
Item 14. Management of the Fund -- Management of the Fund
Item 15. Control Persons and Principal Holders of Securities -- Management of
the Fund; General Information
Item 16. Investment Advisory and Other Services -- Management of the Fund
Item 17. Brokerage Allocation -- *
Item 18. Capital Stock and Other Securities -- General Information
Item 19. Purchase, Redemption and Pricing of Securities Being Offered --
Purchase of Shares; Redemption of Shares; Net Asset Value; General
Information
Item 20. Tax Status -- Federal Tax Treatment of Forward Currency and Futures
Contracts
Item 21. Underwriters -- *
Item 22. Calculation of Performance Data -- Performance Information
Item 23. Financial Statements -- Financial Statements
- ------------------------
* Omitted since the answer is negative or the Item is not applicable.
<PAGE>
The Prospectus for the Global Equity, International Equity,
International Small Cap and European Equity Portfolios, included as part of
Post-Effective Amendment No. 34 to the Registration Statement on Form N-1A of
Morgan Stanley Institutional Fund, Inc. (File No. 33-23166) filed with the
Securities and Exchange Commission on May 1, 1997, and in final form under
Rule 497(e) on September 26, 1997, is hereby incorporated by reference as if
set forth in full herein.
The Prospectus for the Asian Equity and Japanese Equity Portfolios,
included as part of Post-Effective Amendment No. 34 to the Registration
Statement on Form N-1A of Morgan Stanley Institutional Fund, Inc. (File No.
33-23166) filed with the Securities and Exchange Commission on May 1, 1997,
and in final form under Rule 497(e) on September 26, 1997, is hereby
incorporated by reference as if set forth in full herein.
The Prospectus for the Emerging Markets, Emerging Markets Debt and Latin
American Portfolios, included as part of Post-Effective Amendment No. 34 to
the Registration Statement on Form N-1A of Morgan Stanley Institutional Fund,
Inc. (File No. 33-23166) filed with the Securities and Exchange Commission on
May 1, 1997, and in final form under Rule 497(e) on September 26, 1997, is
hereby incorporated by reference as if set forth in full herein.
The Prospectus for the China Growth Portfolio, included as part of
Post-Effective Amendment No. 34 to the Registration Statement on Form N-1A of
Morgan Stanley Institutional Fund, Inc. (File No. 33-23166) filed with the
Securities and Exchange Commission on May 1, 1997, and in final form under
Rule 497(c) on May 2, 1997, is hereby incorporated by reference as if set
forth in full herein.
The Prospectus for the Equity Growth, Emerging Growth, MicroCap and
Aggressive Equity Portfolios, included as part of Post-Effective Amendment
No. 34 to the Registration Statement on Form N-1A of Morgan Stanley
Institutional Fund, Inc. (File No. 33-23166) filed with the Securities and
Exchange Commission on May 1, 1997, and in final form under Rule 497(c)
on May 2, 1997, is hereby incorporated by reference as if set forth in
full herein.
The Prospectus for the U.S. Real Estate Portfolio, included as part of
Post-Effective Amendment No. 34 to the Registration Statement on Form N-1A of
Morgan Stanley Institutional Fund, Inc. (File No. 33-23166) filed with the
Securities and Exchange Commission on May 1, 1997, and in final form under
Rule 497(e) on October 6, 1997, is hereby incorporated by reference as if set
forth in full herein.
The Prospectus for the Technology Portfolio, included as part of
Post-Effective Amendment No. 34 to the Registration Statement on Form N-1A of
Morgan Stanley Institutional Fund, Inc. (File No. 33-23166) filed with the
Securities and Exchange Commission on May 1, 1997, and in final form under
Rule 497(c) on May 2, 1997, is hereby incorporated by reference as if set
forth in full herein.
The Prospectus for the Fixed Income, Municipal Bond, Mortgage-Backed
Securities, Money Market and Municipal Money Market Portfolios, included as
part of Post-Effective Amendment No. 34 to the Registration Statement on Form
N-1A of Morgan Stanley Institutional Fund, Inc. (File No. 33-23166) filed
with the Securities and Exchange Commission on May 1, 1997, and in final form
under Rule 497(c) on May 2, 1997, is hereby incorporated by reference as if
set forth in full herein.
The Prospectus for the International Magnum Portfolio, included as part of
Post-Effective Amendment No. 34 to the Registration Statement on Form N-1A of
Morgan Stanley Institutional Fund, Inc. (File No. 33-23166) filed with the
Securities and Exchange Commission on May 1, 1997, and in final form under
Rule 497(c) on May 2, 1997, is hereby incorporated by reference as if set
forth in full herein.
The Prospectus for the Gold Portfolio, included as part of Post-Effective
Amendment No. 34 to the Registration Statement on Form N-1A of Morgan Stanley
Institutional Fund, Inc. (File No. 33-23166) filed with the Securities and
Exchange Commission on May 1, 1997, and in final form under Rule 497(c) on
May 2, 1997, is hereby incorporated by reference as if set forth in full herein.
The Prospectus for the Small Cap Value Equity, Value Equity, Balanced,
Global Fixed Income and High Yield Portfolios, included as part of
Post-Effective Amendment No. 34 to the Registration Statement on Form N-1A of
Morgan Stanley Institutional Fund, Inc. (File No. 33-23166) filed with the
Securities and Exchange Commission on May 1, 1997, and in final form under
Rule 497(c) on May 2, 1997, is hereby incorporated by reference as if set
forth in full herein.
The Prospectus for the Active Country Allocation Portfolio, included as
part of Post-Effective Amendment No. 34 to the Registration Statement on Form
N-1A of Morgan Stanley Institutional Fund, Inc. (File No. 33-23166) filed with
the Securities and Exchange Commission on May 1, 1997, and in final form under
Rule 497(c) on May 2, 1997, is hereby incorporated by reference as if set forth
in full herein.
<PAGE>
The Prospectus for the U.S. Equity Plus Portfolio (the "Portfolio"),
included as part of Post-Effective Amendment No. 35 to the Registration
Statement on Form N-1A of Morgan Stanley Institutional Fund, Inc.
(File No. 33-23166) filed with the Securities and Exchange Commission on
May 7, 1997, and in final form under Rule 497(c) on July 31, 1997, is hereby
incorporated by reference as if set forth in full herein. The Prospectus is
supplemented by Financial Highlights as of December 31, 1997 with respect to
the Portfolio and is filed herein to comply with the Fund's undertaking to
file a post-effective amendment with the Financial Statements of the
Portfolio which need not be certified within four to six months of the
Portfolio's effective date or commencement of operations, whichever is later.
<PAGE>
SUPPLEMENT DATED JANUARY 30, 1998
TO THE PROSPECTUS DATED JULY 21, 1997
U.S. EQUITY PLUS PORTFOLIO
A PORTFOLIO OF
MORGAN STANLEY INSTITUTIONAL FUND, INC. (THE "FUND")
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------
The Prospectus is hereby supplemented as follows:
The following table provides unaudited financial highlights for the U.S.
Equity Plus Portfolio for the period from August 1, 1997 to December 31, 1997.
These unaudited financial highlights are part of the Fund's unaudited financial
statements which are included in the Fund's current Statement of Additional
Information.
<TABLE>
<CAPTION>
CLASS A CLASS B
-----------------------------------------------------
PERIOD FROM PERIOD FROM
AUGUST 1, 1997* AUGUST 1,1997*
TO DECEMBER 31, 1997+ TO DECEMBER 31, 1997+
SELECTED PER SHARE DATA AND RATIOS (UNAUDITED) (UNAUDITED)
-----------------------------------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.00 $10.00
-----------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (1) 0.06 0.02
Net Realized and Unrealized Gain on Investments 0.33 0.37
-----------------------------------------------------
Total from Investment Operations 0.39 0.39
-----------------------------------------------------
-----------------------------------------------------
DISTRIBUTIONS
Net Investment Income (0.05) (0.05)
Net Realized Gain (0.03) (0.03)
-----------------------------------------------------
Total Distributions (0.08) (0.08)
-----------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.31 $10.31
-----------------------------------------------------
-----------------------------------------------------
TOTAL RETURN 3.94% 3.93%
-----------------------------------------------------
-----------------------------------------------------
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (Thousands) $20,914 $102
Ratio of Expenses to Average Net Assets (1) 0.80%** 1.05%**
Ratio of Net Investment Income to Average Net Assets (1) 1.32%** 0.48%**
Portfolio Turnover Rate 15% 15%
Average Commission Rate Per Share $0.0300 $0.0300
- ------------------------------------------------------------------------------------------------------------------
(1) EFFECT OF VOLUNTARY EXPENSE LIMITATION DURING THE PERIOD:
Per share benefit to net investment income $0.07 $0.03
RATIOS BEFORE EXPENSE LIMITATION:
Expenses to Average Net Assets 2.37%** 1.85%**
Net Investment Loss to Average Net Assets (0.25)%** (0.32)%**
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of Operations
** Annualized
+ Per share amounts for the period ended December 31, 1997
are based on average outstanding shares.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE>
The Prospectus for the European Real Estate and Asian Real Estate Portfolios
(the "Portfolios"), included as part of Post-Effective Amendment No. 36 to the
Registration Statement on Form N-1A of Morgan Stanley Institutional Fund, Inc.
(File No. 33-23166) filed with the Securities and Exchange Commission on
June 23, 1997, and in final form under Rule 497(e) on October 6, 1997, is
hereby incorporated by reference as if set forth in full herein. The
Prospectus is supplemented by Financial Highlights as of December 31, 1997
with respect to the Portfolios and is filed herein to comply with the Fund's
undertaking to file a post-effective amendment with the Financial Statements
of the Portfolios which need not be certified within four to six months of the
Portfolios effective date or commencement of operations, whichever is later.
<PAGE>
SUPPLEMENT DATED JANUARY 30, 1998
TO THE PROSPECTUS DATED OCTOBER 1, 1997
EUROPEAN REAL ESTATE PORTFOLIO
ASIAN REAL ESTATE PORTFOLIO
U.S. REAL ESTATE PORTFOLIO
PORTFOLIOS OF
MORGAN STANLEY INSTITUTIONAL FUND, INC. (THE "FUND")
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-----------------------
The Prospectus is hereby supplemented as follows: The following
paragraph and table are added under the heading "FINANCIAL HIGHLIGHTS" on page 4
of the Prospectus:
The following table provides unaudited financial highlights for the
European Real Estate and Asian Real Estate Portfolios for the period from
October 1, 1997 to December 31, 1997. These unaudited financial highlights are
part of the Fund's unaudited financial statements which are included in the
Fund's current Statement of Additional Information.
EUROPEAN REAL ESTATE PORTFOLIO
<TABLE>
<CAPTION>
CLASS A CLASS B
----------------------------------------------------
PERIOD FROM PERIOD FROM
OCTOBER 1,1997* OCTOBER 1,1997*
TO DECEMBER 31, 1997 TO DECEMBER 31, 1997
(UNAUDITED) (UNAUDITED)
SELECTED PER SHARE DATA AND RATIOS ----------------------------------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.00 $10.00
----------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (1) 0.05 0.02
Net Realized and Unrealized Loss on Investments (0.52) (0.50)
----------------------------------------------------
Total from Investment Operations (0.47) (0.48)
----------------------------------------------------
----------------------------------------------------
DISTRIBUTIONS
Net Investment Income (0.01) N/A
----------------------------------------------------
Total Distributions (0.01) N/A
----------------------------------------------------
NET ASSET VALUE, END OF PERIOD $9.52 $9.52
----------------------------------------------------
----------------------------------------------------
TOTAL RETURN (4.72)% (4.76)%
----------------------------------------------------
----------------------------------------------------
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (Thousands) $15,177 $789
Ratio of Expenses to Average Net Assets (1) 1.00%** 1.25%**
Ratio of Net Investment Income to Average Net Assets (1) 2.08%** 1.51%**
Portfolio Turnover Rate 47% 47%
Average Commission Rate:
Per Share $0.0155 $0.0155
As a percentage of trade amount 0.23% 0.23%
- ------------------------------------------------------------------------------------------------------------------
(1) EFFECT OF VOLUNTARY EXPENSE LIMITATION DURING THE PERIOD:
Per share benefit to net investment income $0.05 $0.03
RATIOS BEFORE EXPENSE LIMITATION:
Expenses to Average Net Assets 3.04%** 3.40%**
Net Investment Income (Loss) to Average Net Assets 0.04%** (0.63)%**
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of Operations
** Annualized
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE>
ASIAN REAL ESTATE PORTFOLIO
CLASS A
-----------------
PERIOD FROM
OCTOBER 1,
1997* TO
DECEMBER 31,
1997
(UNAUDITED)
-----------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.00
-----------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (1) 0.11
Net Realized and Unrealized Loss on Investments (2.10)
-----------------
Total from Investment Operations (1.99)
-----------------
DISTRIBUTIONS
Net Investment Income (0.07)
-----------------
Total Distributions (0.07)
-----------------
NET ASSET VALUE, END OF PERIOD $7.94
-----------------
-----------------
TOTAL RETURN (19.92)%
-----------------
-----------------
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (Thousands) $2,385
Ratio of Expenses to Average Net Assets (1) 1.00%**
Ratio of Net Investment Income to Average Net Assets (1) 5.21%**
Portfolio Turnover Rate 38%
Average Commission Rate:
Per Share $0.0061
As a Percentage of Trade Amount 0.43%
- --------------------------------------------------------------
(1) EFFECT OF VOLUNTARY EXPENSE LIMITATION DURING THE PERIOD:
Per share benefit to net investment income $0.25
RATIOS BEFORE EXPENSE LIMITATION:
Expenses to Average Net Assets 12.95%**
Net Investment Loss to Average Net Assets (6.66)%**
- ---------------------------------------------------------------------------
* Commencement of Operations
** Annualized
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE>
The Statement of Additional Information for the European Real Estate,
Asian Real Estate, U.S. Real Estate, Asian Equity, Japanese Equity, Emerging
Markets, Emerging Markets Debt, Latin American, Global Equity, International
Equity, International Small Cap, European Equity, U.S. Equity Plus,
International Magnum, Fixed Income, Municipal Bond, Mortgage-Backed
Securities, Money Market, Municipal Money Market, Equity Growth, Emerging
Growth, MicroCap, Aggressive Equity, Small Cap Value Equity, Value Equity,
Balanced, Global Fixed Income, High Yield, Active Country Allocation,
Technology, Gold and China Growth Portfolios, included as part of
Post-Effective Amendment No. 34 to the Registration Statement on Form N-1A of
Morgan Stanley Institutional Fund, Inc. (File No. 33-23166) filed with the
Securities and Exchange Commission on May 1, 1997, and in final form under
Rule 497(c) on September 26, 1997, is hereby incorporated by reference as if
set forth in full herein. Included herewith as part of such Statement of
Additional Information are the Fund's unaudited financial statements and
notes thereon for the period ended December 31, 1997 for the U.S. Equity
Plus, European Real Estate and Asian Real Estate Portfolios.
<PAGE>
SUPPLEMENT DATED JANUARY 30, 1998 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1997
AS SUPPLEMENTED THROUGH SEPTEMBER 26, 1997
PORTFOLIOS OF
MORGAN STANLEY INSTITUTIONAL FUND, INC. (THE "FUND")
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-----------------------
The Fund's Statement of Additional Information is hereby amended and
supplemented by the following financial statements for the U.S. Equity Plus,
European Real Estate and Asian Real Estate Portfolios for the period ended
December 31, 1997.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE>
MORGAN STANLEY
INSTITUTIONAL FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF NET ASSETS (UNAUDITED)
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
U.S. EQUITY PLUS PORTFOLIO
- --------------------------------------------------------------------------------
VALUE
SHARES (000)
- --------------------------------------------------------------------------------
COMMON STOCKS (97.4%)
CAPITAL GOODS-CONSTRUCTION (5.2%)
AEROSPACE & DEFENSE (1.8%)
1,200 Boeing Co. $ 59
1,100 EG&G Inc. 23
100 General Dynamics Corp. 9
1,100 Goodrich (BF) Co. 46
600 Lockheed Martin Corp. 59
500 Northrop Grumman Corp. 57
96 Raytheon Co., Class A 5
1,100 Raytheon Co., Class B 56
800 United Technologies Corp. 58
---------
372
---------
BUILDING & CONSTRUCTION (0.8%)
2,400 Armstrong World Industries, Inc. 179
---------
ELECTRICAL EQUIPMENT (0.0%)
100 Cooper Industries, Inc. 5
---------
MACHINERY (2.6%)
600 Briggs & Stratton Corp. 29
2,700 Caterpillar, Inc. 131
600 Cincinnati Milacron, Inc. 16
400 Cummins Engine Co., Inc. 23
2,500 Deere & Co. 146
4,200 Dresser Industries, Inc. 176
450 Parker-Hannifin Corp. 21
---------
542
---------
TOTAL CAPITAL GOODS-CONSTRUCTION 1,098
---------
CONSUMER-CYCLICAL (10.2%)
AUTOMOTIVE (2.2%)
2,600 Chrysler Corp. 91
200 Dana Corp. 10
4,300 Ford Motor Co. 209
1,500 General Motors Corp. 91
1,100 Goodyear Tire & Rubber Co. 70
66 Meritor Automotive, Inc. 1
---------
472
---------
FOOD SERVICE & LODGING (0.2%)
1,200 Hilton Hotels Corp. 36
---------
HOUSEHOLD FURNISHINGS & APPLIANCES (0.2%)
600 Maytag Corp. 22
400 Springs Industries, Inc., Class A 21
100 Tupperware Corp. 3
---------
46
---------
LEISURE RELATED (0.1%)
200 The Walt Disney Co. $ 20
---------
The accompanying notes are an integral part of the financial statements.
<PAGE>
PRINTING & PUBLISHING (1.2%)
800 American Greetings Corp., Class A 31
3,000 Gannett Co., Inc. 185
400 New York Times Co., Class A 26
---------
242
---------
RETAIL-GENERAL (6.3%)
2,000 American Stores Co. 41
4,100 Dayton Hudson Corp. 277
900 Gap, Inc. 32
700 Harcourt General, Inc. 38
1,500 Home Depot, Inc. 88
300 Longs Drug Stores, Inc. 10
1,500 May Department Stores, Co. 79
1,400 Mercantile Stores Co. 85
400 Pep Boys-Manny, Moe & Jack 10
800 Rite Aid Corp. 47
3,000 Sears Roebuck & Co. 136
2,800 SUPERVALU, Inc. 117
4,000 TJX Companies, Inc. 138
6,000 Wal-Mart Stores, Inc. 237
---------
1,335
---------
TOTAL CONSUME-CYCLICAL 2,151
---------
CONSUMER-STAPLES (21.9%)
BEVERAGES & TOBACCO (6.2%)
1,200 Brown-Forman Corp., Class B 66
7,200 Coca Cola Co. 480
700 Coors (Adolph), Inc., Class B 23
900 Fortune Brands, Inc. 33
3,000 Great Atlantic & Pacific Tea Co., Inc. 89
10,400 Philip Morris Cos., Inc. 471
3,800 UST, Inc. 140
---------
1,302
---------
FOOD (3.0%)
300 Campbell Soup Co. 17
800 ConAgra, Inc. 26
100 CPC International, Inc. 11
10,100 Sara Lee Corp. 569
---------
623
---------
HEALTH CARE SUPPLIES & SERVICE (10.4%)
100 Abbott Laboratories 7
3,900 American Home Products Corp. 298
1,200 Baxter International, Inc. 61
2,700 Becton Dickinson & Co. 135
1,400 Biomet, Inc. 36
4,500 Bristol-Myers Squibb Co. 426
5,300 Columbia/HCA Healthcare Corp. 157
2,000 Eli Lilly & Co. 139
4,400 Johnson & Johnson 290
1,200 Mallinckrodt, Inc. 46
700 Manor Care, Inc. 25
200 Medtronic, Inc. 10
3,600 Merck & Co., Inc. 383
2,100 Pfizer, Inc. 157
300 Shared Medical Systems Corp. 20
---------
$ 2,190
---------
PERSONAL CARE PRODUCTS (2.3%)
400 Avon Products, Inc. 25
600 Bausch & Lomb, Inc. 24
The accompanying notes are an integral part of the financial statements.
<PAGE>
100 International Flavors & Fragrances, Inc. 5
5,200 Procter & Gamble Co. 415
---------
469
---------
TEXTILES & APPAREL (0.0%)
300 Russell Corp. 8
---------
TOTAL CONSUME-STAPLES 4,592
---------
DIVERSIFIED (2.9%)
400 Eaton Corp. 36
1,300 ITT Industries, Inc. 41
100 Johnson Controls, Inc. 5
1,500 Loews Corp. 159
1,300 National Service Industries, Inc. 64
2,200 Raychem, Corp. 95
1,600 Unilever NV 100
3,800 Whitman Corp. 99
---------
TOTAL DIVERSIFIED 599
---------
ENERGY (11.3%)
COAL, OIL & GAS (6.8%)
4,200 Amoco Corp. 358
800 Burlington Resources, Inc. 36
4,200 Chevron Corp. 323
600 Coastal Corp. 37
3,000 Mobil Corp. 217
100 Occidental Petroleum Corp. 3
300 Oneok, Inc. 12
5,900 Phillips Petroleum Co. 287
1,200 Sun Co., Inc. 50
3,400 USX-Marathon Group 115
---------
1,438
---------
UTILITIES (4.5%)
1,500 Central & South West Corp. 41
3,700 Eastern Enterprises 167
6,000 Entergy Corp. 180
1,500 NICOR, Inc. 63
1,600 PECO Energy Co. 39
900 Public Service Enterprise Group, Inc. 28
5,800 Southern Co. 150
2,100 Texas Utilities Co. 87
5,900 Unicom Corp. 181
---------
936
---------
TOTAL ENERGY 2,374
---------
FINANCE (16.0%)
BANKING (8.3%)
200 Banc One Corp. 11
1,500 Bank of New York Co., Inc. 87
3,000 BankAmerica Corp. 219
900 BankBoston Corp. 85
100 Barnett Banks, Inc. 7
3,600 Chase Manhattan Corp. 394
1,900 Citicorp 240
1,400 Comerica, Inc. $ 126
3,300 First Union Corp. 169
2,200 KeyCorp 156
1,300 National City Corp. 85
2,100 NationsBank Corp. 128
800 Norwest Corp. 31
---------
1,738
---------
The accompanying notes are an integral part of the financial statements.
<PAGE>
FINANCIAL SERVICES (2.5%)
1,600 American Express Co. 143
900 Federal Home Loan Mortgage Corp. 38
2,900 Federal National Mortgage Association 165
1,600 Hartford Financial Service Group, Inc. 149
600 Merrill Lynch & Co. 44
---------
539
---------
INSURANCE (5.2%)
2,100 Allstate Corp. 191
3,100 American International Group, Inc. 337
600 Chubb Corp. 45
1,500 Lincoln National Corp. 117
1,600 MBIA, Inc. 107
5,359 Travelers Group, Inc. 289
---------
1,086
---------
TOTAL FINANCE 3,363
---------
MATERIALS (5.1%)
CHEMICALS (3.2%)
1,000 Air Products & Chemicals, Inc. 82
700 Dow Chemical Co. 71
3,400 E.I. Du Pont De Nemours & Co. 204
2,700 Engelhard Corp. 47
900 Hercules, Inc. 45
300 Millipore, Corp. 10
1,700 Monsanto Co. 71
200 Perkin-Elmer Corp. 14
500 Rohm & Haas Co. 48
340 Solutia, Inc. 9
1,600 Union Carbide Corp. 69
---------
670
---------
METALS (1.9%)
2,000 Phelps Dodge Corp. 124
8,500 USX - U.S. Steel Group, Inc. 266
---------
390
---------
PACKAGING & CONTAINERS (0.0%)
200 Tyco International Ltd. 9
---------
TOTAL MATERIALS 1,069
---------
SERVICES (2.4%)
BUSINESS SERVICES (1.3%)
600 Automatic Data Processing, Inc. 37
1,000 Deluxe Corp. 34
800 Eastman Kodak Co. 49
(a)500 Federal Express Corp. 31
200 John H. Harland Co. 4
4,700 Jostens, Inc. 108
400 Safety-Kleen Corp. 11
---------
274
---------
PROFESSIONAL SERVICES (0.1%)
500 Service Corp. International $ 18
---------
TRANSPORTATION (1.0%)
600 Burlington Northern Santa Fe Corp. 56
1,500 CSX Corp. 81
500 Delta Air Lines, Inc. 60
150 Southwest Airlines, Co. 4
300 Union Pacific Corp. 19
---------
220
---------
The accompanying notes are an integral part of the financial statements.
<PAGE>
TOTAL SERVICES 512
---------
TECHNOLOGY (22.4%)
COMPUTERS (9.1%)
100 Adobe Systems, Inc. 4
(a)4,350 Cisco Systems, Inc. 242
3,200 Compaq Computer Corp. 181
3,150 Computer Associates International, Inc. 167
(a)300 Dell Computer Corp. 25
(a)2,400 EMC Corp. 66
4,500 Intel Corp. 316
3,400 International Business Machines Corp. 356
(a)3,600 Microsoft Corp. 465
(a)900 Oracle System, Corp. 20
(a)2,000 Sun Microsystems, Inc. 80
---------
1,922
---------
ELECTRONICS (4.6%)
100 AMP, Inc. 4
(a)400 Applied Materials, Inc. 12
10,900 General Electric Co. 800
(a)400 Micron Technology, Inc. 10
400 Motorola, Inc. 23
200 Rockwell International Corp. 10
900 Scientific-Atlanta, Inc. 15
1,350 Tektronix, Inc. 53
200 Texas Instruments, Inc. 9
500 Textron, Inc. 31
---------
967
---------
OFFICE EQUIPMENT (1.1%)
2,700 Hewlett Packard Co. 169
900 Xerox Corp. 66
---------
235
---------
TELECOMMUNICATIONS (7.6%)
(a)1,600 3Com Corp. 56
2,400 Alltel Corp. 99
200 Ameritech Corp. 16
5,300 AT&T Corp. 325
3,900 Bell Atlantic Corp. 355
600 Bellsouth Corp. 34
5,000 GTE Corp. 261
3,200 Harris Corp. 147
700 Lucent Technologies, Inc. 56
100 MCI Communications Corp. 4
600 SBC Communications, Inc. 44
1,800 Sprint Corp. 105
1,600 U.S. West Communications Group 72
(a)400 WorldCom, Inc. 12
---------
1,586
---------
TOTAL TECHNOLOGY $ 4,710
---------
TOTAL COMMON STOCKS (Cost $19,869) 20,468
---------
TOTAL INVESTMENTS (97.4%) (Cost $19,869) 20,468
---------
OTHER ASSETS (2.7%)
Cash $ 81
Receivable for Portfolio Shares Sold 380
Due from Advisor 74
Dividends Receivable 36
Prepaid Legal Fees 6 577
----------
LIABILITIES (-0.1%)
The accompanying notes are an integral part of the financial statements.
<PAGE>
Administrative Fees Payable (3)
Custodian Fees Payable (1)
Directors' Fees & Expenses Payable (1)
Other Liabilities (24) (29)
---------- -----------
NET ASSETS (100%) $ 21,016
-----------
-----------
NET ASSETS CONSIST OF:
Paid in Capital $ 20,403
Undistributed Net Investment Income 2
Accumulated Net Realized Gain 12
Unrealized Appreciation on Investments 599
-----------
NET ASSETS $ 21,016
-----------
-----------
CLASS A
NET ASSETS $ 20,914
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
Applicable to 2,029,088 outstanding $0.001 par value
shares (authorized 500,000,000 shares) $ 10.31
-----------
-----------
- --------------------------------------------------------------------------------
CLASS B
NET ASSETS $ 102
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
Applicable to 9,893 outstanding $0.001 par value
shares (authorized 500,000,000 shares) $ 10.31
-----------
-----------
- --------------------------------------------------------------------------------
(a) - Non-income producing security
The accompanying notes are an integral part of the financial statements.
<PAGE>
MORGAN STANLEY
INSTITUTIONAL FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF NET ASSETS (UNAUDITED)
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
EUROPEAN REAL ESTATE PORTFOLIO
- --------------------------------------------------------------------------------
VALUE
SHARES (000)
- ---------------------------------------------------------------------------
COMMON STOCKS (94.9%)
BELGIUM (4.9%)
3,850 Befimmo S.C.A. $ 247
(a)8,450 Befimmo S.C.A. (New) 541
----------
788
----------
DENMARK (5.6%)
19,900 EjendomsSelskabet Norden A/S 900
----------
FRANCE (19.8%)
1,600 Bail Investissement 212
4,152 Klepierre 522
2,474 Locindus 305
6,000 Sefimeg 299
8,300 Sophia 315
4,200 Silic 565
7,550 Unibail 754
5,224 Union Pour le
Financement d'Immeubles de Societes 183
----------
3,155
----------
NETHERLANDS (6.8%)
35,000 Schroders International Property
Fund N.V. 599
33,700 UNI-INVEST N.V. 479
----------
1,078
----------
NORWAY (9.0%)
86,700 Avantor ASA 857
(a)42,417 Steen & Strom ASA 574
----------
1,431
----------
SPAIN (1.0%)
17,100 Inmobiliaria Urbis 162
----------
SWEDEN (11.9%)
(a)86,400 Castellum AB 859
260,300 Platzer Bygg AB, Class B 387
32,800 PriFast AB 306
76,300 Storheden AB 341
----------
1,893
----------
UNITED KINGDOM (35.9%)
29,700 British Land Co. plc 332
112,800 Brixton Estate plc 393
337,000 Buford Holdings plc 554
55,500 Capital Shopping Centers plc 374
227,400 Freeport Leisure plc 848
168,500 Great Portland Estates plc 668
25,000 Hammerson plc 193
241,000 Jarvis Hotels plc 594
30,500 Land Securities plc $ 486
113,400 MEPC plc 947
299,200 St. Modwen Properties plc 352
The accompanying notes are an integral part of the financial statements.
<PAGE>
----------
5,548
----------
TOTAL FOREIGN SECURITIES (94.9%) (Cost $15,771) 15,148
----------
FOREIGN CURRENCY (1.3%)
BEF 477 Belgian Franc 13
GBP 2 British Pound 3
FRF 1 French Franc --
NOK 1,417 Norwegian Krone 192
SEK 1 Swedish Krona --
----------
TOTAL FOREIGN CURRENCY (Cost $212) 208
----------
TOTAL INVESTMENTS (96.2%) (Cost $15,983) 15,356
----------
OTHER ASSETS (7.7%)
Cash
Receivable for Investments Sold $ 1,132
Receivable for Investment Advisory Fees 49
Dividends Receivable 46
Unrealized Gain on Foreign Currency
Exchange Contracts 4
Foreign Withholding Tax Reclaim Receivable 3 1,234
----------
LIABILITIES (-3.9%)
Payable for Investments Purchased (310)
Bank Overdraft (153)
Payable for Portfolio Shares Redeemed (107)
Custodian Fees Payable (9)
Administrative Fees Payable (3)
Other Liabilities (42) (624)
----------- ----------
NET ASSETS (100%) $ 15,966
----------
----------
NET ASSETS CONSIST OF:
Paid in Capital $ 16,964
Undistributed Net Investment Income 69
Accumulated Net Realized Loss (435)
Unrealized Depreciation on Investments and Foreign
Currency Translations (632)
----------
NET ASSETS $ 15,966
----------
----------
CLASS A:
NET ASSETS $ 15,177
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE
Applicable to 1,594,897 outstanding $0.001 par value
shares (authorized 500,000,000 shares) $9.52
----------
----------
- --------------------------------------------------------------------------------
CLASS B:
NET ASSETS
NET ASSET VALUE, OFFERING AND REDEMPTION $ 789
PRICE PER SHARE
Applicable to 82,947 outstanding $0.001 par value
shares (authorized 500,000,000 shares) $9.52
----------
----------
- --------------------------------------------------------------------------------
FOREIGN CURRENCY EXCHANGE CONTRACT INFORMATION:
Under the terms of foreign currency exchange contracts open at
The accompanying notes are an integral part of the financial statements.
<PAGE>
December 31, 1997, the Portfolio is obligated to deliver
foreign currency in exchange for U.S. dollars as indicated below:
<TABLE>
<CAPTION>
Net
Currency In Exchange Unrealized
To Deliver Value Settlement for Value Gain (Loss)
(000) (000) Date (000) (000) (000)
- ----------- ----- ---------- ---------- ------ -----------
<S> <C> <C> <C> <C> <C>
SEK 1,788 $ 225 1/02/98 U.S.$ 226 $ 226 $ 1
SEK 826 104 1/05/98 U.S.$ 104 104 --
GBP 218 358 1/05/98 U.S.$ 361 361 3
----- ------ -----------
687 691 4
----- ------ -----------
----- ------ -----------
</TABLE>
(a) - Non-income producing securities.
- --------------------------------------------------------------------------------
SUMMARY OF FOREIGN SECURITIES BY INDUSTRY CLASSIFICATIONS
(UNAUDITED)
VALUE PERCENT OF
Industry (000) NET ASSETS
- --------------------------------------------------------------------------------
Apartment $ 640 4.0%
Diversified 4,280 26.8
Land 1,692 10.6
Lodging/Leisure 594 3.7
Office & Industrial 3,856 24.2
Shopping Centers 4,086 25.6
------- -------
Net Assets $15,148 96.2%
------- -------
------- -------
The accompanying notes are an integral part of the financial statements.
<PAGE>
Morgan Stanley
Institutional Fund, Inc.
- --------------------------------------------------------------------------------
STATEMENT OF NET ASSETS (UNAUDITED)
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
ASIAN REAL ESTATE PORTFOLIO
- --------------------------------------------------------------------------------
VALUE
SHARES (000)
- --------------------------------------------------------------------------------
COMMON STOCKS (96.6%)
AUSTRALIA (14.2%)
39,000 Austrailian Growth Properties Ltd. $ 23
(a)23,000 Australand Holdings Ltd. 22
58,000 BT Office Trust 58
(a)14,000 BT Sydney Development Trust 21
42,000 Capital Property Trust 63
37,000 Grand Hotel Group 47
13,000 Westfield Trust 25
69,000 Westpac Property Trust 80
--------------
339
--------------
HONG KONG (52.6%)
34,000 Cheung Kong Holdings Ltd. 223
319,000 China Overseas Land & Investment 98
200,000 China Resources Beijing Land 95
156,600 HKR International Ltd. 115
27,000 Henderson Land Development Co., Ltd. 127
30,000 Hysan Development Co., Ltd. 60
180,000 Lai Sun Development Co., Ltd. 59
49,000 New World Development Co., Ltd. 169
29,000 Sun Hung Kai Properties Ltd. 202
57,000 Wheelock & Co., Ltd. 67
(a)480,000 Winsan (China) Investment Group Co., Ltd. 38
--------------
1,253
--------------
JAPAN (8.9%)
10,000 Mitsubishi Estate Co., Ltd. 109
9,000 Mitsui Fudosan Co., Ltd. 87
3,000 Sumitomo Realty & Development Co., Ltd. 17
--------------
213
--------------
NEW ZEALAND (0.8%)
(a)34,000 AMP NZ Office Trust 20
--------------
PHILIPPINES (2.1%)
(a)123,000 Ayala Land, Inc., Class B 49
--------------
SINGAPORE (18.0%)
26,000 City Developments Ltd. 121
27,000 DBS Land Ltd. 41
49,000 Keppel Land Ltd. 68
60,000 Marco Polo Developments Ltd. 91
93,000 Wing Tai Holdings Ltd. 109
--------------
430
--------------
TOTAL COMMON STOCKS (Cost $2,716) 2,304
--------------
The accompanying notes are an integral part of the financial statements.
<PAGE>
FACE
AMOUNT
(000)
- ------------------
CONVERTABLE BONDS (0.8%)
NEW ZEALAND (0.8%)
NZD 34 AMP NZ Office Trust 7.50%, 1/01/01 $ 20
----------
TOTAL CONVERTABLE BONDS (Cost $20) 20
----------
TOTAL FOREIGN SECURITIES (97.4%) (Cost $2,736) 2,324
----------
FOREIGN CURRENCY (5.0%)
JPY 13,459 Japanese Yen 103
TWD 516 Taiwan Dollar 16
----------
TOTAL FOREIGN CURRENCY (Cost $121) 119
----------
TOTAL INVESTMENTS (102.4%) (Cost $2,857) 2,443
----------
OTHER ASSETS (4.7%)
Receivable for Investment Advisory Fees $ 71
Unrealized Gain on Foreign Currency Exchange
Contracts 22
Dividends Receivable 18 111
---------- ----------
LIABILITIES (-7.1%)
Payable for Investments Purchased 103
Bank Overdraft 11
Custodian Fees Payable 8
Administrative Fees Payable 1
Other Liabilities 46 (169)
---------- ----------
NET ASSETS (100%) $ 2,385
----------
----------
NET ASSETS CONSIST OF:
Paid in Capital $ 3,005
Undistributed Net Investment Income 13
Accumulated Net Realized Loss (244)
Depreciation on Investments and Foreign Currency Translations (389)
----------
NET ASSETS $ 2,385
----------
----------
CLASS A:
NET ASSETS $ 2,385
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE
Applicable to 300,517 outstanding $0.001 par value
shares (authorized 500,000,000 shares) $ 7.94
----------
----------
The accompanying notes are an integral part of the financial statements.
<PAGE>
FOREIGN CURRENCY EXCHANGE CONTRACT INFORMATION:
Under the terms of foreign currency exchange contracts open at
December 31, 1997, the Portfolio is obligated to deliver
foreign currency in exchange for U.S. dollars as indicated below:
<TABLE>
<CAPTION>
IN NET
CURRENCY EXCHANGE UNREALIZED
TO DELIVER VALUE SETTLEMENT FOR VALUE GAIN (LOSS)
(000) (000) DATE (000) (000) (000)
----------------- ----------------- ---------- ------------------ ------------------ -----------------
<S> <C> <C> <C> <C> <C>
SGD 729 $ 429 6/04/98 U.S.$ 450 $ 450 $ 21
SGD 731 429 6/29/98 U.S.$ 430 430 1
----------------- ----------------- -----------------
$ 858 $ 880 $ 22
----------------- ----------------- -----------------
----------------- ----------------- -----------------
</TABLE>
(a)- Non-income producing security
NZD New Zealand Dollar
SGD Singapore Dollar
- --------------------------------------------------------------------------------
SUMMARY OF FOREIGN SECURITIES BY INDUSTRY CLASSIFICATION
(UNAUDITED)
PERCENT OF
VALUE NET
SECTOR DIVERSIFICATION (000) ASSETS
- ---------------------- --------------- ---------------
Apartments $ 113 4.7%
Diversified 1,380 57.9
Land 296 12.4
Lodging/Leisure 137 5.7
Office and Industrial 373 15.6
Shopping Center 25 1.1
--------------- ---------------
$ 2,324 97.4%
--------------- ---------------
--------------- ---------------
The accompanying notes are an integral part of the financial statements.
<PAGE>
MORGAN STANLEY
INSTITUTIONAL FUND, INC.
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE YEAR ENDED DECEMBER 31, 1997
- --------------------------------------------------------------------------------
U.S. EQUITY EUROPEAN ASIAN
PLUS REAL ESTATE REAL ESTATE
PORTFOLIO* PORTFOLIO** PORTFOLIO**
(000) (000) (000)
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends $ 169 $ 72 $ 35
Interest 8 58 7
Less: Foreign Taxes Withheld - (9) (2)
---------- --------- ---------
Total Income 177 121 40
---------- --------- ---------
EXPENSES:
Investment Advisory Fees:
Basic Fees - Adviser 37 31 5
Less: Fees Waived (37) (31) (5)
---------- --------- ---------
Investment Advisory Fees - Net - - -
Administrative Fees 15 7 2
Custodian Fees 4 13 12
Filing and Registration Fees 52 26 22
Directors' Fees and Expenses 1 - -
Professional Fees 34 40 40
Shareholder Reports 49 2 1
Prepaid Legal Expense 4 - -
Other Expenses 1 1 1
Exenses Reimbursed by Adviser (93) (49) (71)
---------- --------- ---------
Total Expenses 67 40 7
---------- --------- ---------
NET INVESTMENT INCOME 110 81 33
---------- --------- ---------
NET REALIZED GAIN (LOSS):
Investments Sold 66 (375) (211)
Foreign Currency Transactions - (60) (33)
---------- --------- ---------
Total Net Realized Gain (Loss) 66 (435) (244)
---------- --------- ---------
CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION)
Investments 599 (623) (412)
Foreign Currency Transactions - (9) 23
---------- --------- ---------
Total Net Change in
Unrealized Appreciation
(Depreciation) 599 (632) (389)
---------- --------- ---------
TOTAL NET REALIZED GAIN (LOSS) AND
CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) 665 (1,067) (633)
---------- --------- ---------
Net Increase (Decrease) in Net
Assets Resulting from
Operations $ 775 $ (986) $ (600)
---------- --------- ---------
---------- --------- ---------
- --------------------
* The Equity Plus Portfolio commenced operations on August 1, 1997.
<PAGE>
** The Asian Real Estate and European Real Estate Portfolios commenced
operations on October 1, 1997.
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
Morgan Stanley
Institutional Fund, Inc.
- ----------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
- ----------------------------------------------------------------------------------------------------
U.S. EQUITY EUROPEAN ASIAN
PLUS REAL ESTATE REAL ESTATE
PORTFOLIO PORTFOLIO PORTFOLIO
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
PERIOD FROM PERIOD FROM PERIOD FROM
AUGUST 1, OCTOBER 1, OCTOBER 1,
1997* TO 1997* TO 1997* TO
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1997 1997 1997
(000) (000) (000)
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net Investment Income $ 110 $ 81 $ 33
Net Realized Gain (Loss) 66 (435) (244)
Change in Unrealized Appreciation (Depreciation) 599 (632) (389)
- ----------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations 775 (986) (600)
- ----------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
CLASS A:
Net Investment Income (107) (12) (20)
Net Realized Gain (54) -- --
CLASS B:
Net Investment Income (1) -- --
- ----------------------------------------------------------------------------------------------------
Total Distributions (162) (12) (20)
- ----------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS: (1)
CLASS A:
Subscribed 20,231 25,148 3,005
Distributions Reinvested 71 11 --
Redeemed -- (9,021) --
CLASS B:
Subscribed 100 826 --
Distributions Reinvested 1 -- --
- ----------------------------------------------------------------------------------------------------
Net Increase in Capital Share Transactions 20,403 16,964 3,005
- ----------------------------------------------------------------------------------------------------
Total Increase in Net Assets 21,016 15,966 2,385
NET ASSETS:
Beginning of Period $ -- $ -- $ --
- ----------------------------------------------------------------------------------------------------
End of Period $21,016 $15,966 $ 2,385
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
Undistributed net investment income
included in end of period net assets $2 $69 $13
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
(1)CAPITAL SHARE TRANSACTIONS:
CLASS A:
Shares Subscribed 2,022 2,513 301
Shares Issued on Distributions Reinvested 7 1 --
Shares Redeemed -- (919) --
- ----------------------------------------------------------------------------------------------------
Net Increase in Class A Shares Outstanding 2,029 1,595 301
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
CLASS B:
Shares Subscribed 10 83 --
Net Increase in Class B Shares Outstanding 10 83 --
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of Operations
The accompanying notes are an integral part of the financial statements.
<PAGE>
Morgan Stanley
Institutional Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (UNAUDITED)
SELECTED PER SHARE DATA AND RATIOS :
- --------------------------------------------------------------------------------
U.S. EQUITY PLUS PORTFOLIO
- --------------------------------------------------------------------------------
CLASS A
--------------
PERIOD FROM
AUGUST 1,
1997* TO
DECEMBER 31,
1997 ++
--------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.00
--------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (1) 0.06
Net Realized and Unrealized Gain on Investments 0.33
--------------
Total from Investment Operations 0.39
--------------
DISTRIBUTIONS
Net Investment Income (0.05)
Net Realized Gain (0.03)
--------------
Total Distributions (0.08)
--------------
NET ASSET VALUE, END OF PERIOD $10.31
--------------
--------------
TOTAL RETURN 3.94 %
--------------
--------------
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (Thousands) $20,914
Ratio of Expenses to Average Net Assets (1) 0.80 %**
Ratio of Net Investment Income to Average Net Assets (1) 1.32 %**
Portfolio Turnover Rate 15 %
Average Commission Rate Per Share $0.0300
- --------------------------------------------------------------
(1) Effect of voluntary expense limitation during the period:
Per share benefit to net investment income $0.07
Ratios before expense limitation:
Expenses to Average Net Assets 2.37 %**
Net Investment Loss to Average Net Assets (0.25) %**
- --------------------------------------------------------------
CLASS B
--------------
PERIOD FROM
AUGUST 1,
1997* TO
DECEMBER 31,
1997 ++
--------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.00
--------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (2) 0.02
Net Realized and Unrealized Gain on Investments 0.37
--------------
Total from Investment Operations 0.39
--------------
DISTRIBUTIONS
Net Investment Income (0.05)
Net Realized Gain (0.03)
--------------
Total Distributions (0.08)
--------------
NET ASSET VALUE, END OF PERIOD $10.31
--------------
--------------
TOTAL RETURN 3.93 %
--------------
--------------
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (Thousands) $102
Ratio of Expenses to Average Net Assets (2) 1.05 %**
Ratio of Net Investment Income to Average Net Assets (2) 0.48 %**
Portfolio Turnover Rate 15 %
Average Commission Rate Per Share $0.0300
- ---------------------------------
(2) Effect of voluntary expense limitation during the period:
Per share benefit to net investment income $0.03
Ratios before expense limitation:
Expenses to Average Net Assets 1.85 %**
Net Investment Loss to Average Net Assets (0.32) %**
- --------------------------------------------------------------------------------
* Commencement of Operations
** Annualized
++ Per share amounts for the period ended December 31,1997 are based on
average outstanding shares.
The accompanying notes are an integral part of the financial statements.
<PAGE>
Morgan Stanley
Institutional Fund, Inc.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (UNAUDITED)
SELECTED PER SHARE DATA AND RATIOS :
- --------------------------------------------------------------------------------
EUROPEAN REAL ESTATE PORTFOLIO
- --------------------------------------------------------------------------------
CLASS A
----------------
PERIOD FROM
OCTOBER 1,
1997* TO
DECEMBER 31,
1997
----------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.00
----------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (1) 0.05
Net Realized and Unrealized Loss on Investments (0.52)
----------------
Total from Investment Operations (0.47)
----------------
DISTRIBUTIONS
Net Investment Income (0.01)
----------------
Total Distributions (0.01)
----------------
NET ASSET VALUE, END OF PERIOD $9.52
----------------
----------------
TOTAL RETURN (4.72) %
----------------
----------------
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (Thousands) $15,177
Ratio of Expenses to Average Net Assets (1) 1.00 %**
Ratio of Net Investment Income to Average Net Assets (1) 2.08 %**
Portfolio Turnover Rate 47 %
Average Commission Rate:
Per Share $0.0155
As a percentage of Trade Amount 0.23 %
- -------------------------------------------------------------
(1) Effect of voluntary expense limitation during the period:
Per share benefit to net investment income $0.05
Ratios before expense limitation:
Expenses to Average Net Assets 3.04 %**
Net Investment Income to Average Net Assets 0.04 %**
- --------------------------------------------------------------------------------
CLASS B
----------------
PERIOD FROM
OCTOBER 1,
1997* TO
DECEMBER 31,
1997
----------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.00
----------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (2) 0.02
Net Realized and Unrealized Loss on Investments (0.50)
----------------
Total from Investment Operations (0.48)
----------------
NET ASSET VALUE, END OF PERIOD $9.52
----------------
----------------
TOTAL RETURN (4.76) %
----------------
----------------
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (Thousands) $789
Ratio of Expenses to Average Net Assets (2) 1.25 %**
Ratio of Net Investment Income to Average Net Assets (2) 1.51 %**
Portfolio Turnover Rate 47 %
Average Commission Rate:
Per Share $0.0155
As a percentage of Trade Amount 0.23 %
- --------------------------------------------------------------
(2) Effect of voluntary expense limitation during the period:
Per share benefit to net investment income $0.03
Ratios before expense limitation:
Expenses to Average Net Assets 3.40 %**
Net Investment Loss to Average Net Assets (0.63) %**
- --------------------------------------------------------------------------------
* Commencement of Operations
** Annualized
The accompanying notes are an integral part of the financial statements.
<PAGE>
Morgan Stanley
Institutional Fund, Inc.
- -----------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (UNAUDITED)
SELECTED PER SHARE DATA AND RATIOS :
- -----------------------------------------------------------------------------
ASIAN REAL ESTATE PORTFOLIO
- -----------------------------------------------------------------------------
CLASS A
------------
PERIOD FROM
OCTOBER 1,
1997* TO
DECEMBER 31,
1997
------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.00
------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (1) 0.11
Net Realized and Unrealized Loss on Investments (2.10)
-----------
Total from Investment Operations (1.99)
-----------
DISTRIBUTIONS
Net Investment Income (0.07)
-----------
Total Distributions (0.07)
-----------
NET ASSET VALUE, END OF PERIOD $7.94
-----------
-----------
TOTAL RETURN (19.92)%
-----------
-----------
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (Thousands) $ 2,385
Ratio of Expenses to Average Net Assets (1) 1.00%**
Ratio of Net Investment Income to Average Net Assets (1) 5.21%**
Portfolio Turnover Rate 38%
Average Commission Rate:
Per Share $ 0.0061
As a Percentage of Trade Amount 0.43%
- -------------------------------------------------------------
(1) Effect of voluntary expense limitation during the period:
Per share benefit to net investment income $0.25
Ratios before expense limitation:
Expenses to Average Net Assets 12.95%**
Net Investment Loss to Average Net Assets (6.66)%**
- ----------------------------------------------------------------------------
* Commencement of Operations
** Annualized
<PAGE>
Morgan Stanley
Institutional Fund, Inc.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 (UNAUDITED)
Morgan Stanley Institutional Fund, Inc. (the "Fund") is registered under the
Investment Company Act of 1940, as amended, as an open-end management investment
company. As of December 31, 1997, the Fund was comprised of 29 separate active,
diversified and non-diversified portfolios (individually referred to as a
"Portfolio", collectively as the "Portfolios"). Each Portfolio (with the
exception of the International Small Cap, Money Market and Municipal Money
Market Portfolios) offers two classes of shares - Class A and Class B. Both
classes of shares have identical voting rights (except shareholders of a Class
have exclusive voting rights regarding any matter relating solely to that Class
of shares), dividend, liquidation and other rights. The U.S. Equity Plus
Portfolio commenced operations on July 31, 1997 and the Asian Real Estate and
European Real Estate Portfolios commenced operations on October 1, 1997. The
financial statements presented here are for the Asian Real Estate, European Real
Estate and U.S. Equity Plus Portfolios only.
A. ACCOUNTING POLICIES: The following significant accounting policies are in
conformity with generally accepted accounting principles for investment
companies. Such policies are consistently followed by the Fund in the
preparation of the financial statements. Generally accepted accounting
principles may require management to make estimates and assumptions that affect
the reported amounts and disclosures in the financial statements. Actual
results may differ from those estimates.
1. SECURITY VALUATION: Equity securities listed on a U.S. exchange and equity
securities traded on NASDAQ are valued at the latest quoted sales price on the
valuation date. Securities listed on a foreign exchange are valued at their
closing price. Unlisted securities and listed securities not traded on the
valuation date for which market quotations are readily available are valued at
the average of the mean between the current bid and asked prices obtained from
reputable brokers. Bonds and other fixed income securities may be valued
according to the broadest and most representative market. In addition, bonds
and other fixed income securities may be valued on the basis of prices provided
by a pricing service which are based primarily on institutional size trading in
similar groups of securities. Debt securities purchased with remaining
maturities of 60 days or less are valued at amortized cost, if it approximates
market value. All other securities and assets for which market values are not
readily available, including restricted securities, are valued at fair value as
determined in good faith by the Board of Directors, although the actual
calculations may be done by others.
2. INCOME TAXES: It is each Portfolio's intention to qualify as a regulated
investment company and distribute all of its taxable and tax-exempt income.
Accordingly, no provision for Federal income taxes is required in the financial
statements.
A Portfolio may be subject to taxes imposed by countries in which it invests.
Such taxes are generally based on income and/or capital gains earned or
repatriated. Taxes are accrued and applied to net investment income, net
realized gains and net unrealized appreciation as income and/or capital gains
are earned.
3. FOREIGN CURRENCY TRANSLATION AND FOREIGN INVESTMENTS: The books and records
of the Fund are maintained in U.S. dollars. Foreign currency amounts are
translated into U.S. dollars at the mean of the bid and asked prices of such
currencies against U.S. dollars last quoted by a major bank as follows:
- - investments, other assets and liabilities at the
prevailing rates of exchange on the valuation
date;
- - investment transactions and investment income
at the prevailing rates of exchange on the dates
of such transactions.
Although the net assets of the Fund are presented at the foreign exchange rates
and market values at the close of the period, the Fund does not isolate that
portion of the results of operations arising as a result of changes in the
foreign exchange rates from the fluctuations arising from changes in the market
prices of the securities held at period end. Similarly, the Fund does not
isolate the effect of changes in foreign exchange rates from the fluctuations
arising from changes in the market prices of securities sold during the period.
Accordingly, realized and unrealized foreign currency gains (losses) are
included in the reported net realized and unrealized gains (losses) on
investment transactions and balances. However, pursuant to U.S. Federal income
tax regulations, gains and losses from certain foreign currency transactions and
the foreign currency portion of gains and losses realized on sales and
maturities of foreign denominated debt securities are treated as ordinary income
for U.S. Federal income tax purposes.
Net realized gains (losses) on foreign currency transactions represent net
foreign exchange gains (losses) from foreign currency exchange contracts,
disposition of foreign currencies, currency gains or losses realized between the
trade and settlement dates on securities transactions, and the difference
between the amount of investment income and foreign withholding taxes recorded
on the Fund's books and the U.S. dollar equivalent amounts actually received or
paid. Net unrealized currency gains (losses) from valuing foreign currency
denominated assets and liabilities at period end exchange rates are reflected as
a component of unrealized appreciation (depreciation) on the Statement of Net
Assets. The change in net unrealized currency gains (losses) for the period is
reflected on the Statement of Operations.
Foreign security and currency transactions may involve certain considerations
and risks not typically associated with those of U.S. dollar denominated
transactions as a
<PAGE>
result of, among other factors, the possibility of lower levels of
governmental supervision and regulation of foreign securities markets and the
possibility of political or economic instability.
Prior governmental approval for foreign investments may be required under
certain circumstances in some countries, and the extent of foreign investments
in domestic companies may be subject to limitation in other countries. Foreign
ownership limitations also may be imposed by the charters of individual
companies to prevent, among other concerns, violation of foreign investment
limitations. As a result, an additional class of shares (identified as
"Foreign" in the Statement of Net Assets) may be created and offered for
investment. The "local" and "foreign" shares' market values may differ. In the
absence of trading of the foreign shares in such markets at December 31, 1997,
the Portfolios value the foreign shares at the closing exchange price of the
local shares. Such securities are reflected as fair valued in the Statements of
Net Assets.
4. FOREIGN CURRENCY EXCHANGE CONTRACTS: Certain Portfolios may enter into
foreign currency exchange contracts to attempt to protect securities and related
receivables and payables against changes in future foreign currency exchange
rates. A foreign currency exchange contract is an agreement between two parties
to buy or sell currency at a set price on a future date. The market value of
the contract will fluctuate with changes in currency exchange rates. The
contract is marked-to-market daily and the change in market value is recorded by
the Portfolios as unrealized gain or loss. The Portfolios record realized gains
or losses when the contract is closed equal to the difference between the value
of the contract at the time it was opened and the value at the time it was
closed. Risk may arise upon entering into these contracts from the potential
inability of counterparties to meet the terms of their contracts and is
generally limited to the amount of the unrealized gain on the contracts, if any,
at the date of default. Risks may also arise from unanticipated movements in
the value of a foreign currency relative to the U.S. dollar.
5. OTHER: Security transactions are accounted for on the date the securities
are purchased or sold. Realized gains and losses on the sale of investment
securities are determined on the identified cost basis. Dividend income is
recorded on the ex-dividend date (except for certain foreign dividends which may
be recorded as soon as the Fund is informed of such dividends) net of applicable
withholding taxes where recovery of such taxes is not reasonably assured.
Interest income is recognized on the accrual basis except where collection is in
doubt. Discounts and premiums on securities purchased are amortized according
to the effective yield method over their respective lives. Most expenses of the
Fund can be directly attributed to a particular Portfolio. Expenses which
cannot be directly attributed are apportioned among the Portfolios based upon
relative net assets. Income, expenses (other than class specific expenses) and
realized and unrealized gains or losses are allocated to each class of shares
based upon their relative net assets. Distributions for the remaining
Portfolios are recorded on the ex-distribution date.
The amount and character of income and capital gain distributions to be paid by
the Fund are determined in accordance with Federal income tax regulations which
may differ from generally accepted accounting principles. These differences are
primarily due to differing book and tax treatments for the character and timing
of the recognition of gains or losses on securities and forward foreign currency
exchange contracts, and the timing of the deductibility of certain foreign
taxes.
Permanent book and tax basis differences relating to shareholder distributions
may result in reclassifications among undistributed net investment income
(loss), accumulated net realized gain (loss) and paid in capital.
Permanent book and tax differences, if any, are not included in ending
undistributed (distributions in excess of) net investment income/accumulated net
investment loss for the purpose of calculating net investment income (loss) per
share in the Financial Highlights.
B. ADVISER: Morgan Stanley Asset Management Inc. (the "Adviser" or "MSAM"), a
wholly-owned subsidiary of Morgan Stanley, Dean Witter, Discover & Co., provides
the Fund with investment advisory services under the terms of an Investment
Advisory and Management Agreement (the "Agreement") at the annual rates of
average daily net assets indicated below. MSAM has agreed to reduce fees
payable to it and to reimburse the Portfolios, if necessary, if the annual
operating expenses, as defined, expressed as a percentage of average daily net
assets, exceed the maximum ratios indicated as follows:
Maximum
Expense Ratio
-------------
PORTFOLIO ADVISORY
--------- FEE CLASS A CLASS B
--- ------- -------
Asian Real Estate 0.80% 1.00% 1.25%
European Real Estate 0.80 1.00 1.25
U.S. Equity Plus 0.45 0.80 1.05
C. ADMINISTRATOR: MSAM also provides the Fund with administrative services
pursuant to an administrative agreement for a monthly fee which on an annual
basis equals 0.15% of the average daily net assets of each Portfolio, plus
reimbursement of out-of-pocket expenses. Under an agreement between MSAM and
The Chase Manhattan Bank ("Chase"), through its affiliate Chase Global Funds
Services Company ("CGFSC"), Chase provides certain administrative services to
the Fund. For such services, MSAM pays Chase a portion of the fee MSAM receives
from the Fund. Certain employees of CGFSC are officers of the Fund. In
addition, the Fund incurs local administration fees in connection with doing
business with certain emerging market countries.
D. DISTRIBUTOR: Morgan Stanley & Co., Incorporated (the "Distributor"), a
wholly-owned subsidiary of Morgan Stanley, Dean Witter, Discover & Co., and an
affiliate of MSAM, serves as the distributor of the Fund and provides Class B
shareholders of the applicable Portfolios with distribution services pursuant to
a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the
Investment Company Act of 1940.
<PAGE>
Under the Plan, the Distributor is entitled to receive from each Portfolio, a
distribution fee, which is accrued daily and paid quarterly, at an annual rate
of 0.25% of the Class B shares' average daily net assets. The Distributor may
voluntarily waive from time to time all or any portion of its distribution fee.
E. CUSTODIAN: Morgan Stanley Trust Company ("MSTC"), a wholly-owned subsidiary
of Morgan Stanley, Dean Witter, Discover & Co., acts as custodian for the Fund's
assets held outside the United States in accordance with a custodian agreement.
Custodian fees are computed and payable monthly based on assets held, investment
purchases and sales activity, an account maintenance fee, plus reimbursement for
certain out-of-pocket expenses.
For the year ended December 31, 1997, the following Portfolios incurred custody
fees and had amounts payable to MSTC at December 31, 1997:
MSTC Custody
Custody Fees Fees Payable
Incurred to
(000) MSTC
----- (000)
-----------------------------
Asian Real Estate $434 $69
European Real Estate 13 4
In addition, for the year ended December 31, 1997, the following Portfolio has
earned interest income and incurred interest expense on balances with MSTC as
follows:
Interest Interest
Income Expense
(000) (000)
----- -----
Asian Real Estate $- $1
F. PURCHASES AND SALES: During the year ended December 31, 1997, purchases and
sales of investment securities, other than long-term U.S. Government securities
and short-term investments, were:
Purchases Sales
Portfolio (000) (000)
- --------- ----- -----
Asian Real Estate $ 3,600 $ 654
European Real Estate 21,435 5,289
U.S. Equity Plus 22,231 2,427
There Were no purchases and sales of long term U.S. Government securities during
the year ended December 31,1997.
During the year ended December 31, 1997, the following Portfolios paid brokerage
commissions to Morgan Stanley & Co., Incorporated and Dean Witter Reynolds,
Inc., affiliated broker/dealers, of approximately:
Brokerage Commission
(000)
-----------------------
Morgan Dean
Stanley Witter
Portfolio & Co. Reynolds,
Inc.
- ------------------------- --------- ---------
Asian Real Estate $2 $-
European Real Estate 1 -
G. OTHER: At December 31, 1997, cost, unrealized appreciation, unrealized
depreciation, and net unrealized appreciation (depreciation) for U.S. Federal
income tax purposes of the investments of each Portfolio were:
Net
Apprec.
Cost Apprec. Deprec. (Deprec.)
Portfolio (000) (000) (000) (000)
----- ----- ----- -----
Asian Real Estate $ 2,736 $ 21 $ (433) $ 412)
European Real Estate 15,771 122 (745) (623)
U.S. Equity Plus 19,869 1,416 (817) 599
At December 31, 1997, the net assets of certain Portfolios were substantially
comprised of foreign denominated securities and currency. Changes in currency
exchange rates will affect the U.S. dollar value of and investment income from
such securities.
Assets and liabilities, including Portfolio securities and foreign currency
holdings were translated at the following exchange rates as of December 31,
1997:
Australian Dollar 1.53563 = $1.00
Belgian Franc 37.02600 = $1.00
British Pound 0.60872 = $1.00
Danish Krone 6.85090 = $1.00
French Franc 6.01700 = $1.00
Hong Kong Dollar 7.74850 = $1.00
Japanese Yen 130.45000 = $1.00
Netherlands Guilder 2.02740 = $1.00
New Zealand Dollar 1.72325 = $1.00
Norwegian Krone 7.38330 = $1.00
Philippine Peso 40.00000 = $1.00
Singapore Dollar 1.68000 = $1.00
Spanish Peseta 152.30000 = $1.00
Swedish Krona 7.93740 = $1.00
Taiwan Dollar 32.45000 = $1.00
From time to time, certain Portfolios of the Fund have shareholders that hold a
significant portion of a Portfolio's outstanding shares. Investment activities
of these shareholders could have a material impact on those Portfolios.
<PAGE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
PART C
Morgan Stanley Institutional Fund, Inc.
Other Information
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(A) FINANCIAL STATEMENTS
--------------------
1. INCLUDED IN PART A (PROSPECTUSES)
The Registrant's unaudited financial highlights for the U.S.
Equity Plus Portfolio for the period ended December 31, 1997
are included in the supplement to the prospectus of the U.S.
Equity Plus Portfolio filed herewith.
The Registrant's unaudited financial highlights for the
European Real Estate and Asian Real Estate Portfolios for the
period ended December 31, 1997 are included in the supplement
to the prospectus of the European Real Estate, Asian Real
Estate and U.S. Real Estate Portfolios filed herewith.
The Registrant's audited financial highlights for the Money
Market, Municipal Money Market, Aggressive Equity, Emerging
Growth, Equity Growth, Value Equity, Small Cap Value Equity,
U.S. Real Estate, Balanced, Active Country Allocation, Global
Equity, International Equity, International Small Cap,
European Equity, Asian Equity, Emerging Markets, Gold,
Japanese Equity, Latin American, Emerging Markets Debt, Fixed
Income, Global Fixed Income, High Yield, Municipal Bond,
Technology and International Magnum Portfolios, respectively,
for the fiscal year ended December 31, 1996, are included in
the prospectuses of the foregoing portfolios which were filed
with the SEC as set forth in Part A and are incorporated herein
by reference. The Fund's Mortgage-Backed Securities, China
Growth, U.S. Equity Plus, MicroCap, European Real Estate and
Asian Real Estate Portfolios were not operational as of
December 31, 1996. Accordingly, no audited financial highlights
are included in the respective prospectus of each of the
foregoing portfolios.
2. INCORPORTED BY REFERENCE INTO PART B (STATEMENTS OF ADDITIONAL
INFORMATION)
The Registrant's unaudited financial statments for the U.S.
Equity Plus, European Real Estate and Asian Real Estate
Portfolios for the period ended December 31, 1997 are included
in Part B (a supplement to the Statement of Additional
Information which is incorporated by reference). Included in
such financial statements are the following:
1. Statement of Net Assets as of December 31, 1997
2. Statement of Operations for the period ended
December 31, 1997
3. Statement of Changes in Net Assets for the period ended
December 31, 1997
4. Financial Highlights for the period ended
December 31, 1997
5. Notes to Financial Statements
The Registrant's audited financial statements for the Money
Market, Municipal Money Market, Aggressive Equity, Emerging
Growth, Equity Growth, Value Equity, Small Cap Value Equity,
U.S. Real Estate, Balanced, Active Country Allocation, Global
Equity, International Equity, International Small Cap,
European Equity, Asian Equity, Emerging Markets, Gold,
Japanese Equity, Latin American, Emerging Markets Debt, Fixed
Income, Global Fixed Income, High Yield, Municipal Bond,
International Magnum and Technology Portfolios, respectively, for
the fiscal year ended December 31, 1996, including Price
Waterhouse LLP's report thereon, are incorporated by reference to
the Statements of Additional Information from Form N-30D, the
Annual Report to Shareholders, as filed with the Securities and
Exchcange Commission on March 11, 1997 with Accession Number
0000912057-97-008473.
Included in such financial statements are the following:
1. Statement of Net Assets
2. Statement of Operations
3. Statement of Changes in Net Assets
4. Statement of Cash Flows (Emerging Markets Debt
Portfolio Only)
5. Financial Highlights
6. Notes to Financial Statements
7. Report of Independent Accountants
The Fund's Mortgage-Backed Securities, China Growth, U.S. Equity
Plus, MicroCap, European Real Estate and Asian Real Estate
Portfolios were not operational as of December 31, 1996.
Accordingly, no audited financial statements are included in the
Statements of Additional Information.
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(B) EXHIBITS
--------
1 (a) Articles of Amendment and Restatement are incorporated by
reference to Post-Effective Amendment No. 26 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on October 13, 1995.
(b) Articles Supplementary to Registrant's Articles of Amendment and
Restatement (reclassifying shares) is incorporated by reference
to Post-Effective Amendment No. 30 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on May 24, 1996.
(c) Articles Supplementary to Registrant's Articles of Amendment and
Restatement (adding new Technology Portfolio) is incorporated by
reference to Post-Effective Amendment No. 30 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on May 24, 1996.
(d) Form of Articles Supplementary to Registrant's Articles of
Amendment and Restatement (adding U.S. Equity Plus Portfolio),
is incorporated by reference to Post-Effective Amendment No. 35
to the Registrant's Registration Statement on Form N-1A (File
Nos. 33-23166 and 811-5624), as filed with the SEC via EDGAR on
May 7, 1997.
(e) Form of Articles Supplementary to Registrant's Articles of
Amendment and Restatement (adding European Real Estate and
Asian Real Estate Portfolios), is incorporated by reference to
Post-Effective Amendment No. 36 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on June 23, 1997.
2 Amended and Restated By-laws are incorporated by reference to
Post-Effective Amendment No. 33 to the Registrant's Registration
Statement on Form N-1A (File Nos. 33-23166 and 811-5624), as filed
with the SEC via EDGAR on February 28, 1997.
3 Not Applicable.
4 Registrant's Form of Specimen Security was previously filed and is
incorporated herein by reference.
5 (a) Investment Advisory Agreement between Registrant and Morgan
Stanley Asset Management Inc. is incorporated by reference to
Post-Effective Amendment No. 25 to the Registrant's Registration
Statement on Form N-1A (File Nos. 33-23166 and 811-5624), as
filed with the SEC via EDGAR on August 1, 1995.
(b) Supplement to Investment Advisory Agreement between Registrant
and Morgan Stanley Asset Management Inc. (adding Registrant's
Value Equity, Balanced and Fixed Income Portfolios) is
incorporated by reference to Post-Effective Amendment No. 25 to
the Registrant's Registration Statement on Form N-1A (File Nos.
33-23166 and 811-5624), as filed with the SEC via EDGAR on August
1, 1995.
(c) Supplement to Investment Advisory Agreement between Registrant
and Morgan Stanley Asset Management Inc. (adding the Global
Equity, Global Fixed Income, European Equity and Equity Growth
Portfolios) is incorporated by reference to Post-Effective
Amendment No. 25 to the Registrant's Registration Statement on
Form N-1A (File Nos. 33-23166 and 811-5624), as filed with the
SEC via EDGAR on August 1, 1995.
(d) Supplement to Investment Advisory Agreement between Registrant
and Morgan Stanley Asset Management Inc. (adding the Asian Equity
Portfolio) is incorporated by reference to Post-Effective
Amendment No. 25 to the Registrant's Registration Statement on
Form N-1A (File Nos. 33-23166 and 811-5624), as filed with the
SEC via EDGAR on August 1, 1995.
(e) Supplement to Investment Advisory Agreement between Registrant
and Morgan Stanley Asset Management Inc. (adding the Active
Country Allocation Portfolio) is incorporated by reference to
Post-Effective Amendment No. 25 to the Registrant's Registration
Statement on Form N-1A (File Nos. 33-23166 and 811-5624), as
filed with the SEC via EDGAR on August 1, 1995.
(f) Supplement to Investment Advisory Agreement between Registrant
and Morgan Stanley Asset Management Inc. (adding the Emerging
Markets, High Yield and International Small Cap Portfolios) is
incorporated by reference to Post-Effective Amendment No. 25 to
the Registrant's Registration Statement on Form N-1A (File Nos.
33-23166 and 811-5624), as filed with the SEC via EDGAR on August
1, 1995.
(g) Supplement to Investment Advisory Agreement between Registrant
and Morgan Stanley Asset Management Inc. (adding the Small Cap
Value Equity Portfolio) is incorporated by reference to Post-
Effective Amendment No. 25 to the Registrant's Registration
Statement on Form N-1A (File Nos. 33-23166 and 811-5624), as
filed with the SEC via EDGAR on August 1, 1995.
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(h) Supplement to Investment Advisory Agreement between Registrant
and Morgan Stanley Asset Management Inc. (adding the Emerging
Markets Debt, Mortgage-Backed Securities, Municipal Bond and
Japanese Equity Portfolios) is incorporated by reference to Post-
Effective Amendment No. 25 to the Registrant's Registration
Statement on Form N-1A (File Nos. 33-23166 and 811-5624), as
filed with the SEC via EDGAR on August 1, 1995.
(i) Sub-Advisory Agreement among Registrant, Morgan Stanley Asset
Management Inc. and Sun Valley Gold Company (with respect to the
Gold Portfolio) is incorporated by reference to Post-Effective
Amendment No. 25 to the Registrant's Registration Statement on
Form N-1A (File Nos. 33-23166 and 811-5624), as filed with the
SEC via EDGAR on August 1, 1995.
(j) Supplement to Investment Advisory Agreement between Registrant
and Morgan Stanley Asset Management Inc. (adding the China Growth
Portfolio) is incorporated by reference to Post-Effective
Amendment No. 25 to the Registrant's Registration Statement on
Form N-1A (File Nos. 33-23166 and 811-5624), as filed with the
SEC via EDGAR on August 1, 1995.
(k) Supplement to Investment Advisory Agreement between Registrant
and Morgan Stanley Asset Management Inc. (adding the Latin
American Portfolio) is incorporated by reference to Post-
Effective Amendment No. 25 to the Registrant's Registration
Statement on Form N-1A (File Nos. 33-23166 and 811-5624), as
filed with the SEC via EDGAR on August 1, 1995.
(l) Withdrawn.
(m) Supplement to Investment Advisory Agreement between Registrant
and Morgan Stanley Asset Management Inc. (adding the Aggressive
Equity and U.S. Real Estate Portfolios) is incorporated by
reference to Post-Effective Amendment No. 25 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and 811-
5624), as filed with the SEC via EDGAR on August 1, 1995.
(n) Supplement to Investment Advisory Agreement between Registrant
and Morgan Stanley Asset Management Inc. (adding the MicroCap
Portfolio) is incorporated by reference to Post-Effective
Amendment No. 25 to the Registrant's Registration Statement on
Form N-1A (File Nos. 33-23166 and 811-5624), as filed with the
SEC via EDGAR on August 1, 1995.
(o) Supplement to Investment Advisory Agreement between Registrant
and Morgan Stanley Asset Management Inc. (adding the
International Magnum Portfolio) is incorporated by reference to
Post-Effective Amendment No. 28 to the Registrant's Registration
Statement on Form N-1A (File Nos. 33-23166 and 811-5624), as
filed with the SEC via EDGAR on November 3, 1995.
(p) Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding the
Technology Portfolio), is incorporated by reference to
Post-Effective Amendment No. 33 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on February 28, 1997.
(q) Form of Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding
U.S. Equity Plus Portfolio), is incorporated by reference to
Post-Effective Amendment No. 35 to the Registrant's Registration
Statement on Form N-1A (File Nos. 33-23166 and 811-5624), as
filed with the SEC via EDGAR on May 7, 1997.
(r) Form of Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management, Inc. (adding
European Real Estate and Asian Real Estate Portfolios), is
incorporated by reference to Post-Effective Amendment No. 36
to the Registrant's Registration Statement on Form N-1A
(File Nos. 33-23166 and 811-5624), as filed with the SEC via
EDGAR on June 23, 1997.
6 (a) Distribution Agreement between Registrant and Morgan Stanley &
Co. Incorporated is incorporated by reference to Post-Effective
Amendment No. 25 to the Registrant's Registration Statement on
Form N-1A (File Nos. 33-23166 and 811-5624), as filed with the
SEC via EDGAR on August 1, 1995.
(b) Supplement to Distribution Agreement between Registrant and
Morgan Stanley & Co. Incorporated is incorporated by reference to
Post-Effective Amendment No. 29 to the Registrant's Registration
Statement on Form N-1A (File Nos. 33-23166 and 811-5624), as
filed with the SEC via EDGAR on April 29, 1996.
8 (a) Mutual Fund Custody Agreement (Domestic Custody Agreement)
between Registrant and United States Trust Company of New York
dated March 10, 1994 is incorporated by reference to Post-
Effective Amendment No. 25 to the Registrant's Registration
Statement on Form N-1A (File Nos. 33-23166 and 811-5624), as
filed with the SEC via EDGAR on August 1, 1995.
(b) Registrant's Custody Agreement (International), dated July 31,
1989, as amended is incorporated by reference to Post-Effective
Amendment No. 25 to the Registrant's Registration Statement on
Form N-1A (File Nos. 33-23166 and 811-5624), as filed with the
SEC via EDGAR on August 1, 1995.
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(c) Amendment dated April 22, 1996 to Registrant's Custody Agreement
(International), dated July 31, 1989, is incorporated by
reference to Post-Effective Amendment No. 30 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624) as filed with the SEC via EDGAR on May 24, 1996.
9 (a) Administration Agreement between Registrant and Morgan Stanley
Asset Management Inc. (the "MSAM Administration Agreement") is
incorporated by reference to Post-Effective Amendment No. 25 to
the Registrant's Registration Statement on Form N-1A (File Nos.
33-23166 and 811-5624), as filed with the SEC via EDGAR on August
1, 1995.
(b) U.S. Trust Administration Agreement is incorporated by reference
to Post-Effective Amendment No. 25 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on August 1, 1995.
10 Opinion of Counsel is incorporated by reference to Post-Effective
Amendment No. 25 to the Registrant's Registration Statement on Form
N-1A (File Nos. 33-23166 and 811-5624), as filed with the SEC via
EDGAR on August 1, 1995.
11 Consent of Independent Accountants is incorporated by reference to
Post-Effective Amendment No. 34 to the Registrant's Registration
Statement on Form N-1A (File Nos. 33-23166 and 811-5624), as filed
with the SEC via EDGAR on May 1, 1997.
13 Purchase Agreement is incorporated by reference to Post-Effective
Amendment No. 25 to the Registrant's Registration Statement on Form N-
1A (File Nos. 33-23166 and 811-5624), as filed with the SEC via EDGAR
on August 1, 1995.
15 Plan of Distribution Pursuant to Rule 12b-1 for Class B Shares
(the "Class B Plan") of the Active Country Allocation Portfolio is
incorporated by reference to Post-Effective Amendment No. 33 to the
Registrant's Registration Statement on Form N-1A (File Nos. 33-23166
and 811-5624), as filed with the SEC via EDGAR on February 28, 1997.
The following Class B Plans have been omitted because
they are substantially identical to the one incorporated by reference
herein. The omitted Class B Plans differ from the Class B Plan
incorporated by reference herein only with respect to the portfolio
to which the Class B Plan relates: Fixed Income, Global Fixed Income,
Municipal Bond, Mortgage-Backed Securities, High Yield, Money Market,
Municipal Money Market, Small Cap Value Equity, Value Equity,
Balanced, Gold, Global Equity, International Equity, International
Small Cap, Asian Equity, European Equity, Japanese Equity, Latin
American, Emerging Markets, Emerging Markets Debt, China Growth,
Equity Growth, Emerging Growth, MicroCap, Aggressive Equity, U.S. Real
Estate, International Magnum, Technology, U.S. Equity Plus, European
Real Estate and Asian Real Estate Portfolios.
16 Schedule of Computation of Performance Information is incorporated by
reference to Post-Effective Amendment No. 25 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and 811-5624),
as filed with the SEC via EDGAR on August 1, 1995.
19 Registrant's Rule 18f-3 Multiple Class Plan is incorporated by
reference to Post-Effective Amendment No. 33 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on February 28, 1997.
24 Powers of Attorney are incorporated by reference to Post-Effective
Amendment No. 25 to the Registrant's Registration Statement on Form
N-1A (File Nos. 33-23166 and 811-5624), as filed with the SEC via
EDGAR on August 1, 1995.
27 Financial Data Schedules for the periods ended December 31, 1997
and December 31, 1996 are filed herewith.
ITEM 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT
Registrant is not controlled by or under common control with any
person.
ITEM 26. NUMBER OF HOLDERS OF SECURITIES ON December 30, 1997
Active Country Allocation Portfolio
Class A. . . . . . . . . . . . . . . . . . . 61
Class B. . . . . . . . . . . . . . . . . . . 2
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Aggressive Equity Portfolio
Class A. . . . . . . . . . . . . . . . . . . 470
Class B. . . . . . . . . . . . . . . . . . . 121
Asian Equity Portfolio
Class A. . . . . . . . . . . . . . . . . . . 607
Class B. . . . . . . . . . . . . . . . . . . 48
Balanced Portfolio
Class A. . . . . . . . . . . . . . . . . . . 54
Class B. . . . . . . . . . . . . . . . . . . 2
Emerging Growth Portfolio
Class A. . . . . . . . . . . . . . . . . . . 179
Class B. . . . . . . . . . . . . . . . . . . 33
Emerging Markets Portfolio
Class A. . . . . . . . . . . . . . . . . . . 1,385
Class B. . . . . . . . . . . . . . . . . . . 125
Equity Growth Portfolio
Class A. . . . . . . . . . . . . . . . . . . 736
Class B. . . . . . . . . . . . . . . . . . . 81
Fixed Income Portfolio
Class A. . . . . . . . . . . . . . . . . . . 216
Class B. . . . . . . . . . . . . . . . . . . 45
Global Equity Portfolio
Class A. . . . . . . . . . . . . . . . . . . 128
Class B. . . . . . . . . . . . . . . . . . . 37
Global Fixed Income Portfolio
Class A. . . . . . . . . . . . . . . . . . . 99
Class B. . . . . . . . . . . . . . . . . . . 7
High Yield Portfolio
Class A. . . . . . . . . . . . . . . . . . . 385
Class B. . . . . . . . . . . . . . . . . . . 66
International Equity Portfolio
Class A. . . . . . . . . . . . . . . . . . . 430
Class B. . . . . . . . . . . . . . . . . . . 45
International Small Cap Portfolio
Class A. . . . . . . . . . . . . . . . . . . 140
Latin American Portfolio
Class A. . . . . . . . . . . . . . . . . . . 790
Class B. . . . . . . . . . . . . . . . . . . 81
Money Market Portfolio
Class A. . . . . . . . . . . . . . . . . . . 654
Municipal Money Market Portfolio
Class A. . . . . . . . . . . . . . . . . . . 308
Small Cap Value Equity Portfolio
Class A. . . . . . . . . . . . . . . . . . . 519
Class B. . . . . . . . . . . . . . . . . . . 67
U.S. Real Estate Portfolio
Class A. . . . . . . . . . . . . . . . . . . 816
Class B. . . . . . . . . . . . . . . . . . . 87
Value Equity Portfolio
Class A. . . . . . . . . . . . . . . . . . . 471
Class B. . . . . . . . . . . . . . . . . . . 25
European Equity Portfolio
Class A. . . . . . . . . . . . . . . . . . . 797
Class B. . . . . . . . . . . . . . . . . . . 56
Municipal Bond Portfolio
Class A. . . . . . . . . . . . . . . . . . . 95
Class B. . . . . . . . . . . . . . . . . . . 0
Mortgage-Backed Securities Portfolio
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Class A. . . . . . . . . . . . . . . . . . . 0
Class B. . . . . . . . . . . . . . . . . . . 0
Japanese Equity Portfolio
Class A. . . . . . . . . . . . . . . . . . . 493
Class B. . . . . . . . . . . . . . . . . . . 32
Emerging Markets Debt Portfolio
Class A. . . . . . . . . . . . . . . . . . . 503
Class B. . . . . . . . . . . . . . . . . . . 37
Gold Portfolio
Class A. . . . . . . . . . . . . . . . . . . 187
Class B. . . . . . . . . . . . . . . . . . . 16
China Growth Portfolio
Class A. . . . . . . . . . . . . . . . . . . 0
Class B. . . . . . . . . . . . . . . . . . . 0
MicroCap Portfolio
Class A. . . . . . . . . . . . . . . . . . . 0
Class B. . . . . . . . . . . . . . . . . . . 0
International Magnum Portfolio
Class A. . . . . . . . . . . . . . . . . . . 116
Class B. . . . . . . . . . . . . . . . . . . 48
Technology Portfolio
Class A. . . . . . . . . . . . . . . . . . . 111
Class B. . . . . . . . . . . . . . . . . . . 27
U.S. Equity Plus Portfolio
Class A. . . . . . . . . . . . . . . . . . . 6
Class B. . . . . . . . . . . . . . . . . . . 2
European Real Estate Portfolio
Class A. . . . . . . . . . . . . . . . . . . 213
Class B. . . . . . . . . . . . . . . . . . . 15
Asian Real Estate Portfolio
Class A. . . . . . . . . . . . . . . . . . . 2
Class B. . . . . . . . . . . . . . . . . . . 1
ITEM 27. INDEMNIFICATION
Reference is made to Article TEN of the Registrant's Articles of
Incorporation. Insofar as indemnification for liability arising under the
Securities Act of 1933 may be permitted to trustees, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a trustee, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.
ITEM 28. BUSINESS AND OTHER CONNECTIONS WITH INVESTMENT ADVISER
Reference is made to the caption "Investment Adviser" in the
Prospectuses constituting Part A of this Registration Statement Information
required by this item with respect to each Officer or Director of the Advisor,
together with information as to any other business, profession, vocation or
employment of a substantial nature engaged in by such Officers and Directors
during the past two years is incorporated by reference to Schedules A and D
of Form ADV filed by the Advisors Act (SEC File No. 801-15757).
Listed below are the officers and Directors of Morgan Stanley Asset
Management Inc. ("MSAM").
DIRECTORS
James M. Allwin Director
Barton M. Biggs Director
Gordon S. Gray Director
Peter A. Nadosy Director
Dennis G. Sherva Director
OFFICERS
Barton M. Biggs Chairman
Managing Director
Peter A. Nadosy Vice Chairman
Managing Director
James M. Allwin President
Managing Director
John R. Alkire Managing Director (MSAM) - Toyko
P. Dominic Caldecott Managing Director (MSAM) - UK
A. Macdonald Caputo Managing Director
Ean Wah Chin Managing Director (MSAM) -
Singapore
Garry B. Crowder Managing Director
Madhav Dhar Managing Director
Kurt A. Feuerman Managing Director
Paul B. Ghaffari Managing Director
Gordon S. Gray Managing Director
Marianne Laing Hay Managing Director (MSAM) - UK
Gary D. Latainer Managing Director
Mahmoud A. Mamdani Managing Director
Robert L. Meyer Managing Director
Russell C. Platt Managing Director
Robert A. Sargent Managing Director (MSAM) - UK
Bidyut C. Sen Managing Director
Vinod R. Sethi Managing Director
Dennis G. Sherva Managing Director
James L. Tanner Managing Director (MSAM) - UK
Richard G. Woolworth, Jr. Managing Director
Debra M. Aaron Principal
Warren Ackerman III Principal
Robert E. Angevine Principal
Suzanne S. Akers Principal
Gerald P. Barth-Wehrenalp Principal
Theodore R. Bigman Principal
Francine J. Bovich Principal
Stuart J. M. Breslow Principal
Andrew C. Brown Principal (MSAM) - UK
Jeffrey P. Brown Principal
Frances Campion Principal (MSAM) - UK
Terence P. Carmichael Principal
Arthur Certosimo Principal
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Stephen C. Cordy Principal
Jacqueline A. Day Principal (MSAM) - UK
Raye L. Dube Principal
Abigail Jones Feder Principal
Eugene Flood, Jr. Principal
Thomas C. Frame Principal
James Wayne Grisham Principal
Perry E. Hall II Principal
Ruth A. Hughes-Guden Principal
Margaret Kinsley Johnson Principal
Michael F. Klein Principal
Michael B. Kushma Principal
Khoon-Min Lim Principal
Marianne J. Lippmann Principal
Yvonne Longley Principal (MSAM) - UK
Andrew Mack Principal (MSAM) - UK
Gary J. Mangino Principal
Jeffrey Margolis Principal
M. Paul Martin Principal
Walter Maynard, Jr. Principal
Margaret P. Naylor Principal (MSAM) - UK
Yoshiro Okawa Principal (MSAM) - Tokyo
Christopher G. Petrow Principal
Narayan Ramachandran Principal
Gail Hunt Reeke Principal
Christine I. Reilly Principal
Stefano Russo Principal (MSAM) - Milan
Bruce R. Sandberg Principal
Kiat Seng Seah Principal (MSAM) - Singapore
Stephen C. Sexauer Principal
Robert M. Smith Principal
Kunihiko Sugio Principal (MSAM) - Tokyo
Ann D. Thivierge Principal
Philip W. Winters Principal
Alford E. Zick, Jr. Principal
Maryann Savadelis Agre Vice President
Peter Aliprantis Vice President
Jeffrey Alvino Vice President
Alistair Anderson Vice President
William S. Auslander Vice President
Kimberly L. Austin Vice President
Marshall T. Bassett Vice President
Christopher Blair Vice President
Richard Boon Vice President
Geraldine Boyle Vice President
Paul Boyne Vice President
L. Kenneth Brooks Vice President
Jonathan Paul Buckeridge Vice President (MSAM) - Melbourne
Carl Kuo-Wei Chien Vice President (MSAM) - Hong Kong
Lori A. Cohane Vice President
James Colmenares Vice President
Kate Cornish-Bowden Vice President (MSAM) - UK
Nikhil Dhaon Vice President
Christine H. du Bois Vice President
Richard S. Farden Vice President
Daniel E. Fox Vice President
Karen T. Frost Vice President (MSAM) - UK
Lisa Gallo Vice President
Josephine M. Glass Vice President
Charles A. Golden Vice President
Dimitri Goulandris Vice President
James A. Grasselino Vice President
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Kenneth John Greig Vice President (MSAM) - UK
Maureen A. Grover Vice President
Michael Hewett Vice President
Kenneth R. Holley Vice President
Holly D. Hopps Vice President
Etsuko Fuseya Jennings Vice President
Donald B. Johnston Vice President
Jaideep Khanna Vice President
Peter L. Kirby Vice President
George Koshy Vice President
Paul Koske Vice President
Daniel R. Lascano Vice President
Arthur J. Lev Vice President
Valerie Y. Lewis Vice President
Jane Likins Vice President (MSAM) - UK
William David Lock Vice President (MSAM) - UK
Gordon W. Loery Vice President
Paula J. Morgan Vice President (MSAM) - UK
Nancy Morton Vice President
Clare K. Mutone Vice President
Terumi Nagata Vice President (MSAM) - Tokyo
Bradley Okita Vice President
Martin O. Pearce Vice President (MSAM) - UK
Alexander A. Pena Vice President
Anthony J. Pesce Vice President
David J. Polansky Vice President
Karen Post Vice President
Akash Prakash Vice President (MSAM) - Muabai
Gregg A. Robinson Vice President
Gerald D. Rubin Vice President
Donald P. Ryan Vice President
Neil Siegel Vice President
Ashutosh Sinha Vice President
Andy B. Skov Vice President
Michael James Smith Vice President (MSAM) - UK
Kim I. Spellman Vice President
Joseph P. Stadler Vice President
Christian K. Stadlinger Vice President
Catherine Steinhardt Vice President
Ram K. Sundaram Vice President
Keiko Tamaki-Kuroda Vice President
Shunso Tatsumi Vice President
Louise Teeple Vice President
Joseph Y.S. Tern Vice President (MSAM) Singapore
Landon Thomas Vice President
Richard Boon Hwee Toh Vice President (MSAM) Singapore
K.N. Vaidyanathan Vice President (MSAM) Muabai
Dennis J. Walsh Vice President
Jacob Walthour Vice President
Kevin V. Wasp Vice President
Patricia Woo Vice President
Harold J. Schaaff, Jr. Principal
General Counsel and Secretary
Eileen K. Murray Treasurer
Madeline D. Barkhorn Assistant Secretary
Charlene R. Herzer Assistant Secretary
In addition, MSAM acts as investment adviser to the following
registered investment companies: American Advantage International Equity
Fund; certain portfolios of The Enterprise Group of Funds, Inc.; Fountain
Square International Equity Fund; General American Capital Co.; The Latin
American Discovery Fund, Inc.; certain portfolios of The Legends Fund, Inc.;
The Malaysia Fund, Inc.; Morgan Stanley Africa Investment Fund, Inc.; Morgan
Stanley Asia-Pacific Fund, Inc.; Morgan Stanley Emerging Markets Debt Fund,
Inc.; Morgan Stanley Emerging Markets Fund, Inc.; Morgan Stanley Global
Opportunity Bond Fund, Inc.; all funds of Morgan Stanley Strategic Adviser
Fund, Inc.; The Morgan Stanley High Yield Fund, Inc.; Morgan Stanley India
Investment Fund, Inc.; Morgan Stanley Russia & New Europe Fund, Inc.; certain
portfolios of Morgan Stanley Universal Funds, Inc.; The Pakistan Investment
C-8
<PAGE>
Fund, Inc.; PCS Cash Fund, Inc.; The Thai Fund, Inc.; The Turkish Investment
Fund, Inc.; Principal Aggressive Growth Fund, Inc.; Principal Asset Allocation
Fund, Inc.; certain portfolios of the SunAmerica Series Trust and certain
portfolios of the Fortis Series Fund.
ITEM 29. PRINCIPAL UNDERWRITERS
----------------------
Morgan Stanley & Co. Incorporated ("MS&Co.") is distributor for
Morgan Stanley Institutional Fund, Inc. The information required by this
Item 29 with respect to each Director and officer of MS&Co. is incorporated by
reference to Schedule A of Form BD filed by MS&Co. pursuant to the Securities
and Exchange Act of 1934 (SEC File No. 8-15869).
ITEM 30. LOCATION OF ACCOUNTS AND RECORDS
--------------------------------
The books, accounts and other documents required by Section 31(a)
under the Investment Company Act of 1940 and the rules promulgated thereunder
are maintained in the physical possession of the Registrant; Registrant's
Transfer Agent, Chase Global Funds Services Company, P.O. Box 2798,
Boston, Massachusetts 02208-2798; MSAM; MS&Co.; and the Registrant's
custodian banks, including sub-custodians.
ITEM 31. MANAGEMENT SERVICES
-------------------
The Registrant has entered into a Service Agreement with The Chase
Manhattan Bank, successor in interest to United States Trust Company of
New York, which was filed as Exhibit No. 9(b) to Post-Effective Amendment No. 25
to the Fund's Registration Statement and is incorporated herein by reference.
ITEM 32. UNDERTAKINGS
------------
1. Registrant hereby undertakes to file a post-effective amendment
containing reasonably current financial statements, which need not be
certified, for the China Growth, Mortgage-Backed Securities and MicroCap
Portfolios within four to six months of their effective date or the
commencement of operations, whichever is later.
2. Registrant hereby undertakes that whenever a Shareholder or
Shareholders who meet the requirements of Section 16(c) of the Investment
Company Act of 1940 inform the Board of Directors of his or their desire to
communicate with other Shareholders of the Fund, the Directors will inform such
Shareholder(s) as to the approximate number of Shareholders of record and the
approximate costs of mailing or afford said Shareholders access to a list of
Shareholders.
C-9
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as
amended, and the Investment Company Act of 1940, as amended, the Registrant
certifies that it meets all of the requirements for effectiveness of this
Amendment to the Registration Statement pursuant to Rule 485(b) and has duly
caused this Amendment to its Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of New York
and State of New York, on January 30, 1998.
MORGAN STANLEY INSTITUTIONAL FUND, INC.
By: /s/ Michael F. Klein
----------------------------
Michael F. Klein
President and Director
Pursuant to the requirements of the Securities Act of 1933, as
amended, this Amendment to the Registration Statement has been signed below
by the following persons in the capacities and on the dates indicated.
SIGNATURE TITLE DATE
/s/ Michael F. Klein Director, President January 30, 1998
- ------------------------------- (Principal Executive
Michael F. Klein Officer)
* /s/ Barton M. Biggs Director (Chairman) January 30, 1998
- -------------------------------
Barton M. Biggs
* /s/ Fergus Reid Director January 30, 1998
- -------------------------------
Fergus Reid
* /s/ Frederick D. Robertshaw Director January 30, 1998
- -------------------------------
Frederick O. Robertshaw
* /s/ Andrew McNally IV Director January 30, 1998
- -------------------------------
Andrew McNally IV
* /s/ John D. Barrett II Director January 30, 1998
- -------------------------------
John D. Barrett II
* /s/ Gerard E. Jones Director January 30, 1998
- -------------------------------
Gerard E. Jones
* /s/ Samuel T. Reeves Director January 30, 1998
- -------------------------------
Samuel T. Reeves
* /s/ Joanna M. Haigney Treasurer January 30, 1998
- ------------------------------- (Principal
Joanna M. Haigney Accounting
Officer)
*By: /s/ Michael F. Klein
----------------------------
Michael F. Klein
Attorney-In-Fact
<PAGE>
EXHIBIT INDEX
-------------
EDGAR
Exhibit
Number Description
1(a) Articles of Amendment and Restatement are incorporated by
reference to Post-Effective Amendment No. 26 to the
Registrant's Registration Statement on Form N-1A (File Nos.
33-23166 and 811-5624), as filed with the SEC via EDGAR on
October 13, 1995.
(b) Articles Supplementary to Registrant's Articles of
Amendment and Restatement (reclassifying shares) is
incorporated by reference to Post-Effective Amendment No. 30
to the Registrant's Registration Statement on Form N-1A
(File Nos. 33-23166 and 811-5624), as filed with the SEC via
EDGAR on May 24, 1996.
(c) Articles Supplementary to Registrant's Articles of
Amendment and Restatement (adding new Technology Portfolio)
is incorporated by reference to Post-Effective Amendment
No. 30 to the Registrant's Registration Statement on Form
N-1A (File No. 33-23166 and 811-5624), as filed with the SEC
via EDGAR on May 24, 1996.
(d) Form of Articles Supplementary to Registrant's Articles of
Amendment and Restatement (adding U.S. Equity Plus
Portfolio), is incorporated by reference to Post-Effective
Amendment No. 35 to the Registrant's Registration Statement
on Form N-1A (File Nos. 33-23166 and 811-5624), as filed
with the SEC via EDGAR on May 7, 1997.
EX-99.B (e) Form of Articles Supplementary to Registrant's Articles of
Amendment and Restatement (adding European Real Estate and
Asian Real Estate Portfolios), is incorporated by
reference to Post-Effective Amendment No.36 to the
Registrant's Registration Statement on Form N-1A (File
Nos. 33-23166 and 811-5624), as filed with the SEC via
EDGAR on June 23, 1997.
2 Amended and Restated By-laws are incorporated by
reference to Post-Effective Amendment No. 33 to the
Registrant's Registration Statement on Form N-1A
(File Nos. 33-23166 and 811-5624), as filed with the
SEC via EDGAR on February 28, 1997.
4 Registrant's Form of Specimen Security was previously filed
and is incorporated herein by reference.
5 (a) Investment Advisory Agreement between Registrant and Morgan
Stanley Asset Management Inc. is incorporated by reference
to Post-Effective Amendment No. 25 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on August 1,
1995.
5 (b) Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding
Registrant's Equity, Balanced and Fixed Income Portfolios)
is incorporated by reference to Post-Effective Amendment No.
25 to the Registrant's Registration Statement on Form N-1A
(File Nos. 33-23166 and 811-5624), as filed with the SEC via
EDGAR on August 1, 1995.
5 (c) Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding
the Global Equity, Global Fixed Income, European Equity and
Equity Growth Portfolios) is incorporated by reference to
Post-Effective Amendment No. 25 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on August 1,
1995.
5 (d) Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding
the Asian Equity Portfolio) is incorporated by reference to
Post-Effective Amendment No. 25 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on August 1,
1995.
5 (e) Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding
the Active Country Allocation Portfolio) is incorporated by
reference to Post-Effective Amendment No. 25 to the
Registrant's Registration Statement on Form
<PAGE>
N-1A (File Nos. 33-23166 and 811-5624), as filed with the
SEC via EDGAR on August 1, 1995.
5 (f) Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding
the Emerging Markets, High Yield and International Small Cap
Portfolios) is incorporated by reference to Post-Effective
Amendment No. 25 to the Registrant's Registration Statement
on Form N-1A (File Nos. 33-23166 and 811-5624), as filed
with the SEC via EDGAR on August 1, 1995.
5 (g) Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding
the Small Cap Value Equity Portfolio) is incorporated by
reference to Post-Effective Amendment No. 25 to the
Registrant's Registration Statement on Form N-1A (File Nos.
33-23166 and 811-5624), as filed with the SEC via EDGAR on
August 1, 1995.
5 (h) Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding
the Emerging Markets Debt, Mortgage-Backed Securities,
Municipal Bond and Japanese Equity Portfolios) is
incorporated by reference to Post-Effective Amendment No. 25
to the Registrant's Registration Statement on Form N-1A
(File Nos. 33-23166 and 811-5624), as filed with the SEC via
EDGAR on August 1, 1995.
5 (i) Sub-Advisory Agreement among Registrant, Morgan Stanley
Asset Management Inc. and Sun Valley Gold Company (with
respect to the Gold Portfolio) is incorporated by reference
to Post-Effective Amendment No. 25 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on August 1,
1995.
5 (j) Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding
the China Growth Portfolio) is incorporated by reference to
Post-Effective Amendment No. 25 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on August 1,
1995.
5 (k) Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding
the Latin American Portfolio) is incorporated by reference
to Post-Effective Amendment No. 25 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on August 1,
1995.
5 (l) Withdrawn.
5 (m) Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding
the Aggressive Equity and U.S. Real Estate Portfolios) is
incorporated by reference to Post-Effective Amendment No. 25
to the Registrant's Registration Statement on Form N-1A
(File Nos. 33-23166 and 811-5624), as filed with the SEC via
EDGAR on August 1, 1995.
2
<PAGE>
5 (n) Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding
the MicroCap Portfolio) is incorporated by reference to
Post-Effective Amendment No. 25 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on August 1,
1995.
5 (o) Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding
the International Magnum Portfolio) is incorporated by
reference to Post-Effective Amendment No. 28 to the
Registrant's Registration Statement of Form N-1A (File Nos.
33-23166 and 811-5624), as filed with the SEC via EDGAR on
November 3, 1995.
5 (p) Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding
the Technology Portfolio), is incorporated by reference to
Post-Effective Amendment No. 33 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on
February 28, 1997.
5 (q) Form of Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding
U.S. Equity Plus Portfolio), is incorporated by reference to
Post-Effective Amendment No. 35 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on May 7, 1997.
EX-99.B 5 (r) Form of Supplement to Investment Advisory Agreement between
Registrant and Morgan Stanley Asset Management Inc. (adding
European Real Estate and Asian Real Estate Portfolios), is
incorporated by reference to Post-Effective Amendment No. 36
to the Registrant's Registration Statement on Form N-1A
(File Nos. 33-23166 and 811-5624), as filed with the SEC via
EDGAR on June 23, 1997.
6 (a) Distribution Agreement between Registrant and Morgan Stanley
& Co. Incorporated is incorporated by reference to Post-
Effective Amendment No. 25 to the Registrant's Registration
Statement on Form N-1A (File Nos. 33-23166 and 811-5624), as
filed with the SEC via EDGAR on August 1, 1995.
6 (b) Supplement to Distribution Agreement between Registrant and
Morgan Stanley & Co. Incorporated is incorporated by
reference to Post-Effective Amendment No. 29 to the
Registrant's Registration Statement on Form N-1A (File Nos.
33-23166 and 811-5624), as filed with the SEC via EDGAR on
April 29, 1996.
8 (a) Mutual Fund Custody Agreement (Domestic Custody Agreement)
between Registrant and United States Trust Company of New
York dated March 10, 1994 is incorporated by reference to
Post-Effective Amendment No. 25 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on August 1,
1995.
8 (b) Registrant's Custody Agreement (International), dated July
31, 1989, as amended is incorporated by reference to Post-
Effective Amendment No. 25 to the Registrant's Registration
Statement on Form N-1A (File Nos. 33-23166 and 811-5624), as
filed with the SEC via EDGAR on August 1, 1995.
8 (c) Amendment dated April 22, 1996 to Registrant's Custody
Agreement (International), dated July 31, 1989, is
incorporated by reference to Post-Effective Amendment No.
30 to the Registrant's Registration Statement on Form
N-1A (File Nos. 33-23166 and 811-5624), as filed with the
SEC via EDGAR on May 24, 1996.
9 (a) Administration Agreement between Registrant and Morgan
Stanley Asset Management Inc. (the "MSAM Administration
Agreement") is incorporated by reference to Post-Effective
Amendment No. 25 to the Registrant's Registration Statement
on Form N-1A (File Nos. 33-23166 and 811-5624), as filed
with the SEC via EDGAR on August 1, 1995.
9 (b) U.S. Trust Administration Agreement is incorporated by
reference to Post-Effective Amendment No. 25 to the
Registrant's Registration Statement on Form N-1A (File Nos.
33-23166 and 811-5624), as filed
3
<PAGE>
with the SEC via EDGAR on August 1, 1995.
10 Opinion of Counsel is incorporated by reference to Post-
Effective Amendment No. 25 to the Registrant's Registration
Statement on Form N-1A (File Nos. 33-23166 and 811-5624), as
filed with the SEC via EDGAR on August 1, 1995.
EX-99.B 11 Consent of Independent Accountants is incorporated by
reference to Post-Effective Amendment No. 34 to the
Registrant's Registration Statement on Form N-1A (File
Nos. 33-23166 and 811-5624), as filed with the SEC via
EDGAR on May 1, 1997.
13 Purchase Agreement is incorporated by reference to Post-
Effective Amendment No. 25 to the Registrant's Registration
Statement on Form N-1A (File Nos. 33-23166 and 811-5624), as
filed with the SEC via EDGAR on August 1, 1995.
15 Plan of Distribution Pursuant to Rule 12b-1 for
Class B Shares (the "Class B Plan") of the Active Country
Allocation Portfolio is incorporated by reference to
Post-Effective Amendment No. 33 to the Registrant's
Registration Statement on Form N-1A (File Nos. 33-23166 and
811-5624), as filed with the SEC via EDGAR on
February 28, 1997. The following Class B Plans have been
omitted because they are substantially identical to the
one incorporated by reference herein. The omitted Class B
Plans differ from the Class B Plan incorporated by reference
herein only with respect to the portfolio to which the
Class B Plan relates: Fixed Income, Global Fixed Income,
Municipal Bond, Mortgage-Backed Securities, High Yield,
Money Market, Municipal Money Market, Small Cap Value
Equity, Value Equity, Balanced, Gold, Global Equity,
International Equity, International Small Cap, Asian
Equity, European Equity, Japanese Equity, Latin American,
Emerging Markets, Emerging Markets Debt, China Growth,
Equity Growth, Emerging Growth, MicroCap, Aggressive Equity,
U.S. Real Estate, International Magnum Technology, U.S.
Equity Plus, European Real Estate and Asian Real Estate
Portfolios.
16 Schedule of Computation of Performance Information is
incorporated by reference to Post-Effective Amendment No. 25
to the Registrant's Registration Statement on Form N-1A
(File Nos. 33-23166 and 811-5624), as filed with the SEC via
EDGAR on August 1, 1995.
19 Registrant's Rule 18f-3 Multiple Class Plan is incorporated
by reference to Post-Effective Amendment No. 33 to the
Registrant's Registration Statement on Form N-1A
(File Nos. 33-23166 and 811-5624), as filed with the
SEC via EDGAR on February 28, 1997.
24 Powers of Attorney are incorporated by reference to Post-
Effective Amendment No. 25 to the Registrant's Registration
Statement on Form N-1A (File Nos. 33-23166 and 811-5624), as
filed with the SEC via EDGAR on August 1, 1995.
27 Financial Data Schedules for the periods ended
December 31, 1997 and December 31, 1996 are filed herewith.
4
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 314
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<NET-INVESTMENT-INCOME> 81
<REALIZED-GAINS-CURRENT> (435)
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