Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (99.6%) | ||||||||
| Argentina (2.1%) | ||||||||
| Despegar.com Corp. (a) | 399,550 | $ | 4,807 | |||||
| Belgium (0.9%) | ||||||||
| Anheuser-Busch InBev SA N.V. | 35,666 | 2,023 | ||||||
| Brazil (1.0%) | ||||||||
| Ambev SA ADR | 836,215 | 2,308 | ||||||
| Canada (5.8%) | ||||||||
| Agnico Eagle Mines Ltd. | 39,382 | 2,043 | ||||||
| Altus Group Ltd. (b) | 25,941 | 1,266 | ||||||
| Cameco Corp. | 58,383 | 1,268 | ||||||
| First Quantum Minerals Ltd. | 292,787 | 5,421 | ||||||
| Gildan Activewear, Inc. | 39,868 | 1,457 | ||||||
| Teck Resources Ltd., Class B | 75,688 | 1,885 | ||||||
| 13,340 | ||||||||
| China (7.5%) | ||||||||
| Alibaba Group Holding Ltd. ADR (a) | 44,444 | 6,580 | ||||||
| China Resources Beer Holdings Co., Ltd. (c) | 150,000 | 1,109 | ||||||
| Tencent Holdings Ltd. (c) | 57,100 | 3,409 | ||||||
| Tencent Holdings Ltd. ADR (b) | 34,556 | 2,065 | ||||||
| Tencent Music Entertainment Group ADR (a) | 53,366 | 387 | ||||||
| Trip.com Group Ltd. ADR (a) | 74,541 | 2,292 | ||||||
| Yum China Holdings, Inc. | 23,000 | 1,337 | ||||||
| 17,179 | ||||||||
| Denmark (2.0%) | ||||||||
| Drilling Co of 1972 A/S (The) (a) | 25,313 | 950 | ||||||
| Novo Nordisk A/S Series B | 37,166 | 3,583 | ||||||
| 4,533 | ||||||||
| France (8.0%) | ||||||||
| Air Liquide SA | 7,560 | 1,211 | ||||||
| Airbus SE (a) | 26,842 | 3,559 | ||||||
| Capgemini SE | 10,908 | 2,262 | ||||||
| Dassault Systemes SE | 28,065 | 1,477 | ||||||
| Hermes International | 463 | 639 | ||||||
| Kering SA | 2,026 | 1,439 | ||||||
| L'Oreal SA (BSRM) | 3,731 | 1,544 | ||||||
| Legrand SA | 6,555 | 702 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,997 | 1,430 | ||||||
| Pernod Ricard SA | 6,591 | 1,453 | ||||||
| Sanofi | 11,120 | 1,070 | ||||||
| Ubisoft Entertainment SA (a) | 26,061 | 1,561 | ||||||
| 18,347 | ||||||||
| Germany (7.7%) | ||||||||
| Bayer AG (Registered) | 90,240 | 4,898 | ||||||
| CTS Eventim AG & Co. KGaA (a) | 28,509 | 2,145 | ||||||
| Infineon Technologies AG | 39,415 | 1,612 | ||||||
| Jungheinrich AG (Preference) | 31,250 | 1,449 | ||||||
| KION Group AG | 15,048 | 1,399 | ||||||
| Linde PLC (a) | 9,321 | 2,741 | ||||||
Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Siemens Healthineers AG | 53,094 | 3,444 | ||||||
| 17,688 | ||||||||
| Hong Kong (0.7%) | ||||||||
| Trip.com Group Ltd. (a) | 50,950 | 1,554 | ||||||
| India (4.5%) | ||||||||
| Apollo Hospitals Enterprise Ltd. | 45,661 | 2,748 | ||||||
| ICICI Bank Ltd. | 129,188 | 1,214 | ||||||
| ICICI Prudential Life Insurance Co., Ltd. | 144,760 | 1,307 | ||||||
| Maruti Suzuki India Ltd. | 12,004 | 1,184 | ||||||
| Reliance Industries Ltd. | 48,168 | 1,630 | ||||||
| State Bank of India | 182,705 | 1,107 | ||||||
| WNS Holdings Ltd. ADR (a) | 11,954 | 978 | ||||||
| 10,168 | ||||||||
| Ireland (0.9%) | ||||||||
| Kerry Group PLC, Class A | 6,696 | 900 | ||||||
| Ryanair Holdings PLC ADR (a) | 10,679 | 1,175 | ||||||
| 2,075 | ||||||||
| Japan (10.3%) | ||||||||
| FANUC Corp. | 5,150 | 1,129 | ||||||
| Hoya Corp. | 7,800 | 1,217 | ||||||
| Keyence Corp. | 5,600 | 3,343 | ||||||
| Nikon Corp. | 448,300 | 4,978 | ||||||
| Nintendo Co., Ltd. | 1,808 | 864 | ||||||
| Shimano, Inc. | 4,350 | 1,271 | ||||||
| Shiseido Co., Ltd. | 10,300 | 692 | ||||||
| SMC Corp. | 2,105 | 1,313 | ||||||
| Sony Group Corp. | 32,993 | 3,663 | ||||||
| Sony Group Corp. ADR | 25,250 | 2,792 | ||||||
| Tokyo Electron Ltd. | 3,900 | 1,723 | ||||||
| Unicharm Corp. | 13,300 | 589 | ||||||
| 23,574 | ||||||||
| Korea, Republic of (2.8%) | ||||||||
| Samsung Electronics Co., Ltd. | 104,272 | 6,464 | ||||||
| Malta (0.0%) (d) | ||||||||
| BGP Holdings PLC (a)(e) | 72,261 | —@ | ||||||
| Netherlands (5.6%) | ||||||||
| Akzo Nobel N.V. | 11,933 | 1,304 | ||||||
| ASML Holding N.V. | 5,084 | 3,798 | ||||||
| Koninklijke Philips N.V. | 92,227 | 4,097 | ||||||
| Koninklijke Philips N.V. (Registered) (b) | 15,451 | 687 | ||||||
| Universal Music Group (a)(b) | 48,795 | 1,307 | ||||||
| Universal Music Group (a) | 19,260 | 516 | ||||||
| Wolters Kluwer N.V. | 10,871 | 1,152 | ||||||
| 12,861 | ||||||||
| Norway (1.3%) | ||||||||
| Adevinta ASA (a) | 137,328 | 2,353 | ||||||
| Subsea 7 SA | 60,874 | 528 | ||||||
| 2,881 |
Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Poland (1.0%) | ||||||||
| Allegro.eu SA (a) | 159,781 | 2,320 | ||||||
| Singapore (10.6%) | ||||||||
| Sea Ltd. ADR (a) | 76,053 | 24,240 | ||||||
| South Africa (0.6%) | ||||||||
| Impala Platinum Holdings Ltd. | 61,784 | 697 | ||||||
| Sibanye Stillwater Ltd. | 219,946 | 668 | ||||||
| Thungela Resources Ltd. (a)(b) | 7,820 | 48 | ||||||
| 1,413 | ||||||||
| Spain (1.4%) | ||||||||
| Amadeus IT Group SA (a) | 47,731 | 3,139 | ||||||
| Sweden (0.2%) | ||||||||
| Atlas Copco AB, Class A | 6,146 | 371 | ||||||
| Switzerland (0.8%) | ||||||||
| Givaudan SA (Registered) | 246 | 1,121 | ||||||
| Nestle SA (Registered) | 6,604 | 796 | ||||||
| 1,917 | ||||||||
| Taiwan (3.5%) | ||||||||
| Airtac International Group | 32,000 | 995 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 212,000 | 4,385 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 24,292 | 2,712 | ||||||
| 8,092 | ||||||||
| United Kingdom (12.2%) | ||||||||
| Anglo American PLC | 78,214 | 2,741 | ||||||
| AstraZeneca PLC | 26,912 | 3,244 | ||||||
| Diageo PLC | 51,519 | 2,494 | ||||||
| Experian PLC | 84,897 | 3,556 | ||||||
| Glencore PLC | 1,812,125 | 8,525 | ||||||
| Keywords Studios PLC (a) | 30,079 | 1,182 | ||||||
| Sage Group PLC (The) | 72,435 | 690 | ||||||
| Unilever PLC | 38,935 | 2,103 | ||||||
| Unilever PLC CVA | 61,315 | 3,320 | ||||||
| 27,855 | ||||||||
| United States (8.2%) | ||||||||
| Air Products & Chemicals, Inc. | 4,116 | 1,054 | ||||||
| Charles River Laboratories International, Inc. (a) | 5,346 | 2,206 | ||||||
| Cognex Corp. | 7,900 | 634 | ||||||
| Estee Lauder Cos., Inc. (The), Class A | 5,577 | 1,673 | ||||||
| Farfetch Ltd., Class A (a) | 123,637 | 4,634 | ||||||
| Medtronic PLC | 15,251 | 1,912 | ||||||
| Newmont Corp. (NYSE) | 41,015 | 2,227 | ||||||
| Newmont Corp. (TSX) | 29,323 | 1,592 | ||||||
| Schlumberger N.V. | 46,230 | 1,370 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 8,100 | 1,469 | ||||||
| 18,771 | ||||||||
| Total Common Stocks (Cost $150,180) | 227,920 |
Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Investment Company (0.4%) | ||||||||
| United States (0.4%) | ||||||||
| Morgan Stanley China A Share Fund, Inc. (f) (Cost $1,067) | 46,002 | 966 | ||||||
| Short-Term Investments (0.1%) | ||||||||
| Securities held as Collateral on Loaned Securities (0.1%) | ||||||||
| Investment Company (0.1%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (g) | 38,215 | 38 |
| Face Amount (000) | ||||||||
| Repurchase Agreements (0.0%) (d) | ||||||||
| HSBC Securities USA, Inc., (0.05%, dated 9/30/21, due 10/1/21; proceeds $2; fully collateralized by U.S. Government obligations; 0.00%-0.13% due 10/7/21-12/31/22; valued at $2) | $ | 2 | 2 | |||||
| Merrill Lynch & Co., Inc., (0.05%, dated 9/30/21, due 10/1/21; proceeds $7; fully collateralized by a U.S. Government obligation; 0.38% due 4/15/24; valued at $7) | 7 | 7 | ||||||
| 9 | ||||||||
| Total Securities held as Collateral on Loaned Securities (Cost $47) | 47 | |||||||
| Total Investments (100.1%) (Cost $151,294) Including $4,049 of Securities Loaned (h)(i)(j)(k) | 228,933 | |||||||
| Liabilities in Excess of Other Assets (–0.1%) | (140 | ) | ||||||
| Net Assets (100.0%) | $ | 228,793 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| @ | Value is less than $500. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2021, were approximately $4,049,000 and $4,130,000, respectively. The Fund received cash collateral of approximately $47,000, which was subsequently invested in Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. At September 30, 2021, there was uninvested cash collateral of approximately less than $500, which is not reflected in the Portfolio of Investments. The remaining collateral of approximately $4,083,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | Security trades on the Hong Kong exchange. |
| (d) | Amount is less than 0.05%. |
| (e) | At September 30, 2021, the Fund held a fair valued security valued at less than $500, representing less than 0.05% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
| (f) | For the nine months ended September 30, 2021, proceeds from sale of Morgan Stanley China A Share Fund, Inc., Common Stock, and its affiliated broker-dealers, which may be deemed affiliates of the Adviser/Administrator and Distributor under the Investment Company Act of 1940, were approximately $247,000, respectively, including net realized loss of approximately $10,000. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $14,000 relating to the Fund’s investment in Morgan Stanley China A Share Fund, Inc. |
Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| (g) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (h) | Securities are available for collateral in connection with open foreign currency forward exchange contracts. |
| (i) | The approximate fair value and percentage of net assets, $141,626,000 and 61.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (j) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (k) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $88,284,000 and the aggregate gross unrealized depreciation is approximately $10,707,000, resulting in net unrealized appreciation of approximately $77,577,000. |
| ADR | American Depositary Receipt. |
| BSRM | Berlin Second Regulated Market. |
| CVA | Certificaten Van Aandelen. |
| NYSE | New York Stock Exchange. |
| TSX | Toronto Stock Exchange. |
Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at September 30, 2021:
| Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (Depreciation) (000) | ||||||||||
| Citibank NA | EUR | 1,593 | $ | 1,887 | 12/16/21 | $ | 39 | |||||||
| State Street Bank and Trust Co. | $ | 2,623 | GBP | 1,894 | 12/16/21 | (72 | ) | |||||||
| State Street Bank and Trust Co. | $ | 1,940 | JPY | 212,626 | 12/16/21 | (29 | ) | |||||||
| $ | (62 | ) | ||||||||||||
| EUR | — | Euro |
| GBP | — | British Pound |
| JPY | — | Japanese Yen |
Portfolio Composition*
| Classification | Percentage of Total Investments | |||
| Other** | 47.5 | % | ||
| Entertainment | 13.5 | |||
| Metals & Mining | 11.3 | |||
| Semiconductors & Semiconductor Equipment | 6.2 | |||
| Internet & Direct Marketing Retail | 5.9 | |||
| Pharmaceuticals | 5.6 | |||
| Household Durables | 5.0 | |||
| Health Care Equipment & Supplies | 5.0 | |||
| Total Investments | 100.0 | %*** | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2021. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
| *** | Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $62,000. |
Morgan Stanley Institutional Fund, Inc.
Advantage Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (97.1%) | ||||||||
| Aerospace & Defense (2.6%) | ||||||||
| HEICO Corp., Class A | 211,283 | $ | 25,022 | |||||
| Entertainment (4.3%) | ||||||||
| ROBLOX Corp., Class A (a) | 339,945 | 25,683 | ||||||
| Spotify Technology SA (a) | 68,253 | 15,380 | ||||||
| 41,063 | ||||||||
| Food & Staples Retailing (2.5%) | ||||||||
| Costco Wholesale Corp. | 52,863 | 23,754 | ||||||
| Health Care Equipment & Supplies (6.3%) | ||||||||
| Danaher Corp. | 83,084 | 25,294 | ||||||
| Intuitive Surgical, Inc. (a) | 35,423 | 35,216 | ||||||
| 60,510 | ||||||||
| Health Care Technology (4.9%) | ||||||||
| Veeva Systems, Inc., Class A (a) | 162,633 | 46,866 | ||||||
| Hotels, Restaurants & Leisure (1.8%) | ||||||||
| Airbnb, Inc., Class A (a) | 99,383 | 16,671 | ||||||
| Information Technology Services (24.9%) | ||||||||
| Adyen N.V. (Netherlands) (a) | 6,021 | 16,831 | ||||||
| Okta, Inc. (a) | 64,210 | 15,240 | ||||||
| Shopify, Inc., Class A (Canada) (a) | 42,959 | 58,243 | ||||||
| Snowflake, Inc., Class A (a) | 165,966 | 50,193 | ||||||
| Square, Inc., Class A (a) | 217,584 | 52,185 | ||||||
| Twilio, Inc., Class A (a) | 144,147 | 45,990 | ||||||
| 238,682 | ||||||||
| Interactive Media & Services (18.8%) | ||||||||
| Facebook, Inc., Class A (a) | 44,234 | 15,013 | ||||||
| IAC/InterActiveCorp (a) | 145,464 | 18,952 | ||||||
| Match Group, Inc. (a) | 100,306 | 15,747 | ||||||
| Pinterest, Inc., Class A (a) | 181,922 | 9,269 | ||||||
| Snap, Inc., Class A (a) | 472,463 | 34,901 | ||||||
| Twitter, Inc. (a) | 871,471 | 52,628 | ||||||
| Vimeo, Inc. (a) | 236,160 | 6,936 | ||||||
| ZoomInfo Technologies, Inc., Class A (a) | 432,017 | 26,435 | ||||||
| 179,881 | ||||||||
| Internet & Direct Marketing Retail (7.2%) | ||||||||
| Amazon.com, Inc. (a) | 7,412 | 24,349 | ||||||
| Chewy, Inc., Class A (a) | 125,422 | 8,542 | ||||||
| Farfetch Ltd., Class A (a) | 352,137 | 13,198 | ||||||
| Wayfair, Inc., Class A (a) | 89,979 | 22,991 | ||||||
| 69,080 | ||||||||
| Metals & Mining (0.2%) | ||||||||
| Royal Gold, Inc. | 22,769 | 2,174 | ||||||
| Pharmaceuticals (2.4%) | ||||||||
| Royalty Pharma PLC, Class A | 633,180 | 22,883 | ||||||
Morgan Stanley Institutional Fund, Inc.
Advantage Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Road & Rail (2.6%) | ||||||||
| Uber Technologies, Inc. (a) | 563,040 | 25,224 | ||||||
| Semiconductors & Semiconductor Equipment (3.3%) | ||||||||
| ASML Holding N.V. (Netherlands) | 42,591 | 31,735 | ||||||
| Software (14.2%) | ||||||||
| Avalara, Inc. (a) | 65,197 | 11,395 | ||||||
| Coupa Software, Inc. (a) | 71,293 | 15,626 | ||||||
| Datadog, Inc., Class A (a) | 189,680 | 26,811 | ||||||
| DocuSign, Inc. (a) | 61,286 | 15,777 | ||||||
| ServiceNow, Inc. (a) | 26,660 | 16,590 | ||||||
| Workday, Inc., Class A (a) | 66,711 | 16,670 | ||||||
| Zoom Video Communications, Inc., Class A (a) | 124,539 | 32,567 | ||||||
| 135,436 | ||||||||
| Textiles, Apparel & Luxury Goods (1.1%) | ||||||||
| Lululemon Athletica, Inc. (a) | 26,291 | 10,640 | ||||||
| Total Common Stocks (Cost $634,934) | 929,621 | |||||||
| Investment Company (0.7%) | ||||||||
| Grayscale Bitcoin Trust (a) (Cost $8,462) | 196,592 | 6,655 | ||||||
| Short-Term Investment (2.4%) | ||||||||
| Investment Company (2.4%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $22,991) | 22,990,591 | 22,991 | ||||||
| Total Investments Excluding Purchased Options (100.2%) (Cost $666,387) | 959,267 | |||||||
| Total Purchased Options Outstanding (0.1%) (Cost $4,623) | 1,050 | |||||||
| Total Investments (100.3%) (Cost $671,010) (c)(d)(e) | 960,317 | |||||||
| Liabilities in Excess of Other Assets (–0.3%) | (3,204 | ) | ||||||
| Net Assets (100.0%) | $ | 957,113 |
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $12,000 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (d) | The approximate fair value and percentage of net assets, $16,831,000 and 1.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments. |
| (e) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $312,077,000 and the aggregate gross unrealized depreciation is approximately $22,770,000, resulting in net unrealized appreciation of approximately $289,307,000. |
Morgan Stanley Institutional Fund, Inc.
Advantage Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2021:
| Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
| BNP Paribas | USD/CNH | CNH | 7.45 | Jan-22 | 169,591,626 | 169,592 | $ | 15 | $ | 905 | $ | (890 | ) | ||||||||||||||
| BNP Paribas | USD/CNH | CNH | 7.64 | Nov-21 | 140,421,482 | 140,421 | —@ | 762 | (762 | ) | |||||||||||||||||
| Goldman Sachs International | USD/CNH | CNH | 7.57 | Mar-22 | 177,160,838 | 177,161 | 68 | 880 | (812 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.28 | Jul-22 | 222,629,484 | 222,629 | 564 | 1,038 | (474 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.31 | Aug-22 | 102,148,816 | 102,149 | 264 | 694 | (430 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.38 | Jul-22 | 64,831,274 | 64,831 | 139 | 344 | (205 | ) | |||||||||||||||||
| $ | 1,050 | $ | 4,623 | $ | (3,573 | ) | |||||||||||||||||||||
| @ | Value is less than $500. | |
| CNH | — | Chinese Yuan Renminbi Offshore |
| USD | — | United States Dollar |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 28.7 | % | ||
| Information Technology Services | 24.9 | |||
| Interactive Media & Services | 18.8 | |||
| Software | 14.1 | |||
| Internet & Direct Marketing Retail | 7.2 | |||
| Health Care Equipment & Supplies | 6.3 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Asia Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (97.2%) | ||||||||
| China (51.3%) | ||||||||
| 360 DigiTech, Inc. (a) | 545,191 | $ | 11,078 | |||||
| Agora, Inc. ADR (a) | 106,630 | 3,092 | ||||||
| China East Education Holdings Ltd. (a)(b)(c) | 2,615,500 | 2,699 | ||||||
| China Resources Beer Holdings Co., Ltd. (b) | 2,230,300 | 16,496 | ||||||
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | 1,444,472 | 24,493 | ||||||
| Greentown Service Group Co. Ltd. (b) | 2,648,000 | 2,873 | ||||||
| Haidilao International Holding Ltd. (b)(c) | 4,013,000 | 15,373 | ||||||
| HUYA, Inc. ADR (a) | 1,112,237 | 9,276 | ||||||
| Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 2,090,986 | 12,180 | ||||||
| KE Holdings, Inc. ADR (a) | 1,216,118 | 22,206 | ||||||
| Kuaishou Technology (a)(b)(c) | 1,736,800 | 18,537 | ||||||
| Kweichow Moutai Co., Ltd., Class A | 95,194 | 26,869 | ||||||
| Meituan Dianping, Class B (a)(b) | 1,144,800 | 36,544 | ||||||
| New Frontier Health Corp. SPAC (a)(c) | 93,794 | 1,053 | ||||||
| Shenzhou International Group Holdings Ltd. (b) | 866,400 | 18,388 | ||||||
| Tencent Holdings Ltd. (b) | 312,100 | 18,632 | ||||||
| Trip.com Group Ltd. ADR (a) | 898,412 | 27,626 | ||||||
| Tsingtao Brewery Co., Ltd. H Shares (b) | 1,300,000 | 10,226 | ||||||
| Weimob, Inc. (a)(b) | 7,094,000 | 10,240 | ||||||
| Yihai International Holding Ltd. (a)(b)(c) | 737,000 | 4,107 | ||||||
| 291,988 | ||||||||
| Hong Kong (3.9%) | ||||||||
| AIA Group Ltd. | 1,923,100 | 22,124 | ||||||
| India (23.3%) | ||||||||
| HDFC Bank Ltd. | 1,713,211 | 36,626 | ||||||
| HDFC Bank Ltd. ADR | 152,047 | 11,113 | ||||||
| ICICI Bank Ltd. ADR | 1,719,619 | 32,449 | ||||||
| IndusInd Bank Ltd. | 1,266,477 | 18,804 | ||||||
| Kotak Mahindra Bank Ltd. | 731,758 | 19,693 | ||||||
| Shree Cement Ltd. | 28,036 | 10,901 | ||||||
| Zomato Ltd. (a) | 1,504,996 | 2,770 | ||||||
| 132,356 | ||||||||
| Korea, Republic of (6.4%) | ||||||||
| KakaoBank Corp. (a)(c) | 161,525 | 9,332 | ||||||
| NAVER Corp. | 82,893 | 26,896 | ||||||
| 36,228 | ||||||||
| Taiwan (7.6%) | ||||||||
| Nien Made Enterprise Co., Ltd. | 735,000 | 10,396 | ||||||
| Silergy Corp. | 79,000 | 11,491 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 1,045,000 | 21,613 | ||||||
| 43,500 | ||||||||
| United States (4.7%) | ||||||||
| Coupang, Inc. (a) | 958,261 | 26,688 | ||||||
| Total Common Stocks (Cost $460,585) | 552,884 | |||||||
Morgan Stanley Institutional Fund, Inc.
Asia Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Investment Company (0.7%) | ||||||||
| Grayscale Bitcoin Trust (a) (Cost $5,483) | 119,806 | 4,055 | ||||||
| Short-Term Investments (3.6%) | ||||||||
| Securities held as Collateral on Loaned Securities (0.9%) | ||||||||
| Investment Company (0.8%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) | 4,484,970 | 4,485 |
| Face Amount (000) | ||||||||
| Repurchase Agreements (0.1%) | ||||||||
| HSBC Securities USA, Inc., (0.05%, dated 9/30/21, due 10/1/21; proceeds $235; fully collateralized by a U.S. Government obligation; 0.00%-0.13% due 10/7/21-12/31/22; valued at $239) | $ | 235 | 235 | |||||
| Merrill Lynch & Co., Inc., (0.05%, dated 9/30/21, due 10/1/21; proceeds $797; fully collateralized by a U.S. Government obligation; 0.38% due 4/15/24; valued at $813) | 797 | 797 | ||||||
| 1,032 | ||||||||
| Total Securities held as Collateral on Loaned Securities (Cost $5,517) | 5,517 | |||||||
| Shares | ||||||||
| Investment Company (2.7%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $15,226) | 15,226,427 | 15,226 | ||||||
| Total Short-Term Investments (Cost $20,743) | 20,743 | |||||||
| Total Investments Excluding Purchased Options (101.5%) (Cost $486,811) | 577,682 | |||||||
| Total Purchased Options Outstanding (0.2%) (Cost $2,494) | 968 | |||||||
| Total Investments (101.7%) (Cost $489,305) Including $39,129 of Securities Loaned (e)(f)(g)(h) | 578,650 | |||||||
| Liabilities in Excess of Other Assets (–1.7%) | (9,798 | ) | ||||||
| Net Assets (100.0%) | $ | 568,852 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
The Fund had the following Derivative Contract - PIPE open at September 30, 2021:
| Counterparty | Referenced Obligation | Notional Amount | Settlement Date | Unrealized Depreciation (000) | % of Net Assets | |||||||||||
| Altimeter Growth Corp. | Grab Holdings Inc. (a)(i)(j)(k)(l) | $ | 5,732,530 | 12/31/21 | $ | (460 | ) | (0.1 | )% | |||||||
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
Morgan Stanley Institutional Fund, Inc.
Asia Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| (c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2021, were approximately $39,129,000, and $41,735,000, respectively. The Fund received cash collateral of approximately $5,544,000 of which approximately $5,517,000, was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. At September 30, 2021, there was uninvested cash collateral of approximately $27,000, which is not reflected in the Consolidated Portfolio of Investments. The remaining collateral of approximately $36,191,000, was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $14,000 relating to the Fund's investment in the Liquidity Funds. |
| (e) | The approximate fair value and percentage of net assets, $396,201,000 and 69.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (g) | Securities are available for collateral in connection with securities purchased on a forward commitment basis. |
| (h) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $129,872,000 and the aggregate gross unrealized depreciation is approximately $40,987,000, resulting in net unrealized appreciation of approximately $88,885,000. |
| (i) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted derivative contract (excluding 144A holdings) at September 30, 2021 amounts to approximately $(460,000) and represents less than (0.1)% of net assets. |
| (j) | Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 573,253 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Grab Holdings Inc., and Altimeter Growth Corp., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Altimeter Growth Corp., and Grab Holdings Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Altimeter Growth Corp., and Grab Holdings Inc. The investment is restricted from resale until the settlement date. |
| (k) | Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy. |
| (l) | At September 30, 2021, the Fund held a fair valued derivative contract at approximately ($460,000), representing (0.1)% of net assets. This security have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors. |
| ADR | American Depositary Receipt. |
| PIPE | Private Investment in Public Equity. |
| SPAC | Special Purpose Acquisition Company. |
Morgan Stanley Institutional Fund, Inc.
Asia Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2021:
| Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.38 | Jul-22 | 158,917,590 | 158,918 | $ | 341 | $ | 843 | $ | (502 | ) | ||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.31 | Aug-22 | 243,088,167 | 243,088 | 627 | 1,651 | (1,024 | ) | |||||||||||||||||
| $ | 968 | $ | 2,494 | $ | (1,526 | ) | |||||||||||||||||||||
| CNH | — | Chinese Yuan Renminbi Offshore |
| USD | — | United States Dollar |
Portfolio Composition*
| Classification | Percentage of Total Investments | |||
| Other** | 25.1 | % | ||
| Banks | 22.4 | |||
| Internet & Direct Marketing Retail | 11.5 | |||
| Interactive Media & Services | 11.2 | |||
| Beverages | 9.4 | |||
| Hotels, Restaurants & Leisure | 7.5 | |||
| Food Products | 7.1 | |||
| Semiconductors & Semiconductor Equipment | 5.8 | |||
| Total Investments | 100.0 | %*** | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2021. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
| *** | Does not include an open PIPE contract with unrealized depreciation of approximately $460,000. |
Morgan Stanley Institutional Fund, Inc.
China Equity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (91.9%) | ||||||||
| Banks (3.8%) | ||||||||
| China Merchants Bank Co., Ltd. H Shares (a) | 56,000 | $ | 446 | |||||
| Beverages (12.6%) | ||||||||
| China Resources Beer Holdings Co., Ltd. (a) | 46,000 | 340 | ||||||
| Kweichow Moutai Co., Ltd., Class A | 2,900 | 819 | ||||||
| Nongfu Spring Co. Ltd. (a) | 17,000 | 86 | ||||||
| Wuliangye Yibin Co., Ltd., Class A | 7,300 | 247 | ||||||
| 1,492 | ||||||||
| Biotechnology (1.7%) | ||||||||
| Innovent Biologics, Inc. (a)(b) | 20,500 | 197 | ||||||
| Electrical Equipment (2.0%) | ||||||||
| NARI Technology Co. Ltd. | 42,700 | 236 | ||||||
| Entertainment (3.3%) | ||||||||
| Bilibili, Inc., Class Z (b) | 1,920 | 127 | ||||||
| Mango Excellent Media Co. Ltd. | 40,000 | 270 | ||||||
| 397 | ||||||||
| Food Products (9.5%) | ||||||||
| China Mengniu Dairy Co., Ltd. (a)(b) | 36,000 | 232 | ||||||
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | 10,300 | 175 | ||||||
| Fu Jian Anjoy Foods Co. Ltd. | 9,200 | 273 | ||||||
| Guangdong Haid Group Co. Ltd. | 24,500 | 255 | ||||||
| Toly Bread Co. Ltd., Class A | 43,800 | 198 | ||||||
| 1,133 | ||||||||
| Health Care Equipment & Supplies (1.7%) | ||||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 3,300 | 197 | ||||||
| Health Care Providers & Services (4.3%) | ||||||||
| Aier Eye Hospital Group Co., Ltd., Class A | 33,300 | 275 | ||||||
| Hygeia Healthcare Holdings Co. Ltd. | 31,800 | 235 | ||||||
| 510 | ||||||||
| Household Durables (4.6%) | ||||||||
| Gree Electric Appliances, Inc. of Zhuhai | 43,300 | 258 | ||||||
| Midea Group Co. Ltd. | 26,300 | 283 | ||||||
| 541 | ||||||||
| Interactive Media & Services (17.3%) | ||||||||
| Tencent Holdings Ltd. (a) | 34,700 | 2,072 | ||||||
| Internet & Direct Marketing Retail (18.0%) | ||||||||
| Alibaba Group Holding Ltd. (a)(b) | 38,028 | 704 | ||||||
| JD.com, Inc., Class A (a)(b) | 4,650 | 167 | ||||||
| Meituan, Class B (a)(b) | 29,200 | 932 | ||||||
| Pinduoduo, Inc. ADR (b) | 3,625 | 329 | ||||||
| 2,132 | ||||||||
Morgan Stanley Institutional Fund, Inc.
China Equity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Life Sciences Tools & Services (2.1%) | ||||||||
| Wuxi Biologics Cayman, Inc. (a)(b) | 15,500 | 251 | ||||||
| Machinery (1.7%) | ||||||||
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | 15,800 | 206 | ||||||
| Personal Products (1.8%) | ||||||||
| Proya Cosmetics Co. Ltd., Class A | 8,100 | 217 | ||||||
| Pharmaceuticals (2.2%) | ||||||||
| Jiangsu Hengrui Medicine Co., Ltd., Class A | 33,161 | 257 | ||||||
| Real Estate Management & Development (0.9%) | ||||||||
| KE Holdings, Inc. ADR (b) | 5,900 | 108 | ||||||
| Specialty Retail (0.5%) | ||||||||
| Pop Mart International Group Ltd. | 8,000 | 54 | ||||||
| Textiles, Apparel & Luxury Goods (3.9%) | ||||||||
| Li Ning Co., Ltd. (a) | 19,000 | 219 | ||||||
| Shenzhou International Group Holdings Ltd. (a) | 11,300 | 240 | ||||||
| 459 | ||||||||
| Total Common Stocks (Cost $10,213) | 10,905 | |||||||
| Short-Term Investment (8.2%) | ||||||||
| Investment Company (8.2%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (c) (Cost $978) | 977,598 | 978 | ||||||
| Total Investments (100.1%) (Cost $11,191) (d)(e)(f) | 11,883 | |||||||
| Liabilities in Excess of Other Assets (–0.1%) | (6 | ) | ||||||
| Net Assets (100.0%) | $ | 11,877 | ||||||
| (a) | Security trades on the Hong Kong exchange. |
| (b) | Non-income producing security. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (e) | The approximate fair value and percentage of net assets, $10,468,000 and 88.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (f) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,706,000 and the aggregate gross unrealized depreciation is approximately $1,014,000, resulting in net unrealized appreciation of approximately $692,000. |
| ADR | American Depositary Receipt. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 34.3 | % | ||
| Internet & Direct Marketing Retail | 18.0 | |||
| Interactive Media & Services | 17.4 | |||
| Beverages | 12.6 | |||
| Food Products | 9.5 | |||
| Short-Term Investments | 8.2 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (92.4%) | ||||||||
| Argentina (0.1%) | ||||||||
| Globant SA (a) | 77 | $ | 22 | |||||
| Australia (0.5%) | ||||||||
| Brookfield Infrastructure Partners LP | 1,500 | 84 | ||||||
| Redbubble Ltd. (a) | 7,343 | 23 | ||||||
| Xero Ltd. (a) | 368 | 36 | ||||||
| 143 | ||||||||
| Brazil (0.1%) | ||||||||
| B3 SA - Brasil Bolsa Balcao | 1,170 | 2 | ||||||
| Magazine Luiza SA | 3,729 | 10 | ||||||
| Vale SA | 1,129 | 16 | ||||||
| 28 | ||||||||
| Canada (5.5%) | ||||||||
| AbCellera Biologics, Inc. (a) | 542 | 11 | ||||||
| Brookfield Asset Management, Inc., Class A | 1,801 | 96 | ||||||
| Canada Goose Holdings, Inc. (a) | 2,840 | 101 | ||||||
| Canadian National Railway Co. | 633 | 73 | ||||||
| Colliers International Group, Inc. | 1,110 | 142 | ||||||
| Constellation Software, Inc. | 91 | 149 | ||||||
| FirstService Corp. | 272 | 49 | ||||||
| Shopify, Inc., Class A (a) | 609 | 826 | ||||||
| Topicus.com, Inc. (a) | 883 | 93 | ||||||
| 1,540 | ||||||||
| China (1.6%) | ||||||||
| 360 DigiTech, Inc. ADR (a) | 348 | 7 | ||||||
| Agora, Inc. ADR (a) | 45 | 1 | ||||||
| China East Education Holdings Ltd. (a)(b) | 3,000 | 3 | ||||||
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | 6,938 | 118 | ||||||
| Haidilao International Holding Ltd. (b) | 3,000 | 11 | ||||||
| HUYA, Inc. ADR (a) | 1,016 | 8 | ||||||
| Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 800 | 5 | ||||||
| KE Holdings, Inc. ADR (a) | 796 | 15 | ||||||
| Kuaishou Technology (a)(b) | 1,500 | 16 | ||||||
| Meituan, Class B (a)(b) | 3,800 | 121 | ||||||
| New Frontier Health Corp. SPAC (a) | 1,068 | 12 | ||||||
| Shenzhou International Group Holdings Ltd. (b) | 600 | 13 | ||||||
| Tencent Holdings Ltd. (b) | 600 | 36 | ||||||
| Trip.com Group Ltd. ADR (a) | 2,073 | 64 | ||||||
| Weimob, Inc. (a)(b) | 3,000 | 4 | ||||||
| 434 | ||||||||
| Denmark (1.8%) | ||||||||
| Chr Hansen Holding A/S | 815 | 67 | ||||||
| DSV Panalpina A/S | 1,789 | 428 | ||||||
| Novo Nordisk A/S Series B | 66 | 6 | ||||||
| 501 | ||||||||
| Finland (0.1%) | ||||||||
| Revenio Group Oyj | 524 | 33 | ||||||
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| France (2.4%) | ||||||||
| Christian Dior SE | 90 | 65 | ||||||
| Dassault Systemes SE | 1,062 | 56 | ||||||
| EssilorLuxottica SA | 160 | 31 | ||||||
| Hermes International | 256 | 353 | ||||||
| L'Oreal SA (BSRM) | 163 | 67 | ||||||
| Pernod Ricard SA | 261 | 58 | ||||||
| Remy Cointreau SA | 264 | 51 | ||||||
| 681 | ||||||||
| Germany (0.8%) | ||||||||
| Adidas AG | 161 | 51 | ||||||
| HelloFresh SE (a) | 999 | 92 | ||||||
| Puma SE | 625 | 69 | ||||||
| 212 | ||||||||
| Hong Kong (0.3%) | ||||||||
| AIA Group Ltd. | 7,200 | 83 | ||||||
| India (2.0%) | ||||||||
| HDFC Bank Ltd. ADR | 5,936 | 434 | ||||||
| ICICI Bank Ltd. ADR | 4,202 | 79 | ||||||
| IndusInd Bank Ltd. | 997 | 15 | ||||||
| Kotak Mahindra Bank Ltd. | 571 | 15 | ||||||
| Shree Cement Ltd. | 22 | 9 | ||||||
| Zomato Ltd. (a) | 1,168 | 2 | ||||||
| 554 | ||||||||
| Israel (0.7%) | ||||||||
| Global-e Online Ltd. (a) | 439 | 31 | ||||||
| IronSource Ltd., Class A (a)(f) | 5,141 | 51 | ||||||
| IronSource Ltd., Class A (a) | 5,867 | 64 | ||||||
| Monday.com Ltd. (a) | 131 | 43 | ||||||
| 189 | ||||||||
| Italy (1.3%) | ||||||||
| Brunello Cucinelli SpA (a) | 495 | 27 | ||||||
| Davide Campari-Milano N.V. | 5,004 | 70 | ||||||
| Moncler SpA | 3,893 | 238 | ||||||
| Stevanato Group SpA (a) | 1,307 | 33 | ||||||
| 368 | ||||||||
| Japan (1.0%) | ||||||||
| BASE, Inc. (a) | 1,700 | 17 | ||||||
| Change, Inc. (a) | 600 | 12 | ||||||
| Demae-Can Co., Ltd. (a) | 1,500 | 23 | ||||||
| Keyence Corp. | 300 | 179 | ||||||
| Pigeon Corp. | 2,300 | 53 | ||||||
| 284 | ||||||||
| Korea, Republic of (0.2%) | ||||||||
| KakaoBank Corp. (a) | 163 | 9 | ||||||
| NAVER Corp. | 182 | 59 | ||||||
| 68 |
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Mexico (0.1%) | ||||||||
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,175 | 22 | ||||||
| Netherlands (2.9%) | ||||||||
| Adyen N.V. (a) | 139 | 389 | ||||||
| ASML Holding N.V. | 263 | 197 | ||||||
| ASML Holding N.V. (Registered) | 250 | 186 | ||||||
| Basic-Fit N.V. (a) | 834 | 38 | ||||||
| Just Eat Takeaway.com N.V. (a) | 83 | 6 | ||||||
| 816 | ||||||||
| Norway (0.0%) (c) | ||||||||
| Kahoot! ASA (a) | 1,160 | 8 | ||||||
| Poland (0.5%) | ||||||||
| Dino Polska SA (a) | 1,519 | 127 | ||||||
| Russia (0.0%) (c) | ||||||||
| Yandex N.V., Class A (a) | 41 | 3 | ||||||
| Singapore (3.5%) | ||||||||
| Sea Ltd. ADR (a) | 3,029 | 965 | ||||||
| Spain (0.1%) | ||||||||
| Aena SME SA (a) | 114 | 20 | ||||||
| Sweden (1.7%) | ||||||||
| AddLife AB, Class B | 4,735 | 173 | ||||||
| Evolution Gaming Group AB | 974 | 147 | ||||||
| Kinnevik AB, Class B (a) | 2,262 | 79 | ||||||
| Olink Holding AB ADR (a) | 558 | 14 | ||||||
| Vitrolife AB | 1,077 | 57 | ||||||
| 470 | ||||||||
| Switzerland (0.6%) | ||||||||
| Kuehne & Nagel International AG (Registered) | 189 | 64 | ||||||
| On Holding AG, Class A (a) | 759 | 23 | ||||||
| Straumann Holding AG (Registered) | 41 | 74 | ||||||
| 161 | ||||||||
| Taiwan (0.5%) | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 7,000 | 145 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 87 | 10 | ||||||
| 155 | ||||||||
| United Kingdom (2.9%) | ||||||||
| Abcam PLC (a) | 408 | 8 | ||||||
| Abcam PLC ADR (a) | 918 | 19 | ||||||
| Angle PLC (a) | 33,378 | 60 | ||||||
| Babcock International Group PLC (a) | 26,224 | 131 | ||||||
| Deliveroo PLC (a) | 18,200 | 70 | ||||||
| Diageo PLC | 976 | 47 | ||||||
| Fevertree Drinks PLC | 679 | 21 | ||||||
| Rentokil Initial PLC | 7,146 | 56 | ||||||
| Rightmove PLC | 8,551 | 79 | ||||||
| Victoria PLC (a) | 26,258 | 327 | ||||||
| 818 |
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| United States (61.2%) | ||||||||
| 10X Genomics, Inc., Class A (a) | 703 | 102 | ||||||
| 23andMe Holding Co. (a)(f) | 1,186 | 10 | ||||||
| 4D Molecular Therapeutics, Inc. (a) | 390 | 10 | ||||||
| ABG Acquisition Corp. I, Class A SPAC (a) | 766 | 7 | ||||||
| Activision Blizzard, Inc. | 56 | 4 | ||||||
| Adobe, Inc. (a) | 208 | 120 | ||||||
| Affirm Holdings, Inc. (a) | 2,394 | 285 | ||||||
| Agilon health, Inc. (a) | 5,073 | 133 | ||||||
| Airbnb, Inc., Class A (a) | 59 | 10 | ||||||
| Alignment Healthcare, Inc. (a) | 935 | 15 | ||||||
| Allogene Therapeutics, Inc. (a) | 361 | 9 | ||||||
| Alnylam Pharmaceuticals, Inc. (a) | 169 | 32 | ||||||
| Alteryx, Inc., Class A (a) | 489 | 36 | ||||||
| Altimeter Growth Corp., Class A SPAC (a) | 12,681 | 130 | ||||||
| Amazon.com, Inc. (a) | 91 | 299 | ||||||
| American Tower Corp. REIT | 100 | 27 | ||||||
| Anterix, Inc. (a) | 1,412 | 86 | ||||||
| Appian Corp. (a) | 2,538 | 235 | ||||||
| AppLovin Corp., Class A (a) | 689 | 50 | ||||||
| Asana, Inc., Class A (a) | 189 | 20 | ||||||
| ATAI Life Sciences N.V. (a) | 1,036 | 15 | ||||||
| AutoZone, Inc. (a) | 3 | 5 | ||||||
| Avalara, Inc. (a) | 18 | 3 | ||||||
| Axon Enterprise, Inc. (a) | 1,014 | 177 | ||||||
| Ball Corp. | 95 | 9 | ||||||
| Beachbody Co., Inc. (The) (a) | 2,963 | 16 | ||||||
| Beam Therapeutics, Inc. (a) | 309 | 27 | ||||||
| Berkshire Hathaway, Inc., Class B (a) | 27 | 7 | ||||||
| Big Sky Growth Partners, Inc. (Units) SPAC (a)(d) | 1,728 | 17 | ||||||
| Bill.Com Holdings, Inc. (a) | 1,179 | 315 | ||||||
| BowX Acquisition Corp., Class A SPAC (a) | 4,562 | 46 | ||||||
| Brookfield Asset Management Reinsurance Partners Ltd., Class A (a) | 12 | 1 | ||||||
| C3.ai, Inc., Class A (a) | 647 | 30 | ||||||
| C4 Therapeutics, Inc. (a) | 244 | 11 | ||||||
| Cadence Design Systems, Inc. (a) | 19 | 3 | ||||||
| Cardlytics, Inc. (a) | 1,966 | 165 | ||||||
| Carvana Co. (a) | 1,401 | 422 | ||||||
| Cazoo Group Ltd. (a) | 4,031 | 31 | ||||||
| Cazoo Group Ltd. (a)(f) | 11,731 | 87 | ||||||
| Celsius Holdings, Inc. (a) | 438 | 39 | ||||||
| Century Therapeutics, Inc. (a) | 352 | 9 | ||||||
| Chewy, Inc., Class A (a) | 35 | 2 | ||||||
| Cintas Corp. | 7 | 3 | ||||||
| Cipher Mining Technologies, Inc. (a)(f) | 4,266 | 39 | ||||||
| Clear Secure, Inc., Class A (a) | 944 | 39 | ||||||
| Cloudflare, Inc., Class A (a) | 3,817 | 430 | ||||||
| Colgate-Palmolive Co. | 40 | 3 | ||||||
| Confluent, Inc., Class A (a) | 183 | 11 | ||||||
| Copart, Inc. (a) | 21 | 3 | ||||||
| CoStar Group, Inc. (a) | 35 | 3 | ||||||
| Costco Wholesale Corp. | 152 | 68 | ||||||
| Coupa Software, Inc. (a) | 187 | 41 | ||||||
| Coupang, Inc. (a) | 10,900 | 304 | ||||||
| Covetrus, Inc. (a) | 20,096 | 365 | ||||||
| Cricut, Inc., Class A (a) | 10,008 | 276 | ||||||
| Crowdstrike Holdings, Inc., Class A (a) | 12 | 3 | ||||||
| Danaher Corp. | 223 | 68 | ||||||
| Datadog, Inc., Class A (a) | 821 | 116 | ||||||
| Desktop Metal, Inc., Class A (a) | 3,901 | 28 | ||||||
| DexCom, Inc. (a) | 5 | 3 |
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Digital Transformation Opportunities Corp. (Units) SPAC (a)(d) | 296 | 3 | ||||||
| DocuSign, Inc. (a) | 35 | 9 | ||||||
| Domino's Pizza, Inc. | 56 | 27 | ||||||
| DoorDash, Inc., Class A (a) | 1,173 | 242 | ||||||
| Doximity, Inc., Class A (a) | 1,050 | 85 | ||||||
| Duolingo, Inc. (a) | 314 | 52 | ||||||
| Dynamics Special Purpose Corp., Class A SPAC (a) | 3,076 | 31 | ||||||
| Ecolab, Inc. | 37 | 8 | ||||||
| Editas Medicine, Inc. (a) | 167 | 7 | ||||||
| Endeavor Group Holdings, Inc., Class A (a) | 721 | 21 | ||||||
| EPAM Systems, Inc. (a) | 479 | 273 | ||||||
| EVI Industries, Inc. (a) | 377 | 10 | ||||||
| Exact Sciences Corp. (a) | 89 | 8 | ||||||
| Facebook, Inc., Class A (a) | 351 | 119 | ||||||
| Farfetch Ltd., Class A (a) | 4,438 | 166 | ||||||
| Fastenal Co. | 52 | 3 | ||||||
| Fastly, Inc., Class A (a) | 11,537 | 467 | ||||||
| Fate Therapeutics, Inc. (a) | 102 | 6 | ||||||
| Figs, Inc., Class A (a) | 1,339 | 50 | ||||||
| Floor & Decor Holdings, Inc., Class A (a) | 1,144 | 138 | ||||||
| GH Research PLC (a) | 451 | 10 | ||||||
| Ginkgo Bioworks Holdings, Inc. (a) | 1,309 | 15 | ||||||
| Ginkgo Bioworks, Inc. (a)(f) | 5,870 | 65 | ||||||
| GoodRx Holdings, Inc., Class A (a) | 5,198 | 213 | ||||||
| Graphite Bio, Inc. (a) | 409 | 7 | ||||||
| Guardant Health, Inc. (a) | 1,083 | 135 | ||||||
| Guidewire Software, Inc. (a) | 25 | 3 | ||||||
| HealthEquity, Inc. (a) | 262 | 17 | ||||||
| HEICO Corp., Class A | 620 | 73 | ||||||
| Home Depot, Inc. (The) | 9 | 3 | ||||||
| IAC/InterActiveCorp (a) | 40 | 5 | ||||||
| IDEXX Laboratories, Inc. (a) | 7 | 4 | ||||||
| Illumina, Inc. (a) | 11 | 4 | ||||||
| Inspire Medical Systems, Inc. (a) | 222 | 52 | ||||||
| Intellia Therapeutics, Inc. (a) | 611 | 82 | ||||||
| Intercontinental Exchange, Inc. | 190 | 22 | ||||||
| Intuitive Surgical, Inc. (a) | 101 | 100 | ||||||
| JFrog Ltd. (a) | 2,060 | 69 | ||||||
| Latch, Inc. (a) | 6,833 | 77 | ||||||
| Linde PLC | 62 | 18 | ||||||
| Lockheed Martin Corp. | 9 | 3 | ||||||
| Lululemon Athletica, Inc. (a) | 7 | 3 | ||||||
| Lyell Immunopharma, Inc. (a) | 519 | 8 | ||||||
| Marqeta, Inc., Class A (a) | 712 | 16 | ||||||
| Martin Marietta Materials, Inc. | 47 | 16 | ||||||
| Mastercard, Inc., Class A | 611 | 212 | ||||||
| Match Group, Inc. (a) | 28 | 4 | ||||||
| Matterport, Inc. (a) | 3,873 | 73 | ||||||
| MaxCyte, Inc. (a) | 1,310 | 16 | ||||||
| McDonald's Corp. | 13 | 3 | ||||||
| Meli Kaszek Pioneer Corp. | 2,799 | 31 | ||||||
| Membership Collective Group, Inc., Class A (a) | 2,362 | 29 | ||||||
| MercadoLibre, Inc. (a) | 168 | 282 | ||||||
| MicroStrategy, Inc., Class A (a) | 65 | 38 | ||||||
| Moderna, Inc. (a) | 282 | 108 | ||||||
| MongoDB, Inc. (a) | 312 | 147 | ||||||
| MP Materials Corp. (a) | 511 | 16 | ||||||
| NanoString Technologies, Inc. (a) | 1,811 | 87 | ||||||
| Nerdy, Inc. (a) | 2,970 | 30 | ||||||
| NIKE, Inc., Class B | 17 | 2 | ||||||
| NVIDIA Corp. | 34 | 7 |
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Oak Street Health, Inc. (a) | 209 | 9 | ||||||
| Okta, Inc. (a) | 429 | 102 | ||||||
| Olo, Inc., Class A (a) | 2,587 | 78 | ||||||
| Opendoor Technologies, Inc. (a) | 419 | 9 | ||||||
| Original BARK Co. (The) (a) | 4,086 | 28 | ||||||
| Oscar Health, Inc., Class A (a) | 965 | 17 | ||||||
| Outset Medical, Inc. (a) | 355 | 18 | ||||||
| Overstock.com, Inc. (a) | 10,112 | 788 | ||||||
| Palantir Technologies, Inc., Class A (a) | 1,046 | 25 | ||||||
| Party City Holdco, Inc. (a) | 25,464 | 181 | ||||||
| Passage Bio, Inc. (a) | 690 | 7 | ||||||
| Peloton Interactive, Inc., Class A (a) | 169 | 15 | ||||||
| Penumbra, Inc. (a) | 63 | 17 | ||||||
| Pinterest, Inc., Class A (a) | 3,694 | 188 | ||||||
| PLx Pharma, Inc. (a) | 1,863 | 36 | ||||||
| Pool Corp. | 7 | 3 | ||||||
| Privia Health Group, Inc. (a) | 580 | 14 | ||||||
| Procore Technologies, Inc. (a) | 89 | 8 | ||||||
| Progressive Corp. (The) | 384 | 35 | ||||||
| Qualtrics International, Inc., Class A (a) | 318 | 14 | ||||||
| Quotient Ltd. (a) | 3,552 | 8 | ||||||
| Redfin Corp. (a) | 4,002 | 200 | ||||||
| Relay Therapeutics, Inc. (a) | 247 | 8 | ||||||
| Ribbit Leap Ltd. (Units) SPAC (a)(d) | 957 | 10 | ||||||
| ROBLOX Corp., Class A (a) | 4,175 | 315 | ||||||
| Roku, Inc. (a) | 52 | 16 | ||||||
| Rollins, Inc. | 203 | 7 | ||||||
| Roper Technologies, Inc. | 10 | 4 | ||||||
| Royal Gold, Inc. | 503 | 48 | ||||||
| Royalty Pharma PLC, Class A | 12,490 | 451 | ||||||
| S&P Global, Inc. | 140 | 59 | ||||||
| salesforce.com, Inc. (a) | 942 | 255 | ||||||
| Sana Biotechnology, Inc. (a) | 652 | 15 | ||||||
| Schrodinger, Inc. (a) | 205 | 11 | ||||||
| Seer, Inc. (a) | 863 | 30 | ||||||
| Sema4 Holdings Corp. (a) | 1,587 | 12 | ||||||
| Sema4 Holdings Corp. (a)(f) | 2,349 | 17 | ||||||
| Service Corp. International | 75 | 4 | ||||||
| ServiceNow, Inc. (a) | 301 | 187 | ||||||
| Sherwin-Williams Co. (The) | 16 | 4 | ||||||
| Signify Health, Inc., Class A (a) | 611 | 11 | ||||||
| Skillz, Inc. (a) | 12,982 | 127 | ||||||
| Snap, Inc., Class A (a) | 5,565 | 411 | ||||||
| Snowflake, Inc., Class A (a) | 1,434 | 434 | ||||||
| SomaLogic, Inc. (a) | 484 | 6 | ||||||
| SomaLogic, Inc. (a)(f) | 1,080 | 13 | ||||||
| Spotify Technology SA (a) | 785 | 177 | ||||||
| Square, Inc., Class A (a) | 1,976 | 474 | ||||||
| Starbucks Corp. | 25 | 3 | ||||||
| Stitch Fix, Inc., Class A (a) | 5,589 | 223 | ||||||
| Synopsys, Inc. (a) | 10 | 3 | ||||||
| Talkspace, Inc. (a)(f) | 1,323 | 5 | ||||||
| TCV Acquisition Corp., Class A SPAC (a) | 1,011 | 10 | ||||||
| Teladoc Health, Inc. (a) | 49 | 6 | ||||||
| Texas Pacific Land Corp. | 19 | 23 | ||||||
| Thermo Fisher Scientific, Inc. | 5 | 3 | ||||||
| Trade Desk, Inc. (The), Class A (a) | 2,946 | 207 | ||||||
| Twilio, Inc., Class A (a) | 743 | 237 | ||||||
| Twitter, Inc. (a) | 7,181 | 434 | ||||||
| Tyler Technologies, Inc. (a) | 57 | 26 | ||||||
| Uber Technologies, Inc. (a) | 3,851 | 172 |
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| UiPath, Inc., Class A (a) | 449 | 24 | ||||||
| Unity Software, Inc. (a) | 1,773 | 224 | ||||||
| Upwork, Inc. (a) | 749 | 34 | ||||||
| USHG Acquisition Corp. (Units) SPAC (a)(d) | 1,705 | 17 | ||||||
| UTZ Brands, Inc. | 1,732 | 30 | ||||||
| Veeva Systems, Inc., Class A (a) | 975 | 281 | ||||||
| Vimeo, Inc. (a) | 3,119 | 92 | ||||||
| Visa, Inc., Class A | 641 | 143 | ||||||
| Vroom, Inc. (a) | 3,169 | 70 | ||||||
| Walt Disney Co. (The) (a) | 1,115 | 189 | ||||||
| Warby Parker, Inc., Class A (a) | 579 | 31 | ||||||
| Waste Connections, Inc. | 402 | 51 | ||||||
| Watsco, Inc. | 9 | 2 | ||||||
| Wayfair, Inc., Class A (a) | 1,226 | 313 | ||||||
| Workday, Inc., Class A (a) | 19 | 5 | ||||||
| Zillow Group, Inc., Class A (a) | 596 | 53 | ||||||
| Zillow Group, Inc., Class C (a) | 1,310 | 115 | ||||||
| Zoetis, Inc. | 15 | 3 | ||||||
| Zoom Video Communications, Inc., Class A (a) | 1,040 | 272 | ||||||
| ZoomInfo Technologies, Inc., Class A (a) | 2,438 | 149 | ||||||
| Zymergen, Inc. (a) | 975 | 13 | ||||||
| 17,059 | ||||||||
| Total Common Stocks (Cost $18,315) | 25,764 | |||||||
| Preferred Stocks (0.2%) | ||||||||
| United States (0.2%) | ||||||||
| Databricks, Inc.
(a)(e)(f) (acquisition cost — $44; acquired 8/31/21) | 198 | 44 | ||||||
| Overstock.com, Inc. Series A-1 (a) | 176 | 12 | ||||||
| Total Preferred Stocks (Cost $45) | 56 | |||||||
| Investment Companies (0.9%) | ||||||||
| United States (0.6%) | ||||||||
| Grayscale Bitcoin Trust (a) | 5,039 | 171 | ||||||
| United Kingdom (0.3%) | ||||||||
| Hipgnosis Songs Fund Ltd. | 44,172 | 73 | ||||||
| Total Investment Companies (Cost $297) | 244 |
No. of Warrants | ||||||||
| Warrants (0.0%) (c) | ||||||||
| United States (0.0%) (c) | ||||||||
| Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a) | 262 | 1 | ||||||
| Original BARK Co. (The) expires 5/1/26 (a) | 373 | 1 | ||||||
| SomaLogic, Inc. expires 8/31/26 (a) | 161 | - | ||||||
| Total Warrants (Cost $3) | 2 | |||||||
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Shares | ||||||||
| Short-Term Investment (6.4%) | ||||||||
| Investment Company (6.4%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (g) (Cost $1,779) | 1,779,077 | 1,779 | ||||||
| Total Investments Excluding Purchased Options (99.9%) (Cost $20,439) | 27,845 | |||||||
| Total Purchased Options Outstanding (0.1%) (Cost $88) | 21 | |||||||
| Total Investments (100.0%) (Cost $20,527) (h)(i)(j)(k) | 27,866 | |||||||
| Liabilities in Excess of Other Assets (0.0%) (c) | (9 | ) | ||||||
| Net Assets (100.0%) | $ | 27,857 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
The Fund had the following Derivative Contracts - PIPE open at September 30, 2021:
| Counterparty | Referenced Obligation |
Notional Amount |
Settlement Date |
Unrealized Depreciation (000) |
% of Net Assets |
|||||||||||
| Altimeter Growth Corp. | Grab Holdings Inc.(a)(e)(f)(l)(o) | $ | 106,460 | 12/31/21 | $ | (9 | ) | (0.03 | )% | |||||||
| Athena Technology Acquisition Corp. | Heliogen, Inc. (a)(e)(f)(m)(o) | 52,980 | 12/31/21 | (6 | ) | (0.02 | ) | |||||||||
| Reinvent Technology Partners Y | Aurora Innovation, Inc. (a)(e)(f)(n)(o) | 20,210 | 12/31/21 | (3 | ) | (0.01 | ) | |||||||||
| $ | (18 | ) | (0.06 | )% | ||||||||||||
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | Amount is less than 0.05%. |
| (d) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
| (e) | At September 30, 2021, the Fund held a fair valued security and derivative contracts at approximately $26,000 representing 0.1% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors. |
| (f) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted security and derivative contracts (excluding 144A holdings) at September 30, 2021 amounts to approximately $313,000 and represents 1.1% of net assets. |
| (g) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Funds. |
| (h) | The approximate fair value and percentage of net assets, $5,008,000 and 18.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments. |
| (i) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (j) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $8,726,000 and the aggregate gross unrealized depreciation is approximately $1,405,000, resulting in net unrealized appreciation of approximately $7,321,000. |
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| (k) | Securities are available for collateral in connection with securities purchased on a forward commitment basis. |
| (l) | Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 10,646 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Grab Holdings Inc., and Altimeter Growth Corp., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Altimeter Growth Corp., and Grab Holdings Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Altimeter Growth Corp., and Grab Holdings Inc. The investment is restricted from resale until the settlement date. |
| (m) | Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 5,298 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Heliogen, Inc., and Athena Technology Acquisition Corp., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Athena Technology Acquisition Corp., and Heliogen, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Athena Technology Acquisition Corp., and Heliogen, Inc. The investment is restricted from resale until the settlement date. |
| (n) | Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 2,021 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Aurora Innovation, Inc., and Reinvent Technology Partners Y, a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Reinvent Technology Partners Y, and Aurora Innovation, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Aurora Innovation, Inc., and Reinvent Technology Partners Y. The investment is restricted from resale until the settlement date. |
| (o) | Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy. |
| ADR | American Depositary Receipt. |
| BSRM | Berlin Second Regulated Market. |
| PIPE | Private Investment in Public Equity. |
| REIT | Real Estate Investment Trust. |
| SPAC | Special Purpose Acquisition Company. |
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
Call
Options Purchased:
The Fund had the following call options purchased open
at September 30, 2021:
| Counterparty | Description | Strike Price | Expiration Date | Number
of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
| BNP Paribas | USD/CNH | CNH | 7.45 | Jan-22 | 2,935,915 | 2,936 | $ | —@ | $ | 16 | $ | (16 | ) | ||||||||||||||
| BNP Paribas | USD/CNH | CNH | 7.64 | Nov-21 | 2,347,349 | 2,347 | —@ | 13 | (13 | ) | |||||||||||||||||
| Goldman Sachs International | USD/CNH | CNH | 7.57 | Mar-22 | 3,169,691 | 3,170 | 1 | 16 | (15 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.28 | Jul-22 | 3,914,073 | 3,914 | 10 | 18 | (8 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.31 | Aug-22 | 2,533,588 | 2,534 | 7 | 17 | (10 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.38 | Jul-22 | 1,595,646 | 1,596 | 3 | 8 | (5 | ) | |||||||||||||||||
| $ | 21 | $ | 88 | $ | (67 | ) | |||||||||||||||||||||
| @ | Value is less than $500. | |
| CNH | — | Chinese Yuan Renminbi Offshore |
| USD | — | United States Dollar |
Portfolio Composition
| Classification | Percentage
of Total Investments | |||
| Other* | 42.0 | % | ||
| Information Technology Services | 16.1 | |||
| Software | 11.3 | |||
| Internet & Direct Marketing Retail | 11.3 | |||
| Entertainment | 6.6 | |||
| Short-Term Investments | 6.4 | |||
| Interactive Media & Services | 6.3 | |||
| Total Investments | 100.0 | %** | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
| ** | Does not include open PIPE contracts with total unrealized depreciation of approximately $18,000. |
Morgan Stanley Institutional Fund, Inc.
Developing Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (98.3%) | ||||||||
| Argentina (2.4%) | ||||||||
| Globant SA (a) | 22,958 | $ | 6,451 | |||||
| Brazil (4.2%) | ||||||||
| B3 SA — Brasil Bolsa Balcao | 1,300,260 | 3,042 | ||||||
| Magazine Luiza SA | 3,146,266 | 8,285 | ||||||
| 11,327 | ||||||||
| China (36.0%) | ||||||||
| 360 DigiTech, Inc. (a) | 172,452 | 3,504 | ||||||
| China East Education Holdings Ltd. (a)(b) | 1,280,000 | 1,321 | ||||||
| China Resources Beer Holdings Co., Ltd. (b) | 708,000 | 5,236 | ||||||
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | 601,482 | 10,199 | ||||||
| Haidilao International Holding Ltd. (b) | 1,323,000 | 5,068 | ||||||
| HUYA, Inc. ADR (a) | 411,100 | 3,428 | ||||||
| KE Holdings, Inc. ADR (a) | 400,640 | 7,316 | ||||||
| Kuaishou Technology (a)(b) | 571,100 | 6,095 | ||||||
| Kweichow Moutai Co., Ltd., Class A | 32,289 | 9,114 | ||||||
| Meituan, Class B (a)(b) | 504,700 | 16,111 | ||||||
| New Frontier Health Corp. SPAC (a) | 7,725 | 87 | ||||||
| Shenzhou International Group Holdings Ltd. (b) | 281,200 | 5,968 | ||||||
| Tencent Holdings Ltd. (b) | 126,600 | 7,558 | ||||||
| Trip.com Group Ltd. ADR (a) | 383,539 | 11,794 | ||||||
| Tsingtao Brewery Co., Ltd. H Shares (b) | 424,000 | 3,335 | ||||||
| Yihai International Holding Ltd. (a)(b) | 248,000 | 1,382 | ||||||
| 97,516 | ||||||||
| India (23.7%) | ||||||||
| HDFC Bank Ltd. | 1,088,416 | 23,268 | ||||||
| ICICI Bank Ltd. ADR | 836,332 | 15,782 | ||||||
| IndusInd Bank Ltd. | 611,742 | 9,083 | ||||||
| Kotak Mahindra Bank Ltd. | 353,150 | 9,504 | ||||||
| Shree Cement Ltd. | 13,658 | 5,311 | ||||||
| Zomato Ltd. (a) | 726,562 | 1,337 | ||||||
| 64,285 | ||||||||
| Korea, Republic of (6.6%) | ||||||||
| KakaoBank Corp. (a) | 78,348 | 4,526 | ||||||
| NAVER Corp. | 40,912 | 13,275 | ||||||
| 17,801 | ||||||||
| Mexico (0.9%) | ||||||||
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 127,500 | 2,378 | ||||||
| Russia (1.5%) | ||||||||
| Yandex N.V., Class A (a) | 52,228 | 4,162 | ||||||
| Taiwan (6.9%) | ||||||||
| Nien Made Enterprise Co., Ltd. | 162,000 | 2,291 | ||||||
| Silergy Corp. | 39,000 | 5,673 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 516,000 | 10,672 | ||||||
| 18,636 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Developing Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| United States (16.1%) | ||||||||
| Coupang, Inc. (a) | 464,806 | 12,945 | ||||||
| EPAM Systems, Inc. (a) | 25,095 | 14,316 | ||||||
| MercadoLibre, Inc. (a) | 9,849 | 16,541 | ||||||
| 43,802 | ||||||||
| Total Common Stocks (Cost $247,143) | 266,358 | |||||||
| Investment Company (0.7%) | ||||||||
| Grayscale Bitcoin Trust (a) (Cost $2,450) | 53,649 | 1,816 | ||||||
| Short-Term Investment (3.2%) | ||||||||
| Investment Company (3.2%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (c) (Cost $8,788) | 8,787,667 | 8,788 | ||||||
| Total Investments Excluding Purchased Options (102.2%) (Cost $258,381) | 276,962 | |||||||
| Total Purchased Options Outstanding (0.1%) (Cost $871) | 338 | |||||||
| Total Investments (102.3%) (Cost $259,252) (d)(e)(f)(g) | 277,300 | |||||||
| Liabilities in Excess of Other Assets (–2.3%) | (6,374 | ) | ||||||
| Net Assets (100.0%) | $ | 270,926 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
The Fund had the following Derivative Contract - PIPE open at September 30, 2021:
| Counterparty | Referenced Obligation | Notional Amount | Settlement Date | Unrealized Depreciation (000) | % of Net Assets | |||||||||||
| Altimeter Growth Corp. | Grab Holdings Inc. (a)(h)(i)(j)(k) | $ | 2,601,490 | 12/31/21 | $ | (209 | ) | (0.1 | )% | |||||||
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $6,000 relating to the Fund's investment in the Liquidity Funds. |
| (d) | The approximate fair value and percentage of net assets, $150,464,000 and 55.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (f) | Securities are available for collateral in connection with securities purchased on a forward commitment basis. |
| (g) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $44,726,000 and the aggregate gross unrealized depreciation is approximately $26,887,000, resulting in net unrealized appreciation of approximately $17,839,000. |
Morgan Stanley Institutional Fund, Inc.
Developing Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| (h) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted derivative contract (excluding 144A holdings) at September 30, 2021 amounts to approximately $(209,000) and represents (0.1)% of net assets. |
| (i) | At September 30, 2021, the Fund held a fair valued derivative contract valued at approximately ($209,000) representing (0.1)% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors. |
| (j) | Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 260,149 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Grab Holdings Inc., and Altimeter Growth Corp., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Altimeter Growth Corp., and Grab Holdings Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to Altimeter Growth Corp., and Grab Holdings Inc. The investment is restricted from resale until the settlement date. |
| (k) | Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy. |
| ADR | American Depositary Receipt. |
| PIPE | Private Investment in Public. |
| SPAC | Special Purpose Acquisition Company. |
Morgan Stanley Institutional Fund, Inc.
Developing Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2021:
| Counterparty | Description | Strike Price | Expiration Date | Number
of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | ||||||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.31 | Aug-22 | 86,331,707 | 86,332 | $ | 223 | $ | 586 | $ | (363 | ) | |||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.38 | Jul-22 | 53,625,517 | 53,626 | 115 | 285 | (170 | ) | ||||||||||||||||||
| $ | 338 | $ | 871 | $ | (533 | ) | ||||||||||||||||||||||
CNH – Chinese Yuan Renminbi Offshore
USD – United States Dollar
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 23.5 | % | ||
| Banks | 22.4 | |||
| Internet & Direct Marketing Retail | 17.0 | |||
| Interactive Media & Services | 11.2 | |||
| Information Technology Services | 7.5 | |||
| Beverages | 6.4 | |||
| Hotels, Restaurants & Leisure | 6.1 | |||
| Semiconductors & Semiconductor Equipment | 5.9 | |||
| Total Investments | 100.0 | %** | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
| ** | Does not include an open PIPE contract with unrealized depreciation of approximately $209,000. |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (97.9%) | ||||||||
| Argentina (1.8%) | ||||||||
| Globant SA (a) | 46,074 | $ | 12,947 | |||||
| Brazil (3.7%) | ||||||||
| Hapvida Participacoes e Investimentos SA | 2,699,600 | 6,737 | ||||||
| Lojas Renner SA | 1,161,880 | 7,344 | ||||||
| Petroleo Brasileiro SA | 1,226,146 | 6,338 | ||||||
| Petroleo Brasileiro SA (Preference) | 1,238,669 | 6,193 | ||||||
| 26,612 | ||||||||
| China (17.3%) | ||||||||
| Alibaba Group Holding Ltd. ADR (a)(b) | 289,472 | 5,359 | ||||||
| China Construction Bank Corp. H Shares (b) | 17,954,120 | 12,814 | ||||||
| China Mengniu Dairy Co., Ltd. (a)(b) | 1,634,000 | 10,523 | ||||||
| China Merchants Bank Co., Ltd. H Shares (b) | 1,650,500 | 13,135 | ||||||
| China Resources Beer Holdings Co., Ltd. (b) | 1,246,000 | 9,216 | ||||||
| China Tourism Group Duty Free Corp. Ltd., Class A | 52,300 | 2,095 | ||||||
| Jiangsu Hengrui Medicine Co., Ltd., Class A | 466,059 | 3,618 | ||||||
| Kweichow Moutai Co., Ltd., Class A | 23,149 | 6,534 | ||||||
| Li Ning Co., Ltd. (b) | 168,500 | 1,942 | ||||||
| Meituan, Class B (a)(b) | 385,800 | 12,315 | ||||||
| Proya Cosmetics Co. Ltd., Class A | 73,300 | 1,962 | ||||||
| Shenzhou International Group Holdings Ltd. (b) | 545,800 | 11,584 | ||||||
| Tencent Holdings Ltd. (b) | 543,400 | 32,440 | ||||||
| Wuxi Biologics Cayman, Inc. (a)(b) | 158,000 | 2,563 | ||||||
| 126,100 | ||||||||
| Germany (1.1%) | ||||||||
| Infineon Technologies AG | 193,891 | 7,930 | ||||||
| Hong Kong (1.1%) | ||||||||
| Hong Kong Exchanges & Clearing Ltd. | 134,800 | 8,284 | ||||||
| India (12.4%) | ||||||||
| Asian Paints Ltd. | 121,334 | 5,289 | ||||||
| Bharti Airtel Ltd. | 222,050 | 2,053 | ||||||
| Eicher Motors Ltd. | 82,273 | 3,078 | ||||||
| HDFC Bank Ltd. ADR | 103,532 | 7,567 | ||||||
| Hindalco Industries Ltd. | 990,542 | 6,484 | ||||||
| Housing Development Finance Corp., Ltd. | 383,206 | 14,162 | ||||||
| ICICI Bank Ltd. | 1,142,131 | 10,732 | ||||||
| ICICI Prudential Life Insurance Co., Ltd. | 620,093 | 5,598 | ||||||
| Infosys Ltd. | 357,609 | 8,018 | ||||||
| Infosys Ltd. ADR | 121,594 | 2,705 | ||||||
| Mahindra & Mahindra Financial Services Ltd. | 943,320 | 2,338 | ||||||
| Mahindra & Mahindra Ltd. | 408,467 | 4,399 | ||||||
| Reliance Industries Ltd. | 169,336 | 5,731 | ||||||
| Reliance Industries Ltd Partly Paid | 342,158 | 8,577 | ||||||
| Shree Cement Ltd. | 9,326 | 3,626 | ||||||
| 90,357 | ||||||||
| Indonesia (2.1%) | ||||||||
| Bank Central Asia Tbk PT | 3,834,500 | 9,340 | ||||||
| Bank Mandiri Persero Tbk PT | 9,474,300 | 4,049 | ||||||
| Bukalapak.com Tbk PT (a) | 35,511,500 | 2,134 | ||||||
| 15,523 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Korea, Republic of (8.9%) | ||||||||
| Hyundai Motor Co. | 15,677 | 2,610 | ||||||
| Kakao Corp. | 45,190 | 4,444 | ||||||
| KakaoBank Corp. (a) | 10,314 | 596 | ||||||
| Kia Motor Corp. | 39,459 | 2,665 | ||||||
| LG Chem Ltd. | 4,933 | 3,199 | ||||||
| NAVER Corp. | 12,592 | 4,086 | ||||||
| Samsung Electronics Co., Ltd. | 608,112 | 37,700 | ||||||
| Samsung SDI Co., Ltd. | 10,221 | 6,099 | ||||||
| SK Hynix, Inc. | 42,819 | 3,665 | ||||||
| 65,064 | ||||||||
| Mexico (3.7%) | ||||||||
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 528,528 | 9,859 | ||||||
| Grupo Financiero Banorte SAB de CV Series O | 1,226,847 | 7,863 | ||||||
| Wal-Mart de Mexico SAB de CV | 2,794,098 | 9,469 | ||||||
| 27,191 | ||||||||
| Netherlands (2.5%) | ||||||||
| ASML Holding N.V. | 24,324 | 18,124 | ||||||
| Panama (1.2%) | ||||||||
| Copa Holdings SA, Class A (a) | 108,142 | 8,801 | ||||||
| Poland (2.2%) | ||||||||
| Allegro.eu SA (a) | 305,641 | 4,438 | ||||||
| LPP SA | 3,177 | 11,832 | ||||||
| 16,270 | ||||||||
| Russia (8.8%) | ||||||||
| Fix Price Group Ltd. GDR | 408,827 | 3,673 | ||||||
| Fix Price Group Ltd. GDR (Registered GDR) | 225,559 | 2,023 | ||||||
| LUKOIL PJSC ADR | 96,302 | 9,146 | ||||||
| Novatek PJSC GDR (Registered) | 51,656 | 13,525 | ||||||
| Ozon Holdings PLC ADR (a) | 100,042 | 5,047 | ||||||
| TCS Group Holding PLC GDR | 197,027 | 17,916 | ||||||
| Yandex N.V., Class A (a) | 161,238 | 12,849 | ||||||
| 64,179 | ||||||||
| Singapore (2.1%) | ||||||||
| Sea Ltd. ADR (a) | 47,078 | 15,005 | ||||||
| South Africa (5.1%) | ||||||||
| Anglo American Platinum Ltd. | 58,462 | 5,049 | ||||||
| Anglo American PLC | 463,246 | 16,341 | ||||||
| Capitec Bank Holdings Ltd. | 77,700 | 9,421 | ||||||
| Clicks Group Ltd. | 103,895 | 1,916 | ||||||
| Mr Price Group Ltd. | 334,534 | 4,488 | ||||||
| 37,215 | ||||||||
| Taiwan (15.3%) | ||||||||
| Airtac International Group | 261,000 | 8,120 | ||||||
| ASE Technology Holding Co., Ltd. | 2,917,626 | 11,288 | ||||||
| Delta Electronics, Inc. | 1,505,000 | 13,485 | ||||||
| MediaTek, Inc. | 169,000 | 5,440 |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Novatek Microelectronics Corp. | 316,000 | 4,591 | ||||||
| Silergy Corp. | 54,000 | 7,854 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2,937,205 | 60,748 | ||||||
| 111,526 | ||||||||
| United Kingdom (2.7%) | ||||||||
| Avast PLC | 786,203 | 6,008 | ||||||
| Mondi PLC | 540,466 | 13,309 | ||||||
| 19,317 | ||||||||
| United States (5.9%) | ||||||||
| Applied Materials, Inc. | 54,158 | 6,972 | ||||||
| EPAM Systems, Inc. (a) | 19,543 | 11,149 | ||||||
| Lam Research Corp. | 9,957 | 5,667 | ||||||
| MercadoLibre, Inc. (a) | 7,263 | 12,197 | ||||||
| NIKE, Inc., Class B | 48,351 | 7,022 | ||||||
| 43,007 | ||||||||
| Total Common Stocks (Cost $467,474) | 713,452 | |||||||
| No. of Rights | ||||||||
| Rights (0.0%) (c) | ||||||||
| India (0.0%) (c) | ||||||||
| Bharti Airtel Ltd. (Cost $—) | 15,860 | 32 | ||||||
| Shares | ||||||||
| Short-Term Investment (1.2%) | ||||||||
| Investment Company (1.2%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (d) (Cost $8,931) | 8,930,928 | 8,931 | ||||||
| Total Investments (99.1%) (Cost $476,405) (e)(f)(g) | 722,415 | |||||||
| Other Assets in Excess of Liabilities (0.9%) | 6,704 | |||||||
| Net Assets (100.0%) | $ | 729,119 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | Value is less than 0.05%. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Funds. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| (f) | The approximate fair value and percentage of net assets, $527,193,000 and 72.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (g) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $261,048,000 and the aggregate gross unrealized depreciation is approximately $15,038,000, resulting in net unrealized appreciation of approximately $246,010,000. |
| ADR | American Depositary Receipt. |
| GDR | Global Depositary Receipt. |
| PJSC | Public Joint Stock Company. |
| Portfolio Composition |
| Classification | Percentage
of Total Investments | |||
| Other* | 43.5 | % | ||
| Semiconductors & Semiconductor Equipment | 18.3 | |||
| Banks | 12.9 | |||
| Interactive Media & Services | 7.5 | |||
| Oil, Gas & Consumable Fuels | 6.9 | |||
| Internet & Direct Marketing Retail | 5.7 | |||
| Tech Hardware, Storage & Peripherals | 5.2 | |||
| Total Investments | 100.0 | % |
* Industries and/or investment types representing less than 5% of total investments.
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Face Amount (000) | Value (000) | |||||||
| Fixed Income Securities (94.4%) | ||||||||
| Argentina (0.7%) | ||||||||
| Corporate Bonds (0.4%) | ||||||||
| Pampa Energia SA, | ||||||||
| 9.13%, 4/15/29 (a) | $ | 150 | $ | 140 | ||||
| Telecom Argentina SA, | ||||||||
| 8.00%, 7/18/26 (a) | 7 | 7 | ||||||
| 147 | ||||||||
| Sovereign (0.3%) | ||||||||
| Argentine Republic Government International Bond, | ||||||||
| 0.50%, 7/9/30 (b) | 127 | 47 | ||||||
| 1.00%, 7/9/29 | 24 | 9 | ||||||
| 1.13%, 7/9/35 (b) | 232 | 76 | ||||||
| 132 | ||||||||
| 279 | ||||||||
| Armenia (1.2%) | ||||||||
| Corporate Bond (0.7%) | ||||||||
| Ardshinbank CJSC Via Dilijan Finance BV, | ||||||||
| 6.50%, 1/28/25 (a) | 270 | 270 | ||||||
| Sovereign (0.5%) | ||||||||
| Republic of Armenia International Bond, | ||||||||
| 3.95%, 9/26/29 | 200 | 196 | ||||||
| 466 | ||||||||
| Brazil (5.2%) | ||||||||
| Corporate Bonds (2.2%) | ||||||||
| Iochpe-Maxion Austria GmbH/Maxion Wheels de Mexico S de RL de CV, | ||||||||
| 5.00%, 5/7/28 (a) | 200 | 200 | ||||||
| MARB BondCo PLC, | ||||||||
| 3.95%, 1/29/31 (a) | 200 | 192 | ||||||
| MercadoLibre, Inc., | ||||||||
| 3.13%, 1/14/31 | 200 | 193 | ||||||
| Movida Europe SA, | ||||||||
| 5.25%, 2/8/31 (a) | 200 | 195 | ||||||
| Suzano Austria GmbH, | ||||||||
| 3.75%, 1/15/31 | 40 | 41 | ||||||
| 821 | ||||||||
| Sovereign (3.0%) | ||||||||
| Brazil Notas do Tesouro Nacional, Series F, | ||||||||
| 10.00%, 1/1/23 – 1/1/25 | BRL | 5,187 | 950 | |||||
| Brazilian Government International Bond, | ||||||||
| 3.88%, 6/12/30 | $ | 200 | 194 | |||||
| 1,144 | ||||||||
| 1,965 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Chile (3.4%) | ||||||||
| Corporate Bonds (2.2%) | ||||||||
| ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par, | ||||||||
| 4.05%, 4/27/26 (a) | 200 | 201 | ||||||
| Cencosud SA, | ||||||||
| 4.38%, 7/17/27 | 200 | 218 | ||||||
| Colbun SA, | ||||||||
| 3.15%, 3/6/30 (a) | 200 | 206 | ||||||
| Kenbourne Invest SA, | ||||||||
| 4.70%, 1/22/28 (a) | 200 | 201 | ||||||
| 826 | ||||||||
| Sovereign (1.2%) | ||||||||
| Bonos de la Tesoreria de la Republica en pesos, | ||||||||
| 2.30%, 10/1/28 (a) | CLP | 130,000 | 132 | |||||
| 4.50%, 3/1/26 | 90,000 | 108 | ||||||
| Chile Government International Bond, | ||||||||
| 3.50%, 1/25/50 | $ | 200 | 200 | |||||
| 440 | ||||||||
| 1,266 | ||||||||
| China (5.8%) | ||||||||
| Corporate Bonds (1.7%) | ||||||||
| Country Garden Holdings Co., Ltd., | ||||||||
| 7.25%, 4/8/26 | 260 | 275 | ||||||
| Huarong Finance Co. Ltd., | ||||||||
| 3.88%, 11/13/29 | 200 | 177 | ||||||
| Huarong Finance II Co. Ltd., | ||||||||
| 4.63%, 6/3/26 | 200 | 191 | ||||||
| 643 | ||||||||
| Sovereign (4.1%) | ||||||||
| China Government Bond, | ||||||||
| 2.68%, 5/21/30 | CNY | 2,820 | 426 | |||||
| 3.13%, 11/21/29 | 4,900 | 769 | ||||||
| 3.29%, 10/18/23 | 940 | 148 | ||||||
| Sinopec Group Overseas Development 2018 Ltd., | ||||||||
| 2.95%, 11/12/29 (a) | $ | 200 | 210 | |||||
| 1,553 | ||||||||
| 2,196 | ||||||||
| Colombia (3.6%) | ||||||||
| Corporate Bonds (1.6%) | ||||||||
| Banco GNB Sudameris SA, | ||||||||
| 7.50%, 4/16/31 (a) | 200 | 204 | ||||||
| Grupo Aval Ltd., | ||||||||
| 4.38%, 2/4/30 (a) | 200 | 198 | ||||||
| SierraCol Energy Andina LLC, | ||||||||
| 6.00%, 6/15/28 (a) | 200 | 196 | ||||||
| 598 |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Sovereign (2.0%) | ||||||||
| Colombia Government International Bond, | ||||||||
| 4.13%, 5/15/51 | 200 | 172 | ||||||
| Colombian TES, | ||||||||
| Series B | ||||||||
| 6.00%, 4/28/28 | COP | 758,400 | 188 | |||||
| 7.00%, 6/30/32 | 253,800 | 63 | ||||||
| 7.50%, 8/26/26 | 686,600 | 187 | ||||||
| 10.00%, 7/24/24 | 454,100 | 133 | ||||||
| 743 | ||||||||
| 1,341 | ||||||||
| Costa Rica (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| Costa Rica Government International Bond, | ||||||||
| 7.16%, 3/12/45 | $ | 200 | 201 | |||||
| Czech Republic (0.4%) | ||||||||
| Sovereign (0.4%) | ||||||||
| Czech Republic Government Bond, | ||||||||
| 1.20%, 3/13/31 | CZK | 3,440 | 145 | |||||
| Dominican Republic (1.8%) | ||||||||
| Sovereign (1.8%) | ||||||||
| Dominican Republic International Bond, | ||||||||
| 5.30%, 1/21/41 (a) | $ | 300 | 298 | |||||
| 5.88%, 1/30/60 (a) | 150 | 147 | ||||||
| 9.75%, 6/5/26 (a) | DOP | 10,550 | 227 | |||||
| 672 | ||||||||
| Ecuador (1.0%) | ||||||||
| Sovereign (1.0%) | ||||||||
| Ecuador Government International Bond, | ||||||||
| 0.00%, 7/31/30 (a) | $ | 20 | 11 | |||||
| 0.50%, 7/31/40 (a)(b) | 100 | 59 | ||||||
| 0.50%, 7/31/40 (b) | 170 | 99 | ||||||
| 1.00%, 7/31/35 (b) | 100 | 67 | ||||||
| 1.00%, 7/31/35 (a)(b) | 103 | 68 | ||||||
| 5.00%, 7/31/30 (a)(b) | 83 | 70 | ||||||
| 374 | ||||||||
| Egypt (4.3%) | ||||||||
| Corporate Bond (1.1%) | ||||||||
| African Export-Import Bank (The), | ||||||||
| 3.99%, 9/21/29 (a) | 390 | 413 | ||||||
| Sovereign (3.2%) | ||||||||
| Egypt Government Bond, | ||||||||
| 13.77%, 1/5/24 | EGP | 5,012 | 317 | |||||
| 14.06%, 1/12/26 | 4,020 | 254 | ||||||
| Egypt Government International Bond, | ||||||||
| 5.25%, 10/6/25 | $ | 200 | 205 | |||||
| 6.38%, 4/11/31 (a) | EUR | 230 | 262 | |||||
| 7.50%, 2/16/61 (a) | $ | 200 | 176 | |||||
| 1,214 | ||||||||
| 1,627 |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| El Salvador (0.3%) | ||||||||
| Sovereign (0.3%) | ||||||||
| El Salvador Government International Bond, | ||||||||
| 7.12%, 1/20/50 (a) | 150 | 104 | ||||||
| Ghana (1.5%) | ||||||||
| Corporate Bonds (1.0%) | ||||||||
| Kosmos Energy Ltd., | ||||||||
| 7.13%, 4/4/26 (a) | 200 | 196 | ||||||
| Tullow Oil PLC, | ||||||||
| 7.00%, 3/1/25 | 200 | 174 | ||||||
| 370 | ||||||||
| Sovereign (0.5%) | ||||||||
| Ghana Government International Bond, | ||||||||
| 8.88%, 5/7/42 (a) | 200 | 187 | ||||||
| 557 | ||||||||
| Hungary (1.2%) | ||||||||
| Sovereign (1.2%) | ||||||||
| Hungary Government Bond, | ||||||||
| 3.00%, 8/21/30 | HUF | 56,000 | 180 | |||||
| 6.00%, 11/24/23 | 76,600 | 270 | ||||||
| 450 | ||||||||
| India (0.6%) | ||||||||
| Corporate Bond (0.6%) | ||||||||
| Greenko Investment Co., | ||||||||
| 4.88%, 8/16/23 (a) | $ | 240 | 242 | |||||
| Indonesia (4.9%) | ||||||||
| Sovereign (4.9%) | ||||||||
| Indonesia Government International Bond, | ||||||||
| 3.85%, 7/18/27 | 200 | 222 | ||||||
| 4.45%, 4/15/70 | 230 | 263 | ||||||
| Indonesia Treasury Bond, | ||||||||
| 6.50%, 6/15/25 – 2/15/31 | IDR | 7,064,000 | 514 | |||||
| 7.00%, 9/15/30 | 356,000 | 26 | ||||||
| 7.50%, 6/15/35 | 2,520,000 | 187 | ||||||
| 8.38%, 4/15/39 | 3,200,000 | 252 | ||||||
| 8.75%, 5/15/31 | 1,310,000 | 107 | ||||||
| Pertamina Persero PT, | ||||||||
| 6.50%, 11/7/48 (a) | $ | 200 | 266 | |||||
| 1,837 | ||||||||
| Israel (1.3%) | ||||||||
| Corporate Bonds (1.3%) | ||||||||
| Energean Israel Finance Ltd., | ||||||||
| 4.88%, 3/30/26 (a) | 165 | 170 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV, | ||||||||
| 7.13%, 1/31/25 | 300 | 328 | ||||||
| 498 |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Ivory Coast (0.4%) | ||||||||
| Sovereign (0.4%) | ||||||||
| Ivory Coast Government International Bond, | ||||||||
| 4.88%, 1/30/32 (a) | EUR | 140 | 158 | |||||
| Jordan (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| Jordan Government International Bond, | ||||||||
| 7.38%, 10/10/47 (a) | $ | 200 | 208 | |||||
| Kazakhstan (0.6%) | ||||||||
| Sovereign (0.6%) | ||||||||
| Development Bank of Kazakhstan JSC, | ||||||||
| 10.95%, 5/6/26 (a) | KZT | 100,000 | 237 | |||||
| Lebanon (0.1%) | ||||||||
| Sovereign (0.1%) | ||||||||
| Lebanon Government International Bond, | ||||||||
| 6.85%, 3/23/27 (c)(d) | $ | 266 | 45 | |||||
| Malaysia (2.9%) | ||||||||
| Sovereign (2.9%) | ||||||||
| Malaysia Government Bond, | ||||||||
| 3.76%, 5/22/40 | MYR | 950 | 217 | |||||
| 3.96%, 9/15/25 | 1,603 | 401 | ||||||
| 4.18%, 7/15/24 | 762 | 190 | ||||||
| 4.23%, 6/30/31 | 616 | 156 | ||||||
| 4.50%, 4/15/30 | 559 | 144 | ||||||
| 1,108 | ||||||||
| Mexico (12.2%) | ||||||||
| Corporate Bonds (4.1%) | ||||||||
| Cemex SAB de CV, | ||||||||
| 5.13%, 6/8/26 (a)(e) | $ | 200 | 204 | |||||
| Financiera Independencia SAB de CV SOFOM ENR, | ||||||||
| 8.00%, 7/19/24 (a) | 250 | 231 | ||||||
| Total Play Telecomunicaciones SA de CV, | ||||||||
| 6.38%, 9/20/28 (a) | 200 | 200 | ||||||
| 7.50%, 11/12/25 (a) | 200 | 208 | ||||||
| 7.50%, 11/12/25 | 200 | 208 | ||||||
| Trust Fibra Uno, | ||||||||
| 6.39%, 1/15/50 (a) | 240 | 285 | ||||||
| Unifin Financiera SAB de CV, | ||||||||
| 9.88%, 1/28/29 (a) | 200 | 202 | ||||||
| 1,538 | ||||||||
| Sovereign (8.1%) | ||||||||
| Banco Nacional de Comercio Exterior SNC, | ||||||||
| 2.72%, 8/11/31 (a) | 200 | 201 | ||||||
| Mexican Bonos, | ||||||||
| 10.00%, 12/5/24 | MXN | 1,388 | 74 | |||||
| Series M | ||||||||
| 7.50%, 6/3/27 | 15,813 | 779 | ||||||
| 7.75%, 5/29/31 | 12,030 | 598 | ||||||
| 8.00%, 12/7/23 | 2,072 | 104 | ||||||
| 10.00%, 12/5/24 | 2,321 | 123 | ||||||
| Mexico Government International Bond, | ||||||||
| 3.75%, 4/19/71 | $ | 200 | 173 | |||||
| Petroleos Mexicanos, | ||||||||
| 6.50%, 3/13/27 – 1/23/29 | 526 | 549 | ||||||
| 6.88%, 10/16/25 (a) | 135 | 148 | ||||||
| 6.95%, 1/28/60 | 365 | 320 | ||||||
| 3,069 | ||||||||
| 4,607 |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Moldova (0.6%) | ||||||||
| Corporate Bond (0.6%) | ||||||||
| Aragvi Finance International DAC, | ||||||||
| 8.45%, 4/29/26 (a) | 200 | 209 | ||||||
| Mongolia (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| Mongolia Government International Bond, | ||||||||
| 4.45%, 7/7/31 (a) | 200 | 194 | ||||||
| Morocco (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| Morocco Government International Bond, | ||||||||
| 4.00%, 12/15/50 (a) | 200 | 183 | ||||||
| Nigeria (5.0%) | ||||||||
| Corporate Bonds (3.9%) | ||||||||
| Access Bank PLC, | ||||||||
| 1.00%, 12/31/99 | 200 | 200 | ||||||
| Fidelity Bank PLC, | ||||||||
| 10.50%, 10/16/22 (a) | 220 | 236 | ||||||
| First Bank of Nigeria Ltd. Via FBN Finance Co. BV, | ||||||||
| 8.63%, 10/27/25 (a) | 200 | 217 | ||||||
| IHS Netherlands Holdco BV, | ||||||||
| 8.00%, 9/18/27 (a) | 270 | 289 | ||||||
| SEPLAT Energy PLC, | ||||||||
| 7.75%, 4/1/26 (a) | 210 | 219 | ||||||
| United Bank for Africa PLC, | ||||||||
| 7.75%, 6/8/22 (a) | 300 | 309 | ||||||
| 1,470 | ||||||||
| Sovereign (1.1%) | ||||||||
| Nigeria Government International Bond, | ||||||||
| 7.14%, 2/23/30 (a) | 200 | 204 | ||||||
| 7.38%, 9/28/33 (a) | 200 | 202 | ||||||
| 406 | ||||||||
| 1,876 | ||||||||
| Oman (1.2%) | ||||||||
| Sovereign (1.2%) | ||||||||
| Oman Government International Bond, | ||||||||
| 6.25%, 1/25/31 (a) | 410 | 439 | ||||||
| Panama (0.5%) | ||||||||
| Corporate Bond (0.5%) | ||||||||
| AES Panama Generation Holdings SRL, | ||||||||
| 4.38%, 5/31/30 (a) | 200 | 206 |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Paraguay (1.2%) | ||||||||
| Corporate Bond (0.5%) | ||||||||
| Frigorifico Concepcion SA, | ||||||||
| 7.70%, 7/21/28 (a) | 200 | 207 | ||||||
| Sovereign (0.7%) | ||||||||
| Paraguay Government International Bond, | ||||||||
| 5.40%, 3/30/50 | 230 | 265 | ||||||
| 472 | ||||||||
| Peru (1.7%) | ||||||||
| Corporate Bonds (1.1%) | ||||||||
| InRetail Consumer, | ||||||||
| 3.25%, 3/22/28 (a) | 200 | 201 | ||||||
| Lima Metro Line 2 Finance Ltd., | ||||||||
| 4.35%, 4/5/36 (a) | 197 | 211 | ||||||
| 412 | ||||||||
| Sovereign (0.6%) | ||||||||
| Peru Government Bond, | ||||||||
| 5.40%, 8/12/34 | PEN | 259 | 54 | |||||
| 5.94%, 2/12/29 | 742 | 181 | ||||||
| 6.15%, 8/12/32 | 1 | —@ | ||||||
| 235 | ||||||||
| 647 | ||||||||
| Poland (2.6%) | ||||||||
| Sovereign (2.6%) | ||||||||
| Republic of Poland Government Bond, | ||||||||
| 3.25%, 7/25/25 | PLN | 1,258 | 341 | |||||
| 4.00%, 10/25/23 | 455 | 122 | ||||||
| 5.75%, 10/25/21 – 9/23/22 | 2,020 | 532 | ||||||
| 995 | ||||||||
| Qatar (0.8%) | ||||||||
| Sovereign (0.8%) | ||||||||
| Qatar Government International Bond, | ||||||||
| 4.82%, 3/14/49 (a) | $ | 230 | 296 | |||||
| Romania (1.3%) | ||||||||
| Sovereign (1.3%) | ||||||||
| Romania Government Bond, | ||||||||
| 4.75%, 2/24/25 – 10/11/34 | RON | 1,590 | 384 | |||||
| Romanian Government International Bond, | ||||||||
| 1.75%, 7/13/30 (a) | EUR | 80 | 91 | |||||
| 475 | ||||||||
| Russia (5.1%) | ||||||||
| Corporate Bonds (1.4%) | ||||||||
| Alfa Bank AO Via Alfa Bond Issuance PLC, | ||||||||
| 5.95%, 4/15/30 | $ | 300 | 314 | |||||
| Credit Bank of Moscow Via CBOM Finance PLC, | ||||||||
| 7.63%, 4/4/27 (a)(e)(f) | 220 | 219 | ||||||
| 533 |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Sovereign (3.7%) | ||||||||
| Russian Federal Bond - OFZ, | ||||||||
| 6.90%, 5/23/29 | RUB | 43,141 | 584 | |||||
| 7.00%, 8/16/23 | 21,670 | 297 | ||||||
| 7.70%, 3/23/33 | 9,485 | 135 | ||||||
| 7.95%, 10/7/26 | 9,240 | 131 | ||||||
| Russian Foreign Bond - Eurobond, | ||||||||
| 5.63%, 4/4/42 | $ | 200 | 260 | |||||
| 1,407 | ||||||||
| 1,940 | ||||||||
| Saudi Arabia (1.7%) | ||||||||
| Corporate Bond (0.5%) | ||||||||
| SA Global Sukuk Ltd., | ||||||||
| 2.69%, 6/17/31 (a) | 200 | 202 | ||||||
| Sovereign (1.2%) | ||||||||
| Saudi Government International Bond, | ||||||||
| 5.25%, 1/16/50 (a) | 340 | 441 | ||||||
| 643 | ||||||||
| Senegal (1.0%) | ||||||||
| Sovereign (1.0%) | ||||||||
| Senegal Government International Bond, | ||||||||
| 6.25%, 5/23/33 (a) | 350 | 366 | ||||||
| South Africa (3.8%) | ||||||||
| Sovereign (3.8%) | ||||||||
| Republic of South Africa Government Bond, | ||||||||
| 8.00%, 1/31/30 | ZAR | 18,181 | 1,123 | |||||
| 8.25%, 3/31/32 | 3,317 | 197 | ||||||
| 8.75%, 1/31/44 | 820 | 45 | ||||||
| 9.00%, 1/31/40 | 1,500 | 85 | ||||||
| 1,450 | ||||||||
| Sri Lanka (0.8%) | ||||||||
| Sovereign (0.8%) | ||||||||
| Sri Lanka Government International Bond, | ||||||||
| 7.55%, 3/28/30 | $ | 500 | 307 | |||||
| Supranational (0.7%) | ||||||||
| Banque Ouest Africaine de Developpement, | ||||||||
| 2.75%, 1/22/33 (a) | EUR | 200 | 248 | |||||
| Tanzania, United Republic of (0.6%) | ||||||||
| Corporate Bond (0.6%) | ||||||||
| HTA Group Ltd., | ||||||||
| 7.00%, 12/18/25 (a) | $ | 200 | 211 | |||||
| Thailand (1.7%) | ||||||||
| Sovereign (1.7%) | ||||||||
| Thailand Government Bond, | ||||||||
| 3.63%, 6/16/23 | THB | 9,000 | 280 | |||||
| 4.88%, 6/22/29 | 10,144 | 368 | ||||||
| 648 |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Turkey (2.6%) | ||||||||
| Corporate Bond (0.5%) | ||||||||
| Limak Iskenderun Uluslararasi Liman Isletmeciligi, | ||||||||
| 9.50%, 7/10/36 (a) | $ | 200 | 204 | |||||
| Sovereign (2.1%) | ||||||||
| Hazine Mustesarligi Varlik Kiralama AS, | ||||||||
| 5.13%, 6/22/26 (a) | 200 | 198 | ||||||
| Turkey Government Bond, | ||||||||
| 8.00%, 3/12/25 | TRY | 1,143 | 97 | |||||
| 10.50%, 8/11/27 | 1,236 | 103 | ||||||
| 10.70%, 8/17/22 | 58 | 6 | ||||||
| 11.00%, 3/2/22 | 190 | 21 | ||||||
| Turkey Government International Bond, | ||||||||
| 5.88%, 6/26/31 | $ | 400 | 376 | |||||
| 801 | ||||||||
| 1,005 | ||||||||
| Ukraine (1.7%) | ||||||||
| Sovereign (1.7%) | ||||||||
| NAK Naftogaz Ukraine via Kondor Finance PLC, | ||||||||
| 7.13%, 7/19/24 | EUR | 200 | 235 | |||||
| Ukraine Government International Bond, | ||||||||
| 7.75%, 9/1/26 | $ | 380 | 413 | |||||
| 648 | ||||||||
| United Arab Emirates (2.3%) | ||||||||
| Corporate Bonds (1.7%) | ||||||||
| DP World Salaam, | ||||||||
| 6.00%, 10/1/25 (e) | 200 | 220 | ||||||
| Galaxy Pipeline Assets Bidco Ltd., | ||||||||
| 2.16%, 3/31/34 (a) | 200 | 197 | ||||||
| 3.25%, 9/30/40 (a) | 230 | 232 | ||||||
| 649 | ||||||||
| Sovereign (0.6%) | ||||||||
| Abu Dhabi Government International Bond, | ||||||||
| 3.13%, 4/16/30 | 200 | 217 | ||||||
| 866 | ||||||||
| Uzbekistan (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| Republic of Uzbekistan International Bond, | ||||||||
| 3.70%, 11/25/30 (a) | 200 | 194 | ||||||
| Venezuela (0.3%) | ||||||||
| Sovereign (0.3%) | ||||||||
| Petroleos de Venezuela SA, | ||||||||
| 6.00%, 11/15/26 (c)(d) | 1,582 | 95 | ||||||
| Zambia (1.3%) | ||||||||
| Sovereign (1.3%) | ||||||||
| Zambia Government Bond, | ||||||||
| 11.00%, 1/25/26 | ZMW | 3,680 | 162 | |||||
| 13.00%, 1/25/31 | 5,290 | 187 | ||||||
| Zambia Government International Bond, | ||||||||
| 5.38%, 9/20/22 | $ | 200 | 151 | |||||
| 500 | ||||||||
| Total Fixed Income Securities (Cost $36,837) | 35,696 |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| No. of Warrants | ||||||||
| Warrant (0.0%) (g) | ||||||||
| Venezuela (0.0%) (g) | ||||||||
| Venezuela Government International Bond, Oil-Linked Payment Obligation 0.0%, expires 4/15/20 (h) (Cost $—) | 495 | 1 | ||||||
| Shares | ||||||||
| Short-Term Investments (5.2%) | ||||||||
| Investment Company (4.5%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (i) (Cost $1,697) | 1,696,678 | 1,697 | ||||||
| Face Amount (000) | ||||||||
| Egypt (0.6%) | ||||||||
| Sovereign (0.6%) | ||||||||
| Egypt Treasury Bill, | ||||||||
| 12.95%, 9/13/22 (Cost $224) | EGP | 3,950 | 225 | |||||
| U.S. Treasury Security (0.1%) | ||||||||
| U.S. Treasury Bill, | ||||||||
| 0.06%, 7/14/22 (j) (Cost $30) | $ | 30 | 30 | |||||
| Total Short-Term Investments (Cost $1,951) | 1,952 | |||||||
| Total Investments (99.6%) (Cost $38,788) (k)(l)(m) | 37,649 | |||||||
| Other Assets in Excess of Liabilities (0.4%) | 148 | |||||||
| Net Assets (100.0%) | $ | 37,797 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| (a) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (b) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2021. Maturity date disclosed is the ultimate maturity date. |
| (c) | Non-income producing security; bond in default. |
| (d) | Issuer in bankruptcy. |
| (e) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of September 30, 2021. |
| (f) | When-issued security. |
| (g) | Amount is less than 0.05%. |
| (h) | Perpetual maturity date. Date disclosed is the last expiration date. |
| (i) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds. |
| (j) | Rate shown is the yield to maturity at September 30, 2021. |
| (k) | Securities are available for collateral in connection with purchase of when-issued security and open foreign currency forward exchange contracts. |
| (l) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (m) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,327,000 and the aggregate gross unrealized depreciation is approximately $2,452,000, resulting in net unrealized depreciation of approximately $1,125,000. |
| @ | Value is less than $500. |
| OFZ | Obilgatsyi Federal’novo Zaima (Russian Federal Loan Obligation). |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Foreign Currency Forward Exchange Contracts: | ||||||||||||||
| The Fund had the following foreign currency forward exchange contracts open at September 30, 2021: | ||||||||||||||
| Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (Depreciation) (000) | ||||||||||
| BNP Paribas SA | $ | 200 | CNH | 1,310 | 11/22/21 | $ | 2 | |||||||
| BNP Paribas SA | $ | 129 | EUR | 110 | 11/22/21 | (2 | ) | |||||||
| BNP Paribas SA | $ | 392 | HUF | 118,000 | 11/22/21 | (12 | ) | |||||||
| BNP Paribas SA | $ | 17 | IDR | 250,000 | 11/22/21 | (—@ | ) | |||||||
| BNP Paribas SA | $ | 49 | IDR | 700,000 | 11/22/21 | —@ | ||||||||
| Citibank NA | HUF | 60,000 | $ | 203 | 11/22/21 | 10 | ||||||||
| Citibank NA | MXN | 7,450 | $ | 361 | 11/22/21 | 3 | ||||||||
| Citibank NA | ZAR | 2,400 | $ | 155 | 11/22/21 | (3 | ) | |||||||
| HSBC Bank PLC | $ | 383 | CZK | 8,400 | 11/22/21 | —@ | ||||||||
| HSBC Bank PLC | $ | 31 | PLN | 120 | 11/22/21 | (—@ | ) | |||||||
| JPMorgan Chase Bank NA | EUR | 1,000 | $ | 1,169 | 11/22/21 | 10 | ||||||||
| State Street Bank and Trust Co. | IDR | 1,700,000 | $ | 117 | 11/22/21 | (2 | ) | |||||||
| UBS AG | HUF | 58,000 | $ | 195 | 11/22/21 | 9 | ||||||||
| UBS AG | $ | 39 | CZK | 840 | 11/22/21 | (1 | ) | |||||||
| $ | 14 | |||||||||||||
| @ | Value is less than $500. | |
| BRL | — | Brazilian Real |
| CLP | — | Chilean Peso |
| CNH | — | Chinese Yuan Renminbi Offshore |
| CNY | — | Chinese Yuan Renminbi |
| COP | — | Colombian Peso |
| CZK | — | Czech Koruna |
| DOP | — | Dominican Peso |
| EGP | — | Egyptian Pound |
| EUR | — | Euro |
| HUF | — | Hungarian Forint |
| IDR | — | Indonesian Rupiah |
| KZT | — | Kazakhstan Tenge |
| MXN | — | Mexican Peso |
| MYR | — | Malaysian Ringgit |
| PEN | — | Peruvian Nuevo Sol |
| PLN | — | Polish Zloty |
| RON | — | Romanian New Leu |
| RUB | — | Russian Ruble |
| THB | — | Thai Baht |
| TRY | — | Turkish Lira |
| ZAR | — | South African Rand |
| ZMW | — | Zambian kwacha |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Sovereign | 65.8 | % | ||
| Corporate Bonds | 28.3 | |||
| Short-Term Investments | 5.2 | |||
| Other* | 0.7 | |||
| Total Investments | 100.0 | %** | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
| ** |
Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $14,000. |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Leaders Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | ||||||||
| Common Stocks (98.1%) | |||||||||
| Argentina (1.3%) | |||||||||
| Globant SA (a) | 14,914 | $ | 4,191 | ||||||
| Brazil (4.7%) | |||||||||
| Pagseguro Digital Ltd., Class A (a) | 170,923 | 8,840 | |||||||
| StoneCo Ltd., Class A (a) | 173,234 | 6,015 | |||||||
| 14,855 | |||||||||
| China (20.3%) | |||||||||
| Kingdee International Software Group Co., Ltd. (a)(b) | 2,700,000 | 8,990 | |||||||
| Li Ning Co., Ltd. (b) | 1,730,500 | 19,946 | |||||||
| Meituan, Class B (a)(b) | 551,700 | 17,611 | |||||||
| Proya Cosmetics Co. Ltd., Class A | 217,933 | 5,832 | |||||||
| Tencent Holdings Ltd. (b) | 55,700 | 3,325 | |||||||
| Wuliangye Yibin Co., Ltd., Class A | 231,700 | 7,842 | |||||||
| 63,546 | |||||||||
| Germany (5.3%) | |||||||||
| Delivery Hero SE (a) | 99,161 | 12,649 | |||||||
| Global Fashion Group SA (a) | 362,396 | 4,024 | |||||||
| 16,673 | |||||||||
| India (27.1%) | |||||||||
| Aarti Industries Ltd. | 927,273 | 11,586 | |||||||
| Apollo Hospitals Enterprise Ltd. | 215,360 | 12,960 | |||||||
| AU Small Finance Bank Ltd. (a) | 664,745 | 10,399 | |||||||
| Bajaj Finance Ltd. | 201,033 | 20,686 | |||||||
| Happiest Minds Technologies Ltd. | 307,120 | 5,668 | |||||||
| IIFL Wealth Management Ltd. | 110,170 | 2,319 | |||||||
| Kotak Mahindra Bank Ltd. | 381,872 | 10,277 | |||||||
| PI Industries Ltd. | 115,961 | 4,952 | |||||||
| SRF Ltd. | 39,138 | 5,933 | |||||||
| 84,780 | |||||||||
| Singapore (9.7%) | |||||||||
| Sea Ltd. ADR (a) | 95,727 | 30,511 | |||||||
| Taiwan (12.2%) | |||||||||
| Silergy Corp. | 88,000 | 12,800 | |||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 710,000 | 14,684 | |||||||
| Voltronic Power Technology Corp. | 173,334 | 10,570 | |||||||
| 38,054 | |||||||||
| United States (17.5%) | |||||||||
| Advanced Micro Devices, Inc. (a) | 98,087 | 10,093 | |||||||
| MercadoLibre, Inc. (a) | 11,176 | 18,769 | |||||||
| NIKE, Inc., Class B | 61,134 | 8,878 | |||||||
| NVIDIA Corp. | 42,707 | 8,847 | |||||||
| Thoughtworks Holding, Inc. (a) | 282,886 | 8,122 | |||||||
| 54,709 | |||||||||
| Total Common Stocks (Cost $233,174) | 307,319 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Leaders Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Short-Term Investment (3.0%) | ||||||||
| Investment Company (3.0%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (c) (Cost $9,481) | 9,480,960 | 9,481 | ||||||
| Total Investments (101.1%) (Cost $242,655) (d)(e)(f) | 316,800 | |||||||
| Liabilities in Excess of Other Assets (–1.1%) | (3,597 | ) | ||||||
| Net Assets (100.0%) | $ | 313,203 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Funds. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (e) | The approximate fair value and percentage of net assets, $203,053,000 and 64.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (f) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $79,784,000 and the aggregate gross unrealized depreciation is approximately $5,639,000, resulting in net unrealized appreciation of approximately $74,145,000. |
| ADR | American Depositary Receipt. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 19.4 | % | ||
| Internet & Direct Marketing Retail | 16.7 | |||
| Semiconductors & Semiconductor Equipment | 14.7 | |||
| Information Technology Services | 10.4 | |||
| Entertainment | 9.6 | |||
| Textiles, Apparel & Luxury Goods | 9.1 | |||
| Chemicals | 7.1 | |||
| Consumer Finance | 6.5 | |||
| Banks | 6.5 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Concentrated Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | ||||||||
| Common Stocks (99.0%) | |||||||||
| China (9.1%) | |||||||||
| Alibaba Group Holding Ltd. ADR (a) | 25,694 | $ | 3,804 | ||||||
| Tencent Holdings Ltd. ADR | 94,193 | 5,630 | |||||||
| 9,434 | |||||||||
| France (8.0%) | |||||||||
| LVMH Moet Hennessy Louis Vuitton SE ADR | 57,570 | 8,249 | |||||||
| India (7.8%) | |||||||||
| HDFC Bank Ltd. ADR | 111,240 | 8,130 | |||||||
| Italy (5.7%) | |||||||||
| Ferrari N.V. | 28,457 | 5,951 | |||||||
| Taiwan (5.1%) | |||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 47,226 | 5,273 | |||||||
| United States (63.3%) | |||||||||
| Ameriprise Financial, Inc. | 13,163 | 3,477 | |||||||
| Costco Wholesale Corp. | 6,403 | 2,877 | |||||||
| Danaher Corp. | 19,461 | 5,925 | |||||||
| Domino's Pizza, Inc. | 8,823 | 4,208 | |||||||
| Estee Lauder Cos., Inc. (The), Class A | 9,682 | 2,904 | |||||||
| JPMorgan Chase & Co. | 24,195 | 3,961 | |||||||
| Lululemon Athletica, Inc. (a) | 3,883 | 1,572 | |||||||
| Mastercard, Inc., Class A | 10,208 | 3,549 | |||||||
| Microsoft Corp. | 27,942 | 7,877 | |||||||
| NextEra Energy, Inc. | 36,492 | 2,865 | |||||||
| Planet Fitness, Inc., Class A (a) | 26,727 | 2,099 | |||||||
| STORE Capital Corp. REIT | 202,226 | 6,477 | |||||||
| SVB Financial Group (a) | 14,525 | 9,396 | |||||||
| United Rentals, Inc. (a) | 14,852 | 5,212 | |||||||
| Waste Management, Inc. | 21,797 | 3,256 | |||||||
| 65,655 | |||||||||
| Total Common Stocks (Cost $91,273) | 102,692 | ||||||||
| Short-Term Investment (1.0%) | |||||||||
| Investment Company (1.0%) | |||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $1,043) | 1,043,220 | 1,043 | |||||||
| Total Investments (100.0%) (Cost $92,316) (c)(d) | 103,735 | ||||||||
| Liabilities in Excess of Other Assets (–0.0%) (e) | (13 | ) | |||||||
| Net Assets (100.0%) | $ | 103,722 | |||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
Morgan Stanley Institutional Fund, Inc.
Global Concentrated Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (d) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $14,586,000 and the aggregate gross unrealized depreciation is approximately $3,167,000, resulting in net unrealized appreciation of approximately $11,419,000. |
| (e) | Amount is less than 0.05%. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 22.9 | % | ||
| Banks | 20.7 | |||
| Textiles, Apparel & Luxury Goods | 9.5 | |||
| Software | 7.6 | |||
| Equity Real Estate Investment Trusts (REITs) | 6.3 | |||
| Hotels, Restaurants & Leisure | 6.1 | |||
| Automobiles | 5.7 | |||
| Health Care Equipment & Supplies | 5.7 | |||
| Interactive Media & Services | 5.4 | |||
| Semiconductors & Semiconductor Equipment | 5.1 | |||
| Trading Companies & Distributors | 5.0 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Core Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (98.1%) | ||||||||
| Canada (1.3%) | ||||||||
| Franco-Nevada Corp. | 1,922 | $ | 250 | |||||
| China (8.4%) | ||||||||
| Alibaba Group Holding Ltd. ADR (a) | 3,754 | 556 | ||||||
| NetEase, Inc. ADR | 3,188 | 272 | ||||||
| Tencent Holdings Ltd. ADR | 13,441 | 803 | ||||||
| 1,631 | ||||||||
| France (4.2%) | ||||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,148 | 822 | ||||||
| India (4.3%) | ||||||||
| HDFC Bank Ltd. ADR | 11,405 | 834 | ||||||
| Ireland (2.7%) | ||||||||
| CRH PLC ADR | 6,667 | 312 | ||||||
| Ryanair Holdings PLC ADR (a) | 1,845 | 203 | ||||||
| 515 | ||||||||
| Italy (3.2%) | ||||||||
| Ferrari N.V. | 2,964 | 620 | ||||||
| Japan (1.4%) | ||||||||
| Nippon Telegraph & Telephone Corp. ADR | 10,066 | 279 | ||||||
| Singapore (2.5%) | ||||||||
| Sea Ltd. ADR (a) | 1,492 | 475 | ||||||
| Taiwan (4.1%) | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 7,029 | 785 | ||||||
| United Kingdom (5.9%) | ||||||||
| Diageo PLC ADR | 3,142 | 606 | ||||||
| Experian PLC ADR | 8,308 | 348 | ||||||
| London Stock Exchange Group PLC | 1,875 | 188 | ||||||
| 1,142 | ||||||||
| United States (60.1%) | ||||||||
| Ameriprise Financial, Inc. | 2,059 | 544 | ||||||
| Apple, Inc. | 9,253 | 1,309 | ||||||
| Chevron Corp. | 7,564 | 767 | ||||||
| Danaher Corp. | 2,709 | 825 | ||||||
| Estee Lauder Cos., Inc. (The), Class A | 1,681 | 504 | ||||||
| Euronet Worldwide, Inc. (a) | 749 | 95 | ||||||
| First Republic Bank | 3,400 | 656 | ||||||
| Fortune Brands Home & Security, Inc. | 2,071 | 185 | ||||||
| JPMorgan Chase & Co. | 3,606 | 590 | ||||||
| Lululemon Athletica, Inc. (a) | 1,409 | 570 | ||||||
| Mastercard, Inc., Class A | 1,837 | 639 | ||||||
| Match Group, Inc. (a) | 449 | 71 | ||||||
| McDonald's Corp. | 1,768 | 426 | ||||||
| MGM Resorts International | 9,384 | 405 | ||||||
| Microsoft Corp. | 4,259 | 1,201 | ||||||
| NextEra Energy, Inc. | 5,748 | 451 | ||||||
| Planet Fitness, Inc., Class A (a) | 634 | 50 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Core Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Progressive Corp. (The) | 557 | 50 | ||||||
| STORE Capital Corp. REIT | 19,126 | 613 | ||||||
| SVB Financial Group (a) | 1,310 | 847 | ||||||
| Target Corp. | 1,516 | 347 | ||||||
| United Rentals, Inc. (a) | 837 | 294 | ||||||
| Valero Energy Corp. | 651 | 46 | ||||||
| Veeva Systems, Inc., Class A (a) | 498 | 144 | ||||||
| 11,629 | ||||||||
| Total Common Stocks (Cost $13,599) | 18,982 | |||||||
| Short-Term Investment (1.7%) | ||||||||
| Investment Company (1.7%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $330) | 329,986 | 330 | ||||||
| Total Investments (99.8%) (Cost $13,929) (c)(d)(e) | 19,312 | |||||||
| Other Assets in Excess of Liabilities (0.2%) | 44 | |||||||
| Net Assets (100.0%) | $ | 19,356 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (d) | The approximate fair value and percentage of net assets, $1,010,000 and 5.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (e) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,513,000 and the aggregate gross unrealized depreciation is approximately $130,000, resulting in net unrealized appreciation of approximately $5,383,000. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 64.6 | % | ||
| Banks | 15.2 | |||
| Textiles, Apparel & Luxury Goods | 7.2 | |||
| Tech Hardware, Storage & Peripherals | 6.8 | |||
| Software | 6.2 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Endurance Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (99.6%) | ||||||||
| Canada (7.4%) | ||||||||
| Colliers International Group, Inc. | 25,504 | $ | 3,265 | |||||
| Constellation Software, Inc. | 868 | 1,422 | ||||||
| Shopify, Inc., Class A (a) | 1,136 | 1,540 | ||||||
| 6,227 | ||||||||
| Finland (1.0%) | ||||||||
| Revenio Group Oyj | 12,545 | 796 | ||||||
| Netherlands (1.2%) | ||||||||
| Basic-Fit N.V. (a) | 22,018 | 1,010 | ||||||
| Poland (2.6%) | ||||||||
| Dino Polska SA (a) | 26,148 | 2,181 | ||||||
| Sweden (3.1%) | ||||||||
| AddLife AB, Class B | 71,320 | 2,608 | ||||||
| United Kingdom (10.5%) | ||||||||
| Angle PLC (a) | 220,231 | 399 | ||||||
| Babcock International Group PLC (a) | 835,893 | 4,167 | ||||||
| Victoria PLC (a) | 342,041 | 4,253 | ||||||
| 8,819 | ||||||||
| United States (73.8%) | ||||||||
| Affirm Holdings, Inc. (a) | 35,523 | 4,232 | ||||||
| Alteryx, Inc., Class A (a) | 12,074 | 883 | ||||||
| Appian Corp. (a) | 34,332 | 3,176 | ||||||
| AppLovin Corp., Class A (a) | 15,904 | 1,151 | ||||||
| Beachbody Co., Inc. (The) (a) | 73,141 | 405 | ||||||
| Cardlytics, Inc. (a) | 36,688 | 3,080 | ||||||
| Carvana Co. (a) | 5,514 | 1,663 | ||||||
| Cazoo Group Ltd. (a) | 163,915 | 1,274 | ||||||
| Cazoo Group Ltd. (a)(b) | 30,318 | 225 | ||||||
| Cricut, Inc., Class A (a) | 334,418 | 9,223 | ||||||
| Fastly, Inc., Class A (a) | 145,039 | 5,865 | ||||||
| Floor & Decor Holdings, Inc., Class A (a) | 29,695 | 3,587 | ||||||
| Ginkgo Bioworks, Inc. (a)(b) | 103,832 | 1,143 | ||||||
| GoodRx Holdings, Inc., Class A (a) | 106,299 | 4,360 | ||||||
| JFrog Ltd. (a) | 63,108 | 2,114 | ||||||
| Latch, Inc. (a) | 73,837 | 832 | ||||||
| Party City Holdco, Inc. (a) | 319,973 | 2,272 | ||||||
| PLx Pharma, Inc. (a) | 55,141 | 1,064 | ||||||
| Royalty Pharma PLC, Class A | 45,689 | 1,651 | ||||||
| salesforce.com, Inc. (a) | 14,669 | 3,979 | ||||||
| Skillz, Inc. (a) | 213,362 | 2,095 | ||||||
| Spotify Technology SA (a) | 6,474 | 1,459 | ||||||
| Stitch Fix, Inc., Class A (a) | 71,043 | 2,838 | ||||||
| Vimeo, Inc. (a) | 21,489 | 631 | ||||||
| Wayfair, Inc., Class A (a) | 4,204 | 1,074 | ||||||
| Zillow Group, Inc., Class A (a) | 17,261 | 1,529 | ||||||
| 61,805 | ||||||||
| Total Common Stocks (Cost $84,275) | 83,446 | |||||||
Morgan Stanley Institutional Fund, Inc.
Global Endurance Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Short-Term Investment (1.8%) | ||||||||
| Investment Company (1.8%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $1,473) | 1,473,276 | 1,473 | ||||||
| Total Investments (101.4%) (Cost $85,748) (d)(e)(f) | 84,919 | |||||||
| Liabilities in Excess of Other Assets (–1.4%) | (1,137 | ) | ||||||
| Net Assets (100.0%) | $ | 83,782 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2021 amounts to approximately $1,368,000 and represents 1.6% of net assets. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Funds. |
| (d) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (e) | The approximate fair value and percentage of net assets, $15,414,000 and 18.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (f) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $8,630,000 and the aggregate gross unrealized depreciation is approximately $9,459,000, resulting in net unrealized depreciation of approximately $829,000. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 34.1 | % | ||
| Software | 16.0 | |||
| Household Durables | 15.9 | |||
| Information Technology Services | 13.7 | |||
| Specialty Retail | 8.8 | |||
| Internet & Direct Marketing Retail | 6.4 | |||
| Health Care Technology | 5.1 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Focus Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (98.4%) | ||||||||
| Australia (4.8%) | ||||||||
| Charter Hall Group REIT | 6,388 | $ | 77 | |||||
| Goodman Group REIT | 3,004 | 46 | ||||||
| Mirvac Group REIT | 24,052 | 51 | ||||||
| National Storage REIT | 31,880 | 53 | ||||||
| 227 | ||||||||
| Belgium (0.9%) | ||||||||
| Aedifica SA REIT | 350 | 44 | ||||||
| Canada (2.0%) | ||||||||
| Tricon Residential, Inc. | 7,173 | 96 | ||||||
| China (1.0%) | ||||||||
| GDS Holdings Ltd. ADR (a) | 847 | 48 | ||||||
| France (1.6%) | ||||||||
| ICADE REIT | 546 | 42 | ||||||
| Mercialys SA REIT | 2,990 | 32 | ||||||
| 74 | ||||||||
| Germany (2.7%) | ||||||||
| Alstria Office AG REIT | 3,506 | 64 | ||||||
| LEG Immobilien SE | 459 | 65 | ||||||
| 129 | ||||||||
| Hong Kong (2.8%) | ||||||||
| ESR Cayman Ltd. (a) | 21,600 | 65 | ||||||
| Wharf Real Estate Investment Co., Ltd. | 13,000 | 67 | ||||||
| 132 | ||||||||
| Japan (8.2%) | ||||||||
| Activia Properties, Inc. REIT | 11 | 45 | ||||||
| Mitsubishi Estate Logistics Investment Corp. REIT | 16 | 70 | ||||||
| Mitsui Fudosan Co., Ltd. | 6,400 | 152 | ||||||
| Nippon Building Fund, Inc. REIT | 12 | 78 | ||||||
| Nippon Prologis, Inc. REIT | 15 | 50 | ||||||
| 395 | ||||||||
| Singapore (3.0%) | ||||||||
| Keppel DC REIT | 25,700 | 47 | ||||||
| Mapletree Industrial Trust REIT | 22,700 | 46 | ||||||
| Parkway Life REIT | 14,300 | 49 | ||||||
| 142 | ||||||||
| Spain (1.0%) | ||||||||
| Merlin Properties Socimi SA REIT | 4,466 | 46 | ||||||
| Sweden (2.2%) | ||||||||
| Catena AB | 773 | 42 | ||||||
| Hufvudstaden AB, Class A | 4,113 | 61 | ||||||
| 103 | ||||||||
| United Kingdom (5.5%) | ||||||||
| Grainger PLC | 11,847 | 49 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Focus Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Hammerson PLC REIT | 93,357 | 40 | ||||||
| Helical PLC | 15,651 | 93 | ||||||
| LondonMetric Property PLC REIT | 14,518 | 47 | ||||||
| Tritax Big Box PLC REIT | 12,348 | 35 | ||||||
| 264 | ||||||||
| United States (62.7%) | ||||||||
| American Tower Corp. REIT | 1,076 | 286 | ||||||
| Boyd Gaming Corp. (a) | 1,236 | 78 | ||||||
| Caesars Entertainment, Inc. (a) | 274 | 31 | ||||||
| Empire State Realty Trust, Inc., Class A REIT | 5,129 | 51 | ||||||
| Equinix, Inc. REIT | 244 | 193 | ||||||
| Equity Residential REIT | 1,767 | 143 | ||||||
| Extra Space Storage, Inc. REIT | 1,275 | 214 | ||||||
| Healthcare Trust of America, Inc., Class A REIT | 1,620 | 48 | ||||||
| Healthpeak Properties, Inc. REIT | 3,502 | 117 | ||||||
| Kite Realty Group Trust REIT | 3,701 | 75 | ||||||
| Life Storage, Inc. REIT | 1,245 | 143 | ||||||
| NETSTREIT Corp. REIT | 2,930 | 69 | ||||||
| Outfront Media, Inc. REIT | 2,369 | 60 | ||||||
| Prologis, Inc. REIT | 2,271 | 285 | ||||||
| Realty Income Corp. REIT | 2,257 | 146 | ||||||
| RPT Realty REIT | 7,868 | 100 | ||||||
| SBA Communications Corp. REIT | 719 | 238 | ||||||
| SITE Centers Corp. REIT | 5,421 | 84 | ||||||
| Sun Communities, Inc. REIT | 758 | 140 | ||||||
| UDR, Inc. REIT | 3,583 | 190 | ||||||
| Urban Edge Properties REIT | 5,519 | 101 | ||||||
| Welltower, Inc. REIT | 2,446 | 202 | ||||||
| 2,994 | ||||||||
| Total Common Stocks (Cost $4,915) | 4,694 | |||||||
| Short-Term Investment (0.9%) | ||||||||
| Investment Company (0.9%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (Cost $42) | 42,243 | 42 | ||||||
| Total Investments (99.3%) (Cost $4,957) (b)(c)(d) | 4,736 | |||||||
| Other Assets in Excess of Liabilities (0.7%) | 35 | |||||||
| Net Assets (100.0%) | $ | 4,771 |
| Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications. | |||||
| (a) | Non-income producing security. | ||||
| (b) | The approximate fair value and percentage of net assets, $1,556,000 and 32.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. | ||||
| (c) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. | ||||
Morgan Stanley Institutional Fund, Inc.
Global Focus Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| (d) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $23,000 and the aggregate gross unrealized depreciation is approximately $244,000, resulting in net unrealized depreciation of approximately $221,000. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Diversified | 25.8 | % | ||
| Residential | 14.4 | |||
| Retail | 13.7 | |||
| Industrial | 12.5 | |||
| Health Care | 9.7 | |||
| Self Storage | 8.7 | |||
| Office | 6.0 | |||
| Specialty | 5.0 | |||
| Other* | 4.2 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Franchise Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (98.9%) | ||||||||
| France (6.0%) | ||||||||
| L'Oreal SA (BSRM) | 133,452 | $ | 55,223 | |||||
| LVMH Moet Hennessy Louis Vuitton SE | 76,971 | 55,131 | ||||||
| Pernod Ricard SA | 412,966 | 91,044 | ||||||
| 201,398 | ||||||||
| Germany (4.6%) | ||||||||
| SAP SE | 1,139,894 | 154,147 | ||||||
| Italy (0.6%) | ||||||||
| Davide Campari-Milano N.V. | 1,478,409 | 20,767 | ||||||
| Netherlands (2.1%) | ||||||||
| Heineken N.V. | 674,985 | 70,451 | ||||||
| United Kingdom (12.3%) | ||||||||
| British American Tobacco PLC | 2,044,398 | 71,461 | ||||||
| Experian PLC | 889,754 | 37,272 | ||||||
| Reckitt Benckiser Group PLC | 2,846,658 | 223,634 | ||||||
| RELX PLC (Euronext N.V.) | 612,952 | 17,743 | ||||||
| RELX PLC (LSE) | 2,351,871 | 67,702 | ||||||
| 417,812 | ||||||||
| United States (73.3%) | ||||||||
| Abbott Laboratories | 1,250,052 | 147,669 | ||||||
| Accenture PLC, Class A | 514,434 | 164,578 | ||||||
| Automatic Data Processing, Inc. | 643,651 | 128,679 | ||||||
| Baxter International, Inc. | 1,801,753 | 144,915 | ||||||
| Becton Dickinson & Co. | 568,812 | 139,825 | ||||||
| Broadridge Financial Solutions, Inc. | 43,489 | 7,247 | ||||||
| Coca-Cola Co. (The) | 1,113,898 | 58,446 | ||||||
| Danaher Corp. | 536,836 | 163,434 | ||||||
| Estee Lauder Cos., Inc. (The), Class A | 122,422 | 36,718 | ||||||
| Factset Research Systems, Inc. | 42,884 | 16,930 | ||||||
| Fidelity National Information Services, Inc. | 577,632 | 70,286 | ||||||
| Intercontinental Exchange, Inc. | 922,984 | 105,977 | ||||||
| Microsoft Corp. | 1,144,805 | 322,743 | ||||||
| Moody's Corp. | 115,295 | 40,942 | ||||||
| NIKE, Inc., Class B | 259,578 | 37,699 | ||||||
| Philip Morris International, Inc. | 3,006,356 | 284,972 | ||||||
| Procter & Gamble Co. (The) | 1,103,957 | 154,333 | ||||||
| Roper Technologies, Inc. | 158,733 | 70,816 | ||||||
| Thermo Fisher Scientific, Inc. | 275,637 | 157,480 | ||||||
| Visa, Inc., Class A | 802,809 | 178,826 | ||||||
| Zoetis, Inc. | 245,651 | 47,691 | ||||||
| 2,480,206 | ||||||||
| Total Common Stocks (Cost $2,366,129) | 3,344,781 | |||||||
| Short-Term Investment (2.4%) | ||||||||
| Investment Company (2.4%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (a) (Cost $81,702) | 81,701,816 | 81,702 | ||||||
| Total Investments (101.3%) (Cost $2,447,831) (b)(c)(d) | 3,426,483 | |||||||
| Liabilities in Excess of Other Assets (–1.3%) | (44,908 | ) | ||||||
| Net Assets (100.0%) | $ | 3,381,575 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Franchise Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited) (cont’d)
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $21,000 relating to the Fund's investment in the Liquidity Funds. |
| (b) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (c) | The approximate fair value and percentage of net assets, $864,575,000 and 25.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (d) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $999,874,000 and the aggregate gross unrealized depreciation is approximately $21,222,000, resulting in net unrealized appreciation of approximately $978,652,000. |
| BSRM | Berlin Second Regulated Market. |
| Euronext N.V. | Euronext Amsterdam Stock Market. |
| LSE | London Stock Exchange. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 24.2 | % | ||
| Health Care Equipment & Supplies | 17.4 | |||
| Information Technology Services | 16.1 | |||
| Software | 13.9 | |||
| Household Products | 11.0 | |||
| Tobacco | 10.4 | |||
| Beverages | 7.0 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. | |
Morgan Stanley Institutional Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (96.7%) | ||||||||
| Australia (4.7%) | ||||||||
| Atlas Arteria Ltd. (Units) (a) | 671,466 | $ | 3,096 | |||||
| Sydney Airport (Units) (a)(b) | 426,141 | 2,503 | ||||||
| Transurban Group (Units) (a) | 791,910 | 7,981 | ||||||
| Transurban Group | 84,547 | 852 | ||||||
| 14,432 | ||||||||
| Canada (11.5%) | ||||||||
| Enbridge, Inc. | 262,807 | 10,470 | ||||||
| GFL Environmental, Inc. | 60,986 | 2,266 | ||||||
| Gibson Energy, Inc. | 548,430 | 10,071 | ||||||
| Pembina Pipeline Corp. | 136,541 | 4,328 | ||||||
| TC Energy Corp. | 175,605 | 8,452 | ||||||
| 35,587 | ||||||||
| China (7.3%) | ||||||||
| China Gas Holdings Ltd. (c) | 4,073,200 | 12,030 | ||||||
| GDS Holdings Ltd. ADR (b) | 66,175 | 3,746 | ||||||
| Jiangsu Expressway Co., Ltd. H Shares (c) | 1,992,000 | 2,013 | ||||||
| Zhejiang Expressway Co., Ltd., Class H (c) | 6,004,000 | 4,955 | ||||||
| 22,744 | ||||||||
| Denmark (1.2%) | ||||||||
| Orsted A/S | 28,378 | 3,741 | ||||||
| France (5.4%) | ||||||||
| Getlink SE | 184,677 | 2,885 | ||||||
| Vinci SA | 132,059 | 13,735 | ||||||
| 16,620 | ||||||||
| Germany (1.0%) | ||||||||
| Vantage Towers AG | 91,924 | 3,104 | ||||||
| Hong Kong (1.0%) | ||||||||
| Power Assets Holdings Ltd. | 546,500 | 3,204 | ||||||
| Italy (3.7%) | ||||||||
| Atlantia SpA (b) | 112,115 | 2,115 | ||||||
| Infrastrutture Wireless Italiane SpA | 446,479 | 4,973 | ||||||
| Terna SpA | 624,916 | 4,435 | ||||||
| 11,523 | ||||||||
| Japan (2.0%) | ||||||||
| Central Japan Railway Co. | 13,600 | 2,171 | ||||||
| East Japan Railway Co. | 57,900 | 4,092 | ||||||
| 6,263 | ||||||||
| Mexico (2.9%) | ||||||||
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | 387,683 | 4,508 | ||||||
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 236,257 | 4,407 | ||||||
| 8,915 | ||||||||
| New Zealand (0.6%) | ||||||||
| Auckland International Airport Ltd. (b) | 346,432 | 1,862 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Portugal (1.3%) | ||||||||
| EDP Renovaveis SA | 162,296 | 4,029 | ||||||
| Spain (5.5%) | ||||||||
| Aena SME SA (b) | 18,782 | 3,240 | ||||||
| Cellnex Telecom SA | 96,441 | 5,949 | ||||||
| Ferrovial SA | 152,423 | 4,449 | ||||||
| Iberdrola SA | 348,607 | 3,507 | ||||||
| 17,145 | ||||||||
| Switzerland (1.1%) | ||||||||
| Flughafen Zurich AG (Registered) (b) | 19,372 | 3,451 | ||||||
| United Kingdom (5.4%) | ||||||||
| National Grid PLC | 923,526 | 11,005 | ||||||
| Pennon Group PLC | 169,992 | 2,591 | ||||||
| Severn Trent PLC | 88,581 | 3,101 | ||||||
| 16,697 | ||||||||
| United States (42.1%) | ||||||||
| Ameren Corp. | 54,090 | 4,381 | ||||||
| American Electric Power Co., Inc. | 97,748 | 7,935 | ||||||
| American Tower Corp. REIT | 86,699 | 23,011 | ||||||
| American Water Works Co., Inc. | 45,649 | 7,717 | ||||||
| Atmos Energy Corp. | 40,998 | 3,616 | ||||||
| Avangrid, Inc. (d) | 55,402 | 2,693 | ||||||
| CenterPoint Energy, Inc. | 30,756 | 757 | ||||||
| Cheniere Energy, Inc. (b) | 86,355 | 8,434 | ||||||
| Crown Castle International Corp. REIT | 91,865 | 15,922 | ||||||
| Edison International | 96,152 | 5,334 | ||||||
| Eversource Energy | 69,402 | 5,674 | ||||||
| NextEra Energy, Inc. | 66,010 | 5,183 | ||||||
| ONEOK, Inc. | 109,797 | 6,367 | ||||||
| Republic Services, Inc. | 38,551 | 4,628 | ||||||
| SBA Communications Corp. REIT | 28,181 | 9,316 | ||||||
| Sempra Energy | 66,176 | 8,371 | ||||||
| Targa Resources Corp. | 94,987 | 4,674 | ||||||
| Williams Cos., Inc. (The) | 249,770 | 6,479 | ||||||
| 130,492 | ||||||||
| Total Common Stocks (Cost $235,455) | 299,809 | |||||||
| Short-Term Investment (2.9%) | ||||||||
| Investment Company (2.9%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (e) (Cost $9,062) | 9,061,516 | 9,062 | ||||||
| Total Investments (99.6%) (Cost $244,517) Including $2,693 of Securities Loaned (f)(g)(h) | 308,871 | |||||||
| Other Assets in Excess of Liabilities (0.4%) | 1,132 | |||||||
| Net Assets (100.0%) | $ | 310,003 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
| (b) | Non-income producing security. |
| (c) | Security trades on the Hong Kong exchange. |
Morgan Stanley Institutional Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| (d) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2021, were approximately $2,693,000 and $2,798,000, respectively. The Fund received non-cash collateral of approximately $2,798,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Funds. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (g) | The approximate fair value and percentage of net assets, $120,217,000 and 38.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (h) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $69,594,000 and the aggregate gross unrealized depreciation is approximately $5,240,000, resulting in net unrealized appreciation of approximately $64,354,000. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Oil & Gas Storage & Transportation | 27.0 | % | ||
| Communications | 21.4 | |||
| Electricity Transmission & Distribution | 15.8 | |||
| Other* | 15.7 | |||
| Toll Roads | 7.5 | |||
| Airports | 6.5 | |||
| Diversified | 6.1 | |||
| Total Investments | 100.0 | % | ||
* Industries and/or investment types representing less than 5% of total investments.
Morgan Stanley Institutional Fund, Inc.
Global Insight Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (96.3%) | ||||||||
| Australia (1.6%) | ||||||||
| Redbubble Ltd. (a) | 809,140 | $ | 2,525 | |||||
| Xero Ltd. (a) | 41,045 | 4,028 | ||||||
| 6,553 | ||||||||
| Canada (6.5%) | ||||||||
| Shopify, Inc., Class A (a) | 19,361 | 26,249 | ||||||
| Germany (0.0%) (b) | ||||||||
| Zalando SE (a) | 933 | 85 | ||||||
| Israel (1.0%) | ||||||||
| IronSource Ltd., Class A (a) | 369,238 | 4,014 | ||||||
| Japan (1.1%) | ||||||||
| BASE, Inc. (a) | 185,200 | 1,802 | ||||||
| Demae-Can Co., Ltd. (a) | 170,500 | 2,562 | ||||||
| 4,364 | ||||||||
| Netherlands (5.9%) | ||||||||
| Adyen N.V. (a) | 8,573 | 23,965 | ||||||
| Singapore (6.7%) | ||||||||
| Sea Ltd. ADR (a) | 85,330 | 27,197 | ||||||
| Sweden (3.6%) | ||||||||
| Evolution AB | 39,273 | 5,947 | ||||||
| Kinnevik AB, Class B (a) | 248,693 | 8,743 | ||||||
| 14,690 | ||||||||
| United Kingdom (1.6%) | ||||||||
| Deliveroo PLC (a) | 1,641,377 | 6,351 | ||||||
| United States (68.3%) | ||||||||
| 10X Genomics, Inc., Class A (a) | 23,782 | 3,462 | ||||||
| Agilon health, Inc. (a) | 151,538 | 3,972 | ||||||
| Altimeter Growth Corp., Class A SPAC (a)(c) | 1,259,389 | 12,871 | ||||||
| Bill.Com Holdings, Inc. (a) | 40,087 | 10,701 | ||||||
| Cazoo Group Ltd. (a)(d) | 769,896 | 5,713 | ||||||
| Cloudflare, Inc., Class A (a) | 128,915 | 14,522 | ||||||
| Coupang, Inc. (a) | 628,811 | 17,513 | ||||||
| Datadog, Inc., Class A (a) | 30,394 | 4,296 | ||||||
| Farfetch Ltd., Class A (a) | 270,919 | 10,154 | ||||||
| Guardant Health, Inc. (a) | 34,070 | 4,259 | ||||||
| Intellia Therapeutics, Inc. (a) | 13,681 | 1,835 | ||||||
| Meli Kaszek Pioneer Corp. | 163,039 | 1,802 | ||||||
| MercadoLibre, Inc. (a) | 13,393 | 22,492 | ||||||
| Moderna, Inc. (a) | 10,967 | 4,221 | ||||||
| Pinterest, Inc., Class A (a) | 94,230 | 4,801 | ||||||
| ROBLOX Corp., Class A (a) | 140,878 | 10,643 | ||||||
| Royal Gold, Inc. | 9,993 | 954 | ||||||
| Royalty Pharma PLC, Class A | 388,325 | 14,034 | ||||||
| Snap, Inc., Class A (a) | 242,088 | 17,883 | ||||||
| Snowflake, Inc., Class A (a) | 58,520 | 17,698 | ||||||
| Spotify Technology SA (a) | 29,316 | 6,606 | ||||||
| Square, Inc., Class A (a) | 68,199 | 16,357 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Insight Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Trade Desk, Inc. (The), Class A (a) | 87,927 | 6,181 | ||||||
| Twilio, Inc., Class A (a) | 30,251 | 9,652 | ||||||
| Twitter, Inc. (a) | 251,318 | 15,177 | ||||||
| Unity Software, Inc. (a) | 54,385 | 6,866 | ||||||
| Veeva Systems, Inc., Class A (a) | 21,770 | 6,274 | ||||||
| Wayfair, Inc., Class A (a) | 23,505 | 6,006 | ||||||
| Zillow Group, Inc., Class C (a) | 58,139 | 5,124 | ||||||
| Zoom Video Communications, Inc., Class A (a) | 40,863 | 10,686 | ||||||
| ZoomInfo Technologies, Inc., Class A (a) | 64,720 | 3,960 | ||||||
| 276,715 | ||||||||
| Total Common Stocks (Cost $353,210) | 390,183 | |||||||
| Preferred Stock (0.0%) (b) | ||||||||
| United States (0.0%) (b) | ||||||||
| Lookout, Inc. Series F (a)(d)(e) | ||||||||
| (acquisition cost — $73; acquired 6/17/14) (Cost $73) | 6,374 | 29 | ||||||
| Investment Company (0.7%) | ||||||||
| Grayscale Bitcoin Trust (a) (Cost $3,702) | 83,680 | 2,833 | ||||||
| Short-Term Investments (6.0%) | ||||||||
| Securities held as Collateral on Loaned Securities (2.0%) | ||||||||
| Investment Company (1.6%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) | 6,453,218 | 6,453 |
| Face Amount (000) | ||||||||
| Repurchase Agreements (0.4%) | ||||||||
| HSBC Securities USA, Inc. (0.05%, dated 9/30/21, due 10/1/21; proceeds $337; fully collateralized by U.S. Government obligations; 0.00%-0.13% due 10/7/21-12/31/22; valued at $344) | $ | 337 | 337 | |||||
| Merrill Lynch & Co., Inc. (0.05%, dated 9/30/21, due 10/1/21; proceeds $1,147; fully collateralized by a U.S. Government obligation; 0.38% due 4/15/24; valued at $1,170) | 1,147 | 1,147 | ||||||
| 1,484 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $7,937) | 7,937 | |||||||
| Shares | ||||||||
| Investment Company (4.0%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $16,096) | 16,095,855 | 16,096 | ||||||
| Total Short-Term Investments (Cost $24,033) | 24,033 | |||||||
| Total Investments Excluding Purchased Options (103.0%) (Cost $381,018) | 417,078 | |||||||
| Total Purchased Options Outstanding (0.1%) (Cost $2,098) | 451 | |||||||
| Total Investments (103.1%) (Cost $383,116) Including $7,858 of Securities Loaned (g)(h)(i)(j) | 417,529 | |||||||
| Liabilities in Excess of Other Assets (–3.1%) | (12,636 | ) | ||||||
| Net Assets (100.0%) | $ | 404,893 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
Morgan Stanley Institutional Fund, Inc.
Global Insight Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
The Fund had the following Derivative Contracts - PIPE open at September 30, 2021:
Counterparty | Referenced Obligation | Notional Amount | Settlement Date | Unrealized Depreciation (000) | % of Net Assets | |||||||||||
| Altimeter Growth Corp. | Grab Holdings Inc. (a)(d)(e)(k)(m) | $ | 3,588,450 | 12/31/21 | $ | (288 | ) | (0.07 | )% | |||||||
| Athena Technology Acquisition Corp. | Heliogen, Inc. (a)(d)(e)(l)(m) | 2,023,470 | 12/31/21 | (236 | ) | (0.06 | ) | |||||||||
| $ | (524 | ) | (0.13 | )% | ||||||||||||
| (a) | Non-income producing security. |
| (b) | Value is less than 0.05%. |
| (c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2021, were approximately $7,858,000 and $8,074,000, respectively. The Fund received cash collateral of approximately $7,977,000, of which approximately $7,937,000 was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. At September 30, 2021, there was uninvested cash collateral of approximately $40,000, which is not reflected in the Consolidated Portfolio of Investments. The remaining collateral of approximately $97,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (d) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted security and derivative contracts (excluding 144A holdings) at September 30, 2021 amounts to approximately $5,218,000 and represents 1.3% of net assets. |
| (e) | At September 30, 2021, the Fund held a fair valued security and derivative contracts at approximately $(495,000), representing (0.1)% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors. |
| (f) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $9,000 relating to the Fund's investment in the Liquidity Funds. |
| (g) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (h) | The approximate fair value and percentage of net assets, $55,923,000 and 13.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments. |
| (i) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $85,791,000 and the aggregate gross unrealized depreciation is approximately $51,902,000, resulting in net unrealized appreciation of approximately $33,889,000. |
| (j) | Securities are available for collateral in connection with securities purchased on a forward commitment basis. |
Morgan Stanley Institutional Fund, Inc.
Global Insight Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| (k) |
Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 358,845 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Grab Holdings Inc., and Altimeter Growth Corp., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Altimeter Growth Corp., and Grab Holdings Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Altimeter Growth Corp., and Grab Holdings Inc. The investment is restricted from resale until the settlement date. |
| (l) |
Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 202,347 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Heliogen, Inc., and Athena Technology Acquisition Corp., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Athena Technology Acquisition Corp., and Heliogen, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Athena Technology Acquisition Corp., and Heliogen, Inc. The investment is restricted from resale until the settlement date. |
| (m) |
Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy. |
| ADR | American Depositary Receipt. |
| PIPE | Private Investment in Public Equity. |
| SPAC | Special Purpose Acquisition Company. |
Morgan Stanley Institutional Fund, Inc.
Global Insight Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30,
2021:
| Counterparty | Description | Strike Price | Expiration Date | Number
of Contracts | Notional
Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
| BNP Paribas | USD/CNH | CNH | 7.45 | Jan-22 | 83,130,387 | 83,130 | $ | 7 | $ | 443 | $ | (436 | ) | ||||||||||||||
| BNP Paribas | USD/CNH | CNH | 7.64 | Nov-21 | 64,087,776 | 64,088 | —@ | 348 | (348 | ) | |||||||||||||||||
| Goldman Sachs International | USD/CNH | CNH | 7.57 | Mar-22 | 85,529,485 | 85,529 | 33 | 425 | (392 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.28 | Jul-22 | 94,669,594 | 94,670 | 240 | 441 | (201 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.31 | Aug-22 | 43,502,787 | 43,503 | 112 | 295 | (183 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.38 | Jul-22 | 27,456,366 | 27,456 | 59 | 146 | (87 | ) | |||||||||||||||||
| $ | 451 | $ | 2,098 | $ | (1,647 | ) | |||||||||||||||||||||
| @ | Value is less than $500. | |
| CNH | — | Chinese Yuan Renminbi Offshore |
| USD | — | United States Dollar |
Portfolio Composition*
| Classification | Percentage of Total Investments | |||
| Information Technology Services | 26.9 | % | ||
| Other** | 17.8 | |||
| Internet & Direct Marketing Retail | 16.5 | |||
| Interactive Media & Services | 11.5 | |||
| Software | 11.4 | |||
| Entertainment | 10.9 | |||
| Diversified Holding Companies | 5.0 | |||
| Total Investments | 100.0 | %*** | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2021. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
| *** | Does not include open PIPE contracts with total unrealized depreciation of approximately $524,000. |
Morgan Stanley Institutional Fund, Inc.
Global Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (94.9%) | ||||||||
| Argentina (0.5%) | ||||||||
| Globant SA (a) | 134,230 | $ | 37,720 | |||||
| Canada (4.4%) | ||||||||
| Shopify, Inc., Class A (a) | 239,765 | 325,069 | ||||||
| China (5.9%) | ||||||||
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | 3,431,019 | 58,178 | ||||||
| Meituan, Class B (a)(b) | 7,122,000 | 227,345 | ||||||
| Tencent Holdings Ltd. (b) | 866,100 | 51,705 | ||||||
| Trip.com Group Ltd. ADR (a) | 3,432,286 | 105,543 | ||||||
| 442,771 | ||||||||
| Denmark (5.6%) | ||||||||
| DSV Panalpina A/S | 1,739,654 | 416,410 | ||||||
| France (3.1%) | ||||||||
| Hermes International | 165,308 | 228,081 | ||||||
| India (6.5%) | ||||||||
| HDFC Bank Ltd. | 16,764,505 | 358,396 | ||||||
| ICICI Bank Ltd. ADR | 6,687,024 | 126,184 | ||||||
| 484,580 | ||||||||
| Italy (2.5%) | ||||||||
| Moncler SpA | 3,058,946 | 186,567 | ||||||
| Japan (2.0%) | ||||||||
| Keyence Corp. | 252,300 | 150,590 | ||||||
| Korea, Republic of (1.2%) | ||||||||
| NAVER Corp. | 288,375 | 93,568 | ||||||
| United Kingdom (0.5%) | ||||||||
| Fevertree Drinks PLC | 1,133,685 | 35,568 | ||||||
| United States (62.7%) | ||||||||
| Adobe, Inc. (a) | 473,773 | 272,761 | ||||||
| Affirm Holdings, Inc. (a) | 182,988 | 21,799 | ||||||
| Agilon Health Topco, Inc (a)(c) | 3,008,300 | 77,271 | ||||||
| Amazon.com, Inc. (a) | 151,679 | 498,272 | ||||||
| Coupang, Inc. (a) | 6,550,224 | 182,424 | ||||||
| DoorDash, Inc., Class A (a) | 492,002 | 101,342 | ||||||
| Endeavor Group Holdings, Inc., Class A (a) | 1,337,948 | 38,359 | ||||||
| EPAM Systems, Inc. (a) | 502,881 | 286,883 | ||||||
| Facebook, Inc., Class A (a) | 801,028 | 271,861 | ||||||
| Farfetch Ltd., Class A (a) | 2,075,330 | 77,783 | ||||||
| Intuitive Surgical, Inc. (a) | 121,049 | 120,341 | ||||||
| Martin Marietta Materials, Inc. | 104,322 | 35,645 | ||||||
| Mastercard, Inc., Class A | 1,437,095 | 499,649 | ||||||
| salesforce.com, Inc. (a) | 797,222 | 216,222 | ||||||
| ServiceNow, Inc. (a) | 678,067 | 421,941 | ||||||
| Snowflake, Inc., Class A (a) | 142,683 | 43,152 | ||||||
| Spotify Technology SA (a) | 774,851 | 174,605 | ||||||
| Square, Inc., Class A (a) | 935,919 | 224,471 | ||||||
| Uber Technologies, Inc. (a) | 8,626,515 | 386,468 | ||||||
| Visa, Inc., Class A | 1,461,433 | 325,534 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Walt Disney Co. (The) (a) | 1,771,849 | 299,744 | ||||||
| Zillow Group, Inc., Class A (a) | 448,160 | 39,698 | ||||||
| Zoom Video Communications, Inc., Class A (a) | 229,508 | 60,016 | ||||||
| 4,676,241 | ||||||||
| Total Common Stocks (Cost $3,747,080) | 7,077,165 | |||||||
| Investment Company (0.7%) | ||||||||
| United States (0.7%) | ||||||||
| Grayscale Bitcoin Trust (a) (Cost $64,321) | 1,463,714 | 49,547 | ||||||
| Preferred Stock (0.0%) | ||||||||
| United States (0.0%) | ||||||||
| Magic
Leap Series C (a)(d)(e) (acquisition cost — $3,175; acquired 12/22/15) (Cost $3,175) | 137,829 | — | ||||||
| Short-Term Investment (2.6%) | ||||||||
| Investment Company (2.6%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $194,674) | 194,674,199 | 194,674 | ||||||
| Total Investments Excluding Purchased Options (98.2%) (Cost $4,009,250) | 7,321,386 | |||||||
| Total Purchased Options Outstanding (0.1%) (Cost $7,715) | 2,994 | |||||||
| Total Investments (98.3%) (Cost $4,016,965) (g)(h)(i)(j) | 7,324,380 | |||||||
| Other Assets in Excess of Liabilities (1.7%) | 130,301 | |||||||
| Net Assets (100.0%) | $ | 7,454,681 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
The Fund had the following Derivative Contract - PIPE open at September 30, 2021:
Counterparty | Referenced Obligation | Notional Amount | Settlement Date | Unrealized Depreciation (000) | % of Net Assets | |||||||||||
| Altimeter Growth Corp. | Grab Holdings Inc. (a)(d)(e)(k)(l) | $ | 60,291,290 | 12/31/21 | $ | (4,835 | ) | (0.1 | )% | |||||||
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | Security has been deemed by the investment manager to be illiquid and is subject to restrictions on resale. At September 30, 2021, this security amounted to approximately $77,271,000, which represents 1.0% of net assets of the Fund. |
| (d) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted security and derivative contract (excluding 144A holdings) at September 30, 2021 amounts to approximately $(4,835,000) and represents (0.1)% of net assets. |
| (e) | At September 30, 2021, the Fund held a fair valued security and derivative contract valued at approximately $(4,835,000) representing (0.1)% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors. |
Morgan Stanley Institutional Fund, Inc.
Global Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| (f) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $123,000 relating to the Fund's investment in the Liquidity Funds. |
| (g) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (h) | The approximate fair value and percentage of net assets, $1,806,408,000 and 24.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments. |
| (i) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,393,977,000 and the aggregate gross unrealized depreciation is approximately $91,397,000, resulting in net unrealized appreciation of approximately $3,302,580,000. |
| (j) | Securities are available for collateral in connection with securities purchased on a forward commitment basis. |
| (k) |
Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 6,029,129 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Grab Holdings Inc., and Altimeter Growth Corp., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Altimeter Growth Corp., and Grab Holdings Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Altimeter Growth Corp., and Grab Holdings Inc. The investment is restricted from resale until the settlement date. |
| (l) | Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy. |
| ADR | American Depositary Receipt. |
| PIPE | Private Investment in Public Equity. |
| SPAC | Special Purpose Acquisition Company. |
Morgan Stanley Institutional Fund, Inc.
Global Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
Call
Options Purchased:
The Fund had the following call options purchased open
at September 30, 2021:
| Counterparty | Description | Strike Price | Expiration Date | Number
of Contracts | Notional
Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) |
||||||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.31 | Aug-22 | 756,739,436 | 756,739 | $ | 1,953 | $ | 5,140 | $ | (3,187 | ) | |||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.38 | Jul-22 | 485,510,983 | 485,511 | 1,041 | 2,575 | (1,534 | ) | ||||||||||||||||||
| $ | 2,994 | $ | 7,715 | $ | (4,721 | ) | ||||||||||||||||||||||
CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Information Technology Services | 24.1 | % | ||
| Internet & Direct Marketing Retail | 14.8 | |||
| Software | 13.3 | |||
| Other* | 11.3 | |||
| Entertainment | 7.0 | |||
| Banks | 6.6 | |||
| Interactive Media & Services | 6.2 | |||
| Air Freight & Logistics | 5.7 | |||
| Textiles, Apparel & Luxury Goods | 5.7 | |||
| Road & Rail | 5.3 | |||
| Total Investments | 100.0 | %** | ||
| * | Industries and/or investment types representing less than 5% of total investments. | |
| ** | Does not include an open PIPE contract with unrealized depreciation of approximately $4,835,000. |
Morgan Stanley Institutional Fund, Inc.
Global Permanence Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (95.3%) | ||||||||
| Brazil (0.8%) | ||||||||
| Vale SA | 2,112 | $ | 30 | |||||
| Canada (17.6%) | ||||||||
| Canadian National Railway Co. | 1,189 | 137 | ||||||
| Colliers International Group, Inc. | 727 | 93 | ||||||
| Constellation Software, Inc. | 120 | 197 | ||||||
| FirstService Corp. | 501 | 91 | ||||||
| Topicus.com, Inc. (a) | 1,427 | 150 | ||||||
| 668 | ||||||||
| Denmark (0.7%) | ||||||||
| Chr Hansen Holding A/S | 349 | 28 | ||||||
| France (13.9%) | ||||||||
| Christian Dior SE | 173 | 124 | ||||||
| EssilorLuxottica SA | 295 | 56 | ||||||
| Hermes International | 91 | 126 | ||||||
| L'Oreal SA (BSRM) | 306 | 127 | ||||||
| Remy Cointreau SA | 494 | 96 | ||||||
| 529 | ||||||||
| India (3.6%) | ||||||||
| HDFC Bank Ltd. ADR | 1,868 | 137 | ||||||
| Italy (1.3%) | ||||||||
| Brunello Cucinelli SpA (a) | 917 | 50 | ||||||
| Japan (1.3%) | ||||||||
| Nintendo Co., Ltd. | 100 | 48 | ||||||
| Mexico (1.0%) | ||||||||
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,950 | 36 | ||||||
| Netherlands (8.1%) | ||||||||
| ASML Holding N.V. (Registered) | 412 | 307 | ||||||
| Spain (0.9%) | ||||||||
| Aena SME SA (a) | 209 | 36 | ||||||
| United Kingdom (3.7%) | ||||||||
| Rentokil Initial PLC | 13,083 | 103 | ||||||
| Victoria PLC (a) | 3,138 | 39 | ||||||
| 142 | ||||||||
| United States (42.4%) | ||||||||
| Amazon.com, Inc. (a) | 40 | 131 | ||||||
| American Tower Corp. REIT | 135 | 36 | ||||||
| Axon Enterprise, Inc. (a) | 985 | 172 | ||||||
| Costco Wholesale Corp. | 214 | 96 | ||||||
| Danaher Corp. | 305 | 93 | ||||||
| Domino's Pizza, Inc. | 77 | 37 | ||||||
| HEICO Corp., Class A | 944 | 112 | ||||||
| Intercontinental Exchange, Inc. | 308 | 35 | ||||||
| Intuitive Surgical, Inc. (a) | 55 | 55 | ||||||
| Linde PLC | 115 | 34 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Permanence Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Progressive Corp. (The) | 627 | 57 | ||||||
| Royal Gold, Inc. | 307 | 29 | ||||||
| Royalty Pharma PLC, Class A | 4,906 | 177 | ||||||
| S&P Global, Inc. | 230 | 98 | ||||||
| salesforce.com, Inc. (a) | 347 | 94 | ||||||
| Texas Pacific Land Corp. | 31 | 37 | ||||||
| Tyler Technologies, Inc. (a) | 78 | 36 | ||||||
| Veeva Systems, Inc., Class A (a) | 319 | 92 | ||||||
| Walt Disney Co. (The) (a) | 531 | 90 | ||||||
| Waste Connections, Inc. | 779 | 98 | ||||||
| 1,609 | ||||||||
| Total Common Stocks (Cost $2,887) | 3,620 | |||||||
| Investment Companies (1.5%) | ||||||||
| United Kingdom (0.9%) | ||||||||
| Hipgnosis Songs Fund Ltd. | 20,696 | 34 | ||||||
| United States (0.6%) | ||||||||
| Grayscale Bitcoin Trust (a) | 687 | 23 | ||||||
| Total Investment Companies (Cost $66) | 57 | |||||||
| Short-Term Investment (1.7%) | ||||||||
| Investment Company (1.7%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $66) | 66,461 | 66 | ||||||
| Total Investments Excluding Purchased Options (98.5%) (Cost $3,019) | 3,743 | |||||||
| Total Purchased Options Outstanding (0.1%) (Cost $17) | 4 | |||||||
| Total Investments (98.6%) (Cost $3,036) (c)(d)(e) | 3,747 | |||||||
| Other Assets in Excess of Liabilities (1.4%) | 52 | |||||||
| Net Assets (100.0%) | $ | 3,799 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by less than $500 relating to the Fund investment in the Liquidity Funds. |
| (c) | The approximate fair value and percentage of net assets, $867,000 and 22.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments. |
| (d) | The fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the fund did not engage in any cross-trade transactions. |
| (e) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $812,000 and the aggregate gross unrealized depreciation is approximately $101,000, resulting in net unrealized appreciation of approximately $711,000. |
| ADR | American Depositary Receipt. |
| BSRM | Berlin Second Regulated Market. |
| REIT | Real Estate Investment Trust. |
Morgan Stanley Institutional Fund, Inc.
Global Permanence Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2021:
| Counterparty | Description | Strike Price | Expiration Date | Number
of Contracts | Notional
Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
| BNP Paribas | USD/CNH | CNH | 7.45 | Jan- 22 | 595,628 | 596 | $ | —@ | $ | 3 | $ | (3 | ) | ||||||||||||||
| BNP Paribas | USD/CNH | CNH | 7.64 | Nov- 21 | 556,269 | 556 | —@ | 3 | (3 | ) | |||||||||||||||||
| Goldman Sachs International | USD/CNH | CNH | 7.57 | Mar- 22 | 655,158 | 655 | 1 | 3 | (2 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.28 | Jul- 22 | 792,926 | 793 | 2 | 4 | (2 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.31 | Aug- 22 | 372,201 | 372 | 1 | 3 | (2 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.38 | Jul- 22 | 230,682 | 231 | —@ | 1 | (1 | ) | |||||||||||||||||
| $ | 4 | $ | 17 | $ | (13 | ) | |||||||||||||||||||||
| @ | Value is less than $500. | |
| CNH | — | Chinese Yuan Renminbi Offshore |
| USD | — | United States Dollar |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 56.6 | % | ||
| Software | 12.7 | |||
| Textiles, Apparel & Luxury Goods | 9.5 | |||
| Semiconductors & Semiconductor Equipment | 8.2 | |||
| Aerospace & Defense | 7.6 | |||
| Commercial Services & Supplies | 5.4 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (99.1%) | ||||||||
| Australia (3.1%) | ||||||||
| Charter Hall Group REIT | 74,884 | $ | 905 | |||||
| GPT Group (The) REIT | 158,934 | 573 | ||||||
| Mirvac Group REIT | 99,565 | 211 | ||||||
| National Storage REIT | 280,831 | 461 | ||||||
| Stockland REIT | 251,329 | 797 | ||||||
| 2,947 | ||||||||
| Austria (0.5%) | ||||||||
| CA Immobilien Anlagen AG | 10,565 | 448 | ||||||
| Canada (2.0%) | ||||||||
| Dream Industrial Real Estate Investment Trust | 90,524 | 1,158 | ||||||
| InterRent REIT | 33,986 | 449 | ||||||
| Tricon Residential, Inc. | 19,645 | 262 | ||||||
| 1,869 | ||||||||
| China (2.1%) | ||||||||
| China Resources Land Ltd. (a) | 52,000 | 219 | ||||||
| China Resources Mixc Lifestyle Services Ltd. (a) | 66,000 | 363 | ||||||
| Country Garden Services Holdings Co. Ltd. (a) | 52,000 | 411 | ||||||
| GDS Holdings Ltd. ADR (b) | 6,306 | 357 | ||||||
| Longfor Group Holdings Ltd. (a) | 136,000 | 621 | ||||||
| 1,971 | ||||||||
| Finland (0.3%) | ||||||||
| Kojamo Oyj | 14,743 | 306 | ||||||
| France (2.7%) | ||||||||
| Gecina SA REIT | 7,114 | 957 | ||||||
| ICADE REIT | 6,898 | 539 | ||||||
| Klepierre SA REIT | 15,110 | 338 | ||||||
| Mercialys SA REIT | 69,594 | 739 | ||||||
| 2,573 | ||||||||
| Germany (3.0%) | ||||||||
| Alstria Office AG REIT | 16,885 | 306 | ||||||
| Deutsche EuroShop AG | 7,028 | 143 | ||||||
| Deutsche Wohnen SE | 6,614 | 404 | ||||||
| LEG Immobilien SE | 3,912 | 553 | ||||||
| Vonovia SE | 22,622 | 1,358 | ||||||
| 2,764 | ||||||||
| Hong Kong (5.1%) | ||||||||
| ESR Cayman Ltd. (b) | 404,800 | 1,222 | ||||||
| Hongkong Land Holdings Ltd. | 102,000 | 487 | ||||||
| Link REIT | 109,974 | 942 | ||||||
| Sun Hung Kai Properties Ltd. | 88,367 | 1,103 | ||||||
| Wharf Real Estate Investment Co., Ltd. | 189,075 | 972 | ||||||
| 4,726 | ||||||||
| Ireland (0.8%) | ||||||||
| Hibernia REIT PLC | 554,595 | 750 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Japan (10.2%) | ||||||||
| Activia Properties, Inc. REIT | 76 | 311 | ||||||
| Daiwa Securities Living Investments Corp. REIT | 280 | 280 | ||||||
| Frontier Real Estate Investment Corp. REIT | 25 | 109 | ||||||
| GLP J-REIT | 528 | 867 | ||||||
| Hoshino Resorts, Real Estate Investment Trust Inc. | 53 | 349 | ||||||
| Japan Metropolitan Fund Investment Corp. REIT | 585 | 562 | ||||||
| Japan Real Estate Investment Corp. REIT | 148 | 888 | ||||||
| Mitsubishi Estate Co., Ltd. | 38,700 | 616 | ||||||
| Mitsui Fudosan Co., Ltd. (c) | 80,600 | 1,915 | ||||||
| Nippon Building Fund, Inc. REIT | 146 | 948 | ||||||
| Nippon Prologis REIT Inc. | 251 | 839 | ||||||
| Nomura Real Estate Master Fund, Inc. REIT | 305 | 439 | ||||||
| Orix, Inc. J-REIT | 262 | 456 | ||||||
| Sumitomo Realty & Development Co., Ltd. | 25,300 | 925 | ||||||
| 9,504 | ||||||||
| Malta (0.0%) (d) | ||||||||
| BGP Holdings PLC (e) | 12,867,024 | 18 | ||||||
| Netherlands (1.3%) | ||||||||
| Eurocommercial Properties N.V. CVA REIT | 31,700 | 677 | ||||||
| NSI N.V. REIT | 15,321 | 568 | ||||||
| 1,245 | ||||||||
| Singapore (1.7%) | ||||||||
| Frasers Logistics & Commercial Trust REIT | 320,500 | 357 | ||||||
| Keppel DC REIT | 401,900 | 734 | ||||||
| Mapletree Industrial Trust REIT | 238,612 | 488 | ||||||
| 1,579 | ||||||||
| Spain (1.3%) | ||||||||
| Inmobiliaria Colonial Socimi SA REIT | 35,644 | 346 | ||||||
| Merlin Properties Socimi SA REIT | 89,202 | 915 | ||||||
| 1,261 | ||||||||
| Sweden (1.2%) | ||||||||
| Atrium Ljungberg AB, Class B | 2,216 | 46 | ||||||
| Fabege AB (c) | 36,922 | 557 | ||||||
| Hufvudstaden AB, Class A | 31,866 | 476 | ||||||
| 1,079 | ||||||||
| Switzerland (0.4%) | ||||||||
| PSP Swiss Property AG (Registered) | 3,290 | 396 | ||||||
| United Kingdom (4.6%) | ||||||||
| British Land Co., PLC (The) REIT | 149,068 | 989 | ||||||
| Derwent London PLC REIT | 4,452 | 206 | ||||||
| Empiric Student Property PLC REIT (b) | 244,914 | 292 | ||||||
| Grainger PLC | 86,210 | 354 | ||||||
| Hammerson PLC REIT (c) | 765,107 | 330 | ||||||
| Helical PLC | 29,998 | 179 | ||||||
| Land Securities Group PLC REIT | 115,600 | 1,077 | ||||||
| Segro PLC REIT | 35,284 | 567 | ||||||
| Workspace Group PLC REIT | 24,664 | 274 | ||||||
| 4,268 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| United States (58.8%) | ||||||||
| Agree Realty Corp. REIT | 26,059 | 1,726 | ||||||
| Alexandria Real Estate Equities, Inc. REIT | 9,959 | 1,903 | ||||||
| AvalonBay Communities, Inc. REIT | 12,603 | 2,793 | ||||||
| Boyd Gaming Corp. (b) | 18,358 | 1,161 | ||||||
| Brixmor Property Group, Inc. REIT | 70,997 | 1,570 | ||||||
| Caesars Entertainment, Inc. (b) | 5,754 | 646 | ||||||
| Empire State Realty Trust, Inc., Class A REIT | 102,670 | 1,030 | ||||||
| Equinix, Inc. REIT | 5,459 | 4,313 | ||||||
| Exeter Industrial Value Fund, LP (b)(e)(f) | 1,860,000 | 129 | ||||||
| Extra Space Storage, Inc. REIT | 10,223 | 1,717 | ||||||
| Healthcare Trust of America, Inc., Class A REIT | 27,333 | 811 | ||||||
| Healthpeak Properties, Inc. REIT | 69,191 | 2,317 | ||||||
| Invitation Homes, Inc. REIT | 52,566 | 2,015 | ||||||
| Kilroy Realty Corp. REIT | 15,771 | 1,044 | ||||||
| Kite Realty Group Trust REIT | 36,279 | 739 | ||||||
| Lamar Advertising Co., Class A REIT | 6,715 | 762 | ||||||
| Life Storage, Inc. REIT | 13,978 | 1,604 | ||||||
| Medical Properties Trust, Inc. REIT | 51,543 | 1,034 | ||||||
| NETSTREIT Corp. REIT | 65,554 | 1,550 | ||||||
| ProLogis, Inc. REIT | 50,513 | 6,337 | ||||||
| Public Storage REIT | 13,562 | 4,029 | ||||||
| Retail Properties of America, Inc., Class A REIT | 57,795 | 744 | ||||||
| RPT Realty REIT | 73,293 | 935 | ||||||
| SITE Centers Corp. REIT | 75,087 | 1,159 | ||||||
| Sun Communities, Inc. REIT | 14,447 | 2,674 | ||||||
| UDR, Inc. REIT | 64,478 | 3,416 | ||||||
| Ventas, Inc. REIT | 31,349 | 1,731 | ||||||
| VICI Properties, Inc. REIT | 68,492 | 1,946 | ||||||
| Welltower, Inc. REIT | 38,489 | 3,172 | ||||||
| 55,007 | ||||||||
| Total Common Stocks (Cost $70,695) | 92,711 | |||||||
| Short-Term Investments (1.6%) | ||||||||
| Securities held as Collateral on Loaned Securities (0.8%) | ||||||||
| Investment Company (0.6%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (g) | 565,306 | 565 | ||||||
Face Amount (000) | ||||||||
| Repurchase Agreements (0.2%) | ||||||||
| HSBC Securities USA, Inc. (0.05%, dated 9/30/21, due 10/1/21; proceeds $30; fully collateralized by U.S. Government obligations; 0.00% - 0.13% due 10/7/21-12/31/22; valued at $30) | $ | 30 | 30 | |||||
| Merrill Lynch & Co., Inc. (0.05%, dated 9/30/21, due 10/1/21; proceeds $100; fully collateralized by a U.S. Government obligation; 0.38% due 4/15/24; valued at $102) | 100 | 100 | ||||||
| 130 | ||||||||
| Total Securities held as Collateral on Loaned Securities (Cost $695) | 695 |
Morgan Stanley Institutional Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Shares | ||||||||
| Investment Company (0.8%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (g) (Cost $735) | 735,450 | 735 | ||||||
| Total Short-Term Investments (Cost $1,430) | 1,430 | |||||||
| Total Investments (100.7%) (Cost $72,125) Including $2,516 of Securities Loaned (h)(i)(j) | 94,141 | |||||||
| Liabilities in Excess of Other Assets (-0.7%) | (610 | ) | ||||||
| Net Assets (100.0%) | $ | 93,531 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Security trades on the Hong Kong exchange. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2021, were approximately $2,516,000 and $2,676,000, respectively. The Fund received cash collateral of approximately $699,000, of which approximately $695,000 was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class as reported in the Portfolio of Investments. At September 30, 2021, there was uninvested cash collateral of approximately $4,000, which is not reflected in the Portfolio of Investments. The remaining collateral of approximately $1,977,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (d) | Amount is less than 0.05%. |
| (e) | At September 30, 2021, the Fund held fair valued securities valued at approximately $147,000, representing 0.2% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
| (f) | Restricted security valued at fair value and not registered under the Securities Act of 1933. Exeter Industrial Value Fund, LP was acquired between 11/07 - 4/11 and has a current cost basis of $0. At September 30, 2021, this security had an aggregate market value of approximately $129,000, representing less than 0.1% of net assets. |
| (g) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds. |
| (h) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (i) | The approximate fair value and percentage of net assets, $34,783,000 and 37.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (j) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $23,078,000 and the aggregate gross unrealized depreciation is approximately $1,062,000, resulting in net unrealized appreciation of approximately $22,016,000. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |
Portfolio Composition*
| Classification | Percentage of Total Investments | |||
| Diversified | 21.7 | % | ||
| Residential | 16.7 | |||
| Retail | 13.1 | |||
| Industrial | 11.9 | |||
| Office | 11.6 | |||
| Health Care | 9.7 | |||
| Self Storage | 8.4 | |||
| Other** | 6.9 | |||
| Total Investments | 100.0 | % | ||
| * |
Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2021. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Sustain Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (97.8%) | ||||||||
| Canada (3.5%) | ||||||||
| Constellation Software, Inc. | 1,949 | $ | 3,193 | |||||
| France (1.3%) | ||||||||
| L'Oreal SA (BSRM) | 2,814 | 1,164 | ||||||
| Germany (10.0%) | ||||||||
| Deutsche Boerse AG | 6,546 | 1,062 | ||||||
| Henkel AG & Co., KGaA (Preference) | 36,732 | 3,398 | ||||||
| SAP SE | 33,937 | 4,589 | ||||||
| 9,049 | ||||||||
| Hong Kong (1.6%) | ||||||||
| AIA Group Ltd. | 125,800 | 1,447 | ||||||
| Taiwan (2.4%) | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 19,733 | 2,203 | ||||||
| United Kingdom (8.6%) | ||||||||
| Experian PLC | 13,601 | 570 | ||||||
| Prudential PLC | 67,383 | 1,308 | ||||||
| Reckitt Benckiser Group PLC | 57,002 | 4,478 | ||||||
| RELX PLC (LSE) | 49,200 | 1,416 | ||||||
| 7,772 | ||||||||
| United States (70.4%) | ||||||||
| Abbott Laboratories | 29,291 | 3,460 | ||||||
| Accenture PLC, Class A | 13,230 | 4,233 | ||||||
| Alphabet, Inc., Class A (a) | 1,158 | 3,096 | ||||||
| Amphenol Corp., Class A | 21,800 | 1,596 | ||||||
| Automatic Data Processing, Inc. | 15,070 | 3,013 | ||||||
| Baxter International, Inc. | 47,305 | 3,805 | ||||||
| Becton Dickinson & Co. | 15,484 | 3,806 | ||||||
| Broadridge Financial Solutions, Inc. | 1,303 | 217 | ||||||
| Cerner Corp. | 20,258 | 1,429 | ||||||
| Coca-Cola Co. (The) | 16,103 | 845 | ||||||
| Danaher Corp. | 11,998 | 3,653 | ||||||
| Estee Lauder Cos., Inc. (The), Class A | 2,989 | 896 | ||||||
| Factset Research Systems, Inc. | 950 | 375 | ||||||
| Fidelity National Information Services, Inc. | 12,493 | 1,520 | ||||||
| Intercontinental Exchange, Inc. | 21,876 | 2,512 | ||||||
| Medtronic PLC | 27,235 | 3,414 | ||||||
| Microsoft Corp. | 23,790 | 6,707 | ||||||
| Moody's Corp. | 1,559 | 554 | ||||||
| NIKE, Inc., Class B | 6,235 | 905 | ||||||
| Procter & Gamble Co. (The) | 22,121 | 3,093 | ||||||
| Roper Technologies, Inc. | 4,038 | 1,801 | ||||||
| Stanley Black & Decker, Inc. | 10,559 | 1,851 | ||||||
| Texas Instruments, Inc. | 7,594 | 1,460 | ||||||
| Thermo Fisher Scientific, Inc. | 6,130 | 3,502 | ||||||
| Visa, Inc., Class A | 21,450 | 4,778 | ||||||
| Zoetis, Inc. | 5,430 | 1,054 | ||||||
| 63,575 | ||||||||
| Total Common Stocks (Cost $73,426) | 88,403 | |||||||
Morgan Stanley Institutional Fund, Inc.
Global Sustain Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Short-Term Investment (2.7%) | ||||||||
| Investment Company (2.7%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $2,404) | 2,403,573 | 2,404 | ||||||
| Total Investments (100.5%) (Cost $75,830) (c)(d)(e) | 90,807 | |||||||
| Liabilities in Excess of Other Assets (-0.5%) | (474 | ) | ||||||
| Net Assets (100.0%) | $ | 90,333 |
| Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications. | |
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (d) | The approximate fair value and percentage of net assets, $19,432,000 and 21.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (e) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,928,000 and the aggregate gross unrealized depreciation is approximately $951,000, resulting in net unrealized appreciation of approximately $14,977,000. |
| ADR | American Depositary Receipt. |
| LSE | London Stock Exchange. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 31.9 | % | ||
| Health Care Equipment & Supplies | 20.0 | |||
| Software | 15.9 | |||
| Information Technology Services | 15.1 | |||
| Household Products | 12.1 | |||
| Capital Markets | 5.0 | |||
| Total Investments | 100.0 | % | ||
* Industries and/or investment types representing less than 5% of total investments.
Morgan Stanley Institutional Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (95.8%) | ||||||||
| Biotechnology (2.2%) | ||||||||
| Alnylam Pharmaceuticals, Inc. (a) | 417,835 | $ | 78,892 | |||||
| Ginkgo Bioworks, Inc. (a)(b) | 4,251,576 | 46,812 | ||||||
| Moderna, Inc. (a) | 733,735 | 282,385 | ||||||
| 408,089 | ||||||||
| Entertainment (7.0%) | ||||||||
| ROBLOX Corp., Class A (a) | 8,709,707 | 658,018 | ||||||
| Sea Ltd. ADR (Singapore) (a) | 1,017,290 | 324,241 | ||||||
| Spotify Technology SA (a) | 1,307,604 | 294,656 | ||||||
| 1,276,915 | ||||||||
| Health Care Equipment & Supplies (2.6%) | ||||||||
| DexCom, Inc. (a) | 347,706 | 190,146 | ||||||
| Intuitive Surgical, Inc. (a) | 290,484 | 288,785 | ||||||
| 478,931 | ||||||||
| Health Care Providers & Services (1.0%) | ||||||||
| Guardant Health, Inc. (a) | 1,501,747 | 187,733 | ||||||
| Health Care Technology (3.5%) | ||||||||
| Agilon Health Topco, Inc. (a)(c) | 6,618,800 | 170,009 | ||||||
| Veeva Systems, Inc., Class A (a) | 1,597,733 | 460,419 | ||||||
| 630,428 | ||||||||
| Hotels, Restaurants & Leisure (1.8%) | ||||||||
| Airbnb, Inc., Class A (a) | 1,905,369 | 319,626 | ||||||
| Information Technology Services (29.9%) | ||||||||
| Adyen N.V. (Netherlands) (a) | 110,799 | 309,723 | ||||||
| Cloudflare, Inc., Class A (a) | 7,963,198 | 897,054 | ||||||
| Fastly, Inc., Class A (a) | 1,776,664 | 71,848 | ||||||
| MongoDB, Inc. (a) | 532,731 | 251,188 | ||||||
| Okta, Inc. (a) | 786,117 | 186,577 | ||||||
| Shopify, Inc., Class A (Canada) (a) | 806,538 | 1,093,488 | ||||||
| Snowflake, Inc., Class A (a) | 3,575,811 | 1,081,433 | ||||||
| Square, Inc., Class A (a) | 3,991,714 | 957,373 | ||||||
| Twilio, Inc., Class A (a) | 1,879,887 | 599,778 | ||||||
| 5,448,462 | ||||||||
| Interactive Media & Services (14.5%) | ||||||||
| Pinterest, Inc., Class A (a) | 6,702,135 | 341,474 | ||||||
| Snap, Inc., Class A (a) | 14,363,879 | 1,061,060 | ||||||
| Twitter, Inc. (a) | 14,284,459 | 862,638 | ||||||
| Zillow Group, Inc., Class C (a) | 4,398,822 | 387,712 | ||||||
| 2,652,884 | ||||||||
| Internet & Direct Marketing Retail (6.0%) | ||||||||
| DoorDash, Inc., Class A (a) | 3,187,594 | 656,581 | ||||||
| Wayfair, Inc., Class A (a) | 1,721,357 | 439,824 | ||||||
| 1,096,405 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Life Sciences Tools & Services (1.3%) | ||||||||
| 10X Genomics, Inc., Class A (a) | 1,569,261 | 228,453 | ||||||
| Metals & Mining (0.2%) | ||||||||
| Royal Gold, Inc. | 439,397 | 41,958 | ||||||
| Pharmaceuticals (2.4%) | ||||||||
| Royalty Pharma PLC, Class A | 12,104,963 | 437,473 | ||||||
| Semiconductors & Semiconductor Equipment (2.5%) | ||||||||
| NVIDIA Corp. | 2,197,217 | 455,175 | ||||||
| Software (18.3%) | ||||||||
| Bill.Com Holdings, Inc. (a) | 1,766,198 | 471,486 | ||||||
| Coupa Software, Inc. (a) | 1,262,290 | 276,669 | ||||||
| Crowdstrike Holdings, Inc., Class A (a) | 743,501 | 182,738 | ||||||
| Datadog, Inc., Class A (a) | 3,609,770 | 510,241 | ||||||
| DocuSign, Inc. (a) | 1,168,649 | 300,845 | ||||||
| Trade Desk, Inc. (The), Class A (a) | 6,476,008 | 455,263 | ||||||
| Unity Software, Inc. (a) | 4,001,145 | 505,145 | ||||||
| Zoom Video Communications, Inc., Class A (a) | 2,442,578 | 638,734 | ||||||
| 3,341,121 | ||||||||
| Specialty Retail (2.6%) | ||||||||
| Carvana Co. (a) | 1,548,328 | 466,883 | ||||||
| Total Common Stocks (Cost $10,669,049) | 17,470,536 | |||||||
| Preferred Stocks (0.7%) | ||||||||
| Electronic Equipment, Instruments & Components (0.0%) (e) | ||||||||
| Magic Leap Series C (a)(b)(d) (acquisition cost — $18,812; acquired 12/22/15) | 816,725 | — | ||||||
| Software (0.7%) | ||||||||
| Databricks, Inc. (a)(b)(d) (acquisition cost — $136,746; acquired 8/31/21) | 620,296 | 136,746 | ||||||
| Total Preferred Stocks (Cost $155,558) | 136,746 | |||||||
| Investment Company (0.7%) | ||||||||
| Grayscale Bitcoin Trust (a) (Cost $157,195) | 3,642,118 | 123,286 | ||||||
| Short-Term Investment (3.0%) | ||||||||
| Investment Company (3.0%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $538,307) | 538,306,926 | 538,307 | ||||||
| Total Investments Excluding Purchased Options (100.2%) (Cost $11,520,109) | 18,268,875 | |||
| Total Purchased Options Outstanding (0.1%) (Cost $86,378) | 19,448 | |||
| Total Investments (100.3%) (Cost $11,606,487) (g)(h)(i) | 18,288,323 | |||
| Other Assets in Excess of Liabilities (-0.3%) | (49,326 | ) | ||
| Net Assets (100.0%) | $ | 18,238,997 |
Morgan Stanley Institutional Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
The Fund had the following Derivative Contract - PIPE open at September 30, 2021.
| Counterparty | Referenced Obligation | Notional Amount | Settlement Date | Unrealized Depreciation (000) | % of Net Assets | |||||||||||
| Reinvent Technology Partners Y | Aurora Innovation, Inc. (a)(b)(d)(j)(k) | $ | 60,827,060 | 12/31/21 | $ | (8,580 | ) | (0.1 | )% | |||||||
| (a) | Non-income producing security. |
| (b) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contract (excluding 144A holdings) at September 30, 2021 amounts to approximately $174,978,000 and represents 1.0% of net assets. |
| (c) | Security has been deemed by the investment manager to be illiquid and is subject to restrictions on resale. At September 30, 2021, this security amounted to approximately $170,009,000, which represents 0.9% of net assets of the Fund. |
| (d) | At September 30, 2021, the Fund held fair valued securities and derivative contract valued at approximately $128,166,000, representing 0.7% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
| (e) | Amount is less than 0.005%. |
| (f) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $263,000 relating to the Fund's investment in the Liquidity Funds. |
| (g) | The approximate fair value and percentage of net assets, $309,723,000 and 1.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (h) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (i) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,221,256,000 and the aggregate gross unrealized depreciation is approximately $548,000,000, resulting in net unrealized appreciation of approximately $6,673,256,000. |
| (j) | Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 6,082,706 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Aurora Innovation, Inc., and Reinvent Technology Partners Y., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Reinvent Technology Partners Y, and Aurora Innovation, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Reinvent Technology Partners Y, and Aurora Innovation, Inc. The investment is restricted from resale until the settlement date. |
| (k) | Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy. |
| ADR | American Depositary Receipt. |
| PIPE | Private Investment in Public Equity. |
| SPAC | Special Purpose Acquisition Company. |
Morgan Stanley Institutional Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2021:
| Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
| BNP Paribas | USD/CNH | CNH | 7.45 | Jan - 22 | 3,240,675,472 | 3,240,675 | $ | 279 | $ | 17,298 | $ | (17,019 | ) | ||||||||||||||
| BNP Paribas | USD/CNH | CNH | 7.64 | Nov - 21 | 2,625,404,928 | 2,625,405 | 5 | 14,258 | (14,253 | ) | |||||||||||||||||
| Goldman Sachs International | USD/CNH | CNH | 7.57 | Mar - 22 | 3,297,576,823 | 3,297,577 | 1,273 | 16,379 | (15,106 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.28 | Jul - 22 | 4,097,984,739 | 4,097,985 | 10,384 | 19,092 | (8,708 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.31 | Aug - 22 | 1,916,631,520 | 1,916,632 | 4,947 | 13,018 | (8,071 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.38 | Jul - 22 | 1,193,724,935 | 1,193,725 | 2,560 | 6,333 | (3,773 | ) | |||||||||||||||||
| $ | 19,448 | $ | 86,378 | $ | (66,930 | ) | |||||||||||||||||||||
| CNH | — | Chinese Yuan Renminbi Offshore |
| USD | — | United States Dollar |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Information Technology Services | 29.8 | % | ||
| Other* | 23.7 | |||
| Software | 19.0 | |||
| Interactive Media & Services | 14.5 | |||
| Entertainment | 7.0 | |||
| Internet & Direct Marketing Retail | 6.0 | |||
| Total Investments | 100.0 | %** | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
| ** | Does not include an open PIPE contract with unrealized depreciation of approximately $8,580,000. |
Morgan Stanley Institutional Fund, Inc.
Inception Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (94.2%) | ||||||||
| Beverages (1.3%) | ||||||||
| Celsius Holdings, Inc. (a) | 271,481 | $ | 24,458 | |||||
| Biotechnology (6.6%) | ||||||||
| 4D Molecular Therapeutics, Inc. (a) | 245,986 | 6,634 | ||||||
| Abcam PLC ADR (United Kingdom) (a) | 579,775 | 11,752 | ||||||
| Allogene Therapeutics, Inc. (a) | 223,678 | 5,749 | ||||||
| Beam Therapeutics, Inc. (a) | 191,732 | 16,683 | ||||||
| C4 Therapeutics, Inc. (a) | 153,877 | 6,875 | ||||||
| Century Therapeutics, Inc. (a) | 222,373 | 5,595 | ||||||
| Editas Medicine, Inc. (a) | 109,261 | 4,488 | ||||||
| Fate Therapeutics, Inc. (a) | 64,127 | 3,801 | ||||||
| Graphite Bio, Inc. (a) | 267,369 | 4,382 | ||||||
| Intellia Therapeutics, Inc. (a) | 197,120 | 26,444 | ||||||
| Lyell Immunopharma, Inc. (a) | 338,929 | 5,016 | ||||||
| MaxCyte, Inc. (a) | 852,876 | 10,414 | ||||||
| Passage Bio, Inc. (a) | 435,666 | 4,339 | ||||||
| Relay Therapeutics, Inc. (a) | 155,755 | 4,911 | ||||||
| Sana Biotechnology, Inc. (a) | 411,956 | 9,277 | ||||||
| 126,360 | ||||||||
| Chemicals (0.4%) | ||||||||
| Zymergen, Inc. (a)(b) | 615,931 | 8,112 | ||||||
| Diversified Consumer Services (2.7%) | ||||||||
| Duolingo, Inc. (a) | 204,706 | 34,055 | ||||||
| Nerdy, Inc. (a)(b) | 1,875,553 | 18,737 | ||||||
| 52,792 | ||||||||
| Diversified Holding Companies (4.1%) | ||||||||
| ABG Acquisition Corp. I, Class A SPAC (a) | 483,700 | 4,711 | ||||||
| Big Sky Growth Partners, Inc. (Units) SPAC (a)(c) | 1,123,779 | 11,216 | ||||||
| BowX Acquisition Corp., Class A SPAC (a)(b) | 988,623 | 9,886 | ||||||
| Digital Transformation Opportunities Corp. (Units) SPAC (a)(c) | 187,007 | 1,833 | ||||||
| Dynamics Special Purpose Corp., Class A SPAC (a) | 1,942,567 | 19,309 | ||||||
| Meli Kaszek Pioneer Corp. | 786,180 | 8,687 | ||||||
| Ribbit LEAP Ltd. (Units) SPAC (a)(c) | 604,475 | 6,323 | ||||||
| TCV Acquisition Corp., Class A SPAC (a) | 638,471 | 6,257 | ||||||
| USHG Acquisition Corp. (Units) SPAC (a)(c) | 1,119,292 | 11,149 | ||||||
| 79,371 | ||||||||
| Diversified Telecommunication Services (2.8%) | ||||||||
| Anterix, Inc. (a) | 891,530 | 54,116 | ||||||
| Entertainment (1.4%) | ||||||||
| Skillz, Inc. (a)(b) | 2,764,268 | 27,145 | ||||||
| Food Products (1.0%) | ||||||||
| UTZ Brands, Inc. | 1,074,548 | 18,407 | ||||||
| Health Care Equipment & Supplies (5.3%) | ||||||||
| Angle PLC (United Kingdom) (a) | 9,825,941 | 17,783 | ||||||
| Figs, Inc., Class A (a)(b) | 828,888 | 30,785 | ||||||
Morgan Stanley Institutional Fund, Inc.
Inception Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Outset Medical, Inc. (a) | 219,861 | 10,870 | ||||||
| Penumbra, Inc. (a) | 39,764 | 10,597 | ||||||
| Quotient Ltd. (a) | 2,242,839 | 5,248 | ||||||
| Sema4 Holdings Corp. (a)(d) | 1,079,306 | 7,618 | ||||||
| Warby Parker, Inc., Class A (a) | 357,281 | 18,954 | ||||||
| 101,855 | ||||||||
| Health Care Providers & Services (6.8%) | ||||||||
| 23ANDME, Inc. (a)(d) | 532,622 | 4,488 | ||||||
| Agilon health, Inc. (a) | 823,991 | 21,597 | ||||||
| Alignment Healthcare, Inc. (a) | 577,231 | 9,224 | ||||||
| Covetrus, Inc. (a) | 2,640,014 | 47,890 | ||||||
| Guardant Health, Inc. (a) | 171,120 | 21,392 | ||||||
| HealthEquity, Inc. (a) | 162,084 | 10,496 | ||||||
| Privia Health Group, Inc. (a) | 358,389 | 8,444 | ||||||
| Signify Health, Inc., Class A (a)(b) | 386,002 | 6,898 | ||||||
| Talkspace, Inc. (a)(d) | 469,229 | 1,618 | ||||||
| 132,047 | ||||||||
| Health Care Technology (5.4%) | ||||||||
| Doximity, Inc., Class A (a) | 662,776 | 53,486 | ||||||
| Inspire Medical Systems, Inc. (a) | 139,946 | 32,590 | ||||||
| Schrodinger, Inc. (a) | 129,295 | 7,070 | ||||||
| Sema4 Holdings Corp. (a)(b) | 1,335,805 | 10,139 | ||||||
| 103,285 | ||||||||
| Hotels, Restaurants & Leisure (1.0%) | ||||||||
| Membership Collective Group, Inc., Class A (a)(b) | 1,544,151 | 19,209 | ||||||
| Household Durables (5.3%) | ||||||||
| Cricut, Inc., Class A (a)(b) | 1,760,376 | 48,551 | ||||||
| Victoria PLC (United Kingdom) (a) | 4,258,985 | 52,957 | ||||||
| 101,508 | ||||||||
| Information Technology Services (3.5%) | ||||||||
| Fastly, Inc., Class A (a) | 1,680,200 | 67,947 | ||||||
| Insurance (0.5%) | ||||||||
| Oscar Health, Inc., Class A (a) | 595,834 | 10,362 | ||||||
| Interactive Media & Services (2.2%) | ||||||||
| Vimeo, Inc. (a) | 1,418,195 | 41,652 | ||||||
| Internet & Direct Marketing Retail (8.6%) | ||||||||
| Global-e Online Ltd. (Israel) (a) | 275,882 | 19,808 | ||||||
| Original BARK Co. (The) (a)(b) | 2,535,234 | 17,392 | ||||||
| Overstock.com, Inc. (a) | 949,530 | 73,987 | ||||||
| Stitch Fix, Inc., Class A (a) | 1,372,742 | 54,841 | ||||||
| 166,028 | ||||||||
| Life Sciences Tools & Services (5.8%) | ||||||||
| AbCellera Biologics, Inc. (Canada) (a)(b) | 353,694 | 7,088 | ||||||
| NanoString Technologies, Inc. (a) | 943,463 | 45,296 | ||||||
| Olink Holding AB ADR (Sweden) (a) | 354,291 | 8,591 | ||||||
| Seer, Inc. (a) | 535,377 | 18,487 | ||||||
| SomaLogic, Inc. (a)(b) | 305,714 | 3,788 |
Morgan Stanley Institutional Fund, Inc.
Inception Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| SomaLogic, Inc. (a)(d) | 635,501 | 7,480 | ||||||
| Stevanato Group SpA (Italy) (a) | 845,481 | 21,399 | ||||||
| 112,129 | ||||||||
| Machinery (0.9%) | ||||||||
| Desktop Metal, Inc., Class A (a) | 2,536,412 | 18,186 | ||||||
| Media (1.0%) | ||||||||
| Cardlytics, Inc. (a) | 236,254 | 19,831 | ||||||
| Metals & Mining (0.8%) | ||||||||
| MP Materials Corp. (a) | 315,727 | 10,176 | ||||||
| Royal Gold, Inc. | 47,702 | 4,555 | ||||||
| 14,731 | ||||||||
| Pharmaceuticals (0.8%) | ||||||||
| ATAI Life Sciences N.V. (a)(b) | 654,137 | 9,675 | ||||||
| GH Research PLC (a)(b) | 285,111 | 6,289 | ||||||
| 15,964 | ||||||||
| Professional Services (1.1%) | ||||||||
| Upwork, Inc. (a) | 464,467 | 20,915 | ||||||
| Real Estate Management & Development (4.5%) | ||||||||
| Redfin Corp. (a) | 1,723,857 | 86,365 | ||||||
| Software (15.1%) | ||||||||
| Appian Corp. (a) | 710,340 | 65,713 | ||||||
| C3.ai, Inc., Class A (a) | 401,027 | 18,584 | ||||||
| Cipher Mining Technologies, Inc. (a)(d) | 927,440 | 8,487 | ||||||
| Clear Secure, Inc., Class A (a)(b) | 596,362 | 24,481 | ||||||
| JFrog Ltd. (a) | 551,156 | 18,464 | ||||||
| Latch, Inc. (a)(b) | 2,296,570 | 25,882 | ||||||
| Matterport, Inc. (a)(b) | 2,384,880 | 45,098 | ||||||
| MicroStrategy, Inc., Class A (a) | 14,862 | 8,596 | ||||||
| Monday.com Ltd. (Israel) (a) | 84,165 | 27,455 | ||||||
| Olo, Inc., Class A (a) | 1,591,314 | 47,787 | ||||||
| 290,547 | ||||||||
| Specialty Retail (4.3%) | ||||||||
| Party City Holdco, Inc. (a) | 5,154,580 | 36,598 | ||||||
| Vroom, Inc. (a) | 2,060,555 | 45,476 | ||||||
| 82,074 | ||||||||
| Textiles, Apparel & Luxury Goods (0.7%) | ||||||||
| On Holding AG, Class A (Switzerland) (a) | 424,751 | 12,798 | ||||||
| Trading Companies & Distributors (0.3%) | ||||||||
| EVI Industries, Inc. (a) | 238,195 | 6,479 | ||||||
| Total Common Stocks (Cost $1,901,710) | 1,814,673 | |||||||
| Preferred Stocks (0.8%) | ||||||||
| Health Care Technology (0.4%) | ||||||||
| Grand Rounds, Inc. Series B (d)(e) (acquisition cost - $3,362; acquired 7/3/14) | 3,269,139 | 8,009 |
Morgan Stanley Institutional Fund, Inc.
Inception Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Internet & Direct Marketing Retail (0.1%) | ||||||||
| Overstock.com, Inc. Series A-1 | 14,625 | 1,049 | ||||||
| Software (0.3%) | ||||||||
| Lookout, Inc. Series F (d)(e) (acquisition cost - $13,476; acquired 6/17/14) | 1,179,743 | 5,380 | ||||||
| Total Preferred Stocks (Cost $16,933) | 14,438 | |||||||
| Investment Companies (2.0%) | ||||||||
| Grayscale Bitcoin Trust (a) | 403,280 | 13,651 | ||||||
| Hipgnosis Songs Fund Ltd. | 14,932,747 | 24,519 | ||||||
| Total Investment Companies (Cost $42,140) | 38,170 | |||||||
| No. of Warrants | ||||||||
| Warrants (0.0%) (f) | ||||||||
| Internet & Direct Marketing Retail (0.0%) (f) | ||||||||
| Original BARK Co. (The) expires 5/1/26 (a) (Cost $1,100) | 209,825 | 357 | ||||||
| Life Sciences Tools & Services (0.0%) (f) | ||||||||
| SomaLogic, Inc. expires 8/31/26 (a) (Cost $203) | 101,904 | 351 | ||||||
| Total Warrants (Cost $1,303) | 708 | |||||||
| Short-Term Investments (14.5%) | ||||||||
| Securities held as Collateral on Loaned Securities (9.8%) | ||||||||
| Shares | ||||||||
| Investment Company (8.0%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (g) (Cost $152,921) | 152,920,609 | 152,921 |
| Face Amount (000) |
|||||||
| Repurchase Agreements (1.8%) | |||||||
| HSBC Securities USA, Inc., (0.05%, dated 9/30/21, due 10/1/21; proceeds $7,992; fully collateralized by a U.S. Government obligation; 0.00%-0.13% due 10/7/21-12/31/22; valued at $8,152) | $ | 7,992 | 7,992 | ||||
| Merrill Lynch & Co., Inc., (0.05%, dated 9/30/21, due 10/1/21; proceeds $27,174; fully collateralized by a U.S. Government obligation; 0.38% due 4/15/24; valued at $27,718) | 27,174 | 27,174 | |||||
| 35,166 | |||||||
| Total Securities held as Collateral on Loaned Securities (Cost $188,087) | 188,087 | ||||||
| Shares | ||||||||
| Investment Company (4.7%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (g) (Cost $91,453) | 91,452,989 | 91,453 | ||||||
| Total Short-Term Investments (Cost $279,540) | 279,540 | |||||||
| Total Investments Excluding Purchased Options (111.5%) (Cost $2,241,626) | 2,147,529 | |||||||
| Total Purchased Options Outstanding (0.1%) (Cost $7,476) | 2,167 | |||||||
| Total Investments (111.6%) (Cost $2,249,102) Including $208,708 of Securities Loaned (h)(i)(j)(k) | 2,149,696 | |||||||
| Liabilities in Excess of Other Assets (–11.6%) | (222,752 | ) | ||||||
| Net Assets (100.0%) | $ | 1,926,944 | ||||||
Morgan Stanley Institutional Fund, Inc.
Inception Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
The Fund had the following Derivative Contract – PIPE open at September 30, 2021:
| Counterparty | Referenced Obligation | Notional Amount | Settlement Date | Unrealized Depreciation (000) | % of Net Assets | |||||||||||
| Athena Technology Acquisition Corp. | Heliogen, Inc. (a)(d)(e)(l)(m) | $ | 9,845,070 | 12/31/21 | $ | (1,148 | ) | (0.06 | )% | |||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2021, were approximately $208,708,000 and $222,217,000, respectively. The Fund received cash collateral of approximately $189,030,000, of which approximately $188,087,000 was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. At September 30, 2021, there was uninvested cash collateral of approximately $943,000, which is not reflected in the Consolidated Portfolio of Investments. The remaining collateral of approximately $33,187,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
| (d) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contract (excluding 144A holdings) at September 30, 2021 amounts to approximately $41,932,000 and represents 2.2% of net assets. |
| (e) | At September 30, 2021, the Fund held fair valued securities and derivative contract valued at approximately $12,241,000, representing 0.6% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
| (f) | Value is less than 0.05%. |
| (g) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $77,000 relating to the Fund's investment in the Liquidity Funds. |
| (h) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (i) | The approximate fair value and percentage of net assets, $95,259,000 and 4.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments. |
| (j) | Securities are available for collateral in connection with securities purchased on a forward commitment basis. |
| (k) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $233,006,000 and the aggregate gross unrealized depreciation is approximately $332,412,000, resulting in net unrealized depreciation of approximately $99,406,000. |
Morgan Stanley Institutional Fund, Inc.
Inception Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| (l) |
Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 984,507 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Heliogen, Inc., and Athena Technology Acquisition Corp., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Athena Technology Acquisition Corp., and Heliogen, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Athena Technology Acquisition Corp., and Heliogen, Inc. The investment is restricted from resale until the settlement date. |
| (m) |
Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy. |
| ADR | American Depositary Receipt. |
| PIPE | Private Investment in Public Equity. |
| SPAC | Special Purpose Acquisition Company. |
Morgan Stanley Institutional Fund, Inc.
Inception Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2021:
| Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
| BNP Paribas | USD/CNH | CNH | 7.45 | Jan-22 | 163,712,492 | 163,712 | $ | 14 | $ | 874 | $ | (860 | ) | ||||||||||||||
| BNP Paribas | USD/CNH | CNH | 7.64 | Nov-21 | 88,360,621 | 88,361 | –@ | 480 | (480 | ) | |||||||||||||||||
| Goldman Sachs International | USD/CNH | CNH | 7.57 | Mar-22 | 365,598,034 | 365,598 | 141 | 1,816 | (1,675 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.28 | Jul-22 | 468,635,786 | 468,636 | 1,188 | 2,184 | (996 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.31 | Aug-22 | 208,653,359 | 208,653 | 539 | 1,417 | (878 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.38 | Jul-22 | 132,899,103 | 132,899 | 285 | 705 | (420 | ) | |||||||||||||||||
| $ | 2,167 | $ | 7,476 | $ | (5,309 | ) | |||||||||||||||||||||
| @ Value is less than $500. | |
| CNH — | Chinese Yuan Renminbi Offshore |
| USD — | United States Dollar |
Portfolio Composition*
| Classification | Percentage of Total Investments | |||
| Other** | 41.3 | % | ||
| Software | 15.1 | |||
| Internet & Direct Marketing Retail | 8.5 | |||
| Health Care Providers & Services | 6.7 | |||
| Biotechnology | 6.5 | |||
| Life Sciences Tools & Services | 5.8 | |||
| Health Care Technology | 5.7 | |||
| Health Care Equipment & Supplies | 5.2 | |||
| Household Durables | 5.2 | |||
| Total Investments | 100.0 | %*** | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2021. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
| *** | Does not include an open PIPE contract with unrealized depreciation of approximately $1,148,000. |
Morgan Stanley Institutional Fund, Inc.
International Advantage Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (93.9%) | ||||||||
| Australia (3.5%) | ||||||||
| Brookfield Infrastructure Partners LP | 3,642,532 | $ | 204,383 | |||||
| Canada (8.6%) | ||||||||
| Brookfield Asset Management, Inc., Class A | 4,273,207 | 228,659 | ||||||
| Canada Goose Holdings, Inc. (a)(b) | 4,789,656 | 170,847 | ||||||
| Shopify, Inc., Class A (a) | 79,121 | 107,271 | ||||||
| 506,777 | ||||||||
| China (2.9%) | ||||||||
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | 10,140,366 | 171,946 | ||||||
| Denmark (9.8%) | ||||||||
| Chr Hansen Holding A/S | 1,402,499 | 114,349 | ||||||
| DSV Panalpina A/S | 1,930,802 | 462,164 | ||||||
| 576,513 | ||||||||
| France (9.7%) | ||||||||
| Dassault Systemes SE | 2,126,898 | 111,929 | ||||||
| Hermes International | 246,613 | 340,260 | ||||||
| Pernod Ricard SA | 536,969 | 118,382 | ||||||
| 570,571 | ||||||||
| Germany (5.3%) | ||||||||
| Adidas AG | 293,060 | 92,096 | ||||||
| HelloFresh SE (a) | 1,229,794 | 113,347 | ||||||
| Puma SE | 947,584 | 105,338 | ||||||
| 310,781 | ||||||||
| Hong Kong (2.6%) | ||||||||
| AIA Group Ltd. | 13,457,900 | 154,825 | ||||||
| India (6.6%) | ||||||||
| HDFC Bank Ltd. | 14,010,879 | 299,528 | ||||||
| Kotak Mahindra Bank Ltd. | 3,340,673 | 89,906 | ||||||
| 389,434 | ||||||||
| Italy (6.5%) | ||||||||
| Davide Campari-Milano N.V. | 9,921,776 | 139,373 | ||||||
| Moncler SpA | 3,941,919 | 240,420 | ||||||
| 379,793 | ||||||||
| Japan (7.1%) | ||||||||
| Change, Inc. (a)(c) | 1,221,000 | 25,324 | ||||||
| Keyence Corp. | 450,600 | 268,950 | ||||||
| Pigeon Corp. | 5,201,500 | 120,923 | ||||||
| 415,197 | ||||||||
| Netherlands (8.5%) | ||||||||
| Adyen N.V. (a) | 59,039 | 165,036 | ||||||
| ASML Holding N.V. (Registered) | 448,351 | 334,944 | ||||||
| 499,980 | ||||||||
| Sweden (3.7%) | ||||||||
| Evolution AB | 875,844 | 132,637 | ||||||
Morgan Stanley Institutional Fund, Inc.
International Advantage Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Vitrolife AB | 1,642,021 | 86,419 | |||||||
| 219,056 | |||||||||
| Switzerland (6.4%) | |||||||||
| Chocoladefabriken Lindt & Spruengli AG (Registered) | 906 | 106,656 | |||||||
| Kuehne & Nagel International AG (Registered) | 369,165 | 126,033 | |||||||
| Straumann Holding AG (Registered) | 80,472 | 144,324 | |||||||
| 377,013 | |||||||||
| Taiwan (3.9%) | |||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2,044,893 | 228,312 | |||||||
| United Kingdom (4.2%) | |||||||||
| Diageo PLC | 1,913,650 | 92,649 | |||||||
| Rightmove PLC | 16,506,044 | 151,645 | |||||||
| 244,294 | |||||||||
| United States (4.6%) | |||||||||
| Brookfield Asset Management Reinsurance Partners Ltd., Class A (a) | 27,496 | 1,528 | |||||||
| EPAM Systems, Inc. (a) | 466,664 | 266,222 | |||||||
| 267,750 | |||||||||
| Total Common Stocks (Cost $3,791,864) | 5,516,625 | ||||||||
| Investment Company (0.6%) | |||||||||
| Grayscale Bitcoin Trust (a) (Cost $45,760) | 1,059,728 | 35,872 | |||||||
| Short-Term Investment (5.5%) | |||||||||
| Investment Company (5.5%) | |||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $321,362) | 321,362,195 | 321,362 | |||||||
| Total Investments Excluding Purchased Options (100.00%) (Cost $4,158,986) | 5,873,859 | ||||||||
| Total Purchased Options Outstanding (0.0%) (i) (Cost $5,869) | 2,276 | ||||||||
| Total Investments (100.0%) (Cost $4,164,855) Including $4,834 of Securities Loaned (e)(f)(g)(h) | 5,876,135 | ||||||||
| Liabilities in Excess of Other Assets (0.0%) (i) | (1,566 | ) | |||||||
| Net Assets (100.0%) | $ | 5,874,569 | |||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
The Fund had the following Derivative Contract - PIPE open at September 30, 2021:
| Counterparty | Referenced Obligation | Notional Amount | Settlement Date | Unrealized Depreciation (000) | % of Net Assets | |||||||||||
| Altimeter Growth Corp. | Grab Holdings Inc. (a)(j)(k)(l)(m) | $ | 40,096,310 | 12/31/21 | $ | (3,216 | ) | (0.1 | )% | |||||||
| (a) | Non-income producing security. |
Morgan Stanley Institutional Fund, Inc.
International Advantage Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| (b) | For the nine months ended September 30, 2021, the cost of purchase and proceeds from sale of Canada Goose Holdings, Inc., Common Stock, and its affiliated broker-dealers, which may be deemed affiliates of the Adviser/Administrator and Distributor under the Investment Company Act of 1940, were approximately $11,432,000 and $14,451,000, respectively, including net realized gain of approximately $300,000. |
| (c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2021, were approximately $4,834,000 and $4,760,000, respectively. The Fund received non-cash collateral of approximately $4,760,000, in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge, and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $97,000 relating to the Fund's investment in the Liquidity Funds. |
| (e) | The approximate fair value and percentage of net assets, $4,309,403,000 and 73.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (g) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,875,916,000 and the aggregate gross unrealized depreciation is approximately $167,852,000, resulting in net unrealized appreciation of approximately $1,708,064,000. |
| (h) | Securities are available as collateral in connection with securities purchased on a forward commitment basis. |
| (i) | Amount is less than 0.05%. |
| (j) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and elated rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted derivative contract (excluding 144A holdings) at September 30, 2021 amounts to approximately ($3,216,000) and represents (0.1)% of net assets. |
| (k) |
Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 4,009,631 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Grab Holdings Inc., and Altimeter Growth Corp., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Altimeter Growth Corp., and Grab Holdings Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Altimeter Growth Corp., and Grab Holdings Inc. The investment is restricted from resale until the settlement date. |
| (l) | Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy. |
| (m) | At September 30, 2021, the Fund held a fair valued derivative contract at approximately ($3,216,000), representing (0.1)% of net assets. This security have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors. |
| ADR | American Depositary Receipt. |
| PIPE | Private Investment in Public Equity. |
| SPAC | Special Purpose Acquisition Company. |
Morgan Stanley Institutional Fund, Inc.
International Advantage Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2021:
| Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.38 | Jul - 22 | 358,023,641 | 358,024 | $ | 768 | $ | 1,899 | $ | (1,131 | ) | ||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.31 | Aug - 22 | 584,432,525 | 584,433 | 1,508 | 3,970 | (2,462 | ) | |||||||||||||||||
| $ | 2,276 | $ | 5,869 | $ | (3,593 | ) | |||||||||||||||||||||
| CNH | — | Chinese Yuan Renminbi Offshore |
| USD | — | United States Dollar |
Portfolio Composition*
| Classification | Percentage of Total Investments | |||
| Other** | 38.7 | % | ||
| Textiles, Apparel & Luxury Goods | 16.1 | |||
| Information Technology Services | 9.6 | |||
| Semiconductors & Semiconductor Equipment | 9.6 | |||
| Air Freight & Logistics | 7.9 | |||
| Banks | 6.6 | |||
| Beverages | 6.0 | |||
| Short-Term Investments | 5.5 | |||
| Total Investments | 100.0 | %*** | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2021. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
| *** |
Does not include an open PIPE contract with unrealized depreciation of approximately $3,216,000. |
Morgan Stanley Institutional Fund, Inc.
International Equity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (97.8%) | ||||||||
| Australia (0.8%) | ||||||||
| Aristocrat Leisure Ltd. | 509,634 | $ | 16,949 | |||||
| Canada (6.0%) | ||||||||
| Barrick Gold Corp. | 2,738,300 | 49,443 | ||||||
| Cameco Corp. | 529,544 | 11,506 | ||||||
| Constellation Software, Inc. | 40,858 | 66,936 | ||||||
| 127,885 | ||||||||
| China (3.4%) | ||||||||
| Minth Group Ltd. (a) | 3,720,000 | 12,727 | ||||||
| Tencent Holdings Ltd. (a) | 991,700 | 59,203 | ||||||
| 71,930 | ||||||||
| Finland (1.1%) | ||||||||
| Neste Oyj | 407,851 | 23,008 | ||||||
| France (13.7%) | ||||||||
| AXA SA | 1,226,116 | 33,980 | ||||||
| L'Oreal SA (BSRM) | 24,699 | 10,220 | ||||||
| Legrand SA | 109,292 | 11,711 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 62,595 | 44,834 | ||||||
| Pernod Ricard SA | 246,049 | 54,245 | ||||||
| Safran SA | 335,587 | 42,445 | ||||||
| Sanofi | 616,418 | 59,339 | ||||||
| Thales SA | 347,747 | 33,716 | ||||||
| 290,490 | ||||||||
| Germany (18.4%) | ||||||||
| Adidas AG | 90,827 | 28,543 | ||||||
| Bayer AG (Registered) | 562,365 | 30,523 | ||||||
| Deutsche Boerse AG | 235,854 | 38,271 | ||||||
| Deutsche Post AG (Registered) | 818,342 | 51,318 | ||||||
| Fresenius SE & Co., KGaA | 1,170,704 | 56,036 | ||||||
| Henkel AG & Co., KGaA (Preference) | 727,429 | 67,293 | ||||||
| Infineon Technologies AG | 386,596 | 15,811 | ||||||
| Knorr-Bremse AG | 185,393 | 19,836 | ||||||
| QIAGEN N.V. (b) | 241,294 | 12,481 | ||||||
| SAP SE | 524,275 | 70,897 | ||||||
| 391,009 | ||||||||
| Hong Kong (2.5%) | ||||||||
| AIA Group Ltd. | 4,612,400 | 53,063 | ||||||
| Italy (2.1%) | ||||||||
| Moncler SpA | 720,157 | 43,923 | ||||||
| Japan (8.1%) | ||||||||
| FANUC Corp. | 110,900 | 24,316 | ||||||
| Hoya Corp. | 174,700 | 27,256 | ||||||
| Keyence Corp. | 49,100 | 29,306 | ||||||
| Kirin Holdings Co., Ltd. | 2,306,300 | 42,805 | ||||||
| Shiseido Co., Ltd. | 445,500 | 29,942 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 550,951 | 19,382 | ||||||
| 173,007 | ||||||||
Morgan Stanley Institutional Fund, Inc.
International Equity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Korea, Republic of (2.0%) | |||||||||
| LG Household & Health Care Ltd. | 10,419 | 11,746 | |||||||
| Samsung Electronics Co., Ltd. | 506,589 | 31,406 | |||||||
| 43,152 | |||||||||
| Netherlands (2.1%) | |||||||||
| Heineken N.V. | 426,730 | 44,540 | |||||||
| Norway (1.1%) | |||||||||
| Mowi ASA | 957,730 | 24,300 | |||||||
| Singapore (3.1%) | |||||||||
| DBS Group Holdings Ltd. | 1,552,700 | 34,406 | |||||||
| United Overseas Bank Ltd. | 1,626,000 | 30,760 | |||||||
| 65,166 | |||||||||
| Spain (1.4%) | |||||||||
| Grifols SA | 1,202,796 | 29,342 | |||||||
| Sweden (3.0%) | |||||||||
| Epiroc AB, Class A | 894,778 | 18,550 | |||||||
| Hexagon AB, Class B | 1,568,472 | 24,261 | |||||||
| Svenska Handelsbanken AB, Class A | 1,970,264 | 22,066 | |||||||
| 64,877 | |||||||||
| Switzerland (5.1%) | |||||||||
| Alcon, Inc. | 132,180 | 10,703 | |||||||
| Novartis AG (Registered) | 620,598 | 50,889 | |||||||
| Roche Holding AG (Genusschein) | 126,494 | 46,166 | |||||||
| 107,758 | |||||||||
| Taiwan (2.3%) | |||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 445,214 | 49,708 | |||||||
| United Kingdom (21.5%) | |||||||||
| Anglo American PLC | 422,610 | 14,812 | |||||||
| Associated British Foods PLC | 1,692,358 | 42,127 | |||||||
| AstraZeneca PLC | 231,760 | 27,931 | |||||||
| British American Tobacco PLC | 1,423,477 | 49,757 | |||||||
| Experian PLC | 472,571 | 19,796 | |||||||
| GlaxoSmithKline PLC | 1,042,105 | 19,668 | |||||||
| Imperial Brands PLC | 1,712,023 | 35,810 | |||||||
| Legal & General Group PLC | 8,340,497 | 31,336 | |||||||
| M&G PLC | 4,323,308 | 11,812 | |||||||
| Man Group PLC | 3,462,102 | 9,497 | |||||||
| Prudential PLC | 2,932,748 | 56,911 | |||||||
| Reckitt Benckiser Group PLC | 882,076 | 69,296 | |||||||
| RELX PLC (Euronext N.V.) | 1,303,453 | 37,732 | |||||||
| RELX PLC (LSE) | 1,088,513 | 31,334 | |||||||
| 457,819 | |||||||||
| United States (0.1%) | |||||||||
| Jackson Financial, Inc., Class A (b) | 73,318 | 1,906 | |||||||
| Total Common Stocks (Cost $1,468,390) | 2,079,832 | ||||||||
Morgan Stanley Institutional Fund, Inc.
International Equity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Short-Term Investment (1.9%) | ||||||||
| Investment Company (1.9%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $40,883) | 40,883,440 | 40,883 | ||||||
| Total Investments (99.7%) (Cost $1,509,273) (d)(e)(f) | 2,120,715 | |||||||
| Other Assets in Excess of Liabilities (0.3%) | 7,321 | |||||||
| Net Assets (100.0%) | $ | 2,128,036 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Security trades on the Hong Kong exchange. |
| (b) | Non-income producing security. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $13,000 relating to the Fund's investment in the Liquidity Funds. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (e) | The approximate fair value and percentage of net assets, $1,900,333,000 and 89.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (f) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $677,375,000 and the aggregate gross unrealized depreciation is approximately $65,933,000, resulting in net unrealized appreciation of approximately $611,442,000. |
| ADR | American Depositary Receipt. |
| Euronext N.V. | Euronext Amsterdam Stock Market. |
| LSE | London Stock Exchange. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 50.5 | % | ||
| Pharmaceuticals | 11.1 | |||
| Insurance | 8.3 | |||
| Beverages | 6.7 | |||
| Software | 6.5 | |||
| Household Products | 6.4 | |||
| Textiles, Apparel & Luxury Goods | 5.5 | |||
| Banks | 5.0 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
International Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (97.0%) | ||||||||
| Argentina (1.1%) | ||||||||
| Globant SA (a) | 180,717 | $ | 50,783 | |||||
| Brazil (1.2%) | ||||||||
| Magazine Luiza SA | 21,005,281 | 55,312 | ||||||
| Canada (8.3%) | ||||||||
| Canada Goose Holdings, Inc. (a)(b) | 3,235,530 | 115,411 | ||||||
| Shopify, Inc., Class A (a) | 191,576 | 259,735 | ||||||
| 375,146 | ||||||||
| China (13.2%) | ||||||||
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | 6,118,217 | 103,744 | ||||||
| HUYA, Inc. ADR (a) | 4,118,725 | 34,350 | ||||||
| Kuaishou Technology (a)(c)(d) | 4,774,100 | 50,952 | ||||||
| Meituan, Class B (a)(c) | 5,785,300 | 184,675 | ||||||
| New Frontier Health Corp. SPAC (a) | 1,583,308 | 17,781 | ||||||
| Shenzhou International Group Holdings Ltd. (c) | 2,010,900 | 42,678 | ||||||
| Tencent Holdings Ltd. (c) | 1,086,900 | 64,887 | ||||||
| Trip.com Group Ltd. ADR (a) | 3,157,602 | 97,096 | ||||||
| 596,163 | ||||||||
| Denmark (6.3%) | ||||||||
| DSV Panalpina A/S | 1,180,695 | 282,616 | ||||||
| France (3.9%) | ||||||||
| Hermes International | 126,644 | 174,735 | ||||||
| Germany (8.2%) | ||||||||
| Adidas AG | 184,073 | 57,846 | ||||||
| HelloFresh SE (a) | 2,503,702 | 230,759 | ||||||
| Puma SE | 745,707 | 82,897 | ||||||
| 371,502 | ||||||||
| India (9.5%) | ||||||||
| HDFC Bank Ltd. | 11,057,270 | 236,385 | ||||||
| ICICI Bank Ltd. ADR | 7,190,076 | 135,677 | ||||||
| Kotak Mahindra Bank Ltd. | 2,077,253 | 55,904 | ||||||
| 427,966 | ||||||||
| Italy (4.3%) | ||||||||
| Moncler SpA | 3,157,211 | 192,560 | ||||||
| Japan (4.1%) | ||||||||
| Change, Inc. (a)(d) | 980,000 | 20,326 | ||||||
| Keyence Corp. | 239,700 | 143,070 | ||||||
| Pigeon Corp. | 1,025,700 | 23,845 | ||||||
| 187,241 | ||||||||
| Korea, Republic of (3.5%) | ||||||||
| KakaoBank Corp. (a)(d) | 668,346 | 38,610 | ||||||
| NAVER Corp. | 366,428 | 118,894 | ||||||
| 157,504 | ||||||||
Morgan Stanley Institutional Fund, Inc.
International Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Netherlands (5.8%) | ||||||||
| Adyen N.V. (a) | 44,984 | 125,747 | ||||||
| ASML Holding N.V. (Registered) | 184,839 | 138,085 | ||||||
| 263,832 | ||||||||
| Norway (0.8%) | ||||||||
| Kahoot! ASA (a) | 4,862,780 | 34,801 | ||||||
| Sweden (6.0%) | ||||||||
| Evolution AB | 1,229,771 | 186,236 | ||||||
| Vitrolife AB | 1,571,477 | 82,706 | ||||||
| 268,942 | ||||||||
| Taiwan (2.0%) | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 4,355,000 | 90,071 | ||||||
| United Kingdom (2.4%) | ||||||||
| Deliveroo PLC (a)(d) | 18,084,779 | 69,971 | ||||||
| Fevertree Drinks PLC | 1,187,637 | 37,261 | ||||||
| 107,232 | ||||||||
| United States (16.4%) | ||||||||
| Coupang, Inc. (a) | 5,735,874 | 159,744 | ||||||
| EPAM Systems, Inc. (a) | 326,151 | 186,063 | ||||||
| Farfetch Ltd., Class A (a) | 2,717,208 | 101,841 | ||||||
| MercadoLibre, Inc. (a) | 69,216 | 116,241 | ||||||
| Spotify Technology SA (a) | 777,275 | 175,151 | ||||||
| 739,040 | ||||||||
| Total Common Stocks (Cost $3,071,567) | 4,375,446 | |||||||
| Investment Company (0.7%) | ||||||||
| United States (0.7%) | ||||||||
| Grayscale Bitcoin Trust (a) (Cost $39,637) | 896,270 | 30,339 | ||||||
| Short-Term Investments (4.1%) | ||||||||
| Securities held as Collateral on Loaned Securities (1.2%) | ||||||||
| Investment Company (1.0%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) | 45,731,212 | 45,731 | ||||||
| Face Amount (000) | ||||||||
| Repurchase Agreements (0.2%) | ||||||||
| HSBC Securities USA, Inc., (0.05%, dated 9/30/21, due 10/1/21; proceeds $2,390; fully collateralized by U.S. Government obligations; 0.00% - 0.13% due 10/7/21-12/31/22; valued at $2,438) | $ | 2,390 | 2,390 | |||||
| Merrill Lynch & Co., Inc., (0.05%, dated 9/30/21, due 10/1/21; proceeds $8,127; fully collateralized by a U.S. Government obligation; 0.38% due 4/15/24; valued at $8,289) | 8,127 | 8,127 | ||||||
| 10,517 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $56,248) | 56,248 |
Morgan Stanley Institutional Fund, Inc.
International Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Shares | ||||||||
| Investment Company (2.9%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $130,910) | 130,910,476 | 130,910 | ||||||
| Total Short-Term Investments (Cost $187,158) | 187,158 | |||||||
| Total Investments Excluding Purchased Options (101.8%) (Cost $3,298,362) | 4,592,943 | |||||||
| Total Purchased Options Outstanding (0.1%) (Cost $9,661) | 3,749 | |||||||
| Total Investments (101.9%) (Cost $3,308,023) Including $108,322 of Securities Loaned (f)(g)(h)(i) | 4,596,692 | |||||||
| Liabilities in Excess of Other Assets (-1.9%) | (86,878 | ) | ||||||
| Net Assets (100.0%) | $ | 4,509,814 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
The Fund had the following Derivative Contract - PIPE open at September 30, 2021.
Counterparty | Referenced Obligation | Notional Amount | Settlement Date | Unrealized Depreciation (000) | % of Net Assets | |||||||||||
| Altimeter Growth Corp | Grab Holdings, Inc.(a)(j)(k)(l)(m) | $ | 38,189,810 | 12/31/21 | $ | (3,063 | ) | (0.1 | )% | |||||||
| (a) | Non-income producing security. |
| (b) | For the nine months ended September 30, 2021, the cost of purchase and proceeds from sale of Canada Goose Holdings, Inc., Common Stock, and its affiliated broker-dealers, which may be deemed affiliates of the Adviser/Administrator and Distributor under the Investment Company Act of 1940, were approximately $7,371,000 and $78,755,000, respectively, including net realized gain of approximately $18,516,000. |
| (c) | Security trades on the Hong Kong exchange. |
| (d) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2021, were approximately $108,322,000 and $114,408,000, respectively. The Fund received cash collateral of approximately $56,530,000, of which approximately $56,248,000 was subsequently invested in a Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. At September 30, 2021, there was uninvested cash collateral of approximately $282,000, which is not reflected in the Consolidated Portfolio of Investments. The remaining collateral of approximately $57,878,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $84,000 relating to the Fund's investment in the Liquidity Funds. |
| (f) | The approximate fair value and percentage of net assets, $2,831,651,000 and 62.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments. |
| (g) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (h) | Securities are available for collateral in connection with securities purchased on a forward commitment basis. |
Morgan Stanley Institutional Fund, Inc.
International Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| (i) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,503,622,000 and the aggregate gross unrealized depreciation is approximately $218,016,000, resulting in net unrealized appreciation of approximately $1,285,606,000. |
| (j) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted derivative contract (excluding 144A holdings) at September 30, 2021 amounts to approximately $(3,063,000) and represents (0.1)% of net assets. |
| (k) | At September 30, 2021, the Fund held a fair valued derivative contract valued at approximately $(3,063,000), representing (0.1)% of net assets. This holding has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors. |
| (l) |
Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 3,818,981 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Grab Holdings Inc., and Altimeter Growth Corp., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transactions will require the approval of the shareholders of both Altimeter Growth Corp., and Grab Holdings Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to Altimeter Growth Corp., and Grab Holdings Inc. The investment is restricted from resale until the settlement date. |
| (m) | Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy. |
| ADR | American Depositary Receipt. |
| PIPE | Private Investment in Public Equity. |
| SPAC | Special Purpose Acquisition Company. |
Morgan Stanley Institutional Fund, Inc.
International Opportunity Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2021:
| Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.31 | Aug - 22 | 952,422,356 | 952,422 | $ | 2,458 | $ | 6,469 | $ | (4,011 | ) | ||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.38 | Jul - 22 | 601,605,554 | 601,606 | 1,291 | 3,192 | (1,901 | ) | |||||||||||||||||
| $ | 3,749 | $ | 9,661 | $ | (5,912 | ) | |||||||||||||||||||||
| CNH | — | Chinese Yuan Renminbi Offshore |
| USD | — | United States Dollar |
Portfolio Composition*
| Classification | Percentage of Total Investments | |||
| Internet & Direct Marketing Retail | 19.0 | % | ||
| Textiles, Apparel & Luxury Goods | 14.7 | |||
| Information Technology Services | 14.2 | |||
| Other** | 13.8 | |||
| Banks | 10.3 | |||
| Hotels, Restaurants & Leisure | 6.2 | |||
| Air Freight & Logistics | 6.2 | |||
| Entertainment | 5.4 | |||
| Interactive Media & Services | 5.2 | |||
| Semiconductors & Semiconductor Equipment | 5.0 | |||
| Total Investments | 100.0 | %*** | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2021. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
| *** |
Does not include an open PIPE contract with unrealized depreciation of approximately $3,063,000. |
Morgan Stanley Institutional Fund, Inc.
Multi-Asset Real Return Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (32.4%) | ||||||||
| Australia (1.2%) | ||||||||
| Evolution Mining Ltd. | 19,669 | $ | 50 | |||||
| Gold Road Resources Ltd. | 10,140 | 9 | ||||||
| Newcrest Mining Ltd. | 8,658 | 143 | ||||||
| Northern Star Resources Ltd. | 13,529 | 83 | ||||||
| Perseus Mining Ltd. (a) | 14,118 | 14 | ||||||
| Ramelius Resources Ltd. | 9,370 | 9 | ||||||
| Regis Resources Ltd. | 8,680 | 12 | ||||||
| Resolute Mining Ltd. (a) | 12,707 | 4 | ||||||
| Silver Lake Resources Ltd. (a) | 10,148 | 10 | ||||||
| St. Barbara Ltd. | 8,262 | 8 | ||||||
| Westgold Resources Ltd. | 4,879 | 6 | ||||||
| 348 | ||||||||
| Canada (5.7%) | ||||||||
| Agnico-Eagle Mines Ltd. | 2,425 | 126 | ||||||
| Alamos Gold, Inc., Class A | 4,643 | 33 | ||||||
| Argonaut Gold, Inc. (a) | 3,603 | 8 | ||||||
| B2Gold Corp. | 12,348 | 42 | ||||||
| Bank of Montreal | 5 | — | @ | |||||
| Barrick Gold Corp. | 18,498 | 334 | ||||||
| Centerra Gold, Inc. | 3,510 | 24 | ||||||
| Dundee Precious Metals, Inc. | 2,127 | 13 | ||||||
| Eldorado Gold Corp. (a) | 2,147 | 17 | ||||||
| Endeavour Mining PLC | 2,962 | 67 | ||||||
| Endeavour Silver Corp. (a) | 1,955 | 8 | ||||||
| Equinox Gold Corp. (a) | 3,498 | 23 | ||||||
| First Majestic Silver Corp. | 2,937 | 33 | ||||||
| Fortuna Silver Mines, Inc. (a) | 2,196 | 9 | ||||||
| Franco-Nevada Corp. | 1,966 | 255 | ||||||
| GoGold Resources, Inc. (a) | 3,242 | 7 | ||||||
| IAMGOLD Corp. (a)(b) | 5,667 | 13 | ||||||
| K92 Mining, Inc. (a) | 2,476 | 12 | ||||||
| Kinross Gold Corp. | 14,806 | 79 | ||||||
| Kirkland Lake Gold Ltd. | 3,102 | 129 | ||||||
| Manulife Financial Corp. | 41 | 1 | ||||||
| New Gold, Inc. (a) | 8,366 | 9 | ||||||
| OceanaGold Corp. (a) | 8,241 | 13 | ||||||
| Osisko Gold Royalties Ltd. | 1,973 | 22 | ||||||
| Pan American Silver Corp. | 2,446 | 57 | ||||||
| Pretium Resources, Inc. (a) | 2,209 | 21 | ||||||
| Sandstorm Gold Ltd. (a) | 2,284 | 13 | ||||||
| Silvercorp Metals, Inc. | 2,064 | 8 | ||||||
| SSR Mining, Inc. | 2,591 | 38 | ||||||
| Torex Gold Resources, Inc. (a) | 1,011 | 10 | ||||||
| Victoria Gold Corp. (a) | 717 | 9 | ||||||
| Wesdome Gold Mines Ltd. (a) | 1,619 | 13 | ||||||
| Wheaton Precious Metals Corp. | 4,660 | 175 | ||||||
| Yamana Gold, Inc. | 11,501 | 46 | ||||||
| 1,667 | ||||||||
| China (0.3%) | ||||||||
| Zhaojin Mining Industry Co., Ltd. H Shares (c) | 30,000 | 21 | ||||||
| Zijin Mining Group Co., Ltd. H Shares (c) | 65,900 | 80 | ||||||
| 101 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Multi-Asset Real Return Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Peru (0.1%) | ||||||||
| Cia de Minas Buenaventura SAA ADR (a) | 3,000 | 20 | ||||||
| South Africa (0.7%) | ||||||||
| AngloGold Ashanti Ltd. ADR | 4,900 | 78 | ||||||
| DRDGOLD Ltd. ADR | 1,000 | 8 | ||||||
| Gold Fields Ltd. ADR | 10,600 | 86 | ||||||
| Harmony Gold Mining Co., Ltd. ADR | 7,200 | 23 | ||||||
| 195 | ||||||||
| United Kingdom (0.1%) | ||||||||
| Anglo American PLC | 2 | — | @ | |||||
| Centamin PLC | 13,308 | 17 | ||||||
| Rio Tinto PLC | 51 | 4 | ||||||
| Royal Dutch Shell PLC, Class B | 44 | 1 | ||||||
| 22 | ||||||||
| United States (24.3%) | ||||||||
| Acadia Realty Trust REIT | 75 | 2 | ||||||
| Agree Realty Corp. REIT | 55 | 4 | ||||||
| Air Products & Chemicals, Inc. | 471 | 121 | ||||||
| Albemarle Corp. | 244 | 53 | ||||||
| Alexander & Baldwin, Inc. REIT | 63 | 1 | ||||||
| Alexander's, Inc. REIT | 2 | 1 | ||||||
| Alexandria Real Estate Equities, Inc. REIT | 113 | 22 | ||||||
| Amcor PLC | 3,290 | 38 | ||||||
| American Assets Trust, Inc. REIT | 45 | 2 | ||||||
| American Campus Communities, Inc. REIT | 120 | 6 | ||||||
| American Finance Trust, Inc. REIT | 95 | 1 | ||||||
| American Homes 4 Rent, Class A REIT | 248 | 9 | ||||||
| Americold Realty Trust REIT | 209 | 6 | ||||||
| Apartment Income Corp. REIT | 130 | 6 | ||||||
| Apartment Investment and Management Co., Class A REIT | 130 | 1 | ||||||
| Apple Hospitality, Inc. REIT | 185 | 3 | ||||||
| Armada Hoffler Properties, Inc. REIT | 52 | 1 | ||||||
| AvalonBay Communities, Inc. REIT | 122 | 27 | ||||||
| Avery Dennison Corp. | 175 | 36 | ||||||
| Baker Hughes Co. | 2,268 | 56 | ||||||
| Ball Corp. | 689 | 62 | ||||||
| Boston Properties, Inc. REIT | 129 | 14 | ||||||
| Brandywine Realty Trust REIT | 149 | 2 | ||||||
| Brixmor Property Group, Inc. REIT | 259 | 6 | ||||||
| Broadstone Net Lease, Inc. REIT | 127 | 3 | ||||||
| Camden Property Trust REIT | 85 | 13 | ||||||
| CareTrust REIT, Inc. REIT | 84 | 2 | ||||||
| Cavco Industries, Inc. (a) | 29 | 7 | ||||||
| Celanese Corp. | 238 | 36 | ||||||
| Centerspace REIT | 11 | 1 | ||||||
| Century Communities, Inc. | 98 | 6 | ||||||
| CF Industries Holdings, Inc. | 452 | 25 | ||||||
| Chatham Lodging Trust REIT (a) | 41 | 1 | ||||||
| Cheniere Energy, Inc. (a) | 762 | 74 | ||||||
| Chevron Corp. | 6,158 | 625 | ||||||
| City Office, Inc. REIT | 38 | 1 | ||||||
| Coeur Mining, Inc. (a) | 3,001 | 18 | ||||||
| Columbia Property Trust, Inc. REIT | 100 | 2 | ||||||
| Community Healthcare Trust, Inc. REIT | 20 | 1 | ||||||
| ConocoPhillips | 4,264 | 289 | ||||||
| Coresite Realty Corp. REIT | 37 | 5 | ||||||
| Corporate Office Properties Trust REIT | 98 | 3 |
Morgan Stanley Institutional Fund, Inc.
Multi-Asset Real Return Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Corteva, Inc. | 1,573 | 66 | ||||||
| Cousins Properties, Inc. REIT | 130 | 5 | ||||||
| Crown Holdings, Inc. | 287 | 29 | ||||||
| CubeSmart REIT | 170 | 8 | ||||||
| CyrusOne, Inc. REIT | 105 | 8 | ||||||
| Devon Energy Corp. | 1,981 | 70 | ||||||
| DiamondRock Hospitality Co. REIT (a) | 183 | 2 | ||||||
| Digital Realty Trust, Inc. REIT | 244 | 35 | ||||||
| DigitalBridge Group, Inc. REIT (a) | 422 | 3 | ||||||
| Diversified Healthcare Trust REIT | 208 | 1 | ||||||
| Douglas Emmett, Inc. REIT | 153 | 5 | ||||||
| Dow, Inc. | 1,545 | 89 | ||||||
| DR Horton, Inc. | 1,120 | 94 | ||||||
| Duke Realty Corp. REIT | 326 | 16 | ||||||
| DuPont de Nemours, Inc. | 1,127 | 77 | ||||||
| Easterly Government Properties, Inc. REIT | 72 | 1 | ||||||
| EastGroup Properties, Inc. REIT | 35 | 6 | ||||||
| Eastman Chemical Co. | 282 | 28 | ||||||
| Ecolab, Inc. | 540 | 113 | ||||||
| Empire State Realty Trust, Inc., Class A REIT | 126 | 1 | ||||||
| EOG Resources, Inc. | 1,821 | 146 | ||||||
| EPR Properties REIT | 65 | 3 | ||||||
| Equinix, Inc. REIT | 78 | 62 | ||||||
| Equity Commonwealth REIT (a) | 106 | 3 | ||||||
| Equity Lifestyle Properties, Inc. REIT | 151 | 12 | ||||||
| Equity Residential REIT | 309 | 25 | ||||||
| Essential Properties Realty Trust, Inc. REIT | 93 | 3 | ||||||
| Essex Property Trust, Inc. REIT | 57 | 18 | ||||||
| Extra Space Storage, Inc. REIT | 115 | 19 | ||||||
| Exxon Mobil Corp. | 13,428 | 790 | ||||||
| Federal Realty Investment Trust REIT | 60 | 7 | ||||||
| First Industrial Realty Trust, Inc. REIT | 113 | 6 | ||||||
| FMC Corp. | 275 | 25 | ||||||
| Four Corners Property Trust, Inc. REIT | 66 | 2 | ||||||
| Franklin Street Properties Corp., Class C REIT | 89 | — | @ | |||||
| Freeport-McMoRan, Inc. | 2,939 | 96 | ||||||
| Gaming and Leisure Properties, Inc. REIT | 193 | 9 | ||||||
| GEO Group, Inc. (The) REIT (b) | 106 | 1 | ||||||
| Getty Realty Corp. REIT | 32 | 1 | ||||||
| Gladstone Commercial Corp. REIT | 31 | 1 | ||||||
| Global Medical REIT, Inc. REIT | 49 | 1 | ||||||
| Global Net Lease, Inc. REIT | 78 | 1 | ||||||
| Halliburton Co. | 2,775 | 60 | ||||||
| Healthcare Realty Trust, Inc. REIT | 122 | 4 | ||||||
| Healthcare Trust of America, Inc., Class A REIT | 191 | 6 | ||||||
| Healthpeak Properties, Inc. REIT | 470 | 16 | ||||||
| Hecla Mining Co. | 6,260 | 34 | ||||||
| Hess Corp. | 869 | 68 | ||||||
| Highwoods Properties, Inc. REIT | 91 | 4 | ||||||
| Host Hotels & Resorts, Inc. REIT (a) | 615 | 10 | ||||||
| Hudson Pacific Properties, Inc. REIT | 132 | 3 | ||||||
| Independence Realty Trust, Inc. REIT | 89 | 2 | ||||||
| Industrial Logistics Properties Trust REIT | 57 | 1 | ||||||
| Innovative Industrial Properties, Inc. REIT | 21 | 5 | ||||||
| Installed Building Products, Inc. | 77 | 8 | ||||||
| International Flavors & Fragrances, Inc. | 526 | 70 | ||||||
| International Paper Co. | 777 | 43 | ||||||
| Invitation Homes, Inc. REIT | 495 | 19 | ||||||
| Iron Mountain, Inc. REIT | 252 | 11 | ||||||
| iStar, Inc. REIT (b) | 64 | 2 | ||||||
| JBG SMITH Properties REIT | 103 | 3 |
Morgan Stanley Institutional Fund, Inc.
Multi-Asset Real Return Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| KB Home | 303 | 12 | ||||||
| Kilroy Realty Corp. REIT | 91 | 6 | ||||||
| Kimco Realty Corp. REIT | 508 | 11 | ||||||
| Kinder Morgan, Inc. | 6,406 | 107 | ||||||
| Kite Realty Group Trust REIT | 74 | 1 | ||||||
| Lennar Corp., Class A | 942 | 88 | ||||||
| Lexington Realty Trust REIT | 242 | 3 | ||||||
| LGI Homes, Inc. (a) | 74 | 10 | ||||||
| Life Storage, Inc. REIT | 66 | 8 | ||||||
| Linde PLC | 1,099 | 322 | ||||||
| LTC Properties, Inc. REIT | 34 | 1 | ||||||
| LyondellBasell Industries N.V., Class A | 563 | 53 | ||||||
| M/I Homes, Inc. (a) | 98 | 6 | ||||||
| Macerich Co. (The) REIT | 128 | 2 | ||||||
| Mack-Cali Realty Corp. REIT (a) | 63 | 1 | ||||||
| Marathon Petroleum Corp. | 2,043 | 126 | ||||||
| Martin Marietta Materials, Inc. | 132 | 45 | ||||||
| MDC Holdings, Inc. | 187 | 9 | ||||||
| Medical Properties Trust, Inc. REIT | 504 | 10 | ||||||
| Meritage Homes Corp. (a) | 128 | 12 | ||||||
| MGM Growth Properties LLC, Class A REIT | 131 | 5 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 100 | 19 | ||||||
| Monmouth Real Estate Investment Corp. REIT | 81 | 1 | ||||||
| Mosaic Co. (The) | 745 | 27 | ||||||
| National Health Investors, Inc. REIT | 37 | 2 | ||||||
| National Retail Properties, Inc. REIT | 153 | 7 | ||||||
| National Storage Affiliates Trust REIT | 72 | 4 | ||||||
| NETSTREIT Corp. REIT | 34 | 1 | ||||||
| Newmont Corp. (TSX) | 9,915 | 538 | ||||||
| NexPoint Residential Trust, Inc. REIT | 20 | 1 | ||||||
| Nucor Corp. | 640 | 63 | ||||||
| NVR, Inc. (a) | 12 | 57 | ||||||
| Occidental Petroleum Corp. | 2,833 | 84 | ||||||
| Office Properties Income Trust REIT | 42 | 1 | ||||||
| Omega Healthcare Investors, Inc. REIT | 202 | 6 | ||||||
| One Liberty Properties, Inc. REIT | 14 | — | @ | |||||
| ONEOK, Inc. | 1,407 | 82 | ||||||
| Packaging Corp. of America | 199 | 27 | ||||||
| Paramount Group, Inc. REIT | 153 | 1 | ||||||
| Park Hotels & Resorts, Inc. REIT (a) | 206 | 4 | ||||||
| Pebblebrook Hotel Trust REIT | 115 | 3 | ||||||
| Phillips 66 | 1,381 | 97 | ||||||
| Physicians Realty Trust REIT | 182 | 3 | ||||||
| Piedmont Office Realty Trust, Inc., Class A REIT | 108 | 2 | ||||||
| Pioneer Natural Resources Co. | 645 | 107 | ||||||
| PPG Industries, Inc. | 500 | 71 | ||||||
| ProLogis, Inc. REIT | 645 | 81 | ||||||
| PS Business Parks, Inc. REIT | 18 | 3 | ||||||
| Public Storage REIT | 137 | 41 | ||||||
| Pulte Group, Inc. | 895 | 41 | ||||||
| Realty Income Corp. REIT | 326 | 21 | ||||||
| Regency Centers Corp. REIT | 133 | 9 | ||||||
| Retail Opportunity Investments Corp. REIT | 103 | 2 | ||||||
| Retail Properties of America, Inc., Class A REIT | 187 | 2 | ||||||
| Rexford Industrial Realty, Inc. REIT | 115 | 6 | ||||||
| RLJ Lodging Trust REIT | 144 | 2 | ||||||
| Royal Gold, Inc. | 761 | 73 | ||||||
| RPM International, Inc. | 275 | 21 | ||||||
| RPT Realty REIT | 71 | 1 | ||||||
| Ryman Hospitality Properties, Inc. REIT (a) | 46 | 4 | ||||||
| Sabra Health Care, Inc. REIT | 184 | 3 |
Morgan Stanley Institutional Fund, Inc.
Multi-Asset Real Return Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Safehold, Inc. REIT | 14 | 1 | ||||||
| Saul Centers, Inc. REIT | 12 | 1 | ||||||
| Schlumberger N.V. | 4,365 | 129 | ||||||
| Sealed Air Corp. | 327 | 18 | ||||||
| Seritage Growth Properties, Class A (a) | 30 | — | @ | |||||
| Service Properties Trust REIT | 144 | 2 | ||||||
| Sherwin-Williams Co. (The) | 540 | 151 | ||||||
| Simon Property Group, Inc. REIT | 286 | 37 | ||||||
| SITE Centers Corp. REIT | 135 | 2 | ||||||
| SL Green Realty Corp. REIT | 61 | 4 | ||||||
| Spirit Realty Capital, Inc. REIT | 100 | 5 | ||||||
| STAG Industrial, Inc. REIT | 138 | 5 | ||||||
| Steel Dynamics, Inc. | 439 | 26 | ||||||
| STORE Capital Corp. REIT | 206 | 7 | ||||||
| Summit Hotel Properties, Inc. REIT (a) | 92 | 1 | ||||||
| Sun Communities, Inc. REIT | 94 | 17 | ||||||
| Sunstone Hotel Investors, Inc. REIT (a) | 188 | 2 | ||||||
| Tanger Factory Outlet Centers, Inc. REIT | 82 | 1 | ||||||
| Taylor Morrison Home Corp. (a) | 435 | 11 | ||||||
| Terreno Realty Corp. REIT | 60 | 4 | ||||||
| Toll Brothers, Inc. | 378 | 21 | ||||||
| TopBuild Corp. (a) | 113 | 23 | ||||||
| Tri Pointe Homes, Inc. (a) | 401 | 8 | ||||||
| UDR, Inc. REIT | 259 | 14 | ||||||
| UMH Properties, Inc. REIT | 36 | 1 | ||||||
| Universal Health Realty Income Trust REIT | 12 | 1 | ||||||
| Urban Edge Properties REIT | 102 | 2 | ||||||
| Urstadt Biddle Properties, Inc., Class A REIT | 26 | — | @ | |||||
| Valero Energy Corp. | 1,294 | 91 | ||||||
| Ventas, Inc. REIT | 327 | 18 | ||||||
| VEREIT, Inc. REIT | 200 | 9 | ||||||
| VICI Properties, Inc. REIT | 468 | 13 | ||||||
| Vornado Realty Trust REIT | 142 | 6 | ||||||
| Vulcan Materials Co. | 280 | 47 | ||||||
| Washington REIT | 74 | 2 | ||||||
| Welltower, Inc. REIT | 364 | 30 | ||||||
| WestRock Co. | 545 | 27 | ||||||
| Williams Cos., Inc. (The) | 3,843 | 100 | ||||||
| WP Carey, Inc. REIT | 153 | 11 | ||||||
| Xenia Hotels & Resorts, Inc. REIT (a) | 99 | 2 | ||||||
| 7,055 | ||||||||
| Total Common Stocks (Cost $9,574) | 9,408 |
| Face Amount (000) | ||||||||
| U.S. Treasury Security (36.3%) | ||||||||
| United States (36.3%) | ||||||||
| U.S. Treasury Inflation Indexed Bond, | ||||||||
| 0.13%, 7/15/31 (Cost $10,721) | $ | 9,548 | 10,523 | |||||
| Shares | ||||||||
| Short-Term Investments (25.4%) | ||||||||
| Securities held as Collateral on Loaned Securities (0.1%) | ||||||||
| Investment Companies (0.1%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (d) (Cost $11) | 10,777 | 11 | ||||||
Morgan Stanley Institutional Fund, Inc.
Multi-Asset Real Return Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Face Amount (000) | ||||||||
| Repurchase Agreements (0.0%) (e) | ||||||||
| HSBC Securities USA, Inc. (0.05%, dated 9/30/21, due 10/1/21; proceeds $1; fully collateralized by U.S. Government obligations; 0.00%-0.13% due 10/7/21-12/31/22; valued at $1) | $ | 1 | 1 | |||||
| Merrill Lynch & Co., Inc. (0.05%, dated 9/30/21, due 10/1/21; proceeds $1; fully collateralized by a U.S. Government obligation; 0.38% due 4/15/24; valued at $2) | 1 | 1 | ||||||
| 2 | ||||||||
| Total Securities held as Collateral on Loaned Securities (Cost $13) | 13 | |||||||
| Shares | ||||||||
| Investment Company (25.3%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (d) (Cost $7,337) | 7,336,665 | 7,337 | ||||||
| Total Short-Term Investments (Cost $7,350) | 7,350 | |||||||
| Total Investments (94.1%) (Cost $27,645) Including $14 of Securities Loaned (f)(g)(h) | 27,281 | |||||||
| Other Assets in Excess of Liabilities (5.9%) | 1,716 | |||||||
| Net Assets (100.0%) | $ | 28,997 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2021, were approximately $14,000 and $15,000, respectively. The Fund received cash collateral of approximately $13,000, of which approximately $13,000 was subsequently invested in a Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The remaining collateral of approximately $2,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | Security trades on the Hong Kong exchange. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds. |
| (e) | Value is less than 0.05%. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (g) | The approximate fair value and percentage of net assets, $471,000 and 1.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments. |
Morgan Stanley Institutional Fund, Inc.
Multi-Asset Real Return Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| (h) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $767,000 and the aggregate gross unrealized depreciation is approximately $775,000, resulting in net unrealized depreciation of approximately $8,000. |
| @ | Value is less than $500. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |
Futures
Contracts:
The Fund had the following futures contracts open at September 30, 2021:
| Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (000) | ||||||||||||||
| Long: | ||||||||||||||||||
| GOLD 100 OZ (United States) | 21 | Dec-21 | $ | 2 | $ | 3,690 | $ | 15 | ||||||||||
| Short: | ||||||||||||||||||
| Copper Future (United States) | 14 | Dec-21 | (350 | ) | (1,431 | ) | 1 | |||||||||||
| $ | 16 | |||||||||||||||||
Total
Return Swap Agreements:
The Fund had the following total return swap agreements open at September 30, 2021:
| Swap Counterparty | Index | Pay/Receive Total Return of Referenced Index | Floating Rate | Payment Frequency | Maturity Date | Notional Amount | Value (000) | Upfront Payment Paid (000) | Unrealized Appreciation (000) | |||||||||||||||||
| Goldman Sachs International | S&P GSCI Index | Pay | 3 Month USD LIBOR plus 0.09% | Quarterly | 9/2/22 | $ | 790 | $ | 2,159 | $ | 2,039 | $ | 120 | |||||||||||||
| Goldman Sachs International | S&P GSCI Index | Pay | 3 Month USD LIBOR plus 0.09% | Quarterly | 9/2/22 | 450 | 1,230 | 1,158 | 72 | |||||||||||||||||
| $ | 3,389 | $ | 3,197 | $ | 192 | |||||||||||||||||||||
Interest
Rate Swap Agreement:
The Fund had the following interest rate swap agreement open at September 30, 2021:
| Swap Counterparty | Floating Rate Index | Pay/Receive Floating Rate | Fixed Rate | Payment Frequency Paid/ Received | Maturity Date | Notional Amount (000) | Value (000) | Upfront Payment Paid (000) | Unrealized Appreciation (000) | |||||||||||||||||||
| Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 2.54 | % | Quarterly/ Quarterly | 9/2/31 | $ | 15,413 | $ | 148 | $ | — | $ | 148 | ||||||||||||||
| * | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. |
| USD | United States Dollar. |
Portfolio Composition*
| Classification | Percentage of Total Investments | |||
| U.S. Treasury Security | 36.5 | % | ||
| Short-Term Investments | 25.4 | |||
| Other** | 11.6 | |||
| Metals & Mining | 11.1 | |||
| Oil, Gas & Consumable Fuels | 9.9 | |||
| Investment Companies | 5.5 | |||
| Total Investments | 100.0 | %*** | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2021. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
| *** | Does not include open long/short futures contracts with a value of approximately $5,121,000 and net unrealized appreciation of approximately $16,000. Also does not include open swap agreements with net unrealized appreciation of approximately $340,000. |
Morgan Stanley Institutional Fund, Inc.
Next Gen Emerging Markets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Value | ||||||||
| Shares | (000) | |||||||
| Common Stocks (97.7%) | ||||||||
| Argentina (1.8%) | ||||||||
| Globant SA (a) | 11,331 | $ | 3,184 | |||||
| Bangladesh (1.3%) | ||||||||
| Brac Bank Ltd. | 4,099,630 | 2,278 | ||||||
| Egypt (3.6%) | ||||||||
| Cairo Investment & Real Estate Development Co. SAE | 355,254 | 274 | ||||||
| Commercial International Bank Egypt SAE (a) | 632,917 | 1,712 | ||||||
| Fawry for Banking & Payment Technology Services SAE (a) | 4,786,187 | 4,322 | ||||||
| 6,308 | ||||||||
| Germany (1.7%) | ||||||||
| Global Fashion Group SA (a) | 269,524 | 2,993 | ||||||
| Kazakhstan (6.5%) | ||||||||
| Kaspi.KZ JSC GDR | 25,392 | 2,707 | ||||||
| NAC Kazatomprom JSC GDR | 247,540 | 8,704 | ||||||
| 11,411 | ||||||||
| Kenya (3.9%) | ||||||||
| Safaricom PLC | 17,821,185 | 6,854 | ||||||
| Morocco (1.0%) | ||||||||
| Label Vie | 3,674 | 1,736 | ||||||
| Nigeria (0.6%) | ||||||||
| Nestle Nigeria PLC | 405,894 | 1,010 | ||||||
| Poland (12.2%) | ||||||||
| 11 bit studios SA (a) | 30,113 | 3,063 | ||||||
| Allegro.eu SA (a) | 174,628 | 2,536 | ||||||
| Grupa Kety SA | 31,980 | 5,104 | ||||||
| LiveChat Software SA | 155,998 | 4,165 | ||||||
| LPP SA | 1,733 | 6,454 | ||||||
| 21,322 | ||||||||
| Romania (1.6%) | ||||||||
| Banca Transilvania SA | 4,378,343 | 2,746 | ||||||
| Russia (15.7%) | ||||||||
| Fix Price Group Ltd. GDR | 623,374 | 5,590 | ||||||
| Ozon Holdings PLC ADR (a) | 97,603 | 4,924 | ||||||
| TCS Group Holding PLC GDR | 93,072 | 8,463 | ||||||
| Yandex N.V., Class A (a) | 107,132 | 8,537 | ||||||
| 27,514 | ||||||||
| Singapore (8.4%) | ||||||||
| Sea Ltd. ADR (a) | 45,734 | 14,577 | ||||||
| South Africa (6.6%) | ||||||||
| Anglo American PLC | 77,890 | 2,748 | ||||||
| Capitec Bank Holdings Ltd. | 50,141 | 6,080 | ||||||
| Northam Platinum Holdings Ltd. (a) | 229,211 | 2,729 | ||||||
| 11,557 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Next Gen Emerging Markets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| United Kingdom (2.9%) | ||||||||
| Avast PLC | 71,536 | 547 | ||||||
| Mondi PLC | 184,171 | 4,535 | ||||||
| 5,082 | ||||||||
| United States (19.3%) | ||||||||
| EPAM Systems, Inc. (a) | 3,244 | 1,851 | ||||||
| Freshworks, Inc., Class A (a) | 108,703 | 4,640 | ||||||
| Grid Dynamics Holdings, Inc. (a) | 298,661 | 8,727 | ||||||
| MercadoLibre, Inc. (a) | 4,478 | 7,520 | ||||||
| SEMrush Holdings, Inc., Class A (a) | 215,011 | 4,958 | ||||||
| Unity Software, Inc. (a) | 48,466 | 6,119 | ||||||
| 33,815 | ||||||||
| Vietnam (10.6%) | ||||||||
| Bank for Foreign Trade of Vietnam JSC | 625,910 | 2,674 | ||||||
| FPT Corp. | 804,001 | 3,515 | ||||||
| Mobile World Investment Corp. | 1,102,394 | 6,623 | ||||||
| Sai Gon Cargo Service Corp. | 220,170 | 1,317 | ||||||
| Vietnam Dairy Products JSC | 1,117,592 | 4,390 | ||||||
| 18,519 | ||||||||
| Total Investments (97.7%) (Cost $139,797) (b)(c)(d) | 170,906 | |||||||
| Other Assets in Excess of Liabilities (2.3%) | 4,025 | |||||||
| Net Assets (100.0%) | $ | 174,931 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | The approximate fair value and percentage of net assets, $93,370,000 and 53.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (d) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $37,661,000 and the aggregate gross unrealized depreciation is approximately $6,639,000, resulting in net unrealized appreciation of approximately $31,022,000. |
| ADR | American Depositary Receipt. |
| GDR | Global Depositary Receipt. |
| Futures Contracts: | ||||||||||||||||||||
| The Fund had the following futures contract open at September 30, 2021: | ||||||||||||||||||||
| Number | Unrealized | |||||||||||||||||||
| of | Expiration | Notional Amount | Value | Depreciation | ||||||||||||||||
| Contracts | Date | (000) | (000) | (000) | ||||||||||||||||
| Long: | ||||||||||||||||||||
| MSCI Emerging Market E Mini (United States) | 32 | Dec-21 | $ | 2 | $ | 1,993 | $ | (87 | ) | |||||||||||
Portfolio Composition
| Percentage of | ||||
| Classification | Total Investments | |||
| Other* | 24.3 | % | ||
| Banks | 14.0 | |||
| Information Technology Services | 12.6 | |||
| Software | 12.0 | |||
| Internet & Direct Marketing Retail | 10.5 | |||
| Entertainment | 10.3 | |||
| Metals & Mining | 6.2 | |||
| Oil, Gas & Consumable Fuels | 5.1 | |||
| Interactive Media & Services | 5.0 | |||
| Total Investments | 100.0 | %** | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
| ** | Does not include open long futures contract with a value of approximately $1,993,000 and unrealized depreciation of approximately $87,000. |
Morgan Stanley Institutional Fund, Inc.
Permanence Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (96.6%) | ||||||||
| Aerospace & Defense (11.0%) | ||||||||
| Axon Enterprise, Inc. (a) | 1,378 | $ | 241 | |||||
| HEICO Corp., Class A | 1,206 | 143 | ||||||
| Lockheed Martin Corp. | 117 | 40 | ||||||
| 424 | ||||||||
| Capital Markets (3.5%) | ||||||||
| Intercontinental Exchange, Inc. | 322 | 37 | ||||||
| S&P Global, Inc. | 232 | 99 | ||||||
| 136 | ||||||||
| Chemicals (2.4%) | ||||||||
| Ecolab, Inc. | 178 | 37 | ||||||
| Sherwin-Williams Co. (The) | 205 | 57 | ||||||
| 94 | ||||||||
| Commercial Services & Supplies (4.4%) | ||||||||
| Cintas Corp. | 99 | 38 | ||||||
| Copart, Inc. (a) | 279 | 39 | ||||||
| Rollins, Inc. | 2,704 | 95 | ||||||
| 172 | ||||||||
| Construction Materials (0.9%) | ||||||||
| Martin Marietta Materials, Inc. | 104 | 36 | ||||||
| Containers & Packaging (1.0%) | ||||||||
| Ball Corp. | 448 | 40 | ||||||
| Distributors (1.0%) | ||||||||
| Pool Corp. | 86 | 37 | ||||||
| Diversified Consumer Services (1.5%) | ||||||||
| Service Corp. International | 978 | 59 | ||||||
| Entertainment (4.9%) | ||||||||
| Activision Blizzard, Inc. | 737 | 57 | ||||||
| Walt Disney Co. (The) (a) | 778 | 132 | ||||||
| 189 | ||||||||
| Equity Real Estate Investment Trusts (REITs) (2.4%) | ||||||||
| American Tower Corp. REIT | 351 | 93 | ||||||
| Food & Staples Retailing (3.5%) | ||||||||
| Costco Wholesale Corp. | 304 | 137 | ||||||
| Health Care Equipment & Supplies (7.5%) | ||||||||
| Danaher Corp. | 459 | 140 | ||||||
| IDEXX Laboratories, Inc. (a) | 88 | 55 | ||||||
| Intuitive Surgical, Inc. (a) | 95 | 94 | ||||||
| 289 | ||||||||
| Health Care Technology (3.4%) | ||||||||
| Veeva Systems, Inc., Class A (a) | 455 | 131 | ||||||
Morgan Stanley Institutional Fund, Inc.
Permanence Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Hotels, Restaurants & Leisure (4.4%) | ||||||||
| Domino's Pizza, Inc. | 196 | 93 | ||||||
| McDonald's Corp. | 168 | 41 | ||||||
| Starbucks Corp. | 336 | 37 | ||||||
| 171 | ||||||||
| Household Products (1.0%) | ||||||||
| Colgate-Palmolive Co. | 521 | 39 | ||||||
| Industrial Conglomerates (1.5%) | ||||||||
| Roper Technologies, Inc. | 129 | 58 | ||||||
| Insurance (1.5%) | ||||||||
| Progressive Corp. (The) | 637 | 58 | ||||||
| Internet & Direct Marketing Retail (4.7%) | ||||||||
| Amazon.com, Inc. (a) | 56 | 184 | ||||||
| Life Sciences Tools & Services (1.0%) | ||||||||
| Thermo Fisher Scientific, Inc. | 70 | 40 | ||||||
| Metals & Mining (0.8%) | ||||||||
| Royal Gold, Inc. | 321 | 31 | ||||||
| Oil, Gas & Consumable Fuels (1.0%) | ||||||||
| Texas Pacific Land Corp. | 32 | 39 | ||||||
| Pharmaceuticals (3.4%) | ||||||||
| Royalty Pharma PLC, Class A (United Kingdom) | 2,568 | 93 | ||||||
| Zoetis, Inc. | 195 | 38 | ||||||
| 131 | ||||||||
| Professional Services (1.0%) | ||||||||
| CoStar Group, Inc. (a) | 462 | 40 | ||||||
| Semiconductors & Semiconductor Equipment (5.8%) | ||||||||
| ASML Holding N.V. (Registered) | 300 | 223 | ||||||
| Software (17.8%) | ||||||||
| Cadence Design Systems, Inc. (a) | 244 | 37 | ||||||
| Constellation Software, Inc. | 119 | 195 | ||||||
| Guidewire Software, Inc. (a) | 331 | 39 | ||||||
| salesforce.com, Inc. (a) | 492 | 134 | ||||||
| Synopsys, Inc. (a) | 124 | 37 | ||||||
| Topicus.com, Inc. (a) | 1,477 | 155 | ||||||
| Tyler Technologies, Inc. (a) | 201 | 92 | ||||||
| 689 | ||||||||
| Specialty Retail (2.7%) | ||||||||
| AutoZone, Inc. (a) | 39 | 66 | ||||||
| Home Depot, Inc. (The) | 118 | 39 | ||||||
| 105 | ||||||||
| Textiles, Apparel & Luxury Goods (0.9%) | ||||||||
| NIKE, Inc., Class B | 229 | 33 | ||||||
| Trading Companies & Distributors (1.7%) | ||||||||
| Fastenal Co. | 693 | 36 | ||||||
| Watsco, Inc. | 118 | 31 | ||||||
| 67 | ||||||||
| Total Common Stocks (Cost $3,005) | 3,745 |
Morgan Stanley Institutional Fund, Inc.
Permanence Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Investment Company (0.6%) | ||||||||
| Grayscale Bitcoin Trust (a) (Cost $31) | 720 | 24 | ||||||
| Short-Term Investment (1.2%) | ||||||||
| Investment Company (1.2%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $48) | 48,300 | 48 | ||||||
| Total Investments Excluding Purchased Options (98.4%) (Cost $3,084) | 3,817 | |||||||
| Total Purchased Options Outstanding (0.1%) (Cost $18) | 4 | |||||||
| Total Investments (98.5%) (Cost $3,102) (c)(d) | 3,821 | |||||||
| Other Assets in Excess of Liabilities (1.5%) | 56 | |||||||
| Net Assets (100.0%) | $ | 3,877 |
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (d) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $774,000 and the aggregate gross unrealized depreciation is approximately $55,000, resulting in net unrealized appreciation of approximately $719,000. |
| REIT | Real Estate Investment Trust. |
Morgan Stanley Institutional Fund, Inc.
Permanence Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2021:
| Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | ||||||||||||||||||
| Goldman Sachs International | USD/CNH | CNH | 7.42 | Jan - 22 | 800,000 | 800 | $ | —@ | $ | 3 | $ | (3 | ) | |||||||||||||
| Goldman Sachs International | USD/CNH | CNH | 7.57 | Mar - 22 | 694,590 | 695 | —@ | 4 | (4 | ) | ||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.28 | Jul - 22 | 827,282 | 827 | 2 | 4 | (2 | ) | ||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.31 | Aug - 22 | 384,147 | 384 | 1 | 3 | (2 | ) | ||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.38 | Jul - 22 | 241,439 | 241 | 1 | 1 | (—@ | ) | ||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.70 | Nov - 21 | 700,000 | 700 | —@ | 3 | (3 | ) | ||||||||||||||||
| $ | 4 | $ | 18 | $ | (14 | ) | ||||||||||||||||||||
| @ | Value is less than $500. | |
| CNH | – | Chinese Yuan Renminbi Offshore |
| USD | – | United States Dollar |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 52.5 | % | ||
| Software | 18.0 | |||
| Aerospace & Defense | 11.1 | |||
| Health Care Equipment & Supplies | 7.6 | |||
| Semiconductors & Semiconductor Equipment | 5.8 | |||
| Entertainment | 5.0 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
US Core Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (97.4%) | ||||||||
| Banks (14.3%) | ||||||||
| First Republic Bank | 22,488 | $ | 4,337 | |||||
| JPMorgan Chase & Co. | 18,609 | 3,046 | ||||||
| SVB Financial Group (a) | 5,460 | 3,532 | ||||||
| 10,915 | ||||||||
| Building Products (0.7%) | ||||||||
| Fortune Brands Home & Security, Inc. | 6,367 | 569 | ||||||
| Capital Markets (4.7%) | ||||||||
| Ameriprise Financial, Inc. | 13,633 | 3,601 | ||||||
| Commercial Services & Supplies (3.1%) | ||||||||
| Waste Management, Inc. | 16,119 | 2,407 | ||||||
| Diversified Telecommunication Services (1.2%) | ||||||||
| SBA Communications Corp. REIT | 2,889 | 955 | ||||||
| Electric Utilities (2.1%) | ||||||||
| NextEra Energy, Inc. | 20,327 | 1,596 | ||||||
| Equity Real Estate Investment Trusts (REITs) (3.7%) | ||||||||
| STORE Capital Corp. REIT | 88,710 | 2,841 | ||||||
| Food & Staples Retailing (2.8%) | ||||||||
| Costco Wholesale Corp. | 4,786 | 2,151 | ||||||
| Health Care Equipment & Supplies (9.2%) | ||||||||
| Danaher Corp. | 12,065 | 3,673 | ||||||
| Edwards Lifesciences Corp. (a) | 6,700 | 759 | ||||||
| West Pharmaceutical Services, Inc. | 6,054 | 2,570 | ||||||
| 7,002 | ||||||||
| Health Care Providers & Services (1.1%) | ||||||||
| Cigna Corp. | 4,105 | 822 | ||||||
| Health Care Technology (1.8%) | ||||||||
| Veeva Systems, Inc., Class A (a) | 4,769 | 1,374 | ||||||
| Hotels, Restaurants & Leisure (7.7%) | ||||||||
| Carnival Corp. (a) | 13,670 | 342 | ||||||
| Domino's Pizza, Inc. | 4,125 | 1,967 | ||||||
| McDonald's Corp. | 2,186 | 527 | ||||||
| MGM Resorts International | 39,137 | 1,689 | ||||||
| Planet Fitness, Inc., Class A (a) | 17,732 | 1,393 | ||||||
| 5,918 | ||||||||
| Household Durables (0.4%) | ||||||||
| Lennar Corp., Class A | 3,211 | 301 | ||||||
| Information Technology Services (3.0%) | ||||||||
| Euronet Worldwide, Inc. (a) | 6,048 | 770 | ||||||
| Mastercard, Inc., Class A | 4,307 | 1,497 | ||||||
| 2,267 | ||||||||
Morgan Stanley Institutional Fund, Inc.
US Core Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Insurance (2.2%) | ||||||||
| Brown & Brown, Inc. | 12,551 | 696 | ||||||
| Progressive Corp. (The) | 10,823 | 978 | ||||||
| 1,674 | ||||||||
| Interactive Media & Services (7.5%) | ||||||||
| Alphabet, Inc., Class A (a) | 2,042 | 5,459 | ||||||
| Match Group, Inc. (a) | 1,604 | 252 | ||||||
| 5,711 | ||||||||
| Oil, Gas & Consumable Fuels (4.7%) | ||||||||
| Chevron Corp. | 31,738 | 3,220 | ||||||
| Valero Energy Corp. | 5,286 | 373 | ||||||
| 3,593 | ||||||||
| Personal Products (2.9%) | ||||||||
| Estee Lauder Cos., Inc. (The), Class A | 7,355 | 2,206 | ||||||
| Software (8.4%) | ||||||||
| Microsoft Corp. | 22,900 | 6,456 | ||||||
| Specialty Retail (1.5%) | ||||||||
| Home Depot, Inc. (The) | 3,470 | 1,139 | ||||||
| Tech Hardware, Storage & Peripherals (8.0%) | ||||||||
| Apple, Inc. | 43,068 | 6,094 | ||||||
| Textiles, Apparel & Luxury Goods (2.1%) | ||||||||
| Lululemon Athletica, Inc. (a) | 4,049 | 1,639 | ||||||
| Trading Companies & Distributors (4.3%) | ||||||||
| United Rentals, Inc. (a) | 9,289 | 3,260 | ||||||
| Total Common Stocks (Cost $57,115) | 74,491 | |||||||
| Short-Term Investment (2.8%) | ||||||||
| Investment Company (2.8%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $2,147) | 2,146,575 | 2,147 | ||||||
| Total Investments (100.2%) (Cost $59,262) (c)(d) | 76,638 | |||||||
| Liabilities in Excess of Other Assets (-0.2%) | (130 | ) | ||||||
| Net Assets (100.0%) | $ | 76,508 |
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (d) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $17,543,000 and the aggregate gross unrealized depreciation is approximately $167,000, resulting in net unrealized appreciation of approximately $17,376,000. |
| REIT | Real Estate Investment Trust. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 45.1 | % | ||
| Banks | 14.2 | |||
| Health Care Equipment & Supplies | 9.1 | |||
| Software | 8.4 | |||
| Tech Hardware, Storage & Peripherals | 8.0 | |||
| Hotels, Restaurants & Leisure | 7.7 | |||
| Interactive Media & Services | 7.5 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
U.S. Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (102.1%) | ||||||||
| Apartments (13.4%) | ||||||||
| AvalonBay Communities, Inc. REIT | 8,823 | $ | 1,956 | |||||
| Equity Residential REIT | 22,816 | 1,846 | ||||||
| UDR, Inc. REIT | 41,246 | 2,185 | ||||||
| 5,987 | ||||||||
| Data Centers (8.8%) | ||||||||
| Equinix, Inc. REIT | 4,657 | 3,679 | ||||||
| GDS Holdings Ltd. ADR (China) (a) | 4,146 | 235 | ||||||
| 3,914 | ||||||||
| Free Standing (7.4%) | ||||||||
| Agree Realty Corp. REIT | 9,725 | 644 | ||||||
| NETSTREIT Corp. REIT | 38,910 | 920 | ||||||
| Realty Income Corp. REIT | 26,921 | 1,746 | ||||||
| 3,310 | ||||||||
| Health Care (15.5%) | ||||||||
| Healthcare Trust of America, Inc., Class A REIT | 21,243 | 630 | ||||||
| Healthpeak Properties, Inc. REIT | 54,504 | 1,825 | ||||||
| Medical Properties Trust, Inc. REIT | 42,192 | 847 | ||||||
| Ventas, Inc. REIT | 24,619 | 1,359 | ||||||
| Welltower, Inc. REIT | 27,273 | 2,247 | ||||||
| 6,908 | ||||||||
| Industrial (11.9%) | ||||||||
| Exeter Industrial Value Fund, LP (a)(b)(c) | 7,905,000 | 547 | ||||||
| Prologis, Inc. REIT | 38,105 | 4,780 | ||||||
| 5,327 | ||||||||
| Lodging/Resorts (2.6%) | ||||||||
| Boyd Gaming Corp. (a) | 11,929 | 755 | ||||||
| Caesars Entertainment, Inc. (a) | 3,473 | 390 | ||||||
| 1,145 | ||||||||
| Manufactured Homes (4.7%) | ||||||||
| Equity Lifestyle Properties, Inc. REIT | 6,479 | 506 | ||||||
| Sun Communities, Inc. REIT | 8,709 | 1,612 | ||||||
| 2,118 | ||||||||
| Office (6.7%) | ||||||||
| Alexandria Real Estate Equities, Inc. REIT | 7,218 | 1,379 | ||||||
| Empire State Realty Trust, Inc., Class A REIT | 82,355 | 826 | ||||||
| Kilroy Realty Corp. REIT | 12,026 | 797 | ||||||
| 3,002 | ||||||||
| Self Storage (13.3%) | ||||||||
| Extra Space Storage, Inc. REIT | 9,203 | 1,546 | ||||||
| Life Storage, Inc. REIT | 10,087 | 1,157 | ||||||
| Public Storage REIT | 10,840 | 3,221 | ||||||
| 5,924 | ||||||||
Morgan Stanley Institutional Fund, Inc.
U.S. Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)
| Shopping Centers (9.6%) | ||||||||
| Brixmor Property Group, Inc. REIT | 42,667 | 943 | ||||||
| Kimco Realty Corp. REIT | 55,351 | 1,149 | ||||||
| Kite Realty Group Trust REIT | 25,437 | 518 | ||||||
| Retail Properties of America, Inc., Class A REIT | 49,444 | 637 | ||||||
| RPT Realty REIT | 48,885 | 624 | ||||||
| SITE Centers Corp. REIT | 27,294 | 421 | ||||||
| 4,292 | ||||||||
| Single Family Homes (3.1%) | ||||||||
| Invitation Homes, Inc. REIT | 36,046 | 1,382 | ||||||
| Specialty (5.1%) | ||||||||
| Lamar Advertising Co., Class A REIT | 8,012 | 909 | ||||||
| VICI Properties, Inc. REIT | 48,658 | 1,382 | ||||||
| 2,291 | ||||||||
| Total Common Stocks (Cost $39,019) | 45,600 | |||||||
| Short-Term Investment (0.4%) | ||||||||
| Investment Company (0.4%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (d) (Cost $198) | 198,412 | 198 | ||||||
| Total Investments (102.5%) (Cost $39,217) (e)(f) | 45,798 | |||||||
| Liabilities in Excess of Other Assets (-2.5%) | (1,109 | ) | ||||||
| Net Assets (100.0%) | $ | 44,689 |
| (a) | Non-income producing security. |
| (b) | At September 30, 2021, the Fund held a fair valued security valued at approximately $547,000, representing 1.2% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
| (c) | Restricted security valued at fair value and not registered under the Securities Act of 1933. Exeter Industrial Value Fund, LP was acquired between 11/07 - 4/11 and has a current cost basis of approximately $0. At September 30, 2021, this security had an aggregate market value of approximately $547,000, representing 1.2% of net assets. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,333,000 and the aggregate gross unrealized depreciation is approximately $752,000, resulting in net unrealized appreciation of approximately $6,581,000. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Health Care | 15.1 | % | ||
| Apartments | 13.1 | |||
| Self Storage | 12.9 | |||
| Industrial | 11.6 | |||
| Other* | 10.6 | |||
| Shopping Centers | 9.4 | |||
| Data Centers | 8.5 | |||
| Free Standing | 7.2 | |||
| Office | 6.6 | |||
| Specialty | 5.0 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Notes to the Portfolio of Investments ▪ September 30, 2021 (unaudited)
In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate ("LIBOR") and other Interbank Offered Rate (“IBOR”) based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund's investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform.
Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service/vendor approved by the Company's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited (“MSIM Limited”) and Morgan Stanley Investment Management Company (“MSIM Company”) (together, the “Sub-Advisers”), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a broker or dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (6) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a broker/dealer or valued by a pricing service/vendor; (7) when market quotations are not readily available, including circumstances under which the Adviser or Sub-Advisers determine that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange (“NYSE”). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (8) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; (9) PIPE investments may be valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; and (10) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.
The Directors have responsibility for determining in good faith the fair value of the investments, and the Directors may appoint others, such as the Company's Adviser or a valuation committee, to assist the Directors in determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Company's Adviser has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Company’s valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Company to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Fair Value Measurement: FASB Accounting Standards CodificationTM ("ASC") 820, "Fair Value Measurement" (“ASC 820”), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:
• Level 1 – unadjusted quoted prices in active markets for identical investments
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Active International Allocation | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | — | $ | 3,559 | $ | — | $ | 3,559 | ||||||||
| Airlines | 1,175 | — | — | 1,175 | ||||||||||||
| Automobiles | — | 1,184 | — | 1,184 | ||||||||||||
| Banks | — | 2,321 | — | 2,321 | ||||||||||||
| Beverages | 2,308 | 7,079 | — | 9,387 | ||||||||||||
| Biotechnology | 1,469 | — | — | 1,469 | ||||||||||||
| Chemicals | 1,054 | 6,377 | — | 7,431 | ||||||||||||
| Electrical Equipment | — | 702 | — | 702 | ||||||||||||
| Electronic Equipment, Instruments & Components | 634 | 3,343 | — | 3,977 | ||||||||||||
| Energy Equipment & Services | 1,370 | 1,478 | — | 2,848 | ||||||||||||
| Entertainment | 26,450 | 4,570 | — | 31,020 | ||||||||||||
| Food Products | — | 1,696 | — | 1,696 | ||||||||||||
| Health Care Equipment & Supplies | 2,599 | 8,758 | — | 11,357 | ||||||||||||
| Health Care Providers & Services | — | 2,748 | — | 2,748 | ||||||||||||
| Hotels, Restaurants & Leisure | 8,436 | 1,554 | — | 9,990 | ||||||||||||
| Household Durables | 2,792 | 8,641 | — | 11,433 | ||||||||||||
| Household Products | — | 589 | — | 589 | ||||||||||||
| Information Technology Services | 978 | 6,583 | — | 7,561 | ||||||||||||
| Insurance | — | 1,307 | — | 1,307 | ||||||||||||
| Interactive Media & Services | 2,065 | 5,762 | — | 7,827 | ||||||||||||
| Internet & Direct Marketing Retail | 11,214 | 2,320 | — | 13,534 | ||||||||||||
| Leisure Products | — | 1,271 | — | 1,271 | ||||||||||||
| Life Sciences Tools & Services | 2,206 | — | — | 2,206 | ||||||||||||
| Machinery | — | 6,656 | — | 6,656 | ||||||||||||
| Metals & Mining | 13,168 | 12,631 | — | 25,799 | ||||||||||||
| Oil, Gas & Consumable Fuels | 1,268 | 1,678 | — | 2,946 | ||||||||||||
| Personal Products | 1,673 | 7,659 | — | 9,332 | ||||||||||||
| Pharmaceuticals | — | 12,795 | — | 12,795 | ||||||||||||
| Professional Services | — | 4,708 | — | 4,708 | ||||||||||||
| Real Estate Management & Development | 1,266 | — | —@ | 1,266 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 2,712 | 11,518 | — | 14,230 | ||||||||||||
| Software | — | 2,167 | — | 2,167 | ||||||||||||
| Tech Hardware, Storage & Peripherals | — | 6,464 | — | 6,464 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 1,457 | 3,508 | — | 4,965 | ||||||||||||
| Total Common Stocks | 86,294 | 141,626 | —@ | 227,920 | ||||||||||||
| Investment Company | 966 | — | — | 966 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 38 | — | — | 38 | ||||||||||||
| Repurchase Agreements | — | 9 | — | 9 | ||||||||||||
| Total Short-Term Investments | 38 | 9 | — | 47 | ||||||||||||
| Foreign Currency Forward Exchange Contract | — | 39 | — | 39 | ||||||||||||
| Total Assets | 87,298 | 141,674 | —@ | 228,972 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Foreign Currency Forward Exchange Contracts | — | (101 | ) | — | (101 | ) | ||||||||||
| Total | $ | 87,298 | $ | 141,573 | $ | —@ | $ | 228,871 | ||||||||
@ Value is less than $500.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Active International Allocation | Common Stock (000) | |||
| Beginning Balance | $ | —@ | ||
| Purchases | — | |||
| Sales | — | |||
| Amortization of discount | — | |||
| Transfers in | — | |||
| Transfers out | — | |||
| Corporate actions | — | |||
| Change in unrealized appreciation (depreciation) | —@ | |||
| Realized gains (losses) | — | |||
| Ending Balance | $ | —@ | ||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021 | $ | —@ |
@ Value is less than $500.
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Advantage | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | 25,022 | $ | — | $ | — | $ | 25,022 | ||||||||
| Entertainment | 41,063 | — | — | 41,063 | ||||||||||||
| Food & Staples Retailing | 23,754 | — | — | 23,754 | ||||||||||||
| Health Care Equipment & Supplies | 60,510 | — | — | 60,510 | ||||||||||||
| Health Care Technology | 46,866 | — | — | 46,866 | ||||||||||||
| Hotels, Restaurants & Leisure | 16,671 | — | — | 16,671 | ||||||||||||
| Information Technology Services | 221,851 | 16,831 | — | 238,682 | ||||||||||||
| Interactive Media & Services | 179,881 | — | — | 179,881 | ||||||||||||
| Internet & Direct Marketing Retail | 69,080 | — | — | 69,080 | ||||||||||||
| Metals & Mining | 2,174 | — | — | 2,174 | ||||||||||||
| Pharmaceuticals | 22,883 | — | — | 22,883 | ||||||||||||
| Road & Rail | 25,224 | — | — | 25,224 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 31,735 | — | — | 31,735 | ||||||||||||
| Software | 135,436 | — | — | 135,436 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 10,640 | — | — | 10,640 | ||||||||||||
| Total Common Stocks | 912,790 | 16,831 | — | 929,621 | ||||||||||||
| Call Options Purchased | — | 1,050 | — | 1,050 | ||||||||||||
| Investment Company | 6,655 | — | — | 6,655 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 22,991 | — | — | 22,991 | ||||||||||||
| Total Assets | $ | 942,436 | $ | 17,881 | $ | — | $ | 960,317 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Asia Opportunity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | 52,894 | $ | 75,123 | $ | — | $ | 128,017 | ||||||||
| Beverages | — | 53,591 | — | 53,591 | ||||||||||||
| Construction Materials | — | 10,901 | — | 10,901 | ||||||||||||
| Consumer Finance | 11,078 | — | — | 11,078 | ||||||||||||
| Diversified Consumer Services | — | 2,699 | — | 2,699 | ||||||||||||
| Entertainment | 9,276 | — | — | 9,276 | ||||||||||||
| Food Products | — | 40,780 | — | 40,780 | ||||||||||||
| Health Care Providers & Services | 1,053 | — | — | 1,053 | ||||||||||||
| Hotels, Restaurants & Leisure | 27,626 | 15,373 | — | 42,999 | ||||||||||||
| Household Durables | — | 10,396 | — | 10,396 | ||||||||||||
| Insurance | — | 22,124 | — | 22,124 | ||||||||||||
| Interactive Media & Services | — | 64,065 | — | 64,065 | ||||||||||||
| Internet & Direct Marketing Retail | 29,458 | 36,544 | — | 66,002 | ||||||||||||
| Real Estate Management & Development | 22,206 | 2,873 | — | 25,079 | ||||||||||||
| Semiconductors & Semiconductor Equipment | — | 33,104 | — | 33,104 | ||||||||||||
| Software | 3,092 | 10,240 | — | 13,332 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 18,388 | — | 18,388 | ||||||||||||
| Total Common Stocks | 156,683 | 396,201 | — | 552,884 | ||||||||||||
| Call Options Purchased | — | 968 | — | 968 | ||||||||||||
| Investment Company | 4,055 | — | — | 4,055 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 19,711 | — | — | 19,711 | ||||||||||||
| Repurchase Agreements | — | 1,032 | — | 1,032 | ||||||||||||
| Total Short-Term Investments | 19,711 | 1,032 | — | 20,743 | ||||||||||||
| Total Assets | 180,449 | 398,201 | — | 578,650 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Derivative Contract — PIPE | — | — | (460 | ) | (460 | ) | ||||||||||
| Total | $ | 180,449 | $ | 398,201 | $ | (460 | ) | $ | 578,190 | |||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Asia Opportuntiy | Derivative Contract — PIPE (000) | |||
| Beginning Balance | $ | — | ||
| Purchases | — | |||
| Sales | — | |||
| PIPE transactions | (460 | ) | ||
| Amortization of discount | — | |||
| Transfers in | — | |||
| Transfers out | — | |||
| Corporate actions | — | |||
| Change in unrealized appreciation (depreciation) | — | |||
| Realized gains (losses) | — | |||
| Ending Balance | $ | (460 | ) | |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021 | $ | (460 | ) | |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2021:
| Asia Opportunity | Fair Value at September 30, 2021 (000) | Valuation Technique | Unobservable Input | Amount* | Impact to Valuation from an Increase in Input** | |||||||||
| PIPE | $ | (460 | ) | Market Implied | Discount for Lack of Marketability and Transaction Risk | 10.0 | % | Decrease | ||||||
| * | Amount is indicative of the weighted average. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| China Equity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | — | $ | 446 | $ | — | $ | 446 | ||||||||
| Beverages | — | 1,492 | — | 1,492 | ||||||||||||
| Biotechnology | — | 197 | — | 197 | ||||||||||||
| Electrical Equipment | — | 236 | — | 236 | ||||||||||||
| Entertainment | — | 397 | — | 397 | ||||||||||||
| Food Products | — | 1,133 | — | 1,133 | ||||||||||||
| Health Care Equipment & Supplies | — | 197 | — | 197 | ||||||||||||
| Health Care Providers & Services | — | 510 | — | 510 | ||||||||||||
| Household Durables | — | 541 | — | 541 | ||||||||||||
| Interactive Media & Services | — | 2,072 | — | 2,072 | ||||||||||||
| Internet & Direct Marketing Retail | 329 | 1,803 | — | 2,132 | ||||||||||||
| Life Sciences Tools & Services | — | 251 | — | 251 | ||||||||||||
| Machinery | — | 206 | — | 206 | ||||||||||||
| Personal Products | — | 217 | — | 217 | ||||||||||||
| Pharmaceuticals | — | 257 | — | 257 | ||||||||||||
| Real Estate Management & Development | 108 | — | — | 108 | ||||||||||||
| Specialty Retail | — | 54 | — | 54 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 459 | — | 459 | ||||||||||||
| Total Common Stocks | 437 | 10,468 | — | 10,905 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 978 | — | — | 978 | ||||||||||||
| Total Assets | $ | 1,415 | $ | 10,468 | $ | — | $ | 11,883 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Counterpoint Global | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | 253 | $ | 131 | $ | — | $ | 384 | ||||||||
| Air Freight & Logistics | — | 428 | — | 428 | ||||||||||||
| Banks | 522 | 30 | — | 552 | ||||||||||||
| Beverages | 39 | 247 | — | 286 | ||||||||||||
| Biotechnology | 404 | 130 | — | 534 | ||||||||||||
| Capital Markets | 179 | — | — | 179 | ||||||||||||
| Chemicals | 43 | 67 | — | 110 | ||||||||||||
| Commercial Services & Supplies | 64 | 56 | — | 120 | ||||||||||||
| Construction Materials | 16 | 9 | — | 25 | ||||||||||||
| Consumer Finance | 7 | — | — | 7 | ||||||||||||
| Containers & Packaging | 9 | — | — | 9 | ||||||||||||
| Distributors | 3 | — | — | 3 | ||||||||||||
| Diversified Consumer Services | 102 | 3 | — | 105 | ||||||||||||
| Diversified Financial Services | 7 | 79 | — | 86 | ||||||||||||
| Diversified Holding Companies | 302 | — | — | 302 | ||||||||||||
| Diversified Telecommunication Services | 86 | — | — | 86 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 179 | — | 179 | ||||||||||||
| Entertainment | 1,822 | 8 | — | 1,830 | ||||||||||||
| Equity Real Estate Investment Trusts (REITs) | 27 | — | — | 27 | ||||||||||||
| Food & Staples Retailing | 68 | 127 | — | 195 | ||||||||||||
| Food Products | 30 | 123 | — | 153 | ||||||||||||
| Health Care Equipment & Supplies | 299 | 184 | — | 483 | ||||||||||||
| Health Care Providers & Services | 711 | 15 | — | 726 | ||||||||||||
| Health Care Technology | 660 | — | — | 660 | ||||||||||||
| Hotels, Restaurants & Leisure | 136 | 196 | — | 332 | ||||||||||||
| Household Durables | 276 | 327 | — | 603 | ||||||||||||
| Household Products | 3 | 53 | — | 56 | ||||||||||||
| Industrial Conglomerates | 4 | — | — | 4 | ||||||||||||
| Information Technology Services | 4,068 | 418 | — | 4,486 | ||||||||||||
| Insurance | 53 | 83 | — | 136 | ||||||||||||
| Interactive Media & Services | 1,573 | 190 | — | 1,763 | ||||||||||||
| Internet & Direct Marketing Retail | 2,711 | 422 | — | 3,133 | ||||||||||||
| Leisure Products | 15 | — | — | 15 | ||||||||||||
| Life Sciences Tools & Services | 290 | 186 | — | 476 | ||||||||||||
| Machinery | 28 | — | — | 28 | ||||||||||||
| Marine | — | 64 | — | 64 | ||||||||||||
| Media | 165 | — | — | 165 | ||||||||||||
| Metals & Mining | 80 | — | — | 80 | ||||||||||||
| Multi-Line Retail | 10 | — | — | 10 | ||||||||||||
| Multi-Utilities | 84 | — | — | 84 | ||||||||||||
| Oil, Gas & Consumable Fuels | 23 | — | — | 23 | ||||||||||||
| Personal Products | — | 67 | — | 67 | ||||||||||||
| Pharmaceuticals | 515 | 6 | — | 521 | ||||||||||||
| Professional Services | 37 | — | — | 37 | ||||||||||||
| Real Estate Management & Development | 415 | — | — | 415 | ||||||||||||
| Road & Rail | 245 | — | — | 245 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 203 | 342 | — | 545 | ||||||||||||
| Software | 2,876 | 279 | — | 3,155 | ||||||||||||
| Specialty Retail | 819 | — | — | 819 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 129 | 847 | — | 976 | ||||||||||||
| Trading Companies & Distributors | 15 | — | — | 15 | ||||||||||||
| Transportation Infrastructure | 22 | 20 | — | 42 | ||||||||||||
| Total Common Stocks | 20,448 | 5,316 | — | 25,764 | ||||||||||||
| Preferred Stocks | ||||||||||||||||
| Internet & Direct Marketing Retail | 12 | — | — | 12 | ||||||||||||
| Software | — | — | 44 | 44 | ||||||||||||
| Total Preferred Stocks | 12 | — | 44 | 56 | ||||||||||||
| Investment Companies | 171 | 73 | — | 244 | ||||||||||||
| Warrants | 2 | † | — | — | 2 | † | ||||||||||
| Call Options Purchased | — | 21 | — | 21 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 1,779 | — | — | 1,779 | ||||||||||||
| Total Assets | 22,412 | † | 5,410 | 44 | 27,866 | † | ||||||||||
| Liabilities: | ||||||||||||||||
| Derivative Contracts — PIPE | — | — | (18 | ) | (18 | ) | ||||||||||
| Total | $ | 22,412 | † | $ | 5,410 | $ | 26 | $ | 27,848 | † | ||||||
† Includes a security valued at zero.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Counterpoint Global | Preferred Stock (000) | Derivative Contracts — PIPE (000) | ||||||
| Beginning Balance | $ | — | $ | — | ||||
| Purchases | 44 | — | ||||||
| Sales | — | — | ||||||
| PIPE transactions | — | (18 | ) | |||||
| Amortization of discount | — | — | ||||||
| Transfers in | — | — | ||||||
| Transfers out | — | — | ||||||
| Corporate actions | — | — | ||||||
| Change in unrealized appreciation (depreciation) | — | — | ||||||
| Realized gains (losses) | — | — | ||||||
| Ending Balance | $ | 44 | $ | (18 | ) | |||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021 | $ | — | $ | (18 | ) | |||
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2021. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance.
| Counterpoint Global | Fair Value at September 30, 2021 (000) | Valuation Technique | Unobservable Input | Amount or Range/ Weighted Average* | Impact to Valuation from an Increase in Input** | |||||||
| Preferred Stock | $ | 44 | Market Transaction Method | Precedent Transaction | $220.45 | Increase | ||||||
| PIPEs | $ | (18 | ) | Market Implied | Discount for Lack of Marketability and Transaction Risk | 10.0% - 13.5% / 10.7% | Decrease | |||||
| * | Amount is indicative of the weighted average. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Developing Opportunity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | 20,308 | $ | 41,855 | $ | — | $ | 62,163 | ||||||||
| Beverages | — | 17,685 | — | 17,685 | ||||||||||||
| Capital Markets | 3,042 | — | — | 3,042 | ||||||||||||
| Construction Materials | — | 5,311 | — | 5,311 | ||||||||||||
| Consumer Finance | 3,504 | — | — | 3,504 | ||||||||||||
| Diversified Consumer Services | — | 1,321 | — | 1,321 | ||||||||||||
| Entertainment | 3,428 | — | — | 3,428 | ||||||||||||
| Food Products | — | 11,581 | — | 11,581 | ||||||||||||
| Health Care Providers & Services | 87 | — | — | 87 | ||||||||||||
| Hotels, Restaurants & Leisure | 11,794 | 5,068 | — | 16,862 | ||||||||||||
| Household Durables | — | 2,291 | — | 2,291 | ||||||||||||
| Information Technology Services | 20,767 | — | — | 20,767 | ||||||||||||
| Interactive Media & Services | 4,162 | 26,928 | — | 31,090 | ||||||||||||
| Internet & Direct Marketing Retail | 30,823 | 16,111 | — | 46,934 | ||||||||||||
| Multi-Line Retail | 8,285 | — | — | 8,285 | ||||||||||||
| Real Estate Management & Development | 7,316 | — | — | 7,316 | ||||||||||||
| Semiconductors & Semiconductor Equipment | — | 16,345 | — | 16,345 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 5,968 | — | 5,968 | ||||||||||||
| Transportation Infrastructure | 2,378 | — | — | 2,378 | ||||||||||||
| Total Common Stocks | 115,894 | 150,464 | — | 266,358 | ||||||||||||
| Call Option Purchased | — | 338 | — | 338 | ||||||||||||
| Investment Company | 1,816 | — | — | 1,816 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 8,788 | — | — | 8,788 | ||||||||||||
| Total Assets | 126,498 | 150,802 | — | 277,300 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Derivative Contract — PIPE | — | — | (209 | ) | (209 | ) | ||||||||||
| Total | $ | 126,498 | $ | 150,802 | $ | (209 | ) | $ | 277,091 | |||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Developing Opportunity | Derivative Contract — PIPE (000) | |||
| Beginning Balance | $ | — | ||
| Purchases | — | |||
| Sales | — | |||
| PIPE transactions | (209 | ) | ||
| Amortization of discount | — | |||
| Transfers in | — | |||
| Transfers out | — | |||
| Corporate actions | — | |||
| Change in unrealized appreciation (depreciation) | — | |||
| Realized gains (losses) | — | |||
| Ending Balance | $ | (209 | ) | |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021 | $ | (209 | ) | |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2021:
| Developing Opportunity | Fair Value
at September 30, 2021 (000) | Valuation Technique | Unobservable Input | Amount* | Impact to Valuation from an Increase in Input** | |||||||||
| PIPE | $ | (209 | ) | Market Implied | Discount for Lack of Marketability and Transaction Risk | 10.0 | % | Decrease | ||||||
| * | Amount is indicative of the weighted average. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Emerging Markets | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Airlines | $ | 8,801 | $ | — | $ | — | $ | 8,801 | ||||||||
| Automobiles | — | 12,751 | — | 12,751 | ||||||||||||
| Banks | 16,026 | 77,407 | — | 93,433 | ||||||||||||
| Beverages | — | 15,750 | — | 15,750 | ||||||||||||
| Capital Markets | — | 8,284 | — | 8,284 | ||||||||||||
| Chemicals | — | 8,488 | — | 8,488 | ||||||||||||
| Construction Materials | — | 3,626 | — | 3,626 | ||||||||||||
| Consumer Finance | — | 2,338 | — | 2,338 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 19,584 | — | 19,584 | ||||||||||||
| Entertainment | 15,005 | — | — | 15,005 | ||||||||||||
| Food & Staples Retailing | 9,469 | 1,916 | — | 11,385 | ||||||||||||
| Food Products | — | 10,523 | — | 10,523 | ||||||||||||
| Health Care Providers & Services | 6,737 | — | — | 6,737 | ||||||||||||
| Information Technology Services | 26,802 | 8,018 | — | 34,820 | ||||||||||||
| Insurance | — | 5,598 | — | 5,598 | ||||||||||||
| Interactive Media & Services | 12,849 | 40,970 | — | 53,819 | ||||||||||||
| Internet & Direct Marketing Retail | 19,378 | 22,112 | — | 41,490 | ||||||||||||
| Life Sciences Tools & Services | — | 2,563 | — | 2,563 | ||||||||||||
| Machinery | — | 8,120 | — | 8,120 | ||||||||||||
| Metals & Mining | — | 27,874 | — | 27,874 | ||||||||||||
| Multi-Line Retail | 8,231 | 4,809 | — | 13,040 | ||||||||||||
| Oil, Gas & Consumable Fuels | 12,531 | 36,979 | — | 49,510 | ||||||||||||
| Paper & Forest Products | — | 13,309 | — | 13,309 | ||||||||||||
| Personal Products | — | 1,962 | — | 1,962 | ||||||||||||
| Pharmaceuticals | — | 3,618 | — | 3,618 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 30,763 | 101,516 | — | 132,279 | ||||||||||||
| Software | — | 6,008 | — | 6,008 | ||||||||||||
| Specialty Retail | — | 6,583 | — | 6,583 | ||||||||||||
| Tech Hardware, Storage & Peripherals | — | 37,700 | — | 37,700 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 7,022 | 25,358 | — | 32,380 | ||||||||||||
| Thrifts & Mortgage Finance | — | 14,162 | — | 14,162 | ||||||||||||
| Transportation Infrastructure | 9,859 | — | — | 9,859 | ||||||||||||
| Wireless Telecommunication Services | — | 2,053 | — | 2,053 | ||||||||||||
| Total Common Stocks | 183,473 | 529,979 | — | 713,452 | ||||||||||||
| Rights | — | 32 | — | 32 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 8,931 | — | — | 8,931 | ||||||||||||
| Total Assets | $ | 192,404 | $ | 530,011 | $ | — | $ | 722,415 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Emerging Markets Fixed Income Opportunities | ||||||||||||||||
| Assets: | ||||||||||||||||
| Fixed Income Securities | ||||||||||||||||
| Corporate Bonds | $ | — | $ | 10,669 | $ | — | $ | 10,669 | ||||||||
| Sovereign | — | 24,779 | — | 24,779 | ||||||||||||
| Supranational | — | 248 | — | 248 | ||||||||||||
| Total Fixed Income Securities | — | 35,696 | — | 35,696 | ||||||||||||
| Warrant | — | 1 | — | 1 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 1,697 | — | — | 1,697 | ||||||||||||
| Sovereign | — | 225 | — | 225 | ||||||||||||
| U.S. Treasury Security | — | 30 | — | 30 | ||||||||||||
| Total Short-Term Investments | 1,697 | 255 | — | 1,952 | ||||||||||||
| Foreign Currency Forward Exchange Contracts | — | 34 | — | 34 | ||||||||||||
| Total Assets | 1,697 | 35,986 | — | 37,683 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Foreign Currency Forward Exchange Contracts | — | (20 | ) | — | (20 | ) | ||||||||||
| Total | $ | 1,697 | $ | 35,966 | $ | — | $ | 37,663 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Emerging Markets Leaders | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | — | $ | 20,676 | $ | — | $ | 20,676 | ||||||||
| Beverages | — | 7,842 | — | 7,842 | ||||||||||||
| Capital Markets | — | 2,319 | — | 2,319 | ||||||||||||
| Chemicals | — | 22,471 | — | 22,471 | ||||||||||||
| Consumer Finance | — | 20,686 | — | 20,686 | ||||||||||||
| Electrical Equipment | — | 10,570 | — | 10,570 | ||||||||||||
| Entertainment | 30,511 | — | — | 30,511 | ||||||||||||
| Health Care Providers & Services | — | 12,960 | — | 12,960 | ||||||||||||
| Information Technology Services | 27,168 | 5,668 | — | 32,836 | ||||||||||||
| Interactive Media & Services | — | 3,325 | — | 3,325 | ||||||||||||
| Internet & Direct Marketing Retail | 18,769 | 34,284 | — | 53,053 | ||||||||||||
| Personal Products | — | 5,832 | — | 5,832 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 18,940 | 27,484 | — | 46,424 | ||||||||||||
| Software | — | 8,990 | — | 8,990 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 8,878 | 19,946 | — | 28,824 | ||||||||||||
| Total Common Stocks | 104,266 | 203,053 | — | 307,319 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 9,481 | — | — | 9,481 | ||||||||||||
| Total Assets | $ | 113,747 | $ | 203,053 | $ | — | $ | 316,800 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) |
Level 2 Other significant observable inputs (000) |
Level 3 Significant unobservable inputs (000) |
Total (000) |
||||||||||||
| Global Concentrated | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles | $ | 5,951 | $ | — | $ | — | $ | 5,951 | ||||||||
| Banks | 21,487 | — | — | 21,487 | ||||||||||||
| Capital Markets | 3,477 | — | — | 3,477 | ||||||||||||
| Commercial Services & Supplies | 3,256 | — | — | 3,256 | ||||||||||||
| Electric Utilities | 2,865 | — | — | 2,865 | ||||||||||||
| Equity Real Estate Investment Trusts (REITs) | 6,477 | — | — | 6,477 | ||||||||||||
| Food & Staples Retailing | 2,877 | — | — | 2,877 | ||||||||||||
| Health Care Equipment & Supplies | 5,925 | — | — | 5,925 | ||||||||||||
| Hotels, Restaurants & Leisure | 6,307 | — | — | 6,307 | ||||||||||||
| Information Technology Services | 3,549 | — | — | 3,549 | ||||||||||||
| Interactive Media & Services | 5,630 | — | — | 5,630 | ||||||||||||
| Internet & Direct Marketing Retail | 3,804 | — | — | 3,804 | ||||||||||||
| Personal Products | 2,904 | — | — | 2,904 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 5,273 | — | — | 5,273 | ||||||||||||
| Software | 7,877 | — | — | 7,877 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 9,821 | — | — | 9,821 | ||||||||||||
| Trading Companies & Distributors | 5,212 | — | — | 5,212 | ||||||||||||
| Total Common Stocks | 102,692 | — | — | 102,692 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 1,043 | — | — | 1,043 | ||||||||||||
| Total Assets | $ | 103,735 | $ | — | $ | — | $ | 103,735 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Global Core | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Airlines | $ | 203 | $ | — | $ | — | $ | 203 | ||||||||
| Automobiles | 620 | — | — | 620 | ||||||||||||
| Banks | 2,927 | — | — | 2,927 | ||||||||||||
| Beverages | 606 | — | — | 606 | ||||||||||||
| Building Products | 185 | — | — | 185 | ||||||||||||
| Capital Markets | 544 | 188 | — | 732 | ||||||||||||
| Construction Materials | 312 | — | — | 312 | ||||||||||||
| Diversified Telecommunication Services | 279 | — | — | 279 | ||||||||||||
| Electric Utilities | 451 | — | — | 451 | ||||||||||||
| Entertainment | 747 | — | — | 747 | ||||||||||||
| Equity Real Estate Investment Trusts (REITs) | 613 | — | — | 613 | ||||||||||||
| Health Care Equipment & Supplies | 825 | — | — | 825 | ||||||||||||
| Health Care Technology | 144 | — | — | 144 | ||||||||||||
| Hotels, Restaurants & Leisure | 881 | — | — | 881 | ||||||||||||
| Information Technology Services | 734 | — | — | 734 | ||||||||||||
| Insurance | 50 | — | — | 50 | ||||||||||||
| Interactive Media & Services | 874 | — | — | 874 | ||||||||||||
| Internet & Direct Marketing Retail | 556 | — | — | 556 | ||||||||||||
| Metals & Mining | 250 | — | — | 250 | ||||||||||||
| Multi-Line Retail | 347 | — | — | 347 | ||||||||||||
| Oil, Gas & Consumable Fuels | 813 | — | — | 813 | ||||||||||||
| Personal Products | 504 | — | — | 504 | ||||||||||||
| Professional Services | 348 | — | — | 348 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 785 | — | — | 785 | ||||||||||||
| Software | 1,201 | — | — | 1,201 | ||||||||||||
| Tech Hardware, Storage & Peripherals | 1,309 | — | — | 1,309 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 570 | 822 | — | 1,392 | ||||||||||||
| Trading Companies & Distributors | 294 | — | — | 294 | ||||||||||||
| Total Common Stocks | 17,972 | 1,010 | — | 18,982 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 330 | — | — | 330 | ||||||||||||
| Total Assets | $ | 18,302 | $ | 1,010 | $ | — | $ | 19,312 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Global Endurance | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | — | $ | 4,167 | $ | — | $ | 4,167 | ||||||||
| Biotechnology | — | 1,143 | — | 1,143 | ||||||||||||
| Diversified Consumer Services | 405 | — | — | 405 | ||||||||||||
| Entertainment | 3,554 | — | — | 3,554 | ||||||||||||
| Food & Staples Retailing | — | 2,181 | — | 2,181 | ||||||||||||
| Health Care Equipment & Supplies | — | 1,195 | — | 1,195 | ||||||||||||
| Health Care Technology | 4,360 | — | — | 4,360 | ||||||||||||
| Hotels, Restaurants & Leisure | — | 1,010 | — | 1,010 | ||||||||||||
| Household Durables | 9,223 | 4,253 | — | 13,476 | ||||||||||||
| Information Technology Services | 11,637 | — | — | 11,637 | ||||||||||||
| Interactive Media & Services | 2,160 | — | — | 2,160 | ||||||||||||
| Internet & Direct Marketing Retail | 5,186 | 225 | — | 5,411 | ||||||||||||
| Life Sciences Tools & Services | — | 2,608 | — | 2,608 | ||||||||||||
| Media | 3,080 | — | — | 3,080 | ||||||||||||
| Pharmaceuticals | 2,715 | — | — | 2,715 | ||||||||||||
| Real Estate Management & Development | 3,265 | — | — | 3,265 | ||||||||||||
| Software | 13,557 | — | — | 13,557 | ||||||||||||
| Specialty Retail | 7,522 | — | — | 7,522 | ||||||||||||
| Total Common Stocks | 66,664 | 16,782 | — | 83,446 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 1,473 | — | — | 1,473 | ||||||||||||
| Total Assets | $ | 68,137 | $ | 16,782 | $ | — | $ | 84,919 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Global Focus Real Estate | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Diversified | $ | 587 | $ | 635 | $ | — | $ | 1,222 | ||||||||
| Health Care | 367 | 93 | — | 460 | ||||||||||||
| Industrial | 285 | 308 | — | 593 | ||||||||||||
| Industrial/Office Mixed | — | 46 | — | 46 | ||||||||||||
| Lodging/Resorts | 109 | — | — | 109 | ||||||||||||
| Office | 51 | 235 | — | 286 | ||||||||||||
| Residential | 569 | 114 | — | 683 | ||||||||||||
| Retail | 575 | 72 | — | 647 | ||||||||||||
| Self Storage | 357 | 53 | — | 410 | ||||||||||||
| Specialty | 238 | — | — | 238 | ||||||||||||
| Total Common Stocks | 3,138 | 1,556 | — | 4,694 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 42 | — | — | 42 | ||||||||||||
| Total Assets | $ | 3,180 | $ | 1,556 | $ | — | $ | 4,736 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Global Franchise | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Beverages | $ | 58,446 | $ | 182,262 | $ | — | $ | 240,708 | ||||||||
| Capital Markets | 163,849 | — | — | 163,849 | ||||||||||||
| Health Care Equipment & Supplies | 595,843 | — | — | 595,843 | ||||||||||||
| Household Products | 154,333 | 223,634 | — | 377,967 | ||||||||||||
| Industrial Conglomerates | 70,816 | — | — | 70,816 | ||||||||||||
| Information Technology Services | 549,616 | — | — | 549,616 | ||||||||||||
| Life Sciences Tools & Services | 157,480 | — | — | 157,480 | ||||||||||||
| Personal Products | 36,718 | 55,223 | — | 91,941 | ||||||||||||
| Pharmaceuticals | 47,691 | — | — | 47,691 | ||||||||||||
| Professional Services | — | 122,717 | — | 122,717 | ||||||||||||
| Software | 322,743 | 154,147 | — | 476,890 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 37,699 | 55,131 | — | 92,830 | ||||||||||||
| Tobacco | 284,972 | 71,461 | — | 356,433 | ||||||||||||
| Total Common Stocks | 2,480,206 | 864,575 | — | 3,344,781 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 81,702 | — | — | 81,702 | ||||||||||||
| Total Assets | $ | 2,561,908 | $ | 864,575 | $ | — | $ | 3,426,483 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Global Infrastructure | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Airports | $ | 8,915 | $ | 11,056 | $ | — | $ | 19,971 | ||||||||
| Communications | 51,995 | 14,026 | — | 66,021 | ||||||||||||
| Diversified | 757 | 18,184 | — | 18,941 | ||||||||||||
| Electricity Transmission & Distribution | 26,819 | 22,151 | — | 48,970 | ||||||||||||
| Oil & Gas Storage & Transportation | 71,262 | 12,030 | — | 83,292 | ||||||||||||
| Railroads | — | 7,115 | — | 7,115 | ||||||||||||
| Renewables | — | 7,770 | — | 7,770 | ||||||||||||
| Toll Roads | — | 23,045 | — | 23,045 | ||||||||||||
| Utilities | 11,275 | — | — | 11,275 | ||||||||||||
| Water | 7,717 | 5,692 | — | 13,409 | ||||||||||||
| Total Common Stocks | 178,740 | 121,069 | — | 299,809 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 9,062 | — | — | 9,062 | ||||||||||||
| Total Assets | $ | 187,802 | $ | 121,069 | $ | — | $ | 308,871 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Global Insight | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Biotechnology | $ | 6,056 | $ | — | $ | — | $ | 6,056 | ||||||||
| Diversified Financial Services | — | 8,743 | — | 8,743 | ||||||||||||
| Diversified Holding Companies | 14,673 | 5,713 | — | 20,386 | ||||||||||||
| Entertainment | 44,446 | — | — | 44,446 | ||||||||||||
| Health Care Providers & Services | 8,231 | — | — | 8,231 | ||||||||||||
| Health Care Technology | 6,274 | — | — | 6,274 | ||||||||||||
| Hotels, Restaurants & Leisure | — | 5,947 | — | 5,947 | ||||||||||||
| Information Technology Services | 84,478 | 25,767 | — | 110,245 | ||||||||||||
| Interactive Media & Services | 46,945 | — | — | 46,945 | ||||||||||||
| Internet & Direct Marketing Retail | 56,250 | 11,438 | — | 67,688 | ||||||||||||
| Life Sciences Tools & Services | 3,462 | — | — | 3,462 | ||||||||||||
| Metals & Mining | 954 | — | — | 954 | ||||||||||||
| Pharmaceuticals | 14,034 | — | — | 14,034 | ||||||||||||
| Software | 42,744 | 4,028 | — | 46,772 | ||||||||||||
| Total Common Stocks | 328,547 | 61,636 | — | 390,183 | ||||||||||||
| Preferred Stock | ||||||||||||||||
| Software | — | — | 29 | 29 | ||||||||||||
| Investment Company | 2,833 | — | — | 2,833 | ||||||||||||
| Call Options Purchased | — | 451 | — | 451 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 22,549 | — | — | 22,549 | ||||||||||||
| Repurchase Agreements | — | 1,484 | — | 1,484 | ||||||||||||
| Total Short-Term Investments | 22,549 | 1,484 | — | 24,033 | ||||||||||||
| Total Assets | 353,929 | 63,571 | 29 | 417,529 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Derivative Contracts — PIPE | — | — | (524 | ) | (524 | ) | ||||||||||
| Total | $ | 353,929 | $ | 63,571 | $ | (495 | ) | $ | 417,005 | |||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Global Insight | Preferred Stock (000) | Derivative Contracts — PIPE (000) | ||||||
| Beginning Balance | $ | 20 | $ | — | ||||
| Purchases | — | — | ||||||
| Sales | — | — | ||||||
| PIPE transactions | — | (524 | ) | |||||
| Amortization of discount | — | — | ||||||
| Transfers in | — | — | ||||||
| Transfers out | — | — | ||||||
| Corporate actions | — | — | ||||||
| Change in unrealized appreciation (depreciation) | 9 | — | ||||||
| Realized gains (losses) | — | — | ||||||
| Ending Balance | $ | 29 | $ | (524 | ) | |||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021 | $ | 9 | $ | (524 | ) | |||
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2021. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
| Global Insight | Fair
Value at September 30, 2021 (000) | Valuation
Technique | Unobservable
Input | Amount
or Range/ Weighted Average* | Impact
to Valuation from an Increase in Input** | |||||||
| Preferred Stock | $ | 29 | Discounted Cash Flow | Weighted Average Cost of Capital | 12.5% | Decrease | ||||||
| Perpetual Growth Rate | 3.5% | Increase | ||||||||||
| Market Comparable Companies | Enterprise Value/Revenue | 8.0x | Increase | |||||||||
| Discount for Lack of Marketability | 12.0% | Decrease | ||||||||||
| PIPE | $ | (524 | ) | Market Implied | Discount for Lack of Marketability and Transaction Risk | 10.0% - 11.0% / 10.4% | Decrease | |||||
| * | Amount is indicative of the weighted average. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. |
| A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Global Opportunity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Air Freight & Logistics | $ | — | $ | 416,410 | $ | — | $ | 416,410 | ||||||||
| Banks | 126,184 | 358,396 | — | 484,580 | ||||||||||||
| Beverages | — | 35,568 | — | 35,568 | ||||||||||||
| Construction Materials | 35,645 | — | — | 35,645 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 150,590 | — | 150,590 | ||||||||||||
| Entertainment | 512,708 | — | — | 512,708 | ||||||||||||
| Food Products | — | 58,178 | — | 58,178 | ||||||||||||
| Health Care Equipment & Supplies | 120,341 | — | — | 120,341 | ||||||||||||
| Health Care Technology | — | 77,271 | — | 77,271 | ||||||||||||
| Hotels, Restaurants & Leisure | 105,543 | — | — | 105,543 | ||||||||||||
| Information Technology Services | 1,764,277 | — | — | 1,764,277 | ||||||||||||
| Interactive Media & Services | 311,559 | 145,273 | — | 456,832 | ||||||||||||
| Internet & Direct Marketing Retail | 859,821 | 227,345 | — | 1,087,166 | ||||||||||||
| Road & Rail | 386,468 | — | — | 386,468 | ||||||||||||
| Software | 970,940 | — | — | 970,940 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 414,648 | — | 414,648 | ||||||||||||
| Total Common Stocks | 5,193,486 | 1,883,679 | — | 7,077,165 | ||||||||||||
| Call Options Purchased | — | 2,994 | — | 2,994 | ||||||||||||
| Investment Company | 49,547 | — | — | 49,547 | ||||||||||||
| Preferred Stock | ||||||||||||||||
| Electronic Equipment, Instruments & Components | — | — | — | † | — | † | ||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 194,674 | — | — | 194,674 | ||||||||||||
| Total Assets | 5,437,707 | 1,886,673 | — | † | 7,324,380 | † | ||||||||||
| Liabilities: | ||||||||||||||||
| Derivative Contract — PIPE | — | — | (4,835 | ) | (4,835 | ) | ||||||||||
| Total | $ | 5,437,707 | $ | 1,886,673 | $ | (4,835 | )† | $ | 7,319,545 | † | ||||||
| † | Includes a security valued at zero. |
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Global Opportunity | Common Stock (000) | Preferred Stock (000) | Derivative Contract — PIPE (000) | |||||||||
| Beginning Balance | $ | 17,733 | $ | — | † | $ | — | |||||
| Purchases | — | — | — | |||||||||
| Sales | — | — | — | |||||||||
| PIPE transaction | — | — | (4,835 | ) | ||||||||
| Amortization of discount | — | — | — | |||||||||
| Transfers in | — | — | — | |||||||||
| Transfers out | (17,733 | )†† | — | — | ||||||||
| Corporate actions | — | — | — | |||||||||
| Change in unrealized appreciation (depreciation) | — | — | — | |||||||||
| Realized gains (losses) | — | — | — | |||||||||
| Ending Balance | $ | — | $ | — | † | $ | (4,835 | ) | ||||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021 | $ | — | $ | — | $ | (4,835 | ) | |||||
| † | Includes a security valued at zero. |
| †† | A security transferred out of level 3 due to an Initial Public Offering. |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2021:
| Global Opportunity | Fair
Value at September 30, 2021 (000) | Valuation
Technique | Unobservable
Input | Amount* | Impact
to Valuation from an Increase in Input** | |||||||
| PIPE | $ | (4,835 | ) | Market Implied | Discount for Lack of Marketability and Transaction Risk | 10.0 | % | Decrease | ||||
| * | Amount is indicative of the weighted average. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. |
| A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Global Permanence | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | 284 | $ | — | $ | — | $ | 284 | ||||||||
| Banks | 137 | — | — | 137 | ||||||||||||
| Beverages | — | 96 | — | 96 | ||||||||||||
| Capital Markets | 133 | — | — | 133 | ||||||||||||
| Chemicals | 34 | 28 | — | 62 | ||||||||||||
| Commercial Services & Supplies | 98 | 103 | — | 201 | ||||||||||||
| Entertainment | 90 | 48 | — | 138 | ||||||||||||
| Equity Real Estate Investment Trusts (REITs) | 36 | — | — | 36 | ||||||||||||
| Food & Staples Retailing | 96 | — | — | 96 | ||||||||||||
| Health Care Equipment & Supplies | 148 | — | — | 148 | ||||||||||||
| Health Care Technology | 92 | — | — | 92 | ||||||||||||
| Hotels, Restaurants & Leisure | 37 | — | — | 37 | ||||||||||||
| Household Durables | — | 39 | — | 39 | ||||||||||||
| Insurance | 57 | — | — | 57 | ||||||||||||
| Internet & Direct Marketing Retail | 131 | — | — | 131 | ||||||||||||
| Metals & Mining | 59 | — | — | 59 | ||||||||||||
| Oil, Gas & Consumable Fuels | 37 | — | — | 37 | ||||||||||||
| Personal Products | — | 127 | — | 127 | ||||||||||||
| Pharmaceuticals | 177 | — | — | 177 | ||||||||||||
| Real Estate Management & Development | 184 | — | — | 184 | ||||||||||||
| Road & Rail | 137 | — | — | 137 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 307 | — | — | 307 | ||||||||||||
| Software | 327 | 150 | — | 477 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 356 | — | 356 | ||||||||||||
| Transportation Infrastructure | 36 | 36 | — | 72 | ||||||||||||
| Total Common Stocks | 2,637 | 983 | — | 3,620 | ||||||||||||
| Call Options Purchased | — | 4 | — | 4 | ||||||||||||
| Investment Companies | 23 | 34 | — | 57 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 66 | — | — | 66 | ||||||||||||
| Total Assets | $ | 2,726 | $ | 1,021 | $ | — | $ | 3,747 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Global Real Estate | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Diversified | $ | 4,670 | $ | 15,598 | $ | — | $ | 20,268 | ||||||||
| Health Care | 9,065 | — | — | 9,065 | ||||||||||||
| Industrial | 7,495 | 3,495 | 129 | 11,119 | ||||||||||||
| Industrial/Office Mixed | — | 845 | — | 845 | ||||||||||||
| Lodging/Resorts | 1,807 | 349 | — | 2,156 | ||||||||||||
| Office | 3,977 | 6,914 | — | 10,891 | ||||||||||||
| Residential | 11,609 | 3,958 | 18 | 15,585 | ||||||||||||
| Retail | 9,100 | 3,163 | — | 12,263 | ||||||||||||
| Self Storage | 7,350 | 461 | — | 7,811 | ||||||||||||
| Specialty | 2,708 | — | — | 2,708 | ||||||||||||
| Total Common Stocks | 57,781 | 34,783 | 147 | 92,711 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 1,300 | — | — | 1,300 | ||||||||||||
| Repurchase Agreements | — | 130 | — | 130 | ||||||||||||
| Total Short-Term Investments | 1,300 | 130 | — | 1,430 | ||||||||||||
| Total Assets | $ | 59,081 | $ | 34,913 | $ | 147 | $ | 94,141 | ||||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Global Real Estate | Common Stocks (000) | |||
| Beginning Balance | $ | 144 | ||
| Purchases | — | |||
| Sales | — | |||
| Amortization of discount | — | |||
| Transfers in | — | |||
| Transfers out | — | |||
| Corporate actions | — | |||
| Change in unrealized appreciation (depreciation) | 3 | |||
| Realized gains (losses) | — | |||
| Ending Balance | $ | 147 | ||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021 | $ | 3 | ||
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2021. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
| Global Real Estate | Fair
Value at September 30, 2021 (000) | Valuation
Technique | Unobservable
Input | Amount* | Impact
to Valuation from an Increase in Input** | |||||||||
| Common Stocks | $ | 147 | Reported Capital balance, adjustments for NAV practical expedient; including adjustments for subsequent Capital Calls, Return of Capital and Significant Market Changes between last Capital Statement and Valuation Date | Adjusted Capital Balance | ||||||||||
| Market Transaction Method | Transaction Valuation | $ | 0.001 | Increase | ||||||||||
| * | Amount is indicative of the weighted average. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. |
| A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Global Sustain | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Beverages | $ | 845 | $ | — | $ | — | $ | 845 | ||||||||
| Capital Markets | 3,441 | 1,062 | — | 4,503 | ||||||||||||
| Electronic Equipment, Instruments & Components | 1,596 | — | — | 1,596 | ||||||||||||
| Health Care Equipment & Supplies | 18,138 | — | — | 18,138 | ||||||||||||
| Health Care Technology | 1,429 | — | — | 1,429 | ||||||||||||
| Household Products | 3,093 | 7,876 | — | 10,969 | ||||||||||||
| Industrial Conglomerates | 1,801 | — | — | 1,801 | ||||||||||||
| Information Technology Services | 13,761 | — | — | 13,761 | ||||||||||||
| Insurance | — | 2,755 | — | 2,755 | ||||||||||||
| Interactive Media & Services | 3,096 | — | — | 3,096 | ||||||||||||
| Life Sciences Tools & Services | 3,502 | — | — | 3,502 | ||||||||||||
| Machinery | 1,851 | — | — | 1,851 | ||||||||||||
| Personal Products | 896 | 1,164 | — | 2,060 | ||||||||||||
| Pharmaceuticals | 1,054 | — | — | 1,054 | ||||||||||||
| Professional Services | — | 1,986 | — | 1,986 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 3,663 | — | — | 3,663 | ||||||||||||
| Software | 9,900 | 4,589 | — | 14,489 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 905 | — | — | 905 | ||||||||||||
| Total Common Stocks | 68,971 | 19,432 | — | 88,403 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 2,404 | — | — | 2,404 | ||||||||||||
| Total Assets | $ | 71,375 | $ | 19,432 | $ | — | $ | 90,807 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Growth | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Biotechnology | 361,277 | 46,812 | — | 408,089 | ||||||||||||
| Entertainment | 1,276,915 | — | — | 1,276,915 | ||||||||||||
| Health Care Equipment & Supplies | 478,931 | — | — | 478,931 | ||||||||||||
| Health Care Providers & Services | 187,733 | — | — | 187,733 | ||||||||||||
| Health Care Technology | 460,419 | 170,009 | — | 630,428 | ||||||||||||
| Hotels, Restaurants & Leisure | 319,626 | — | — | 319,626 | ||||||||||||
| Information Technology Services | 5,138,739 | 309,723 | — | 5,448,462 | ||||||||||||
| Interactive Media & Services | 2,652,884 | — | — | 2,652,884 | ||||||||||||
| Internet & Direct Marketing Retail | 1,096,405 | — | — | 1,096,405 | ||||||||||||
| Life Sciences Tools & Services | 228,453 | — | — | 228,453 | ||||||||||||
| Metals & Mining | 41,958 | — | — | 41,958 | ||||||||||||
| Pharmaceuticals | 437,473 | — | — | 437,473 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 455,175 | — | — | 455,175 | ||||||||||||
| Software | 3,341,121 | — | — | 3,341,121 | ||||||||||||
| Specialty Retail | 466,883 | — | — | 466,883 | ||||||||||||
| Total Common Stocks | 16,943,992 | 526,544 | 17,470,536 | |||||||||||||
| Preferred Stocks | ||||||||||||||||
| Electronic Equipment, Instruments & Components | — | — | — | † | — | † | ||||||||||
| Software | — | — | 136,746 | 136,746 | ||||||||||||
| Total Preferred Stocks | — | — | 136,746 | † | 136,746 | † | ||||||||||
| Purchased Options | 19,448 | — | 19,448 | |||||||||||||
| Investment Company | 123,286 | — | — | 123,286 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 538,307 | — | — | 538,307 | ||||||||||||
| Total Assets | 17,605,585 | 545,992 | 136,746 | † | 18,288,323 | † | ||||||||||
| Liabilities: | ||||||||||||||||
| Derivative Contract — PIPE | — | — | (8,580 | ) | (8,580 | ) | ||||||||||
| Total | $ | 17,605,585 | $ | 545,992 | $ | 128,166 | † | $ | 18,279,743 | |||||||
† Includes one security valued at zero.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Growth | Common
Stock (000) | Preferred Stocks (000) | Derivative Contract — PIPE (000) | |||||||||
| Beginning Balance | $ | 39,017 | $ | — | † | $ | — | |||||
| Purchases | — | 136,746 | — | |||||||||
| Sales | — | — | — | |||||||||
| PIPE transactions | — | — | (8,580 | ) | ||||||||
| Amortization of discount | — | — | — | |||||||||
| Transfers in | — | — | — | |||||||||
| Transfers out | (39,017 | )†† | — | — | ||||||||
| Corporate actions | — | — | — | |||||||||
| Change in unrealized appreciation (depreciation) | — | — | — | |||||||||
| Realized gains (losses) | — | — | — | |||||||||
| Ending Balance | $ | — | 136,746 | † | $ | (8,580 | ) | |||||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021 | $ | — | $ | — | $ | (8,580 | ) |
† Includes one security valued at zero.
†† A security transferred out of level 3 due to an Initial Public Offering.
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2021. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
| Growth | Fair
Value at September 30, 2021 (000) |
Valuation Technique | Unobservable Input | Amount* | Impact
to Valuation from an Increase in Input** | |||||||||
| Preferred Stocks | $ | 136,746 | Market Transaction Method | Precedent Transaction | $ | 220.45 | Increase | |||||||
| PIPES | $ | (8,580 | ) | Market Implied | Discount for Lack of Marketability and Transaction Risk | 13.5 | % | Decrease | ||||||
| * | Amount is indicative of the weighted average. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. |
| A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Inception | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Beverages | $ | 24,458 | $ | — | $ | — | $ | 24,458 | ||||||||
| Biotechnology | 126,360 | — | — | 126,360 | ||||||||||||
| Chemicals | 8,112 | — | — | 8,112 | ||||||||||||
| Diversified Consumer Services | 52,792 | — | — | 52,792 | ||||||||||||
| Diversified Holding Companies | 79,371 | — | — | 79,371 | ||||||||||||
| Diversified Telecommunication Services | 54,116 | — | — | 54,116 | ||||||||||||
| Entertainment | 27,145 | — | — | 27,145 | ||||||||||||
| Food Products | 18,407 | — | — | 18,407 | ||||||||||||
| Health Care Equipment & Supplies | 76,454 | 25,401 | — | 101,855 | ||||||||||||
| Health Care Providers & Services | 125,941 | 6,106 | — | 132,047 | ||||||||||||
| Health Care Technology | 103,285 | — | — | 103,285 | ||||||||||||
| Hotels, Restaurants & Leisure | 19,209 | — | — | 19,209 | ||||||||||||
| Household Durables | 48,551 | 52,957 | — | 101,508 | ||||||||||||
| Information Technology Services | 67,947 | — | — | 67,947 | ||||||||||||
| Insurance | 10,362 | — | — | 10,362 | ||||||||||||
| Interactive Media & Services | 41,652 | — | — | 41,652 | ||||||||||||
| Internet & Direct Marketing Retail | 166,028 | — | — | 166,028 | ||||||||||||
| Life Sciences Tools & Services | 104,649 | 7,480 | — | 112,129 | ||||||||||||
| Machinery | 18,186 | — | — | 18,186 | ||||||||||||
| Media | 19,831 | — | — | 19,831 | ||||||||||||
| Metals & Mining | 14,731 | — | — | 14,731 | ||||||||||||
| Pharmaceuticals | 15,964 | — | — | 15,964 | ||||||||||||
| Professional Services | 20,915 | — | — | 20,915 | ||||||||||||
| Real Estate Management & Development | 86,365 | — | — | 86,365 | ||||||||||||
| Software | 282,060 | 8,487 | — | 290,547 | ||||||||||||
| Specialty Retail | 82,074 | — | — | 82,074 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 12,798 | — | — | 12,798 | ||||||||||||
| Trading Companies & Distributors | 6,479 | — | — | 6,479 | ||||||||||||
| Total Common Stocks | 1,714,242 | 100,431 | — | 1,814,673 | ||||||||||||
| Preferred Stocks | ||||||||||||||||
| Health Care Technology | — | — | 8,009 | 8,009 | ||||||||||||
| Internet & Direct Marketing Retail | 1,049 | — | — | 1,049 | ||||||||||||
| Software | — | — | 5,380 | 5,380 | ||||||||||||
| Total Preferred Stocks | 1,049 | — | 13,389 | 14,438 | ||||||||||||
| Investment Companies | 13,651 | 24,519 | — | 38,170 | ||||||||||||
| Warrants | 708 | — | — | 708 | ||||||||||||
| Call Options Purchased | — | 2,167 | — | 2,167 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 244,374 | — | — | 244,374 | ||||||||||||
| Repurchase Agreements | — | 35,166 | — | 35,166 | ||||||||||||
| Total Short-Term Investments | 244,374 | 35,166 | — | 279,540 | ||||||||||||
| Total Assets | 1,974,024 | 162,283 | 13,389 | 2,149,696 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Derivative Contract — PIPE | — | — | (1,148 | ) | (1,148 | ) | ||||||||||
| Total | $ | 1,974,024 | $ | 162,283 | $ | 12,241 | $ | 2,148,548 | ||||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Inception | Preferred Stocks (000) | Derivative Contracts — PIPE (000) | ||||||
| Beginning Balance | $ | 12,647 | $ | — | ||||
| Purchases | — | — | ||||||
| Sales | — | — | ||||||
| PIPE transactions | — | (1,148 | ) | |||||
| Amortization of discount | — | — | ||||||
| Transfers in | — | — | ||||||
| Transfers out | — | — | ||||||
| Corporate actions | — | — | ||||||
| Change in unrealized appreciation (depreciation) | 742 | — | ||||||
| Realized gains (losses) | — | — | ||||||
| Ending Balance | $ | 13,389 | $ | (1,148 | ) | |||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021 | $ | 742 | $ | (1,148 | ) | |||
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2021. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
| Inception | Fair
Value at September 30, 2021 (000) | Valuation
Technique | Unobservable
Input | Amount
or Range/ Weighted Average* | Impact
to Valuation from an Increase in Input** | |||||||||
| Preferred Stocks | $ | 13,389 | Discounted Cash Flow | Weighted Average Cost of Capital | 11.5% - 14.0% / 12.8% | Decrease | ||||||||
| Perpetual Growth Rate | 3.0% - 4.0% / 3.5% | Increase | ||||||||||||
| Market Comparable Companies | Enterprise Value/Revenue | 2.0x - 36.3x / 7.5x | Increase | |||||||||||
| Discount for Lack of Marketability | 12.0% - 14.0% / 13.2% | Decrease | ||||||||||||
| Comparable Transactions | Enterprise Value/Revenue | 3.8x | Increase | |||||||||||
| PIPE | $ | (1,148 | ) | Market Implied | Discount for Lack of Marketability and Transaction Risk | 11.0% | Decrease | |||||||
| * | Amount is indicative of the weighted average. |
| ** | Represents
the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding
input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| International Advantage | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Air Freight & Logistics | $ | — | $ | 462,164 | $ | — | $ | 462,164 | ||||||||
| Banks | — | 389,434 | — | 389,434 | ||||||||||||
| Beverages | — | 350,404 | — | 350,404 | ||||||||||||
| Biotechnology | — | 86,419 | — | 86,419 | ||||||||||||
| Capital Markets | 228,659 | — | — | 228,659 | ||||||||||||
| Chemicals | — | 114,349 | — | 114,349 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 268,950 | — | 268,950 | ||||||||||||
| Food Products | — | 278,602 | — | 278,602 | ||||||||||||
| Health Care Equipment & Supplies | — | 144,324 | — | 144,324 | ||||||||||||
| Hotels, Restaurants & Leisure | — | 132,637 | — | 132,637 | ||||||||||||
| Household Products | — | 120,923 | — | 120,923 | ||||||||||||
| Information Technology Services | 373,493 | 190,360 | — | 563,853 | ||||||||||||
| Insurance | 1,528 | 154,825 | — | 156,353 | ||||||||||||
| Interactive Media & Services | — | 151,645 | — | 151,645 | ||||||||||||
| Internet & Direct Marketing Retail | — | 113,347 | — | 113,347 | ||||||||||||
| Marine | — | 126,033 | — | 126,033 | ||||||||||||
| Multi-Utilities | 204,383 | — | — | 204,383 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 228,312 | 334,944 | — | 563,256 | ||||||||||||
| Software | — | 111,929 | — | 111,929 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 170,847 | 778,114 | — | 948,961 | ||||||||||||
| Total Common Stocks | 1,207,222 | 4,309,403 | — | 5,516,625 | ||||||||||||
| Investment Company | 35,872 | — | — | 35,872 | ||||||||||||
| Call Options Purchased | — | 2,276 | — | 2,276 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 321,362 | — | — | 321,362 | ||||||||||||
| Total Assets | 1,564,456 | 4,311,679 | — | 5,876,135 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Derivative Contract — PIPE | — | — | (3,216 | ) | (3,216 | ) | ||||||||||
| Total | $ | 1,564,456 | $ | 4,311,679 | $ | (3,216 | ) | $ | 5,872,919 | |||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| International Advantage | Derivative Contract — PIPE (000) | |||
| Beginning Balance | $ | — | ||
| Purchases | — | |||
| Sales | — | |||
| PIPE transactions | (3,216 | ) | ||
| Amortization of discount | — | |||
| Transfers in | — | |||
| Transfers out | — | |||
| Corporate actions | — | |||
| Change in unrealized appreciation (depreciation) | — | |||
| Realized gains (losses) | — | |||
| Ending Balance | $ | (3,216 | ) | |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021 | $ | (3,216 | ) | |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2021:
| International Advantage | Fair
Value at September 30, 2021 (000) | Valuation Technique | Unobservable Input | Amount* | Impact
to Valuation from an Increase in Input** | |||||||||
| PIPE | $ | (3,216 | ) | Market Implied | Discount for Lack of Marketability and Transaction Risk | 10.0 | % | Decrease | ||||||
| * | Amount is indicative of the weighted average. |
| ** | Represents
the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding
input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| International Equity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | — | $ | 76,161 | $ | — | $ | 76,161 | ||||||||
| Air Freight & Logistics | — | 51,318 | — | 51,318 | ||||||||||||
| Auto Components | — | 12,727 | — | 12,727 | ||||||||||||
| Banks | — | 106,614 | — | 106,614 | ||||||||||||
| Beverages | — | 141,590 | — | 141,590 | ||||||||||||
| Biotechnology | — | 29,342 | — | 29,342 | ||||||||||||
| Capital Markets | — | 47,768 | — | 47,768 | ||||||||||||
| Diversified Financial Services | 1,906 | 11,812 | — | 13,718 | ||||||||||||
| Electrical Equipment | — | 11,711 | — | 11,711 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 53,567 | — | 53,567 | ||||||||||||
| Food Products | — | 66,427 | — | 66,427 | ||||||||||||
| Health Care Equipment & Supplies | — | 37,959 | — | 37,959 | ||||||||||||
| Health Care Providers & Services | — | 56,036 | — | 56,036 | ||||||||||||
| Hotels, Restaurants & Leisure | — | 16,949 | — | 16,949 | ||||||||||||
| Household Products | — | 136,589 | — | 136,589 | ||||||||||||
| Insurance | — | 175,290 | — | 175,290 | ||||||||||||
| Interactive Media & Services | — | 59,203 | — | 59,203 | ||||||||||||
| Life Sciences Tools & Services | — | 12,481 | — | 12,481 | ||||||||||||
| Machinery | — | 62,702 | — | 62,702 | ||||||||||||
| Metals & Mining | 49,443 | 14,812 | — | 64,255 | ||||||||||||
| Oil, Gas & Consumable Fuels | 11,506 | 23,008 | — | 34,514 | ||||||||||||
| Personal Products | — | 51,908 | — | 51,908 | ||||||||||||
| Pharmaceuticals | — | 234,516 | — | 234,516 | ||||||||||||
| Professional Services | — | 88,862 | — | 88,862 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 49,708 | 15,811 | — | 65,519 | ||||||||||||
| Software | 66,936 | 70,897 | — | 137,833 | ||||||||||||
| Tech Hardware, Storage & Peripherals | — | 31,406 | — | 31,406 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 117,300 | — | 117,300 | ||||||||||||
| Tobacco | — | 85,567 | — | 85,567 | ||||||||||||
| Total Common Stocks | 179,499 | 1,900,333 | — | 2,079,832 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 40,883 | — | — | 40,883 | ||||||||||||
| Total Assets | $ | 220,382 | $ | 1,900,333 | $ | — | $ | 2,120,715 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| International Opportunity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Air Freight & Logistics | $ | — | $ | 282,616 | $ | — | $ | 282,616 | ||||||||
| Banks | 174,287 | 292,289 | — | 466,576 | ||||||||||||
| Beverages | — | 37,261 | — | 37,261 | ||||||||||||
| Biotechnology | — | 82,706 | — | 82,706 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 143,070 | — | 143,070 | ||||||||||||
| Entertainment | 209,501 | 34,801 | — | 244,302 | ||||||||||||
| Food Products | — | 103,744 | — | 103,744 | ||||||||||||
| Health Care Providers & Services | 17,781 | — | — | 17,781 | ||||||||||||
| Hotels, Restaurants & Leisure | 97,096 | 186,236 | — | 283,332 | ||||||||||||
| Household Products | — | 23,845 | — | 23,845 | ||||||||||||
| Information Technology Services | 496,581 | 146,073 | — | 642,654 | ||||||||||||
| Interactive Media & Services | — | 234,733 | — | 234,733 | ||||||||||||
| Internet & Direct Marketing Retail | 377,826 | 485,405 | — | 863,231 | ||||||||||||
| Multi-Line Retail | 55,312 | — | — | 55,312 | ||||||||||||
| Semiconductors & Semiconductor Equipment | — | 228,156 | — | 228,156 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 115,411 | 550,716 | — | 666,127 | ||||||||||||
| Total Common Stocks | 1,543,795 | 2,831,651 | — | 4,375,446 | ||||||||||||
| Investment Company | 30,339 | — | — | 30,339 | ||||||||||||
| Call Options Purchased | — | 3,749 | — | 3,749 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 176,641 | — | — | 176,641 | ||||||||||||
| Repurchase Agreements | — | 10,517 | — | 10,517 | ||||||||||||
| Total Short-Term Investments | 176,641 | 10,517 | — | 187,158 | ||||||||||||
| Total Assets | 1,750,775 | 2,845,917 | — | 4,596,692 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Derivative Contract — PIPE | — | — | (3,063 | ) | (3,063 | ) | ||||||||||
| Total | $ | 1,750,775 | $ | 2,845,917 | $ | (3,063 | ) | $ | 4,593,629 | |||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| International Opportunity | Derivative Contract — PIPE (000) | |||
| Beginning Balance | $ | — | ||
| Purchases | — | |||
| Sales | — | |||
| PIPE transactions | (3,063 | ) | ||
| Amortization of discount | — | |||
| Transfers in | — | |||
| Transfers out | — | |||
| Corporate actions | — | |||
| Change in unrealized appreciation (depreciation) | — | |||
| Realized gains (losses) | — | |||
| Ending Balance | $ | (3,063 | ) | |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021 | $ | (3,063 | ) | |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2021:
| International Opportunity | Fair Value at September 30, 2021 (000) | Valuation Technique | Unobservable Input | Amount* | Impact to Valuation from an Increase in Input** | |||||||||
| PIPE | $ | (3,063 | ) | Market Implied | Discount for Lack of Marketability and Transaction Risk | 10.0 | % | Decrease | ||||||
| * | Amount is indicative of the weighted average. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. |
A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Multi-Asset Real Return | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | — | † | $ | — | $ | — | $ | — | † | ||||||
| Chemicals | 1,348 | — | — | 1,348 | ||||||||||||
| Construction Materials | 92 | — | — | 92 | ||||||||||||
| Containers & Packaging | 280 | — | — | 280 | ||||||||||||
| Energy Equipment & Services | 245 | — | — | 245 | ||||||||||||
| Equity Real Estate Investment Trusts (REITs) | 880 | — | — | 880 | ||||||||||||
| Household Durables | 413 | — | — | 413 | ||||||||||||
| Insurance | 1 | — | — | 1 | ||||||||||||
| Metals & Mining | 2,729 | 470 | — | 3,199 | ||||||||||||
| Oil, Gas & Consumable Fuels | 2,856 | 1 | — | 2,857 | ||||||||||||
| Real Estate | 92 | — | — | 92 | ||||||||||||
| Real Estate Management & Development | 1 | — | — | 1 | ||||||||||||
| Total Common Stocks | 8,937 | † | 471 | — | 9,408 | † | ||||||||||
| U.S. Treasury Security | — | 10,523 | — | 10,523 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 7,348 | — | — | 7,348 | ||||||||||||
| Repurchase Agreements | — | 2 | — | 2 | ||||||||||||
| Total Short-Term Investments | 7,348 | 2 | — | 7,350 | ||||||||||||
| Futures Contracts | 16 | — | — | 16 | ||||||||||||
| Interest Rate Swap Agreement | — | 148 | — | 148 | ||||||||||||
| Total Return Swap Agreements | — | 192 | — | 192 | ||||||||||||
| Total Assets | $ | 16,301 | † | $ | 11,336 | $ | — | $ | 27,637 | † | ||||||
| † Includes one security valued at zero. | ||||||||||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Next Gen Emerging Markets | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Air Freight & Logistics | $ | — | $ | 1,317 | $ | — | $ | 1,317 | ||||||||
| Banks | — | 23,952 | — | 23,952 | ||||||||||||
| Consumer Finance | — | 2,707 | — | 2,707 | ||||||||||||
| Diversified Consumer Services | — | 274 | — | 274 | ||||||||||||
| Entertainment | 14,577 | 3,063 | — | 17,640 | ||||||||||||
| Food & Staples Retailing | — | 1,736 | — | 1,736 | ||||||||||||
| Food Products | — | 5,400 | — | 5,400 | ||||||||||||
| Information Technology Services | 13,762 | 7,837 | — | 21,599 | ||||||||||||
| Interactive Media & Services | 8,537 | — | — | 8,537 | ||||||||||||
| Internet & Direct Marketing Retail | 12,444 | 5,529 | — | 17,973 | ||||||||||||
| Metals & Mining | 2,729 | 7,852 | — | 10,581 | ||||||||||||
| Multi-Line Retail | — | 5,590 | — | 5,590 | ||||||||||||
| Oil, Gas & Consumable Fuels | — | 8,704 | — | 8,704 | ||||||||||||
| Paper & Forest Products | — | 4,535 | — | 4,535 | ||||||||||||
| Software | 15,718 | 4,712 | — | 20,430 | ||||||||||||
| Specialty Retail | — | 6,623 | — | 6,623 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 6,454 | — | 6,454 | ||||||||||||
| Wireless Telecommunication Services | — | 6,854 | — | 6,854 | ||||||||||||
| Total Assets | 67,767 | 103,139 | — | 170,906 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Futures Contract | (87 | ) | — | — | (87 | ) | ||||||||||
| Total | $ | 67,680 | $ | 103,139 | $ | — | $ | 170,819 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Permanence | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | 424 | $ | — | $ | — | $ | 424 | ||||||||
| Capital Markets | 136 | — | — | 136 | ||||||||||||
| Chemicals | 94 | — | — | 94 | ||||||||||||
| Commercial Services & Supplies | 172 | — | — | 172 | ||||||||||||
| Construction Materials | 36 | — | — | 36 | ||||||||||||
| Containers & Packaging | 40 | — | — | 40 | ||||||||||||
| Distributors | 37 | — | — | 37 | ||||||||||||
| Diversified Consumer Services | 59 | — | — | 59 | ||||||||||||
| Entertainment | 189 | — | — | 189 | ||||||||||||
| Equity Real Estate Investment Trusts (REITs) | 93 | — | — | 93 | ||||||||||||
| Food & Staples Retailing | 137 | — | — | 137 | ||||||||||||
| Health Care Equipment & Supplies | 289 | — | — | 289 | ||||||||||||
| Health Care Technology | 131 | — | — | 131 | ||||||||||||
| Hotels, Restaurants & Leisure | 171 | — | — | 171 | ||||||||||||
| Household Products | 39 | — | — | 39 | ||||||||||||
| Industrial Conglomerates | 58 | — | — | 58 | ||||||||||||
| Insurance | 58 | — | — | 58 | ||||||||||||
| Internet & Direct Marketing Retail | 184 | — | — | 184 | ||||||||||||
| Life Sciences Tools & Services | 40 | — | — | 40 | ||||||||||||
| Metals & Mining | 31 | — | — | 31 | ||||||||||||
| Oil, Gas & Consumable Fuels | 39 | — | — | 39 | ||||||||||||
| Pharmaceuticals | 131 | — | — | 131 | ||||||||||||
| Professional Services | 40 | — | — | 40 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 223 | — | — | 223 | ||||||||||||
| Software | 534 | 155 | — | 689 | ||||||||||||
| Specialty Retail | 105 | — | — | 105 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 33 | — | — | 33 | ||||||||||||
| Trading Companies & Distributors | 67 | — | — | 67 | ||||||||||||
| Total Common Stocks | 3,590 | 155 | — | 3,745 | ||||||||||||
| Investment Company | 24 | — | — | 24 | ||||||||||||
| Call Options Purchased | — | 4 | — | 4 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 48 | — | — | 48 | ||||||||||||
| Total Assets | $ | 3,662 | $ | 159 | $ | — | $ | 3,821 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| US Core | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | 10,915 | $ | — | $ | — | $ | 10,915 | ||||||||
| Building Products | 569 | — | — | 569 | ||||||||||||
| Capital Markets | 3,601 | — | — | 3,601 | ||||||||||||
| Commercial Services & Supplies | 2,407 | — | — | 2,407 | ||||||||||||
| Diversified Telecommunication Services | 955 | — | — | 955 | ||||||||||||
| Electric Utilities | 1,596 | — | — | 1,596 | ||||||||||||
| Equity Real Estate Investment Trusts (REITs) | 2,841 | — | — | 2,841 | ||||||||||||
| Food & Staples Retailing | 2,151 | — | — | 2,151 | ||||||||||||
| Health Care Equipment & Supplies | 7,002 | — | — | 7,002 | ||||||||||||
| Health Care Providers & Services | 822 | — | — | 822 | ||||||||||||
| Health Care Technology | 1,374 | — | — | 1,374 | ||||||||||||
| Hotels, Restaurants & Leisure | 5,918 | — | — | 5,918 | ||||||||||||
| Household Durables | 301 | — | — | 301 | ||||||||||||
| Information Technology Services | 2,267 | — | — | 2,267 | ||||||||||||
| Insurance | 1,674 | — | — | 1,674 | ||||||||||||
| Interactive Media & Services | 5,711 | — | — | 5,711 | ||||||||||||
| Oil, Gas & Consumable Fuels | 3,593 | — | — | 3,593 | ||||||||||||
| Personal Products | 2,206 | — | — | 2,206 | ||||||||||||
| Software | 6,456 | — | — | 6,456 | ||||||||||||
| Specialty Retail | 1,139 | — | — | 1,139 | ||||||||||||
| Tech Hardware, Storage & Peripherals | 6,094 | — | — | 6,094 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 1,639 | — | — | 1,639 | ||||||||||||
| Trading Companies & Distributors | 3,260 | — | — | 3,260 | ||||||||||||
| Total Common Stocks | 74,491 | — | — | 74,491 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 2,147 | — | — | 2,147 | ||||||||||||
| Total Assets | $ | 76,638 | $ | — | $ | — | $ | 76,638 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:
| Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| U.S. Real Estate | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Apartments | $ | 5,987 | $ | — | $ | — | $ | 5,987 | ||||||||
| Data Centers | 3,914 | — | — | 3,914 | ||||||||||||
| Free Standing | 3,310 | — | — | 3,310 | ||||||||||||
| Health Care | 6,908 | — | — | 6,908 | ||||||||||||
| Industrial | 4,780 | — | 547 | 5,327 | ||||||||||||
| Lodging/Resorts | 1,145 | — | — | 1,145 | ||||||||||||
| Manufactured Homes | 2,118 | — | — | 2,118 | ||||||||||||
| Office | 3,002 | — | — | 3,002 | ||||||||||||
| Self Storage | 5,924 | — | — | 5,924 | ||||||||||||
| Shopping Centers | 4,292 | — | — | 4,292 | ||||||||||||
| Single Family Homes | 1,382 | — | — | 1,382 | ||||||||||||
| Specialty | 2,291 | — | — | 2,291 | ||||||||||||
| Total Common Stocks | 45,053 | — | 547 | 45,600 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 198 | — | — | 198 | ||||||||||||
| Total Assets | $ | 45,251 | $ | — | $ | 547 | $ | 45,798 | ||||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| U.S. Real Estate | Common Stock (000) | |||
| Beginning Balance | $ | 530 | ||
| Purchases | — | |||
| Sales | — | |||
| Amortization of discount | — | |||
| Transfers in | — | |||
| Transfers out | — | |||
| Corporate actions | — | |||
| Change in unrealized appreciation (depreciation) | 17 | |||
| Realized gains (losses) | — | |||
| Ending Balance | $ | 547 | ||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021 | $ | 17 | ||
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2021. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
| U.S. Real Estate | Fair Value at September 30, 2021 (000) | Valuation Technique | Unobservable Input | |||||
| Common Stock | $ | 547 | Reported Capital balance, adjustments for NAV practical expedient; including adjustments for subsequent Capital Calls, Return of Capital and Significant Market Changes between last Capital Statement and Valuation Date | Adjusted Capital Balance | ||||
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.