NPORT-EX 2 NPORT_MGDJ_97287935_0921.htm

 

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  EUR1,593   $1,887   12/16/21  $39 
State Street Bank and Trust Co.  $2,623   GBP1,894   12/16/21   (72)
State Street Bank and Trust Co.  $1,940   JPY212,626   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.