Morgan Stanley Insight Fund
Consolidated Portfolio of Investments ▪ March 31, 2022 (unaudited)
| NUMBER
OF SHARES | VALUE | |||||||
| Common Stocks (95.4%) | ||||||||
| Automobiles (0.4%) | ||||||||
| 323,314 | Rivian Automotive, Inc., Class A (a)(b) | $ | 16,243,295 | |||||
| Biotechnology (0.8%) | ||||||||
| 218,728 | Intellia Therapeutics, Inc. (a) | 15,894,964 | ||||||
| 76,070 | Moderna, Inc. (a) | 13,103,818 | ||||||
| 28,998,782 | ||||||||
| Capital Markets (1.4%) | ||||||||
| 288,952 | Coinbase Global, Inc., Class A (a) | 54,860,427 | ||||||
| Chemicals (0.2%) | ||||||||
| 2,236,098 | Ginkgo Bioworks Holdings, Inc. (a)(b) | 9,011,475 | ||||||
| Consumer Finance (0.4%) | ||||||||
| 148,722 | Upstart Holdings, Inc. (a) | 16,224,083 | ||||||
| Electrical Equipment (0.5%) | ||||||||
| 3,467,415 | Heliogen, Inc. (a) | 18,238,603 | ||||||
| Electronic Equipment, Instruments & Components (0.0%) | ||||||||
| 3,889 | Magic Leap, Class A (a)(c)(d) (acquisition cost — $1,890,434; acquired 12/22/15) | — | ||||||
| Entertainment (5.0%) | ||||||||
| 2,765,119 | ROBLOX Corp., Class A (a) | 127,859,103 | ||||||
| 514,731 | Sea Ltd. ADR (a) | 61,659,626 | ||||||
| 189,518,729 | ||||||||
| Health Care Providers & Services (4.2%) | ||||||||
| 5,070,453 | Agilon Health, Inc. (a) | 128,535,984 | ||||||
| 487,172 | Guardant Health, Inc. (a) | 32,270,273 | ||||||
| 160,806,257 | ||||||||
| Health Care Technology (4.4%) | ||||||||
| 676,246 | Doximity, Inc., Class A (a) | 35,225,654 | ||||||
| 1,055,324 | GoodRx Holdings, Inc., Class A (a) | 20,399,413 | ||||||
| 521,730 | Veeva Systems, Inc., Class A (a) | 110,846,756 | ||||||
| 166,471,823 | ||||||||
| Information Technology Services (25.7%) | ||||||||
| 35,248 | Adyen N.V. (a) | 69,815,483 | ||||||
| 1,058,468 | Block, Inc., Class A (a) | 143,528,261 | ||||||
| 2,361,599 | Cloudflare, Inc., Class A (a) | 282,683,400 | ||||||
| 102,207 | MongoDB, Inc. (a) | 45,338,003 | ||||||
| 271,736 | Shopify, Inc., Class A (a) | 183,682,666 | ||||||
| 1,072,043 | Snowflake, Inc., Class A (a) | 245,637,213 | ||||||
| 970,685,026 | ||||||||
| Interactive Media & Services (6.9%) | ||||||||
| 2,601,531 | Snap, Inc., Class A (a) | 93,629,101 | ||||||
| 1,412,318 | Twitter, Inc. (a) | 54,642,583 | ||||||
| 1,857,232 | ZoomInfo Technologies, Inc., Class A (a) | 110,951,040 | ||||||
| 259,222,724 | ||||||||
| Internet & Direct Marketing Retail (10.2%) | ||||||||
| 3,037,019 | Coupang, Inc. (a) | 53,694,496 | ||||||
| 1,672,865 | DoorDash, Inc., Class A (a) | 196,043,049 | ||||||
| 62,799 | MercadoLibre, Inc. (a) | 74,698,155 | ||||||
| 544,724 | Wayfair, Inc., Class A (a) | 60,344,525 | ||||||
| 384,780,225 | ||||||||
| Leisure Products (1.4%) | ||||||||
| 1,995,729 | Peloton Interactive, Inc., Class A (a) | 52,727,160 | ||||||
| Life Sciences Tools & Services (1.4%) | ||||||||
| 706,818 | 10X Genomics, Inc., Class A (a) | 53,767,645 | ||||||
Morgan Stanley Insight Fund
Consolidated Portfolio of Investments ▪ March 31, 2022 (unaudited) continued
| Pharmaceuticals (3.7%) | ||||||||
| 3,612,285 | Royalty Pharma PLC, Class A (United Kingdom) | 140,734,624 | ||||||
| Real Estate Management & Development (0.3%) | ||||||||
| 560,293 | Redfin Corp. (a) | 10,107,686 | ||||||
| Road & Rail (2.6%) | ||||||||
| 6,182,808 | Grab Holdings Ltd., Class A (a)(c) | 20,774,235 | ||||||
| 5,899,187 | Grab Holdings Ltd., Class A (a) | 20,647,154 | ||||||
| 1,628,263 | Uber Technologies, Inc. (a) | 58,096,424 | ||||||
| 99,517,813 | ||||||||
| Semiconductors & Semiconductor Equipment (2.7%) | ||||||||
| 154,092 | ASML Holding N.V. | 102,922,670 | ||||||
| Software (21.5%) | ||||||||
| 2,561,965 | Aurora Innovation, Inc. (a)(c) | 13,533,708 | ||||||
| 852,759 | Bill.Com Holdings, Inc. (a) | 193,397,214 | ||||||
| 3,039,698 | Cipher Mining Technologies, Inc. (a) | 11,064,501 | ||||||
| 1,162,331 | Datadog, Inc., Class A (a) | 176,058,277 | ||||||
| 44,916 | MicroStrategy, Inc., Class A (a)(b) | 21,843,549 | ||||||
| 2,581,913 | Trade Desk, Inc. (The), Class A (a) | 178,797,475 | ||||||
| 1,332,997 | Unity Software, Inc. (a) | 132,246,632 | ||||||
| 751,841 | Zoom Video Communications, Inc., Class A (a) | 88,138,320 | ||||||
| 815,079,676 | ||||||||
| Specialty Retail (1.7%) | ||||||||
| 523,812 | Carvana Co. (a) | 62,485,533 | ||||||
| Total Common Stocks (Cost $3,939,546,170) | 3,612,404,256 |
| NUMBER
OF WARRANTS |
||||||||
| Warrant (0.0%) (e) | ||||||||
| Chemicals (0.0%) (e) | ||||||||
| 343,913 | Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a) (Cost $1,145,230) | 302,747 | ||||||
| NUMBER OF SHARES | ||||||||
| Preferred Stocks (1.4%) | ||||||||
| Software (1.4%) | ||||||||
| 253,991 | Databricks, Inc. (a)(c)(d) (acquisition cost — $55,992,926 ; acquired 8/31/21) | 52,601,536 | ||||||
| 197,427 | Lookout, Inc., Series F (a)(c)(d) (acquisition cost — $2,255,228; acquired 6/17/14) | 1,038,466 | ||||||
| Total Preferred Stocks (Cost $58,248,154) | 53,640,002 | |||||||
| Investment Company (1.1%) | ||||||||
| 1,401,386 | Grayscale Bitcoin Trust (a) (Cost $59,305,086) | 42,798,328 | ||||||
| NUMBER OF
SHARES (000) |
||||||||
| Short-Term Investments (2.7%) | ||||||||
| Securities held as Collateral on Loaned Securities (0.7%) | ||||||||
| Investment Company (0.7%) | ||||||||
| 24,388 | Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio – Institutional Class (f) | 24,387,873 | ||||||
| PRINCIPAL AMOUNT (000) |
||||||||
| Repurchase Agreements (0.0%) (e) | ||||||||
| $ | 1,270 | HSBC Securities USA, Inc. (0.30%, dated 3/31/22, due 4/1/22; proceeds $1,270,212; fully collateralized by U.S. Government obligations; 0.00%-3.75% due 4/30/22-5/15/51; valued at $1,295,606) | 1,270,202 | |||||
| 116 | Merrill Lynch & Co., Inc. (0.20%, dated 3/31/22, due 4/1/22; proceeds $115,589; fully collateralized by a U.S. Government obligation; 0.63% due 10/15/24; valued at $117,909) | 115,588 | ||||||
| Total Securities held as Collateral on Loaned Securities (Cost $25,773,663) | 25,773,663 | |||||||
Morgan Stanley Insight Fund
Consolidated Portfolio of Investments ▪ March 31, 2022 (unaudited) continued
| NUMBER OF SHARES (000) | ||||||||||||
| Investment Company (2.0%) | ||||||||||||
| 74,783 | Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio – Institutional Class (f) (Cost $74,782,766) | 74,782,766 | ||||||||||
| Total Short-Term Investments (Cost $100,556,429) | 100,556,429 | |||||||||||
| Total Investments Excluding Purchased Options (Cost $4,158,801,069) | 100.6 | % | 3,809,701,762 | |||||||||
| Total Purchased Options Outstanding (Cost $24,019,074) | 0.1 | % | 2,621,397 | |||||||||
| Total Investments (Cost $4,182,820,143) (g)(h)(i)(j) | 100.7 | % | 3,812,323,159 | |||||||||
| Liabilities in Excess of Other Assets | (0.7 | ) | (28,033,525 | ) | ||||||||
| Net Assets | 100.0 | % | $ | 3,784,289,634 | ||||||||
The Fund had the following Derivative Contract - PIPE open at March 31, 2022:
| COUNTERPARTY | REFERENCED OBLIGATION | NOTIONAL AMOUNT | SETTLEMENT DATE | UNREALIZED DEPRECIATION | % OF NET ASSETS | |||||||||||
| Social Capital Suvretta Holdings Corp.III | ProKidney, LP. (a)(c)(d))(k)(l) | $ | 14,216,880 | 12/30/22 | $ | (2,137,081 | ) | (0.06 | )% | |||||||
| ADR | American Depositary Receipt. |
| PIPE | Private Investment in Public Equity. |
| SPAC | Special Purpose Acquisition Company. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were $28,908,150 and $30,523,638 respectively. The Fund received cash collateral of $25,773,663, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. At March 31, 2022, The remaining collateral of $4,749,975 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contract (excluding 144A holdings) at March 31, 2022 amounts to $265,674,370 and represents 7.0% of net assets. |
| (d) | At March 31, 2022, the Fund held fair valued securities and a derivative contract valued at $51,502,921, representing 1.4% 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 Fund's Trustees. |
| (e) | Amount is less than 0.05%. |
| (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 three months ended March 31, 2022, advisory fees paid were reduced by $12,201 relating to the Fund's investment in the Liquidity Funds. |
| (g) | The approximate fair value and percentage of net assets, $69,815,483 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. |
Morgan Stanley Insight Fund
Consolidated Portfolio of Investments ▪ March 31, 2022 (unaudited) continued
| (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 Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions. |
| (i) | Securities are available for collateral in connection with the securities purchased on a forward commitment basis and purchased options. |
| (j) | At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $431,337,887 and the aggregate gross unrealized depreciation is $803,971,952, resulting in net unrealized depreciation of $372,634,065. |
| (k) | Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 1,421,688 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between ProKidney, LP., and Social Capital Suvretta Holdings Corp.III, 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 Social Capital Suvretta Holdings Corp.III, and ProKidney, LP., 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 Social Capital Suvretta Holdings Corp.III, and ProKidney, LP. 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. |
| Call Options Purchased: The Fund had the following call options purchased open at March 31, 2022: |
| COUNTERPARTY | DESCRIPTION | STRIKE PRICE | EXPIRATION DATE | NUMBER
OF CONTRACTS | NOTIONAL AMOUNT (000) | VALUE | PREMIUMS PAID | UNREALIZED APPRECIATION (DEPRECIATION) | |||||||||||||||||||
| Goldman Sachs International | USD/CNH | CNH | 7.27 | Nov-22 | 1,670,325,800 | 1,670,326 | $ | 1,862,413 | $ | 8,018,591 | $ | (6,156,178 | ) | ||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.28 | Jul-22 | 1,715,752,843 | 1,715,753 | 415,212 | 7,993,418 | (7,578,206 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.31 | Aug-22 | 790,635,623 | 790,636 | 236,400 | 5,369,997 | (5,133,597 | ) | |||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.38 | Jul-22 | 497,090,986 | 497,091 | 107,372 | 2,637,068 | (2,529,696 | ) | |||||||||||||||||
| $ | 2,621,397 | $ | 24,019,074 | $ | (21,397,677 | ) | |||||||||||||||||||||
| CNH — Chinese Yuan Renminbi Offshore |
| USD — United States Dollar |
| INDUSTRY† | VALUE | PERCENT OF TOTAL INVESTMENTS | ||||||
| Information Technology Services | $ | 970,685,026 | 25.6 | % | ||||
| Software | 868,719,678 | 22.9 | ||||||
| Internet & Direct Marketing Retail | 384,780,225 | 10.2 | ||||||
| Interactive Media & Services | 259,222,724 | 6.8 | ||||||
| Entertainment | 189,518,729 | 5.0 | ||||||
| Health Care Technology | 166,471,823 | 4.4 | ||||||
| Health Care Providers & Services | 160,806,257 | 4.3 | ||||||
| Pharmaceuticals | 140,734,624 | 3.7 | ||||||
| Investment Companies | 117,581,094 | 3.1 | ||||||
| Semiconductors & Semiconductor Equipment | 102,922,670 | 2.7 | ||||||
| Road & Rail | 99,517,813 | 2.6 | ||||||
| Specialty Retail | 62,485,533 | 1.7 | ||||||
| Capital Markets | 54,860,427 | 1.5 | ||||||
| Life Sciences Tools & Services | 53,767,645 | 1.4 | ||||||
| Leisure Products | 52,727,160 | 1.4 | ||||||
| Biotechnology | 28,998,782 | 0.8 | ||||||
| Electrical Equipment | 18,238,603 | 0.5 | ||||||
| Automobiles | 16,243,295 | 0.4 | ||||||
| Consumer Finance | 16,224,083 | 0.4 | ||||||
| Real Estate Management & Development | 10,107,686 | 0.3 | ||||||
| Chemicals | 9,314,222 | 0.2 | ||||||
| Call Options Purchased | 2,621,397 | 0.1 | ||||||
| Electronic Equipment, Instruments & Components | — | †† | 0.0 | |||||
| Total Investments | $ | 3,786,549,496 | †† | 100.0 | %* | |||
| † | Does not reflect the value of securities held as collateral on loaned securities. |
| †† | Includes a security valued at zero. |
| * | Does not include an open PIPE contract with unrealized depreciation of $2,137,081. |
Morgan Stanley Insight Fund
Notes to Consolidated Portfolio of Investments ▪ March 31, 2022 (unaudited)
Valuation of Investments - (1) 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; (2) 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; (3) when market quotations are not readily available, including circumstances under which Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley determines 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 Fund’s Board of Trustees (the "Trustees"). 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 on 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 Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (4) 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; (5) 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; (6) certain portfolio securities may be valued by an outside pricing service/vendor approved by the Trustees. 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 the Adviser, 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; (7) PIPE investments may be valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; and (8) 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 Trustees have responsibility for determining in good faith the fair value of the investments, and the Trustees may appoint others, such as the Fund’s Adviser or a valuation committee, to assist the Trustees in determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Fund's Adviser has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Fund’s valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Fair Valuation Measurements
Financial Accounting Standards Board (“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 March 31, 2022:
| INVESTMENT TYPE | LEVEL 1 UNADJUSTED QUOTED PRICES | LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS | LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS | TOTAL | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles | $ | 16,243,295 | $ | — | $ | — | $ | 16,243,295 | ||||||||
| Biotechnology | 28,998,782 | — | — | 28,998,782 | ||||||||||||
| Capital Markets | 54,860,427 | — | — | 54,860,427 | ||||||||||||
| Chemicals | 9,011,475 | — | — | 9,011,475 | ||||||||||||
| Consumer Finance | 16,224,083 | — | — | 16,224,083 | ||||||||||||
| Electrical Equipment | 18,238,603 | — | — | 18,238,603 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | — | — | † | — | † | ||||||||||
| Entertainment | 189,518,729 | — | — | 189,518,729 | ||||||||||||
| Health Care Providers & Services | 160,806,257 | — | — | 160,806,257 | ||||||||||||
| Health Care Technology | 166,471,823 | — | — | 166,471,823 | ||||||||||||
| Information Technology Services | 900,869,543 | 69,815,483 | — | 970,685,026 | ||||||||||||
| Interactive Media & Services | 259,222,724 | — | — | 259,222,724 | ||||||||||||
| Internet & Direct Marketing Retail | 384,780,225 | — | — | 384,780,225 | ||||||||||||
| Leisure Products | 52,727,160 | — | — | 52,727,160 | ||||||||||||
| Life Sciences Tools & Services | 53,767,645 | — | — | 53,767,645 | ||||||||||||
| Pharmaceuticals | 140,734,624 | — | — | 140,734,624 | ||||||||||||
| Real Estate Management & Development | 10,107,686 | — | — | 10,107,686 | ||||||||||||
| Road & Rail | 78,743,578 | 20,774,235 | — | 99,517,813 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 102,922,670 | — | — | 102,922,670 | ||||||||||||
| Software | 801,545,968 | 13,533,708 | — | 815,079,676 | ||||||||||||
| Specialty Retail | 62,485,533 | — | — | 62,485,533 | ||||||||||||
| Total Common Stocks | 3,508,280,830 | 104,123,426 | — | † | 3,612,404,256 | † | ||||||||||
| Warrant | 302,747 | — | — | 302,747 | ||||||||||||
| Preferred Stocks | ||||||||||||||||
| Software | — | — | 53,640,002 | 53,640,002 | ||||||||||||
| Investment Company | 42,798,328 | — | — | 42,798,328 | ||||||||||||
| Call Options Purchased | — | 2,621,397 | — | 2,621,397 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 99,170,639 | — | — | 99,170,639 | ||||||||||||
| Repurchase Agreements | — | 1,385,790 | — | 1,385,790 | ||||||||||||
| Total Short-Term Investments | 99,170,639 | 1,385,790 | — | 100,556,429 | ||||||||||||
| Total Assets | 3,650,552,544 | 108,130,613 | 53,640,002 | † | 3,812,323,159 | † | ||||||||||
| Liabilities: | ||||||||||||||||
| Derivative Contract — PIPE | — | — | (2,137,081 | ) | (2,137,081 | ) | ||||||||||
| Total | $ | 3,650,552,544 | $ | 108,130,613 | $ | 51,502,921 | † | $ | 3,810,186,078 | † | ||||||
| † | Includes a security valued at zero. |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| COMMON STOCK | PREFERRED STOCKS | DERIVATIVE CONTRACT — PIPE | ||||||||||
| Beginning Balance | $ | - | $ | 58,239,279 | † | $ | - | |||||
| Purchases | - | - | - | |||||||||
| Sales | - | - | ||||||||||
| PIPE transactions | - | - | (2,137,081 | ) | ||||||||
| Transfers in | - | † | - | - | ||||||||
| Transfers out | - | (- | )† | - | ||||||||
| Corporate actions | - | - | - | |||||||||
| Change in unrealized appreciation (depreciation) | - | (4,599,277 | ) | - | ||||||||
| Realized gains (losses) | - | - | - | |||||||||
| Ending Balance | $ | - | † | $ | 53,640,002 | $ | (2,137,081 | ) | ||||
| Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2022 | $ | - | $ | (4,599,277 | ) | $ | (2,137,081 | ) | ||||
| † | Includes a security valued at zero. |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2022. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment’s fair value as of March 31, 2022.
| Fair
Value at March 31, 2022 | Valuation
Technique | Unobservable
Input | Amount
or Range /Weighted Average* | Impact
to Valuation from an Increase in Input** | ||||||||
| Preferred Stocks | $ | 53,640,002 | Discounted Cash Flow | Weighted Average Cost of Capital | 12.0% - 13.0% / 12.0% | Decrease | ||||||
| Perpetual Growth Rate | 3.0% - 4.0% / 3.5% | Increase | ||||||||||
| Market Comparable Companies | Enterprise Value /Revenue | 2.0x - 30.2x / 30.6x | Increase | |||||||||
| Discount for Lack of Marketability | 11.0% - 12.0% / 11.0% | Decrease | ||||||||||
| PIPE | $ | (2,137,081 | ) | Market Implied | Discount for Lack of Marketability and Transaction Risk | 14.0% | 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. |