Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) |
|||||||
| Common Stocks (99.5%) | ||||||||
| Belgium (0.9%) | ||||||||
| Anheuser-Busch InBev SA N.V. | 30,404 | $ | 1,637 | |||||
| Brazil (1.7%) | ||||||||
| Ambev SA ADR | 994,423 | 2,247 | ||||||
| Petroleo Brasileiro SA (Preference) | 230,481 | 805 | ||||||
| 3,052 | ||||||||
| Canada (5.7%) | ||||||||
| Agnico Eagle Mines Ltd. | 39,382 | 3,138 | ||||||
| Altus Group Ltd. | 25,941 | 1,078 | ||||||
| First Quantum Minerals Ltd. | 525,944 | 4,688 | ||||||
| Gildan Activewear, Inc. | 79,644 | 1,570 | ||||||
| 10,474 | ||||||||
| China (8.0%) | ||||||||
| Alibaba Group Holding Ltd. ADR (a) | 22,403 | 6,586 | ||||||
| China Resources Beer Holdings Co., Ltd. (b) | 122,000 | 749 | ||||||
| Tencent Holdings Ltd. (b) | 57,100 | 3,857 | ||||||
| Tencent Music Entertainment Group ADR (a) | 106,800 | 1,578 | ||||||
| Trip.com Group Ltd. ADR (a) | 58,933 | 1,835 | ||||||
| 14,605 | ||||||||
| Colombia (0.2%) | ||||||||
| Banco Davivienda SA (Preference) | 45,317 | 325 | ||||||
| Denmark (1.6%) | ||||||||
| Drilling Co of 1972 A/S/The (a) | 14,139 | 306 | ||||||
| Novo Nordisk A/S Series B | 37,166 | 2,575 | ||||||
| 2,881 | ||||||||
| France (9.9%) | ||||||||
| Air Liquide SA | 5,440 | 862 | ||||||
| Airbus SE (a) | 44,566 | 3,232 | ||||||
| Capgemini SE | 10,908 | 1,400 | ||||||
| Dassault Systemes SE | 5,767 | 1,076 | ||||||
| EssilorLuxottica SA (a) | 4,581 | 624 | ||||||
| Hermes International | 463 | 399 | ||||||
| Kering SA | 2,026 | 1,344 | ||||||
| L'Oreal SA (BSRM) | 3,731 | 1,214 | ||||||
| Legrand SA (PAR) | 6,555 | 522 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,997 | 934 | ||||||
| Pernod Ricard SA | 7,755 | 1,236 | ||||||
| Remy Cointreau SA (c) | 5,608 | 1,024 | ||||||
| Safran SA (a) | 3,213 | 316 | ||||||
| Sanofi | 11,120 | 1,114 | ||||||
| Ubisoft Entertainment SA (a) | 16,975 | 1,530 | ||||||
| Vivendi SA | 48,795 | 1,363 | ||||||
| 18,190 | ||||||||
| Germany (8.4%) | ||||||||
| Bayer AG (Registered) | 59,423 | 3,666 | ||||||
| Bayerische Motoren Werke AG | 4,266 | 310 | ||||||
| CTS Eventim AG & Co. KGaA (a) | 30,316 | 1,465 | ||||||
| Duerr AG | 34,808 | 1,065 | ||||||
Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Infineon Technologies AG | 47,928 | 1,351 | ||||||
| Jungheinrich AG (Preference) | 31,250 | 1,076 | ||||||
| KION Group AG | 13,916 | 1,188 | ||||||
| Linde PLC (a) | 7,252 | 1,715 | ||||||
| SAP SE | 11,726 | 1,826 | ||||||
| Siemens Healthineers AG | 39,100 | 1,755 | ||||||
| 15,417 | ||||||||
| India (2.9%) | ||||||||
| Apollo Hospitals Enterprise Ltd. | 45,661 | 1,331 | ||||||
| ICICI Bank Ltd. (a) | 129,188 | 625 | ||||||
| ICICI Prudential Life Insurance Co., Ltd. | 144,760 | 828 | ||||||
| Maruti Suzuki India Ltd. | 12,004 | 1,100 | ||||||
| Reliance Industries Ltd. | 48,168 | 1,461 | ||||||
| 5,345 | ||||||||
| Ireland (0.3%) | ||||||||
| Kerry Group PLC, Class A | 4,867 | 623 | ||||||
| Japan (9.6%) | ||||||||
| FANUC Corp. | 5,150 | 988 | ||||||
| Hoya Corp. | 7,800 | 881 | ||||||
| Keyence Corp. | 5,600 | 2,618 | ||||||
| Murata Manufacturing Co., Ltd. | 8,700 | 566 | ||||||
| Nexon Co., Ltd. | 83,800 | 2,090 | ||||||
| Nintendo Co., Ltd. | 1,808 | 1,025 | ||||||
| Shimano, Inc. | 4,350 | 859 | ||||||
| Shiseido Co., Ltd. | 10,300 | 596 | ||||||
| SMC Corp. | 2,105 | 1,174 | ||||||
| Sony Corp. | 32,993 | 2,529 | ||||||
| Sony Corp. ADR | 30,312 | 2,326 | ||||||
| Tokyo Electron Ltd. | 5,200 | 1,358 | ||||||
| Unicharm Corp. | 13,300 | 595 | ||||||
| 17,605 | ||||||||
| Korea, Republic of (3.9%) | ||||||||
| Samsung Electronics Co., Ltd. | 104,272 | 5,177 | ||||||
| SK Hynix, Inc. | 26,843 | 1,924 | ||||||
| 7,101 | ||||||||
| Malta (0.0%) | ||||||||
| BGP Holdings PLC (a)(d) | 72,261 | —@ | ||||||
| Netherlands (6.1%) | ||||||||
| Akzo Nobel N.V. | 9,009 | 911 | ||||||
| ASML Holding N.V. | 7,180 | 2,652 | ||||||
| Koninklijke Philips N.V. (a) | 77,023 | 3,637 | ||||||
| Unilever N.V. CVA | 38,935 | 2,364 | ||||||
| Wolters Kluwer N.V. | 19,131 | 1,632 | ||||||
| 11,196 | ||||||||
| Norway (0.1%) | ||||||||
| Subsea 7 SA (a) | 36,850 | 265 | ||||||
| Singapore (9.2%) | ||||||||
| Sea Ltd. ADR (a) | 109,208 | 16,822 |
Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Spain (1.9%) | ||||||||
| Amadeus IT Group SA | 64,631 | 3,589 | ||||||
| Sweden (1.7%) | ||||||||
| Atlas Copco AB, Class A | 12,660 | 604 | ||||||
| Epiroc AB, Class A | 35,510 | 514 | ||||||
| Telefonaktiebolaget LM Ericsson, Class B | 181,320 | 1,984 | ||||||
| 3,102 | ||||||||
| Switzerland (3.6%) | ||||||||
| Givaudan SA (Registered) | 246 | 1,062 | ||||||
| Nestle SA (Registered) | 46,920 | 5,584 | ||||||
| 6,646 | ||||||||
| Taiwan (3.5%) | ||||||||
| Airtac International Group | 32,000 | 728 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 246,000 | 3,701 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 24,292 | 1,969 | ||||||
| 6,398 | ||||||||
| Thailand (0.4%) | ||||||||
| Muangthai Capital PCL (Foreign Shares) (a) | 532,400 | 834 | ||||||
| United Kingdom (7.9%) | ||||||||
| AstraZeneca PLC | 12,945 | 1,414 | ||||||
| Diageo PLC | 72,987 | 2,507 | ||||||
| Intertek Group PLC | 3,793 | 310 | ||||||
| Keywords Studios PLC | 60,698 | 1,701 | ||||||
| Ryanair Holdings PLC ADR (a) | 51,252 | 4,190 | ||||||
| Sage Group PLC (The) | 72,435 | 673 | ||||||
| Spectris PLC | 16,492 | 518 | ||||||
| Unilever PLC | 44,586 | 2,749 | ||||||
| Weir Group PLC (The) | 25,917 | 417 | ||||||
| 14,479 | ||||||||
| United States (12.0%) | ||||||||
| Booking Holdings, Inc. (a) | 1,543 | 2,640 | ||||||
| Charles River Laboratories International, Inc. (a) | 6,040 | 1,368 | ||||||
| Cognex Corp. | 7,900 | 514 | ||||||
| Estee Lauder Cos., Inc. (The), Class A | 5,577 | 1,217 | ||||||
| Farfetch Ltd., Class A (a)(c) | 104,568 | 2,631 | ||||||
| ICON PLC (a) | 4,120 | 787 | ||||||
| Mastercard, Inc., Class A | 2,067 | 699 | ||||||
| Medtronic PLC | 6,287 | 654 | ||||||
| Micron Technology, Inc. (a) | 106,199 | 4,987 | ||||||
| Mondelez International, Inc., Class A | 7,637 | 439 | ||||||
| Newmont Goldcorp Corp. (NYSE) | 32,659 | 2,072 | ||||||
| Newmont Goldcorp Corp. (TSX) (c) | 29,323 | 1,871 | ||||||
| Palo Alto Networks, Inc. (a) | 1,464 | 358 | ||||||
| Schlumberger Ltd. | 46,230 | 719 | ||||||
| Transocean Ltd. (a)(c) | 146,023 | 118 | ||||||
| Visa, Inc., Class A | 3,356 | 671 | ||||||
| Xilinx, Inc. | 1,930 | 201 | ||||||
| 21,946 | ||||||||
| Total Common Stocks (Cost $129,790) | 182,532 |
Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Investment Company (0.7%) | ||||||||
| United States (0.7%) | ||||||||
| Morgan Stanley China A Share Fund, Inc. (e) (Cost $1,324) | 56,878 | 1,201 | ||||||
| Short-Term Investments (0.2%) | ||||||||
| Securities held as Collateral on Loaned Securities (0.2%) | ||||||||
| Investment Company (0.2%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $274) | 274,438 | 274 |
| Face Amount (000) | ||||||||
| Repurchase Agreements (0.0%) | ||||||||
| Barclays Capital, Inc., (0.06%, dated 9/30/20, due 10/1/20; proceeds $42; fully collateralized by a U.S. Government obligation; 2.13% due 5/15/22; valued at $42) | $ | 42 | 42 | |||||
| Merrill Lynch & Co., Inc., (0.05%, dated 9/30/20, due 10/1/20; proceeds $5; fully collateralized by U.S. Government obligations; 1.50% due 10/31/24; valued at $5) | 5 | 5 | ||||||
| Merrill Lynch & Co., Inc., (0.06%, dated 9/30/20, due 10/1/20; proceeds $16; fully collateralized by U.S. Government obligations; 1.50% due 10/31/24; valued at $16) | 16 | 16 | ||||||
| 63 | ||||||||
| Total Short-Term Investments (Cost $337) | 337 | |||||||
| Total Investments (100.4%) (Cost $131,451) Including $3,908 of Securities Loaned (g)(h)(i)(j) | 184,070 | |||||||
| Other Assets in Excess of Liabilities (0.3%) | 647 | |||||||
| Total Written Options Outstanding (-0.7%) (Premiums Received $1,253) | (1,342 | ) | ||||||
| Net Assets (100.0%) | $ | 183,375 | ||||||
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) | Security trades on the Hong Kong exchange. |
| (c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2020, were approximately $3,908,000 and $4,107,000, respectively. The Fund received cash collateral of approximately $337,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $3,770,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (d) | At September 30, 2020 he 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. |
Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| (e) | For the nine months ended September 30, 2020, the cost of purchase of Morgan Stanley China A Share Fund, Inc. and proceeds from sale of Mitsubishi UFJ Financial Group, 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 $1,324,000 and $215,000, respectively, including net realized loss of approximately $295,000. For the nine months ended September 30, 2020, advisory fees paid were reduced by approximately $13,000 relating to the Fund’s investment in Morgan Stanley China A Share Fund, Inc. |
| (f) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2020, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds. |
| (g) | Securities are available for collateral in connection with open foreign currency forward exchange contracts and futures contract. |
| (h) | The approximate fair value and percentage of net assets, $110,595,000 and 60.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (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, 2020, the Fund did not engage in any cross-trade transactions. |
| (j) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $61,636,000 and the aggregate gross unrealized depreciation is approximately $9,064,000, resulting in net unrealized appreciation of approximately $52,572,000. |
| ADR | American Depositary Receipt. |
| CVA | Certificaten Van Aandelen. |
| BSRM | Berlin Second Regulated Market. |
| NYSE | New York Stock Exchange. |
| PAR | Paris Stock Exchange. |
| TSX | Toronto Stock Exchange. |
Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at September 30, 2020:
| Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation/ Depreciation (000) | ||||||||||||
| Citibank NA | EUR | 1,593 | $ | 1,892 | 12/17/20 | $ | 21 | |||||||||
| State Street Bank and Trust Co. | HKD | 4,194 | $ | 541 | 12/17/20 | (— @ | ) | |||||||||
| State Street Bank and Trust Co. | $ | 2,435 | GBP | 1,894 | 12/17/20 | 9 | ||||||||||
| State Street Bank and Trust Co. | $ | 2,018 | JPY | 212,626 | 12/17/20 | (—@ | ) | |||||||||
| $ | 30 | |||||||||||||||
Futures Contract:
The Fund had the following futures contract open at September 30, 2020:
| Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (000) | |||||||||||||
| Short: | |||||||||||||||||
| SET50 Index Futures (Thailand) | 329 | Dec-20 | THB | (66 | ) | $ | (1,617 | ) | $ | 12 | |||||||
Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
Call Options Written:
The Fund had the following call options written open at September 30, 2020:
| Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Received (000) | Unrealized Appreciation/ Depreciation (000) | |||||||||||||||||||
| UBS Securities LLC | USD/CNH | CNH | 315 | Nov - 20 | 22,400 | 22 | $ | (149 | ) | $ | (149 | ) | $ | — | |||||||||||||
| UBS Securities LLC | USD/CNH | CNH | 190 | Feb - 21 | 109,200 | 109 | (1,160 | ) | (1,021 | ) | (139 | ) | |||||||||||||||
| UBS Securities LLC | USD/CNH | CNH | 65 | Jan - 21 | 53,000 | 53 | (33 | ) | (83 | ) | 50 | ||||||||||||||||
| $ | (1,342 | ) | $ | (1,253 | ) | $ | (89 | ) | |||||||||||||||||||
| @ | — | Value is less than $500. |
| SET | — | Stock Exchange of Thailand. |
| EUR | — | Euro |
| GBP | — | British Pound |
| HKD | — | Hong Kong Dollar |
| JPY | — | Japanese Yen |
| THB | — | Thai Baht |
| USD | — | United States Dollar |
Portfolio Composition*
| Classification | Percentage of Total Investments | |||
| Other** | 57.1 | % | ||
| Entertainment | 14.1 | |||
| Semiconductors & Semiconductor Equipment | 9.9 | |||
| Internet & Direct Marketing Retail | 7.4 | |||
| Metals & Mining | 6.4 | |||
| Beverages | 5.1 | |||
| Total Investments | 100.0 | %*** | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2020. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
| *** |
Does not include open short futures contract with a value of approximately $1,617,000 and unrealized appreciation of approximately $12,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $30,000. |
Morgan Stanley Institutional Fund, Inc.
Advantage Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (97.1%) | ||||||||
| Aerospace & Defense (2.1%) | ||||||||
| HEICO Corp., Class A | 176,414 | $ | 15,641 | |||||
| Capital Markets (1.5%) | ||||||||
| Intercontinental Exchange, Inc. | 53,221 | 5,325 | ||||||
| S&P Global, Inc. | 16,497 | 5,949 | ||||||
| 11,274 | ||||||||
| Chemicals (4.1%) | ||||||||
| Ecolab, Inc. | 95,000 | 18,985 | ||||||
| Sherwin-Williams Co. (The) | 16,901 | 11,775 | ||||||
| 30,760 | ||||||||
| Construction Materials (1.5%) | ||||||||
| Martin Marietta Materials, Inc. | 49,595 | 11,673 | ||||||
| Containers & Packaging (1.1%) | ||||||||
| Ball Corp. | 97,387 | 8,095 | ||||||
| Entertainment (7.4%) | ||||||||
| Activision Blizzard, Inc. | 133,917 | 10,841 | ||||||
| Spotify Technology SA (a) | 154,702 | 37,526 | ||||||
| Take-Two Interactive Software, Inc. (a) | 43,131 | 7,126 | ||||||
| 55,493 | ||||||||
| Food & Staples Retailing (2.5%) | ||||||||
| Costco Wholesale Corp. | 53,420 | 18,964 | ||||||
| Health Care Equipment & Supplies (6.1%) | ||||||||
| Danaher Corp. | 34,980 | 7,532 | ||||||
| Intuitive Surgical, Inc. (a) | 53,764 | 38,148 | ||||||
| 45,680 | ||||||||
| Health Care Technology (5.1%) | ||||||||
| Veeva Systems, Inc., Class A (a) | 137,646 | 38,705 | ||||||
| Industrial Conglomerates (1.3%) | ||||||||
| Roper Technologies, Inc. | 24,373 | 9,630 | ||||||
| Information Technology Services (25.2%) | ||||||||
| Adyen N.V. (Netherlands) (a) | 8,694 | 16,036 | ||||||
| Okta, Inc. (a) | 177,370 | 37,931 | ||||||
| Shopify, Inc., Class A (Canada) (a) | 46,946 | 48,024 | ||||||
| Square, Inc., Class A (a) | 313,389 | 50,941 | ||||||
| Twilio, Inc., Class A (a) | 151,069 | 37,328 | ||||||
| 190,260 | ||||||||
| Interactive Media & Services (9.9%) | ||||||||
| Facebook, Inc., Class A (a) | 98,070 | 25,684 | ||||||
| IAC/InterActiveCorp (a) | 57,493 | 6,886 | ||||||
| Match Group, Inc. (a) | 65,500 | 7,248 | ||||||
| Twitter, Inc. (a) | 785,076 | 34,936 | ||||||
| 74,754 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Advantage Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Internet & Direct Marketing Retail (8.0%) | ||||||||
| Amazon.com, Inc. (a) | 15,715 | 49,482 | ||||||
| Chewy, Inc., Class A (a) | 200,966 | 11,019 | ||||||
| 60,501 | ||||||||
| Metals & Mining (0.1%) | ||||||||
| Royal Gold, Inc. | 9,747 | 1,171 | ||||||
| Oil, Gas & Consumable Fuels (0.2%) | ||||||||
| Texas Pacific Land Trust | 2,722 | 1,229 | ||||||
| Pharmaceuticals (4.0%) | ||||||||
| Royalty Pharma PLC, Class A (United Kingdom) | 259,129 | 10,901 | ||||||
| Zoetis, Inc. | 117,601 | 19,448 | ||||||
| 30,349 | ||||||||
| Software (16.1%) | ||||||||
| Autodesk, Inc. (a) | 47,308 | 10,929 | ||||||
| Coupa Software, Inc. (a) | 82,275 | 22,563 | ||||||
| ServiceNow, Inc. (a) | 58,857 | 28,546 | ||||||
| Slack Technologies, Inc., Class A (a) | 536,047 | 14,398 | ||||||
| Workday, Inc., Class A (a) | 98,293 | 21,146 | ||||||
| Zoom Video Communications, Inc., Class A (a) | 50,121 | 23,562 | ||||||
| 121,144 | ||||||||
| Textiles, Apparel & Luxury Goods (0.9%) | ||||||||
| Lululemon Athletica, Inc. (a) | 21,460 | 7,068 | ||||||
| Total Common Stocks (Cost $440,748) | 732,391 | |||||||
| Short-Term Investment (3.1%) | ||||||||
| Investment Company (3.1%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $23,128) | 23,128,286 | 23,128 | ||||||
| Total Investments Excluding Purchased Options (100.2%) (Cost $463,876) | 755,519 | |||||||
| Total Purchased Options Outstanding (0.1%) (Cost $2,471) | 974 | |||||||
| Total Investments (100.3%) (Cost $466,347) (c)(d)(e) | 756,493 | |||||||
| Liabilities in Excess of Other Assets (-0.3%) | (2,308 | ) | ||||||
| Net Assets (100.0%) | $ | 754,185 |
| (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, 2020, advisory fees paid were reduced by approximately $30,000 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The approximate fair value and percentage of net assets, $16,036,000 and 2.1%, 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. |
| (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, 2020, the Fund did not engage in any cross-trade transactions. |
Morgan Stanley Institutional Fund, Inc.
Advantage Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| (e) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $291,948,000 and the aggregate gross unrealized depreciation is approximately $1,802,000, resulting in net unrealized appreciation of approximately $290,146,000. |
Morgan Stanley Institutional Fund, Inc.
Advantage Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2020:
| 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 | 7.99 | Sep - 21 | 121,426,064 | 121,426 | $ | 446 | $ | 736 | $ | (290 | ) | |||||||||||||||||
| Royal Bank of Scotland | USD/CNH | CNH | 7.75 | Jan - 21 | 105,617,492 | 105,617 | 66 | 461 | (395 | ) | ||||||||||||||||||||
| Royal Bank of Scotland | USD/CNH | CNH | 8.06 | Jul - 21 | 133,439,457 | 133,439 | 365 | 708 | (343 | ) | ||||||||||||||||||||
| Royal Bank of Scotland | USD/CNH | CNH | 8.48 | May - 21 | 90,639,683 | 90,640 | 97 | 566 | (469 | ) | ||||||||||||||||||||
| $ | 974 | $ | 2,471 | $ | (1,497 | ) | ||||||||||||||||||||||||
CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar
Portfolio Composition
| Classification | Percentage
of Total Investments | |||
| Information Technology Services | 25.2 | % | ||
| Other* | 22.4 | |||
| Software | 16.0 | |||
| Interactive Media & Services | 9.9 | |||
| Internet & Direct Marketing Retail | 8.0 | |||
| Entertainment | 7.3 | |||
| Health Care Equipment & Supplies | 6.1 | |||
| Health Care Technology | 5.1 | |||
| Total Investments | 100.0 | % | ||
* Industries and/or investment types representing less than 5% of total investments.
Morgan Stanley Institutional Fund, Inc.
Asia Opportunity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (94.9%) | ||||||||
| China (63.3%) | ||||||||
| Alibaba Group Holding Ltd. ADR (a) | 67,997 | $ | 19,990 | |||||
| China East Education Holdings Ltd. (b) | 3,508,000 | 7,645 | ||||||
| China Resources Beer Holdings Co., Ltd. (b) | 2,726,300 | 16,745 | ||||||
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | 757,518 | 18,102 | ||||||
| Haidilao International Holding Ltd. (b)(c) | 1,209,000 | 8,760 | ||||||
| Hangzhou Tigermed Consulting Co., Ltd., H Shares (a)(b) | 307,500 | 4,380 | ||||||
| Hangzhou Tigermed Consulting Co., Ltd., Class A | 437,363 | 6,638 | ||||||
| Huazhu Group Ltd. ADR | 68,119 | 2,945 | ||||||
| HUYA, Inc. ADR (a)(c) | 561,948 | 13,459 | ||||||
| Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 1,490,286 | 8,461 | ||||||
| KE Holdings, Inc. (a) | 26,385 | 1,617 | ||||||
| Kweichow Moutai Co., Ltd., Class A | 62,794 | 15,444 | ||||||
| Meituan Dianping, Class B (a)(b) | 770,800 | 24,281 | ||||||
| New Frontier Health Corp. (a)(c) | 93,794 | 716 | ||||||
| Shenzhou International Group Holdings Ltd. (b) | 776,800 | 13,228 | ||||||
| TAL Education Group ADR (a) | 289,564 | 22,018 | ||||||
| Tencent Holdings Ltd. (b) | 262,900 | 17,757 | ||||||
| Trip.com Group Ltd. ADR (a) | 568,584 | 17,706 | ||||||
| Tsingtao Brewery Co., Ltd. H Shares (b) | 854,000 | 6,988 | ||||||
| 226,880 | ||||||||
| Hong Kong (4.6%) | ||||||||
| AIA Group Ltd. | 1,519,300 | 15,102 | ||||||
| Alphamab Oncology (a)(c) | 751,000 | 1,479 | ||||||
| 16,581 | ||||||||
| India (13.8%) | ||||||||
| HDFC Bank Ltd. (a) | 263,577 | 3,869 | ||||||
| HDFC Bank Ltd. ADR (a) | 284,113 | 14,194 | ||||||
| ICICI Bank Ltd. ADR (a) | 1,694,884 | 16,661 | ||||||
| IndusInd Bank Ltd. (a) | 635,914 | 4,566 | ||||||
| Kotak Mahindra Bank Ltd. (a) | 598,416 | 10,332 | ||||||
| 49,622 | ||||||||
| Korea, Republic of (4.9%) | ||||||||
| NAVER Corp. | 68,839 | 17,493 | ||||||
| Taiwan (8.3%) | ||||||||
| Nien Made Enterprise Co., Ltd. | 551,000 | 6,585 | ||||||
| Silergy Corp. | 92,000 | 5,454 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 1,173,000 | 17,647 | ||||||
| 29,686 | ||||||||
| Total Common Stocks (Cost $239,388) | 340,262 | |||||||
| Short-Term Investment (5.0%) | ||||||||
| Investment Company (5.0%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $18,016) | 18,015,645 | 18,016 | ||||||
| Total Investments (99.9%) (Cost $257,404) Including $18,221 of Securities Loaned (e)(f)(g) | 358,278 | |||||||
| Other Assets in Excess of Liabilities (0.1%) | 218 | |||||||
| Net Assets (100.0%) | $ | 358,496 | ||||||
Morgan Stanley Institutional Fund, Inc.
Asia Opportunity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2020, were approximately $18,221,000 and $18,792,000, respectively. The Fund received non-cash collateral of approximately $18,792,000, in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2020, advisory fees paid were reduced by approximately $30,000 relating to the Fund's investment in the Liquidity Funds. |
| (e) | The approximate fair value and percentage of net assets, $226,576,000 and 63.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (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, 2020, the Fund did not engage in any cross-trade transactions. |
| (g) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $102,303,000 and the aggregate gross unrealized depreciation is approximately $1,429,000, resulting in net unrealized appreciation of approximately $100,874,000. |
| ADR | American Depositary Receipt. |
Portfolio Composition*
| Classification | Percentage of Total Investments | |||
| Other** | 20.9 | % | ||
| Internet & Direct Marketing Retail | 17.3 | |||
| Banks | 13.9 | |||
| Beverages | 10.9 | |||
| Interactive Media & Services | 9.8 | |||
| Diversified Consumer Services | 8.3 | |||
| Food Products | 7.4 | |||
| Semiconductors & Semiconductor Equipment | 6.5 | |||
| Short-Term Investments | 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, 2020. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
China Equity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (98.1%) | ||||||||
| Banks (5.1%) | ||||||||
| China Construction Bank Corp. H Shares (a) | 503,000 | $ | 327 | |||||
| China Merchants Bank Co., Ltd. H Shares (a) | 51,500 | 244 | ||||||
| Industrial & Commercial Bank of China Ltd. H Shares (a) | 211,000 | 110 | ||||||
| 681 | ||||||||
| Beverages (13.2%) | ||||||||
| China Resources Beer Holdings Co., Ltd. (a) | 92,000 | 565 | ||||||
| Kweichow Moutai Co., Ltd., Class A | 4,800 | 1,181 | ||||||
| 1,746 | ||||||||
| Capital Markets (2.6%) | ||||||||
| China International Capital Corp., Ltd. H Shares (a)(b) | 84,800 | 197 | ||||||
| Hong Kong Exchanges & Clearing Ltd. | 3,200 | 151 | ||||||
| 348 | ||||||||
| Construction Materials (2.3%) | ||||||||
| Anhui Conch Cement Co., Ltd., Class A | 37,900 | 309 | ||||||
| Diversified Consumer Services (6.4%) | ||||||||
| New Oriental Education & Technology Group, Inc. ADR (b) | 3,300 | 493 | ||||||
| TAL Education Group ADR (b) | 4,700 | 358 | ||||||
| 851 | ||||||||
| Electronic Equipment, Instruments & Components (1.5%) | ||||||||
| Universal Scientific Industrial Shanghai Co., Ltd., Class A | 50,700 | 192 | ||||||
| Food Products (6.9%) | ||||||||
| China Mengniu Dairy Co., Ltd. (a)(b) | 135,000 | 637 | ||||||
| Yihai International Holding Ltd. (a)(b) | 18,000 | 282 | ||||||
| 919 | ||||||||
| Health Care Equipment & Supplies (1.5%) | ||||||||
| Shandong Weigao Group Medical Polymer Co., Ltd. H Shares (a) | 96,000 | 192 | ||||||
| Insurance (2.4%) | ||||||||
| Ping An Insurance Group Co. of China Ltd. H Shares (a) | 30,500 | 317 | ||||||
| Interactive Media & Services (19.0%) | ||||||||
| Tencent Holdings Ltd. (a) | 37,200 | 2,513 | ||||||
| Internet & Direct Marketing Retail (20.1%) | ||||||||
| Alibaba Group Holding Ltd. (a)(b) | 5,300 | 195 | ||||||
| Alibaba Group Holding Ltd. ADR (b) | 8,400 | 2,469 | ||||||
| 2,664 | ||||||||
| Pharmaceuticals (7.6%) | ||||||||
| CSPC Pharmaceutical Group Ltd. (a) | 165,600 | 323 | ||||||
| Jiangsu Hengrui Medicine Co., Ltd., Class A | 15,718 | 208 | ||||||
| Joincare Pharmaceutical Group Industry Co. Ltd. | 57,500 | 144 | ||||||
| Sino Biopharmaceutical Ltd. (a) | 304,500 | 334 | ||||||
| 1,009 | ||||||||
Morgan Stanley Institutional Fund, Inc.
China Equity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Real Estate Management & Development (1.9%) | ||||||||
| China Overseas Land & Investment Ltd. (a) | 30,000 | 76 | ||||||
| China Resources Land Ltd. (a) | 22,000 | 100 | ||||||
| Shenzhen Investment Ltd. (a) | 252,000 | 74 | ||||||
| 250 | ||||||||
| Semiconductors & Semiconductor Equipment (2.7%) | ||||||||
| Hua Hong Semiconductor Ltd. (a)(b) | 94,000 | 362 | ||||||
| Textiles, Apparel & Luxury Goods (3.6%) | ||||||||
| Shenzhou International Group Holdings Ltd. (a) | 27,800 | 473 | ||||||
| Wireless Telecommunication Services (1.3%) | ||||||||
| China Mobile Ltd. (a) | 27,500 | 176 | ||||||
| Total Common Stocks (Cost $9,645) | 13,002 | |||||||
| Short-Term Investment (2.5%) | ||||||||
| Investment Company (2.5%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (c) (Cost $331) | 330,680 | 331 | ||||||
| Total Investments (100.6%) (Cost $9,976) (d)(e)(f) | 13,333 | |||||||
| Liabilities in Excess of Other Assets (-0.6%) | (79 | ) | ||||||
| Net Assets (100.0%) | $ | 13,254 | ||||||
| (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, 2020, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds. |
| (d) | The approximate fair value and percentage of net assets, $9,682,000 and 73.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2020, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,621,000 and the aggregate gross unrealized depreciation is approximately $264,000, resulting in net unrealized appreciation of approximately $3,357,000. |
| ADR | American Depositary Receipt. |
Portfolio Composition
| Classification | Percentage of Total Investments |
||
| Other* | 22.1 | % | |
| Internet & Direct Marketing Retail | 20.0 | ||
| Interactive Media & Services | 18.8 | ||
| Beverages | 13.1 | ||
| Pharmaceuticals | 7.6 | ||
| Food Products | 6.9 | ||
| Diversified Consumer Services | 6.4 | ||
| Banks | 5.1 | ||
| Total Investments | 100.0 | % |
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (95.3%) | ||||||||
| Argentina (0.1%) | ||||||||
| Globant SA (a) | 84 | $ | 15 | |||||
| Australia (0.3%) | ||||||||
| Brookfield Infrastructure Partners LP | 1,200 | 57 | ||||||
| Brazil (0.1%) | ||||||||
| B3 SA - Brasil Bolsa Balcao | 313 | 3 | ||||||
| Magazine Luiza SA | 505 | 8 | ||||||
| 11 | ||||||||
| Canada (5.0%) | ||||||||
| Brookfield Asset Management, Inc., Class A | 1,253 | 41 | ||||||
| Brookfield Infrastructure Corp. | 100 | 6 | ||||||
| Canada Goose Holdings, Inc. (a) | 2,286 | 74 | ||||||
| Canadian National Railway Co. | 210 | 22 | ||||||
| Colliers International Group, Inc. | 1,178 | 78 | ||||||
| Constellation Software, Inc. | 70 | 78 | ||||||
| FirstService Corp. | 1,523 | 201 | ||||||
| Shopify, Inc., Class A (a) | 474 | 485 | ||||||
| 985 | ||||||||
| China (3.8%) | ||||||||
| Alibaba Group Holding Ltd. ADR (a) | 466 | 137 | ||||||
| China East Education Holdings Ltd. (b) | 3,000 | 7 | ||||||
| China Resources Beer Holdings Co., Ltd. (b) | 2,000 | 12 | ||||||
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | 4,760 | 114 | ||||||
| Haidilao International Holding Ltd. (b) | 1,000 | 7 | ||||||
| Hangzhou Tigermed Consulting Co. Ltd. H Shares (a)(b) | 100 | 1 | ||||||
| Hangzhou Tigermed Consulting Co., Ltd., Class A | 298 | 5 | ||||||
| Huazhu Group Ltd. ADR | 75 | 3 | ||||||
| HUYA, Inc. ADR (a) | 482 | 12 | ||||||
| Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 700 | 4 | ||||||
| KE Holdings, Inc. (a) | 37 | 2 | ||||||
| Meituan Dianping, Class B (a)(b) | 3,600 | 113 | ||||||
| New Frontier Health Corp. (a) | 1,068 | 8 | ||||||
| Shenzhou International Group Holdings Ltd. (b) | 800 | 14 | ||||||
| TAL Education Group ADR (a) | 3,345 | 254 | ||||||
| Tencent Holdings Ltd. (b) | 200 | 13 | ||||||
| Trip.com Group Ltd. ADR (a) | 1,593 | 50 | ||||||
| 756 | ||||||||
| Denmark (2.2%) | ||||||||
| Chr Hansen Holding A/S | 1,329 | 147 | ||||||
| DSV Panalpina A/S | 1,750 | 284 | ||||||
| Novo Nordisk A/S Series B | 97 | 7 | ||||||
| 438 | ||||||||
| Finland (0.1%) | ||||||||
| Revenio Group Oyj | 568 | 26 | ||||||
| France (2.5%) | ||||||||
| Christian Dior SE | 220 | 90 | ||||||
| Dassault Systemes SE | 193 | 36 | ||||||
| EssilorLuxottica SA (a) | 111 | 15 | ||||||
| Hermes International | 316 | 272 | ||||||
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| L'Oreal SA (BSRM) | 68 | 22 | ||||||
| Pernod Ricard SA | 197 | 32 | ||||||
| Remy Cointreau SA | 164 | 30 | ||||||
| 497 | ||||||||
| Germany (0.7%) | ||||||||
| Adidas AG (a) | 127 | 41 | ||||||
| CompuGroup Medical SE & Co. KGaA | 515 | 48 | ||||||
| HelloFresh SE (a) | 355 | 20 | ||||||
| Marley Spoon AG (a) | 7,931 | 16 | ||||||
| Puma SE (a) | 125 | 11 | ||||||
| 136 | ||||||||
| Hong Kong (0.3%) | ||||||||
| AIA Group Ltd. | 5,600 | 56 | ||||||
| India (1.8%) | ||||||||
| HDFC Bank Ltd. ADR (a) | 6,330 | 316 | ||||||
| ICICI Bank Ltd. ADR (a) | 3,303 | 33 | ||||||
| 349 | ||||||||
| Israel (0.2%) | ||||||||
| Wix.com Ltd. (a) | 166 | 42 | ||||||
| Italy (0.9%) | ||||||||
| Davide Campari-Milano N.V. | 3,883 | 42 | ||||||
| Moncler SpA (a) | 3,426 | 140 | ||||||
| 182 | ||||||||
| Japan (1.1%) | ||||||||
| Keyence Corp. | 300 | 140 | ||||||
| Pigeon Corp. | 1,700 | 76 | ||||||
| 216 | ||||||||
| Korea, Republic of (0.2%) | ||||||||
| NAVER Corp. | 165 | 42 | ||||||
| Mexico (0.1%) | ||||||||
| Grupo Aeroportuario del Sureste SAB de CV, Class B (a) | 2,040 | 24 | ||||||
| Netherlands (2.3%) | ||||||||
| Adyen N.V. (a) | 176 | 325 | ||||||
| ASML Holding N.V. | 244 | 90 | ||||||
| JDE Peet's BV (a) | 840 | 34 | ||||||
| Just Eat Takeaway.com N.V (a) | 130 | 14 | ||||||
| 463 | ||||||||
| New Zealand (0.9%) | ||||||||
| Ryman Healthcare Ltd. | 7,282 | 69 | ||||||
| Xero Ltd. (a) | 1,497 | 109 | ||||||
| 178 | ||||||||
| Poland (0.1%) | ||||||||
| Dino Polska SA (a) | 506 | 30 | ||||||
| Singapore (2.6%) | ||||||||
| Sea Ltd. ADR (a) | 3,276 | 505 |
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Spain (0.1%) | ||||||||
| Aena SME SA (a) | 157 | 22 | ||||||
| Sweden (0.8%) | ||||||||
| AddLife AB (a) | 5,193 | 80 | ||||||
| Cellavision AB (a) | 621 | 25 | ||||||
| Evolution Gaming Group AB | 178 | 12 | ||||||
| Vitrolife AB (a) | 1,604 | 44 | ||||||
| 161 | ||||||||
| Switzerland (0.4%) | ||||||||
| Kuehne & Nagel International AG (Registered) | 185 | 36 | ||||||
| Straumann Holding AG (Registered) | 46 | 46 | ||||||
| 82 | ||||||||
| Taiwan (0.4%) | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 1,000 | 15 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 751 | 61 | ||||||
| 76 | ||||||||
| United Kingdom (3.7%) | ||||||||
| Abcam PLC | 2,070 | 33 | ||||||
| Atlassian Corp., PLC, Class A (a) | 651 | 118 | ||||||
| Blue Prism Group PLC (a) | 1,617 | 28 | ||||||
| boohoo Group PLC (a) | 2,089 | 10 | ||||||
| Diageo PLC | 744 | 26 | ||||||
| Fevertree Drinks PLC | 883 | 26 | ||||||
| Intertek Group PLC | 287 | 24 | ||||||
| Rentokil Initial PLC (a) | 2,070 | 14 | ||||||
| Rightmove PLC | 7,582 | 61 | ||||||
| Royalty Pharma PLC, Class A | 7,174 | 302 | ||||||
| Victoria PLC (a) | 20,695 | 80 | ||||||
| 722 | ||||||||
| United States (64.6%) | ||||||||
| 10X Genomics, Inc., Class A (a) | 1,432 | 178 | ||||||
| Activision Blizzard, Inc. | 632 | 51 | ||||||
| Adaptive Biotechnologies Corp. (a) | 108 | 5 | ||||||
| Adobe, Inc. (a) | 216 | 106 | ||||||
| Alnylam Pharmaceuticals, Inc. (a) | 121 | 18 | ||||||
| Alphabet, Inc., Class C (a) | 65 | 95 | ||||||
| Alteryx, Inc., Class A (a) | 530 | 60 | ||||||
| Amazon.com, Inc. (a) | 177 | 557 | ||||||
| American Tower Corp. REIT | 19 | 5 | ||||||
| ANSYS, Inc. (a) | 15 | 5 | ||||||
| Anterix, Inc. | 746 | 24 | ||||||
| Appfolio, Inc., Class A (a) | 677 | 96 | ||||||
| Appian Corp. (a) | 2,428 | 157 | ||||||
| Apple, Inc. | 63 | 7 | ||||||
| ASML Holding NV | 232 | 86 | ||||||
| At Home Group, Inc. (a) | 4,475 | 66 | ||||||
| Autodesk, Inc. (a) | 174 | 40 | ||||||
| Ball Corp. | 151 | 12 | ||||||
| Berkeley Lights, Inc. (a) | 323 | 25 | ||||||
| Berkshire Hathaway, Inc., Class B (a) | 36 | 8 | ||||||
| BigCommerce Holdings, Inc. (a) | 287 | 24 | ||||||
| Bill.Com Holdings, Inc. (a) | 213 | 21 | ||||||
| Cadence Design Systems, Inc. (a) | 45 | 5 | ||||||
| Cardlytics, Inc. (a) | 2,036 | 144 |
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Carvana Co. (a) | 1,858 | 414 | ||||||
| Chewy, Inc., Class A (a) | 1,103 | 60 | ||||||
| Cintas Corp. | 14 | 5 | ||||||
| Cognex Corp. | 157 | 10 | ||||||
| Copart, Inc. (a) | 43 | 4 | ||||||
| CoStar Group, Inc. (a) | 5 | 4 | ||||||
| Costco Wholesale Corp. | 242 | 86 | ||||||
| Coupa Software, Inc. (a) | 903 | 248 | ||||||
| Covetrus, Inc. (a) | 19,140 | 467 | ||||||
| Danaher Corp. | 22 | 5 | ||||||
| Datadog, Inc., Class A (a) | 376 | 38 | ||||||
| DexCom, Inc. (a) | 349 | 144 | ||||||
| DocuSign, Inc. (a) | 91 | 20 | ||||||
| Dragoneer Growth Opportunities Corp. (a) | 962 | 12 | ||||||
| Ecolab, Inc. | 686 | 137 | ||||||
| Editas Medicine, Inc. (a) | 156 | 4 | ||||||
| EPAM Systems, Inc. (a) | 536 | 173 | ||||||
| Equinix, Inc. REIT | 6 | 5 | ||||||
| EVI Industries, Inc. (a) | 331 | 9 | ||||||
| Exact Sciences Corp. (a) | 82 | 8 | ||||||
| Facebook, Inc., Class A (a) | 538 | 141 | ||||||
| Farfetch Ltd., Class A (a) | 6,955 | 175 | ||||||
| Fastenal Co. | 99 | 4 | ||||||
| Fastly, Inc., Class A (a) | 7,458 | 699 | ||||||
| Floor & Decor Holdings, Inc. (a) | 975 | 73 | ||||||
| Flying Eagle Acquisition Corp., Class A (a) | 10,675 | 130 | ||||||
| GameStop Corp., Class A (a) | 4,011 | 41 | ||||||
| Gartner, Inc. (a) | 36 | 4 | ||||||
| GoodRx Holdings, Inc., Class A (a) | 299 | 17 | ||||||
| Guardant Health, Inc. (a) | 551 | 62 | ||||||
| Guidewire Software, Inc. (a) | 43 | 4 | ||||||
| HealthEquity, Inc. (a) | 186 | 9 | ||||||
| HEICO Corp., Class A | 1,382 | 122 | ||||||
| Home Depot, Inc. (The) | 17 | 5 | ||||||
| IAC/InterActiveCorp (a) | 37 | 4 | ||||||
| IDEXX Laboratories, Inc. (a) | 13 | 5 | ||||||
| IHS Markit Ltd. | 270 | 21 | ||||||
| Illumina, Inc. (a) | 48 | 15 | ||||||
| Inspire Medical Systems, Inc. (a) | 223 | 29 | ||||||
| Intellia Therapeutics, Inc. (a) | 192 | 4 | ||||||
| Intercontinental Exchange, Inc. | 666 | 67 | ||||||
| Intuitive Surgical, Inc. (a) | 668 | 474 | ||||||
| Linde PLC | 93 | 22 | ||||||
| Livongo Health, Inc. (a) | 157 | 22 | ||||||
| Lululemon Athletica, Inc. (a) | 14 | 5 | ||||||
| Madison Square Garden Sports Corp., Class A (a) | 31 | 5 | ||||||
| Martin Marietta Materials, Inc. | 228 | 54 | ||||||
| Mastercard, Inc., Class A | 462 | 156 | ||||||
| Match Group, Inc. (a) | 42 | 5 | ||||||
| MercadoLibre, Inc. (a) | 111 | 120 | ||||||
| Microsoft Corp. | 181 | 38 | ||||||
| MicroStrategy, Inc., Class A (a) | 114 | 17 | ||||||
| Moderna, Inc. (a) | 227 | 16 | ||||||
| MongoDB, Inc. (a) | 454 | 105 | ||||||
| NanoString Technologies, Inc. (a) | 2,431 | 109 | ||||||
| Netflix, Inc. (a) | 14 | 7 | ||||||
| NIKE, Inc., Class B | 59 | 7 | ||||||
| Nuance Communications, Inc. (a) | 194 | 6 | ||||||
| NVIDIA Corp. | 18 | 10 | ||||||
| Okta, Inc. (a) | 1,393 | 298 | ||||||
| Outset Medical, Inc. (a) | 233 | 12 |
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Overstock.com, Inc. (a) | 10,249 | 745 | ||||||
| Party City Holdco, Inc. (a) | 18,415 | 48 | ||||||
| Passage Bio, Inc. (a) | 351 | 5 | ||||||
| Peloton Interactive, Inc., Class A (a) | 387 | 38 | ||||||
| Penumbra, Inc. (a) | 62 | 12 | ||||||
| Pinterest, Inc., Class A (a) | 620 | 26 | ||||||
| Pool Corp. | 15 | 5 | ||||||
| Quotient Ltd. (a) | 2,083 | 11 | ||||||
| Redfin Corp. (a) | 1,226 | 61 | ||||||
| Relay Therapeutics, Inc. (a) | 92 | 4 | ||||||
| Ribbit LEAP Ltd. (a) | 972 | 13 | ||||||
| Roku, Inc. (a) | 99 | 19 | ||||||
| Rollins, Inc. | 86 | 5 | ||||||
| Roper Technologies, Inc. | 91 | 36 | ||||||
| Royal Gold, Inc. | 271 | 33 | ||||||
| S&P Global, Inc. | 213 | 77 | ||||||
| salesforce.com, Inc. (a) | 347 | 87 | ||||||
| Schrodinger, Inc. (a) | 193 | 9 | ||||||
| Service Corp. International | 109 | 5 | ||||||
| ServiceNow, Inc. (a) | 502 | 243 | ||||||
| Sherwin-Williams Co. (The) | 58 | 40 | ||||||
| Slack Technologies, Inc., Class A (a) | 6,934 | 186 | ||||||
| Smartsheet, Inc., Class A (a) | 1,250 | 62 | ||||||
| Snap, Inc., Class A (a) | 3,012 | 79 | ||||||
| Snowflake, Inc., Class A (a) | 311 | 78 | ||||||
| Spotify Technology SA (a) | 1,728 | 419 | ||||||
| Square, Inc., Class A (a) | 3,103 | 504 | ||||||
| Starbucks Corp. | 80 | 7 | ||||||
| Stitch Fix, Inc., Class A (a) | 4,045 | 110 | ||||||
| Synopsys, Inc. (a) | 23 | 5 | ||||||
| Take-Two Interactive Software, Inc. (a) | 28 | 5 | ||||||
| Teradyne, Inc. | 116 | 9 | ||||||
| Texas Pacific Land Trust | 84 | 38 | ||||||
| Trade Desk, Inc. (The), Class A (a) | 308 | 160 | ||||||
| TransDigm Group, Inc. | 50 | 24 | ||||||
| Twilio, Inc., Class A (a) | 1,241 | 307 | ||||||
| Twitter, Inc. (a) | 6,086 | 271 | ||||||
| Tyler Technologies, Inc. (a) | 20 | 7 | ||||||
| Uber Technologies, Inc. (a) | 6,179 | 225 | ||||||
| UnitedHealth Group, Inc. | 116 | 36 | ||||||
| Unity Software, Inc. (a) | 226 | 20 | ||||||
| UTZ Brands, Inc. | 4,537 | 81 | ||||||
| Vail Resorts, Inc. | 21 | 4 | ||||||
| Veeva Systems, Inc., Class A (a) | 1,930 | 543 | ||||||
| Verisk Analytics, Inc. | 25 | 5 | ||||||
| Visa, Inc., Class A | 405 | 81 | ||||||
| Vroom, Inc. (a) | 656 | 34 | ||||||
| Walt Disney Co. (The) | 543 | 67 | ||||||
| Waste Connections, Inc. | 209 | 22 | ||||||
| Watsco, Inc. | 19 | 4 | ||||||
| Wayfair, Inc., Class A (a) | 810 | 236 | ||||||
| Workday, Inc., Class A (a) | 216 | 46 | ||||||
| Zillow Group, Inc., Class A (a) | 232 | 24 | ||||||
| Zillow Group, Inc., Class C (a) | 839 | 85 | ||||||
| Zoetis, Inc. | 120 | 20 | ||||||
| Zoom Video Communications, Inc., Class A (a) | 1,223 | 575 | ||||||
| ZoomInfo Technologies, Inc., Class A (a) | 1,455 | 62 |
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Zynga, Inc., Class A (a) | 1,394 | 13 | ||||||
| 12,743 | ||||||||
| Total Common Stocks (Cost $11,654) | 18,814 | |||||||
| Preferred Stock (0.1%) | ||||||||
| United States (0.1%) | ||||||||
| Overstock.com, Inc. Series A-1 (Cost $1) | 176 | 11 | ||||||
| Short-Term Investment (3.9%) | ||||||||
| Investment Company (3.9%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $771) | 771,122 | 771 | ||||||
| Total Investments Excluding Purchased Options (99.3%) (Cost $12,426) | 19,596 | |||||||
| Total Purchased Options Outstanding (0.1%) (Cost $38) | 16 | |||||||
| Total Investments (99.4%) (Cost $12,464) (d)(e)(f) | 19,612 | |||||||
| Other Assets in Excess of Liabilities (0.6%) | 123 | |||||||
| Net Assets (100.0%) | $ | 19,735 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity 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, 2020, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Funds. |
| (d) | The approximate fair value and percentage of net assets, $3,135,000 and 15.9%, 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. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2020, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,227,000 and the aggregate gross unrealized depreciation is approximately $79,000, resulting in net unrealized appreciation of approximately $7,148,000. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |
Morgan Stanley Institutional Fund, Inc.
Counterpoint Global Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020
(unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2020:
| 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 | 7.99 | Sep - 21 | 1,958,561 | 1,959 | $ | 7 | $ | 12 | $ | (5 | ) | ||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.74 | Jan - 21 | 1,617,368 | 1,617 | 1 | 6 | (5 | ) | |||||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 8.10 | Jul - 21 | 2,322,002 | 2,322 | 6 | 11 | (5 | ) | |||||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 8.49 | May - 21 | 1,600,649 | 1,601 | 2 | 9 | (7 | ) | |||||||||||||||||||
| $ | 16 | $ | 38 | $ | (22 | ) | |||||||||||||||||||||||
| CNH | — | Chinese Yuan Renminbi Offshore |
| USD | — | United States Dollar |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Other* | 52.2 | % | ||
| Information Technology Services | 16.7 | |||
| Software | 13.5 | |||
| Internet & Direct Marketing Retail | 12.0 | |||
| Entertainment | 5.6 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Developing Opportunity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) |
|||||||
| Common Stocks (92.2%) | ||||||||
| Argentina (1.2%) | ||||||||
| Globant SA (a) | 6,420 | $ | 1,151 | |||||
| Brazil (6.7%) | ||||||||
| B3 SA - Brasil Bolsa Balcao | 192,615 | 1,887 | ||||||
| Magazine Luiza SA | 277,531 | 4,408 | ||||||
| 6,295 | ||||||||
| China (53.0%) | ||||||||
| Alibaba Group Holding Ltd. ADR (a) | 15,923 | 4,681 | ||||||
| China East Education Holdings Ltd. (b) | 815,000 | 1,776 | ||||||
| China Resources Beer Holdings Co., Ltd. (b) | 390,000 | 2,395 | ||||||
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | 206,270 | 4,929 | ||||||
| Haidilao International Holding Ltd. (b) | 274,000 | 1,985 | ||||||
| Huazhu Group Ltd. ADR | 24,544 | 1,061 | ||||||
| HUYA, Inc. ADR (a) | 129,599 | 3,104 | ||||||
| KE Holdings, Inc. (a) | 4,806 | 295 | ||||||
| Kweichow Moutai Co., Ltd., Class A | 14,500 | 3,566 | ||||||
| Meituan Dianping, Class B (a)(b) | 217,100 | 6,839 | ||||||
| New Frontier Health Corp. (a) | 7,725 | 59 | ||||||
| Shenzhou International Group Holdings Ltd. (b) | 168,600 | 2,871 | ||||||
| TAL Education Group ADR (a) | 77,986 | 5,930 | ||||||
| Tencent Holdings Ltd. (b) | 66,800 | 4,512 | ||||||
| Trip.com Group Ltd. ADR (a) | 127,866 | 3,982 | ||||||
| Tsingtao Brewery Co., Ltd. H Shares (b) | 214,000 | 1,751 | ||||||
| 49,736 | ||||||||
| Hong Kong (0.3%) | ||||||||
| Alphamab Oncology (a) | 153,000 | 301 | ||||||
| India (11.0%) | ||||||||
| HDFC Bank Ltd. (a) | 224,717 | 3,299 | ||||||
| HDFC Bank Ltd. ADR (a) | 23,657 | 1,182 | ||||||
| ICICI Bank Ltd. ADR (a) | 315,900 | 3,105 | ||||||
| IndusInd Bank Ltd. (a) | 66,988 | 481 | ||||||
| Kotak Mahindra Bank Ltd. (a) | 129,540 | 2,237 | ||||||
| 10,304 | ||||||||
| Korea, Republic of (4.7%) | ||||||||
| NAVER Corp. | 17,148 | 4,358 | ||||||
| Mexico (0.7%) | ||||||||
| Grupo Aeroportuario del Sureste SAB de CV, Class B (a) | 56,025 | 650 | ||||||
| Taiwan (6.6%) | ||||||||
| Nien Made Enterprise Co., Ltd. | 85,000 | 1,016 | ||||||
| Silergy Corp. | 13,000 | 771 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 54,700 | 4,434 | ||||||
| 6,221 | ||||||||
| United States (8.0%) | ||||||||
| EPAM Systems, Inc. (a) | 8,325 | 2,691 | ||||||
| MercadoLibre, Inc. (a) | 4,398 | 4,761 | ||||||
| 7,452 | ||||||||
| Total Common Stocks (Cost $73,143) | 86,468 | |||||||
| Short-Term Investment (7.7%) | ||||||||
| Investment Company (7.7%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $7,210) | 7,209,972 | 7,210 | ||||||
Morgan Stanley Institutional Fund, Inc.
Developing Opportunity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Total Investments (99.9%) (Cost $80,353) (d)(e)(f) | 93,678 | |||||||
| Other Assets in Excess of Liabilities (0.1%) | 92 | |||||||
| Net Assets (100.0%) | $ | 93,770 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity 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 period ended September 30, 2020, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Funds. |
| (d) | The approximate fair value and percentage of net assets, $43,087,000 and 45.9%, 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. |
| (e) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the period ended September 30, 2020, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $13,560,000 and the aggregate gross unrealized depreciation is approximately $235,000, resulting in net unrealized appreciation of approximately $13,325,000. |
| ADR | American Depositary Receipt. |
Portfolio Composition
| Classification | Percentage
of Total Investments | |||
| Other* | 22.9 | % | ||
| Internet & Direct Marketing Retail | 21.6 | |||
| Banks | 11.0 | |||
| Interactive Media & Services | 9.5 | |||
| Beverages | 8.2 | |||
| Diversified Consumer Services | 8.2 | |||
| Short-Term Investments | 7.7 | |||
| Semiconductors & Semiconductor Equipment | 5.6 | |||
| Food Products | 5.3 | |||
| Total Investments | 100.0 | % |
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (98.3%) | ||||||||
| Argentina (1.0%) | ||||||||
| Globant SA (a) | 39,322 | $ | 7,047 | |||||
| Brazil (6.1%) | ||||||||
| Hapvida Participacoes e Investimentos SA | 592,566 | 6,557 | ||||||
| Localiza Rent a Car SA | 821,613 | 8,291 | ||||||
| Lojas Renner SA | 776,564 | 5,483 | ||||||
| Pagseguro Digital Ltd., Class A (a)(b) | 190,751 | 7,193 | ||||||
| Petroleo Brasileiro SA | 1,095,211 | 3,855 | ||||||
| Petroleo Brasileiro SA (Preference) | 1,320,417 | 4,611 | ||||||
| Rumo SA (a) | 1,659,106 | 5,631 | ||||||
| 41,621 | ||||||||
| China (38.2%) | ||||||||
| Alibaba Group Holding Ltd. (a)(c) | 499,700 | 18,345 | ||||||
| Alibaba Group Holding Ltd. ADR (a) | 154,316 | 45,366 | ||||||
| Anhui Conch Cement Co., Ltd., Class A | 899,767 | 7,343 | ||||||
| China Construction Bank Corp. H Shares (c) | 14,201,120 | 9,227 | ||||||
| China International Capital Corp., Ltd. H Shares (a)(b)(c) | 1,767,200 | 4,110 | ||||||
| China Mengniu Dairy Co., Ltd. (a)(c) | 2,577,000 | 12,155 | ||||||
| China Resources Beer Holdings Co., Ltd. (c) | 1,968,000 | 12,087 | ||||||
| China Resources Land Ltd. (c) | 770,000 | 3,512 | ||||||
| CSPC Pharmaceutical Group Ltd. (c) | 3,559,200 | 6,948 | ||||||
| Hua Hong Semiconductor Ltd. (a)(b)(c) | 1,834,000 | 7,066 | ||||||
| Jiangsu Hengrui Medicine Co., Ltd., Class A | 268,616 | 3,556 | ||||||
| Joincare Pharmaceutical Group Industry Co. Ltd. | 1,132,500 | 2,845 | ||||||
| Kweichow Moutai Co., Ltd., Class A | 91,449 | 22,492 | ||||||
| New Oriental Education & Technology Group, Inc. ADR (a) | 61,802 | 9,239 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class A | 421,274 | 4,737 | ||||||
| Ping An Insurance Group Co. of China Ltd. H Shares (c) | 322,000 | 3,343 | ||||||
| Shandong Weigao Group Medical Polymer Co., Ltd. H Shares (c) | 1,312,000 | 2,625 | ||||||
| Shenzhou International Group Holdings Ltd. (c) | 621,000 | 10,575 | ||||||
| Sino Biopharmaceutical Ltd. (c) | 4,795,500 | 5,251 | ||||||
| TAL Education Group ADR (a) | 85,301 | 6,486 | ||||||
| Tencent Holdings Ltd. (c) | 763,100 | 51,542 | ||||||
| Universal Scientific Industrial Shanghai Co., Ltd., Class A | 1,344,853 | 5,086 | ||||||
| Yihai International Holding Ltd. (a)(c) | 348,000 | 5,466 | ||||||
| 259,402 | ||||||||
| Hong Kong (1.0%) | ||||||||
| Hong Kong Exchanges & Clearing Ltd. | 143,700 | 6,764 | ||||||
| Hungary (1.1%) | ||||||||
| Richter Gedeon Nyrt | 348,447 | 7,355 | ||||||
| India (6.5%) | ||||||||
| Bharti Airtel Ltd. | 756,861 | 4,327 | ||||||
| Eicher Motors Ltd. | 110,893 | 3,311 | ||||||
| HDFC Bank Ltd. ADR (a) | 96,517 | 4,822 | ||||||
| ICICI Bank Ltd. (a) | 959,548 | 4,640 | ||||||
| ICICI Prudential Life Insurance Co., Ltd. | 531,544 | 3,041 | ||||||
| Infosys Ltd. | 522,897 | 7,190 | ||||||
| Infosys Ltd. ADR | 163,670 | 2,260 | ||||||
| Marico Ltd. | 356,493 | 1,756 | ||||||
| Reliance Industries Ltd. | 396,587 | 9,867 | ||||||
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Shree Cement Ltd. | 9,820 | 2,705 | ||||||
| 43,919 | ||||||||
| Indonesia (1.4%) | ||||||||
| Bank Central Asia Tbk PT | 5,165,200 | 9,429 | ||||||
| Korea, Republic of (7.6%) | ||||||||
| Kakao Corp. | 21,492 | 6,683 | ||||||
| NCSoft Corp. | 5,081 | 3,502 | ||||||
| Samsung Biologics Co., Ltd. (a) | 6,012 | 3,544 | ||||||
| Samsung Electronics Co., Ltd. | 653,681 | 32,451 | ||||||
| SK Hynix, Inc. | 75,367 | 5,403 | ||||||
| 51,583 | ||||||||
| Mexico (1.6%) | ||||||||
| Grupo Aeroportuario del Centro Norte SAB de CV (a) | 1,054,321 | 4,834 | ||||||
| Wal-Mart de Mexico SAB de CV | 2,698,030 | 6,456 | ||||||
| 11,290 | ||||||||
| Peru (0.7%) | ||||||||
| Cia de Minas Buenaventura SAA ADR | 377,755 | 4,616 | ||||||
| Poland (3.6%) | ||||||||
| CD Projekt SA (a) | 58,434 | 6,327 | ||||||
| Jeronimo Martins SGPS SA | 375,084 | 6,032 | ||||||
| LPP SA (a) | 3,080 | 5,234 | ||||||
| PLAY Communications SA | 674,711 | 6,742 | ||||||
| 24,335 | ||||||||
| Russia (6.8%) | ||||||||
| LUKOIL PJSC ADR | 104,180 | 6,020 | ||||||
| Novatek PJSC (Registered GDR) | 53,617 | 7,339 | ||||||
| Novolipetsk Steel PJSC GDR | 252,600 | 5,593 | ||||||
| TCS Group Holding PLC GDR | 261,989 | 6,910 | ||||||
| X5 Retail Group N.V. GDR | 231,215 | 8,545 | ||||||
| Yandex N.V., Class A (a) | 182,104 | 11,882 | ||||||
| 46,289 | ||||||||
| South Africa (2.0%) | ||||||||
| Capitec Bank Holdings Ltd. | 108,343 | 6,673 | ||||||
| Clicks Group Ltd. | 506,816 | 6,709 | ||||||
| 13,382 | ||||||||
| Taiwan (11.6%) | ||||||||
| ASE Technology Holding Co., Ltd. | 1,759,626 | 3,623 | ||||||
| Delta Electronics, Inc. | 706,000 | 4,636 | ||||||
| Largan Precision Co., Ltd. | 11,000 | 1,288 | ||||||
| MediaTek, Inc. | 441,000 | 9,344 | ||||||
| Mega Financial Holding Co., Ltd. | 153,000 | 148 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 3,706,205 | 55,756 | ||||||
| Vanguard International Semiconductor Corp. | 1,205,000 | 4,031 | ||||||
| 78,826 | ||||||||
| Thailand (0.3%) | ||||||||
| Muangthai Capital PCL (Foreign Shares) (a) | 1,405,400 | 2,202 |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Turkey (0.7%) | ||||||||
| Migros Ticaret AS (a) | 877,538 | 4,680 | ||||||
| United Kingdom (2.3%) | ||||||||
| Avast PLC | 1,254,980 | 8,520 | ||||||
| Mondi PLC | 355,733 | 7,541 | ||||||
| 16,061 | ||||||||
| United States (5.8%) | ||||||||
| ASML Holding NV | 43,357 | 16,011 | ||||||
| EPAM Systems, Inc. (a) | 22,870 | 7,393 | ||||||
| MercadoLibre, Inc. (a) | 6,746 | 7,302 | ||||||
| NIKE, Inc., Class B | 68,473 | 8,596 | ||||||
| 39,302 | ||||||||
| Total Common Stocks (Cost $449,167) | 668,103 | |||||||
| Short-Term Investments (2.1%) | ||||||||
| Securities held as Collateral on Loaned Securities (0.5%) | ||||||||
| Investment Company (0.5%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (d) (Cost $3,543) | 3,542,730 | 3,543 | ||||||
| Investment Company (1.6%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (d) (Cost $10,736) | 10,735,908 | 10,736 | ||||||
| Total Short-Term Investments (Cost $14,279) | 14,279 | |||||||
| Total Investments (100.4%) (Cost $463,446) Including $9,604 of Securities Loaned (e)(f)(g) | 682,382 | |||||||
| Liabilities in Excess of Other Assets (-0.4%) | (3,047 | ) | ||||||
| Net Assets (100.0%) | $ | 679,335 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2020, were approximately $9,604,000 and $10,082,000, respectively. The Fund received cash collateral of approximately $3,543,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $6,539,000 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) | 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, 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, 2020, advisory fees paid were reduced by approximately $10,000 relating to the Fund's investment in the Liquidity Funds. |
| (e) | The approximate fair value and percentage of net assets, $478,659,000 and 70.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| (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, 2020, the Fund did not engage in any cross-trade transactions. |
| (g) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $231,247,000 and the aggregate gross unrealized depreciation is approximately $12,311,000, resulting in net unrealized appreciation of approximately $218,936,000. |
| ADR | American Depositary Receipt. |
| GDR | Global Depositary Receipt. |
| PJSC | Public Joint Stock Company. |
Portfolio Composition*
| Classification | Percentage of Total Investments | |||
| Other** | 54.1 | % | ||
| Semiconductors & Semiconductor Equipment | 14.9 | |||
| Internet & Direct Marketing Retail | 10.5 | |||
| Interactive Media & Services | 10.3 | |||
| Banks | 5.1 | |||
| Beverages | 5.1 | |||
| Total Investments | 100.0 | % |
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2020. | |
| ** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Face Amount (000) | Value (000) | |||||||
| Fixed Income Securities (94.8%) | ||||||||
| Argentina (2.3%) | ||||||||
| Corporate Bonds (1.9%) | ||||||||
| Pampa Energia SA, | ||||||||
| 9.13%, 4/15/29 (a) | $ | 300 | $ | 235 | ||||
| Province of Santa Fe, | ||||||||
| 6.90%, 11/1/27 (a) | 200 | 130 | ||||||
| Provincia de Cordoba, | ||||||||
| 7.45%, 9/1/24 (a) | 330 | 190 | ||||||
| Provincia de Entre Rios Argentina, | ||||||||
| 8.75%, 2/8/25 (a)(b)(c) | 230 | 129 | ||||||
| Telecom Argentina SA, | ||||||||
| 8.00%, 7/18/26 (a) | 50 | 41 | ||||||
| 725 | ||||||||
| Sovereign (0.4%) | ||||||||
| Argentine Republic Government International Bond, | ||||||||
| 0.13%, 7/9/30 – 7/9/35 (d) | 359 | 141 | ||||||
| 1.00%, 7/9/29 | 24 | 11 | ||||||
| 152 | ||||||||
| 877 | ||||||||
| Armenia (0.7%) | ||||||||
| Corporate Bond (0.7%) | ||||||||
| Ardshinbank CJSC Via Dilijan Finance BV, | ||||||||
| 6.50%, 1/28/25 (a) | 270 | 258 | ||||||
| 258 | ||||||||
| Azerbaijan (0.4%) | ||||||||
| Sovereign (0.4%) | ||||||||
| Republic of Azerbaijan International Bond, | ||||||||
| 3.50%, 9/1/32 | 150 | 145 | ||||||
| Bahrain (0.8%) | ||||||||
| Sovereign (0.8%) | ||||||||
| Bahrain Government International Bond, | ||||||||
| 7.50%, 9/20/47 | 300 | 320 | ||||||
| Belarus (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| Republic of Belarus International Bond, | ||||||||
| 6.20%, 2/28/30 (a) | 200 | 188 | ||||||
| Brazil (5.2%) | ||||||||
| Corporate Bonds (1.8%) | ||||||||
| CSN Resources SA, | ||||||||
| 7.63%, 4/17/26 (a) | 260 | 263 | ||||||
| Minerva Luxembourg SA, | ||||||||
| 5.88%, 1/19/28 (a) | 200 | 208 | ||||||
| Petrobras Global Finance BV, | ||||||||
| 6.75%, 6/3/50 | 140 | 152 | ||||||
| Suzano Austria GmbH, | ||||||||
| 3.75%, 1/15/31 | 40 | 40 | ||||||
| 663 | ||||||||
| Sovereign (3.4%) | ||||||||
| Brazil
Notas do Tesouro Nacional, Series F, 10.00%, 1/1/23 – 1/1/25 | BRL | 5,335 | 1,071 | |||||
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Brazilian Government International Bond, | ||||||||
| 3.88%, 6/12/30 | $ | 200 | 200 | |||||
| 1,271 | ||||||||
| 1,934 | ||||||||
| Chile (2.7%) | ||||||||
| Corporate Bonds (1.8%) | ||||||||
| Cencosud SA, | ||||||||
| 4.38%, 7/17/27 | 200 | 218 | ||||||
| Colbun SA, | ||||||||
| 3.15%, 3/6/30 (a) | 200 | 216 | ||||||
| VTR Finance, | ||||||||
| 6.38%, 7/15/28 (a) | 225 | 238 | ||||||
| 672 | ||||||||
| Sovereign (0.9%) | ||||||||
| Bonos de la Tesoreria de la Republica en pesos, | ||||||||
| 4.50%, 3/1/26 | CLP | 225,000 | 329 | |||||
| 1,001 | ||||||||
| China (5.7%) | ||||||||
| Corporate Bonds (2.9%) | ||||||||
| China SCE Group Holdings Ltd., | ||||||||
| 7.38%, 4/9/24 | $ | 250 | 253 | |||||
| Country Garden Holdings Co., Ltd., | ||||||||
| 7.25%, 4/8/26 | 260 | 289 | ||||||
| Scenery Journey Ltd., | ||||||||
| 11.50%, 10/24/22 | 250 | 228 | ||||||
| Yuzhou Group Holdings Co. Ltd., | ||||||||
| 8.38%, 10/30/24 | 300 | 311 | ||||||
| 1,081 | ||||||||
| Sovereign (2.8%) | ||||||||
| China Government Bond, | ||||||||
| 3.13%, 11/21/29 | CNY | 4,900 | 716 | |||||
| 3.29%, 10/18/23 | 940 | 140 | ||||||
| Sinopec Group Overseas Development 2018 Ltd., | ||||||||
| 2.95%, 11/12/29 (a) | $ | 200 | 214 | |||||
| 1,070 | ||||||||
| 2,151 | ||||||||
| Colombia (5.4%) | ||||||||
| Corporate Bonds (3.6%) | ||||||||
| Banco de Bogota SA, | ||||||||
| 4.38%, 8/3/27 | 300 | 316 | ||||||
| Canacol Energy Ltd., | ||||||||
| 7.25%, 5/3/25 (a) | 200 | 206 | ||||||
| Geopark Ltd., | ||||||||
| 6.50%, 9/21/24 (a) | 200 | 190 | ||||||
| Grupo Aval Ltd., | ||||||||
| 4.38%, 2/4/30 (a) | 200 | 193 | ||||||
| Termocandelaria Power Ltd., | ||||||||
| 7.88%, 1/30/29 (a) | 400 | 430 | ||||||
| 1,335 | ||||||||
| Sovereign (1.8%) | ||||||||
| Colombian TES, | ||||||||
| Series B | ||||||||
| 6.00%, 4/28/28 | COP | 951,400 | 263 | |||||
| 7.00%, 6/30/32 | 253,800 | 72 | ||||||
| 7.50%, 8/26/26 | 685,100 | 206 |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| 10.00%, 7/24/24 | 454,100 | 146 | ||||||
| 687 | ||||||||
| 2,022 | ||||||||
| Costa Rica (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| Costa Rica Government International Bond, | ||||||||
| 6.13%, 2/19/31 (a) | $ | 200 | 189 | |||||
| Dominican Republic (2.3%) | ||||||||
| Corporate Bond (1.1%) | ||||||||
| AES Andres
BV/Dominican Power Partners/Empresa Generadora de Electricidad It, (Units) | ||||||||
| 7.95%, 5/11/26 (a)(e) | 400 | 408 | ||||||
| Sovereign (1.2%) | ||||||||
| Dominican Republic International Bond, | ||||||||
| 5.88%, 1/30/60 (a) | DOP | 300 | 285 | |||||
| 9.75%, 6/5/26 (a) | 10,550 | 185 | ||||||
| 470 | ||||||||
| 878 | ||||||||
| Ecuador (0.6%) | ||||||||
| Sovereign (0.6%) | ||||||||
| Ecuador Government International Bond, | ||||||||
| 0.00%, 7/31/30 (a) | $ | 20 | 10 | |||||
| 0.50%, 7/31/30 – 7/31/40(a) | 401 | 228 | ||||||
| 238 | ||||||||
| Egypt (2.9%) | ||||||||
| Corporate Bond (1.1%) | ||||||||
| African Export-Import Bank (The), | ||||||||
| 3.99%, 9/21/29 (a) | 390 | 403 | ||||||
| Sovereign (1.8%) | ||||||||
| Arab Republic of Egypt, | ||||||||
| 5.25%, 10/6/25 | 200 | 201 | ||||||
| Egypt Government International Bond, | ||||||||
| 6.38%, 4/11/31 (a) | EUR | 230 | 252 | |||||
| 8.15%, 11/20/59 (a) | 260 | 243 | ||||||
| 696 | ||||||||
| 1,099 | ||||||||
| El Salvador (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| El Salvador Government International Bond, | ||||||||
| 7.12%, 1/20/50 (a) | $ | 150 | 118 | |||||
| 8.63%, 2/28/29 (a) | 80 | 76 | ||||||
| 194 | ||||||||
| Gabon (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| Gabon Government International Bond, | ||||||||
| 6.63%, 2/6/31 (a) | 200 | 179 | ||||||
| Ghana (0.5%) | ||||||||
| Corporate Bond (0.5%) | ||||||||
| Kosmos Energy Ltd., | ||||||||
| 7.13%, 4/4/26 (a) | 200 | 176 |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Guatemala (0.9%) | ||||||||
| Sovereign (0.9%) | ||||||||
| Guatemala Government Bond, | ||||||||
| 4.88%, 2/13/28 | 300 | 332 | ||||||
| Hungary (0.6%) | ||||||||
| Sovereign (0.6%) | ||||||||
| Hungary Government Bond, | ||||||||
| 3.00%, 8/21/30 | HUF | 62,000 | 214 | |||||
| India (1.2%) | ||||||||
| Corporate Bonds (1.2%) | ||||||||
| Greenko Investment Co., | ||||||||
| 4.88%, 8/16/23 (a) | $ | 240 | 240 | |||||
| Vedanta Holdings Mauritius II Ltd., | ||||||||
| 13.00%, 8/21/23 (a) | 200 | 206 | ||||||
| 446 | ||||||||
| Indonesia (6.9%) | ||||||||
| Corporate Bonds (1.6%) | ||||||||
| Indo Energy Finance II BV, | ||||||||
| 6.38%, 1/24/23 | 114 | 111 | ||||||
| Jababeka International BV, | ||||||||
| 6.50%, 10/5/23 (a) | 460 | 375 | ||||||
| Soechi Capital Pte Ltd., | ||||||||
| 8.38%, 1/31/23 (a) | 200 | 121 | ||||||
| 607 | ||||||||
| Sovereign (5.3%) | ||||||||
| Indonesia Government International Bond, | ||||||||
| 4.45%, 4/15/70 | 230 | 274 | ||||||
| Indonesia Treasury Bond, | ||||||||
| 7.00%, 9/15/30 | IDR | 3,300,000 | 223 | |||||
| 7.50%, 8/15/32 | 3,790,000 | 259 | ||||||
| 8.13%, 5/15/24 | 5,017,000 | 365 | ||||||
| 8.38%, 3/15/34 – 4/15/39 | 5,600,000 | 404 | ||||||
| 8.75%, 5/15/31 | 1,310,000 | 99 | ||||||
| 9.00%, 3/15/29 | 1,395,000 | 106 | ||||||
| Pertamina Persero PT, | ||||||||
| 6.50%, 11/7/48 (a) | $ | 200 | 267 | |||||
| 1,997 | ||||||||
| 2,604 | ||||||||
| Iraq (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| Iraq International Bond, | ||||||||
| 6.75%, 3/9/23 (a) | 200 | 192 | ||||||
| Israel (0.8%) | ||||||||
| Corporate Bond (0.8%) | ||||||||
| Teva Pharmaceutical Finance Netherlands III BV, | ||||||||
| 7.13%, 1/31/25 | 300 | 316 | ||||||
| Jamaica (0.9%) | ||||||||
| Sovereign (0.9%) | ||||||||
| Jamaica Government International Bond, | ||||||||
| 8.00%, 3/15/39 | 250 | 325 | ||||||
| Jordan (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| Jordan Government International Bond, | ||||||||
| 7.38%, 10/10/47 (a) | 200 | 199 | ||||||
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Lebanon (0.1%) | ||||||||
| Sovereign (0.1%) | ||||||||
| Lebanon Government International Bond, | ||||||||
| 6.85%, 3/23/27 (b)(c) | 266 | 44 | ||||||
| Malaysia (2.4%) | ||||||||
| Sovereign (2.4%) | ||||||||
| Malaysia Government Bond, | ||||||||
| 3.66%, 10/15/20 | MYR | 137 | 33 | |||||
| 3.96%, 9/15/25 | 1,503 | 390 | ||||||
| 4.16%, 7/15/21 | 195 | 48 | ||||||
| 4.18%, 7/15/24 | 762 | 196 | ||||||
| 4.23%, 6/30/31 | 246 | 67 | ||||||
| 4.50%, 4/15/30 | 559 | 154 | ||||||
| 888 | ||||||||
| Mexico (10.3%) | ||||||||
| Corporate Bonds (1.6%) | ||||||||
| Alpha Holding SA de CV, | ||||||||
| 10.00%, 12/19/22 (a) | $ | 200 | 170 | |||||
| Financiera Independencia SAB de CV SOFOM ENR, | ||||||||
| 8.00%, 7/19/24 (a) | 250 | 178 | ||||||
| Trust Fibra Uno, | ||||||||
| 6.39%, 1/15/50 (a) | 240 | 240 | ||||||
| 588 | ||||||||
| Sovereign (8.7%) | ||||||||
| Mexican Bonos, | ||||||||
| Series M | ||||||||
| 6.50%, 6/10/21 | MXN | 1,495 | 68 | |||||
| 7.50%, 6/3/27 | 13,502 | 679 | ||||||
| 7.75%, 5/29/31 | 5,070 | 259 | ||||||
| 8.00%, 12/7/23 | 2,072 | 103 | ||||||
| 10.00%, 12/5/24 | 15,250 | 821 | ||||||
| Mexico Government International Bond, | ||||||||
| 4.50%, 4/22/29 | $ | 200 | 225 | |||||
| Petroleos Mexicanos, | ||||||||
| 6.50%, 3/13/27 – 1/23/29 | 626 | 577 | ||||||
| 6.95%, 1/28/60 (a) | 365 | 283 | ||||||
| 7.69%, 1/23/50 | 300 | 251 | ||||||
| 3,266 | ||||||||
| 3,854 | ||||||||
| Moldova (0.7%) | ||||||||
| Corporate Bond (0.7%) | ||||||||
| Aragvi Finance International DAC, | ||||||||
| 12.00%, 4/9/24 (a) | 260 | 271 | ||||||
| Nigeria (2.7%) | ||||||||
| Corporate Bonds (2.2%) | ||||||||
| Fidelity Bank PLC, | ||||||||
| 10.50%, 10/16/22 (a) | 220 | 230 | ||||||
| IHS Netherlands Holdco BV, | ||||||||
| 8.00%, 9/18/27 (a) | 270 | 278 | ||||||
| United Bank for Africa PLC, | ||||||||
| 7.75%, 6/8/22 (a) | 300 | 301 | ||||||
| 809 | ||||||||
| Sovereign (0.5%) | ||||||||
| Nigeria Government International Bond, | ||||||||
| 7.14%, 2/23/30 (a) | 200 | 191 | ||||||
| 1,000 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Panama (1.1%) | ||||||||
| Corporate Bond (0.5%) | ||||||||
| AES Panama Generation Holdings SRL, | ||||||||
| 4.38%, 5/31/30 (a) | 200 | 206 | ||||||
| Sovereign (0.6%) | ||||||||
| Aeropuerto Internacional de Tocumen SA, | ||||||||
| 5.63%, 5/18/36 (a) | 200 | 222 | ||||||
| 428 | ||||||||
| Paraguay (1.9%) | ||||||||
| Sovereign (1.9%) | ||||||||
| Paraguay Government International Bond, | ||||||||
| 4.70%, 3/27/27 (a) | 200 | 228 | ||||||
| 4.95%, 4/28/31 (a) | 200 | 231 | ||||||
| 5.40%, 3/30/50 (a) | 200 | 244 | ||||||
| 703 | ||||||||
| Peru (1.7%) | ||||||||
| Corporate Bond (0.6%) | ||||||||
| Lima Metro Line 2 Finance Ltd., | ||||||||
| 4.35%, 4/5/36 (a) | 200 | 221 | ||||||
| Sovereign (1.1%) | ||||||||
| Peru Government Bond, | ||||||||
| 5.40%, 8/12/34 | PEN | 259 | 75 | |||||
| 5.94%, 2/12/29 | 1,062 | 346 | ||||||
| 6.15%, 8/12/32 | 1 | 1 | ||||||
| 422 | ||||||||
| 643 | ||||||||
| Poland (5.0%) | ||||||||
| Sovereign (5.0%) | ||||||||
| Republic of Poland Government Bond, | ||||||||
| 3.25%, 7/25/25 | PLN | 2,044 | 596 | |||||
| 4.00%, 10/25/23 | 455 | 131 | ||||||
| 5.75%, 10/25/21 – 9/23/22 | 2,680 | 768 | ||||||
| Republic of Poland Government International Bond, | ||||||||
| 5.00%, 3/23/22 | $ | 370 | 396 | |||||
| 1,891 | ||||||||
| Qatar (2.2%) | ||||||||
| Sovereign (2.2%) | ||||||||
| Qatar Government International Bond, | ||||||||
| 3.75%, 4/16/30 (a) | 200 | 232 | ||||||
| 4.82%, 3/14/49 (a) | 430 | 581 | ||||||
| 813 | ||||||||
| Romania (1.0%) | ||||||||
| Sovereign (1.0%) | ||||||||
| Romania Government Bond, | ||||||||
| 4.75%, 2/24/25 | RON | 1,545 | 395 | |||||
| Russia (5.3%) | ||||||||
| Corporate Bond (0.8%) | ||||||||
| Alfa Bank AO Via Alfa Bond Issuance PLC, | ||||||||
| 5.95%, 4/15/30 | $ | 300 | 297 | |||||
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Sovereign (4.5%) | ||||||||
| Russian Federal Bond - OFZ, | ||||||||
| 6.90%, 5/23/29 | RUB | 26,395 | 358 | |||||
| 7.70%, 3/23/33 | 46,360 | 667 | ||||||
| 7.95%, 10/7/26 | 9,240 | 133 | ||||||
| Russian Foreign Bond - Eurobond, | ||||||||
| 5.63%, 4/4/42 | $ | 400 | 536 | |||||
| 1,694 | ||||||||
| 1,991 | ||||||||
| Saudi Arabia (1.2%) | ||||||||
| Sovereign (1.2%) | ||||||||
| Saudi Government International Bond, | ||||||||
| 5.25%, 1/16/50 (a) | 340 | 458 | ||||||
| Senegal (0.9%) | ||||||||
| Sovereign (0.9%) | ||||||||
| Senegal Government International Bond, | ||||||||
| 6.25%, 5/23/33 (a) | 350 | 346 | ||||||
| Serbia (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| Serbia International Bond, | ||||||||
| 3.13%, 5/15/27 (a) | EUR | 140 | 176 | |||||
| South Africa (4.4%) | ||||||||
| Sovereign (4.4%) | ||||||||
| Eskom Holdings SOC Ltd., | ||||||||
| 7.13%, 2/11/25 | $ | 200 | 183 | |||||
| 8.45%, 8/10/28 (a) | 200 | 185 | ||||||
| Republic of South Africa Government Bond, | ||||||||
| 8.00%, 1/31/30 | 19,061 | 1,040 | ||||||
| 8.25%, 3/31/32 | ZAR | 2,437 | 125 | |||||
| 8.75%, 1/31/44 | 820 | 38 | ||||||
| 9.00%, 1/31/40 | 1,500 | 72 | ||||||
| 1,643 | ||||||||
| Supernational (1.0%) | ||||||||
| Sovereign (1.0%) | ||||||||
| Banque Ouest Africaine de Developpement, | ||||||||
| 4.70%, 10/22/31 (a) | $ | 370 | 389 | |||||
| Tanzania, United Republic of (0.6%) | ||||||||
| Corporate Bond (0.6%) | ||||||||
| HTA Group Ltd., | ||||||||
| 7.00%, 12/18/25 (a) | 200 | 210 | ||||||
| Thailand (1.9%) | ||||||||
| Sovereign (1.9%) | ||||||||
| Thailand Government Bond, | ||||||||
| 3.63%, 6/16/23 | THB | 9,000 | 307 | |||||
| 4.88%, 6/22/29 | 10,434 | 425 | ||||||
| 732 | ||||||||
| Turkey (2.2%) | ||||||||
| Sovereign (2.2%) | ||||||||
| Turkey Government Bond, | ||||||||
| 8.00%, 3/12/25 | TRY | 1,443 | 157 | |||||
| 10.50%, 8/11/27 | 455 | 53 | ||||||
| 11.00%, 2/24/27 | 586 | 70 | ||||||
| Turkey Government International Bond, | ||||||||
| 6.35%, 8/10/24 | $ | 330 | 330 | |||||
| 7.25%, 12/23/23 | 200 | 207 | ||||||
| 817 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Ukraine (1.9%) | ||||||||
| Corporate Bond (0.6%) | ||||||||
| NAK Naftogaz Ukraine via Kondor Finance PLC, | ||||||||
| 7.13%, 7/19/24 | EUR | 200 | 226 | |||||
| Sovereign (1.3%) | ||||||||
| Ukraine Government International Bond, | ||||||||
| 6.75%, 6/20/26 (a) | $ | 100 | 114 | |||||
| 7.75%, 9/1/26 | 380 | 379 | ||||||
| 493 | ||||||||
| 719 | ||||||||
| United Arab Emirates (1.9%) | ||||||||
| Corporate Bonds (1.9%) | ||||||||
| DP World Crescent Ltd., | ||||||||
| 4.85%, 9/26/28 | 220 | 244 | ||||||
| DP World PLC, | ||||||||
| 5.63%, 9/25/48 (a) | 200 | 229 | ||||||
| MAF Global Securities Ltd., | ||||||||
| 6.38%, 3/20/26 (f) | 250 | 250 | ||||||
| 723 | ||||||||
| Venezuela (0.1%) | ||||||||
| Sovereign (0.1%) | ||||||||
| Petroleos de Venezuela SA, | ||||||||
| 6.00%, 11/15/26 (b)(c) | 1,582 | 47 | ||||||
| Total Fixed Income Securities (Cost $37,371) | 35,658 |
| No.
of Warrants | ||||||||
| Warrant (0.0%) | ||||||||
| Venezuela (0.0%) | ||||||||
| Venezuela Government International Bond, Oil-Linked Payment Obligation, 0.00% expires 4/15/20 (g) (Cost $—) | 1,495 | 1 | ||||||
| Shares | ||||||||
| Short-Term Investments (4.8%) | ||||||||
| United States (3.7%) | ||||||||
| Investment Company (3.7%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (h) (Cost $1,373) | 1,373,333 | 1,373 |
| Face Amount (000) | ||||||||
| Egypt (1.0%) | ||||||||
| Sovereign (1.0%) | ||||||||
| Egypt Treasury Bills, | ||||||||
| 13.60%, 3/2/21 | EGP | 625 | 38 | |||||
| 13.65%, 3/2/21 | 1,025 | 62 | ||||||
| 13.66%, 3/2/21 | 1,525 | 92 | ||||||
| 13.68%, 3/2/21 | 2,175 | 132 | ||||||
| 13.69%, 3/2/21 | 1,000 | 60 | ||||||
| 13.70%, 3/2/21 | 150 | 9 | ||||||
| Total Sovereign (Cost $388) | 393 | |||||||
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| United States (0.1%) | ||||||||
| U.S. Treasury Security (0.1%) | ||||||||
| U.S. Treasury Bill, | ||||||||
| 0.16%, 1/28/21 (i) (Cost $30) | $ | 30 | 30 | |||||
| Total Short-Term Investments (Cost $1,791) | 1,796 | |||||||
| Total Investments (99.6%) (Cost $39,162) (j)(k)(l) | 37,455 | |||||||
| Other Assets in Excess of Liabilities (0.4%) | 142 | |||||||
| Net Assets (100.0%) | $ | 37,597 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (b) | Non-income producing security; bond in default. |
| (c) | Issuer in bankruptcy. |
| (d) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2020. Maturity date disclosed is the ultimate maturity date. |
| (e) | Consists of one or more classes of securities traded together as a unit. |
| (f) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of September 30, 2020. |
| (g) | Perpetual maturity date. Date disclosed is the last expiration date. |
| (h) | 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, 2020, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Funds. |
| (i) | Rate shown is the yield to maturity at September 30, 2020. |
| (j) | Securities are available for collateral in connection with open foreign currency forward exchange contracts. |
| (k) | 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, 2020, the Fund did not engage in any cross-trade transactions. |
| (l) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,148,000 and the aggregate gross unrealized depreciation is approximately $2,854,000, resulting in net unrealized depreciation of approximately $1,706,000. |
| OFZ | Obilgatsyi Federal’novo Zaima (Russian Federal Loan Obligation). |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at September 30, 2020:
| Counterparty | Contracts to Deliver (000) |
In Exchange For (000) |
Delivery Date |
Unrealized Appreciation (Depreciation) (000) |
|||||||||
| Barclays Bank PLC | MXN | 10,280 | $ | 470 | 12/9/20 | $9 | |||||||
| Citibank NA | PLN | 1,940 | $ | 517 | 12/9/20 | 15 | |||||||
| Citibank NA | $ | 264 | HUF | 80,000 | 12/9/20 | (6 | ) | ||||||
| Citibank NA | ZAR | 6,000 | $ | 354 | 12/9/20 | (2 | ) | ||||||
| HSBC Bank PLC | $ | 94 | CNH | 640 | 12/9/20 | (—@ | ) | ||||||
| JPMorgan Chase Bank NA | IDR | 2,800,000 | $ | 186 | 12/9/20 | (1) | |||||||
| State Street Bank and Trust Co. | IDR | 1,700,000 | $ | 113 | 12/9/20 | (—@ | ) | ||||||
| UBS AG | EUR | 690 | $ | 817 | 12/9/20 | 7 | |||||||
| UBS AG | $ | 639 | CZK | 14,240 | 12/9/20 | (21 | ) | ||||||
| $ | 1 | ||||||||||||
| @ | — | Value is less than $500. |
| BRL | — | Brazilian Real |
| CLP | — | Chilean Peso |
| CNH | — | Chinese Yuan Renminbi Offshore |
| CNY | — | Chinese Yuan Renminbi |
| COP | — | Colombian Peso |
| CZK | — | Czech Koruna |
| DOP | — | Dominican Peso |
| EGP | — | Egyptian Pound |
| EUR | — | Euro |
| HUF | — | Hungarian Forint |
| IDR | — | Indonesian Rupiah |
| MXN | — | Mexican Peso |
| MYR | — | Malaysian Ringgit |
| PEN | — | Peruvian Nuevo Sol |
| PLN | — | Polish Zloty |
| RON | — | Romanian New Leu |
| RUB | — | Russian Ruble |
| THB | — | Thai Baht |
| TRY | — | Turkish Lira |
| ZAR | — | South African Rand |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Fixed Income Opportunities Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Portfolio Composition | ||||
| Classification | Percentage
of Total Investments | |||
| Sovereign | 66.8 | % | ||
| Corporate Bonds | 28.4 | |||
| Other* | 4.8 | |||
| Total Investments | 100.0 | %** | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
| ** | Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $1,000. |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Leaders Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (98.5%) | ||||||||
| Brazil (5.6%) | ||||||||
| Pagseguro Digital Ltd., Class A (a) | 49,401 | $ | 1,863 | |||||
| StoneCo Ltd., Class A (a) | 43,722 | 2,312 | ||||||
| 4,175 | ||||||||
| China (37.6%) | ||||||||
| Agora, Inc. ADR (a) | 19,448 | 836 | ||||||
| Alibaba Group Holding Ltd. ADR (a)(b) | 189,444 | 6,955 | ||||||
| Kingdee International Software Group Co., Ltd. (a)(b) | 610,000 | 1,591 | ||||||
| Li Ning Co., Ltd. (b) | 603,500 | 2,840 | ||||||
| Meituan Dianping, Class B (a)(b) | 195,500 | 6,159 | ||||||
| New Oriental Education & Technology Group, Inc. ADR (a) | 7,448 | 1,113 | ||||||
| Ping An Healthcare and Technology Co., Ltd. (a)(b) | 116,800 | 1,507 | ||||||
| Tencent Holdings Ltd. (b) | 83,800 | 5,660 | ||||||
| Wuliangye Yibin Co., Ltd., Class A | 50,100 | 1,633 | ||||||
| 28,294 | ||||||||
| Germany (2.2%) | ||||||||
| Delivery Hero SE (a) | 14,531 | 1,667 | ||||||
| Hong Kong (2.7%) | ||||||||
| AIA Group Ltd. | 3,800 | 38 | ||||||
| Budweiser Brewing Co., APAC Ltd. | 688,200 | 2,013 | ||||||
| 2,051 | ||||||||
| India (19.2%) | ||||||||
| Aarti Industries Ltd. | 140,180 | 1,930 | ||||||
| Apollo Hospitals Enterprise Ltd. | 116,599 | 3,398 | ||||||
| AU Small Finance Bank Ltd. (a) | 185,002 | 1,637 | ||||||
| Bajaj Finance Ltd. | 69,655 | 3,121 | ||||||
| HDFC Life Insurance Co., Ltd. (a) | 159,802 | 1,213 | ||||||
| Kotak Mahindra Bank Ltd. (a) | 133,167 | 2,299 | ||||||
| PI Industries Ltd. | 27,231 | 729 | ||||||
| SRF Ltd. | 1,353 | 76 | ||||||
| 14,403 | ||||||||
| Singapore (5.6%) | ||||||||
| Sea Ltd. ADR (a) | 27,482 | 4,233 | ||||||
| Taiwan (11.3%) | ||||||||
| Silergy Corp. | 32,000 | 1,897 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 277,000 | 4,168 | ||||||
| Voltronic Power Technology Corp. | 71,334 | 2,423 | ||||||
| 8,488 | ||||||||
| United States (14.3%) | ||||||||
| Advanced Micro Devices, Inc. (a) | 10,533 | 864 | ||||||
| MercadoLibre, Inc. (a) | 3,592 | 3,888 | ||||||
| NIKE, Inc., Class B | 21,785 | 2,735 | ||||||
| NVIDIA Corp. | 3,778 | 2,045 | ||||||
| Visa, Inc., Class A | 6,083 | 1,216 | ||||||
| 10,748 | ||||||||
| Total Common Stocks (Cost $48,632) | 74,059 | |||||||
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Leaders Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Short-Term Investment (2.6%) | ||||||||
| Investment Company (2.6%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (c) (Cost $1,959) | 1,958,680 | 1,959 | ||||||
| Total Investments (101.1%) (Cost $50,591) (d)(e)(f) | 76,018 | |||||||
| Liabilities in Excess of Other Assets (-1.1%) | (828 | ) | ||||||
| Net Assets (100.0%) | $ | 75,190 | ||||||
| Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications. | |
| | |
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2020, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds. |
| (d) | The approximate fair value and percentage of net assets, $52,954,000 and 70.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2020, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $26,128,000 and the aggregate gross unrealized depreciation is approximately $701,000, resulting in net unrealized appreciation of approximately $25,427,000. |
| ADR | American Depositary Receipt. |
| Portfolio Composition | |||
| Classification | Percentage of Total Investments | ||
| Other* | 31.0 | % | |
| Internet & Direct Marketing Retail | 24.6 | ||
| Semiconductors & Semiconductor Equipment | 11.8 | ||
| Interactive Media & Services | 7.4 | ||
| Textiles, Apparel & Luxury Goods | 7.3 | ||
| Information Technology Services | 7.1 | ||
| Entertainment | 5.6 | ||
| Banks | 5.2 | ||
| Total Investments | 100.0 | % | |
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Small Cap Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) |
|||||||
| Common Stocks (98.9%) | ||||||||
| Brazil (7.2%) | ||||||||
| Afya Ltd., Class A (a) | 59,976 | $ | 1,634 | |||||
| Ambipar Participacoes e Empreendimentos S/A (a) | 211,327 | 1,102 | ||||||
| Boa Vista Serviscos SA (a) | 463,139 | 1,159 | ||||||
| Randon SA Implementos e Participacoes (Preference) | 372,300 | 807 | ||||||
| TOTVS SA | 143,627 | 693 | ||||||
| 5,395 | ||||||||
| China (19.1%) | ||||||||
| Baozun, Inc. ADR (a)(b) | 43,722 | 1,421 | ||||||
| Beijing Thunisoft Corp., Ltd., Class A | 307,522 | 1,084 | ||||||
| Chengdu Jiafaantai Education Technology Co., Ltd. | 376,550 | 1,067 | ||||||
| China Education Group Holdings Ltd. (c) | 560,000 | 1,030 | ||||||
| China New Higher Education Group Ltd. (c) | 2,546,000 | 1,648 | ||||||
| DouYu International Holdings Ltd. ADR (a) | 123,389 | 1,630 | ||||||
| Focused Photonics Hangzhou, Inc., Class A (a) | 473,946 | 1,061 | ||||||
| Grandblue Environment Co., Ltd. | 176,600 | 729 | ||||||
| GreenTree Hospitality Group Ltd. ADR | 76,354 | 1,038 | ||||||
| Hua Hong Semiconductor Ltd. (a)(b)(c) | 385,000 | 1,483 | ||||||
| Laobaixing Pharmacy Chain JSC, Class A | 63,280 | 772 | ||||||
| LexinFintech Holdings Ltd. ADR (a)(b) | 177,123 | 1,213 | ||||||
| 14,176 | ||||||||
| Egypt (4.3%) | ||||||||
| Cairo Investment & Real Estate Development Co. SAE | 1,655,254 | 1,366 | ||||||
| Edita Food Industries SAE | 1,827,528 | 1,097 | ||||||
| Fawry for banking & Payment (a) | 443,828 | 719 | ||||||
| 3,182 | ||||||||
| Hong Kong (1.9%) | ||||||||
| Yeahka Ltd. (a) | 230,000 | 1,435 | ||||||
| India (17.0%) | ||||||||
| Apollo Hospitals Enterprise Ltd. | 33,930 | 989 | ||||||
| Blue Star Ltd. | 87,289 | 760 | ||||||
| Cholamandalam Investment and Finance Co., Ltd. | 498,095 | 1,690 | ||||||
| CreditAccess Grameen Ltd. (a) | 77,073 | 778 | ||||||
| Dr Lal PathLabs Ltd. | 39,435 | 1,007 | ||||||
| Gulf Oil Lubricants India Ltd. | 128,489 | 1,140 | ||||||
| Indiamart Intermesh Ltd. | 27,275 | 1,853 | ||||||
| Info Edge India Ltd. | 23,744 | 1,172 | ||||||
| Spandana Sphoorty Financial Ltd. (a) | 103,322 | 718 | ||||||
| Subros Ltd. | 229,922 | 800 | ||||||
| TCI Express Ltd. | 94,847 | 1,010 | ||||||
| Varun Beverages Ltd. | 74,871 | 710 | ||||||
| 12,627 | ||||||||
| Indonesia (5.0%) | ||||||||
| Bank BTPN Syariah Tbk PT | 3,196,400 | 708 | ||||||
| Map Aktif Adiperkasa PT (a) | 5,706,300 | 767 | ||||||
| Mitra Keluarga Karyasehat Tbk PT | 8,648,400 | 1,425 | ||||||
| Nippon Indosari Corpindo Tbk PT | 9,845,300 | 814 | ||||||
| 3,714 | ||||||||
| Kazakhstan (1.5%) | ||||||||
| NAC Kazatomprom JSC GDR | 75,877 | 1,108 | ||||||
| Korea, Republic of (15.5%) | ||||||||
| AfreecaTV Co., Ltd. | 29,939 | 1,500 | ||||||
| Big Hit Entertainment Co. Ltd. (a) | 10,426 | 1,204 | ||||||
| Cowintech Co. Ltd. | 44,448 | 826 | ||||||
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Small Cap Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Douzone Bizon Co., Ltd. | 10,496 | 935 | ||||||
| Ezwel Co. Ltd. | 143,697 | 1,037 | ||||||
| JYP Entertainment Corp. | 21,977 | 714 | ||||||
| KINX, Inc. | 20,264 | 1,526 | ||||||
| MegaStudyEdu Co., Ltd. | 34,378 | 863 | ||||||
| Nasmedia Co., Ltd. | 29,302 | 867 | ||||||
| Settle Bank, Inc./Korea | 46,312 | 1,147 | ||||||
| Studio Dragon Corp. (a) | 12,859 | 921 | ||||||
| 11,540 | ||||||||
| Mexico (0.7%) | ||||||||
| Gentera SAB de CV (a) | 1,769,951 | 499 | ||||||
| Pakistan (1.0%) | ||||||||
| MCB Bank Ltd. | 715,305 | 750 | ||||||
| Philippines (1.9%) | ||||||||
| Puregold Price Club, Inc. | 731,800 | 742 | ||||||
| Shakey's Pizza Asia Ventures, Inc. | 5,520,100 | 667 | ||||||
| 1,409 | ||||||||
| Poland (2.4%) | ||||||||
| 11 bit studios SA (a) | 9,979 | 1,251 | ||||||
| LiveChat Software SA | 21,751 | 511 | ||||||
| 1,762 | ||||||||
| South Africa (1.1%) | ||||||||
| Transaction Capital Ltd. | 663,240 | 855 | ||||||
| Taiwan (13.7%) | ||||||||
| Acer Cyber Security, Inc. | 228,378 | 1,269 | ||||||
| ASPEED Technology, Inc. | 18,000 | 712 | ||||||
| Chief Telecom, Inc. | 122,000 | 1,458 | ||||||
| eCloudvalley Digital Technology Co. Ltd. | 190,058 | 1,130 | ||||||
| Innodisk Corp. | 138,300 | 763 | ||||||
| Merida Industry Co., Ltd. | 159,000 | 1,289 | ||||||
| Power Wind Health Industry, Inc. | 15,702 | 85 | ||||||
| Poya International Co., Ltd. | 58,492 | 1,119 | ||||||
| Sunny Friend Environmental Technology Co., Ltd. | 185,000 | 1,472 | ||||||
| Voltronic Power Technology Corp. | 26,250 | 892 | ||||||
| 10,189 | ||||||||
| United Arab Emirates (1.5%) | ||||||||
| Network International Holdings PLC (a) | 319,367 | 1,123 | ||||||
| United Kingdom (1.5%) | ||||||||
| DP Eurasia N.V. (a)(b) | 2,286,323 | 1,136 | ||||||
| United States (3.6%) | ||||||||
| Arco Platform Ltd., Class A (a)(b) | 33,795 | 1,380 | ||||||
| Vasta Platform Ltd. (a) | 82,552 | 1,274 | ||||||
| 2,654 | ||||||||
| Total Common Stocks (Cost $66,545) | 73,554 |
Morgan Stanley Institutional Fund, Inc.
Emerging Markets Small Cap Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Short-Term Investments (4.2%) | ||||||||
| Securities held as Collateral on Loaned Securities (2.0%) | ||||||||
| Investment Company (2.0%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (d) (Cost $1,536) | 1,536,288 | 1,536 | ||||||
| Investment Company (2.2%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (d) (Cost $1,615) | 1,614,839 | 1,615 | ||||||
| Total Short-Term Investments (Cost $3,151) | 3,151 | |||||||
| Total Investments (103.1%) (Cost $69,696) Including $2,895 of Securities Loaned (e)(f)(g) | 76,705 | |||||||
| Liabilities in Excess of Other Assets (-3.1%) | (2,310 | ) | ||||||
| Net Assets (100.0%) | $ | 74,395 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2020, were approximately $2,895,000 and $2,945,000, respectively. The Fund received cash collateral of approximately $1,536,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $1,409,000 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) | 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, 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, 2020, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds. |
| (e) | The approximate fair value and percentage of net assets, $58,500,000 and 78.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (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, 2020, the Fund did not engage in any cross-trade transactions. |
| (g) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $11,403,000 and the aggregate gross unrealized depreciation is approximately $4,394,000, resulting in net unrealized appreciation of approximately $7,009,000. |
| ADR | American Depositary Receipt. |
| GDR | Global Depositary Receipt. |
Portfolio Composition*
| Classification | Percentage of Total Investments |
|||
| Other** | 57.8 | % | ||
| Diversified Consumer Services | 12.2 | |||
| Information Technology Services | 9.1 | |||
| Consumer Finance | 7.6 | |||
| Entertainment | 7.6 | |||
| Software | 5.7 | |||
| Total Investments | 100.0 | % | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2020. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Frontier Markets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (98.4%) | ||||||||
| Argentina (4.1%) | ||||||||
| Globant SA (a) | 14,555 | $ | 2,609 | |||||
| Bangladesh (1.4%) | ||||||||
| Brac Bank Ltd. | 1,827,233 | 874 | ||||||
| Egypt (7.4%) | ||||||||
| Cairo Investment & Real Estate Development Co. SAE | 1,161,175 | 958 | ||||||
| Commercial International Bank Egypt SAE | 736,989 | 3,108 | ||||||
| Fawry For Banking & Payment (a) | 388,693 | 630 | ||||||
| 4,696 | ||||||||
| Kazakhstan (3.4%) | ||||||||
| Halyk Savings Bank of Kazakhstan JSC GDR | 55,021 | 586 | ||||||
| NAC Kazatomprom JSC GDR | 108,118 | 1,579 | ||||||
| 2,165 | ||||||||
| Kenya (4.9%) | ||||||||
| Safaricom PLC | 11,141,561 | 3,066 | ||||||
| Kuwait (6.5%) | ||||||||
| National Bank of Kuwait | 1,437,470 | 4,097 | ||||||
| Morocco (6.1%) | ||||||||
| Label Vie | 5,865 | 1,870 | ||||||
| Maroc Telecom | 89,400 | 1,314 | ||||||
| Societe d'Exploitation des Ports | 32,421 | 639 | ||||||
| 3,823 | ||||||||
| Nigeria (1.8%) | ||||||||
| Nestle Nigeria PLC | 405,894 | 1,134 | ||||||
| Pakistan (2.0%) | ||||||||
| MCB Bank Ltd. | 1,177,878 | 1,235 | ||||||
| Poland (7.3%) | ||||||||
| 11 bit studios SA (a) | 9,688 | 1,214 | ||||||
| CD Projekt SA (a) | 25,181 | 2,727 | ||||||
| LiveChat Software SA | 28,017 | 658 | ||||||
| 4,599 | ||||||||
| Romania (4.6%) | ||||||||
| Banca Transilvania SA (a) | 3,618,466 | 2,057 | ||||||
| Societatea Nationala de Gaze Naturale Romgaz SA | 128,553 | 879 | ||||||
| 2,936 | ||||||||
| Russia (2.0%) | ||||||||
| TCS Group Holding PLC GDR | 48,735 | 1,285 | ||||||
| Singapore (10.8%) | ||||||||
| Sea Ltd. ADR (a) | 44,255 | 6,817 | ||||||
| Slovenia (3.3%) | ||||||||
| Krka dd Novo mesto | 21,787 | 2,097 | ||||||
Morgan Stanley Institutional Fund, Inc.
Frontier Markets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| United Arab Emirates (1.1%) | ||||||||
| Network International Holdings PLC (a) | 189,710 | 667 | ||||||
| United Kingdom (4.0%) | ||||||||
| Avast PLC | 369,815 | 2,511 | ||||||
| United States (7.0%) | ||||||||
| MercadoLibre, Inc. (a) | 4,061 | 4,396 | ||||||
| Vietnam (20.7%) | ||||||||
| Bank for Foreign Trade of Vietnam JSC | 777,710 | 2,848 | ||||||
| FPT Corp. | 528,436 | 1,264 | ||||||
| Mobile World Investment Corp. (a) | 619,463 | 3,314 | ||||||
| Sai Gon Cargo Service Corp. | 265,470 | 1,388 | ||||||
| Saigon Beer Alcohol Beverage Corp. | 169,320 | 1,345 | ||||||
| Vietnam Dairy Products JSC | 605,592 | 2,866 | ||||||
| 13,025 | ||||||||
| Total Common Stocks (Cost $43,538) | 62,032 | |||||||
| Investment Company (1.0%) | ||||||||
| Nigeria (1.0%) | ||||||||
| NewGold Issuer Ltd. (a) (Cost $819) | 35,600 | 633 | ||||||
| Short-Term Investment (0.7%) | ||||||||
| Investment Company (0.7%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (b) (Cost $430) | 430,110 | 430 | ||||||
| Total Investments (100.1%) (Cost $44,787) (c)(d)(e) | 63,095 | |||||||
| Liabilities in Excess of Other Assets (-0.1%) | (74 | ) | ||||||
| Net Assets (100.0%) | $ | 63,021 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity 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, 2020, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The approximate fair value and percentage of net assets, $42,053,000 and 66.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (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, 2020, the Fund did not engage in any cross-trade transactions. |
| (e) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $19,922,000 and the aggregate gross unrealized depreciation is approximately $1,614,000, resulting in net unrealized appreciation of approximately $18,308,000. |
| GDR | Global Depositary Receipt. |
| ADR | American Depositary Receipt. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Other* | 31.8 | % | ||
| Banks | 23.5 | |||
| Entertainment | 17.0 | |||
| Software | 9.2 | |||
| Internet & Direct Marketing Retail | 7.0 | |||
| Food Products | 6.3 | |||
| Specialty Retail | 5.2 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Advantage Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) |
|||||||
| Common Stocks (95.1%) | ||||||||
| Canada (10.0%) | ||||||||
| FirstService Corp. | 81,924 | $ | 10,811 | |||||
| Shopify, Inc., Class A (a) | 19,362 | 19,807 | ||||||
| 30,618 | ||||||||
| Denmark (1.4%) | ||||||||
| Chr Hansen Holding A/S | 38,550 | 4,279 | ||||||
| France (2.8%) | ||||||||
| Christian Dior SE | 9,899 | 4,060 | ||||||
| Hermes International | 5,208 | 4,486 | ||||||
| 8,546 | ||||||||
| India (1.4%) | ||||||||
| HDFC Bank Ltd. ADR (a) | 85,115 | 4,252 | ||||||
| Israel (1.3%) | ||||||||
| Wix.com Ltd. (a) | 16,140 | 4,113 | ||||||
| Netherlands (5.2%) | ||||||||
| Adyen N.V. (a) | 8,648 | 15,951 | ||||||
| New Zealand (3.5%) | ||||||||
| Xero Ltd. (a) | 146,010 | 10,651 | ||||||
| Singapore (6.6%) | ||||||||
| Sea Ltd. ADR (a) | 131,196 | 20,211 | ||||||
| United Kingdom (7.6%) | ||||||||
| Atlassian Corp., PLC, Class A (a) | 59,998 | 10,907 | ||||||
| Royalty Pharma PLC, Class A | 299,994 | 12,621 | ||||||
| 23,528 | ||||||||
| United States (55.3%) | ||||||||
| Activision Blizzard, Inc. | 54,195 | 4,387 | ||||||
| Amazon.com, Inc. (a) | 2,211 | 6,962 | ||||||
| Coupa Software, Inc. (a) | 36,437 | 9,992 | ||||||
| Ecolab, Inc. | 21,761 | 4,349 | ||||||
| Farfetch Ltd., Class A (a) | 440,499 | 11,083 | ||||||
| HEICO Corp., Class A | 40,879 | 3,624 | ||||||
| Intercontinental Exchange, Inc. | 19,800 | 1,981 | ||||||
| Intuitive Surgical, Inc. (a) | 21,388 | 15,176 | ||||||
| MercadoLibre, Inc. (a) | 9,416 | 10,193 | ||||||
| Okta, Inc. (a) | 49,083 | 10,496 | ||||||
| Royal Gold, Inc. | 3,591 | 431 | ||||||
| S&P Global, Inc. | 6,137 | 2,213 | ||||||
| ServiceNow, Inc. (a) | 16,382 | 7,945 | ||||||
| Slack Technologies, Inc., Class A (a) | 242,202 | 6,506 | ||||||
| Spotify Technology SA (a) | 55,506 | 13,464 | ||||||
| Square, Inc., Class A (a) | 95,863 | 15,583 | ||||||
| Texas Pacific Land Trust | 948 | 428 | ||||||
| Twilio, Inc., Class A (a) | 42,826 | 10,582 | ||||||
| Twitter, Inc. (a) | 226,030 | 10,058 | ||||||
| Veeva Systems, Inc., Class A (a) | 54,283 | 15,264 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Advantage Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Zoom Video Communications, Inc., Class A (a) | 19,319 | 9,082 | ||||||
| 169,799 | ||||||||
| Total Common Stocks (Cost $192,021) | 291,948 | |||||||
| Preferred Stocks (0.1%) | ||||||||
| United States (0.1%) | ||||||||
| Airbnb, Inc. Series D (a)(b)(c) (acquisition cost — $77; acquired 4/16/14) |
1,917 | 151 | ||||||
| Lookout, Inc. Series F (a)(b)(c) (acquisition cost — $73; acquired 6/17/14) |
6,374 | 17 | ||||||
| Palantir Technologies, Inc. Series G (a)(b) (acquisition cost — $6; acquired 7/19/12) |
2,348 | 21 | ||||||
| Palantir Technologies, Inc. Series H (a)(b) (acquisition cost — $4; acquired 10/25/13) |
1,258 | 11 | ||||||
| Palantir Technologies, Inc. Series H1 (a)(b) (acquisition cost — $4; acquired 10/25/13) |
1,258 | 11 | ||||||
| Total Preferred Stocks (Cost $164) | 211 | |||||||
| Short-Term Investment (4.9%) | ||||||||
| Investment Company (4.9%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $14,982) | 14,982,204 | 14,982 | ||||||
| Total Investments Excluding Purchased Options (100.1%) (Cost $207,167) | 307,141 | |||||||
| Total Purchased Options Outstanding (0.1%) (Cost $847) | 363 | |||||||
| Total Investments (100.2%) (Cost $208,014) (e)(f)(g) | 307,504 | |||||||
| Liabilities in Excess of Other Assets (-0.2%) | (720 | ) | ||||||
| Net Assets (100.0%) | $ | 306,784 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2020 amounts to approximately $211,000 and represents 0.1% of net assets. |
| (c) | At September 30, 2020, the Fund held fair valued securities valued at approximately $168,000, representing 0.1% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2020, advisory fees paid were reduced by approximately $12,000 relating to the Fund's investment in the Liquidity Funds. |
| (e) | The approximate fair value and percentage of net assets, $39,427,000 and 12.9%, 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. |
Morgan Stanley Institutional Fund, Inc.
Global Advantage Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| (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, 2020, the Fund did not engage in any cross-trade transactions. |
| (g) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $101,069,000 and the aggregate gross unrealized depreciation is approximately $1,579,000, resulting in net unrealized appreciation of approximately $99,490,000. |
| ADR | American Depositary Receipt. |
Morgan Stanley Institutional Fund, Inc.
Global Advantage Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2020:
| 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 | 7.99 | Sep - 21 | 47,104,572 | 47,105 | $ | 172 | $ | 285 | $ | (113 | ) | ||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 8.10 | Jul - 21 | 53,186,867 | 53,187 | 139 | 249 | (110 | ) | |||||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 8.49 | May - 21 | 29,023,770 | 29,024 | 31 | 169 | (138 | ) | |||||||||||||||||||
| Royal Bank of Scotland | USD/CNH | CNH | 7.75 | Jan - 21 | 32,872,723 | 32,873 | 21 | 144 | (123 | ) | |||||||||||||||||||
| $ | 363 | $ | 847 | $ | (484 | ) | |||||||||||||||||||||||
| CNH | – | Chinese Yuan Renminbi Offshore |
| USD | – | United States Dollar |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments |
|||
| Other* | 25.6 | % | ||
| Information Technology Services | 24.9 | |||
| Software | 18.0 | |||
| Entertainment | 12.4 | |||
| Internet & Direct Marketing Retail | 9.2 | |||
| Health Care Technology | 5.0 | |||
| Health Care Equipment & Supplies | 4.9 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Concentrated Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (99.2%) | ||||||||
| Canada (2.5%) | ||||||||
| Franco-Nevada Corp. | 4,486 | $ | 626 | |||||
| China (16.3%) | ||||||||
| Alibaba Group Holding Ltd. ADR (a) | 8,440 | 2,481 | ||||||
| Tencent Holdings Ltd. ADR | 24,133 | 1,633 | ||||||
| 4,114 | ||||||||
| France (6.7%) | ||||||||
| LVMH Moet Hennessy Louis Vuitton SE ADR | 17,852 | 1,682 | ||||||
| India (7.2%) | ||||||||
| HDFC Bank Ltd. ADR (a) | 36,533 | 1,825 | ||||||
| Italy (2.2%) | ||||||||
| Ferrari N.V. | 3,078 | 566 | ||||||
| Taiwan (7.7%) | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 23,847 | 1,933 | ||||||
| United States (56.6%) | ||||||||
| Danaher Corp. | 3,505 | 755 | ||||||
| Domino's Pizza, Inc. | 2,908 | 1,237 | ||||||
| Estee Lauder Cos., Inc. (The), Class A | 5,012 | 1,094 | ||||||
| JPMorgan Chase & Co. | 2,216 | 213 | ||||||
| Lennar Corp., Class A | 10,343 | 845 | ||||||
| Lululemon Athletica, Inc. (a) | 3,182 | 1,048 | ||||||
| Mastercard, Inc., Class A | 5,464 | 1,848 | ||||||
| Microsoft Corp. | 10,679 | 2,246 | ||||||
| NextEra Energy, Inc. | 3,346 | 929 | ||||||
| STORE Capital Corp. REIT | 59,822 | 1,641 | ||||||
| SVB Financial Group (a) | 5,746 | 1,382 | ||||||
| United Rentals, Inc. (a) | 3,282 | 573 | ||||||
| Waste Management, Inc. | 4,054 | 459 | ||||||
| 14,270 | ||||||||
| Total Common Stocks (Cost $19,387) | 25,016 | |||||||
| Short-Term Investment (0.7%) | ||||||||
| Investment Company (0.7%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $166) | 166,096 | 166 | ||||||
| Total Investments (99.9%) (Cost $19,553) (c)(d) | 25,182 | |||||||
| Other Assets in Excess of Liabilities (0.1%) | 37 | |||||||
| Net Assets (100.0%) | $ | 25,219 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2020, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
Morgan Stanley Institutional Fund, Inc.
Global Concentrated Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| (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, 2020, the Fund did not engage in any cross-trade transactions. |
| (d) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,845,000 and the aggregate gross unrealized depreciation is approximately $216,000, resulting in net unrealized appreciation of approximately $5,629,000. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Other* | 28.8 | % | ||
| Banks | 13.6 | |||
| Textiles, Apparel & Luxury Goods | 10.8 | |||
| Internet & Direct Marketing Retail | 9.9 | |||
| Software | 8.9 | |||
| Semiconductors & Semiconductor Equipment | 7.7 | |||
| Information Technology Services | 7.3 | |||
| Equity Real Estate Investment Trusts (REITs) | 6.5 | |||
| Interactive Media & Services | 6.5 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Concentrated Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) |
|||||||
| Common Stocks (97.4%) | ||||||||
| Australia (2.0%) | ||||||||
| Dexus REIT | 5,187 | $ | 33 | |||||
| GPT Group (The) REIT | 5,159 | 15 | ||||||
| Scentre Group REIT | 10,648 | 17 | ||||||
| 65 | ||||||||
| Canada (0.3%) | ||||||||
| RioCan Real Estate Investment Trust REIT | 838 | 9 | ||||||
| China (0.6%) | ||||||||
| China Overseas Land & Investment Ltd. (a) | 1,444 | 3 | ||||||
| China Resources Land Ltd. (a) | 3,282 | 15 | ||||||
| 18 | ||||||||
| Finland (0.3%) | ||||||||
| Citycon Oyj | 1,361 | 11 | ||||||
| France (6.1%) | ||||||||
| Gecina SA REIT | 631 | 83 | ||||||
| ICADE REIT | 33 | 2 | ||||||
| Klepierre SA REIT | 6,352 | 89 | ||||||
| Mercialys SA REIT | 3,580 | 20 | ||||||
| 194 | ||||||||
| Germany (2.7%) | ||||||||
| Deutsche Wohnen SE | 1,703 | 85 | ||||||
| Hong Kong (16.8%) | ||||||||
| CK Asset Holdings Ltd. | 1,935 | 10 | ||||||
| Hongkong Land Holdings Ltd. | 32,340 | 120 | ||||||
| Hysan Development Co., Ltd. | 8,547 | 26 | ||||||
| Link REIT | 5,097 | 42 | ||||||
| Mandarin Oriental International Ltd. (b) | 42,576 | 77 | ||||||
| New World Development Co. Ltd. | 2,511 | 12 | ||||||
| Sino Land Co., Ltd. | 10,338 | 12 | ||||||
| Sun Hung Kai Properties Ltd. | 9,182 | 118 | ||||||
| Swire Properties Ltd. | 29,456 | 78 | ||||||
| Wharf Real Estate Investment Co., Ltd. | 9,733 | 40 | ||||||
| 535 | ||||||||
| Ireland (0.8%) | ||||||||
| Hibernia REIT PLC | 22,555 | 26 | ||||||
| Japan (9.3%) | ||||||||
| GLP J-REIT | 1 | 2 | ||||||
| Japan Hotel REIT Investment Corp. | 81 | 40 | ||||||
| Mitsubishi Estate Co., Ltd. | 6,432 | 97 | ||||||
| Mitsui Fudosan Co., Ltd. | 4,713 | 82 | ||||||
| Nippon Building Fund, Inc. REIT | 8 | 45 | ||||||
| Sumitomo Realty & Development Co., Ltd. | 1,002 | 30 | ||||||
| 296 | ||||||||
| Netherlands (0.9%) | ||||||||
| Eurocommercial Properties N.V. CVA REIT | 2,567 | 30 | ||||||
| Norway (0.3%) | ||||||||
| Entra ASA | 746 | 10 | ||||||
| Singapore (0.4%) | ||||||||
| CapitaLand Ltd. | 3,097 | 6 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Concentrated Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| UOL Group Ltd. | 937 | 5 | ||||||
| 11 | ||||||||
| Spain (1.8%) | ||||||||
| Inmobiliaria Colonial Socimi SA REIT | 1,071 | 9 | ||||||
| Merlin Properties Socimi SA REIT | 5,736 | 48 | ||||||
| 57 | ||||||||
| Sweden (0.5%) | ||||||||
| Hufvudstaden AB, Class A | 1,162 | 16 | ||||||
| United Kingdom (8.8%) | ||||||||
| British Land Co., PLC (The) REIT | 14,209 | 62 | ||||||
| Derwent London PLC REIT | 1,221 | 41 | ||||||
| Great Portland Estates PLC REIT | 7,144 | 55 | ||||||
| Hammerson PLC REIT (b) | 161,604 | 34 | ||||||
| Land Securities Group PLC REIT | 11,944 | 80 | ||||||
| St. Modwen Properties PLC | 1,003 | 4 | ||||||
| Urban & Civic PLC | 1,129 | 3 | ||||||
| 279 | ||||||||
| United States (45.8%) | ||||||||
| American Campus Communities, Inc. REIT | 301 | 11 | ||||||
| AvalonBay Communities, Inc. REIT | 691 | 103 | ||||||
| Boston Properties, Inc. REIT | 1,550 | 124 | ||||||
| Camden Property Trust REIT | 303 | 27 | ||||||
| CubeSmart REIT | 32 | 1 | ||||||
| DiamondRock Hospitality Co. REIT | 156 | 1 | ||||||
| Equity Residential REIT | 1,503 | 77 | ||||||
| Essex Property Trust, Inc. REIT | 93 | 19 | ||||||
| Federal Realty Investment Trust REIT | 188 | 14 | ||||||
| Healthcare Realty Trust, Inc. REIT | 552 | 17 | ||||||
| Healthpeak Properties, Inc. REIT | 64 | 2 | ||||||
| Host Hotels & Resorts, Inc. REIT | 7,363 | 79 | ||||||
| Hudson Pacific Properties, Inc. REIT | 2,163 | 47 | ||||||
| Invitation Homes, Inc. REIT | 421 | 12 | ||||||
| JBG SMITH Properties REIT | 783 | 21 | ||||||
| Life Storage, Inc. REIT | 242 | 26 | ||||||
| Mack-Cali Realty Corp. REIT | 2,943 | 37 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 117 | 14 | ||||||
| Paramount Group, Inc. REIT | 2,716 | 19 | ||||||
| ProLogis, Inc. REIT | 342 | 34 | ||||||
| Public Storage REIT | 157 | 35 | ||||||
| QTS Realty Trust, Inc., Class A REIT | 64 | 4 | ||||||
| Regency Centers Corp. REIT | 1,239 | 47 | ||||||
| RLJ Lodging Trust REIT | 2,560 | 22 | ||||||
| Simon Property Group, Inc. REIT | 2,900 | 188 | ||||||
| SITE Centers Corp. REIT | 459 | 3 | ||||||
| SL Green Realty Corp. REIT | 4,427 | 205 | ||||||
| Sunstone Hotel Investors, Inc. REIT | 5,183 | 41 | ||||||
| Taubman Centers, Inc. REIT | 424 | 14 | ||||||
| Ventas, Inc. REIT | 1,623 | 68 | ||||||
| Vornado Realty Trust REIT | 3,165 | 107 | ||||||
| Weingarten Realty Investors REIT | 2,206 | 37 | ||||||
| 1,456 | ||||||||
| Total Common Stocks (Cost $4,559) | 3,098 | |||||||
| Short-Term Investment (0.6%) | ||||||||
| Investment Company (0.6%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (c) (Cost $18) | 17,944 | 18 |
Morgan Stanley Institutional Fund, Inc.
Global Concentrated Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Total Investments (98.0%) (Cost $4,577) (d)(e)(f) | 3,116 | |||||||
| Other Assets in Excess of Liabilities (2.0%) | 64 | |||||||
| Net Assets (100.0%) | $ | 3,180 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Security trades on the Hong Kong exchange. |
| (b) | Non-income producing security. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury 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, 2020, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (d) | The approximate fair value and percentage of net assets, $1,633,000 and 51.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2020, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $87,000 and the aggregate gross unrealized depreciation is approximately $1,548,000, resulting in net unrealized depreciation of approximately $1,461,000. |
| CVA | Certificaten Van Aandelen. |
| REIT | Real Estate Investment Trust. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments |
|||
| Diversified | 31.1 | % | ||
| Office | 24.5 | |||
| Retail | 17.8 | |||
| Residential | 11.8 | |||
| Lodging/Resorts | 8.3 | |||
| Other* | 6.5 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Core Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (99.2%) | ||||||||
| Canada (1.3%) | ||||||||
| Franco-Nevada Corp. | 1,031 | $ | 144 | |||||
| China (15.3%) | ||||||||
| Alibaba Group Holding Ltd. ADR (a) | 2,825 | 830 | ||||||
| NetEase, Inc. ADR | 449 | 204 | ||||||
| Tencent Holdings Ltd. ADR | 9,869 | 668 | ||||||
| 1,702 | ||||||||
| France (3.6%) | ||||||||
| LVMH Moet Hennessy Louis Vuitton SE | 845 | 396 | ||||||
| India (2.7%) | ||||||||
| HDFC Bank Ltd. ADR (a) | 5,910 | 295 | ||||||
| Ireland (1.5%) | ||||||||
| CRH PLC ADR | 4,681 | 169 | ||||||
| Italy (3.5%) | ||||||||
| Ferrari N.V. | 2,090 | 385 | ||||||
| Japan (1.4%) | ||||||||
| Nippon Telegraph & Telephone Corp. ADR | 7,518 | 155 | ||||||
| Singapore (1.0%) | ||||||||
| Sea Ltd. ADR (a) | 748 | 115 | ||||||
| Taiwan (4.1%) | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 5,649 | 458 | ||||||
| United Kingdom (8.0%) | ||||||||
| Diageo PLC ADR | 2,441 | 336 | ||||||
| Experian PLC ADR | 4,979 | 188 | ||||||
| London Stock Exchange Group PLC | 2,148 | 246 | ||||||
| Ryanair Holdings PLC ADR (a) | 1,390 | 114 | ||||||
| 884 | ||||||||
| United States (56.8%) | ||||||||
| Adobe, Inc. (a) | 303 | 149 | ||||||
| Ameriprise Financial, Inc. | 1,447 | 223 | ||||||
| Apple, Inc. | 6,625 | 767 | ||||||
| Chevron Corp. | 822 | 59 | ||||||
| Cigna Corp. | 771 | 131 | ||||||
| Comcast Corp., Class A | 1,995 | 92 | ||||||
| Danaher Corp. | 1,693 | 365 | ||||||
| Essex Property Trust, Inc. REIT | 558 | 112 | ||||||
| Estee Lauder Cos., Inc. (The), Class A | 1,183 | 258 | ||||||
| Euronet Worldwide, Inc. (a) | 298 | 27 | ||||||
| First Republic Bank | 1,234 | 135 | ||||||
| Fortune Brands Home & Security, Inc. | 1,910 | 165 | ||||||
| JPMorgan Chase & Co. | 3,111 | 300 | ||||||
| Lennar Corp., Class A | 3,428 | 280 | ||||||
| Lululemon Athletica, Inc. (a) | 1,154 | 380 | ||||||
| Mastercard, Inc., Class A | 2,198 | 743 | ||||||
| McDonald's Corp. | 1,130 | 248 | ||||||
| MGM Resorts International | 1,729 | 38 | ||||||
| Microsoft Corp. | 3,225 | 678 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Core Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| NextEra Energy, Inc. | 1,074 | 298 | ||||||
| S&P Global, Inc. | 279 | 101 | ||||||
| STORE Capital Corp. REIT | 9,603 | 263 | ||||||
| SVB Financial Group (a) | 728 | 175 | ||||||
| Target Corp. | 676 | 106 | ||||||
| United Rentals, Inc. (a) | 430 | 75 | ||||||
| Veeva Systems, Inc., Class A (a) | 520 | 146 | ||||||
| 6,314 | ||||||||
| Total Investments (99.2%) (Cost $7,256) (b)(c)(d) | 11,017 | |||||||
| Other Assets in Excess of Liabilities (0.8%) | 92 | |||||||
| Net Assets (100.0%) | $ | 11,109 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | The approximate fair value and percentage of net assets, $642,000 and 5.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (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, 2020, the Fund did not engage in any cross-trade transactions. |
| (d) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,971,000 and the aggregate gross unrealized depreciation is approximately $210,000, resulting in net unrealized appreciation of approximately $3,761,000. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Other* | 44.5 | % | ||
| Banks | 8.2 | |||
| Internet & Direct Marketing Retail | 7.5 | |||
| Software | 7.5 | |||
| Textiles, Apparel & Luxury Goods | 7.0 | |||
| Information Technology Services | 7.0 | |||
| Tech Hardware, Storage & Peripherals | 7.0 | |||
| Interactive Media & Services | 6.1 | |||
| Capital Markets | 5.2 | |||
| Total Investments | 100.00 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Endurance Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) |
|||||||
| Common Stocks (99.0%) | ||||||||
| Canada (7.6%) | ||||||||
| Colliers International Group, Inc. | 4,760 | $ | 317 | |||||
| Constellation Software, Inc. | 159 | 177 | ||||||
| 494 | ||||||||
| Finland (1.2%) | ||||||||
| Revenio Group Oyj | 1,794 | 81 | ||||||
| Germany (2.8%) | ||||||||
| CompuGroup Medical SE & Co. KGaA | 1,355 | 125 | ||||||
| Marley Spoon AG (a) | 28,579 | 58 | ||||||
| 183 | ||||||||
| New Zealand (3.9%) | ||||||||
| Ryman Healthcare Ltd. | 27,262 | 256 | ||||||
| Poland (3.4%) | ||||||||
| Dino Polska SA (a) | 3,807 | 224 | ||||||
| Sweden (5.5%) | ||||||||
| AddLife AB (a) | 17,658 | 274 | ||||||
| Cellavision AB (a) | 2,085 | 83 | ||||||
| 357 | ||||||||
| United Kingdom (8.7%) | ||||||||
| Blue Prism Group PLC (a) | 3,392 | 58 | ||||||
| Royalty Pharma PLC, Class A | 6,952 | 292 | ||||||
| Victoria PLC (a) | 57,259 | 222 | ||||||
| 572 | ||||||||
| United States (65.9%) | ||||||||
| Appfolio, Inc., Class A (a) | 1,146 | 163 | ||||||
| Appian Corp. (a) | 5,016 | 325 | ||||||
| At Home Group, Inc. (a) | 12,869 | 191 | ||||||
| Cardlytics, Inc. (a) | 4,212 | 297 | ||||||
| Carvana Co. (a) | 2,522 | 563 | ||||||
| Fastly, Inc., Class A (a) | 5,699 | 534 | ||||||
| Floor & Decor Holdings, Inc. (a) | 3,997 | 299 | ||||||
| Flying Eagle Acquisition Corp., Class A (a) | 20,573 | 250 | ||||||
| GameStop Corp., Class A (a)(b) | 9,689 | 99 | ||||||
| Party City Holdco, Inc. (a) | 45,032 | 117 | ||||||
| Smartsheet, Inc., Class A (a) | 5,410 | 267 | ||||||
| Snowflake, Inc., Class A (a)(b) | 634 | 159 | ||||||
| Stitch Fix, Inc., Class A (a) | 5,348 | 145 | ||||||
| TransDigm Group, Inc. | 187 | 89 | ||||||
| UnitedHealth Group, Inc. | 366 | 114 | ||||||
| UTZ Brands, Inc. | 3,267 | 59 | ||||||
| Wayfair, Inc., Class A (a) | 961 | 280 | ||||||
| Zoom Video Communications, Inc., Class A (a) | 422 | 198 | ||||||
| ZoomInfo Technologies, Inc., Class A (a) | 3,756 | 161 | ||||||
| 4,310 | ||||||||
| Total Common Stocks (Cost $4,450) | 6,477 | |||||||
Morgan Stanley Institutional Fund, Inc.
Global Endurance Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Short-Term Investments (5.4%) | ||||||||
| Securities held as Collateral on Loaned Securities (4.2%) | ||||||||
| Investment Company (3.4%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) | 221,348 | 221 | ||||||
| Face Amount (000) |
||||||||
| Repurchase Agreements (0.8%) | ||||||||
| Barclays Capital, Inc. (0.06%, dated 9/30/20, due 10/1/20; proceeds $34; fully collateralized by a U.S. Government obligation; 2.13% due 5/15/22; valued at $34) | $ | 34 | 34 | |||||
| Merrill Lynch & Co., Inc. (0.05%, dated 9/30/20, due 10/1/20; proceeds $4; fully collateralized by U.S. Government obligations; 1.50% due 10/31/24; valued at $4) | 4 | 4 | ||||||
| Merrill Lynch & Co., Inc. (0.06%, dated 9/30/20, due 10/1/20; proceeds $13; fully collateralized by U.S. Government obligations; 1.50% due 10/31/24; valued at $13) | 13 | 13 | ||||||
| 51 | ||||||||
| Total Securities held as Collateral on Loaned Securities (Cost $272) | 272 | |||||||
| Shares | ||||||||
| Investment Company (1.2%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $81) | 80,613 | 81 | ||||||
| Total Short-Term Investments (Cost $353) | 353 | |||||||
| Total Investments (104.4%) (Cost $4,803) Including $258 of Securities Loaned (d)(e)(f) | 6,830 | |||||||
| Liabilities in Excess of Other Assets (-4.4%) | (287 | ) | ||||||
| Net Assets (100.0%) | $ | 6,543 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2020, were approximately $258,000 and $272,000, respectively. The Fund received cash collateral of approximately $272,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity 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, 2020, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds. |
Morgan Stanley Institutional Fund, Inc.
Global Endurance Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| (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, 2020, the Fund did not engage in any cross-trade transactions. |
| (e) | The approximate fair value and percentage of net assets, $1,381,000 and 21.1%, 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, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,108,000 and the aggregate gross unrealized depreciation is approximately $81,000, resulting in net unrealized appreciation of approximately $2,027,000. |
| Portfolio Composition* | ||||
| Classification | Percentage of Total Investments |
|||
| Other** | 39.8 | % | ||
| Specialty Retail | 19.4 | |||
| Software | 18.1 | |||
| Information Technology Services | 10.6 | |||
| Internet & Direct Marketing Retail | 6.5 | |||
| Health Care Providers & Services | 5.6 | |||
| Total Investments | 100.0 | % | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2020. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Franchise Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (97.8%) | ||||||||
| France (5.2%) | ||||||||
| L'Oreal SA | 215,216 | $ | 70,037 | |||||
| LVMH Moet Hennessy Louis Vuitton SE | 80,741 | 37,779 | ||||||
| Pernod Ricard SA | 240,297 | 38,312 | ||||||
| 146,128 | ||||||||
| Germany (4.5%) | ||||||||
| SAP SE | 823,025 | 128,160 | ||||||
| Italy (0.5%) | ||||||||
| Davide Campari-Milano N.V. | 1,311,793 | 14,318 | ||||||
| Netherlands (2.0%) | ||||||||
| Heineken N.V. | 633,059 | 56,359 | ||||||
| United Kingdom (17.2%) | ||||||||
| British American Tobacco PLC | 1,896,305 | 68,023 | ||||||
| Experian PLC | 720,854 | 27,086 | ||||||
| Reckitt Benckiser Group PLC | 2,622,408 | 255,698 | ||||||
| RELX PLC (Euronext N.V.) | 1,002,275 | 22,313 | ||||||
| RELX PLC (LSE) | 2,591,686 | 57,686 | ||||||
| Unilever PLC | 866,329 | 53,412 | ||||||
| 484,218 | ||||||||
| United States (68.4%) | ||||||||
| Abbott Laboratories | 1,053,569 | 114,660 | ||||||
| Accenture PLC, Class A | 601,375 | 135,905 | ||||||
| Automatic Data Processing, Inc. | 703,375 | 98,114 | ||||||
| Baxter International, Inc. | 1,507,754 | 121,253 | ||||||
| Becton Dickinson & Co. | 438,996 | 102,146 | ||||||
| Coca-Cola Co. (The) | 1,063,580 | 52,509 | ||||||
| Danaher Corp. | 562,749 | 121,177 | ||||||
| Factset Research Systems, Inc. | 76,924 | 25,760 | ||||||
| Fidelity National Information Services, Inc. | 506,202 | 74,518 | ||||||
| Fox Corp., Class A | 846,493 | 23,558 | ||||||
| Fox Corp., Class B (a) | 462,909 | 12,947 | ||||||
| Intercontinental Exchange, Inc. | 514,482 | 51,474 | ||||||
| Microsoft Corp. | 1,161,608 | 244,321 | ||||||
| Moody's Corp. | 109,821 | 31,832 | ||||||
| NIKE, Inc., Class B | 355,135 | 44,584 | ||||||
| Philip Morris International, Inc. | 2,841,532 | 213,086 | ||||||
| Procter & Gamble Co. (The) | 997,635 | 138,661 | ||||||
| Roper Technologies, Inc. | 65,040 | 25,698 | ||||||
| Thermo Fisher Scientific, Inc. | 229,739 | 101,434 | ||||||
| Visa, Inc., Class A | 755,053 | 150,988 | ||||||
| Zoetis, Inc. | 263,262 | 43,536 | ||||||
| 1,928,161 | ||||||||
| Total Common Stocks (Cost $2,133,384) | 2,757,344 | |||||||
| Short-Term Investment (1.9%) | ||||||||
| Investment Company (1.9%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $54,513) | 54,513,171 | 54,513 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Franchise Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Total Investments (99.7%) (Cost $2,187,897) (c)(d)(e) | 2,811,857 | |||||||
| Other Assets in Excess of Liabilities (0.3%) | 7,094 | |||||||
| Net Assets (100.0%) | $ | 2,818,951 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2020, advisory fees paid were reduced by approximately $83,000 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The approximate fair value and percentage of net assets, $829,183,000 and 29.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (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, 2020, the Fund did not engage in any cross-trade transactions. |
| (e) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $674,364,000 and the aggregate gross unrealized depreciation is approximately $50,404,000, resulting in net unrealized appreciation of approximately $623,960,000. |
| Euronext N.V. | Euronext Amsterdam Stock Market. |
| LSE | London Stock Exchange. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Other* | 24.3 | % | ||
| Information Technology Services | 16.3 | |||
| Health Care Equipment & Supplies | 16.3 | |||
| Household Products | 14.0 | |||
| Software | 13.3 | |||
| Tobacco | 10.0 | |||
| Beverages | 5.8 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) |
|||||||
| Common Stocks (99.1%) | ||||||||
| Australia (6.2%) | ||||||||
| APA Group (Units) (a) | 283,605 | $ | 2,108 | |||||
| Atlas Arteria Ltd. (Units) (a) | 670,672 | 2,945 | ||||||
| Spark Infrastructure Group | 1,755,955 | 2,580 | ||||||
| Sydney Airport (Units) (a) | 419,422 | 1,781 | ||||||
| Transurban Group (Units) (a) | 725,802 | 7,411 | ||||||
| 16,825 | ||||||||
| Brazil (0.3%) | ||||||||
| Energisa SA (Units) (a) | 102,700 | 752 | ||||||
| Canada (10.1%) | ||||||||
| Canadian Pacific Railway Ltd. | 9,297 | 2,828 | ||||||
| Enbridge, Inc. | 213,807 | 6,246 | ||||||
| Gibson Energy, Inc. | 520,273 | 8,432 | ||||||
| Pembina Pipeline Corp. (b) | 125,038 | 2,654 | ||||||
| TC Energy Corp. | 175,902 | 7,385 | ||||||
| 27,545 | ||||||||
| China (6.2%) | ||||||||
| China Everbright Environment Group Ltd. (c) | 9,442,000 | 5,398 | ||||||
| China Gas Holdings Ltd. (c) | 2,683,800 | 7,680 | ||||||
| China Merchants Port Holdings Co., Ltd. (c) | 182,000 | 187 | ||||||
| China Tower Corp. Ltd. H Shares (c) | 8,210,000 | 1,429 | ||||||
| ENN Energy Holdings Ltd. (c) | 84,300 | 925 | ||||||
| Jiangsu Expressway Co., Ltd. H Shares (c) | 1,192,000 | 1,203 | ||||||
| 16,822 | ||||||||
| France (5.0%) | ||||||||
| Aeroports de Paris | 11,950 | 1,186 | ||||||
| Getlink SE (d) | 176,170 | 2,386 | ||||||
| Vinci SA | 119,053 | 9,948 | ||||||
| 13,520 | ||||||||
| India (3.9%) | ||||||||
| Azure Power Global Ltd. (d) | 359,567 | 10,715 | ||||||
| Italy (3.5%) | ||||||||
| Atlantia SpA (d) | 104,972 | 1,644 | ||||||
| Infrastrutture Wireless Italiane SpA | 276,000 | 3,045 | ||||||
| Snam SpA | 293,940 | 1,512 | ||||||
| Terna Rete Elettrica Nazionale SpA | 459,060 | 3,212 | ||||||
| 9,413 | ||||||||
| Japan (0.8%) | ||||||||
| East Japan Railway Co. | 35,600 | 2,189 | ||||||
| Mexico (2.7%) | ||||||||
| Promotora y Operadora de Infraestructura SAB de CV (d) | 1,030,606 | 7,248 | ||||||
| New Zealand (0.7%) | ||||||||
| Auckland International Airport Ltd. (d) | 377,218 | 1,831 | ||||||
| Spain (5.5%) | ||||||||
| Aena SME SA (d) | 21,580 | 3,005 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Atlantica Sustainable Infrastructure PLC | 117,098 | 3,350 | ||||||
| Cellnex Telecom SA | 65,911 | 4,001 | ||||||
| Ferrovial SA | 147,753 | 3,589 | ||||||
| Red Electrica Corp., SA | 54,270 | 1,018 | ||||||
| 14,963 | ||||||||
| Switzerland (0.6%) | ||||||||
| Flughafen Zurich AG (Registered) (d) | 11,620 | 1,594 | ||||||
| United Kingdom (6.1%) | ||||||||
| National Grid PLC | 873,828 | 10,037 | ||||||
| Pennon Group PLC | 202,853 | 2,699 | ||||||
| Severn Trent PLC | 77,746 | 2,448 | ||||||
| United Utilities Group PLC | 130,318 | 1,439 | ||||||
| 16,623 | ||||||||
| United States (47.5%) | ||||||||
| Ameren Corp. | 39,370 | 3,114 | ||||||
| American Electric Power Co., Inc. | 45,920 | 3,753 | ||||||
| American Tower Corp. REIT | 93,699 | 22,651 | ||||||
| American Water Works Co., Inc. | 48,760 | 7,064 | ||||||
| Atmos Energy Corp. | 70,366 | 6,726 | ||||||
| Avangrid, Inc. | 64,360 | 3,248 | ||||||
| Cheniere Energy, Inc. (d) | 81,763 | 3,783 | ||||||
| CMS Energy Corp. | 46,790 | 2,873 | ||||||
| Crown Castle International Corp. REIT | 88,050 | 14,660 | ||||||
| Edison International | 93,947 | 4,776 | ||||||
| Essential Utilities, Inc. | 142,179 | 5,723 | ||||||
| Eversource Energy | 79,591 | 6,650 | ||||||
| Kinder Morgan, Inc. | 381,940 | 4,709 | ||||||
| NiSource, Inc. | 209,078 | 4,600 | ||||||
| ONEOK, Inc. | 45,610 | 1,185 | ||||||
| SBA Communications Corp. REIT | 25,788 | 8,213 | ||||||
| Sempra Energy | 62,906 | 7,446 | ||||||
| Targa Resources Corp. | 58,320 | 818 | ||||||
| Union Pacific Corp. | 14,923 | 2,938 | ||||||
| Waste Management, Inc. | 51,600 | 5,840 | ||||||
| Williams Cos., Inc. (The) | 260,270 | 5,114 | ||||||
| Xcel Energy, Inc. | 41,680 | 2,876 | ||||||
| 128,760 | ||||||||
| Total Common Stocks (Cost $222,567) | 268,800 | |||||||
| Short-Term Investments (1.4%) | ||||||||
| Securities held as Collateral on Loaned Securities (0.7%) | ||||||||
| Investment Company (0.6%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (e) (Cost $1,567) | 1,566,709 | 1,567 | ||||||
| Face Amount (000) |
||||||||
| Repurchase Agreements (0.1%) | ||||||||
| Barclays Capital, Inc., (0.06%, dated 9/30/20, due 10/1/20; proceeds $237; fully collateralized by a U.S. Government obligation; 2.13% due 5/15/22; valued at 242) | $ | 237 | 237 | |||||
| Merrill Lynch & Co., Inc., (0.05%, dated 9/30/20, due 10/1/20; proceeds $29; fully collateralized by U.S. Government obligations; 1.50% due 10/31/24; valued at $30) | 29 | 29 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Merrill Lynch & Co., Inc., (0.06%, dated 9/30/20, due 10/1/20; proceeds $91; fully collateralized by U.S. Government obligations; 1.50% due 10/31/24; valued at $93) | 91 | 91 | ||||||
| 357 | ||||||||
| Total Securities held as Collateral on Loaned Securities (Cost $1,924) | 1,924 |
| Shares | ||||||||
| Investment Company (0.7%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (e) (Cost $2,005) | 2,005,430 | 2,005 | ||||||
| Total Short-Term Investments (Cost $3,929) | 3,929 | |||||||
| Total Investments (100.5%) (Cost $226,496) Including $2,602 of Securities Loaned (f)(g)(h) | 272,729 | |||||||
| Liabilities in Excess of Other Assets (-0.5%) | (1,422 | ) | ||||||
| Net Assets (100.0%) | $ | 271,307 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2020, were approximately $2,602,000 and $2,781,000, respectively. The Fund received cash collateral of approximately $1,924,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $857,000 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) | Non-income producing security. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, 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, 2020, advisory fees paid were reduced by approximately $7,000 relating to the Fund's investment in the Liquidity Funds. |
| (f) | The approximate fair value and percentage of net assets, $90,430,000 and 33.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (g) | 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, 2020, the Fund did not engage in any cross-trade transactions. |
| (h) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $58,595,000 and the aggregate gross unrealized depreciation is approximately $12,362,000, resulting in net unrealized appreciation of approximately $46,233,000. |
| REITs | Real Estate Investment Trusts. |
| Portfolio Composition* | ||||
| Classification | Percentage of Total Investments |
|||
| Oil & Gas Storage & Transportation | 26.3 | % | ||
| Communications | 19.9 | |||
| Electricity Transmission & Distribution | 14.4 | |||
| Other** | 11.6 | |||
| Water | 9.2 | |||
| Toll Roads | 8.4 | |||
| Renewables | 5.2 | |||
| Diversified | 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, 2020. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Opportunity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (94.6%) | ||||||||
| Argentina (0.4%) | ||||||||
| Globant SA (a) | 142,510 | $ | 25,541 | |||||
| Canada (2.1%) | ||||||||
| Shopify, Inc., Class A (a) | 122,969 | 125,794 | ||||||
| China (14.5%) | ||||||||
| Alibaba Group Holding Ltd. ADR (a) | 569,363 | 167,381 | ||||||
| China Resources Beer Holdings Co., Ltd. (b) | 3,649,333 | 22,414 | ||||||
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | 2,745,054 | 65,596 | ||||||
| Meituan Dianping, Class B (a)(b) | 6,921,900 | 218,049 | ||||||
| TAL Education Group ADR (a) | 4,212,923 | 320,351 | ||||||
| Trip.com Group Ltd. ADR (a) | 2,862,938 | 89,152 | ||||||
| 882,943 | ||||||||
| Denmark (4.4%) | ||||||||
| DSV A/S | 1,645,698 | 266,938 | ||||||
| France (2.4%) | ||||||||
| Hermes International | 173,019 | 149,013 | ||||||
| India (4.6%) | ||||||||
| HDFC Bank Ltd. (a) | 15,492,382 | 227,425 | ||||||
| ICICI Bank Ltd. ADR (a) | 5,751,714 | 56,540 | ||||||
| 283,965 | ||||||||
| Italy (1.9%) | ||||||||
| Moncler SpA (a) | 2,916,956 | 119,366 | ||||||
| Japan (2.0%) | ||||||||
| Keyence Corp. | 264,900 | 123,835 | ||||||
| Korea, Republic of (0.9%) | ||||||||
| NAVER Corp. | 205,780 | 52,293 | ||||||
| United Kingdom (0.6%) | ||||||||
| Fevertree Drinks PLC | 1,189,944 | 35,565 | ||||||
| United States (60.8%) | ||||||||
| Adobe, Inc. (a) | 453,312 | 222,318 | ||||||
| Agilon Health Topco, Inc. (a)(c)(d) (acquisition cost — $11,376; acquired 11/7/18) | 30,083 | 16,811 | ||||||
| Alphabet, Inc., Class C (a) | 149,638 | 219,908 | ||||||
| Amazon.com, Inc. (a) | 135,712 | 427,319 | ||||||
| EPAM Systems, Inc. (a) | 542,816 | 175,482 | ||||||
| Facebook, Inc., Class A (a) | 797,691 | 208,915 | ||||||
| Farfetch Ltd., Class A (a) | 2,233,048 | 56,183 | ||||||
| Intuitive Surgical, Inc. (a) | 114,149 | 80,993 | ||||||
| Martin Marietta Materials, Inc. | 112,250 | 26,419 | ||||||
| Mastercard, Inc., Class A | 1,008,480 | 341,038 | ||||||
| salesforce.com, Inc. (a) | 751,778 | 188,937 | ||||||
| ServiceNow, Inc. (a) | 638,049 | 309,454 | ||||||
| Snowflake, Inc., Class A (a) | 91,131 | 22,874 | ||||||
| Spotify Technology SA (a) | 615,335 | 149,262 | ||||||
| Square, Inc., Class A (a) | 884,061 | 143,704 | ||||||
| Uber Technologies, Inc. (a) | 7,156,993 | 261,087 | ||||||
| Veeva Systems, Inc., Class A (a) | 206,716 | 58,126 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Opportunity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Visa, Inc., Class A | 885,355 | 177,044 | ||||||
| Walt Disney Co. (The) | 1,072,180 | 133,036 | ||||||
| Workday, Inc., Class A (a) | 325,816 | 70,093 | ||||||
| Zillow Group, Inc., Class A (a) | 584,811 | 59,382 | ||||||
| Zoom Video Communications, Inc., Class A (a) | 764,180 | 359,249 | ||||||
| 3,707,634 | ||||||||
| Total Common Stocks (Cost $2,953,009) | 5,772,887 | |||||||
| Preferred Stocks (0.1%) | ||||||||
| United States (0.1%) | ||||||||
| Airbnb, Inc. Series D (a)(c)(d) (acquisition cost -$1,594; acquired 4/16/14) | 39,153 | 3,093 | ||||||
| Magic Leap Series C (a)(c)(d) (acquisition cost — $3,175; acquired 12/22/15) | 137,829 | — | ||||||
| Total Preferred Stocks (Cost $4,769) | 3,093 | |||||||
| Short-Term Investment (6.2%) | ||||||||
| Investment Company (6.2%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $376,908) | 376,908,381 | 376,908 | ||||||
| Total Investments (100.9%) (Cost $3,334,686) (f)(g)(h) | 6,152,888 | |||||||
| Liabilities in Excess of Other Assets (-0.9%) | (54,648 | ) | ||||||
| Net Assets (100.0%) | $ | 6,098,240 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2020 amounts to approximately $19,904,000 and represents 0.3% of net assets. |
| (d) | At September 30, 2020, the Fund held fair valued securities valued at approximately $19,904,000, representing 0.3% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
| (e) | 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, 2020, advisory fees paid were reduced by approximately $448,000 relating to the Fund's investment in the Liquidity Funds. |
| (f) | The approximate fair value and percentage of net assets, $1,280,494,000 and 21.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (g) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2020, the Fund did not engage in any cross-trade transactions. |
Morgan Stanley Institutional Fund, Inc.
Global Opportunity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| (h) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,832,184,000 and the aggregate gross unrealized depreciation is approximately $13,982,000, resulting in net unrealized appreciation of approximately $2,818,202,000. |
| ADR | American Depositary Receipt. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Other* | 29.2 | % | ||
| Software | 19.1 | |||
| Information Technology Services | 16.0 | |||
| Internet & Direct Marketing Retail | 15.6 | |||
| Interactive Media & Services | 8.8 | |||
| Short-Term Investments | 6.1 | |||
| Diversified Consumer Services | 5.2 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Permanence Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) |
|||||||
| Common Stocks (97.1%) | ||||||||
| Canada (9.2%) | ||||||||
| Canadian National Railway Co. | 427 | $ | 45 | |||||
| Constellation Software, Inc. | 60 | 67 | ||||||
| FirstService Corp. | 1,138 | 150 | ||||||
| 262 | ||||||||
| Denmark (3.6%) | ||||||||
| Chr Hansen Holding A/S | 935 | 104 | ||||||
| France (11.8%) | ||||||||
| Christian Dior SE | 239 | 98 | ||||||
| EssilorLuxottica SA (a) | 219 | 30 | ||||||
| Hermes International | 121 | 104 | ||||||
| L'Oreal SA | 138 | 45 | ||||||
| Remy Cointreau SA | 333 | 61 | ||||||
| 338 | ||||||||
| India (2.4%) | ||||||||
| HDFC Bank Ltd. ADR (a) | 1,407 | 70 | ||||||
| Mexico (1.6%) | ||||||||
| Grupo Aeroportuario del Sureste SAB de CV, Class B (a) | 3,860 | 45 | ||||||
| Netherlands (2.4%) | ||||||||
| JDE Peet's BV (a) | 1,669 | 68 | ||||||
| Spain (1.5%) | ||||||||
| Aena SME SA (a) | 311 | 43 | ||||||
| United Kingdom (8.9%) | ||||||||
| Abcam PLC | 2,557 | 40 | ||||||
| Intertek Group PLC | 584 | 48 | ||||||
| Rentokil Initial PLC (a) | 4,106 | 28 | ||||||
| Royalty Pharma PLC, Class A | 3,267 | 138 | ||||||
| 254 | ||||||||
| United States (55.7%) | ||||||||
| Amazon.com, Inc. (a) | 55 | 173 | ||||||
| ASML Holding NV | 385 | 142 | ||||||
| Autodesk, Inc. (a) | 187 | 43 | ||||||
| Costco Wholesale Corp. | 292 | 104 | ||||||
| Ecolab, Inc. | 519 | 104 | ||||||
| Facebook, Inc., Class A (a) | 171 | 45 | ||||||
| HEICO Corp., Class A | 1,212 | 107 | ||||||
| IHS Markit Ltd. | 549 | 43 | ||||||
| Intercontinental Exchange, Inc. | 661 | 66 | ||||||
| Intuitive Surgical, Inc. (a) | 223 | 158 | ||||||
| Linde PLC | 189 | 45 | ||||||
| Martin Marietta Materials, Inc. | 203 | 48 | ||||||
| Microsoft Corp. | 211 | 44 | ||||||
| Roper Technologies, Inc. | 99 | 39 | ||||||
| Royal Gold, Inc. | 238 | 29 | ||||||
| S&P Global, Inc. | 218 | 79 | ||||||
| Sherwin-Williams Co. (The) | 61 | 43 | ||||||
| Texas Pacific Land Trust | 83 | 38 | ||||||
| Veeva Systems, Inc., Class A (a) | 701 | 197 | ||||||
| Waste Connections, Inc. | 426 | 44 | ||||||
| 1,591 | ||||||||
| Total Common Stocks (Cost $2,223) | 2,775 | |||||||
Morgan Stanley Institutional Fund, Inc.
Global Permanence Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Short-Term Investment (2.4%) | ||||||||
| Investment Company (2.4%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $69) | 69,391 | 69 | ||||||
| Total Investments Excluding Purchased Options (99.5%) (Cost $2,292) | 2,844 | |||||||
| Total Purchased Options Outstanding (0.1%) (Cost $11) | 4 | |||||||
| Total Investments (99.6%) (Cost $2,303) (c)(d)(e) | 2,848 | |||||||
| Other Assets in Excess of Liabilities (0.4%) | 10 | |||||||
| Net Assets (100.0%) | $ | 2,858 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2020, advisory fees paid were reduced by less than $500 relating to the Fund investment in the Liquidity Funds. |
| (c) | The approximate fair value and percentage of net assets, $669,000 and 23.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (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, 2020, the Fund did not engage in any cross-trade transactions. |
| (e) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $567,000 and the aggregate gross unrealized depreciation is approximately $22,000, resulting in net unrealized appreciation of approximately $545,000. |
| ADR | American Depositary Receipt. |
Morgan Stanley Institutional Fund, Inc.
Global Permanence Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2020:
| Counterparty | Description | Strike Price |
Expiration Date |
Number of Contracts |
Notional Amount (000) |
Value (000) |
Premiums Paid (000) |
Unrealized Depreciation (000) |
|||||||||||||||||||||
| Royal Bank of Scotland | CNH/USD | $ | 8.48 | May - 21 | 402,840 | 403 | $ | —@ | $ | 2 | $ | (2 | ) | ||||||||||||||||
| BNP Paribas | USD/CNH | CNH | 7.99 | Sep - 21 | 472,545 | 473 | 2 | 3 | (1 | ) | |||||||||||||||||||
| Royal Bank of Scotland | USD/CNH | CNH | 7.75 | Jan - 21 | 584,065 | 584 | —@ | 3 | (3 | ) | |||||||||||||||||||
| Royal Bank of Scotland | USD/CNH | CNH | 8.06 | Jul - 21 | 534,767 | 535 | 2 | 3 | (1 | ) | |||||||||||||||||||
| $ | 4 | $ | 11 | $ | (7 | ) | |||||||||||||||||||||||
| @ | – | Value is less than $500. |
| CNH | – | Chinese Yuan Renminbi Offshore |
| USD | – | United States Dollar |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments |
|||
| Other* | 42.1 | % | ||
| Chemicals | 10.4 | |||
| Textiles, Apparel & Luxury Goods | 8.2 | |||
| Health Care Technology | 6.9 | |||
| Internet & Direct Marketing Retail | 6.1 | |||
| Health Care Equipment & Supplies | 5.5 | |||
| Software | 5.4 | |||
| Real Estate Management & Development | 5.3 | |||
| Capital Markets | 5.1 | |||
| Semiconductors & Semiconductor Equipment | 5.0 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (98.3%) | ||||||||
| Australia (2.7%) | ||||||||
| Charter Hall Long Wale REIT | 49,266 | $ | 178 | |||||
| Dexus REIT | 428,337 | 2,744 | ||||||
| Goodman Group REIT | 18,637 | 241 | ||||||
| GPT Group (The) REIT | 294,995 | 830 | ||||||
| Mirvac Group REIT | 555,004 | 870 | ||||||
| Scentre Group REIT | 749,859 | 1,194 | ||||||
| Stockland REIT | 296,054 | 809 | ||||||
| Vicinity Centres REIT | 1,189,836 | 1,188 | ||||||
| 8,054 | ||||||||
| Austria (0.1%) | ||||||||
| CA Immobilien Anlagen AG | 13,452 | 398 | ||||||
| Canada (1.4%) | ||||||||
| Boardwalk REIT | 2,201 | 45 | ||||||
| Dream Office Real Estate Investment Trust REIT | 35,870 | 489 | ||||||
| First Capital Real Estate Investment Trust | 167,272 | 1,628 | ||||||
| H&R Real Estate Investment Trust REIT | 37,763 | 274 | ||||||
| RioCan Real Estate Investment Trust REIT | 151,973 | 1,605 | ||||||
| SmartCentres Real Estate Investment Trust REIT | 13,484 | 203 | ||||||
| 4,244 | ||||||||
| China (1.9%) | ||||||||
| China Resources Land Ltd. (a) | 300,000 | 1,368 | ||||||
| KWG Property Holding Ltd. (a) | 338,691 | 583 | ||||||
| Longfor Group Holdings Ltd. (a) | 497,500 | 2,819 | ||||||
| Shimao Group Holdings Ltd. (a) | 207,000 | 864 | ||||||
| 5,634 | ||||||||
| Finland (0.2%) | ||||||||
| Kojamo Oyj | 31,829 | 684 | ||||||
| France (3.2%) | ||||||||
| Carmila SA REIT | 27,463 | 249 | ||||||
| Covivio REIT | 2,374 | 167 | ||||||
| Gecina SA REIT | 24,829 | 3,273 | ||||||
| ICADE REIT | 5,379 | 301 | ||||||
| Klepierre SA REIT | 271,968 | 3,807 | ||||||
| Mercialys SA REIT | 144,578 | 796 | ||||||
| Unibail-Rodamco-Westfield REIT | 21,123 | 779 | ||||||
| 9,372 | ||||||||
| Germany (4.8%) | ||||||||
| ADO Properties SA (b) | 11,248 | 311 | ||||||
| Alstria Office AG REIT | 98,038 | 1,362 | ||||||
| Deutsche Wohnen SE | 83,221 | 4,159 | ||||||
| LEG Immobilien AG | 10,758 | 1,534 | ||||||
| Vonovia SE | 100,603 | 6,897 | ||||||
| 14,263 | ||||||||
| Hong Kong (7.8%) | ||||||||
| CK Asset Holdings Ltd. | 225,500 | 1,108 | ||||||
| ESR Cayman Ltd. (b) | 191,000 | 596 | ||||||
| Hang Lung Properties Ltd. | 465,000 | 1,185 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Hongkong Land Holdings Ltd. | 656,100 | 2,444 | ||||||
| Hysan Development Co., Ltd. | 84,014 | 253 | ||||||
| Link REIT | 489,701 | 4,013 | ||||||
| New World Development Co. Ltd. | 369,439 | 1,804 | ||||||
| Sun Hung Kai Properties Ltd. | 495,867 | 6,390 | ||||||
| Swire Properties Ltd. | 1,165,500 | 3,088 | ||||||
| Wharf Real Estate Investment Co., Ltd. | 510,075 | 2,091 | ||||||
| 22,972 | ||||||||
| Ireland (0.7%) | ||||||||
| Hibernia REIT PLC | 1,743,549 | 2,036 | ||||||
| Japan (10.4%) | ||||||||
| Activia Properties, Inc. REIT | 71 | 270 | ||||||
| Advance Residence Investment Corp. REIT | 373 | 1,099 | ||||||
| Daiwa Office Investment Corp. REIT | 108 | 618 | ||||||
| GLP J-REIT | 856 | 1,318 | ||||||
| Hulic Co., Ltd. | 40,000 | 375 | ||||||
| Hulic REIT, Inc. | 249 | 330 | ||||||
| Invincible Investment Corp. REIT | 355 | 106 | ||||||
| Japan Hotel REIT Investment Corp. | 601 | 297 | ||||||
| Japan Prime Realty Investment Corp. REIT | 101 | 313 | ||||||
| Japan Real Estate Investment Corp. REIT | 462 | 2,362 | ||||||
| Kenedix Office Investment Corp. REIT | 54 | 324 | ||||||
| LaSalle Logiport REIT | 365 | 611 | ||||||
| Mitsubishi Estate Co., Ltd. | 300,200 | 4,547 | ||||||
| Mitsubishi Estate Logistics REIT Investment Corp. REIT | 153 | 631 | ||||||
| Mitsui Fudosan Co., Ltd. | 237,100 | 4,126 | ||||||
| Mitsui Fudosan Logistics Park, Inc. REIT | 367 | 1,754 | ||||||
| Mori Trust Sogo Reit, Inc. | 269 | 340 | ||||||
| Nippon Building Fund, Inc. REIT | 657 | 3,719 | ||||||
| Nippon Prologis, Inc. REIT | 572 | 1,929 | ||||||
| Nomura Real Estate Master Fund, Inc. REIT | 993 | 1,244 | ||||||
| Orix, Inc. J-REIT | 222 | 342 | ||||||
| Premier Investment Corp. REIT | 129 | 150 | ||||||
| Sumitomo Realty & Development Co., Ltd. | 107,300 | 3,176 | ||||||
| United Urban Investment Corp. REIT | 706 | 786 | ||||||
| 30,767 | ||||||||
| Malta (0.0%) | ||||||||
| BGP Holdings PLC (b)(c) | 12,867,024 | 18 | ||||||
| Netherlands (0.6%) | ||||||||
| Eurocommercial Properties N.V. CVA REIT | 80,130 | 928 | ||||||
| NSI N.V. REIT | 20,797 | 732 | ||||||
| 1,660 | ||||||||
| Norway (0.5%) | ||||||||
| Entra ASA | 93,322 | 1,312 | ||||||
| Norwegian Property ASA | 193,914 | 231 | ||||||
| 1,543 | ||||||||
| Singapore (2.1%) | ||||||||
| Ascendas Real Estate Investment Trust REIT | 581,789 | 1,392 | ||||||
| CapitaLand Commercial Trust REIT | 95,595 | 116 | ||||||
| CapitaLand Mall Trust REIT | 210,000 | 299 | ||||||
| City Developments Ltd. | 45,100 | 254 | ||||||
| Frasers Centrepoint Trust REIT | 217,100 | 384 | ||||||
| Keppel DC REIT | 650,700 | 1,391 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Mapletree Commercial Trust REIT | 654,146 | 940 | ||||||
| Mapletree Industrial Trust REIT | 248,800 | 589 | ||||||
| Mapletree Logistics Trust REIT | 213,400 | 321 | ||||||
| Mapletree North Asia Commercial Trust REIT | 641,900 | 445 | ||||||
| 6,131 | ||||||||
| Spain (1.1%) | ||||||||
| Inmobiliaria Colonial Socimi SA REIT | 146,418 | 1,208 | ||||||
| Merlin Properties Socimi SA REIT | 250,763 | 2,092 | ||||||
| 3,300 | ||||||||
| Sweden (1.2%) | ||||||||
| Atrium Ljungberg AB, Class B | 32,663 | 533 | ||||||
| Castellum AB | 15,695 | 356 | ||||||
| Fabege AB | 102,634 | 1,419 | ||||||
| Hufvudstaden AB, Class A | 70,809 | 984 | ||||||
| Kungsleden AB | 29,532 | 280 | ||||||
| 3,572 | ||||||||
| Switzerland (0.4%) | ||||||||
| PSP Swiss Property AG (Registered) | 9,137 | 1,104 | ||||||
| United Kingdom (5.4%) | ||||||||
| British Land Co., PLC (The) REIT | 868,019 | 3,784 | ||||||
| Capital & Counties Properties PLC | 216,555 | 312 | ||||||
| Derwent London PLC REIT | 62,746 | 2,077 | ||||||
| Grainger PLC | 22,687 | 87 | ||||||
| Great Portland Estates PLC REIT | 229,033 | 1,767 | ||||||
| Hammerson PLC REIT (b) | 4,991,347 | 1,051 | ||||||
| Land Securities Group PLC REIT | 618,168 | 4,162 | ||||||
| Segro PLC REIT | 57,300 | 689 | ||||||
| St. Modwen Properties PLC | 139,016 | 560 | ||||||
| Urban & Civic PLC | 432,559 | 1,176 | ||||||
| Workspace Group PLC REIT | 51,939 | 360 | ||||||
| 16,025 | ||||||||
| United States (53.8%) | ||||||||
| Alexandria Real Estate Equities, Inc. REIT | 15,875 | 2,540 | ||||||
| American Campus Communities, Inc. REIT | 78,243 | 2,732 | ||||||
| American Homes 4 Rent, Class A REIT | 39,394 | 1,122 | ||||||
| Apartment Investment & Management Co., Class A REIT | 19,140 | 645 | ||||||
| AvalonBay Communities, Inc. REIT | 70,039 | 10,460 | ||||||
| Boston Properties, Inc. REIT | 95,422 | 7,662 | ||||||
| Brixmor Property Group, Inc. REIT | 83,070 | 971 | ||||||
| Camden Property Trust REIT | 35,522 | 3,161 | ||||||
| Cousins Properties, Inc. REIT | 73,080 | 2,089 | ||||||
| CubeSmart REIT | 110,364 | 3,566 | ||||||
| Digital Realty Trust, Inc. REIT | 43,740 | 6,419 | ||||||
| Douglas Emmett, Inc. REIT | 31,440 | 789 | ||||||
| Duke Realty Corp. REIT | 51,740 | 1,909 | ||||||
| Equity Lifestyle Properties, Inc. REIT | 10,647 | 653 | ||||||
| Equity Residential REIT | 109,331 | 5,612 | ||||||
| Essex Property Trust, Inc. REIT | 14,286 | 2,868 | ||||||
| Exeter Industrial Value Fund, LP (b)(c)(d) | 1,860,000 | 123 | ||||||
| Extra Space Storage, Inc. REIT | 7,548 | 808 | ||||||
| First Industrial Realty Trust, Inc. REIT | 16,360 | 651 | ||||||
| Five Star Senior Living, Inc. (b) | 3,569 | 18 | ||||||
| Gaming and Leisure Properties, Inc. REIT | 53,780 | 1,986 | ||||||
| Healthcare Realty Trust, Inc. REIT | 143,358 | 4,318 |
Morgan Stanley Institutional Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Healthcare Trust of America, Inc., Class A REIT | 57,719 | 1,501 | ||||||
| Healthpeak Properties, Inc. REIT | 145,317 | 3,945 | ||||||
| Highwoods Properties, Inc. REIT | 17,630 | 592 | ||||||
| Host Hotels & Resorts, Inc. REIT | 375,569 | 4,052 | ||||||
| Hudson Pacific Properties, Inc. REIT | 142,799 | 3,132 | ||||||
| Invitation Homes, Inc. REIT | 171,861 | 4,810 | ||||||
| JBG SMITH Properties REIT | 105,967 | 2,834 | ||||||
| Kilroy Realty Corp. REIT | 40,485 | 2,104 | ||||||
| Lexington Realty Trust REIT | 76,070 | 795 | ||||||
| Life Storage, Inc. REIT | 7,424 | 781 | ||||||
| Macerich Co. (The) REIT | 23,240 | 158 | ||||||
| Mack-Cali Realty Corp. REIT | 106,812 | 1,348 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 12,350 | 1,432 | ||||||
| NETSTREIT Corp. | 136,020 | 2,484 | ||||||
| Paramount Group, Inc. REIT | 10,068 | 71 | ||||||
| ProLogis, Inc. REIT | 156,181 | 15,715 | ||||||
| Public Storage REIT | 23,736 | 5,286 | ||||||
| QTS Realty Trust, Inc., Class A REIT | 4,559 | 287 | ||||||
| Regency Centers Corp. REIT | 66,245 | 2,519 | ||||||
| RLJ Lodging Trust REIT | 240,950 | 2,087 | ||||||
| Simon Property Group, Inc. REIT | 199,586 | 12,909 | ||||||
| SL Green Realty Corp. REIT | 274,915 | 12,748 | ||||||
| Sunstone Hotel Investors, Inc. REIT | 376,290 | 2,988 | ||||||
| Taubman Centers, Inc. REIT | 24,970 | 831 | ||||||
| UDR, Inc. REIT | 26,374 | 860 | ||||||
| Ventas, Inc. REIT | 111,579 | 4,682 | ||||||
| VEREIT, Inc. REIT | 189,470 | 1,232 | ||||||
| Vornado Realty Trust REIT | 67,928 | 2,290 | ||||||
| Weingarten Realty Investors REIT | 174,351 | 2,957 | ||||||
| Welltower, Inc. REIT | 15,955 | 879 | ||||||
| 159,411 | ||||||||
| Total Common Stocks (Cost $261,225) | 291,188 | |||||||
| Short-Term Investment (0.4%) | ||||||||
| Investment Company (0.4%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (e) (Cost $1,100) | 1,100,452 | 1,100 | ||||||
| Total Investments (98.7%) (Cost $262,325) (f)(g)(h) | 292,288 | |||||||
| Other Assets in Excess of Liabilities (1.3%) | 3,859 | |||||||
| Net Assets (100.0%) | $ | 296,147 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Security trades on the Hong Kong exchange. |
| (b) | Non-income producing security. |
| (c) | At September 30, 2020, the Fund held fair valued securities valued at approximately $141,000, representing 0.1% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
| (d) | Restricted security valued at fair value and not registered under the Securities Act of 1933. Exeter Industrial Value Fund, LP was acquired between 11/07 - 4/11 and has a current cost basis of $0. At September 30, 2020, this security had an aggregate market value of approximately $123,000, representing less than 0.05% of net assets. |
Morgan Stanley Institutional Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2020, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Funds. |
| (f) | The approximate fair value and percentage of net assets, $127,515,000 and 43.1%, 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. |
| (g) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2020, the Fund did not engage in any cross-trade transactions. |
| (h) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $63,249,000 and the aggregate gross unrealized depreciation is approximately $33,286,000, resulting in net unrealized appreciation of approximately $29,963,000. |
| CVA | Certificaten Van Aandelen. |
| REIT | Real Estate Investment Trust. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Diversified | 25.0 | % | ||
| Office | 20.3 | |||
| Residential | 17.3 | |||
| Retail | 14.0 | |||
| Industrial | 9.3 | |||
| Other* | 8.8 | |||
| Health Care | 5.3 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Global Sustain Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) |
|||||||
| Common Stocks (98.2%) | ||||||||
| Canada (2.7%) | ||||||||
| Constellation Software, Inc. | 1,135 | $ | 1,261 | |||||
| France (2.1%) | ||||||||
| L'Oreal SA | 2,138 | 696 | ||||||
| Sanofi | 2,570 | 257 | ||||||
| 953 | ||||||||
| Germany (11.0%) | ||||||||
| Henkel AG & Co., KGaA (Preference) | 21,453 | 2,244 | ||||||
| SAP SE | 18,031 | 2,808 | ||||||
| 5,052 | ||||||||
| Hong Kong (1.6%) | ||||||||
| AIA Group Ltd. | 73,000 | 726 | ||||||
| Taiwan (2.0%) | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 11,524 | 934 | ||||||
| United Kingdom (13.1%) | ||||||||
| Experian PLC | 3,667 | 138 | ||||||
| GlaxoSmithKline PLC | 23,514 | 441 | ||||||
| Prudential PLC | 39,349 | 565 | ||||||
| Reckitt Benckiser Group PLC | 33,288 | 3,246 | ||||||
| RELX PLC (Euronext N.V.) | 11,703 | 260 | ||||||
| RELX PLC (LSE) | 36,878 | 821 | ||||||
| Unilever PLC | 8,840 | 545 | ||||||
| 6,016 | ||||||||
| United States (65.7%) | ||||||||
| Abbott Laboratories | 15,468 | 1,683 | ||||||
| Accenture PLC, Class A | 9,664 | 2,184 | ||||||
| Alphabet, Inc., Class A (a) | 1,019 | 1,494 | ||||||
| Amphenol Corp., Class A | 8,921 | 966 | ||||||
| Automatic Data Processing, Inc. | 9,408 | 1,312 | ||||||
| Baxter International, Inc. | 23,991 | 1,929 | ||||||
| Becton Dickinson & Co. | 7,663 | 1,783 | ||||||
| Cerner Corp. | 11,830 | 855 | ||||||
| Coca-Cola Co. (The) | 9,405 | 464 | ||||||
| Danaher Corp. | 7,385 | 1,590 | ||||||
| Factset Research Systems, Inc. | 936 | 314 | ||||||
| Fidelity National Information Services, Inc. | 6,512 | 959 | ||||||
| Fox Corp., Class A | 10,340 | 288 | ||||||
| Fox Corp., Class B (a) | 8,845 | 247 | ||||||
| Intercontinental Exchange, Inc. | 7,100 | 710 | ||||||
| Medtronic PLC | 15,902 | 1,653 | ||||||
| Microsoft Corp. | 14,708 | 3,094 | ||||||
| Moody's Corp. | 909 | 264 | ||||||
| NIKE, Inc., Class B | 5,034 | 632 | ||||||
| Procter & Gamble Co. (The) | 14,720 | 2,046 | ||||||
| Roper Technologies, Inc. | 1,127 | 445 | ||||||
| Texas Instruments, Inc. | 4,902 | 700 | ||||||
| Thermo Fisher Scientific, Inc. | 3,049 | 1,346 | ||||||
| Visa, Inc., Class A | 12,524 | 2,504 | ||||||
Morgan Stanley Institutional Fund, Inc.
Global Sustain Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Zoetis, Inc. | 4,324 | 715 | ||||||
| 30,177 | ||||||||
| Total Common Stocks (Cost $36,804) | 45,119 | |||||||
| Short-Term Investment (1.6%) | ||||||||
| Investment Company (1.6%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $722) | 722,282 | 722 | ||||||
| Total Investments (99.8%) (Cost $37,526) (c)(d)(e) | 45,841 | |||||||
| Other Assets in Excess of Liabilities (0.2%) | 102 | |||||||
| Net Assets (100.0%) | $ | 45,943 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2020, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The approximate fair value and percentage of net assets, $12,747,000 and 27.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (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, 2020, the Fund did not engage in any cross-trade transactions. |
| (e) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $8,731,000 and the aggregate gross unrealized depreciation is approximately $416,000, resulting in net unrealized appreciation of approximately $8,315,000. |
| ADR | American Depositary Receipt. |
| Euronext N.V. | Euronext Amsterdam Stock Market. |
| LSE | London Stock Exchange. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments |
|||
| Other* | 33.9 | % | ||
| Health Care Equipment & Supplies | 18.9 | |||
| Household Products | 16.4 | |||
| Software | 15.6 | |||
| Information Technology Services | 15.2 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Growth Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) |
|||||||
| Common Stocks (94.6%) | ||||||||
| Biotechnology (0.8%) | ||||||||
| Alnylam Pharmaceuticals, Inc. (a) | 417,835 | $ | 60,837 | |||||
| Moderna, Inc. (a) | 789,321 | 55,844 | ||||||
| 116,681 | ||||||||
| Entertainment (5.4%) | ||||||||
| Netflix, Inc. (a) | 338,247 | 169,133 | ||||||
| Spotify Technology SA (a) | 2,522,451 | 611,871 | ||||||
| 781,004 | ||||||||
| Health Care Equipment & Supplies (8.2%) | ||||||||
| DexCom, Inc. (a) | 1,159,776 | 478,095 | ||||||
| Intuitive Surgical, Inc. (a) | 981,687 | 696,546 | ||||||
| 1,174,641 | ||||||||
| Health Care Providers & Services (1.5%) | ||||||||
| Guardant Health, Inc. (a) | 1,872,487 | 209,306 | ||||||
| Health Care Technology (5.6%) | ||||||||
| Agilon Health Topco, Inc. (a)(b)(c) (acquisition cost — $25,030; acquired 11/7/18) | 66,188 | 36,987 | ||||||
| Livongo Health, Inc. (a) | 547,057 | 76,616 | ||||||
| Veeva Systems, Inc., Class A (a) | 2,483,421 | 698,313 | ||||||
| 811,916 | ||||||||
| Information Technology Services (24.0%) | ||||||||
| Adyen N.V. (Netherlands) (a) | 132,250 | 243,933 | ||||||
| Fastly, Inc., Class A (a) | 967,720 | 90,656 | ||||||
| MongoDB, Inc. (a) | 886,295 | 205,186 | ||||||
| Okta, Inc. (a) | 2,304,954 | 492,914 | ||||||
| Shopify, Inc., Class A (Canada) (a) | 859,382 | 879,122 | ||||||
| Snowflake, Inc., Class A (a)(d) | 307,888 | 77,280 | ||||||
| Square, Inc., Class A (a) | 5,792,852 | 941,628 | ||||||
| Twilio, Inc., Class A (a) | 2,072,927 | 512,200 | ||||||
| 3,442,919 | ||||||||
| Interactive Media & Services (7.3%) | ||||||||
| Snap, Inc., Class A (a) | 10,016,869 | 261,540 | ||||||
| Twitter, Inc. (a) | 10,774,646 | 479,472 | ||||||
| Zillow Group, Inc., Class C (a) | 2,976,365 | 302,369 | ||||||
| 1,043,381 | ||||||||
| Internet & Direct Marketing Retail (9.2%) | ||||||||
| Amazon.com, Inc. (a) | 244,153 | 768,772 | ||||||
| Chewy, Inc., Class A (a) | 3,234,218 | 177,332 | ||||||
| Wayfair, Inc., Class A (a) | 1,276,079 | 371,352 | ||||||
| 1,317,456 | ||||||||
| Life Sciences Tools & Services (3.3%) | ||||||||
| 10X Genomics, Inc., Class A (a) | 1,973,780 | 246,091 | ||||||
| Illumina, Inc. (a) | 756,073 | 233,687 | ||||||
| 479,778 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Growth Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Metals & Mining (0.1%) | ||||||||
| Royal Gold, Inc. | 163,583 | 19,658 | ||||||
| Oil, Gas & Consumable Fuels (0.1%) | ||||||||
| Texas Pacific Land Trust | 42,484 | 19,184 | ||||||
| Road & Rail (3.6%) | ||||||||
| Uber Technologies, Inc. (a) | 14,291,467 | 521,353 | ||||||
| Semiconductors & Semiconductor Equipment (1.7%) | ||||||||
| NVIDIA Corp. | 438,693 | 237,429 | ||||||
| Software (19.7%) | ||||||||
| Atlassian Corp., PLC, Class A (United Kingdom) (a) | 883,952 | 160,694 | ||||||
| Coupa Software, Inc. (a) | 1,533,880 | 420,651 | ||||||
| Datadog, Inc., Class A (a) | 2,208,361 | 225,606 | ||||||
| Slack Technologies, Inc., Class A (a) | 14,799,133 | 397,505 | ||||||
| Trade Desk, Inc. (The), Class A (a) | 1,016,988 | 527,593 | ||||||
| Unity Software, Inc. (a) | 743,465 | 64,890 | ||||||
| Zoom Video Communications, Inc., Class A (a) | 2,190,788 | 1,029,912 | ||||||
| 2,826,851 | ||||||||
| Specialty Retail (4.1%) | ||||||||
| Carvana Co. (a) | 2,632,309 | 587,163 | ||||||
| Total Common Stocks (Cost $6,385,659) | 13,588,720 | |||||||
| Preferred Stocks (0.3%) | ||||||||
| Electronic Equipment, Instruments & Components (0.0%) | ||||||||
| Magic Leap Series C (a)(b)(c) (acquisition cost — $18,812; acquired 12/22/15) | 816,725 | — | ||||||
| Internet & Direct Marketing Retail (0.3%) | ||||||||
| Airbnb, Inc. Series D (a)(b)(c) (acquisition cost — $20,638; acquired 4/16/14) | 506,928 | 40,042 | ||||||
| Total Preferred Stocks (Cost $39,450) | 40,042 | |||||||
| Short-Term Investments (4.1%) | ||||||||
| Securities held as Collateral on Loaned Securities (0.2%) | ||||||||
| Investment Company (0.2%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) | 24,794,166 | 24,794 | ||||||
| Repurchase Agreements (0.0%) | ||||||||
| Barclays Capital, Inc., (0.06%, dated 9/30/20, due 10/1/20; proceeds $3,748; fully collateralized by a U.S. Government obligation; 2.13% due 5/15/22; valued at $3,823) | $ | 3,748 | 3,748 | |||||
| Merrill Lynch & Co., Inc., (0.05%, dated 9/30/20, due 10/1/20; proceeds $467; fully collateralized by U.S. Government obligations; 1.50% due 10/31/24; valued at $477) | 467 | 467 |
Morgan Stanley Institutional Fund, Inc.
Growth Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Merrill Lynch & Co., Inc., (0.06%, dated 9/30/20, due 10/1/20; proceeds $1,442; fully collateralized by U.S. Government obligations; 1.50% due 10/31/24; valued at $1,470) | 1,442 | 1,442 | ||||||
| 5,657 | ||||||||
| Total Securities held as Collateral on Loaned Securities (Cost $30,451) | 30,451 |
| Shares | Value (000) |
|||||||
| Investment Company (3.9%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $567,642) | 567,641,898 | 567,642 | ||||||
| Total Short-Term Investments (Cost $598,093) | 598,093 | |||||||
| Total Investments Excluding Purchased Options (99.0%) (Cost $7,023,202) | 14,226,855 | |||||||
| Total Purchased Options Outstanding (0.1%) (Cost $43,143) | 17,412 | |||||||
| Total Investments (99.1%) (Cost $7,066,345) Including $28,897 of Securities Loaned (f)(g)(h) | 14,244,267 | |||||||
| Other Assets in Excess of Liabilities (0.9%) | 127,534 | |||||||
| Net Assets (100.0%) | $ | 14,371,801 | ||||||
| (a) | Non-income producing security. |
| (b) | At September 30, 2020, the Fund held fair valued securities valued at approximately $77,029,000, representing 0.5% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
| (c) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2020 amounts to approximately $77,029,000 and represents 0.5% of net assets. |
| (d) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2020, were approximately $28,897,000 and $30,451,000 respectively. The Fund received cash collateral of approximately $30,451,000 which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2020, advisory fees paid were reduced by approximately $514,000 relating to the Fund's investment in the Liquidity Funds. |
| (f) | The approximate fair value and percentage of net assets, $243,933,000 and 1.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (g) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2020, the Fund engaged in any cross-trade purchases of approximately $9,714,000. |
Morgan Stanley Institutional Fund, Inc.
Growth Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| (h) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,291,323,000 and the aggregate gross unrealized depreciation is approximately $113,401,000, resulting in net unrealized appreciation of approximately $7,177,922,000. |
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2020:
| 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 | 7.99 | Sep - 21 | 2,209,996,914 | 2,209,997 | $ | 8,104 | $ | 13,383 | $ | (5,279 | ) | |||||||||||
| Royal Bank of Scotland | USD/CNH | CNH | 7.75 | Jan - 21 | 1,640,578,609 | 1,640,579 | 1,027 | 7,164 | (6,137 | ) | ||||||||||||||
| Royal Bank of Scotland | USD/CNH | CNH | 8.06 | Jul - 21 | 2,411,798,894 | 2,411,799 | 6,601 | 12,792 | (6,191 | ) | ||||||||||||||
| Royal Bank of Scotland | USD/CNH | CNH | 8.48 | May - 21 | 1,570,361,464 | 1,570,361 | 1,680 | 9,804 | (8,124 | ) | ||||||||||||||
| $ | 17,412 | $ | 43,143 | $ | (25,731 | ) | ||||||||||||||||||
| CNH | – | Chinese Yuan Renminbi Offshore |
| USD | – | United States Dollar |
Portfolio Composition*
| Classification | Percentage of Total Investments |
|||
| Information Technology Services | 24.3 | % | ||
| Software | 19.9 | |||
| Other** | 19.4 | |||
| Internet & Direct Marketing Retail | 9.6 | |||
| Health Care Equipment & Supplies | 8.3 | |||
| Interactive Media & Services | 7.3 | |||
| Health Care Technology | 5.7 | |||
| Entertainment | 5.5 | |||
| Total Investments | 100.0 | % | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2020. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Inception Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (86.4%) | ||||||||
| Biotechnology (1.5%) | ||||||||
| Editas Medicine, Inc. (a) | 53,929 | $ | 1,513 | |||||
| Intellia Therapeutics, Inc. (a) | 66,319 | 1,318 | ||||||
| Passage Bio, Inc. (a) | 121,335 | 1,591 | ||||||
| Relay Therapeutics, Inc. (a) | 31,676 | 1,349 | ||||||
| 5,771 | ||||||||
| Diversified Holding Companies (6.6%) | ||||||||
| Dragoneer Growth Opportunities Corp. (a) | 332,944 | 4,079 | ||||||
| Flying Eagle Acquisition Corp. (a) | 1,462,829 | 17,788 | ||||||
| Ribbit LEAP Ltd. (a) | 324,329 | 4,216 | ||||||
| 26,083 | ||||||||
| Diversified Telecommunication Services (2.1%) | ||||||||
| Anterix, Inc. | 257,140 | 8,411 | ||||||
| Food Products (4.5%) | ||||||||
| UTZ Brands, Inc. (b) | 976,365 | 17,477 | ||||||
| Health Care Equipment & Supplies (2.0%) | ||||||||
| Outset Medical, Inc. (a) | 78,081 | 3,904 | ||||||
| Quotient Ltd. (a) | 730,249 | 3,754 | ||||||
| 7,658 | ||||||||
| Health Care Providers & Services (6.2%) | ||||||||
| Covetrus, Inc. (a) | 859,380 | 20,969 | ||||||
| HealthEquity, Inc. (a) | 62,168 | 3,193 | ||||||
| 24,162 | ||||||||
| Health Care Technology (3.1%) | ||||||||
| Inspire Medical Systems, Inc. (a) | 71,257 | 9,196 | ||||||
| Schrodinger, Inc. (a) | 65,400 | 3,107 | ||||||
| 12,303 | ||||||||
| Household Durables (2.1%) | ||||||||
| Victoria PLC (United Kingdom) (a) | 2,097,262 | 8,113 | ||||||
| Information Technology Services (9.5%) | ||||||||
| BigCommerce Holdings, Inc. (a)(b) | 100,894 | 8,404 | ||||||
| Fastly, Inc., Class A (a) | 307,577 | 28,814 | ||||||
| 37,218 | ||||||||
| Internet & Direct Marketing Retail (12.2%) | ||||||||
| Overstock.com, Inc. (a) | 383,957 | 27,894 | ||||||
| Stitch Fix, Inc., Class A (a)(b) | 742,608 | 20,147 | ||||||
| 48,041 | ||||||||
| Life Sciences Tools & Services (7.7%) | ||||||||
| Adaptive Biotechnologies Corp. (a) | 37,340 | 1,816 | ||||||
| Berkeley Lights, Inc. (a) | 110,781 | 8,459 | ||||||
| NanoString Technologies, Inc. (a) | 446,946 | 19,979 | ||||||
| 30,254 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Inception Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Media (4.6%) | ||||||||
| Cardlytics, Inc. (a) | 256,311 | 18,088 | ||||||
| Metals & Mining (0.2%) | ||||||||
| Royal Gold, Inc. | 6,089 | 732 | ||||||
| Oil, Gas & Consumable Fuels (0.1%) | ||||||||
| Texas Pacific Land Trust | 1,272 | 574 | ||||||
| Real Estate Management & Development (4.8%) | ||||||||
| Redfin Corp. (a) | 377,478 | 18,847 | ||||||
| Software (13.0%) | ||||||||
| Appfolio, Inc., Class A (a) | 126,490 | 17,938 | ||||||
| Appian Corp. (a)(b) | 308,885 | 20,000 | ||||||
| Bill.Com Holdings, Inc. (a) | 73,370 | 7,360 | ||||||
| MicroStrategy, Inc., Class A (a) | 38,165 | 5,746 | ||||||
| 51,044 | ||||||||
| Specialty Retail (5.4%) | ||||||||
| GameStop Corp., Class A (a)(b) | 346,943 | 3,539 | ||||||
| Party City Holdco, Inc. (a)(b) | 2,243,779 | 5,834 | ||||||
| Vroom, Inc. (a) | 226,535 | 11,730 | ||||||
| 21,103 | ||||||||
| Trading Companies & Distributors (0.8%) | ||||||||
| EVI Industries, Inc. (a)(b) | 114,409 | 3,044 | ||||||
| Total Common Stocks (Cost $260,913) | 338,923 | |||||||
| Preferred Stocks (3.8%) | ||||||||
| Health Care Technology (2.7%) | ||||||||
| Grand Rounds, Inc. Series B (a)(c)(d) (acquisition cost - $3,362; acquired 7/3/14) | 3,269,139 | 10,559 | ||||||
| Internet & Direct Marketing Retail (0.3%) | ||||||||
| Overstock.com, Inc. Series A-1 | 14,625 | 921 | ||||||
| Software (0.8%) | ||||||||
| Lookout, Inc. Series F (a)(c)(d) (acquisition cost - $13,476; acquired 6/17/14) | 1,179,743 | 3,162 | ||||||
| Total Preferred Stocks (Cost $16,933) | 14,642 | |||||||
| Short-Term Investments (21.8%) | ||||||||
| Securities held as Collateral on Loaned Securities (13.4%) | ||||||||
| Investment Company (10.9%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) | 42,741,836 | 42,742 | ||||||
| Face Amount (000) | Value (000) | |||||||
| Repurchase Agreements (2.5%) | ||||||||
| Barclays Capital, Inc., (0.06%, dated 9/30/20, due 10/1/20; proceeds $6,461; fully collateralized by a U.S. Government obligation; 2.13% due 5/15/22; valued at $6,590) | $ | 6,461 | 6,461 | |||||
Morgan Stanley Institutional Fund, Inc.
Inception Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Merrill Lynch & Co., Inc., (0.05%, dated 9/30/20, due 10/1/20; proceeds $806; fully collateralized by U.S. Government obligations; 1.50% due 10/31/24; valued at $822) | 806 | 806 | ||||||
| Merrill Lynch & Co., Inc., (0.06%, dated 9/30/20, due 10/1/20; proceeds $2,485; fully collateralized by U.S. Government obligations; 1.50% due 10/31/24; valued at $2,535) | 2,485 | 2,485 | ||||||
| 9,752 | ||||||||
| Total Securities held as Collateral on Loaned Securities (Cost $52,494) | 52,494 | |||||||
| Shares | ||||||||
| Investment Company (8.4%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $33,022) | 33,022,325 | 33,022 | ||||||
| Total Short-Term Investments (Cost $85,516) | 85,516 | |||||||
| Total Investments Excluding Purchased Options (112.0%) (Cost $363,362) | 439,081 | |||||||
| Total Purchased Options Outstanding (0.1%) (Cost $1,036) | 430 | |||||||
| Total Investments (112.1%) (Cost $364,398) Including $50,610 of Securities Loaned (f)(g)(h) | 439,511 | |||||||
| Liabilities in Excess of Other Assets (-12.1%) | (47,355 | ) | ||||||
| Net Assets (100.0%) | $ | 392,156 | ||||||
| (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, 2020, were approximately $50,610,000 and $52,617,000, respectively. The Fund received cash collateral of approximately $52,494,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $123,000 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) | At September 30, 2020, the Fund held fair valued securities valued at approximately $13,721,000, representing 3.5% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
| (d) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2020 amounts to approximately $13,721,000 and represents 3.5% of net assets. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2020, advisory fees paid were reduced by approximately $21,000 relating to the Fund's investment in the Liquidity Funds. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2020, the Fund engaged in cross-trade purchases of approximately $185,000. |
| (g) | The approximate fair value and percentage of net assets, $8,113,000 and 2.1%, 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. |
Morgan Stanley Institutional Fund, Inc.
Inception Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| (h) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $100,423,000 and the aggregate gross unrealized depreciation is approximately $25,310,000, resulting in net unrealized appreciation of approximately $75,113,000. |
Morgan Stanley Institutional Fund, Inc.
Inception Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2020:
| 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 | 7.99 | Sep - 21 | 60,263,882 | 60,264 | $ | 221 | $ | 365 | $ | (144 | ) | ||||||||||||||||
| Royal Bank of Scotland | USD/CNH | CNH | 7.75 | Jan - 21 | 39,285,388 | 39,285 | 25 | 172 | (147 | ) | |||||||||||||||||||
| Royal Bank of Scotland | USD/CNH | CNH | 8.06 | Jul - 21 | 53,965,809 | 53,966 | 148 | 286 | (138 | ) | |||||||||||||||||||
| Royal Bank of Scotland | USD/CNH | CNH | 8.48 | May - 21 | 34,162,018 | 34,162 | 36 | 213 | (177 | ) | |||||||||||||||||||
| $ | 430 | $ | 1,036 | $ | (606 | ) | |||||||||||||||||||||||
| CNH | – | Chinese Yuan Renminbi Offshore |
| USD | – | United States Dollar |
| Portfolio Composition* | ||||
| Classification | Percentage
of Total Investments | |||
| Other** | 23.0 | % | ||
| Software | 14.0 | |||
| Internet & Direct Marketing Retail | 12.7 | |||
| Information Technology Services | 9.6 | |||
| Short-Term Investments | 8.5 | |||
| Life Sciences Tools & Services | 7.8 | |||
| Diversified Holding Companies | 6.7 | |||
| Health Care Providers & Services | 6.3 | |||
| Health Care Technology | 5.9 | |||
| Specialty Retail | 5.5 | |||
| Total Investments | 100.0 | % | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2020. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
International Advantage Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) |
|||||||
| Common Stocks (92.5%) | ||||||||
| Australia (3.4%) | ||||||||
| Brookfield Infrastructure Partners LP | 2,672,932 | $ | 127,285 | |||||
| Canada (6.5%) | ||||||||
| Brookfield Asset Management, Inc., Class A | 2,780,619 | 91,927 | ||||||
| Brookfield Infrastructure Corp. | 212,692 | 11,781 | ||||||
| Canada Goose Holdings, Inc. (a)(b) | 4,277,228 | 137,599 | ||||||
| 241,307 | ||||||||
| China (11.3%) | ||||||||
| Alibaba Group Holding Ltd. ADR (a) | 370,495 | 108,918 | ||||||
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | 5,907,921 | 141,177 | ||||||
| TAL Education Group ADR (a) | 2,225,190 | 169,204 | ||||||
| 419,299 | ||||||||
| Denmark (11.5%) | ||||||||
| Chr Hansen Holding A/S | 903,790 | 100,326 | ||||||
| DSV A/S | 2,015,897 | 326,985 | ||||||
| 427,311 | ||||||||
| France (8.8%) | ||||||||
| Dassault Systemes SE | 327,897 | 61,180 | ||||||
| Hermes International | 244,203 | 210,321 | ||||||
| Pernod Ricard SA | 346,029 | 55,169 | ||||||
| 326,670 | ||||||||
| Germany (1.6%) | ||||||||
| Adidas AG (a) | 188,852 | 60,988 | ||||||
| Hong Kong (2.9%) | ||||||||
| AIA Group Ltd. | 10,627,300 | 105,636 | ||||||
| India (5.8%) | ||||||||
| HDFC Bank Ltd. (a) | 11,409,526 | 167,490 | ||||||
| Kotak Mahindra Bank Ltd. (a) | 2,773,930 | 47,894 | ||||||
| 215,384 | ||||||||
| Italy (5.7%) | ||||||||
| Davide Campari-Milano N.V. | 6,393,727 | 69,784 | ||||||
| Moncler SpA (a) | 3,464,997 | 141,793 | ||||||
| 211,577 | ||||||||
| Japan (9.7%) | ||||||||
| Keyence Corp. | 451,300 | 210,973 | ||||||
| Pigeon Corp. | 3,352,000 | 149,772 | ||||||
| 360,745 | ||||||||
| Netherlands (7.3%) | ||||||||
| Adyen N.V. (a) | 58,071 | 107,111 | ||||||
| ASML Holding N.V. | 444,659 | 164,245 | ||||||
| 271,356 | ||||||||
Morgan Stanley Institutional Fund, Inc.
International Advantage Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Sweden (1.7%) | ||||||||
| Vitrolife AB (a) | 2,338,681 | 63,812 | ||||||
| Switzerland (5.1%) | ||||||||
| Chocoladefabriken Lindt & Spruengli AG (Registered) | 693 | 61,745 | ||||||
| Kuehne & Nagel International AG (Registered) | 291,324 | 56,567 | ||||||
| Straumann Holding AG (Registered) | 69,344 | 70,148 | ||||||
| 188,460 | ||||||||
| Taiwan (3.2%) | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,484,021 | 120,310 | ||||||
| United Kingdom (3.9%) | ||||||||
| Diageo PLC | 1,206,119 | 41,428 | ||||||
| Rightmove PLC | 12,770,431 | 103,241 | ||||||
| 144,669 | ||||||||
| United States (4.1%) | ||||||||
| EPAM Systems, Inc. (a) | 475,348 | 153,671 | ||||||
| Total Common Stocks (Cost $2,560,914) | 3,438,480 | |||||||
| Short-Term Investment (8.0%) | ||||||||
| Investment Company (8.0%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $296,498) | 296,498,373 | 296,498 | ||||||
| Total Investments (100.5%) (Cost $2,857,412) (d)(e)(f) | 3,734,978 | |||||||
| Liabilities in Excess of Other Assets (-0.5%) | (17,101 | ) | ||||||
| Net Assets (100.0%) | $ | 3,717,877 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | For the nine months ended September 30, 2020, the cost of purchases of Canada Goose Holdings, Inc., Common Stock, and its affiliated broker-dealers, which may be deemed affiliates of the Adviser/Administrator and Distributor under the Investment Company Act of 1940, was approximately $112,512,000. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2020, advisory fees paid were reduced by approximately $337,000 relating to the Fund's investment in the Liquidity Funds. |
| (d) | The approximate fair value and percentage of net assets, $2,517,785,000 and 67.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2020, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $893,777,000 and the aggregate gross unrealized depreciation is approximately $16,211,000, resulting in net unrealized appreciation of approximately $877,566,000. |
| ADR | American Depositary Receipt. |
Portfolio Composition
| Classification | Percentage of Total Investments |
|||
| Other* | 37.1 | % | ||
| Textiles, Apparel & Luxury Goods | 14.7 | |||
| Air Freight & Logistics | 8.8 | |||
| Short-Term Investments | 7.9 | |||
| Semiconductors & Semiconductor Equipment | 7.6 | |||
| Information Technology Services | 7.0 | |||
| Banks | 5.8 | |||
| Electronic Equipment, Instruments & Components | 5.7 | |||
| Food Products | 5.4 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
International Equity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (98.1%) | ||||||||
| Australia (0.6%) | ||||||||
| Aristocrat Leisure Ltd. | 538,742 | $ | 11,749 | |||||
| Canada (6.4%) | ||||||||
| Barrick Gold Corp. | 1,939,782 | 54,484 | ||||||
| Cameco Corp. | 1,834,492 | 18,530 | ||||||
| Constellation Software, Inc. | 47,699 | 53,003 | ||||||
| 126,017 | ||||||||
| China (2.8%) | ||||||||
| Tencent Holdings Ltd. (a) | 821,300 | 55,473 | ||||||
| Finland (1.6%) | ||||||||
| Neste Oyj | 592,764 | 31,215 | ||||||
| France (11.8%) | ||||||||
| AXA SA | 1,527,024 | 28,262 | ||||||
| L'Oreal SA (BSRM) | 41,949 | 13,651 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 71,374 | 33,396 | ||||||
| Pernod Ricard SA | 202,543 | 32,293 | ||||||
| Safran SA (b) | 354,754 | 34,903 | ||||||
| Sanofi | 651,626 | 65,301 | ||||||
| Thales SA | 304,146 | 22,795 | ||||||
| 230,601 | ||||||||
| Germany (16.7%) | ||||||||
| Adidas AG (b) | 39,691 | 12,818 | ||||||
| Bayer AG (Registered) | 594,485 | 36,676 | ||||||
| Deutsche Post AG (Registered) | 1,131,976 | 51,364 | ||||||
| Fresenius SE & Co., KGaA | 1,317,020 | 59,890 | ||||||
| Henkel AG & Co., KGaA (Preference) | 768,978 | 80,425 | ||||||
| Infineon Technologies AG | 408,676 | 11,519 | ||||||
| SAP SE | 474,374 | 73,869 | ||||||
| 326,561 | ||||||||
| Hong Kong (3.7%) | ||||||||
| AIA Group Ltd. | 5,479,800 | 54,470 | ||||||
| Minth Group Ltd. | 3,932,000 | 17,170 | ||||||
| 71,640 | ||||||||
| Italy (1.6%) | ||||||||
| Moncler SpA (b) | 746,989 | 30,568 | ||||||
| Japan (10.6%) | ||||||||
| FANUC Corp. | 191,300 | 36,713 | ||||||
| Hoya Corp. | 269,100 | 30,386 | ||||||
| Keyence Corp. | 75,100 | 35,108 | ||||||
| Kirin Holdings Co., Ltd. | 1,606,400 | 30,172 | ||||||
| Lion Corp. | 1,557,600 | 31,976 | ||||||
| Shiseido Co., Ltd. | 226,700 | 13,124 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 1,041,851 | 29,131 | ||||||
| 206,610 | ||||||||
| Korea, Republic of (3.0%) | ||||||||
| LG Household & Health Care Ltd. | 23,052 | 28,447 | ||||||
Morgan Stanley Institutional Fund, Inc.
International Equity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Samsung Electronics Co., Ltd. | 601,874 | 29,880 | ||||||
| 58,327 | ||||||||
| Netherlands (3.7%) | ||||||||
| Heineken N.V. | 290,567 | 25,868 | ||||||
| ING Groep N.V. (b) | 2,028,403 | 14,477 | ||||||
| Unilever N.V. | 533,588 | 32,403 | ||||||
| 72,748 | ||||||||
| Norway (0.9%) | ||||||||
| Mowi ASA | 1,012,432 | 18,013 | ||||||
| Singapore (1.0%) | ||||||||
| United Overseas Bank Ltd. | 1,400,400 | 19,728 | ||||||
| Spain (0.5%) | ||||||||
| Bankinter SA | 2,405,279 | 10,355 | ||||||
| Sweden (2.8%) | ||||||||
| Boliden AB | 238,730 | 7,083 | ||||||
| Epiroc AB, Class A | 945,885 | 13,703 | ||||||
| Hexagon AB, Class B (b) | 439,411 | 33,190 | ||||||
| 53,976 | ||||||||
| Switzerland (5.7%) | ||||||||
| Alcon, Inc. (b) | 139,730 | 7,922 | ||||||
| Novartis AG (Registered) | 656,043 | 56,961 | ||||||
| Roche Holding AG (Genusschein) | 133,719 | 45,804 | ||||||
| 110,687 | ||||||||
| Taiwan (2.0%) | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 494,848 | 40,117 | ||||||
| United Kingdom (22.7%) | ||||||||
| Anglo American PLC | 668,673 | 16,178 | ||||||
| Associated British Foods PLC | 1,418,337 | 34,147 | ||||||
| Aviva PLC | 2,300,447 | 8,511 | ||||||
| BHP Group PLC (c) | 1,103,527 | 23,543 | ||||||
| British American Tobacco PLC | 1,504,781 | 53,978 | ||||||
| Experian PLC | 246,249 | 9,253 | ||||||
| GlaxoSmithKline PLC | 2,746,959 | 51,499 | ||||||
| Imperial Brands PLC | 1,809,808 | 31,967 | ||||||
| Legal & General Group PLC | 1,589,691 | 3,863 | ||||||
| M&G PLC | 4,570,239 | 9,394 | ||||||
| Man Group PLC | 7,286,254 | 10,801 | ||||||
| Prudential PLC | 3,088,097 | 44,309 | ||||||
| Reckitt Benckiser Group PLC | 932,456 | 90,919 | ||||||
| RELX PLC (Euronext N.V.) | 1,377,902 | 30,675 | ||||||
| RELX PLC (LSE) | 1,150,684 | 25,612 | ||||||
| 444,649 | ||||||||
| Total Common Stocks (Cost $1,427,000) | 1,919,034 | |||||||
| Short-Term Investment (1.5%) | ||||||||
| Investment Company (1.5%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $29,250) | 29,250,229 | 29,250 |
Morgan Stanley Institutional Fund, Inc.
International Equity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Total Investments (99.6%) (Cost $1,456,250) (e)(f)(g) | 1,948,284 | |||
| Other Assets in Excess of Liabilities (0.4%) | 8,440 | |||
| Net Assets (100.0%) | $ | 1,956,724 |
Country assignments and aggregations are based generally on third party vendor classifications and information, ;and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Security trades on the Hong Kong exchange. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2020, were approximately $20,664,000 and $21,930,000 respectively. The Fund received non-cash collateral of approximately $21,930,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge, and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2020, advisory fees paid were reduced by approximately $44,000 relating to the Fund's investment in the Liquidity Funds. |
| (e) | The approximate fair value and percentage of net assets, $1,752,900,000 and 89.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (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, 2020, the Fund did not engage in any cross-trade transactions. |
| (g) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $590,709,000 and the aggregate gross unrealized depreciation is approximately $98,675,000, resulting in net unrealized appreciation of approximately $492,034,000. |
| ADR | American Depositary Receipt. |
| BSRM | Berlin Second Regulated Market. |
| Euronext N.V. | Euronext Amsterdam Stock Market. |
| LSE | London Stock Exchange. |
Portfolio Composition*
| Classification | Percentage
of Total Investments | |||
| Other** | 57.5 | % | ||
| Pharmaceuticals | 13.2 | |||
| Household Products | 10.4 | |||
| Insurance | 7.2 | |||
| Software | 6.5 | |||
| Metals & Mining | 5.2 | |||
| Total Investments | 100.0 | % | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2020. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
International Opportunity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) |
|||||||
| Common Stocks (92.4%) | ||||||||
| Argentina (1.1%) | ||||||||
| Globant SA (a) | 193,942 | $ | 34,758 | |||||
| Canada (8.4%) | ||||||||
| Canada Goose Holdings, Inc. (a)(b) | 4,383,337 | 141,012 | ||||||
| Shopify, Inc., Class A (a) | 117,412 | 120,109 | ||||||
| 261,121 | ||||||||
| China (26.3%) | ||||||||
| Alibaba Group Holding Ltd. ADR (a) | 396,156 | 116,462 | ||||||
| China Resources Beer Holdings Co., Ltd. (c) | 7,934,666 | 48,734 | ||||||
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | 4,296,704 | 102,675 | ||||||
| KE Holdings, Inc. (a) | 198,268 | 12,154 | ||||||
| Meituan Dianping, Class B (a)(c) | 5,383,400 | 169,584 | ||||||
| New Frontier Health Corp. (a) | 1,583,308 | 12,080 | ||||||
| Shenzhou International Group Holdings Ltd. (c) | 1,642,400 | 27,968 | ||||||
| TAL Education Group ADR (a) | 2,899,220 | 220,457 | ||||||
| Tencent Holdings Ltd. (c) | 547,600 | 36,987 | ||||||
| Trip.com Group Ltd. ADR (a) | 2,390,403 | 74,437 | ||||||
| 821,538 | ||||||||
| Denmark (5.1%) | ||||||||
| DSV A/S | 986,697 | 160,045 | ||||||
| France (3.2%) | ||||||||
| Hermes International | 117,521 | 101,215 | ||||||
| Germany (3.5%) | ||||||||
| Adidas AG (a) | 150,352 | 48,555 | ||||||
| HelloFresh SE (a) | 1,068,886 | 59,402 | ||||||
| 107,957 | ||||||||
| India (6.2%) | ||||||||
| HDFC Bank Ltd. (a) | 9,163,158 | 134,513 | ||||||
| ICICI Bank Ltd. ADR (a) | 2,906,986 | 28,576 | ||||||
| Kotak Mahindra Bank Ltd. (a) | 1,696,711 | 29,295 | ||||||
| 192,384 | ||||||||
| Italy (3.5%) | ||||||||
| Moncler SpA (a) | 2,673,679 | 109,411 | ||||||
| Japan (4.8%) | ||||||||
| Keyence Corp. | 243,500 | 113,831 | ||||||
| Pigeon Corp. | 833,400 | 37,238 | ||||||
| 151,069 | ||||||||
| Korea, Republic of (2.5%) | ||||||||
| NAVER Corp. | 312,951 | 79,528 | ||||||
| Netherlands (5.3%) | ||||||||
| Adyen N.V. (a) | 39,966 | 73,717 | ||||||
| ASML Holding N.V. | 151,381 | 55,916 | ||||||
| Just Eat Takeaway.com N.V (a) | 328,697 | 36,796 | ||||||
| 166,429 | ||||||||
| Sweden (1.5%) | ||||||||
| Vitrolife AB (a) | 1,677,497 | 45,771 | ||||||
| Switzerland (1.5%) | ||||||||
| Straumann Holding AG (Registered) | 47,473 | 48,024 | ||||||
Morgan Stanley Institutional Fund, Inc.
International Opportunity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Taiwan (3.5%) | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 7,346,000 | 110,514 | ||||||
| United Kingdom (2.5%) | ||||||||
| Fevertree Drinks PLC | 1,274,493 | 38,092 | ||||||
| Rightmove PLC | 4,944,665 | 39,975 | ||||||
| 78,067 | ||||||||
| United States (13.5%) | ||||||||
| EPAM Systems, Inc. (a) | 352,745 | 114,035 | ||||||
| Farfetch Ltd., Class A (a) | 2,938,763 | 73,939 | ||||||
| MercadoLibre, Inc. (a) | 57,053 | 61,759 | ||||||
| Spotify Technology SA (a) | 704,030 | 170,777 | ||||||
| 420,510 | ||||||||
| Total Common Stocks (Cost $1,906,255) | 2,888,341 | |||||||
| Short-Term Investment (7.5%) | ||||||||
| Investment Company (7.5%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $235,372) | 235,371,861 | 235,372 | ||||||
| Total Investments (99.9%) (Cost $2,141,627) (e)(f)(g) | 3,123,713 | |||||||
| Other Assets in Excess of Liabilities (0.1%) | 3,658 | |||||||
| Net Assets (100.0%) | $ | 3,127,371 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | For the nine months ended September 30, 2020, the cost of purchases and the proceeds from sales of Canada Goose Holdings, Inc., Common Stock, and its affiliated broker-dealers, which may be deemed affiliates of the Adviser/Administrator and Distributor under the Investment Company Act of 1940, were approximately $110,489,000 and $808,000, respectively, including net realized loss of approximately $71,000. |
| (c) | Security trades on the Hong Kong exchange. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity 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, 2020, advisory fees paid were reduced by approximately $245,000 relating to the Fund's investment in the Liquidity Funds. |
| (e) | The approximate fair value and percentage of net assets, $1,707,786,000 and 54.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (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, 2020, the Fund did not engage in any cross-trade transactions. |
| (g) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $995,250,000 and the aggregate gross unrealized depreciation is approximately $13,164,000, resulting in net unrealized appreciation of approximately $982,086,000. |
| ADR | American Depositary Receipt. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments |
|||
| Internet & Direct Marketing Retail | 19.0 | % | ||
| Other* | 15.8 | |||
| Textiles, Apparel & Luxury Goods | 13.7 | |||
| Information Technology Services | 9.8 | |||
| Short-Term Investments | 7.5 | |||
| Diversified Consumer Services | 7.1 | |||
| Banks | 6.2 | |||
| Entertainment | 5.5 | |||
| Semiconductors & Semiconductor Equipment | 5.3 | |||
| Air Freight & Logistics | 5.1 | |||
| Interactive Media & Services | 5.0 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Permanence Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (99.0%) | ||||||||
| Aerospace & Defense (5.0%) | ||||||||
| HEICO Corp., Class A | 1,606 | $ | 142 | |||||
| Capital Markets (4.9%) | ||||||||
| Intercontinental Exchange, Inc. | 644 | 65 | ||||||
| S&P Global, Inc. | 206 | 74 | ||||||
| 139 | ||||||||
| Chemicals (7.5%) | ||||||||
| Ecolab, Inc. | 715 | 143 | ||||||
| Sherwin-Williams Co. (The) | 101 | 70 | ||||||
| 213 | ||||||||
| Commercial Services & Supplies (3.0%) | ||||||||
| Cintas Corp. | 87 | 29 | ||||||
| Copart, Inc. (a) | 268 | 28 | ||||||
| Rollins, Inc. | 530 | 29 | ||||||
| 86 | ||||||||
| Construction Materials (2.8%) | ||||||||
| Martin Marietta Materials, Inc. | 335 | 79 | ||||||
| Distributors (1.1%) | ||||||||
| Pool Corp. | 92 | 31 | ||||||
| Diversified Consumer Services (1.0%) | ||||||||
| Service Corp. International | 670 | 28 | ||||||
| Entertainment (2.0%) | ||||||||
| Madison Square Garden Sports Corp., Class A (a) | 191 | 29 | ||||||
| Walt Disney Co. (The) | 223 | 27 | ||||||
| 56 | ||||||||
| Equity Real Estate Investment Trusts (REITs) (2.0%) | ||||||||
| American Tower Corp. REIT | 117 | 28 | ||||||
| Equinix, Inc. REIT | 38 | 29 | ||||||
| 57 | ||||||||
| Food & Staples Retailing (5.0%) | ||||||||
| Costco Wholesale Corp. | 402 | 143 | ||||||
| Health Care Equipment & Supplies (6.5%) | ||||||||
| IDEXX Laboratories, Inc. (a) | 78 | 30 | ||||||
| Intuitive Surgical, Inc. (a) | 218 | 155 | ||||||
| 185 | ||||||||
| Health Care Technology (6.5%) | ||||||||
| Veeva Systems, Inc., Class A (a) | 660 | 186 | ||||||
| Hotels, Restaurants & Leisure (2.4%) | ||||||||
| Starbucks Corp. | 491 | 42 | ||||||
| Vail Resorts, Inc. | 127 | 27 | ||||||
| 69 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Permanence Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Industrial Conglomerates (2.3%) | ||||||||
| Roper Technologies, Inc. | 164 | 65 | ||||||
| Information Technology Services (1.0%) | ||||||||
| Gartner, Inc. (a) | 222 | 28 | ||||||
| Interactive Media & Services (2.7%) | ||||||||
| Facebook, Inc., Class A (a) | 291 | 76 | ||||||
| Internet & Direct Marketing Retail (7.7%) | ||||||||
| Amazon.com, Inc. (a) | 69 | 217 | ||||||
| Metals & Mining (1.0%) | ||||||||
| Royal Gold, Inc. | 237 | 28 | ||||||
| Oil, Gas & Consumable Fuels (1.3%) | ||||||||
| Texas Pacific Land Trust | 79 | 36 | ||||||
| Pharmaceuticals (5.1%) | ||||||||
| Royalty Pharma PLC, Class A (United Kingdom) | 2,348 | 99 | ||||||
| Zoetis, Inc. | 284 | 47 | ||||||
| 146 | ||||||||
| Professional Services (2.0%) | ||||||||
| CoStar Group, Inc. (a) | 34 | 29 | ||||||
| Verisk Analytics, Inc. | 155 | 29 | ||||||
| 58 | ||||||||
| Real Estate Management & Development (3.8%) | ||||||||
| FirstService Corp. | 812 | 107 | ||||||
| Semiconductors & Semiconductor Equipment (3.5%) | ||||||||
| ASML Holding NV | 265 | 98 | ||||||
| Software (12.7%) | ||||||||
| ANSYS, Inc. (a) | 91 | 30 | ||||||
| Appfolio, Inc., Class A (a) | 199 | 28 | ||||||
| Autodesk, Inc. (a) | 310 | 72 | ||||||
| Cadence Design Systems, Inc. (a) | 276 | 29 | ||||||
| Guidewire Software, Inc. (a) | 263 | 27 | ||||||
| Microsoft Corp. | 482 | 101 | ||||||
| Synopsys, Inc. (a) | 139 | 30 | ||||||
| Tyler Technologies, Inc. (a) | 125 | 44 | ||||||
| 361 | ||||||||
| Specialty Retail (1.0%) | ||||||||
| Home Depot, Inc. (The) | 106 | 29 | ||||||
| Tech Hardware, Storage & Peripherals (1.6%) | ||||||||
| Apple, Inc. | 390 | 45 | ||||||
| Textiles, Apparel & Luxury Goods (1.6%) | ||||||||
| NIKE, Inc., Class B | 364 | 46 | ||||||
| Trading Companies & Distributors (2.0%) | ||||||||
| Fastenal Co. | 622 | 28 |
Morgan Stanley Institutional Fund, Inc.
Permanence Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Watsco, Inc. | 120 | 28 | ||||||
| 56 | ||||||||
| Total Common Stocks (Cost $2,175) | 2,810 | |||||||
| Short-Term Investment (1.4%) | ||||||||
| Investment Company (1.4%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $40) | 39,565 | 40 | ||||||
| Total Investments Excluding Purchased Options (100.4%) (Cost $2,215) | 2,850 | |||||||
| Total Purchased Options Outstanding (0.1%) (Cost $8) | 4 | |||||||
| Total Investments (100.5%) (Cost $2,223) (c)(d) | 2,854 | |||||||
| Liabilities in Excess of Other Assets (-0.5%) | (14 | ) | ||||||
| Net Assets (100.0%) | $ | 2,840 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2020, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2020, the Fund did not engage in any cross-trade transactions. |
| (d) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $640,000 and the aggregate gross unrealized depreciation is approximately $9,000, resulting in net unrealized appreciation of approximately $631,000. |
| REIT | Real Estate Investment Trust. |
Morgan Stanley Institutional Fund, Inc.
Permanence Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2020:
| 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 | 7.98 | Sep - 21 | 561,500 | 562 | $ | 2 | $ | 3 | $ | (1 | ) | ||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 8.10 | Jul - 21 | 591,131 | 591 | 2 | 3 | (1 | ) | |||||||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 8.49 | May - 21 | 425,580 | 426 | -@ | 2 | (2 | ) | |||||||||||||||||||
| $ | 4 | $ | 8 | $ | (4 | ) | |||||||||||||||||||||||
| @ | – | Value is less than $500. |
| CNH | – | Chinese Yuan Renminbi Offshore |
| USD | – | United States Dollar |
| Portfolio Composition | ||||
| Classification | Percentage
of Total Investments | |||
| Other* | 44.1 | % | ||
| Software | 12.7 | |||
| Internet & Direct Marketing Retail | 7.6 | |||
| Chemicals | 7.5 | |||
| Health Care Technology | 6.5 | |||
| Health Care Equipment & Supplies | 6.5 | |||
| Pharmaceuticals | 5.1 | |||
| Food & Staples Retailing | 5.0 | |||
| Aerospace & Defense | 5.0 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Real Assets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) |
|||||||
| Common Stocks (71.2%) | ||||||||
| Australia (2.4%) | ||||||||
| APA Group | 3,583 | $ | 27 | |||||
| Atlas Arteria Ltd. | 7,392 | 33 | ||||||
| CSL Ltd. | 140 | 29 | ||||||
| Dexus REIT | 7,044 | 45 | ||||||
| GPT Group (The) REIT | 4,328 | 12 | ||||||
| Scentre Group REIT | 8,974 | 14 | ||||||
| Spark Infrastructure Group | 25,266 | 37 | ||||||
| Sydney Airport | 5,641 | 24 | ||||||
| Transurban Group | 9,732 | 99 | ||||||
| Wesfarmers Ltd. | 1,422 | 46 | ||||||
| 366 | ||||||||
| Canada (3.5%) | ||||||||
| Canadian Pacific Railway Ltd. | 126 | 38 | ||||||
| Canadian Tire Corp., Ltd., Class A | 3 | —@ | ||||||
| Enbridge, Inc. | 2,739 | 80 | ||||||
| Gibson Energy, Inc. | 7,426 | 120 | ||||||
| Manulife Financial Corp. | 29 | —@ | ||||||
| National Bank of Canada | 561 | 28 | ||||||
| Pembina Pipeline Corp. | 1,868 | 40 | ||||||
| RioCan Real Estate Investment Trust REIT | 3,543 | 38 | ||||||
| Royal Bank of Canada | 395 | 28 | ||||||
| Sun Life Financial, Inc. | 813 | 33 | ||||||
| TC Energy Corp. | 2,522 | 106 | ||||||
| TELUS Corp. | 1,605 | 28 | ||||||
| 539 | ||||||||
| China (1.7%) | ||||||||
| China Everbright International Ltd. (a) | 119,780 | 68 | ||||||
| China Gas Holdings Ltd. (a) | 36,518 | 105 | ||||||
| China Merchants Port Holdings Co., Ltd. (a) | 6,000 | 6 | ||||||
| China Overseas Land & Investment Ltd. (a) | 1,896 | 5 | ||||||
| China Resources Land Ltd. (a) | 3,264 | 15 | ||||||
| China Tower Corp. Ltd. H Shares (a) | 129,919 | 23 | ||||||
| ENN Energy Holdings Ltd. (a) | 1,167 | 13 | ||||||
| Jiangsu Expressway Co., Ltd. H Shares (a) | 27,138 | 27 | ||||||
| 262 | ||||||||
| Denmark (0.1%) | ||||||||
| Orsted A/S | 69 | 10 | ||||||
| Finland (0.1%) | ||||||||
| Citycon Oyj | 1,283 | 10 | ||||||
| France (3.6%) | ||||||||
| Aeroports de Paris (ADP) | 166 | 16 | ||||||
| Air Liquide SA | 270 | 43 | ||||||
| Edenred | 9 | —@ | ||||||
| Gecina SA REIT | 712 | 94 | ||||||
| Getlink SE (b) | 2,296 | 31 | ||||||
| ICADE REIT | 54 | 3 | ||||||
| Klepierre SA REIT | 6,402 | 90 | ||||||
| L'Oreal SA (BSRM) | 106 | 35 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 75 | 35 | ||||||
| Mercialys SA REIT | 3,720 | 20 | ||||||
| STMicroelectronics N.V. | 1,156 | 35 | ||||||
| Vinci SA | 1,683 | 141 | ||||||
| 543 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Real Assets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Germany (1.5%) | ||||||||
| BASF SE | 761 | 46 | ||||||
| Deutsche Wohnen SE | 1,738 | 87 | ||||||
| LANXESS AG | 433 | 25 | ||||||
| Siemens AG (Registered) | 298 | 38 | ||||||
| Siemens Energy AG (b) | 149 | 4 | ||||||
| Volkswagen AG (Preference) (b) | 199 | 32 | ||||||
| 232 | ||||||||
| Hong Kong (3.2%) | ||||||||
| CK Asset Holdings Ltd. | 1,848 | 9 | ||||||
| Hong Kong & China Gas Co., Ltd. | 19,052 | 28 | ||||||
| Hongkong Land Holdings Ltd. | 37,291 | 139 | ||||||
| Hysan Development Co., Ltd. | 8,036 | 24 | ||||||
| Link REIT | 4,237 | 35 | ||||||
| New World Development Co. Ltd. | 2,631 | 13 | ||||||
| Sun Hung Kai Properties Ltd. | 8,273 | 107 | ||||||
| Swire Properties Ltd. | 37,191 | 98 | ||||||
| Wharf Real Estate Investment Co., Ltd. | 7,694 | 31 | ||||||
| 484 | ||||||||
| India (1.1%) | ||||||||
| Azure Power Global Ltd. (b) | 5,541 | 165 | ||||||
| Ireland (0.2%) | ||||||||
| Hibernia REIT PLC | 26,625 | 31 | ||||||
| Italy (0.9%) | ||||||||
| Atlantia SpA (b) | 1,377 | 21 | ||||||
| Infrastrutture Wireless Italiane SpA | 3,681 | 41 | ||||||
| Snam SpA | 3,682 | 19 | ||||||
| Terna Rete Elettrica Nazionale SpA | 7,085 | 50 | ||||||
| 131 | ||||||||
| Japan (4.4%) | ||||||||
| Dai-ichi Life Holdings, Inc. | 2,468 | 35 | ||||||
| East Japan Railway Co. | 600 | 37 | ||||||
| Fast Retailing Co., Ltd. | 45 | 28 | ||||||
| GLP J-REIT | 7 | 11 | ||||||
| ITOCHU Corp. | 1,449 | 37 | ||||||
| Japan Airport Terminal Co., Ltd. | 175 | 8 | ||||||
| Japan Hotel REIT Investment Corp. | 63 | 31 | ||||||
| Mitsubishi Corp. | 1,773 | 42 | ||||||
| Mitsubishi Estate Co., Ltd. | 6,998 | 106 | ||||||
| Mitsui & Co., Ltd. | 2,522 | 43 | ||||||
| Mitsui Fudosan Co., Ltd. | 5,090 | 89 | ||||||
| Nippon Building Fund, Inc. REIT | 9 | 51 | ||||||
| Omron Corp. | 432 | 33 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 1,444 | 40 | ||||||
| Sumitomo Realty & Development Co., Ltd. | 1,410 | 42 | ||||||
| Toyota Motor Corp. | 589 | 39 | ||||||
| 672 | ||||||||
| Mexico (0.5%) | ||||||||
| Promotora y Operadora de Infraestructura SAB de CV (b) | 10,730 | 75 | ||||||
| Netherlands (0.9%) | ||||||||
| ASML Holding N.V. | 107 | 39 | ||||||
| Eurocommercial Properties N.V. CVA REIT | 2,738 | 32 | ||||||
| Koninklijke DSM N.V. | 198 | 33 | ||||||
| Randstad N.V. (b) | 751 | 39 | ||||||
| 143 |
Morgan Stanley Institutional Fund, Inc.
Real Assets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| New Zealand (0.2%) | ||||||||
| Auckland International Airport Ltd. (b) | 5,729 | 28 | ||||||
| Norway (0.2%) | ||||||||
| Telenor ASA | 1,770 | 30 | ||||||
| Singapore (0.3%) | ||||||||
| DBS Group Holdings Ltd. | 1,764 | 26 | ||||||
| Keppel Corp., Ltd. | 6,224 | 20 | ||||||
| UOL Group Ltd. | 960 | 5 | ||||||
| 51 | ||||||||
| Spain (1.7%) | ||||||||
| Aena SME SA (b) | 342 | 48 | ||||||
| Atlantica Sustainable Infrastructure PLC | 1,126 | 32 | ||||||
| Cellnex Telecom SA | 951 | 58 | ||||||
| Ferrovial SA | 2,154 | 52 | ||||||
| Inmobiliaria Colonial Socimi SA REIT | 285 | 2 | ||||||
| Merlin Properties Socimi SA REIT | 5,852 | 49 | ||||||
| Red Electrica Corp., SA | 1,197 | 23 | ||||||
| 264 | ||||||||
| Sweden (0.1%) | ||||||||
| Hufvudstaden AB, Class A | 1,316 | 18 | ||||||
| Switzerland (1.2%) | ||||||||
| Credit Suisse Group AG (Registered) | 3,828 | 38 | ||||||
| Flughafen Zurich AG (Registered) (b) | 188 | 26 | ||||||
| Nestle SA (Registered) | 304 | 36 | ||||||
| Novartis AG (Registered) | 496 | 43 | ||||||
| Roche Holding AG (Genusschein) | 108 | 37 | ||||||
| 180 | ||||||||
| United Kingdom (4.8%) | ||||||||
| AVEVA Group PLC | 479 | 30 | ||||||
| Barclays PLC (b) | 19,317 | 24 | ||||||
| BP PLC | 6,179 | 18 | ||||||
| British Land Co., PLC (The) REIT | 17,676 | 77 | ||||||
| Derwent London PLC REIT | 1,372 | 45 | ||||||
| Great Portland Estates PLC REIT | 9,388 | 72 | ||||||
| Hammerson PLC REIT (b) | 174,162 | 37 | ||||||
| Land Securities Group PLC REIT | 14,857 | 100 | ||||||
| National Grid PLC | 13,266 | 152 | ||||||
| Pennon Group PLC | 2,811 | 37 | ||||||
| Rio Tinto PLC | 522 | 31 | ||||||
| Royal Dutch Shell PLC, Class B | 1,523 | 19 | ||||||
| Segro PLC REIT | 2,562 | 31 | ||||||
| Severn Trent PLC | 1,154 | 36 | ||||||
| United Utilities Group PLC | 1,505 | 17 | ||||||
| Urban & Civic PLC | 927 | 3 | ||||||
| 729 | ||||||||
| United States (38.6%) | ||||||||
| Abbott Laboratories | 392 | 43 | ||||||
| Accenture PLC, Class A | 161 | 36 | ||||||
| Adobe, Inc. (b) | 103 | 51 | ||||||
| Akamai Technologies, Inc. (b) | 240 | 27 | ||||||
| Alexandria Real Estate Equities, Inc. REIT | 224 | 36 | ||||||
| Alphabet, Inc., Class A (b) | 56 | 82 | ||||||
| Amazon.com, Inc. (b) | 39 | 123 | ||||||
| Ameren Corp. | 1,099 | 87 | ||||||
| American Campus Communities, Inc. REIT | 376 | 13 | ||||||
| American Electric Power Co., Inc. | 664 | 54 | ||||||
| American Express Co. | 337 | 34 | ||||||
Morgan Stanley Institutional Fund, Inc.
Real Assets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| American Tower Corp. REIT | 1,354 | 327 | ||||||
| American Water Works Co., Inc. | 859 | 124 | ||||||
| Amgen, Inc. | 146 | 37 | ||||||
| Apple, Inc. | 1,688 | 195 | ||||||
| Archer-Daniels-Midland Co. | 846 | 39 | ||||||
| AT&T, Inc. | 862 | 25 | ||||||
| Atmos Energy Corp. | 987 | 94 | ||||||
| AvalonBay Communities, Inc. REIT | 747 | 112 | ||||||
| Avangrid, Inc. | 880 | 44 | ||||||
| Bank of America Corp. | 1,667 | 40 | ||||||
| Boston Properties, Inc. REIT | 1,918 | 154 | ||||||
| Brixmor Property Group, Inc. REIT | 493 | 6 | ||||||
| Bunge Ltd. | 671 | 31 | ||||||
| Camden Property Trust REIT | 532 | 47 | ||||||
| CBRE Group, Inc., Class A (b) | 576 | 27 | ||||||
| Cheniere Energy, Inc. (b) | 1,142 | 53 | ||||||
| Cigna Corp. | 115 | 19 | ||||||
| Cisco Systems, Inc. | 609 | 24 | ||||||
| Citigroup, Inc. | 557 | 24 | ||||||
| CMS Energy Corp. | 675 | 41 | ||||||
| Comcast Corp., Class A | 607 | 28 | ||||||
| Copart, Inc. (b) | 254 | 27 | ||||||
| Costco Wholesale Corp. | 86 | 31 | ||||||
| Crown Castle International Corp. REIT | 1,273 | 212 | ||||||
| CSX Corp. | 440 | 34 | ||||||
| CubeSmart REIT | 399 | 13 | ||||||
| Danaher Corp. | 192 | 41 | ||||||
| DiamondRock Hospitality Co. REIT | 143 | 1 | ||||||
| Dominion Energy, Inc. | 449 | 35 | ||||||
| Edison International | 1,136 | 58 | ||||||
| Eli Lilly & Co. | 168 | 25 | ||||||
| Equity Residential REIT | 1,395 | 72 | ||||||
| Essential Utilities, Inc. | 1,961 | 79 | ||||||
| Essex Property Trust, Inc. REIT | 158 | 32 | ||||||
| Eversource Energy | 891 | 74 | ||||||
| Facebook, Inc., Class A (b) | 224 | 59 | ||||||
| Federal Realty Investment Trust REIT | 117 | 9 | ||||||
| Fidelity National Information Services, Inc. | 193 | 28 | ||||||
| FirstEnergy Corp. | 799 | 23 | ||||||
| Goldman Sachs Group, Inc. (The) | 181 | 36 | ||||||
| Healthcare Realty Trust, Inc. REIT | 537 | 16 | ||||||
| Healthpeak Properties, Inc. REIT | 1,109 | 30 | ||||||
| Hilton Worldwide Holdings, Inc. | 400 | 34 | ||||||
| Home Depot, Inc. (The) | 112 | 31 | ||||||
| Host Hotels & Resorts, Inc. REIT | 7,270 | 78 | ||||||
| Hudson Pacific Properties, Inc. REIT | 2,308 | 51 | ||||||
| Intel Corp. | 488 | 25 | ||||||
| International Business Machines Corp. | 208 | 25 | ||||||
| Invitation Homes, Inc. REIT | 800 | 22 | ||||||
| JBG SMITH Properties REIT | 610 | 16 | ||||||
| Johnson & Johnson | 299 | 45 | ||||||
| JPMorgan Chase & Co. | 570 | 55 | ||||||
| Kinder Morgan, Inc. | 6,220 | 77 | ||||||
| Linde PLC | 115 | 27 | ||||||
| Mack-Cali Realty Corp. REIT | 2,889 | 36 | ||||||
| Marathon Oil Corp. | 4,583 | 19 | ||||||
| Mastercard, Inc., Class A | 139 | 47 | ||||||
| Merck & Co., Inc. | 425 | 35 | ||||||
| Micron Technology, Inc. (b) | 569 | 27 | ||||||
| Microsoft Corp. | 674 | 142 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 95 | 11 | ||||||
| Netflix, Inc. (b) | 61 | 31 | ||||||
| NiSource, Inc. | 3,039 | 67 | ||||||
| Norfolk Southern Corp. | 145 | 31 | ||||||
| NRG Energy, Inc. | 676 | 21 | ||||||
| Paramount Group, Inc. REIT | 1,726 | 12 | ||||||
| PepsiCo, Inc. | 225 | 31 |
Morgan Stanley Institutional Fund, Inc.
Real Assets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Pfizer, Inc. | 1,021 | 37 | ||||||
| Procter & Gamble Co. (The) | 300 | 42 | ||||||
| ProLogis, Inc. REIT | 384 | 39 | ||||||
| Public Storage REIT | 145 | 32 | ||||||
| QTS Realty Trust, Inc., Class A REIT | 200 | 13 | ||||||
| Regency Centers Corp. REIT | 1,305 | 50 | ||||||
| ResMed, Inc. | 145 | 25 | ||||||
| RLJ Lodging Trust REIT | 2,643 | 23 | ||||||
| salesforce.com, Inc. (b) | 156 | 39 | ||||||
| SBA Communications Corp. REIT | 476 | 152 | ||||||
| Sempra Energy | 919 | 109 | ||||||
| Simon Property Group, Inc. REIT | 3,305 | 214 | ||||||
| SL Green Realty Corp. REIT | 4,229 | 196 | ||||||
| Sunstone Hotel Investors, Inc. REIT | 4,584 | 36 | ||||||
| Targa Resources Corp. | 811 | 11 | ||||||
| Taubman Centers, Inc. REIT | 434 | 14 | ||||||
| Teledyne Technologies, Inc. (b) | 113 | 36 | ||||||
| Tesla, Inc. (b) | 95 | 41 | ||||||
| Thermo Fisher Scientific, Inc. | 81 | 36 | ||||||
| Tiffany & Co. | 171 | 20 | ||||||
| Union Pacific Corp. | 388 | 76 | ||||||
| UnitedHealth Group, Inc. | 131 | 41 | ||||||
| Ventas, Inc. REIT | 1,849 | 78 | ||||||
| Visa, Inc., Class A | 231 | 46 | ||||||
| Vornado Realty Trust REIT | 3,223 | 109 | ||||||
| Voya Financial, Inc. | 743 | 36 | ||||||
| Walt Disney Co. (The) | 370 | 46 | ||||||
| Waste Management, Inc. | 678 | 77 | ||||||
| Weingarten Realty Investors REIT | 3,121 | 53 | ||||||
| Williams Cos., Inc. (The) | 4,960 | 97 | ||||||
| Xcel Energy, Inc. | 948 | 65 | ||||||
| 5,897 | ||||||||
| Total Common Stocks (Cost $10,892) | 10,860 |
| Face Amount (000) |
||||||||
| U.S. Treasury Securities (24.4%) | ||||||||
| United States (24.4%) | ||||||||
| U.S. Treasury Inflation Index Notes (TIPS), | ||||||||
| 0.13%, 7/15/22 – 7/15/24 | $ | 754 | 783 | |||||
| 0.38%, 7/15/23 – 1/15/27 | 598 | 640 | ||||||
| 0.50%, 1/15/28 | 284 | 319 | ||||||
| 0.75%, 2/15/42 | 42 | 54 | ||||||
| 0.88%, 1/15/29 | 240 | 280 | ||||||
| 1.00%, 2/15/46 | 178 | 241 | ||||||
| 2.00%, 1/15/26 | 23 | 28 | ||||||
| 2.13%, 2/15/40 | 122 | 188 | ||||||
| 3.88%, 4/15/29 | 90 | 129 | ||||||
| U.S. Treasury Inflation Indexed Bonds, | ||||||||
| 0.13%, 1/15/30 | 195 | 216 | ||||||
| 0.25%, 1/15/25 – 2/15/50 | 372 | 403 | ||||||
| 0.38%, 7/15/25 | 294 | 319 | ||||||
| 1.00%, 2/15/48 | 95 | 131 | ||||||
| Total U.S. Treasury Securities (Cost $3,440) | 3,731 | |||||||
| Shares | ||||||||
| Short-Term Investment (3.7%) | ||||||||
| Investment Company (3.7%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (c) (Cost $565) | 565,112 | 565 | ||||||
Morgan Stanley Institutional Fund, Inc.
Real Assets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Total Investments (99.3%) (Cost $14,897) (d)(e)(f) | 15,156 | |||||||
| Other Assets in Excess of Liabilities (0.7%) | 104 | |||||||
| Net Assets (100.0%) | $ | 15,260 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Security trades on the Hong Kong exchange. |
| (b) | Non-income producing security. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury 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, 2020, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Funds. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2020, the Fund did not engage in any cross-trade transactions. |
| (e) | The approximate fair value and percentage of net assets, $4,148,000 and 27.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
| (f) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,533,000 and the aggregate gross unrealized depreciation is approximately $1,274,000, resulting in net unrealized appreciation of approximately $259,000. |
| @ | Value is less than $500. |
| CVA | Certificaten Van Aandelen. |
| REIT | Real Estate Investment Trust. |
| TIPS | Treasury Inflation Protected Security. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments |
|||
| Other* | 48.6 | % | ||
| U.S. Treasury Securities | 24.6 | |||
| Equity Real Estate Investment Trusts (REITs) | 21.3 | |||
| Real Estate Management & Development | 5.5 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
US Core Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) | |||||||
| Common Stocks (99.1%) | ||||||||
| Banks (9.8%) | ||||||||
| First Republic Bank | 7,062 | $ | 770 | |||||
| JPMorgan Chase & Co. | 4,428 | 426 | ||||||
| SVB Financial Group (a) | 2,205 | 531 | ||||||
| 1,727 | ||||||||
| Building Products (3.2%) | ||||||||
| Fortune Brands Home & Security, Inc. | 6,475 | 560 | ||||||
| Capital Markets (5.1%) | ||||||||
| Ameriprise Financial, Inc. | 4,198 | 647 | ||||||
| S&P Global, Inc. | 689 | 248 | ||||||
| 895 | ||||||||
| Commercial Services & Supplies (0.9%) | ||||||||
| Waste Management, Inc. | 1,314 | 149 | ||||||
| Electric Utilities (2.9%) | ||||||||
| NextEra Energy, Inc. | 1,848 | 513 | ||||||
| Entertainment (0.6%) | ||||||||
| Cinemark Holdings, Inc. | 9,622 | 96 | ||||||
| Equity Real Estate Investment Trusts (REITs) (5.0%) | ||||||||
| Essex Property Trust, Inc. REIT | 883 | 177 | ||||||
| STORE Capital Corp. REIT | 25,816 | 708 | ||||||
| 885 | ||||||||
| Health Care Equipment & Supplies (7.0%) | ||||||||
| Danaher Corp. | 3,878 | 835 | ||||||
| West Pharmaceutical Services, Inc. | 1,441 | 396 | ||||||
| 1,231 | ||||||||
| Health Care Providers & Services (2.8%) | ||||||||
| Cigna Corp. | 2,945 | 499 | ||||||
| Health Care Technology (2.5%) | ||||||||
| Veeva Systems, Inc., Class A (a) | 1,567 | 441 | ||||||
| Hotels, Restaurants & Leisure (7.1%) | ||||||||
| Carnival Corp. | 8,089 | 123 | ||||||
| Domino's Pizza, Inc. | 1,833 | 780 | ||||||
| MGM Resorts International | 15,425 | 335 | ||||||
| 1,238 | ||||||||
| Household Durables (2.9%) | ||||||||
| Lennar Corp., Class A | 6,330 | 517 | ||||||
| Information Technology Services (7.7%) | ||||||||
| Mastercard, Inc., Class A | 4,016 | 1,358 | ||||||
| Interactive Media & Services (3.4%) | ||||||||
| Alphabet, Inc., Class A (a) | 402 | 589 | ||||||
Morgan Stanley Institutional Fund, Inc.
US Core Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Oil, Gas & Consumable Fuels (0.8%) | ||||||||
| Chevron Corp. | 2,020 | 145 | ||||||
| Personal Products (3.7%) | ||||||||
| Estee Lauder Cos., Inc. (The), Class A | 2,952 | 644 | ||||||
| Software (13.4%) | ||||||||
| Adobe, Inc. (a) | 966 | 474 | ||||||
| Microsoft Corp. | 8,948 | 1,882 | ||||||
| 2,356 | ||||||||
| Specialty Retail (4.9%) | ||||||||
| Home Depot, Inc. (The) | 2,909 | 808 | ||||||
| Tractor Supply Co. | 396 | 57 | ||||||
| 865 | ||||||||
| Tech Hardware, Storage & Peripherals (9.0%) | ||||||||
| Apple, Inc. | 13,604 | 1,576 | ||||||
| Textiles, Apparel & Luxury Goods (3.2%) | ||||||||
| Lululemon Athletica, Inc. (a) | 1,693 | 558 | ||||||
| Trading Companies & Distributors (3.2%) | ||||||||
| United Rentals, Inc. (a) | 3,169 | 553 | ||||||
| Total Common Stocks (Cost $11,472) | 17,395 | |||||||
| Short-Term Investment (1.4%) | ||||||||
| Investment Company (1.4%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $248) | 248,288 | 248 | ||||||
| Total Investments (100.5%) (Cost $11,720) (c)(d) | 17,643 | |||||||
| Liabilities in Excess of Other Assets (-0.5%) | (96 | ) | ||||||
| Net Assets (100.0%) | $ | 17,547 |
| (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, 2020, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2020, the Fund did not engage in any cross-trade transactions. |
| (d) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,050,000 and the aggregate gross unrealized depreciation is approximately $127,000, resulting in net unrealized appreciation of approximately $5,923,000. |
| REIT | Real Estate Investment Trust. |
Portfolio Composition
| Classification | Percentage
of Total Investments | |||
| Other* | 36.1 | % | ||
| Software | 13.4 | |||
| Banks | 9.8 | |||
| Tech Hardware, Storage & Peripherals | 8.9 | |||
| Information Technology Services | 7.7 | |||
| Hotels, Restaurants & Leisure | 7.0 | |||
| Health Care Equipment & Supplies | 7.0 | |||
| Capital Markets | 5.1 | |||
| Equity Real Estate Investment Trusts (REITs) | 5.0 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
U.S. Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)
| Shares | Value (000) |
|||||||
| Common Stocks (98.8%) | ||||||||
| Apartments (15.4%) | ||||||||
| American Campus Communities, Inc. REIT | 22,276 | $ | 778 | |||||
| Apartment Investment & Management Co., Class A REIT | 6,956 | 235 | ||||||
| AvalonBay Communities, Inc. REIT | 20,989 | 3,134 | ||||||
| Camden Property Trust REIT | 13,371 | 1,190 | ||||||
| Equity Residential REIT | 41,893 | 2,150 | ||||||
| Essex Property Trust, Inc. REIT | 4,961 | 996 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 3,965 | 460 | ||||||
| UDR, Inc. REIT | 9,755 | 318 | ||||||
| 9,261 | ||||||||
| Data Centers (4.5%) | ||||||||
| Digital Realty Trust, Inc. REIT | 15,471 | 2,270 | ||||||
| QTS Realty Trust, Inc., Class A REIT | 7,073 | 446 | ||||||
| 2,716 | ||||||||
| Diversified (5.1%) | ||||||||
| JBG SMITH Properties REIT | 39,206 | 1,048 | ||||||
| Mack-Cali Realty Corp. REIT | 45,202 | 570 | ||||||
| VEREIT, Inc. REIT | 69,378 | 451 | ||||||
| Vornado Realty Trust REIT | 30,159 | 1,017 | ||||||
| 3,086 | ||||||||
| Free Standing (1.5%) | ||||||||
| NETSTREIT Corp. | 49,875 | 911 | ||||||
| Health Care (9.4%) | ||||||||
| Five Star Senior Living, Inc. (a) | 1,315 | 7 | ||||||
| Healthcare Realty Trust, Inc. REIT | 50,563 | 1,523 | ||||||
| Healthcare Trust of America, Inc., Class A REIT | 20,804 | 541 | ||||||
| Healthpeak Properties, Inc. REIT | 52,668 | 1,430 | ||||||
| Ventas, Inc. REIT | 38,324 | 1,608 | ||||||
| Welltower, Inc. REIT | 10,458 | 576 | ||||||
| 5,685 | ||||||||
| Industrial (11.5%) | ||||||||
| Duke Realty Corp. REIT | 11,556 | 426 | ||||||
| Exeter Industrial Value Fund, LP (a)(b)(c) | 7,905,000 | 523 | ||||||
| First Industrial Realty Trust, Inc. REIT | 5,995 | 239 | ||||||
| Lexington Realty Trust REIT | 27,200 | 284 | ||||||
| ProLogis, Inc. REIT | 54,076 | 5,441 | ||||||
| 6,913 | ||||||||
| Lodging/Resorts (6.0%) | ||||||||
| Host Hotels & Resorts, Inc. REIT | 160,990 | 1,737 | ||||||
| RLJ Lodging Trust REIT | 88,150 | 763 | ||||||
| Sunstone Hotel Investors, Inc. REIT | 140,761 | 1,118 | ||||||
| 3,618 | ||||||||
| Manufactured Homes (0.4%) | ||||||||
| Equity Lifestyle Properties, Inc. REIT | 3,915 | 240 | ||||||
| Office (21.2%) | ||||||||
| Alexandria Real Estate Equities, Inc. REIT | 5,227 | 836 | ||||||
| Boston Properties, Inc. REIT | 39,135 | 3,143 | ||||||
Morgan Stanley Institutional Fund, Inc.
U.S. Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| Cousins Properties, Inc. REIT | 30,773 | 880 | ||||||
| Douglas Emmett, Inc. REIT | 11,405 | 286 | ||||||
| Highwoods Properties, Inc. REIT | 6,341 | 213 | ||||||
| Hudson Pacific Properties, Inc. REIT | 73,190 | 1,605 | ||||||
| Kilroy Realty Corp. REIT | 14,158 | 736 | ||||||
| Paramount Group, Inc. REIT | 8,514 | 60 | ||||||
| SL Green Realty Corp. REIT | 108,303 | 5,022 | ||||||
| 12,781 | ||||||||
| Regional Malls (8.6%) | ||||||||
| Macerich Co. (The) REIT | 11,105 | 75 | ||||||
| Simon Property Group, Inc. REIT | 74,281 | 4,805 | ||||||
| Taubman Centers, Inc. REIT | 9,060 | 302 | ||||||
| 5,182 | ||||||||
| Self Storage (6.3%) | ||||||||
| CubeSmart REIT | 38,266 | 1,236 | ||||||
| Extra Space Storage, Inc. REIT | 3,014 | 323 | ||||||
| Life Storage, Inc. REIT | 3,611 | 380 | ||||||
| Public Storage REIT | 8,393 | 1,869 | ||||||
| 3,808 | ||||||||
| Shopping Centers (3.9%) | ||||||||
| Brixmor Property Group, Inc. REIT | 30,248 | 354 | ||||||
| Regency Centers Corp. REIT | 27,677 | 1,052 | ||||||
| Weingarten Realty Investors REIT | 57,348 | 973 | ||||||
| 2,379 | ||||||||
| Single Family Homes (3.5%) | ||||||||
| American Homes 4 Rent, Class A REIT | 17,275 | 492 | ||||||
| Invitation Homes, Inc. REIT | 57,886 | 1,620 | ||||||
| 2,112 | ||||||||
| Specialty (1.5%) | ||||||||
| Gaming and Leisure Properties, Inc. REIT | 24,265 | 896 | ||||||
| Total Common Stocks (Cost $56,735) | 59,588 | |||||||
| Short-Term Investment (1.1%) | ||||||||
| Investment Company (1.1%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (d) (Cost $682) | 682,067 | 682 | ||||||
| Total Investments (99.9%) (Cost $57,417) (e)(f) | 60,270 | |||||||
| Other Assets in Excess of Liabilities (0.1%) | 74 | |||||||
| Net Assets (100.0%) | $ | 60,344 |
| (a) | Non-income producing security. |
| (b) | Restricted security valued at fair value and not registered under the Securities Act of 1933. Exeter Industrial Value Fund, LP was acquired between 11/07 - 4/11 and has a current cost basis of approximately $0. At September 30, 2020, this security had an aggregate market value of approximately $523,000, representing 0.9% of net assets. |
| (c) | At September 30, 2020, the Fund held a fair valued security valued at approximately $523,000, representing 0.9% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
Morgan Stanley Institutional Fund, Inc.
U.S. Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2020 (unaudited)(cont’d)
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2020, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2020, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,345,000 and the aggregate gross unrealized depreciation is approximately $7,492,000, resulting in net unrealized appreciation of approximately $2,853,000. |
| REIT | Real Estate Investment Trust. |
Portfolio Composition
| Classification | Percentage of Total Investments |
|||
| Office | 21.2 | % | ||
| Other* | 16.5 | |||
| Apartments | 15.4 | |||
| Industrial | 11.5 | |||
| Health Care | 9.4 | |||
| Regional Malls | 8.6 | |||
| Self Storage | 6.3 | |||
| Lodging/Resorts | 6.0 | |||
| Diversified | 5.1 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Notes to the Portfolio of Investments § September 30, 2020 (unaudited)
Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service/vendor approved by the Company's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited (“MSIM Limited”) and Morgan Stanley Investment Management Company (“MSIM Company”) (together, the “Sub-Advisers”), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a broker or dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (6) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a broker/dealer or valued by a pricing service/vendor; (7) when market quotations are not readily available, including circumstances under which the Adviser or Sub-Advisers determine that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange (“NYSE”). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (8) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; and (9) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.
The Directors have responsibility for determining in good faith the fair value of the investments, and the Directors may appoint others, such as the Company's Adviser or a valuation committee, to assist the Directors in determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Company's Adviser has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Company’s valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Company to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Fair Value Measurement: FASB Accounting Standards CodificationTM ("ASC") 820, "Fair Value Measurement" (“ASC 820”), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:
• Level 1 – unadjusted quoted prices in active markets for identical investments
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Active International Allocation | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | — | $ | 3,548 | $ | — | $ | 3,548 | ||||||||
| Airlines | 4,190 | — | — | 4,190 | ||||||||||||
| Automobiles | — | 1,410 | — | 1,410 | ||||||||||||
| Banks | 325 | 625 | — | 950 | ||||||||||||
| Beverages | 2,247 | 7,153 | — | 9,400 | ||||||||||||
| Chemicals | — | 4,550 | — | 4,550 | ||||||||||||
| Communications Equipment | — | 1,984 | — | 1,984 | ||||||||||||
| Consumer Finance | — | 834 | — | 834 | ||||||||||||
| Electrical Equipment | — | 522 | — | 522 | ||||||||||||
| Electronic Equipment, Instruments & Components | 514 | 3,702 | — | 4,216 | ||||||||||||
| Energy Equipment & Services | 837 | 571 | — | 1,408 | ||||||||||||
| Entertainment | 18,400 | 7,473 | — | 25,873 | ||||||||||||
| Food Products | 439 | 6,207 | — | 6,646 | ||||||||||||
| Health Care Equipment & Supplies | 654 | 6,273 | — | 6,927 | ||||||||||||
| Health Care Providers & Services | — | 1,331 | — | 1,331 | ||||||||||||
| Household Durables | 2,326 | 2,529 | — | 4,855 | ||||||||||||
| Household Products | — | 595 | — | 595 | ||||||||||||
| Information Technology Services | 1,370 | 6,690 | — | 8,060 | ||||||||||||
| Insurance | — | 828 | — | 828 | ||||||||||||
| Interactive Media & Services | — | 3,857 | — | 3,857 | ||||||||||||
| Internet & Direct Marketing Retail | 13,692 | — | — | 13,692 | ||||||||||||
| Leisure Products | — | 859 | — | 859 | ||||||||||||
| Life Sciences Tools & Services | 2,155 | — | — | 2,155 | ||||||||||||
| Machinery | — | 7,754 | — | 7,754 | ||||||||||||
| Metals & Mining | 11,769 | — | — | 11,769 | ||||||||||||
| Oil, Gas & Consumable Fuels | 805 | 1,461 | — | 2,266 | ||||||||||||
| Personal Products | 1,217 | 6,923 | — | 8,140 | ||||||||||||
| Pharmaceuticals | — | 8,769 | — | 8,769 | ||||||||||||
| Professional Services | — | 1,942 | — | 1,942 | ||||||||||||
| Real Estate Management & Development | 1,078 | — | —@ | 1,078 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 7,157 | 10,986 | — | 18,143 | ||||||||||||
| Software | 358 | 3,575 | — | 3,933 | ||||||||||||
| Tech Hardware, Storage & Peripherals | — | 5,177 | — | 5,177 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 1,570 | 3,301 | — | 4,871 | ||||||||||||
| Total Common Stocks | 71,103 | 111,429 | —@ | 182,532 | ||||||||||||
| Investment Company | 1,201 | — | — | 1,201 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 274 | — | — | 274 | ||||||||||||
| Repurchase Agreements | — | 63 | — | 63 | ||||||||||||
| Total Short-Term Investments | 274 | 63 | — | 337 | ||||||||||||
| Foreign Currency Forward Exchange Contracts | — | 30 | — | 30 | ||||||||||||
| Futures Contract | 12 | — | — | 12 | ||||||||||||
| Total Assets | 72,590 | 111,522 | — | 184,112 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Call Options Written | — | (1,342 | ) | — | (1,342 | ) | ||||||||||
| Total | $ | 72,590 | $ | 110,180 | $ | —@ | $ | 182,770 | ||||||||
@ Value is less than $500.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Active International Allocation | Common Stock (000) |
|||
| Beginning Balance | $ | -@ | ||
| Purchases | - | |||
| Sales | - | |||
| Amortization of discount | - | |||
| Transfers in | - | |||
| Transfers out | - | |||
| Corporate actions | - | |||
| Change in unrealized appreciation (depreciation) | -@ | |||
| Realized gains (losses) | - | |||
| Ending Balance | $ | -@ | ||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2020 | $ | -@ |
| @ | Value is less than $500. |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Advantage | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | 15,641 | $ | — | $ | — | $ | 15,641 | ||||||||
| Capital Markets | 11,274 | — | — | 11,274 | ||||||||||||
| Chemicals | 30,760 | — | — | 30,760 | ||||||||||||
| Construction Materials | 11,673 | — | — | 11,673 | ||||||||||||
| Containers & Packaging | 8,095 | — | — | 8,095 | ||||||||||||
| Entertainment | 55,493 | — | — | 55,493 | ||||||||||||
| Food & Staples Retailing | 18,964 | — | — | 18,964 | ||||||||||||
| Health Care Equipment & Supplies | 45,680 | — | — | 45,680 | ||||||||||||
| Health Care Technology | 38,705 | — | — | 38,705 | ||||||||||||
| Industrial Conglomerates | 9,630 | — | — | 9,630 | ||||||||||||
| Information Technology Services | 174,224 | 16,036 | — | 190,260 | ||||||||||||
| Interactive Media & Services | 74,754 | — | — | 74,754 | ||||||||||||
| Internet & Direct Marketing Retail | 60,501 | — | — | 60,501 | ||||||||||||
| Metals & Mining | 1,171 | — | — | 1,171 | ||||||||||||
| Oil, Gas & Consumable Fuels | 1,229 | — | — | 1,229 | ||||||||||||
| Pharmaceuticals | 30,349 | — | — | 30,349 | ||||||||||||
| Software | 121,144 | — | — | 121,144 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 7,068 | — | — | 7,068 | ||||||||||||
| Total Common Stocks | 716,355 | 16,036 | — | 732,391 | ||||||||||||
| Call Options Purchased | — | 974 | — | 974 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 23,128 | — | — | 23,128 | ||||||||||||
| Total Assets | $ | 739,483 | $ | 17,010 | $ | — | $ | 756,493 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Asia Opportunity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | 30,855 | $ | 18,767 | $ | — | $ | 49,622 | ||||||||
| Beverages | — | 39,177 | — | 39,177 | ||||||||||||
| Biotechnology | — | 1,479 | — | 1,479 | ||||||||||||
| Diversified Consumer Services | 22,018 | 7,645 | — | 29,663 | ||||||||||||
| Entertainment | 13,459 | — | — | 13,459 | ||||||||||||
| Food Products | — | 26,563 | — | 26,563 | ||||||||||||
| Health Care Providers & Services | 716 | — | — | 716 | ||||||||||||
| Hotels, Restaurants & Leisure | 2,945 | 8,760 | — | 11,705 | ||||||||||||
| Household Durables | — | 6,585 | — | 6,585 | ||||||||||||
| Insurance | — | 15,102 | — | 15,102 | ||||||||||||
| Interactive Media & Services | — | 35,250 | — | 35,250 | ||||||||||||
| Internet & Direct Marketing Retail | 37,696 | 24,281 | — | 61,977 | ||||||||||||
| Life Sciences Tools & Services | 4,380 | 6,638 | — | 11,018 | ||||||||||||
| Real Estate Management & Development | 1,617 | — | — | 1,617 | ||||||||||||
| Semiconductors & Semiconductor Equipment | — | 23,101 | — | 23,101 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 13,228 | — | 13,228 | ||||||||||||
| Total Common Stocks | 113,686 | 226,576 | — | 340,262 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 18,016 | — | — | 18,016 | ||||||||||||
| Total Assets | $ | 131,702 | $ | 226,576 | $ | — | $ | 358,278 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level 1 Unadjusted quoted prices (000) |
Level 2 Other significant observable inputs (000) |
Level 3 Significant unobservable inputs (000) |
Total (000) |
||||||||||||
| China Equity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | — | $ | 681 | $ | — | $ | 681 | ||||||||
| Beverages | — | 1,746 | — | 1,746 | ||||||||||||
| Capital Markets | — | 348 | — | 348 | ||||||||||||
| Construction Materials | — | 309 | — | 309 | ||||||||||||
| Diversified Consumer Services | 851 | — | — | 851 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 192 | — | 192 | ||||||||||||
| Food Products | — | 919 | — | 919 | ||||||||||||
| Health Care Equipment & Supplies | — | 192 | — | 192 | ||||||||||||
| Insurance | — | 317 | — | 317 | ||||||||||||
| Interactive Media & Services | — | 2,513 | — | 2,513 | ||||||||||||
| Internet & Direct Marketing Retail | 2,469 | 195 | — | 2,664 | ||||||||||||
| Pharmaceuticals | — | 1,009 | — | 1,009 | ||||||||||||
| Real Estate Management & Development | — | 250 | — | 250 | ||||||||||||
| Semiconductors & Semiconductor Equipment | — | 362 | — | 362 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 473 | — | 473 | ||||||||||||
| Wireless Telecommunication Services | — | 176 | — | 176 | ||||||||||||
| Total Common Stocks | 3,320 | 9,682 | — | 13,002 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 331 | — | — | 331 | ||||||||||||
| Total Assets | $ | 3,651 | $ | 9,682 | $ | — | $ | 13,333 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level 1 Unadjusted quoted prices (000) |
Level 2 Other significant observable inputs (000) |
Level 3 Significant unobservable inputs (000) |
Total (000) |
||||||||||||
| Counterpoint Global | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | 146 | $ | — | $ | — | $ | 146 | ||||||||
| Air Freight & Logistics | — | 284 | — | 284 | ||||||||||||
| Banks | 349 | — | — | 349 | ||||||||||||
| Beverages | — | 168 | — | 168 | ||||||||||||
| Biotechnology | 59 | 77 | — | 136 | ||||||||||||
| Capital Markets | 188 | — | — | 188 | ||||||||||||
| Chemicals | 199 | 147 | — | 346 | ||||||||||||
| Commercial Services & Supplies | 36 | 14 | — | 50 | ||||||||||||
| Construction Materials | 54 | — | — | 54 | ||||||||||||
| Containers & Packaging | 12 | — | — | 12 | ||||||||||||
| Distributors | 5 | — | — | 5 | ||||||||||||
| Diversified Consumer Services | 259 | 7 | — | 266 | ||||||||||||
| Diversified Financial Services | 8 | — | — | 8 | ||||||||||||
| Diversified Holding Companies | 155 | — | — | 155 | ||||||||||||
| Diversified Telecommunication Services | 24 | — | — | 24 | ||||||||||||
| Electronic Equipment, Instruments & Components | 10 | 140 | — | 150 | ||||||||||||
| Entertainment | 1,103 | — | — | 1,103 | ||||||||||||
| Equity Real Estate Investment Trusts (REITs) | 10 | — | — | 10 | ||||||||||||
| Food & Staples Retailing | 86 | 30 | — | 116 | ||||||||||||
| Food Products | 81 | 152 | — | 233 | ||||||||||||
| Gas Utilities | 6 | — | — | 6 | ||||||||||||
| Health Care Equipment & Supplies | 663 | 97 | — | 760 | ||||||||||||
| Health Care Providers & Services | 582 | 69 | — | 651 | ||||||||||||
| Health Care Technology | 620 | 48 | — | 668 | ||||||||||||
| Hotels, Restaurants & Leisure | 14 | 35 | — | 49 | ||||||||||||
| Household Durables | — | 80 | — | 80 | ||||||||||||
| Household Products | — | 76 | — | 76 | ||||||||||||
| Industrial Conglomerates | 36 | — | — | 36 | ||||||||||||
| Information Technology Services | 2,956 | 325 | — | 3,281 | ||||||||||||
| Insurance | — | 56 | — | 56 | ||||||||||||
| Interactive Media & Services | 792 | 116 | — | 908 | ||||||||||||
| Internet & Direct Marketing Retail | 2,190 | 157 | — | 2,347 | ||||||||||||
| Leisure Products | 38 | — | — | 38 | ||||||||||||
| Life Sciences Tools & Services | 333 | 85 | — | 418 | ||||||||||||
| Marine | — | 36 | — | 36 | ||||||||||||
| Media | 144 | — | — | 144 | ||||||||||||
| Metals & Mining | 33 | — | — | 33 | ||||||||||||
| Multi-Line Retail | 8 | — | — | 8 | ||||||||||||
| Multi-Utilities | 57 | — | — | 57 | ||||||||||||
| Oil, Gas & Consumable Fuels | 38 | — | — | 38 | ||||||||||||
| Personal Products | — | 22 | — | 22 | ||||||||||||
| Pharmaceuticals | 322 | 7 | — | 329 | ||||||||||||
| Professional Services | 30 | 24 | — | 54 | ||||||||||||
| Real Estate Management & Development | 342 | — | — | 342 | ||||||||||||
| Road & Rail | 247 | — | — | 247 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 166 | 105 | — | 271 | ||||||||||||
| Software | 2,463 | 173 | — | 2,636 | ||||||||||||
| Specialty Retail | 681 | — | — | 681 | ||||||||||||
| Tech Hardware, Storage & Peripherals | 7 | — | — | 7 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 86 | 583 | — | 669 | ||||||||||||
| Trading Companies & Distributors | 17 | — | — | 17 | ||||||||||||
| Transportation Infrastructure | 24 | 22 | — | 46 | ||||||||||||
| Total Common Stocks | 15,679 | 3,135 | — | 18,814 | ||||||||||||
| Preferred Stock | ||||||||||||||||
| Internet & Direct Marketing Retail | 11 | — | — | 11 | ||||||||||||
| Call Options Purchased | — | 16 | — | 16 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 771 | — | — | 771 | ||||||||||||
| Total Assets | $ | 16,461 | $ | 3,151 | $ | — | $ | 19,612 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level 1 Unadjusted quoted prices (000) |
Level 2 Other significant observable inputs (000) |
Level 3 Significant unobservable inputs (000) |
Total (000) |
||||||||||||
| Developing Opportunity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | 4,287 | $ | 6,017 | $ | — | $ | 10,304 | ||||||||
| Beverages | — | 7,712 | — | 7,712 | ||||||||||||
| Biotechnology | — | 301 | — | 301 | ||||||||||||
| Capital Markets | 1,887 | — | — | 1,887 | ||||||||||||
| Diversified Consumer Services | 5,930 | 1,776 | — | 7,706 | ||||||||||||
| Entertainment | 3,104 | — | — | 3,104 | ||||||||||||
| Food Products | — | 4,929 | — | 4,929 | ||||||||||||
| Health Care Providers & Services | 59 | — | — | 59 | ||||||||||||
| Hotels, Restaurants & Leisure | 1,061 | 1,985 | — | 3,046 | ||||||||||||
| Household Durables | — | 1,016 | — | 1,016 | ||||||||||||
| Information Technology Services | 2,691 | — | — | 2,691 | ||||||||||||
| Interactive Media & Services | — | 8,870 | — | 8,870 | ||||||||||||
| Internet & Direct Marketing Retail | 13,424 | 6,839 | — | 20,263 | ||||||||||||
| Multi-Line Retail | 4,408 | — | — | 4,408 | ||||||||||||
| Real Estate Management & Development | 295 | — | — | 295 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 4,434 | 771 | — | 5,205 | ||||||||||||
| Software | 1,151 | — | — | 1,151 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 2,871 | — | 2,871 | ||||||||||||
| Transportation Infrastructure | 650 | — | — | 650 | ||||||||||||
| Total Common Stocks | 43,381 | 43,087 | — | 86,468 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 7,210 | — | — | 7,210 | ||||||||||||
| Total Assets | $ | 50,591 | $ | 43,087 | $ | — | $ | 93,678 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Emerging Markets | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles | $ | 3,311 | $ | — | $ | — | $ | 3,311 | ||||||||
| Banks | 4,822 | 30,117 | — | 34,939 | ||||||||||||
| Beverages | — | 34,579 | — | 34,579 | ||||||||||||
| Capital Markets | — | 10,874 | — | 10,874 | ||||||||||||
| Commercial Banks | — | 6,910 | — | 6,910 | ||||||||||||
| Construction Materials | — | 10,048 | — | 10,048 | ||||||||||||
| Consumer Finance | — | 2,202 | — | 2,202 | ||||||||||||
| Diversified Consumer Services | 15,725 | — | — | 15,725 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 11,010 | — | 11,010 | ||||||||||||
| Entertainment | — | 9,829 | — | 9,829 | ||||||||||||
| Food & Staples Retailing | 6,456 | 25,966 | — | 32,422 | ||||||||||||
| Food Products | — | 17,621 | — | 17,621 | ||||||||||||
| Health Care Equipment & Supplies | — | 2,625 | — | 2,625 | ||||||||||||
| Health Care Providers & Services | 6,557 | — | — | 6,557 | ||||||||||||
| Information Technology Services | 16,846 | 7,190 | — | 24,036 | ||||||||||||
| Insurance | — | 11,121 | — | 11,121 | ||||||||||||
| Interactive Media & Services | 11,882 | 58,225 | — | 70,107 | ||||||||||||
| Internet & Direct Marketing Retail | 52,668 | 18,345 | — | 71,013 | ||||||||||||
| Life Sciences Tools & Services | — | 3,544 | — | 3,544 | ||||||||||||
| Metals & Mining | 4,616 | 5,593 | — | 10,209 | ||||||||||||
| Multi-Line Retail | 5,483 | — | — | 5,483 | ||||||||||||
| Oil, Gas & Consumable Fuels | 8,466 | 23,226 | — | 31,692 | ||||||||||||
| Paper & Forest Products | — | 7,541 | — | 7,541 | ||||||||||||
| Personal Products | — | 1,756 | — | 1,756 | ||||||||||||
| Pharmaceuticals | — | 25,955 | — | 25,955 | ||||||||||||
| Real Estate Management & Development | — | 3,512 | — | 3,512 | ||||||||||||
| Road & Rail | 13,922 | — | — | 13,922 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 16,011 | 85,223 | — | 101,234 | ||||||||||||
| Software | 7,047 | 8,520 | — | 15,567 | ||||||||||||
| Tech Hardware, Storage & Peripherals | — | 32,451 | — | 32,451 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 8,596 | 15,809 | — | 24,405 | ||||||||||||
| Transportation Infrastructure | 4,834 | — | — | 4,834 | ||||||||||||
| Wireless Telecommunication Services | — | 11,069 | — | 11,069 | ||||||||||||
| Total Common Stocks | 187,242 | 480,861 | — | 668,103 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 14,279 | — | — | 14,279 | ||||||||||||
| Total Assets | $ | 201,521 | $ | 480,861 | $ | — | $ | 682,382 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Emerging Markets Fixed Income Opportunities | ||||||||||||||||
| Assets: | ||||||||||||||||
| Fixed Income Securities | ||||||||||||||||
| Corporate Bonds | $ | — | $ | 10,641 | $ | — | $ | 10,641 | ||||||||
| Sovereign | — | 25,017 | — | 25,017 | ||||||||||||
| Total Fixed Income Securities | — | 35,658 | — | 35,658 | ||||||||||||
| Warrant | — | 1 | — | 1 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 1,373 | — | — | 1,373 | ||||||||||||
| Sovereign | — | 393 | — | 393 | ||||||||||||
| U.S. Treasury Security | — | 30 | — | 30 | ||||||||||||
| Total Short-Term Investments | 1,373 | 423 | — | 1,796 | ||||||||||||
| Foreign Currency Forward Exchange Contract | — | 31 | — | 31 | ||||||||||||
| Total Assets | 1,373 | 36,113 | — | 37,486 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Foreign Currency Forward Exchange Contract | — | (30 | ) | — | (30 | ) | ||||||||||
| Total | $ | 1,373 | $ | 36,083 | $ | — | $ | 37,456 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 inputs | Total (000) | ||||||||||||
| Emerging Markets Leaders | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | — | $ | 3,936 | $ | — | $ | 3,936 | ||||||||
| Beverages | — | 3,646 | — | 3,646 | ||||||||||||
| Chemicals | — | 2,735 | — | 2,735 | ||||||||||||
| Consumer Finance | — | 3,121 | — | 3,121 | ||||||||||||
| Diversified Consumer Services | 1,113 | — | — | 1,113 | ||||||||||||
| Electrical Equipment | — | 2,423 | — | 2,423 | ||||||||||||
| Entertainment | 4,233 | — | — | 4,233 | ||||||||||||
| Health Care Providers & Services | — | 3,398 | — | 3,398 | ||||||||||||
| Health Care Technology | — | 1,507 | — | 1,507 | ||||||||||||
| Information Technology Services | 5,391 | — | — | 5,391 | ||||||||||||
| Insurance | — | 1,251 | — | 1,251 | ||||||||||||
| Interactive Media & Services | — | 5,660 | — | 5,660 | ||||||||||||
| Internet & Direct Marketing Retail | 3,888 | 14,781 | — | 18,669 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 2,909 | 6,065 | — | 8,974 | ||||||||||||
| Software | 836 | 1,591 | — | 2,427 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 2,735 | 2,840 | — | 5,575 | ||||||||||||
| Total Common Stocks | 21,105 | 52,954 | — | 74,059 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 1,959 | — | — | 1,959 | ||||||||||||
| Total Assets | $ | 23,064 | $ | 52,954 | $ | — | $ | 76,018 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Emerging Markets Small Cap | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Air Freight & Logistics | $ | — | $ | 1,010 | $ | — | $ | 1,010 | ||||||||
| Auto Components | — | 800 | — | 800 | ||||||||||||
| Banks | — | 1,458 | — | 1,458 | ||||||||||||
| Beverages | — | 710 | — | 710 | ||||||||||||
| Building Products | — | 760 | — | 760 | ||||||||||||
| Chemicals | — | 1,140 | — | 1,140 | ||||||||||||
| Commercial Services & Supplies | 1,102 | 2,533 | — | 3,635 | ||||||||||||
| Communications Equipment | — | 1,067 | — | 1,067 | ||||||||||||
| Computers & Peripherals | — | 763 | — | 763 | ||||||||||||
| Consumer Finance | 1,712 | 4,041 | — | 5,753 | ||||||||||||
| Diversified Consumer Services | 4,288 | 4,907 | — | 9,195 | ||||||||||||
| Diversified Telecommunication Services | — | 2,984 | — | 2,984 | ||||||||||||
| Electrical Equipment | — | 892 | — | 892 | ||||||||||||
| Entertainment | 1,630 | 4,090 | — | 5,720 | ||||||||||||
| Food & Staples Retailing | — | 1,514 | — | 1,514 | ||||||||||||
| Food Products | — | 1,911 | — | 1,911 | ||||||||||||
| Health Care Providers & Services | — | 3,421 | — | 3,421 | ||||||||||||
| Hotels, Restaurants & Leisure | 1,038 | 1,888 | — | 2,926 | ||||||||||||
| Information Technology Services | — | 6,823 | — | 6,823 | ||||||||||||
| Interactive Media & Services | — | 2,672 | — | 2,672 | ||||||||||||
| Internet & Direct Marketing Retail | 1,421 | — | — | 1,421 | ||||||||||||
| Leisure Products | — | 1,289 | — | 1,289 | ||||||||||||
| Machinery | 807 | 826 | — | 1,633 | ||||||||||||
| Media | — | 867 | — | 867 | ||||||||||||
| Multi-Line Retail | — | 1,119 | — | 1,119 | ||||||||||||
| Oil, Gas & Consumable Fuels | — | 1,108 | — | 1,108 | ||||||||||||
| Professional Services | 1,159 | — | — | 1,159 | ||||||||||||
| Semiconductors & Semiconductor Equipment | — | 2,195 | — | 2,195 | ||||||||||||
| Software | 693 | 3,567 | — | 4,260 | ||||||||||||
| Specialty Retail | — | 767 | — | 767 | ||||||||||||
| Trading Companies & Distributors | — | 1,853 | — | 1,853 | ||||||||||||
| Water Utilities | — | 729 | — | 729 | ||||||||||||
| Total Common Stocks | 13,850 | 59,704 | — | 73,554 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 3,151 | — | — | 3,151 | ||||||||||||
| Total Assets | $ | 17,001 | $ | 59,704 | $ | — | $ | 76,705 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Frontier Markets | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Air Freight & Logistics | $ | — | $ | 1,388 | $ | — | $ | 1,388 | ||||||||
| Banks | — | 14,805 | — | 14,805 | ||||||||||||
| Beverages | — | 1,345 | — | 1,345 | ||||||||||||
| Commercial Banks | — | 1,285 | — | 1,285 | ||||||||||||
| Diversified Consumer Services | — | 958 | — | 958 | ||||||||||||
| Diversified Telecommunication Services | — | 1,314 | — | 1,314 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 1,264 | — | 1,264 | ||||||||||||
| Entertainment | 6,817 | 3,941 | — | 10,758 | ||||||||||||
| Food & Staples Retailing | — | 1,870 | — | 1,870 | ||||||||||||
| Food Products | — | 4,000 | — | 4,000 | ||||||||||||
| Information Technology Services | — | 1,297 | — | 1,297 | ||||||||||||
| Internet & Direct Marketing Retail | 4,396 | — | — | 4,396 | ||||||||||||
| Oil, Gas & Consumable Fuels | — | 2,458 | — | 2,458 | ||||||||||||
| Pharmaceuticals | — | 2,097 | — | 2,097 | ||||||||||||
| Software | 2,609 | 3,169 | — | 5,778 | ||||||||||||
| Specialty Retail | — | 3,314 | — | 3,314 | ||||||||||||
| Transportation Infrastructure | — | 639 | — | 639 | ||||||||||||
| Wireless Telecommunication Services | — | 3,066 | — | 3,066 | ||||||||||||
| Total Common Stocks | 13,822 | 48,210 | — | 62,032 | ||||||||||||
| Investment Company | — | 633 | — | 633 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 430 | — | — | 430 | ||||||||||||
| Total Assets | $ | 14,252 | $ | 48,843 | $ | — | $ | 63,095 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level 1 Unadjusted quoted prices (000) |
Level 2 Other significant observable inputs (000) |
Level 3 Significant unobservable inputs (000) |
Total (000) |
||||||||||||
| Global Advantage | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | 3,624 | $ | — | $ | — | $ | 3,624 | ||||||||
| Banks | 4,252 | — | — | 4,252 | ||||||||||||
| Capital Markets | 4,194 | — | — | 4,194 | ||||||||||||
| Chemicals | 4,349 | 4,279 | — | 8,628 | ||||||||||||
| Entertainment | 38,062 | — | — | 38,062 | ||||||||||||
| Health Care Equipment & Supplies | 15,176 | — | — | 15,176 | ||||||||||||
| Health Care Technology | 15,264 | — | — | 15,264 | ||||||||||||
| Information Technology Services | 60,581 | 15,951 | — | 76,532 | ||||||||||||
| Interactive Media & Services | 10,058 | — | — | 10,058 | ||||||||||||
| Internet & Direct Marketing Retail | 28,238 | — | — | 28,238 | ||||||||||||
| Metals & Mining | 431 | — | — | 431 | ||||||||||||
| Oil, Gas & Consumable Fuels | 428 | — | — | 428 | ||||||||||||
| Pharmaceuticals | 12,621 | — | — | 12,621 | ||||||||||||
| Real Estate Management & Development | 10,811 | — | — | 10,811 | ||||||||||||
| Software | 44,432 | 10,651 | — | 55,083 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 8,546 | — | 8,546 | ||||||||||||
| Total Common Stocks | 252,521 | 39,427 | — | 291,948 | ||||||||||||
| Preferred Stocks | ||||||||||||||||
| Internet & Direct Marketing Retail | — | — | 151 | 151 | ||||||||||||
| Software | — | 43 | 17 | 60 | ||||||||||||
| Total Preferred Stocks | — | 43 | 168 | 211 | ||||||||||||
| Call Options Purchased | — | 363 | — | 363 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 14,982 | — | — | 14,982 | ||||||||||||
| Total Assets | $ | 267,503 | $ | 39,833 | $ | 168 | $ | 307,504 | ||||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Preferred Stocks | ||||
| Global Advantage | (000) | |||
| Beginning Balance | $ | 306 | ||
| Purchases | ||||
| Sales | (4 | ) | ||
| Amortization of discount | - | |||
| Transfers in | - | |||
| Transfers out | (38 | ) | ||
| Corporate actions | 7 | |||
| Change in unrealized appreciation (depreciation) | (100 | ) | ||
| Realized gains (losses) | (3 | ) | ||
| Ending Balance | $ | 168 | ||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2020 | $ | (100 | ) | |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2020. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
| Global Advantage | Fair Value at September 30, 2020 (000) |
Valuation Technique | Unobservable Input | Amount or Range/Weighted Average* |
Impact to Valuation from an Increase in Input** | |||||||||
| Preferred Stocks | $168 | Discounted Cash Flow | Weighted Average Cost of Capital | 14.0% - 18.0% / 15.2% | Decrease | |||||||||
| Perpetual Growth Rate | 3.0% - 4.0% / 3.5% | Increase | ||||||||||||
| Market Comparable Companies | Enterprise Value/Revenue | 1.5x - 36.8x / 6.0x | Increase | |||||||||||
| Discount for Lack of Marketability | 12.0% - 16.0% / 12.4% | Decrease | ||||||||||||
| Comparable Transactions | Enterprise Value/Revenue | 3.9x | Increase | |||||||||||
* Amount is indicative of the weighted average.
** Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input.
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level 1 Unadjusted quoted prices (000) |
Level 2 Other significant observable inputs (000) |
Level 3 Significant unobservable inputs (000) |
Total (000) |
||||||||||||
| Global Concentrated | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles | $ | 566 | $ | — | $ | — | $ | 566 | ||||||||
| Banks | 3,420 | — | — | 3,420 | ||||||||||||
| Commercial Services & Supplies | 459 | — | — | 459 | ||||||||||||
| Electric Utilities | 929 | — | — | 929 | ||||||||||||
| Equity Real Estate Investment Trusts (REITs) | 1,641 | — | — | 1,641 | ||||||||||||
| Health Care Equipment & Supplies | 755 | — | — | 755 | ||||||||||||
| Hotels, Restaurants & Leisure | 1,237 | — | — | 1,237 | ||||||||||||
| Household Durables | 845 | — | — | 845 | ||||||||||||
| Information Technology Services | 1,848 | — | — | 1,848 | ||||||||||||
| Interactive Media & Services | 1,633 | — | — | 1,633 | ||||||||||||
| Internet & Direct Marketing Retail | 2,481 | — | — | 2,481 | ||||||||||||
| Metals & Mining | 626 | — | — | 626 | ||||||||||||
| Personal Products | 1,094 | — | — | 1,094 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 1,933 | — | — | 1,933 | ||||||||||||
| Software | 2,246 | — | — | 2,246 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 2,730 | — | — | 2,730 | ||||||||||||
| Trading Companies & Distributors | 573 | — | — | 573 | ||||||||||||
| Total Common Stocks | 25,016 | — | — | 25,016 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 166 | — | — | 166 | ||||||||||||
| Total Assets | $ | 25,182 | $ | — | $ | — | $ | 25,182 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level 1 Unadjusted quoted prices (000) |
Level 2 Other significant observable inputs (000) |
Level 3 Significant unobservable inputs (000) |
Total (000) |
||||||||||||
| Global Concentrated Real Estate | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Diversified | $ | 169 | $ | 801 | $ | — | $ | 970 | ||||||||
| Health Care | 87 | — | — | 87 | ||||||||||||
| Industrial | 34 | 2 | — | 36 | ||||||||||||
| Lodging/Resorts | 143 | 117 | — | 260 | ||||||||||||
| Office | 395 | 367 | — | 762 | ||||||||||||
| Residential | 263 | 103 | — | 366 | ||||||||||||
| Retail | 312 | 243 | — | 555 | ||||||||||||
| Self Storage | 62 | — | — | 62 | ||||||||||||
| Total Common Stocks | 1,465 | 1,633 | — | 3,098 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 18 | — | — | 18 | ||||||||||||
| Total Assets | $ | 1,483 | $ | 1,633 | $ | — | $ | 3,116 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Global Core | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Airlines | $ | 114 | $ | — | $ | — | $ | 114 | ||||||||
| Automobiles | 385 | — | — | 385 | ||||||||||||
| Banks | 905 | — | — | 905 | ||||||||||||
| Beverages | 336 | — | — | 336 | ||||||||||||
| Building Products | 165 | — | — | 165 | ||||||||||||
| Capital Markets | 324 | 246 | — | 570 | ||||||||||||
| Construction Materials | 169 | — | — | 169 | ||||||||||||
| Diversified Telecommunication Services | 155 | — | — | 155 | ||||||||||||
| Electric Utilities | 298 | — | — | 298 | ||||||||||||
| Entertainment | 319 | — | — | 319 | ||||||||||||
| Equity Real Estate Investment Trusts (REITs) | 375 | — | — | 375 | ||||||||||||
| Health Care Equipment & Supplies | 365 | — | — | 365 | ||||||||||||
| Health Care Providers & Services | 131 | — | — | 131 | ||||||||||||
| Health Care Technology | 146 | — | — | 146 | ||||||||||||
| Hotels, Restaurants & Leisure | 286 | — | — | 286 | ||||||||||||
| Household Durables | 280 | — | — | 280 | ||||||||||||
| Information Technology Services | 770 | — | — | 770 | ||||||||||||
| Interactive Media & Services | 668 | — | — | 668 | ||||||||||||
| Internet & Direct Marketing Retail | 830 | — | — | 830 | ||||||||||||
| Media | 92 | — | — | 92 | ||||||||||||
| Metals & Mining | 144 | — | — | 144 | ||||||||||||
| Multi-Line Retail | 106 | — | — | 106 | ||||||||||||
| Oil, Gas & Consumable Fuels | 59 | — | — | 59 | ||||||||||||
| Personal Products | 258 | — | — | 258 | ||||||||||||
| Professional Services | 188 | — | — | 188 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 458 | — | — | 458 | ||||||||||||
| Software | 827 | — | — | 827 | ||||||||||||
| Tech Hardware, Storage & Peripherals | 767 | — | — | 767 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 380 | 396 | — | 776 | ||||||||||||
| Trading Companies & Distributors | 75 | — | — | 75 | ||||||||||||
| Total Common Stocks | 10,375 | 642 | — | 11,017 | ||||||||||||
| Total Assets | $ | 10,375 | $ | 642 | $ | — | $ | 11,017 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Global Endurance | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | 89 | $ | — | $ | — | $ | 89 | ||||||||
| Diversified Holding Companies | 250 | — | — | 250 | ||||||||||||
| Food & Staples Retailing | — | 224 | — | 224 | ||||||||||||
| Food Products | 59 | — | — | 59 | ||||||||||||
| Health Care Equipment & Supplies | — | 164 | — | 164 | ||||||||||||
| Health Care Providers & Services | 114 | 256 | — | 370 | ||||||||||||
| Health Care Technology | — | 125 | — | 125 | ||||||||||||
| Hotels, Restaurants & Leisure | — | 58 | — | 58 | ||||||||||||
| Household Durables | — | 222 | — | 222 | ||||||||||||
| Information Technology Services | 693 | — | — | 693 | ||||||||||||
| Interactive Media & Services | 161 | — | — | 161 | ||||||||||||
| Internet & Direct Marketing Retail | 425 | — | — | 425 | ||||||||||||
| Life Sciences Tools & Services | — | 274 | — | 274 | ||||||||||||
| Media | 297 | — | — | 297 | ||||||||||||
| Pharmaceuticals | 292 | — | — | 292 | ||||||||||||
| Real Estate Management & Development | 317 | — | — | 317 | ||||||||||||
| Software | 1,130 | 58 | — | 1,188 | ||||||||||||
| Specialty Retail | 1,269 | — | — | 1,269 | ||||||||||||
| Total Common Stocks | 5,096 | 1,381 | — | 6,477 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 302 | — | — | 302 | ||||||||||||
| Repurchase Agreements | — | 51 | — | 51 | ||||||||||||
| Total Short-Term Investments | 302 | 51 | — | 353 | ||||||||||||
| Total Assets | $ | 5,398 | $ | 1,432 | $ | — | $ | 6,830 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Global Franchise | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Beverages | $ | 52,509 | $ | 108,989 | $ | — | $ | 161,498 | ||||||||
| Capital Markets | 109,066 | — | — | 109,066 | ||||||||||||
| Health Care Equipment & Supplies | 459,236 | — | — | 459,236 | ||||||||||||
| Household Products | 138,661 | 255,698 | — | 394,359 | ||||||||||||
| Industrial Conglomerates | 25,698 | — | — | 25,698 | ||||||||||||
| Information Technology Services | 459,525 | — | — | 459,525 | ||||||||||||
| Life Sciences Tools & Services | 101,434 | — | — | 101,434 | ||||||||||||
| Media | 36,505 | — | — | 36,505 | ||||||||||||
| Personal Products | — | 123,449 | — | 123,449 | ||||||||||||
| Pharmaceuticals | 43,536 | — | — | 43,536 | ||||||||||||
| Professional Services | — | 107,085 | — | 107,085 | ||||||||||||
| Software | 244,321 | 128,160 | — | 372,481 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 44,584 | 37,779 | — | 82,363 | ||||||||||||
| Tobacco | 213,086 | 68,023 | — | 281,109 | ||||||||||||
| Total Common Stocks | 1,928,161 | 829,183 | — | 2,757,344 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 54,513 | — | — | 54,513 | ||||||||||||
| Total Assets | $ | 1,982,674 | $ | 829,183 | $ | — | $ | 2,811,857 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Global Infrastructure | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Airports | $ | — | $ | 9,397 | $ | — | $ | 9,397 | ||||||||
| Commercial Services & Supplies | 5,840 | — | — | 5,840 | ||||||||||||
| Communications | 45,524 | 8,475 | — | 53,999 | ||||||||||||
| Diversified | — | 13,537 | — | 13,537 | ||||||||||||
| Electricity Transmission & Distribution | 22,055 | 16,847 | — | 38,902 | ||||||||||||
| Oil & Gas Storage & Transportation | 59,098 | 12,225 | — | 71,323 | ||||||||||||
| Ports | — | 187 | — | 187 | ||||||||||||
| Railroads | 5,766 | 2,189 | — | 7,955 | ||||||||||||
| Renewables | 14,065 | — | — | 14,065 | ||||||||||||
| Toll Roads | 7,248 | 15,589 | — | 22,837 | ||||||||||||
| Utilities | 5,987 | — | — | 5,987 | ||||||||||||
| Water | 12,787 | 11,984 | — | 24,771 | ||||||||||||
| Total Common Stocks | 178,370 | 90,430 | — | 268,800 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 3,572 | — | — | 3,572 | ||||||||||||
| Repurchase Agreements | — | 357 | — | 357 | ||||||||||||
| Total Short-Term Investments | 3,572 | 357 | — | 3,929 | ||||||||||||
| Total Assets | $ | 181,942 | $ | 90,787 | $ | — | $ | 272,729 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Global Opportunity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Air Freight & Logistics | $ | — | $ | 266,938 | $ | — | $ | 266,938 | ||||||||
| Banks | 56,540 | 227,425 | — | 283,965 | ||||||||||||
| Beverages | — | 57,979 | — | 57,979 | ||||||||||||
| Construction Materials | 26,419 | — | — | 26,419 | ||||||||||||
| Diversified Consumer Services | 320,351 | — | — | 320,351 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 123,835 | — | 123,835 | ||||||||||||
| Entertainment | 282,298 | — | — | 282,298 | ||||||||||||
| Food Products | — | 65,596 | — | 65,596 | ||||||||||||
| Health Care Equipment & Supplies | 80,993 | — | — | 80,993 | ||||||||||||
| Health Care Technology | 58,126 | — | 16,811 | 74,937 | ||||||||||||
| Information Technology Services | 985,936 | — | — | 985,936 | ||||||||||||
| Interactive Media & Services | 488,205 | 52,293 | — | 540,498 | ||||||||||||
| Internet & Direct Marketing Retail | 740,035 | 218,049 | — | 958,084 | ||||||||||||
| Road & Rail | 261,087 | — | — | 261,087 | ||||||||||||
| Software | 1,175,592 | — | — | 1,175,592 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 268,379 | — | 268,379 | ||||||||||||
| Total Common Stocks | 4,475,582 | 1,280,494 | 16,811 | 5,772,887 | ||||||||||||
| Preferred Stocks | ||||||||||||||||
| Electronic Equipment, Instruments & Components | — | — | — | † | — | † | ||||||||||
| Internet & Direct Marketing Retail | — | — | 3,093 | 3,093 | ||||||||||||
| Total Preferred Stocks | — | — | 3,093 | † | 3,093 | † | ||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 376,908 | — | — | 376,908 | ||||||||||||
| Total Assets | $ | 4,852,490 | $ | 1,280,494 | $ | 19,904 | † | $ | 6,152,888 | † | ||||||
| † | Includes a security valued at zero. |
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Global Opportunity | Common Stock (000) |
Preferred Stocks (000) |
||||||
| Beginning Balance | $ | 13,521 | $ | 8,503 | ||||
| Purchases | - | - | ||||||
| Sales | - | - | ||||||
| Amortization of discount | - | - | ||||||
| Transfers in | - | - | ||||||
| Transfers out | - | - | ||||||
| Corporate actions | - | - | ||||||
| Change in unrealized appreciation (depreciation) | 3,290 | (5,410 | ) | |||||
| Realized gains (losses) | - | - | ||||||
| Ending Balance | $ | 16,811 | $ | 3,093 | ||||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2020 | $ | 3,290 | $ | (5,410 | ) | |||
| † | 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 September 30, 2020. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
| Global Opportunity | Fair Value at September 30, 2020 (000) |
Valuation Technique | Unobservable Input | Amount* | Impact to Valuation from an Increase in Input** | |||||||
| Common Stock | $16,811 | Discounted Cash Flow | Weighted Average Cost of Capital | 12.5% | Decrease | |||||||
| Perpetual Growth Rate | 3.5% | Increase | ||||||||||
| Market Comparable Companies | Enterprise Value/Revenue | 1.1x | Increase | |||||||||
| Discount for Lack of Marketability | 12.0% | Decrease | ||||||||||
| Preferred Stocks | $3,093 | Discounted Cash Flow | Weighted Average Cost of Capital | 15.0% | Decrease | |||||||
| Perpetual Growth Rate | 3.5% | Increase | ||||||||||
| Market Comparable Companies | Enterprise Value/Revenue | 6.1x | Increase | |||||||||
| Discount for Lack of Marketability | 12.0% | Decrease | ||||||||||
* Amount is indicative of the weighted average.
** Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level 1 Unadjusted quoted prices (000) |
Level 2 Other significant observable inputs (000) |
Level 3 Significant unobservable inputs (000) |
Total (000) |
||||||||||||
| Global Permanence | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | 107 | $ | — | $ | — | $ | 107 | ||||||||
| Banks | 70 | — | — | 70 | ||||||||||||
| Beverages | — | 61 | — | 61 | ||||||||||||
| Biotechnology | — | 40 | — | 40 | ||||||||||||
| Capital Markets | 145 | — | — | 145 | ||||||||||||
| Chemicals | 192 | 104 | — | 296 | ||||||||||||
| Commercial Services & Supplies | 44 | 28 | — | 72 | ||||||||||||
| Construction Materials | 48 | — | — | 48 | ||||||||||||
| Food & Staples Retailing | 104 | — | — | 104 | ||||||||||||
| Food Products | — | 68 | — | 68 | ||||||||||||
| Health Care Equipment & Supplies | 158 | — | — | 158 | ||||||||||||
| Health Care Technology | 197 | — | — | 197 | ||||||||||||
| Industrial Conglomerates | 39 | — | — | 39 | ||||||||||||
| Interactive Media & Services | 45 | — | — | 45 | ||||||||||||
| Internet & Direct Marketing Retail | 173 | — | — | 173 | ||||||||||||
| Metals & Mining | 29 | — | — | 29 | ||||||||||||
| Oil, Gas & Consumable Fuels | 38 | — | — | 38 | ||||||||||||
| Personal Products | — | 45 | — | 45 | ||||||||||||
| Pharmaceuticals | 138 | — | — | 138 | ||||||||||||
| Professional Services | 43 | 48 | — | 91 | ||||||||||||
| Real Estate Management & Development | 150 | — | — | 150 | ||||||||||||
| Road & Rail | 45 | — | — | 45 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 142 | — | — | 142 | ||||||||||||
| Software | 154 | — | — | 154 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 232 | — | 232 | ||||||||||||
| Transportation Infrastructure | 45 | 43 | — | 88 | ||||||||||||
| Total Common Stocks | 2,106 | 669 | — | 2,775 | ||||||||||||
| Call Options Purchased | — | 4 | — | 4 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 69 | — | — | 69 | ||||||||||||
| Total Assets | $ | 2,175 | $ | 673 | $ | — | $ | 2,848 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level 1 Unadjusted quoted prices (000) |
Level 2 Other significant observable inputs (000) |
Level 3 Significant unobservable inputs (000) |
Total (000) |
||||||||||||
| Global Real Estate | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Diversified | $ | 14,684 | $ | 58,530 | $ | — | $ | 73,214 | ||||||||
| Health Care | 15,343 | — | — | 15,343 | ||||||||||||
| Industrial | 19,070 | 8,090 | 123 | 27,283 | ||||||||||||
| Industrial/Office Mixed | — | 2,617 | — | 2,617 | ||||||||||||
| Lodging/Resorts | 9,127 | 403 | — | 9,530 | ||||||||||||
| Office | 32,216 | 27,048 | — | 59,264 | ||||||||||||
| Residential | 34,400 | 16,139 | 18 | 50,557 | ||||||||||||
| Retail | 26,265 | 14,688 | — | 40,953 | ||||||||||||
| Self Storage | 10,441 | — | — | 10,441 | ||||||||||||
| Specialty | 1,986 | — | — | 1,986 | ||||||||||||
| Total Common Stocks | 163,532 | 127,515 | 141 | 291,188 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 1,100 | — | — | 1,100 | ||||||||||||
| Total Assets | $ | 164,632 | $ | 127,515 | $ | 141 | $ | 292,288 | ||||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Global Real Estate | Common Stocks (000) |
|||
| Beginning Balance | $ | 147 | ||
| Purchases | - | |||
| Sales | - | |||
| Amortization of discount | - | |||
| Transfers in | - | |||
| Transfers out | - | |||
| Corporate actions | - | |||
| Change in unrealized appreciation (depreciation) | (6 | ) | ||
| Realized gains (losses) | - | |||
| Ending Balance | $ | 141 | ||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2020 | $ | (6 | ) | |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2020. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
| Global Real Estate | Fair
Value at September 30, 2020 (000) | Valuation Technique | Unobservable Input | Amount * | Impact
to Valuation from an Increase in Input** | |||||||||
| Common Stocks | $141 | Reported Capital balance, adjustments for NAV practical expedient; including adjustments for subsequent Capital Calls, Return of Capital and Significant Market Changes between last Capital Statement and Valuation Date | Adjusted Capital Balance | |||||||||||
| Market Transaction Method | Transaction Valuation | $0.001 | Increase | |||||||||||
| Discount for Lack of Marketability | 50.0% | Decrease | ||||||||||||
| * | Amount is indicative of the weighted average. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Global Sustain | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Beverages | $ | 464 | $ | — | $ | — | $ | 464 | ||||||||
| Capital Markets | 1,288 | — | — | 1,288 | ||||||||||||
| Electronic Equipment, Instruments & Components | 966 | — | — | 966 | ||||||||||||
| Health Care Equipment & Supplies | 8,638 | — | — | 8,638 | ||||||||||||
| Health Care Technology | 855 | — | — | 855 | ||||||||||||
| Household Products | 2,046 | 5,490 | — | 7,536 | ||||||||||||
| Industrial Conglomerates | 445 | — | — | 445 | ||||||||||||
| Information Technology Services | 6,959 | — | — | 6,959 | ||||||||||||
| Insurance | — | 1,291 | — | 1,291 | ||||||||||||
| Interactive Media & Services | 1,494 | — | — | 1,494 | ||||||||||||
| Life Sciences Tools & Services | 1,346 | — | — | 1,346 | ||||||||||||
| Media | 535 | — | — | 535 | ||||||||||||
| Personal Products | — | 1,241 | — | 1,241 | ||||||||||||
| Pharmaceuticals | 715 | 698 | — | 1,413 | ||||||||||||
| Professional Services | — | 1,219 | — | 1,219 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 1,634 | — | — | 1,634 | ||||||||||||
| Software | 4,355 | 2,808 | — | 7,163 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 632 | — | — | 632 | ||||||||||||
| Total Common Stocks | 32,372 | 12,747 | — | 45,119 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 722 | — | — | 722 | ||||||||||||
| Total Assets | $ | 33,094 | $ | 12,747 | $ | — | $ | 45,841 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Growth | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Biotechnology | $ | 116,681 | $ | — | $ | — | $ | 116,681 | ||||||||
| Entertainment | 781,004 | — | — | 781,004 | ||||||||||||
| Health Care Equipment & Supplies | 1,174,641 | — | — | 1,174,641 | ||||||||||||
| Health Care Providers & Services | 209,306 | — | — | 209,306 | ||||||||||||
| Health Care Technology | 774,929 | — | 36,987 | 811,916 | ||||||||||||
| Information Technology Services | 3,198,986 | 243,933 | — | 3,442,919 | ||||||||||||
| Interactive Media & Services | 1,043,381 | — | — | 1,043,381 | ||||||||||||
| Internet & Direct Marketing Retail | 1,317,456 | — | — | 1,317,456 | ||||||||||||
| Life Sciences Tools & Services | 479,778 | — | — | 479,778 | ||||||||||||
| Metals & Mining | 19,658 | — | — | 19,658 | ||||||||||||
| Oil, Gas & Consumable Fuels | 19,184 | — | — | 19,184 | ||||||||||||
| Road & Rail | 521,353 | — | — | 521,353 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 237,429 | — | — | 237,429 | ||||||||||||
| Software | 2,826,851 | — | — | 2,826,851 | ||||||||||||
| Specialty Retail | 587,163 | — | — | 587,163 | ||||||||||||
| Total Common Stocks | 13,307,800 | 243,933 | 36,987 | 13,588,720 | ||||||||||||
| Preferred Stocks | ||||||||||||||||
| Electronic Equipment, Instruments & Components | — | — | — | † | — | † | ||||||||||
| Internet & Direct Marketing Retail | — | — | 40,042 | 40,042 | ||||||||||||
| Total Preferred Stocks | — | — | 40,042 | † | 40,042 | † | ||||||||||
| Call Options Purchased | — | 17,412 | — | 17,412 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 592,436 | — | — | 592,436 | ||||||||||||
| Repurchase Agreements | — | 5,657 | — | 5,657 | ||||||||||||
| Total Short-Term Investments | 592,436 | 5,657 | — | 598,093 | ||||||||||||
| Total Assets | $ | 13,900,236 | $ | 267,002 | $ | 77,029 | † | $ | 14,244,267 | † | ||||||
| † | Includes a security valued at zero. |
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Growth | Common
Stock (000) | Preferred
Stocks (000) | ||||||
| Beginning Balance | $ | 29,749 | $ | 86,499 | ||||
| Purchases | - | - | ||||||
| Sales | - | - | ||||||
| Amortization of discount | - | - | ||||||
| Transfers in | - | - | ||||||
| Transfers out | - | - | ||||||
| Corporate actions | - | - | ||||||
| Change in unrealized appreciation (depreciation) | 7,238 | (46,457 | )† | |||||
| Realized gains (losses) | - | - | ||||||
| Ending Balance | $ | 36,987 | $ | 40,042 | † | |||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2020 | $ | 7,238 | $ | (46,457 | )† | |||
| † | 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 September 30, 2020. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
| Growth | Fair
Value at September 30, 2020 (000) | Valuation Technique | Unobservable Input | Amount* | Impact
to Valuation from an Increase in Input** | |||||||||
| Common Stock | $36,987 | Discounted Cash Flow | Weighted Average Cost of Capital | 12.5% | Decrease | |||||||||
| Perpetual Growth Rate | 3.5% | Increase | ||||||||||||
| Market Comparable Companies | Enterprise Value/Revenue | 1.1x | Increase | |||||||||||
| Discount for Lack of Marketability | 12.0% | Decrease | ||||||||||||
| Preferred Stock | $40,042 | Discounted Cash Flow | Weighted Average Cost of Capital | 15.0% | Decrease | |||||||||
| Perpetual Growth Rate | 3.5% | Increase | ||||||||||||
| Market Comparable Companies | Enterprise Value/Revenue | 6.1x | Increase | |||||||||||
| Discount for Lack of Marketability | 12.0% | 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 |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level 1 Unadjusted quoted prices (000) |
Level 2 Other significant observable inputs (000) |
Level 3 Significant unobservable inputs (000) |
Total (000) |
||||||||||||
| Inception | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Biotechnology | $ | 5,771 | $ | — | $ | — | $ | 5,771 | ||||||||
| Diversified Holding Companies | 26,083 | — | — | 26,083 | ||||||||||||
| Diversified Telecommunication Services | 8,411 | — | — | 8,411 | ||||||||||||
| Food Products | 17,477 | — | — | 17,477 | ||||||||||||
| Health Care Equipment & Supplies | 7,658 | — | — | 7,658 | ||||||||||||
| Health Care Providers & Services | 24,162 | — | — | 24,162 | ||||||||||||
| Health Care Technology | 12,303 | — | — | 12,303 | ||||||||||||
| Household Durables | — | 8,113 | — | 8,113 | ||||||||||||
| Information Technology Services | 37,218 | — | — | 37,218 | ||||||||||||
| Internet & Direct Marketing Retail | 48,041 | — | — | 48,041 | ||||||||||||
| Life Sciences Tools & Services | 30,254 | — | — | 30,254 | ||||||||||||
| Media | 18,088 | — | — | 18,088 | ||||||||||||
| Metals & Mining | 732 | — | — | 732 | ||||||||||||
| Oil, Gas & Consumable Fuels | 574 | — | — | 574 | ||||||||||||
| Real Estate Management & Development | 18,847 | — | — | 18,847 | ||||||||||||
| Software | 51,044 | — | — | 51,044 | ||||||||||||
| Specialty Retail | 21,103 | — | — | 21,103 | ||||||||||||
| Trading Companies & Distributors | 3,044 | — | — | 3,044 | ||||||||||||
| Total Common Stocks | 330,810 | 8,113 | — | 338,923 | ||||||||||||
| Preferred Stocks | ||||||||||||||||
| Health Care Technology | — | — | 10,559 | 10,559 | ||||||||||||
| Internet & Direct Marketing Retail | 921 | — | — | 921 | ||||||||||||
| Software | — | — | 3,162 | 3,162 | ||||||||||||
| Total Preferred Stocks | 921 | — | 13,721 | 14,642 | ||||||||||||
| Call Options Purchased | — | 430 | — | 430 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 75,764 | — | — | 75,764 | ||||||||||||
| Repurchase Agreements | — | 9,752 | — | 9,752 | ||||||||||||
| Total Short-Term Investments | 75,764 | 9,752 | — | 85,516 | ||||||||||||
| Total Assets | $ | 407,495 | $ | 18,295 | $ | 13,721 | $ | 439,511 | ||||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Preferred Stocks | ||||
| Inception | (000) | |||
| Beginning Balance | $ | 9,440 | ||
| Purchases | - | |||
| Sales | - | |||
| Amortization of discount | - | |||
| Transfers in | - | |||
| Transfers out | - | |||
| Corporate actions | - | |||
| Change in unrealized appreciation (depreciation) | 4,281 | |||
| Realized gains (losses) | - | |||
| Ending Balance | $ | 13,721 | ||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2020 | $ | 4,281 | ||
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2020. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
| Inception | Fair Value at September 30, 2020 (000) |
Valuation Technique | Unobservable Input | Amount or Range/Weighted Average* |
Impact to Valuation from an Increase in Input** | |||||||||
| Preferred Stocks | $13,721 | Market Transaction Method | Precedent Transaction | $3.22 | Increase | |||||||||
| Discounted Cash Flow | Weighted Average Cost of Capital | 13.5% - 18.0% / 15.1% | Decrease | |||||||||||
| Perpetual Growth Rate | 3.0% - 4.0% / 3.5% | Increase | ||||||||||||
| Market Comparable Companies | Enterprise Value/Revenue | 1.0x - 36.8x / 8.8x | Increase | |||||||||||
| Discount for Lack of Marketability | 16.0% - 20.0% / 19.1% | Decrease | ||||||||||||
| Comparable Transactions | Enterprise Value/Revenue | 2.3x - 7.9x / 3.8x | Increase | |||||||||||
* Amount is indicative of the weighted average.
** Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level 1 Unadjusted quoted prices (000) |
Level 2 Other significant observable inputs (000) |
Level 3 Significant unobservable inputs (000) |
Total (000) |
||||||||||||
| International Advantage | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Air Freight & Logistics | $ | — | $ | 326,985 | $ | — | $ | 326,985 | ||||||||
| Banks | — | 215,384 | — | 215,384 | ||||||||||||
| Beverages | — | 166,381 | — | 166,381 | ||||||||||||
| Biotechnology | — | 63,812 | — | 63,812 | ||||||||||||
| Capital Markets | 91,927 | — | — | 91,927 | ||||||||||||
| Chemicals | — | 100,326 | — | 100,326 | ||||||||||||
| Diversified Consumer Services | 169,204 | — | — | 169,204 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 210,973 | — | 210,973 | ||||||||||||
| Food Products | — | 202,922 | — | 202,922 | ||||||||||||
| Gas Utilities | 11,781 | — | — | 11,781 | ||||||||||||
| Health Care Equipment & Supplies | — | 70,148 | — | 70,148 | ||||||||||||
| Household Products | — | 149,772 | — | 149,772 | ||||||||||||
| Information Technology Services | 153,671 | 107,111 | — | 260,782 | ||||||||||||
| Insurance | — | 105,636 | — | 105,636 | ||||||||||||
| Interactive Media & Services | — | 103,241 | — | 103,241 | ||||||||||||
| Internet & Direct Marketing Retail | 108,918 | — | — | 108,918 | ||||||||||||
| Marine | — | 56,567 | — | 56,567 | ||||||||||||
| Multi-Utilities | 127,285 | — | — | 127,285 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 120,310 | 164,245 | — | 284,555 | ||||||||||||
| Software | — | 61,180 | — | 61,180 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 137,599 | 413,102 | — | 550,701 | ||||||||||||
| Total Common Stocks | 920,695 | 2,517,785 | — | 3,438,480 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 296,498 | — | — | 296,498 | ||||||||||||
| Total Assets | $ | 1,217,193 | $ | 2,517,785 | $ | — | $ | 3,734,978 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level 1 Unadjusted quoted prices (000) |
Level 2 Other significant observable inputs (000) |
Level 3 Significant unobservable inputs (000) |
Total (000) |
||||||||||||
| International Equity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | — | $ | 57,698 | $ | — | $ | 57,698 | ||||||||
| Air Freight & Logistics | — | 51,364 | — | 51,364 | ||||||||||||
| Auto Components | — | 17,170 | — | 17,170 | ||||||||||||
| Banks | — | 73,691 | — | 73,691 | ||||||||||||
| Beverages | — | 88,333 | — | 88,333 | ||||||||||||
| Capital Markets | — | 10,801 | — | 10,801 | ||||||||||||
| Diversified Financial Services | — | 9,394 | — | 9,394 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 68,298 | — | 68,298 | ||||||||||||
| Food Products | — | 52,160 | — | 52,160 | ||||||||||||
| Health Care Equipment & Supplies | — | 38,308 | — | 38,308 | ||||||||||||
| Health Care Providers & Services | — | 59,890 | — | 59,890 | ||||||||||||
| Hotels, Restaurants & Leisure | — | 11,749 | — | 11,749 | ||||||||||||
| Household Products | — | 203,320 | — | 203,320 | ||||||||||||
| Insurance | — | 139,415 | — | 139,415 | ||||||||||||
| Interactive Media & Services | — | 55,473 | — | 55,473 | ||||||||||||
| Machinery | — | 50,416 | — | 50,416 | ||||||||||||
| Metals & Mining | 54,484 | 46,804 | — | 101,288 | ||||||||||||
| Oil, Gas & Consumable Fuels | 18,530 | 31,215 | — | 49,745 | ||||||||||||
| Personal Products | — | 87,625 | — | 87,625 | ||||||||||||
| Pharmaceuticals | — | 256,241 | — | 256,241 | ||||||||||||
| Professional Services | — | 65,540 | — | 65,540 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 40,117 | 11,519 | — | 51,636 | ||||||||||||
| Software | 53,003 | 73,869 | — | 126,872 | ||||||||||||
| Tech Hardware, Storage & Peripherals | — | 29,880 | — | 29,880 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 76,782 | — | 76,782 | ||||||||||||
| Tobacco | — | 85,945 | — | 85,945 | ||||||||||||
| Total Common Stocks | 166,134 | 1,752,900 | — | 1,919,034 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 29,250 | — | — | 29,250 | ||||||||||||
| Total Assets | $ | 195,384 | $ | 1,752,900 | $ | — | $ | 1,948,284 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| International Opportunity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Air Freight & Logistics | $ | — | $ | 160,045 | $ | — | $ | 160,045 | ||||||||
| Banks | 28,576 | 163,808 | — | 192,384 | ||||||||||||
| Beverages | — | 86,826 | — | 86,826 | ||||||||||||
| Biotechnology | — | 45,771 | — | 45,771 | ||||||||||||
| Diversified Consumer Services | 220,457 | — | — | 220,457 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 113,831 | — | 113,831 | ||||||||||||
| Entertainment | 170,777 | — | — | 170,777 | ||||||||||||
| Food Products | — | 102,675 | — | 102,675 | ||||||||||||
| Health Care Equipment & Supplies | — | 48,024 | — | 48,024 | ||||||||||||
| Health Care Providers & Services | 12,080 | — | — | 12,080 | ||||||||||||
| Household Products | — | 37,238 | — | 37,238 | ||||||||||||
| Information Technology Services | 234,144 | 73,717 | — | 307,861 | ||||||||||||
| Interactive Media & Services | — | 156,490 | — | 156,490 | ||||||||||||
| Internet & Direct Marketing Retail | 326,597 | 265,782 | — | 592,379 | ||||||||||||
| Real Estate Management & Development | 12,154 | — | — | 12,154 | ||||||||||||
| Semiconductors & Semiconductor Equipment | — | 166,430 | — | 166,430 | ||||||||||||
| Software | 34,758 | — | — | 34,758 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 141,012 | 287,149 | — | 428,161 | ||||||||||||
| Total Common Stocks | 1,180,555 | 1,707,786 | — | 2,888,341 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 235,372 | — | — | 235,372 | ||||||||||||
| Total Assets | $ | 1,415,927 | $ | 1,707,786 | $ | — | $ | 3,123,713 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Permanence | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | 142 | $ | — | $ | — | $ | 142 | ||||||||
| Capital Markets | 139 | — | — | 139 | ||||||||||||
| Chemicals | 213 | — | — | 213 | ||||||||||||
| Commercial Services & Supplies | 86 | — | — | 86 | ||||||||||||
| Construction Materials | 79 | — | — | 79 | ||||||||||||
| Distributors | 31 | — | — | 31 | ||||||||||||
| Diversified Consumer Services | 28 | — | — | 28 | ||||||||||||
| Entertainment | 56 | — | — | 56 | ||||||||||||
| Equity Real Estate Investment Trusts (REITs) | 57 | — | — | 57 | ||||||||||||
| Food & Staples Retailing | 143 | — | — | 143 | ||||||||||||
| Health Care Equipment & Supplies | 185 | — | — | 185 | ||||||||||||
| Health Care Technology | 186 | — | — | 186 | ||||||||||||
| Hotels, Restaurants & Leisure | 69 | — | — | 69 | ||||||||||||
| Industrial Conglomerates | 65 | — | — | 65 | ||||||||||||
| Information Technology Services | 28 | — | — | 28 | ||||||||||||
| Interactive Media & Services | 76 | — | — | 76 | ||||||||||||
| Internet & Direct Marketing Retail | 217 | — | — | 217 | ||||||||||||
| Metals & Mining | 28 | — | — | 28 | ||||||||||||
| Oil, Gas & Consumable Fuels | 36 | — | — | 36 | ||||||||||||
| Pharmaceuticals | 146 | — | — | 146 | ||||||||||||
| Professional Services | 58 | — | — | 58 | ||||||||||||
| Real Estate Management & Development | 107 | — | — | 107 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 98 | — | — | 98 | ||||||||||||
| Software | 361 | — | — | 361 | ||||||||||||
| Specialty Retail | 29 | — | — | 29 | ||||||||||||
| Tech Hardware, Storage & Peripherals | 45 | — | — | 45 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 46 | — | — | 46 | ||||||||||||
| Trading Companies & Distributors | 56 | — | — | 56 | ||||||||||||
| Total Common Stocks | 2,810 | — | — | 2,810 | ||||||||||||
| Call Options Purchased | — | 4 | — | 4 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 40 | — | — | 40 | ||||||||||||
| Total Assets | $ | 2,850 | $ | 4 | $ | — | $ | 2,854 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| Real Assets | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | 36 | $ | — | $ | — | $ | 36 | ||||||||
| Automobiles | 41 | 71 | — | 112 | ||||||||||||
| Banks | 175 | 90 | — | 265 | ||||||||||||
| Beverages | 31 | — | — | 31 | ||||||||||||
| Biotechnology | 37 | 29 | — | 66 | ||||||||||||
| Capital Markets | 36 | 38 | — | 74 | ||||||||||||
| Chemicals | 27 | 147 | — | 174 | ||||||||||||
| Commercial Services & Supplies | 104 | 68 | — | 172 | ||||||||||||
| Communications Equipment | 24 | — | — | 24 | ||||||||||||
| Construction & Engineering | — | 193 | — | 193 | ||||||||||||
| Consumer Finance | 34 | — | — | 34 | ||||||||||||
| Diversified Financial Services | 36 | — | — | 36 | ||||||||||||
| Diversified Telecommunication Services | 53 | 152 | — | 205 | ||||||||||||
| Electric Utilities | 318 | 120 | — | 438 | ||||||||||||
| Electrical Equipment | 4 | — | — | 4 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 33 | — | 33 | ||||||||||||
| Entertainment | 77 | — | — | 77 | ||||||||||||
| Equity Real Estate Investment Trusts (REITs) | 2,353 | 882 | — | 3,235 | ||||||||||||
| Food & Staples Retailing | 31 | — | — | 31 | ||||||||||||
| Food Products | 70 | 36 | — | 106 | ||||||||||||
| Gas Utilities | 94 | 192 | — | 286 | ||||||||||||
| Health Care Equipment & Supplies | 109 | — | — | 109 | ||||||||||||
| Health Care Providers & Services | 60 | — | — | 60 | ||||||||||||
| Hotels, Restaurants & Leisure | 34 | — | — | 34 | ||||||||||||
| Household Products | 42 | — | — | 42 | ||||||||||||
| Independent Power & Renewable Electricity Producers | 218 | — | — | 218 | ||||||||||||
| Industrial Conglomerates | — | 58 | — | 58 | ||||||||||||
| Information Technology Services | 182 | — | — | 182 | ||||||||||||
| Insurance | 33 | 35 | — | 68 | ||||||||||||
| Interactive Media & Services | 168 | — | — | 168 | ||||||||||||
| Internet & Direct Marketing Retail | 123 | — | — | 123 | ||||||||||||
| Life Sciences Tools & Services | 36 | — | — | 36 | ||||||||||||
| Media | 28 | — | — | 28 | ||||||||||||
| Metals & Mining | — | 31 | — | 31 | ||||||||||||
| Multi-Line Retail | — | 46 | — | 46 | ||||||||||||
| Multi-Utilities | 339 | 152 | — | 491 | ||||||||||||
| Oil, Gas & Consumable Fuels | 603 | 37 | — | 640 | ||||||||||||
| Personal Products | — | 35 | — | 35 | ||||||||||||
| Pharmaceuticals | 142 | 80 | — | 222 | ||||||||||||
| Professional Services | — | 39 | — | 39 | ||||||||||||
| Real Estate Management & Development | 27 | 801 | — | 828 | ||||||||||||
| Road & Rail | 179 | 37 | — | 216 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 52 | 74 | — | 126 | ||||||||||||
| Software | 232 | 30 | — | 262 | ||||||||||||
| Specialty Retail | 51 | 28 | — | 79 | ||||||||||||
| Tech Hardware, Storage & Peripherals | 195 | — | — | 195 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 35 | — | 35 | ||||||||||||
| Trading Companies & Distributors | — | 122 | — | 122 | ||||||||||||
| Transportation Infrastructure | 75 | 367 | — | 442 | ||||||||||||
| Water Utilities | 203 | 90 | — | 293 | ||||||||||||
| Total Common Stocks | 6,712 | 4,148 | — | 10,860 | ||||||||||||
| U.S. Treasury Securities | — | 3,731 | — | 3,731 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 565 | — | — | 565 | ||||||||||||
| Total Assets | $ | 7,277 | $ | 7,879 | $ | — | $ | 15,156 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level
1 Unadjusted quoted prices (000) | Level
2 Other significant observable inputs (000) | Level
3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
| US Core | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | 1,727 | $ | — | $ | — | $ | 1,727 | ||||||||
| Building Products | 560 | — | — | 560 | ||||||||||||
| Capital Markets | 895 | — | — | 895 | ||||||||||||
| Commercial Services & Supplies | 149 | — | — | 149 | ||||||||||||
| Electric Utilities | 513 | — | — | 513 | ||||||||||||
| Entertainment | 96 | — | — | 96 | ||||||||||||
| Equity Real Estate Investment Trusts (REITs) | 885 | — | — | 885 | ||||||||||||
| Health Care Equipment & Supplies | 1,231 | — | — | 1,231 | ||||||||||||
| Health Care Providers & Services | 499 | — | — | 499 | ||||||||||||
| Health Care Technology | 441 | — | — | 441 | ||||||||||||
| Hotels, Restaurants & Leisure | 1,238 | — | — | 1,238 | ||||||||||||
| Household Durables | 517 | — | — | 517 | ||||||||||||
| Information Technology Services | 1,358 | — | — | 1,358 | ||||||||||||
| Interactive Media & Services | 589 | — | — | 589 | ||||||||||||
| Oil, Gas & Consumable Fuels | 145 | — | — | 145 | ||||||||||||
| Personal Products | 644 | — | — | 644 | ||||||||||||
| Software | 2,356 | — | — | 2,356 | ||||||||||||
| Specialty Retail | 865 | — | — | 865 | ||||||||||||
| Tech Hardware, Storage & Peripherals | 1,576 | — | — | 1,576 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 558 | — | — | 558 | ||||||||||||
| Trading Companies & Distributors | 553 | — | — | 553 | ||||||||||||
| Total Common Stocks | 17,395 | — | — | 17,395 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 248 | — | — | 248 | ||||||||||||
| Total Assets | $ | 17,643 | $ | — | $ | — | $ | 17,643 | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2020:
| Investment Type | Level 1 Unadjusted quoted prices (000) |
Level 2 Other significant observable inputs (000) |
Level 3 Significant unobservable inputs (000) |
Total (000) |
||||||||||||
| U.S. Real Estate | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Apartments | $ | 9,261 | $ | — | $ | — | $ | 9,261 | ||||||||
| Data Centers | 2,716 | — | — | 2,716 | ||||||||||||
| Diversified | 3,086 | — | — | 3,086 | ||||||||||||
| Free Standing | 911 | — | — | 911 | ||||||||||||
| Health Care | 5,685 | — | — | 5,685 | ||||||||||||
| Industrial | 6,390 | — | 523 | 6,913 | ||||||||||||
| Lodging/Resorts | 3,618 | — | — | 3,618 | ||||||||||||
| Manufactured Homes | 240 | — | — | 240 | ||||||||||||
| Office | 12,781 | — | — | 12,781 | ||||||||||||
| Regional Malls | 5,182 | — | — | 5,182 | ||||||||||||
| Self Storage | 3,808 | — | — | 3,808 | ||||||||||||
| Shopping Centers | 2,379 | — | — | 2,379 | ||||||||||||
| Single Family Homes | 2,112 | — | — | 2,112 | ||||||||||||
| Specialty | 896 | — | — | 896 | ||||||||||||
| Total Common Stocks | 59,065 | — | 523 | 59,588 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 682 | — | — | 682 | ||||||||||||
| Total Assets | $ | 59,747 | $ | — | $ | 523 | $ | 60,270 | ||||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Common Stock | ||||
| U.S. Real Estate | (000) | |||
| Beginning Balance | $ | 546 | ||
| Purchases | - | |||
| Sales | - | |||
| Amortization of discount | - | |||
| Transfers in | - | |||
| Transfers out | - | |||
| Corporate actions | - | |||
| Change in unrealized appreciation (depreciation) | (23 | ) | ||
| Realized gains (losses) | - | |||
| Ending Balance | $ | 523 | ||
| Net change in unrealized depreciation from investments still held as of September 30, 2020 | $ | (23 | ) | |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2020. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
| U.S. Real Estate | Fair Value at September 30, 2020 (000) |
Valuation Technique | Unobservable Input | |||||
| Common Stock | $523 | Reported Capital balance, adjustments for NAV practical expedient; including adjustments for subsequent Capital Calls, Return of Capital and Significant Market Changes between last Capital Statement and Valuation Date | Adjusted Capital Balance | |||||
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.