NPORT-EX 2 NPORT_MKA5_64005420_0922.htm

 

Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

    Shares     Value
(000)		  
Common Stocks  (97.4%)                
Brazil  (2.5%)                
Itau Unibanco Holding SA (Preference) ADR     503,125     $ 2,601  
Vale SA     90,176       1,204  
              3,805  
Canada  (7.5%)                
Agnico Eagle Mines Ltd.     36,706       1,551  
Cameco Corp.     71,364       1,892  
Canadian National Railway Co.     27,206       2,938  
First Quantum Minerals Ltd.     198,553       3,370  
Teck Resources Ltd., Class B     54,611       1,661  
              11,412  
China  (7.2%)                
Alibaba Group Holding Ltd. ADR (a)     82,278       6,581  
China Resources Beer Holdings Co., Ltd. (b)     130,000       902  
JD.com, Inc., Class A (b)     2,469       62  
Tencent Holdings Ltd. (b)     50,100       1,692  
Tencent Holdings Ltd. ADR (c)     50,351       1,703  
              10,940  
Denmark  (1.9%)                
Novo Nordisk AS Series B     28,648       2,854  
                 
France  (8.8%)                
Air Liquide SA     8,049       920  
Airbus SE     25,764       2,221  
Capgemini SE     7,550       1,209  
Dassault Systemes SE     22,082       762  
Hermes International     342       402  
Kering SA     1,624       720  
L'Oreal SA     3,147       1,006  
Legrand SA     5,439       352  
LVMH Moet Hennessy Louis Vuitton SE     1,803       1,063  
Pernod Ricard SA     5,564       1,021  
Sanofi     20,947       1,595  
Technip Energies NV     86,488       980  
TotalEnergies SE     25,653       1,204  
              13,455  
Germany  (9.1%)                
Bayer AG (Registered)     134,129       6,180  
CTS Eventim AG & Co. KGaA (a)     9,956       410  
Infineon Technologies AG     44,036       964  
Jungheinrich AG (Preference)     28,213       569  
KION Group AG     38,525       738  
Linde PLC (a)     11,808       3,197  
Siemens Healthineers AG     44,813       1,922  
              13,980  
India  (4.5%)                
Apollo Hospitals Enterprise Ltd.     18,756       1,003  

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

HDFC Bank Ltd. ADR   28,990    1,694 
ICICI Bank Ltd.   107,965    1,134 
ICICI Prudential Life Insurance Co., Ltd.   118,925    763 
Reliance Industries Ltd.   41,297    1,198 
State Bank of India   159,592    1,034 
         6,826 
Ireland  (0.8%)          
Ryanair Holdings PLC ADR (a)   21,724    1,269 
           
Japan  (8.4%)          
FANUC Corp.   4,450    625 
Hoya Corp.   6,400    617 
Keyence Corp.   5,600    1,851 
Nikon Corp.   377,600    3,579 
Shimano, Inc.   3,750    587 
Shiseido Co., Ltd.   7,600    266 
SMC Corp.   1,905    775 
Sony Group Corp.   30,693    1,977 
Sony Group Corp. ADR   22,219    1,423 
Tokyo Electron Ltd.   3,400    838 
Unicharm Corp.   11,200    367 
         12,905 
Korea, Republic of  (2.4%)          
Samsung Electronics Co., Ltd.   99,861    3,667 
           
Malta  (0.0%) (d)          
BGP Holdings PLC (a)(e)   72,261    —@
           
Netherlands  (4.1%)          
Akzo Nobel NV   11,150    632 
ASML Holding NV   4,178    1,731 
Koninklijke Philips NV   110,781    1,706 
Universal Music Group NV (c)   73,029    1,368 
Wolters Kluwer NV   8,951    871 
         6,308 
Norway  (0.6%)          
Adevinta ASA (a)   162,142    966 
           
Singapore  (2.7%)          
Sea Ltd. ADR (a)   74,609    4,182 
           
South Africa  (0.7%)          
Impala Platinum Holdings Ltd. (c)   54,156    503 
Sibanye Stillwater Ltd.   192,792    443 
Thungela Resources Ltd. (c)   6,854    128 
         1,074 
Spain  (0.6%)          
Amadeus IT Group SA (a)   19,611    909 
           
Sweden  (0.2%)          
Atlas Copco AB, Class A   24,389    227 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Switzerland  (2.6%)          
Givaudan SA (Registered)   186    562 
Nestle SA (Registered)   31,832    3,443 
         4,005 
Taiwan  (2.7%)          
Taiwan Semiconductor Manufacturing Co., Ltd.   202,000    2,678 
Taiwan Semiconductor Manufacturing Co., Ltd. ADR   22,187    1,521 
         4,199 
United Kingdom  (17.9%)          
Anglo American PLC   31,074    933 
AstraZeneca PLC   35,337    3,885 
Diageo PLC   63,866    2,688 
Experian PLC   81,131    2,375 
Glencore PLC   1,384,342    7,275 
Shell PLC   175,884    4,363 
Unilever PLC   38,302    1,686 
Unilever PLC ADR (c)   35,102    1,539 
Unilever PLC CVA   60,317    2,650 
         27,394 
United States  (12.2%)          
Air Products & Chemicals, Inc.   3,334    776 
Despegar.com Corp. (a)(c)   507,252    2,891 
Estee Lauder Cos., Inc., Class A   4,343    938 
Farfetch Ltd., Class A (a)   230,605    1,718 
Koninklijke Philips NV   9,055    139 
Medtronic PLC   23,725    1,916 
MercadoLibre, Inc. (a)   2,263    1,873 
Newmont Corp. (NYSE)   73,435    3,087 
Newmont Corp. (TSX)   23,638    992 
Schlumberger NV   60,828    2,184 
Vertex Pharmaceuticals, Inc. (a)   7,689    2,226 
         18,740 
Total Common Stocks (Cost $150,716)        149,117 
           
Preferred Stock  (0.8%)          
United States  (0.8%)          

Neurogenesis Ltd., Series A (a)(e)

(acquisition cost — $1,250; acquired 12/16/21) (Cost $1,250)

   30,697    1,174 
           
Investment Company  (0.4%)          
United States  (0.4%)          
Morgan Stanley China A Share Fund, Inc. (f) (Cost $1,067)   46,002    621 
           
Short-Term Investments  (1.3%)          
Securities held as Collateral on Loaned Securities  (0.6%)          
Investment Company  (0.5%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (g)   765,037    765 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 
   Face
Amount
(000)		     
Repurchase Agreements  (0.1%)          
HSBC Securities USA, Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $109; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $111)  $108    108 
Merrill Lynch & Co., Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $33; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $33)   33    33 
         141 
Total Securities held as Collateral on Loaned Securities (Cost $906)        906 

 

   Shares     
Investment Company  (0.7%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (g) (Cost $1,087)   1,086,950    1,087 
Total Short-Term Investments (Cost $1,993)        1,993 
Total Investments (99.9%) (Cost $155,026) Including $4,666 of Securities Loaned (h)(i)(j)(k)        152,905 
Other Assets in Excess of Liabilities (0.1%)        181 
Net Assets (100.0%)       $153,086 

 

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, 2022, were approximately $4,666,000 and $4,813,000, respectively. The Fund received cash collateral of approximately $919,000, of which approximately $906,000 was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $13,000. The remaining collateral of approximately $3,894,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d) Amount is less than 0.05%.
(e) At September 30, 2022, the Fund held fair valued securities valued at approximately $1,174,000, representing 0.8% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(f) The Fund invests in Morgan Stanley China A Share Fund, Inc., a closed-end management investment company advised by an affiliate of 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 Morgan Stanley China A Share Fund, Inc. For the Nine months ended September 30, 2022, advisory fees paid were reduced by approximately $9,000 relating to the Fund’s investment in the Morgan Stanley China A Share Fund, Inc.
(g) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

(h) Securities are available for collateral in connection with open foreign currency forward exchange contracts and future contracts.
(i) The approximate fair value and percentage of net assets, $95,248,000 and 62.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(j) 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, 2022, the Fund did not engage in any cross-trade transactions.
(k) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $26,796,000 and the aggregate gross unrealized depreciation is approximately $27,912,000, resulting in net unrealized depreciation of approximately $1,116,000.

@ Value is less than $500.
ADR American Depositary Receipt.
CVA Certificaten Van Aandelen.
NYSE New York Stock Exchange.
TSX Toronto Stock Exchange.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Foreign Currency Forward Exchange Contracts:

 

The Fund had the following foreign currency forward exchange contracts open at September 30, 2022:

 

Counterparty  Contracts
to
Deliver
(000)		   In
Exchange
For
(000)		   Delivery
Date		  Unrealized
Appreciation
(000)		 
Barclays Bank PLC  EUR5,186   $5,227   12/15/22  $117 
Citibank NA  EUR1,593   $1,606   12/15/22   36 
Goldman Sachs International  EUR633   $637   12/15/22   13 
                $166 

 

Futures Contracts:

 

The Fund had the following futures contracts open at September 30, 2022:  

 

    Number
of
Contracts		   Expiration
Date		   Notional
Amount
(000)		     Value
(000)		     Unrealized
Appreciation
(000)		  
Short:      
DAX EUR Index (Germany)   13   Dec-22   EUR — @   $ (3,865 )   $ 414  
Euro Stoxx 50 Index (Germany)   134   Dec-22     (1 )     (4,353 )     425  
                            $ 839  

 

EUR — Euro
USD — United States Dollar

 

 

 

 

Portfolio Composition*
 
Classification  Percentage of
Total Investments		 
Other**   53.7%
Metals & Mining   13.8 
Pharmaceuticals   9.6 
Internet & Direct Marketing Retail   6.7 
Oil, Gas & Consumable Fuels   5.8 
Personal Products   5.3 
Semiconductors & Semiconductor Equipment   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, 2022.
** Industries and/or investment types representing less than 5% of total investments.
***

Does not include open foreign currency forward exchange contracts with total unrealized appreciation of approximately $166,000, open long/short futures contracts with a value of approximately $8,218,000 and total unrealized appreciation of approximately $839,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Advantage Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

    Shares     Value
(000)		  
Common Stocks  (97.2%)                
Aerospace & Defense  (1.5%)                
Axon Enterprise, Inc. (a)     34,212     $ 3,960  
                 
Capital Markets  (0.9%)                
Coinbase Global, Inc., Class A (a)     37,485       2,417  
                 
Entertainment  (6.2%)                
ROBLOX Corp., Class A (a)     354,038       12,689  
Spotify Technology SA (a)     43,958       3,793  
              16,482  
Health Care Equipment & Supplies  (1.0%)                
Intuitive Surgical, Inc. (a)     13,335       2,500  
                 
Health Care Technology  (2.6%)                
Veeva Systems, Inc., Class A (a)     41,887       6,906  
                 
Hotels, Restaurants & Leisure  (1.6%)                
Airbnb, Inc., Class A (a)     40,393       4,243  
                 
Information Technology Services  (24.9%)                
Adyen NV (Netherlands) (a)     6,764       8,436  
Block, Inc., Class A (a)     103,398       5,686  
Cloudflare, Inc., Class A (a)     290,222       16,052  
Okta, Inc. (a)     33,392       1,899  
Shopify, Inc., Class A (Canada) (a)     382,964       10,317  
Snowflake, Inc., Class A (a)     127,605       21,688  
Twilio, Inc., Class A (a)     23,199       1,604  
              65,682  
Interactive Media & Services  (8.1%)                
IAC/InterActiveCorp (a)     23,570       1,305  
Match Group, Inc. (a)     27,432       1,310  
Pinterest, Inc., Class A (a)     191,432       4,461  
ZoomInfo Technologies, Inc., Class A (a)     344,885       14,368  
              21,444  
Internet & Direct Marketing Retail  (13.9%)                
Amazon.com, Inc. (a)     125,148       14,142  
Chewy, Inc., Class A (a)     255,617       7,852  
DoorDash, Inc., Class A (a)     130,005       6,429  
Farfetch Ltd., Class A (a)     263,596       1,964  
MercadoLibre, Inc. (a)     7,699       6,373  
              36,760  
Life Sciences Tools & Services  (1.6%)                
Illumina, Inc. (a)     21,713       4,143  
                 
Pharmaceuticals  (6.7%)                
Royalty Pharma PLC, Class A     437,307       17,571  
                 
Road & Rail  (7.2%)                
Uber Technologies, Inc. (a)     721,425       19,118  

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Advantage Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Semiconductors & Semiconductor Equipment  (5.2%)          
ASML Holding NV (Netherlands)   32,763    13,608 
           
Software  (14.3%)          
Coupa Software, Inc. (a)   42,479    2,498 
Datadog, Inc., Class A (a)   145,427    12,911 
Trade Desk, Inc., Class A (a)   308,124    18,410 
Zoom Video Communications, Inc., Class A (a)   55,105    4,055 
         37,874 
Specialty Retail  (1.5%)          
Floor & Decor Holdings, Inc., Class A (a)   57,207    4,019 
Total Common Stocks (Cost $346,544)        256,727 
           
Investment Company  (0.7%)          
Grayscale Bitcoin Trust (a) (Cost $6,521)   161,193    1,839 
           
Short-Term Investment  (1.9%)          
Investment Company  (1.9%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $5,041)   5,041,333    5,041 
Total Investments Excluding Purchased Options (99.8%) (Cost $358,106)        263,607 
Total Purchased Options Outstanding (0.9%) (Cost $1,657)        2,322 
Total Investments (100.7%) (Cost $359,763)  (c)(d)(e)(f)        265,929 
Liabilities in Excess of Other Assets (-0.7%)        (1,882)
Net Assets (100.0%)       $264,047 

 

(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, 2022, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Funds.
(c) Securities are available for collateral in connection with purchased options.
(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, 2022, the Fund did not engage in any cross-trade transactions.
(e) The approximate fair value and percentage of net assets, $8,436,000 and 3.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(f) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,937,000 and the aggregate gross unrealized depreciation is approximately $98,771,000, resulting in net unrealized depreciation of approximately $93,834,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Advantage Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Call Options Purchased:

 

The Fund had the following call options purchased open at September 30, 2022:  

 

Counterparty  Description Strike
Price		  Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Appreciation
(000)		 
Goldman Sachs International   USD/CNH CNH 7.27  Nov-22   215,952,303    215,952   $1,106   $1,037   $69 
JP Morgan Chase Bank NA   USD/CNH CNH 7.53  Jul-23   61,815,155    61,815    571    307    264 
Standard Chartered Bank   USD/CNH CNH 7.57  Aug-23   70,014,681    70,015    645    313    332 
                        $2,322   $1,657   $665 

 

CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

 

 

 

 

Portfolio Composition
 
Classification  Percentage of
Total Investments		 
Information Technology Services   24.9%
Software   14.4 
Internet & Direct Marketing Retail   13.9 
Others*   13.3 
Interactive Media & Services   8.1 
Road & Rail   7.2 
Pharmaceuticals   6.7 
Entertainment   6.3 
Semiconductors & Semiconductor Equipment   5.2 
Total Investments   100.0%

 

* Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

American Resilience Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

    Shares     Value
(000)		  
Common Stocks  (97.7%)                
Beverages  (1.8%)                
Coca-Cola Co.     267     $ 15  
                 
Capital Markets  (5.4%)                
Intercontinental Exchange, Inc.     375       34  
Moody's Corp.     48       12  
              46  
Electronic Equipment, Instruments & Components  (3.2%)                
Amphenol Corp., Class A     405       27  
                 
Health Care Equipment & Supplies  (13.9%)                
Abbott Laboratories     262       26  
Baxter International, Inc.     507       27  
Becton Dickinson & Co.     126       28  
Medtronic PLC     326       26  
Steris PLC     69       12  
              119  
Household Products  (2.8%)                
Procter & Gamble Co.     194       24  
                 
Information Technology Services  (19.6%)                
Accenture PLC, Class A     158       41  
Automatic Data Processing, Inc.     150       34  
Broadridge Financial Solutions, Inc.     164       24  
Fidelity National Information Services, Inc.     230       17  
PayPal Holdings, Inc. (a)     87       8  
Visa, Inc., Class A     250       44  
              168  
Interactive Media & Services  (2.7%)                
Alphabet, Inc., Class A (a)     240       23  
                 
Life Sciences Tools & Services  (12.7%)                
Danaher Corp.     175       45  
IQVIA Holdings, Inc. (a)     114       21  
Thermo Fisher Scientific, Inc.     84       42  
              108  
Machinery  (4.9%)                
Otis Worldwide Corp.     379       24  
Stanley Black & Decker, Inc.     242       18  
              42  
Personal Products  (2.9%)                
Estee Lauder Cos., Inc., Class A     116       25  
                 
Pharmaceuticals  (2.0%)                
Zoetis, Inc.     112       17  
                 
Professional Services  (1.9%)                
Equifax, Inc.     94       16  

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

American Resilience Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Semiconductors & Semiconductor Equipment  (2.9%)          
Texas Instruments, Inc.   162    25 
           
Software  (15.0%)          
Adobe, Inc. (a)   30    8 
Constellation Software, Inc.   20    28 
Microsoft Corp.   294    68 
Roper Technologies, Inc.   66    24 
         128 
Textiles, Apparel & Luxury Goods  (2.0%)          
NIKE, Inc., Class B   208    17 
           
Tobacco  (4.0%)          
Philip Morris International, Inc.   405    34 
Total Common Stocks (Cost $980)        834 
           
Short-Term Investment  (1.9%)          
Investment Company  (1.9%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $16)   15,524    16 
Total Investments (99.6%) (Cost $996)  (c)(d)        850 
Other Assets in Excess of Liabilities (0.4%)        4 
Net Assets (100.0%)       $854 

 

(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 period ended September 30, 2022, 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 period ended September 30, 2022, the Fund did not engage in any cross-trade transactions.
(d) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is less than $500 and the aggregate gross unrealized depreciation is approximately $146,000, resulting in net unrealized depreciation of approximately $146,000.

 

 

 

 

Portfolio Composition
 
Classification  Percentage of
Total Investments		 
Other*   33.1%
Information Technology Services   19.8 
Software   15.1 
Health Care Equipment & Supplies   13.8 
Life Sciences Tools & Services   12.8 
Capital Markets   5.4 
Total Investments   100.0%

 

* Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Asia Opportunity Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

    Shares     Value
(000)		  
Common Stocks  (97.6%)                
China  (49.1%)                
360 DigiTech, Inc.     319,723     $ 4,099  
Agora, Inc. ADR (a)     76,301       277  
China East Education Holdings Ltd. (b)     1,833,000       607  
China Resources Beer Holdings Co., Ltd. (b)     814,300       5,648  
China Resources Mixc Lifestyle Services Ltd. (b)     499,200       1,905  
Foshan Haitian Flavouring & Food Co., Ltd., Class A     768,709       8,954  
Greentown Service Group Co. Ltd. (b)     2,242,000       1,482  
Haidilao International Holding Ltd. (a)(b)(c)     4,565,000       8,855  
HUYA, Inc. ADR (a)     652,264       1,448  
Inner Mongolia Yili Industrial Group Co., Ltd., Class A     755,786       3,507  
KE Holdings, Inc. ADR (a)     748,570       13,115  
Kuaishou Technology (a)(b)     1,069,100       6,857  
Kweichow Moutai Co., Ltd., Class A     37,494       9,868  
Meituan, Class B (a)(b)     704,000       14,795  
Shenzhou International Group Holdings Ltd. (b)     492,600       3,804  
Tencent Holdings Ltd. (b)     192,200       6,492  
Trip.com Group Ltd. ADR (a)     454,194       12,404  
Tsingtao Brewery Co., Ltd. H Shares (b)     500,000       4,714  
Weimob, Inc. (a)(b)(c)     4,398,000       1,539  
Yihai International Holding Ltd. (a)(b)     464,000       977  
              111,347  
Hong Kong  (2.8%)                
AIA Group Ltd.     774,700       6,450  
                 
India  (25.0%)                
HDFC Bank Ltd.     1,232,093       21,347  
ICICI Bank Ltd. ADR     894,955       18,767  
IndusInd Bank Ltd.     740,590       10,703  
Shree Cement Ltd.     17,257       4,437  
Zomato Ltd. (a)     1,887,169       1,428  
              56,682  
Indonesia  (1.1%)                
Avia Avian Tbk PT     50,406,500       2,629  
                 
Korea, Republic of  (4.3%)                
KakaoBank Corp. (a)(c)     255,099       3,534  
NAVER Corp.     46,886       6,246  
              9,780  
Singapore  (3.8%)                
Grab Holdings Ltd., Class A (a)     2,112,134       5,555  
Sea Ltd. ADR (a)     53,159       2,979  
              8,534  
Taiwan  (5.4%)                
Nien Made Enterprise Co., Ltd.     417,000       3,292  
Silergy Corp.     188,000       2,452  
Taiwan Semiconductor Manufacturing Co., Ltd.     491,000       6,508  
              12,252  
United States  (6.1%)                
Coupang, Inc. (a)     828,880       13,817  
Total Common Stocks (Cost $251,946)             221,491  

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Asia Opportunity Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

Investment Company  (0.6%)          
United States  (0.6%)          
Grayscale Bitcoin Trust (a) (Cost $5,760)   125,562    1,433 
           
Short-Term Investments  (0.6%)          
Securities held as Collateral on Loaned Securities  (0.4%)          
Investment Company  (0.3%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (d)   676,214    676 

 

   Face
Amount
(000)		     
Repurchase Agreements  (0.1%)          
HSBC Securities USA, Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $96; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $98)  $96    96 
Merrill Lynch & Co., Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $29; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $29)   29    29 
         125 
Total Securities held as Collateral on Loaned Securities (Cost $801)        801 

 

   Shares     
Investment Company  (0.2%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $431)   430,970    431 
Total Short-Term Investments (Cost $1,232)        1,232 
Total Investments (98.8%) (Cost $258,938) Including $12,162 of Securities Loaned (e)(f)(g)        224,156 
Other Assets in Excess of Liabilities (1.2%)        2,759 
Net Assets (100.0%)       $226,915 

 

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, 2022, were approximately $12,162,000 and $13,355,000, respectively. The Fund received cash collateral of approximately $812,000, of which approximately $801,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $11,000. The remaining collateral of approximately $12,543,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2022, advisory fees paid were reduced by approximately $5,000 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, 2022, the Fund did not engage in any cross-trade transactions.
(f) The approximate fair value and percentage of net assets, $149,030,000 and 65.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(g) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $45,441,000 and the aggregate gross unrealized depreciation is approximately $80,223,000, resulting in net unrealized depreciation of approximately $34,782,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition*
 
Classification   Percentage of
Total Investments		  
Banks     24.3 %
Others**     22.1  
Internet & Direct Marketing Retail     13.5  
Hotels, Restaurants & Leisure     9.5  
Beverages     9.1  
Interactive Media & Services     8.8  
Real Estate Management & Development     6.7  
Food Products     6.0  
Total Investments     100.0 %

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** 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, 2022 (unaudited)

 

    Shares     Value
(000)		  
Common Stocks  (84.3%)                
Automobiles  (0.3%)                
BYD Co., Ltd. H Shares (a)     1,000     $ 25  
                 
Banks  (4.0%)                
China Merchants Bank Co., Ltd. H Shares (a)     66,000       305  
                 
Beverages  (11.7%)                
China Resources Beer Holdings Co., Ltd. (a)     42,000       291  
Kweichow Moutai Co., Ltd., Class A     1,900       500  
Nongfu Spring Co. Ltd. (a)     17,600       102  
              893  
Electrical Equipment  (2.2%)                
NARI Technology Co. Ltd., Class A     48,840       170  
                 
Entertainment  (1.1%)                
Mango Excellent Media Co. Ltd., Class A     24,700       86  
                 
Food Products  (5.7%)                
China Mengniu Dairy Co., Ltd. (a)     43,000       170  
Anjoy Foods Group Co. Ltd., Class A     9,900       216  
Toly Bread Co. Ltd., Class A     26,140       49  
              435  
Health Care Equipment & Supplies  (2.1%)                
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A     3,900       164  
                 
Household Durables  (2.6%)                
Midea Group Co. Ltd., Class A     28,400       197  
                 
Interactive Media & Services  (13.8%)                
Tencent Holdings Ltd. (a)     31,200       1,054  
                 
Internet & Direct Marketing Retail  (16.7%)                
Alibaba Group Holding Ltd. (a)(b)     30,028       300  
Meituan, Class B (a)(b)     29,900       628  
Pinduoduo, Inc. ADR (b)     5,536       346  
              1,274  
Life Sciences Tools & Services  (3.6%)                
WuXi AppTec Co. Ltd. (a)     9,500       76  
Wuxi Biologics Cayman, Inc. (a)(b)     33,500       199  
              275  
Machinery  (2.0%)                
Jiangsu Hengli Hydraulic Co. Ltd., Class A     16,100       103  
Yijiahe Technology Co. Ltd.     8,900       50  
              153  
Personal Products  (3.3%)                
Proya Cosmetics Co. Ltd., Class A     8,640       198  
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A     2,100       51  
              249  

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

China Equity Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Real Estate Management & Development  (2.6%)          
KE Holdings, Inc. ADR (b)   11,449    201 
           
Semiconductors & Semiconductor Equipment  (1.8%)          
LONGi Green Energy Technology Co. Ltd., Class A   19,920    134 
           
Specialty Retail  (4.1%)          
China Tourism Group Duty Free Corp. Ltd., Class A (a)(b)   8,100    204 
Pop Mart International Group Ltd.   58,600    107 
         311 
Textiles, Apparel & Luxury Goods  (6.7%)          
Anta Sports Products Ltd. (a)   15,200    160 
Li Ning Co., Ltd. (a)   28,000    212 
Shenzhou International Group Holdings Ltd. (a)   18,100    140 
         512 
Total Common Stocks (Cost $8,847)        6,438 

 

   No. of
Warrants		     
Warrant  (1.1%)          
Capital Markets  (1.1%)          
UBS AG London, expires 10/12/22 (Cost $58)   4,028    79 

 

    Shares        
Short-Term Investment  (14.5%)                
Investment Company  (14.5%)                
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (c) (Cost $1,109)     1,109,157       1,109  
Total Investments (99.9%) (Cost $10,014)  (d)(e)(f)             7,626  
Other Assets in Excess of Liabilities (0.1%)             10  
Net Assets (100.0%)           $ 7,636  

 

(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, 2022, 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, 2022, the Fund did not engage in any cross-trade transactions
(e) The approximate fair value and percentage of net assets, $5,687,000 and 74.5%, 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.
(f) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $366,000 and the aggregate gross unrealized depreciation is approximately $2,754,000, resulting in net unrealized depreciation of approximately $2,388,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition
 
Classification  Percentage of
Total Investments		 
Others*   30.9%
Internet & Direct Marketing Retail   16.7 
Short-Term Investments   14.5 
Interactive Media & Services   13.8 
Beverages   11.7 
Textiles, Apparel & Luxury Goods   6.7 
Food Products   5.7 
Total Investments   100.0%

 

* Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (96.7%)          
Argentina  (0.2%)          
Globant SA (a)   106   $20 
           
Australia  (0.6%)          
Brookfield Infrastructure Partners LP   1,350    49 
           
Belgium  (0.1%)          
Argenx SE ADR (a)   30    11 
           
Brazil  (0.5%)          
B3 SA - Brasil Bolsa Balcao   723    2 
Magazine Luiza SA (a)   4,334    3 
NU Holdings Ltd., Class A (a)   5,175    23 
Vale SA   768    10 
         38 
Canada  (5.3%)          
Brookfield Asset Management, Inc., Class A   1,279    52 
Canada Goose Holdings, Inc. (a)   2,056    31 
Canadian National Railway Co.   445    48 
Colliers International Group, Inc.   232    21 
Constellation Software, Inc.   63    88 
FirstService Corp.   118    14 
Shopify, Inc., Class A (a)   5,706    154 
Topicus.com, Inc. (a)   907    44 
         452 
China  (2.0%)          
360 DigiTech, Inc.   244    3 
Agora, Inc. ADR (a)   36    —@
China East Education Holdings Ltd. (b)   2,000    1 
China Resources Mixc Lifestyle Services Ltd. (b)   400    1 
Foshan Haitian Flavouring & Food Co., Ltd., Class A   3,289    38 
Greentown Service Group Co. Ltd. (b)   2,000    1 
Haidilao International Holding Ltd. (a)(b)   4,000    8 
HUYA, Inc. ADR (a)   525    1 
Inner Mongolia Yili Industrial Group Co., Ltd., Class A   400    2 
KE Holdings, Inc. ADR (a)   581    10 
Kuaishou Technology (a)(b)   1,200    8 
Meituan, Class B (a)(b)   2,500    52 
Shenzhou International Group Holdings Ltd. (b)   500    4 
Tencent Holdings Ltd. (b)   200    7 
Trip.com Group Ltd. ADR (a)   1,082    30 
Weimob, Inc. (a)(b)   2,000    1 
         167 
Denmark  (2.3%)          
Chr Hansen Holding AS   746    37 
DSV AS   1,274    149 
Novo Nordisk AS Series B   54    5 
         191 
France  (2.8%)          
Christian Dior SE   47    27 
EssilorLuxottica SA   256    35 
Hermes International   98    115 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

L'Oreal SA   43    14 
Pernod Ricard SA   165    30 
Remy Cointreau SA   90    15 
         236 
Germany  (1.2%)          
Adidas AG   534    61 
HelloFresh SE (a)   946    20 
Puma SE   509    24 
         105 
Hong Kong  (0.4%)          
AIA Group Ltd.   4,000    33 
           
India  (3.7%)          
HDFC Bank Ltd. ADR   4,132    241 
ICICI Bank Ltd. ADR   2,642    56 
IndusInd Bank Ltd.   681    10 
Shree Cement Ltd.   18    5 
Zomato Ltd. (a)   1,718    1 
         313 
Indonesia  (0.0%) (c)          
Avia Avian Tbk PT   50,400    3 
           
Israel  (1.4%)          
Global-e Online Ltd. (a)   4,549    122 
           
Italy  (2.1%)          
Brunello Cucinelli SpA   305    15 
Davide Campari-Milano NV   4,484    40 
Ferrari NV   54    10 
Moncler SpA   2,675    109 
         174 
Japan  (1.8%)          
Change, Inc.   600    8 
Keyence Corp.   300    99 
Nintendo Co., Ltd.   1,000    41 
         148 
Korea, Republic of  (0.3%)          
KakaoBank Corp. (a)   553    7 
NAVER Corp.   126    17 
         24 
Mexico  (0.0%) (c)          
Grupo Aeroportuario del Sureste SAB de CV, Class B   70    1 
           
Netherlands  (4.4%)          
Adyen NV (a)   119    148 
ASML Holding NV   145    60 
ASML Holding NV (Registered)   324    135 
Basic-Fit NV (a)   677    20 
Universal Music Group NV   559    11 
         374 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Norway  (0.1%)          
AutoStore Holdings Ltd. (a)   7,640    8 
Kahoot! ASA (a)   935    2 
         10 
Singapore  (2.8%)          
Grab Holdings Ltd., Class A (a)   41,809    110 
Sea Ltd. ADR (a)   2,320    130 
         240 
Sweden  (0.6%)          
Evolution AB   371    29 
Kinnevik AB, Class B (a)   902    12 
Vitrolife AB   693    10 
         51 
Switzerland  (1.0%)          
Kuehne & Nagel International AG (Registered)   169    35 
On Holding AG, Class A (a)   1,194    19 
Straumann Holding AG (Registered)   354    32 
         86 
Taiwan  (0.7%)          
Taiwan Semiconductor Manufacturing Co., Ltd.   4,000    53 
Taiwan Semiconductor Manufacturing Co., Ltd. ADR   41    3 
         56 
United Kingdom  (3.4%)          
Abcam PLC (a)   366    5 
Angle PLC (a)   3,416    2 
Atlassian Corp., PLC, Class A (a)   135    28 
Babcock International Group PLC (a)   9,668    30 
Deliveroo PLC (a)   7,076    7 
Diageo PLC   710    30 
Fevertree Drinks PLC   288    3 
Rentokil Initial PLC   8,518    45 
Rightmove PLC   6,118    33 
Victoria PLC (a)   20,643    102 
         285 
United States  (59.0%)          
10X Genomics, Inc., Class A (a)   1,837    52 
23andMe Holding Co. (a)   1,481    4 
Adobe, Inc. (a)   144    40 
Affirm Holdings, Inc. (a)   4,985    93 
Agilon health, Inc. (a)   9,197    215 
Airbnb, Inc., Class A (a)   13    1 
Alignment Healthcare, Inc. (a)   406    5 
Alnylam Pharmaceuticals, Inc. (a)   1    —@
Alphabet, Inc., Class A (a)   126    12 
Amazon.com, Inc. (a)   1,073    121 
American Tower Corp. REIT   4    1 
Anterix, Inc. (a)   944    34 
Appian Corp. (a)   1,423    58 
AppLovin Corp., Class A (a)   772    15 
ATAI Life Sciences NV (a)   1,088    4 
Aurora Innovation, Inc. (a)   2,300    5 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

AutoZone, Inc. (a)   2    4 
Axon Enterprise, Inc. (a)   371    43 
Ball Corp.   49    2 
BARK, Inc. (a)   2,423    4 
Beam Therapeutics, Inc. (a)   95    4 
Berkshire Hathaway, Inc., Class B (a)   21    6 
Big Sky Growth Partners, Inc. (Units) SPAC (d)   1,189    12 
Bill.Com Holdings, Inc. (a)   1,113    147 
Block, Inc., Class A (a)   784    43 
Brown & Brown, Inc.   201    12 
Cadence Design Systems, Inc. (a)   5    1 
Calix, Inc. (a)   379    23 
Carvana Co. (a)   3,471    70 
Celsius Holdings, Inc. (a)   51    5 
Chewy, Inc., Class A (a)   613    19 
Cintas Corp.   3    1 
Cipher Mining, Inc. (a)   3,034    4 
Clear Secure, Inc., Class A (a)   633    14 
Clearwater Analytics Holdings, Inc. (a)   339    6 
Cloudflare, Inc., Class A (a)   4,150    229 
Coinbase Global, Inc., Class A (a)   300    19 
Confluent, Inc., Class A (a)   440    10 
Copart, Inc. (a)   7    1 
CoStar Group, Inc. (a)   12    1 
Coupa Software, Inc. (a)   25    1 
Coupang, Inc. (a)   11,249    187 
Cricut, Inc., Class A (a)   10,690    99 
Danaher Corp.   49    13 
Datadog, Inc., Class A (a)   1,332    118 
Dexcom, Inc. (a)   6    —@
Dlocal Ltd. (a)   2,055    42 
Domino's Pizza, Inc.   7    2 
DoorDash, Inc., Class A (a)   1,954    97 
Doximity, Inc., Class A (a)   3,777    114 
DraftKings, Inc., Class A (a)   582    9 
Duolingo, Inc. (a)   217    21 
Ecolab, Inc.   23    3 
Endeavor Group Holdings, Inc., Class A (a)   657    13 
EVI Industries, Inc. (a)   256    5 
Farfetch Ltd., Class A (a)   6,085    45 
Fastenal Co.   12    1 
Fastly, Inc., Class A (a)   6,608    60 
Fate Therapeutics, Inc. (a)   169    4 
Figs, Inc., Class A (a)   1,295    11 
Floor & Decor Holdings, Inc., Class A (a)   1,289    91 
GH Research PLC (a)   313    4 
Ginkgo Bioworks Holdings, Inc. (a)   5,985    19 
Gitlab, Inc., Class A (a)   1,389    71 
Guardant Health, Inc. (a)   674    36 
HashiCorp, Inc., Class A (a)   383    12 
HEICO Corp., Class A   130    15 
Heliogen, Inc. (a)   3,664    7 
Home Depot, Inc.   8    2 
IAC/InterActiveCorp (a)   7    —@
IDEXX Laboratories, Inc. (a)   2    1 
Illumina, Inc. (a)   21    4 
Inspire Medical Systems, Inc. (a)   22    4 
Intellia Therapeutics, Inc. (a)   380    21 
Intercontinental Exchange, Inc.   147    13 
Intuit, Inc.   12    5 
Intuitive Surgical, Inc. (a)   80    15 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Joby Aviation, Inc. (a)   815    3 
Linde PLC   17    5 
Martin Marietta Materials, Inc.   2    1 
Mastercard, Inc., Class A   100    28 
Match Group, Inc. (a)   9    —@
MaxCyte, Inc. (a)   914    6 
McCormick & Co., Inc.   9    1 
McDonald's Corp.   7    2 
Meli Kaszek Pioneer Corp., SPAC (a)   1,766    17 
Membership Collective Group, Inc., Class A (a)   1,634    8 
MercadoLibre, Inc. (a)   245    203 
Meta Platforms, Inc., Class A (a)   388    53 
MicroStrategy, Inc., Class A (a)   45    10 
Moderna, Inc. (a)   22    3 
MongoDB, Inc. (a)   187    37 
MP Materials Corp. (a)   141    4 
MSCI, Inc.   26    11 
NanoString Technologies, Inc. (a)   189    2 
Netflix, Inc. (a)   5    1 
NVR, Inc. (a)   3    12 
Oak Street Health, Inc. (a)   260    6 
Okta, Inc. (a)   12    1 
Olo, Inc., Class A (a)   2,856    23 
Opendoor Technologies, Inc. (a)   522    2 
Outset Medical, Inc. (a)   170    3 
Overstock.com, Inc. (a)   3,953    96 
Peloton Interactive, Inc., Class A (a)   4,136    29 
Pinterest, Inc., Class A (a)   61    1 
Pool Corp.   41    13 
Privia Health Group, Inc. (a)   557    19 
Procore Technologies, Inc. (a)   647    32 
Progressive Corp.   298    35 
ProKidney Corp. (a)   3,802    34 
Redfin Corp. (a)   269    2 
Rivian Automotive, Inc., Class A (a)   141    5 
ROBLOX Corp., Class A (a)   3,186    114 
Rollins, Inc.   131    5 
Roper Technologies, Inc.   2    1 
Royal Gold, Inc.   132    12 
Royalty Pharma PLC, Class A   6,921    278 
S&P Global, Inc.   46    14 
Salesforce, Inc. (a)   652    94 
Samsara, Inc., Class A (a)   3,836    46 
Schrodinger, Inc. (a)   188    5 
Seer, Inc. (a)   452    3 
Senti Biosciences, Inc. (a)(e)   124    —@
Senti Biosciences, Inc. Founder Shares (a)(e)   298    1 
Service Corp. International   237    14 
ServiceNow, Inc. (a)   307    116 
Sherwin-Williams Co.   7    1 
Snowflake, Inc., Class A (a)   1,915    326 
SomaLogic, Inc. (a)   779    2 
Spotify Technology SA (a)   407    35 
Standard BioTools, Inc. (a)   2,078    2 
Starbucks Corp.   10    1 
Synopsys, Inc. (a)   2    1 
TCV Acquisition Corp., Class A SPAC (a)   684    7 
Texas Pacific Land Corp.   16    28 
Thermo Fisher Scientific, Inc.   2    1 
TJX Cos., Inc.   40    2 
Trade Desk, Inc., Class A (a)   2,910    174 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

TransDigm Group, Inc.   5    3 
Trupanion, Inc. (a)   65    4 
Twilio, Inc., Class A (a)   8    1 
Tyler Technologies, Inc. (a)   6    2 
Uber Technologies, Inc. (a)   6,405    170 
Unity Software, Inc. (a)   490    16 
Upstart Holdings, Inc. (a)   524    11 
Upwork, Inc. (a)   257    3 
UTZ Brands, Inc.   1,083    16 
Veeva Systems, Inc., Class A (a)   338    56 
Visa, Inc., Class A   195    35 
Walt Disney Co. (a)   558    53 
Warby Parker, Inc., Class A (a)   311    4 
Waste Connections, Inc.   82    11 
Watsco, Inc.   4    1 
Wayfair, Inc., Class A (a)   367    12 
WeWork, Inc., Class A REIT (a)   1,985    5 
XPEL, Inc. (a)   182    12 
Zillow Group, Inc., Class A (a)   135    4 
Zoetis, Inc.   4    1 
Zoom Video Communications, Inc., Class A (a)   82    6 
ZoomInfo Technologies, Inc., Class A (a)   1,457    61 
Zymergen, Inc. (a)   1,361    4 
         4,987 
Total Common Stocks (Cost $9,564)        8,176 
           
Preferred Stock  (0.4%)          
United States  (0.4%)          
Databricks, Inc. (a)(e)(f)
(acquisition cost — $44 ; acquired 8/31/21) (Cost $44)		   594    35 
           
Investment Companies  (0.9%)          
United Kingdom  (0.1%)          
Hipgnosis Songs Fund Ltd.   8,120    8 
           
United States  (0.8%)          
Grayscale Bitcoin Trust (a)   5,535    63 
Total Investment Companies (Cost $261)        71 
           
Warrants  (0.0%) (c)          
United States  (0.0%) (c)          
BARK, Inc. expires 5/1/26 (a)   373    —@
Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a)   261    —@
SomaLogic, Inc. expires 8/31/26 (a)   96    —@
Total Warrants (Cost $3)        —@
           
Short-Term Investment  (1.2%)          
Investment Company  (1.2%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (g) (Cost $99)   99,216    99 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Total Investments Excluding Purchased Options (99.2%) (Cost $9,971)        8,381 
Total Purchased Options Outstanding (0.5%) (Cost $31)        46 
Total Investments (99.7%) (Cost $10,002)  (h)(i)(j)(k)        8,427 
Other Assets in Excess of Liabilities (0.3%)        25 
Net Assets (100.0%)       $8,452 

 

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) Amount is less than 0.05%.
(d) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(e) 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, 2022 amounts to approximately $36,000 and represents 0.4% of net assets.
(f) At September 30, 2022, the Fund held a fair valued security valued at approximately $35,000, representing 0.4% 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.
(g) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2022, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds.
(h)

The approximate fair value and percentage of net assets, $1,729,000 and 20.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(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, 2022, the Fund did not engage in any cross-trade transactions.
(j) Securities are available for collateral in connection with purchased options.
(k) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $920,000 and the aggregate gross unrealized depreciation is approximately $2,495,000, resulting in net unrealized depreciation of approximately $1,575,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.
SPAC Special Purpose Acquisition Company.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Call Options Purchased:

 

The Fund had the following call options purchased open at September 30, 2022:

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		  Notional
Amount
(000)		  Value
(000)		  Premiums
Paid
(000)		  Unrealized
Appreciation
(000)		 
JP Morgan Chase Bank NA  USD/CNH  CNH 7.57  Aug - 23  1,500,000  1,500  $14  $6  $8 
JP Morgan Chase Bank NA  USD/CNH  CNH 7.53  Jul - 23  1,262,701  1,263   11   6   5 
Goldman Sachs International  USD/CNH  CNH 7.27  Nov - 22  4,041,028  4,041   21   19   2 
                    $46  $31  $15 

 

CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

 

 

 

 

Portfolio Composition
 
Classification  Percentage of
Total Investments		 
Other*   59.3%
Information Technology Services   14.6 
Software   14.6 
Internet & Direct Marketing Retail   11.5 
Total Investments   100.0%

 

*Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Developing Opportunity Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

    Shares     Value
(000)		  
Common Stocks  (97.5%)                
Argentina  (5.0%)                
Globant SA (a)     22,315     $ 4,175  
                 
Brazil  (6.8%)                
B3 SA - Brasil Bolsa Balcao     642,115       1,553  
Magazine Luiza SA (a)     2,451,735       2,036  
NU Holdings Ltd., Class A (a)     488,509       2,149  
              5,738  
China  (32.8%)                
360 DigiTech, Inc.     80,997       1,038  
China East Education Holdings Ltd. (b)     644,500       213  
China Resources Beer Holdings Co., Ltd. (b)     218,000       1,512  
China Resources Mixc Lifestyle Services Ltd. (b)     195,600       747  
Foshan Haitian Flavouring & Food Co., Ltd., Class A     211,239       2,460  
Haidilao International Holding Ltd. (a)(b)     1,196,000       2,320  
HUYA, Inc. ADR (a)     189,048       420  
KE Holdings, Inc. ADR (a)     195,489       3,425  
Kuaishou Technology (a)(b)     278,700       1,788  
Kweichow Moutai Co., Ltd., Class A     10,889       2,866  
Meituan, Class B (a)(b)     217,800       4,577  
Shenzhou International Group Holdings Ltd. (b)     123,500       954  
Tencent Holdings Ltd. (b)     50,000       1,689  
Trip.com Group Ltd. ADR (a)     122,164       3,336  
Yihai International Holding Ltd. (a)(b)     125,000       263  
              27,608  
India  (24.4%)                
HDFC Bank Ltd.     384,437       6,660  
ICICI Bank Ltd. ADR     348,581       7,310  
IndusInd Bank Ltd.     296,144       4,280  
Shree Cement Ltd.     6,694       1,721  
Zomato Ltd. (a)     719,342       544  
              20,515  
Indonesia  (2.2%)                
Avia Avian Tbk PT     35,138,500       1,833  
                 
Korea, Republic of  (4.3%)                
KakaoBank Corp. (a)     91,980       1,274  
NAVER Corp.     17,853       2,378  
              3,652  
Mexico  (1.5%)                
Grupo Aeroportuario del Sureste SAB de CV, Class B     62,945       1,240  
                 
Singapore  (3.8%)                
Grab Holdings Ltd., Class A (a)     809,917       2,130  
Sea Ltd. ADR (a)     19,769       1,108  
              3,238  
Taiwan  (4.9%)                
Nien Made Enterprise Co., Ltd.     76,000       600  
Silergy Corp.     74,000       965  
Taiwan Semiconductor Manufacturing Co., Ltd.     191,000       2,532  
              4,097  

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Developing Opportunity Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

United States  (11.8%)          
Coupang, Inc. (a)   283,189    4,721 
MercadoLibre, Inc. (a)   6,255    5,178 
         9,899 
Total Common Stocks (Cost $100,223)        81,995 
           
Investment Company (0.8%)          
United States  (0.8%)          
Grayscale Bitcoin Trust (a) (Cost $2,794)   60,795    694 
           
Short-Term Investment  (0.7%)          
Investment Company  (0.7%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $572)   571,616    572 
Total Investments (99.0%) (Cost $103,589)  (d)(e)(f)        83,261 
Other Assets in Excess of Liabilities (1.0%)        872 
Net Assets (100.0%)       $84,133 

 

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, 2022, 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, $42,176,000 and 50.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(e) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions.
(f) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $8,965,000 and the aggregate gross unrealized depreciation is approximately $29,293,000, resulting in net unrealized depreciation of approximately $20,328,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition
 
Classification   Percentage of
Total Investments		  
Others*     26.8 %
Banks     26.0  
Internet & Direct Marketing Retail     18.1  
Interactive Media & Services     7.0  
Hotels, Restaurants & Leisure     6.8  
Beverages     5.3  
Information Technology Services     5.0  
Real Estate Management & Development     5.0  
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, 2022 (unaudited)

 

    Shares     Value
(000)		  
Common Stocks  (98.2%)                
Brazil  (6.3%)                
Cia Brasileira de Aluminio     999,549     $ 2,120  
Itau Unibanco Holding SA (Preference)     2,061,055       10,721  
Lojas Renner SA     1,576,169       8,138  
Petroleo Brasileiro SA (Preference)     915,285       5,056  
Raia Drogasil SA     582,219       2,453  
              28,488  
China  (19.6%)                
Alibaba Group Holding Ltd. (a)(b)     698,100       6,966  
BYD Co., Ltd. H Shares (b)     202,500       4,989  
China Construction Bank Corp. H Shares (b)     16,798,120       9,696  
China Mengniu Dairy Co., Ltd. (b)     1,528,000       6,040  
China Merchants Bank Co., Ltd. H Shares (b)     1,337,500       6,190  
China Resources Beer Holdings Co., Ltd. (b)     950,000       6,590  
China Tourism Group Duty Free Corp. Ltd. (a)(b)     97,300       2,446  
Hua Hong Semiconductor Ltd. (a)(b)     313,000       709  
JD.com, Inc., Class A (b)     107,123       2,702  
Jiangsu Hengrui Medicine Co., Ltd., Class A     432,759       2,133  
Kweichow Moutai Co., Ltd., Class A     21,749       5,724  
Li Ning Co., Ltd. (b)     469,000       3,559  
Meituan, Class B (a)(b)     159,700       3,356  
NARI Technology Co. Ltd., Class A     309,900       1,081  
Postal Savings Bank of China Co. Ltd. (b)     3,802,000       2,235  
Proya Cosmetics Co. Ltd., Class A     102,720       2,356  
Shenzhou International Group Holdings Ltd. (b)     509,900       3,937  
Sungrow Power Supply Co. Ltd.     161,795       2,506  
Tencent Holdings Ltd. (b)     354,600       11,977  
Will Semiconductor Co. Ltd. Shanghai     56,025       630  
Zijin Mining Group Co., Ltd. H Shares (b)     1,978,000       1,914  
              87,736  
Czech Republic  (1.0%)                
Komercni Banka AS     174,015       4,352  
                 
Germany  (0.9%)                
Infineon Technologies AG     181,209       3,966  
                 
India  (23.4%)                
Asian Paints Ltd.     83,618       3,418  
Bajaj Auto Ltd.     119,845       5,171  
Eicher Motors Ltd.     78,283       3,507  
Gland Pharma Ltd. (a)     71,656       1,835  
HDFC Bank Ltd. ADR     166,841       9,747  
Hindalco Industries Ltd.     1,451,379       6,880  
Housing Development Finance Corp., Ltd.     175,786       4,904  
ICICI Bank Ltd.     1,252,549       13,151  
ICICI Prudential Life Insurance Co., Ltd.     583,772       3,748  
Infosys Ltd.     357,609       6,130  
Infosys Ltd. ADR     89,133       1,513  
Macrotech Developers Ltd. (a)     113,273       1,277  
Mahindra & Mahindra Financial Services Ltd.     1,574,904       3,555  
Mahindra & Mahindra Ltd.     375,621       5,811  
MakeMyTrip Ltd. (a)     80,289       2,465  
Max Healthcare Institute Ltd. (a)     802,072       4,000  
Reliance Industries Ltd.     474,411       13,768  
Shree Cement Ltd.     8,726       2,244  

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Star Health & Allied Insurance Co. Ltd. (a)   326,855    2,816 
State Bank of India   1,358,208    8,796 
         104,736 
Indonesia  (3.2%)          
Bank Central Asia Tbk PT   11,599,100    6,475 
Bank Mandiri Persero Tbk PT   8,680,800    5,330 
Bank Rakyat Indonesia Persero Tbk PT   8,452,200    2,474 
         14,279 
Korea, Republic of  (8.7%)          
KB Financial Group, Inc.   144,772    4,372 
Kia Corp.   49,779    2,478 
LG Chem Ltd.   7,220    2,666 
NAVER Corp.   11,819    1,574 
Samsung Electronics Co., Ltd.   513,797    18,866 
Samsung SDI Co., Ltd.   9,434    3,549 
SK Hynix, Inc.   100,537    5,751 
         39,256 
Mexico  (4.7%)          
Grupo Financiero Banorte SAB de CV Series O   1,854,603    11,909 
Wal-Mart de Mexico SAB de CV   2,627,372    9,227 
         21,136 
Panama  (1.8%)          
Copa Holdings SA, Class A (a)   120,286    8,060 
           
Poland  (1.5%)          
Dino Polska SA (a)   32,356    1,960 
LPP SA   2,988    4,661 
         6,621 
Portugal  (1.2%)          
Galp Energia SGPS SA   548,964    5,282 
           
South Africa  (6.2%)          
Anglo American Platinum Ltd.   82,449    5,848 
Anglo American PLC   354,826    10,639 
Capitec Bank Holdings Ltd.   72,534    6,214 
Sanlam Ltd.   513,120    1,451 
Woolworths Holdings Ltd. (c)   1,070,129    3,596 
         27,748 
Taiwan  (12.9%)          
Airtac International Group   254,448    5,822 
CTBC Financial Holding Co., Ltd.   6,225,000    3,873 
Delta Electronics, Inc.   1,110,000    8,817 
Silergy Corp.   200,000    2,609 
Taiwan Semiconductor Manufacturing Co., Ltd.   1,643,205    21,781 
Taiwan Semiconductor Manufacturing Co., Ltd. ADR   196,971    13,504 
Voltronic Power Technology Corp.   32,000    1,407 
         57,813 
Thailand  (0.5%)          
Ngern Tid Lor PCL   3,244,369    2,312 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

United Kingdom  (2.8%)          
Antofagasta PLC   407,105    4,989 
Mondi PLC   504,636    7,789 
         12,778 
United States  (3.5%)          
EPAM Systems, Inc. (a)   14,423    5,224 
MercadoLibre, Inc. (a)   6,800    5,629 
NIKE, Inc., Class B   22,147    1,841 
NVIDIA Corp.   24,109    2,926 
         15,620 
Total Common Stocks (Cost $450,509)        440,183 
           
Short-Term Investment  (2.4%)          
Investment Company  (2.4%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (d) (Cost $10,951)   10,951,073    10,951 
Total Investments (100.6%) (Cost $461,460) Including $501 of Securities Loaned (e)(f)(g)        451,134 
Liabilities in Excess of Other Assets (-0.6%)        (2,899)
Net Assets (100.0%)       $448,235 

 

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, 2022, were approximately $501,000 and $535,000, respectively. The Fund received non-cash collateral of approximately $535,000 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 - 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, 2022, advisory fees paid were reduced by approximately $12,000 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, 2022, the Fund did not engage in any cross-trade transactions.
(f) The approximate fair value and percentage of net assets, $337,204,000 and 75.2%, 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.
(g) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $65,033,000 and the aggregate gross unrealized depreciation is approximately $75,359,000, resulting in net unrealized depreciation of approximately $10,326,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition
 
Classification  Percentage of
Total Investments		 
Other*   53.1%
Banks   22.9 
Semiconductors & Semiconductor Equipment   11.5 
Metals & Mining   7.2 
Oil, Gas & Consumable Fuels   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 Leaders Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

    Shares     Value
(000)		  
Common Stocks  (95.2%)                
Argentina  (5.7%)                
Globant SA (a)     85,213     $ 15,942  
                 
Brazil  (3.3%)                
NU Holdings Ltd., Class A (Cayman Island) (a)     302,085       1,329  
Pagseguro Digital Ltd., Class A (a)     591,699       7,828  
              9,157  
China  (22.5%)                
BYD Co., Ltd. H Shares (b)     191,000       4,705  
Contemporary Amperex Technology Co. Ltd.     21,500       1,211  
Kingdee International Software Group Co., Ltd. (a)(b)     4,928,000       6,423  
Li Ning Co., Ltd. (b)     2,381,500       18,070  
Luzhou Laojiao Co. Ltd., Class A     9,800       318  
Proya Cosmetics Co. Ltd., Class A     527,628       12,100  
Shenzhou International Group Holdings Ltd. (b)     1,434,500       11,077  
Wuliangye Yibin Co., Ltd., Class A     395,189       9,401  
              63,305  
Germany  (3.6%)                
Delivery Hero SE (a)     274,931       10,043  
                 
India  (37.1%)                
Aarti Industries Ltd.     1,537,300       13,998  
AU Small Finance Bank Ltd. (a)     1,810,419       13,679  
Avenue Supermarts Ltd. (a)     79,498       4,253  
Bajaj Finance Ltd.     248,993       22,247  
Dixon Technologies India Ltd.     171,707       9,150  
ICICI Bank Ltd.     1,519,024       15,949  
IIFL Wealth Management Ltd.     341,710       7,684  
KEI Industries Ltd.     438,499       7,726  
SBI Cards & Payment Services Ltd.     629,279       7,020  
SRF Ltd.     5,828       178  
Titan Co. Ltd.     49,104       1,561  
Trent Ltd.     35,820       621  
              104,066  
Singapore  (1.3%)                
TDCX, Inc. ADR (a)     392,451       3,677  
                 
Taiwan  (12.1%)                
Chailease Holding Co., Ltd.     1,782,900       10,184  
Silergy Corp.     348,000       4,538  
Taiwan Semiconductor Manufacturing Co., Ltd.     629,000       8,338  
Voltronic Power Technology Corp.     250,334       11,010  
              34,070  
United States  (9.6%)                
MercadoLibre, Inc. (a)     26,199       21,687  

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Leaders Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Thoughtworks Holding, Inc. (a)   498,658    5,231 
         26,918 
Total Common Stocks (Cost $325,420)        267,178 
           
Short-Term Investment  (5.2%)          
Investment Company  (5.2%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (c) (Cost $14,742)   14,742,285    14,742 
Total Investments (100.4%) (Cost $340,162)  (d)(e)(f)        281,920 
Liabilities in Excess of Other Assets (-0.4%)        (994)
Net Assets (100.0%)       $280,926 

 

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

 

(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, 2022, advisory fees paid were reduced by approximately $14,000 relating to the Fund's investment in the Liquidity Funds.
(d) The approximate fair value and percentage of net assets, $211,484,000 and 75.3%, 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.
(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, 2022, the Fund did not engage in any cross-trade transactions.
(f) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,814,000 and the aggregate gross unrealized depreciation is approximately $74,056,000, resulting in net unrealized depreciation of approximately $58,242,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition
 
Classification  Percentage of
Total Investments		 
Others*   27.6%
Information Technology Services   11.6 
Internet & Direct Marketing Retail   11.2 
Banks   11.0 
Textiles, Apparel & Luxury Goods   10.9 
Consumer Finance   10.4 
Electrical Equipment   7.1 
Short-Term Investments   5.2 
Chemicals   5.0 
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, 2022 (unaudited)

 

  Shares  Value
(000)		  
Common Stocks  (99.6%)          
China  (8.2%)          
NetEase, Inc. ADR  50,050   $3,784  
Tencent Holdings Ltd. ADR  82,845    2,802  
        6,586  
France  (8.2%)          
LVMH Moet Hennessy Louis Vuitton SE ADR  55,851    6,563  
           
India  (7.0%)          
HDFC Bank Ltd. ADR  95,516    5,580  
           
Italy  (6.4%)          
Ferrari NV  27,733    5,131  
           
Taiwan  (6.0%)          
Taiwan Semiconductor Manufacturing Co., Ltd. ADR  69,998    4,799  
           
United States  (63.8%)          
Ameriprise Financial, Inc.  13,851    3,490  
Costco Wholesale Corp.  8,772    4,143  
Danaher Corp.  21,988    5,679  
Estee Lauder Cos., Inc. Class A  2,768    598  
JPMorgan Chase & Co.  9,925    1,037  
Mastercard, Inc., Class A  8,152    2,318  
Microsoft Corp.  27,791    6,473  
NextEra Energy, Inc.  43,456    3,407  
Pool Corp.  13,608    4,330  
STORE Capital Corp. REIT  220,359    6,904  
SVB Financial Group (a)  14,183    4,762  
United Rentals, Inc. (a)  14,306    3,864  
Waste Management, Inc.  25,693    4,116  
        51,121  
Total Common Stocks (Cost $85,904)       79,780  
           
Short-Term Investment  (0.7%)          
Investment Company  (0.7%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $570)  570,295    570  
Total Investments (100.3%) (Cost $86,474)  (c)(d)       80,350  
Liabilities in Excess of Other Assets (-0.3%)       (242 )
Net Assets (100.0%)      $80,108  

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Concentrated Portfolio

Portfolio of Investments

Third Quarter Report 

September 30, 2022 (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) 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, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(c) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions.
(d) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,954,000 and the aggregate gross unrealized depreciation is approximately $9,078,000, resulting in net unrealized depreciation of approximately $6,124,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition
Classification  Percentage of
Total Investments		 
Others*   25.9%
Banks   14.2 
Equity Real Estate Investment Trusts (REITs)   8.6 
Textiles, Apparel & Luxury Goods   8.2 
Software   8.0 
Life Sciences Tools & Services   7.1 
Automobiles   6.4 
Semiconductors & Semiconductor Equipment   6.0 
Distributors   5.4 
Food & Staples Retailing   5.1 
Commercial Services & Supplies   5.1 
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, 2022 (unaudited)

 

  Shares  Value
(000)		  
Common Stocks  (97.8%)          
China  (6.0%)          
Alibaba Group Holding Ltd. ADR (a)  1,590   $127  
NetEase, Inc. ADR  5,579    422  
Tencent Holdings Ltd. ADR  15,849    536  
        1,085  
France  (4.3%)          
LVMH Moet Hennessy Louis Vuitton SE  1,315    775  
           
India  (3.9%)          
HDFC Bank Ltd. ADR  12,138    709  
           
Ireland  (3.3%)          
CRH PLC ADR  15,454    498  
Ryanair Holdings PLC ADR (a)  1,708    100  
        598  
Italy  (4.0%)          
Ferrari NV  3,909    723  
           
Japan  (1.9%)          
Nippon Telegraph & Telephone Corp. ADR  12,239    332  
           
Taiwan  (3.2%)          
Taiwan Semiconductor Manufacturing Co., Ltd. ADR  8,494    582  
           
United Kingdom  (5.5%)          
Diageo PLC ADR  4,440    754  
Experian PLC ADR  8,380    245  
        999  
United States  (65.7%)          
Ameriprise Financial, Inc.  2,428    612  
Apple, Inc.  10,600    1,465  
Brown & Brown, Inc.  2,775    168  
Chevron Corp.  7,331    1,053  
Danaher Corp.  3,103    801  
Estee Lauder Cos., Inc. Class A  1,980    427  
First Republic Bank  4,358    569  
Fortune Brands Home & Security, Inc.  3,481    187  
Home Depot, Inc.  655    181  
Jack Henry & Associates, Inc.  462    84  
JPMorgan Chase & Co.  4,237    443  
Lululemon Athletica, Inc. (a)  1,718    480  
Mastercard, Inc., Class A  1,405    400  
McDonald's Corp.  2,089    482  
MGM Resorts International  11,810    351  
Microsoft Corp.  5,026    1,171  
NextEra Energy, Inc.  7,000    549  
Planet Fitness, Inc., Class A (a)  775    45  
Pool Corp.  773    246  
Progressive Corp.  1,409    164  
SBA Communications Corp. REIT  539    153  
STORE Capital Corp. REIT  22,589    708  
SVB Financial Group (a)  1,442    484  
Target Corp.  1,155    171  

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

Global Core Portfolio 

Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

United Rentals, Inc. (a)  1,133   $306  
Valero Energy Corp.  808    86  
Veeva Systems, Inc., Class A (a)  604    100  
        11,886  
Total Common Stocks (Cost $17,070)       17,689  
           
Short-Term Investment  (1.8%)          
Investment Company  (1.8%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $329)  329,320    329  
Total Investments (99.6%) (Cost $17,399)  (c)(d)(e)       18,018  
Other Assets in Excess of Liabilities (0.4%)       73  
Net Assets (100.0%)      $18,091  

 

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, 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, 2022, 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, 2022, the Fund did not engage in any cross-trade transactions.
(d) The approximate fair value and percentage of net assets, $775,000 and 4.3%, 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.
(e) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,858,000 and the aggregate gross unrealized depreciation is approximately $1,239,000, resulting in net unrealized appreciation of approximately $619,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition
 
Classification  Percentage of
Total Investments		 
Others*   59.9%
Banks   12.2 
Tech Hardware, Storage & Peripherals   8.1 
Textiles, Apparel & Luxury Goods   7.0 
Software   6.5 
Oil, Gas & Consumable Fuels   6.3 
Total Investments   100.0%

 

* Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Endurance Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (99.8%)         
Canada  (9.7%)         
Colliers International Group, Inc.  9,733   $892 
Constellation Software, Inc.  1,110    1,545 
Shopify, Inc., Class A (a)  20,020    539 
        2,976 
Israel  (8.6%)         
Global-e Online Ltd. (a)  98,523    2,636 
          
Netherlands  (2.9%)         
Basic-Fit NV (a)  29,998    901 
          
Singapore  (1.5%)         
Sea Ltd. ADR (a)  8,463    474 
          
United Kingdom  (12.0%)         
Babcock International Group PLC (a)  432,138    1,335 
Victoria PLC (a)  475,150    2,349 
        3,684 
United States  (65.1%)         
Affirm Holdings, Inc. (a)  82,774    1,553 
Alphabet, Inc., Class A (a)  5,772    552 
Appian Corp. (a)  49,907    2,038 
AppLovin Corp., Class A (a)  33,747    658 
Bill.Com Holdings, Inc. (a)  12,974    1,717 
Carvana Co. (a)  81,484    1,654 
Cricut, Inc., Class A (a)  381,816    3,536 
DraftKings, Inc., Class A (a)  24,683    374 
Fastly, Inc., Class A (a)  184,791    1,693 
Floor & Decor Holdings, Inc., Class A (a)  29,122    2,046 
Intuit, Inc.  365    141 
Meta Platforms, Inc., Class A (a)  3,428    465 
NVR, Inc. (a)  120    478 
ProKidney Corp. (a)(b)  19,748    178 
Royalty Pharma PLC, Class A  39,057    1,569 
Salesforce, Inc. (a)  9,348    1,345 
        19,997 
Total Common Stocks (Cost $64,242)       30,668 
          
Short-Term Investment  (0.3%)         
Investment Company  (0.3%)         
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $82)  82,494    82 
Total Investments (100.1%) (Cost $64,324)  (d)(e)(f)       30,750 
Liabilities in Excess of Other Assets (-0.1%)       (25)
Net Assets (100.0%)      $30,725 

 

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
 
(a) Non-income producing security.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Endurance Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

(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, 2022 amounts to appromimately $178,000 and represents 0.6% of net assets.
(c) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds – Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2022, 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, 2022, the Fund did not engage in any cross-trade transactions.
(e) The approximate fair value and percentage of net assets, $4,585,000  and 14.9%, 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.
(f)

At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $36,000 and the aggregate gross unrealized depreciation is approximately $33,610,000, resulting in net unrealized depreciation of approximately $33,574,000.

ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition
 
Classification  Percentage of
Total Investments		 
Software   24.2%
Household Durables   20.7 
Other*   17.1 
Information Technology Services   12.3 
Specialty Retail   12.0 
Internet & Direct Marketing Retail   8.6 
Pharmaceuticals   5.1 
Total Investments   100.0%

 

* Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Focus Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

    Shares     Value
(000)		  
Common Stocks  (99.6%)                
Australia  (2.4%)                
Dexus REIT     4,900     $ 24  
Ingenia Communities Group REIT (a)     6,860       16  
National Storage REIT (a)     21,077       30  
Shopping Centres Australasia Property Group REIT     10,902       17  
              87  
Belgium  (1.4%)                
Aedifica SA REIT     657       51  
                 
Canada  (2.2%)                
Chartwell Retirement Residences (Units) (b)     3,620       24  
RioCan REIT     4,073       55  
              79  
France  (0.7%)                
Mercialys SA REIT     3,581       27  
                 
Germany  (0.8%)                
Vonovia SE     1,318       28  
                 
Hong Kong  (4.9%)                
CK Asset Holdings Ltd.     6,000       36  
Hongkong Land Holdings Ltd.     8,500       37  
Link REIT     10,200       71  
Wharf Real Estate Investment Co., Ltd.     7,000       32  
              176  
Japan  (9.3%)                
Japan Metropolitan Fund Investment Corp. REIT     56       42  
Japan Real Estate Investment Corp. REIT     7       29  
Mitsubishi Estate Logistics Investment Corp. REIT     12       38  
Mitsui Fudosan Co., Ltd. (a)     5,700       109  
Mitsui Fudosan Logistics Park, Inc. REIT     8       27  
Nippon Building Fund, Inc. REIT     21       92  
              337  
Netherlands  (0.8%)                
NSI NV REIT     1,216       29  
                 
Singapore  (3.1%)                
CapitaLand Integrated Commercial Trust REIT     30,700       41  
Digital Core Management Pte Ltd. REIT     34,700       24  
Suntec REIT     43,900       47  
              112  
Spain  (1.1%)                
Merlin Properties Socimi SA REIT     5,373       41  
                 
Sweden  (0.6%)                
Catena AB     773       23  
                 
United Kingdom  (4.7%)                
Empiric Student Property PLC REIT     40,202       39  
Helical PLC     4,669       19  

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Focus Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Impact Healthcare PLC REIT   15,220    17 
Land Securities Group PLC REIT   4,724    27 
LondonMetric Property PLC REIT   13,858    27 
Segro PLC REIT   5,149    43 
         172 
United States  (67.6%)          
Agree Realty Corp. REIT   2,391    162 
American Homes 4 Rent, Class A REIT   5,482    180 
American Tower Corp. REIT   1,632    350 
Americold Realty Trust, Inc. REIT   3,149    77 
Boyd Gaming Corp.   1,547    74 
Digital Realty Trust, Inc. REIT   1,094    109 
Duke Realty Corp. REIT   2,270    109 
Equity Residential REIT   3,581    241 
Federal Realty Investment Trust REIT   817    74 
Iron Mountain, Inc. REIT   2,268    100 
Kite Realty Group Trust REIT   3,275    56 
NETSTREIT Corp. REIT (a)   2,930    52 
ProLogis, Inc. REIT   1,079    110 
Public Storage REIT   943    276 
RPT Realty REIT   7,868    60 
SBA Communications Corp. REIT   411    117 
Simon Property Group, Inc. REIT   403    36 
SL Green Realty Corp. REIT (a)   882    35 
Sun Communities, Inc. REIT   421    57 
Welltower, Inc. REIT   2,711    174 
         2,449 
Total Common Stocks (Cost $4,638)        3,611 
           
Short-Term Investments  (7.2%)          
Securities held as Collateral on Loaned Securities  (6.7%)          
Investment Company  (5.7%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c)   205,476    205 

 

   Face
Amount
(000)		     
Repurchase Agreements  (1.0%)          
HSBC Securities USA, Inc. (2.97%, dated 9/30/22, due 10/3/22; proceeds $29; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $30)   29   $29 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Focus Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Merrill Lynch & Co., Inc. (2.95%, dated 9/30/22, due 10/3/22; proceeds $9; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $9)     9       9  
              38  
Total Securities held as Collateral on Loaned Securities  (Cost $243)             243  

 

   Shares     
Investment Company  (0.5%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (c) (Cost $17)   16,539    17 
Total Short-Term Investments (Cost $260)        260 
Total Investments (106.8%) (Cost $4,898) Including $238 of Securities Loaned (d)(e)(f)        3,871 
Liabilities in Excess of Other Assets (-6.8%)        (247)
Net Assets (100.0%)       $3,624 

 

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) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $238,000 and $247,000, respectively. The Fund received cash collateral of approximately $247,000, of which approximately $243,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $4,000. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(b) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(c) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds (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, 2022, 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, $1,083,000 and 29.9%, 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, 2022, the Fund did not engage in any cross-trade transactions.
(f) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $0 and the aggregate gross unrealized depreciation is approximately $1,027,000, resulting in net unrealized depreciation of approximately $1,027,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition*
 
Classification  Percentage of
Total Investments		 
Diversified   18.6%
Residential   15.0 
Retail   14.9 
Specialty   12.9 
Industrial   11.8 
Office   8.6 
Self Storage   8.4 
Health Care   7.3 
Others**   2.5 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** 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, 2022 (unaudited)

 

    Shares     Value
(000)		  
Common Stocks  (98.2%)                
France  (7.0%)                
L'Oreal SA     169,513     $ 54,200  
LVMH Moet Hennessy Louis Vuitton SE     126,392       74,518  
Pernod Ricard SA     377,430       69,241  
              197,959  
Germany  (4.5%)                
SAP SE     1,555,817       126,792  
                 
Italy  (0.4%)                
Davide Campari-Milano NV     1,208,898       10,696  
                 
Netherlands  (2.3%)                
Heineken NV     749,325       65,439  
                 
United Kingdom  (9.9%)                
Experian PLC     1,405,478       41,142  
Reckitt Benckiser Group PLC     2,619,105       173,598  
RELX PLC (Euronext NV)     565,416       13,780  
RELX PLC (LSE)     2,158,721       52,750  
              281,270  
United States  (74.1%)                
Abbott Laboratories     1,113,748       107,766  
Accenture PLC, Class A     540,449       139,058  
Automatic Data Processing, Inc.     379,231       85,778  
Baxter International, Inc.     1,827,650       98,437  
Becton Dickinson & Co.     437,952       97,589  
Broadridge Financial Solutions, Inc.     277,246       40,012  
Coca-Cola Co.     934,263       52,337  
Danaher Corp.     638,137       164,824  
Equifax, Inc.     281,425       48,245  
Estee Lauder Cos., Inc., Class A     175,227       37,832  
Fidelity National Information Services, Inc.     768,365       58,065  
Intercontinental Exchange, Inc.     1,212,069       109,510  
Microsoft Corp.     1,103,881       257,094  
Moody's Corp.     116,951       28,432  
NIKE, Inc., Class B     402,637       33,467  
Otis Worldwide Corp.     653,347       41,684  
Philip Morris International, Inc.     2,354,949       195,484  
Procter & Gamble Co.     615,626       77,723  
Roper Technologies, Inc.     181,344       65,219  
Steris PLC     133,966       22,276  
Thermo Fisher Scientific, Inc.     263,384       133,586  
Visa, Inc., Class A     943,486       167,610  
Zoetis, Inc.     212,084       31,450  
              2,093,478  
Total Common Stocks (Cost $2,476,145)             2,775,634  
 
Short-Term Investment  (1.8%)                
Investment Company  (1.8%)                
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (a) (Cost $52,157)     52,156,659       52,157  

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Franchise Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Total Investments (100.0%) (Cost $2,528,302)  (b)(c)(d)   2,827,791 
Liabilities in Excess of Other Assets (-0.0%) (e)   (1,090)
Net Assets (100.0%)  $2,826,701 

 

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

 

(a) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2022, advisory fees paid were reduced by approximately $59,000 relating to the Fund's investment in the Liquidity Funds.
(b) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions.
(c) The approximate fair value and percentage of net assets, $682,156,000 and 24.1%, 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) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $531,417,000 and the aggregate gross unrealized depreciation is approximately $231,928,000, resulting in net unrealized appreciation of approximately $299,489,000.
(e) Amount is less than 0.05%.
Euronext NV Euronext Amsterdam Stock Market.
LSE   London Stock Exchange.

 

 

 

 

Portfolio Composition
 
Classification   Percentage of
Total Investments		  
Information Technology Services     17.3 %
Others*     16.4  
Software     15.9  
Health Care Equipment & Supplies     11.5  
Life Sciences Tools & Services     10.6  
Household Products     8.9  
Beverages     7.0  
Tobacco     6.9  
Professional Services     5.5  
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, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (99.1%)          
Australia  (2.6%)          
Atlas Arteria Ltd. (Units) (a)   294,810   $1,174 
Transurban Group (Units) (a)   704,207    5,561 
         6,735 
Canada  (16.9%)          
Canadian Pacific Railway Ltd.   17,391    1,161 
Enbridge, Inc.   271,567    10,069 
GFL Environmental, Inc. (b)   594,946    15,046 
Gibson Energy, Inc.   353,788    5,627 
Pembina Pipeline Corp.   220,294    6,692 
TC Energy Corp. (b)   136,373    5,493 
         44,088 
China  (9.5%)          
China Gas Holdings Ltd. (c)   20,696,800    24,755 
           
France  (4.4%)          
Aeroports de Paris (d)   3,161    365 
Getlink SE   125,765    1,950 
Vinci SA   114,115    9,228 
         11,543 
Hong Kong  (0.6%)          
Power Assets Holdings Ltd.   309,571    1,552 
           
Italy  (5.4%)          
Infrastrutture Wireless Italiane SpA   1,226,460    10,700 
Terna - Rete Elettrica Nazionale   527,988    3,216 
         13,916 
Mexico  (2.3%)          
Grupo Aeroportuario del Pacifico SAB de CV, Class B   229,540    2,906 
Grupo Aeroportuario del Sureste SAB de CV, Class B   153,666    3,027 
         5,933 
New Zealand  (0.4%)          
Auckland International Airport Ltd. (d)   285,502    1,144 
           
Portugal  (0.5%)          
EDP Renovaveis SA   56,609    1,164 
           
Spain  (5.1%)          
Aena SME SA (d)   20,357    2,113 
Cellnex Telecom SA   130,983    4,040 
Ferrovial SA   154,634    3,510 
Iberdrola SA   390,039    3,637 
         13,300 
Switzerland  (0.4%)          
Flughafen Zurich AG (Registered) (d)   6,992    1,033 
           
United Kingdom  (5.4%)          
National Grid PLC   860,991    8,863 
Pennon Group PLC   316,586    2,763 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Infrastructure Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Severn Trent PLC   96,215    2,515 
         14,141 
United States  (45.6%)          
Ameren Corp.   33,028    2,660 
American Electric Power Co. Inc.   68,376    5,911 
American Tower Corp. REIT   101,738    21,843 
American Water Works Co. Inc.   28,254    3,678 
Atmos Energy Corp.   40,998    4,176 
CenterPoint Energy, Inc.   144,847    4,082 
Cheniere Energy, Inc.   57,208    9,491 
Crown Castle International Corp. REIT   79,792    11,534 
Edison International   80,044    4,529 
Entergy Corp.   38,492    3,874 
Eversource Energy   75,997    5,925 
NiSource, Inc.   139,095    3,504 
ONEOK, Inc.   49,184    2,520 
PG&E Corp. (d)   278,137    3,477 
SBA Communications Corp. REIT   24,718    7,036 
Sempra Energy   75,638    11,341 
Targa Resources Corp.   85,090    5,134 
Williams Cos., Inc. (The)   244,122    6,989 
Xcel Energy, Inc.   14,380    920 
         118,624 
Total Common Stocks (Cost $276,531)        257,928 

 

   No. of
Rights		     
Right  (0.0%)          
Australia  (0.0%)          
Atlas Arteria Ltd. (d) (Cost $—)   151,184    — 

 

   Shares     
Short-Term Investments  (1.4%)          
Securities held as Collateral on Loaned Securities  (0.9%)          
Investment Company  (0.8%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e)   1,954,924    1,955 

 

   Face
Amount
(000)		     
Repurchase Agreements  (0.1%)          
HSBC Securities USA, Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $277; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $283)  $277    277 
Merrill Lynch & Co., Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $83; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $85)   83    83 
         360 
Total Securities held as Collateral on Loaned Securities (Cost $2,315)        2,315 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Infrastructure Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

   Shares     
Investment Company  (0.5%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (e) (Cost $1,362)   1,361,533    1,362 
Total Short-Term Investments (Cost $3,677)        3,677 
Total Investments (100.5%) (Cost $280,208) Including $4,219 of Securities Loaned  (f)(g)(h)        261,605 
Liabilities in Excess of Other Assets (-0.5%)        (1,284)
Net Assets (100.0%)       $260,321 

 

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, 2022, were approximately $4,219,000 and $4,476,000, respectively. The Fund received cash collateral of approximately $2,347,000, of which approximately $2,315,000, was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $32,000. The remaining collateral of approximately $2,129,000 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 (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, 2022, advisory fees paid were reduced by approximately $6,000 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, 2022, the Fund did not engage in any cross-trade transactions.
(g) The approximate fair value and percentage of net assets, $89,283,000 and 34.3%, 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.
(h) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for the book purposes. The aggregate gross unrealized appreciation is approximately $17,564,000 and the aggregate gross unrealized depreciation is approximately $36,167,000, resulting in net unrealized depreciation of approximately $18,603,000.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition*
 
Classification  Percentage of
Total Investments		 
Oil & Gas Storage & Transportation   36.9%
Communications   21.3 
Others**   14.8 
Electricity Transmission & Distribution   14.7 
Diversified   6.5 
Commercial Services & Supplies   5.8 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Insight Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (97.8%)          
Belgium  (1.1%)          
Argenx SE ADR (a)   2,868   $1,013 
           
Brazil (1.2%)          
NU Holdings Ltd., Class A (a)   252,851    1,113 
           
Canada  (3.8%)          
Shopify, Inc., Class A (a)   136,901    3,688 
           
Netherlands  (9.6%)          
Adyen NV (a)   3,873    4,830 
ASML Holding NV   10,578    4,394 
         9,224 
Singapore  (8.3%)          
Grab Holdings Ltd., Class A (a)   1,757,179    4,621 
Sea Ltd. ADR (a)   60,428    3,387 
         8,008 
Sweden  (1.1%)          
Kinnevik AB, Class B (a)   84,411    1,106 
           
United Kingdom  (2.9%)          
Atlassian Corp., PLC, Class A (a)   12,131    2,555 
Deliveroo PLC (a)   216,314    203 
         2,758 
United States  (69.8%)          
10X Genomics, Inc., Class A (a)   38,917    1,108 
Agilon health, Inc. (a)   179,259    4,198 
Bill.Com Holdings, Inc. (a)   27,543    3,646 
Carvana Co. (a)   31,969    649 
Cloudflare, Inc., Class A (a)   106,125    5,870 
Coinbase Global, Inc., Class A (a)   12,494    806 
Coupang, Inc. (a)   411,529    6,860 
Datadog, Inc., Class A (a)   36,022    3,198 
Dlocal Ltd. (a)   126,389    2,593 
DoorDash, Inc., Class A (a)   29,208    1,444 
Doximity, Inc., Class A (a)   72,134    2,180 
Farfetch Ltd., Class A (a)   236,796    1,764 
Ginkgo Bioworks Holdings, Inc. (a)   152,172    475 
Guardant Health, Inc. (a)   18,048    972 
Heliogen, Inc. (a)   168,852    314 
Intellia Therapeutics, Inc. (a)   8,340    467 
Meli Kaszek Pioneer Corp., SPAC (a)   91,243    901 
MercadoLibre, Inc. (a)   7,607    6,297 
ProKidney Corp. (a)   66,430    598 
ROBLOX Corp., Class A (a)   86,799    3,111 
Royalty Pharma PLC, Class A   163,425    6,566 
Snowflake, Inc., Class A (a)   38,469    6,538 
Trade Desk, Inc., Class A (a)   95,888    5,729 
Veeva Systems, Inc., Class A (a)   6,148    1,014 
         67,298 
Total Common Stocks (Cost $145,719)        94,208 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Insight Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Preferred Stock  (0.1%)          
United States  (0.1%)          

Lookout, Inc. Series F (a)(b)(c)

(acquisition cost — $73; acquired 6/17/14) (Cost $73)

   6,374    31 
           
Investment Company  (0.6%)          
Grayscale Bitcoin Trust (a) (Cost $2,129)   53,631    612 
           
Short-Term Investment  (2.2%)          
Investment Company  (2.2%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $2,135)   2,135,349    2,135 
Total Investments Excluding Purchased Options (100.7%) (Cost $150,056)        96,986 
Total Purchased Options Outstanding (1.0%) (Cost $670)        925 
Total Investments (101.7%) (Cost $150,726)  (e)(f)(g)(h)        97,911 
Liabilities in Excess of Other Assets (-1.7%)        (1,597)
Net Assets (100.0%)       $96,314 

 

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, 2022 amounts to approximately $31,000 and represents less than 0.05% of net assets.
(c) At September 30, 2022, the Fund held a fair valued security at approximately $31,000, representing less than 0.05% 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, 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, 2022, advisory fees paid were reduced by approximately $2,000 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, 2022, the Fund did not engage in any cross-trade transactions.
(f) Securities are available for collateral in connection with purchased options.
(g) The approximate fair value and percentage of net assets, $6,139,000 and 6.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(h) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,528,000 and the aggregate gross unrealized depreciation is approximately $56,343,000, resulting in net unrealized depreciation of approximately $52,815,000.
ADR American Depositary Receipt.
SPAC Special Purpose Acquisition Company.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Insight Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Call Options Purchased:

 

The Fund had the following call options purchased open at September 30, 2022:

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		  Notional
Amount
(000)		  Value
(000)		  Premiums
Paid
(000)		  Unrealized
Appreciation
(000)		 
Goldman Sachs International  USD/CNH  CNH 7.27  Nov-22  90,422,836  90,423  $463  $434  $29 
JP Morgan Chase Bank NA  USD/CNH  CNH 7.53  Jul-23  23,789,374  23,789   220   118   102 
Standard Chartered Bank  USD/CNH  CNH 7.57  Aug-23  26,273,872  26,274   242   118   124 
                    $925  $670  $255 

 

CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		 
Others*   25.0%
Information Technology Services   24.0 
Internet & Direct Marketing Retail   16.9 
Software   15.5 
Pharmaceuticals   6.7 
Entertainment   6.6 
Health Care Providers & Services   5.3 
Total Investments   100.0%

 

* Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Opportunity Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (98.5%)          
Argentina  (1.4%)          
Globant SA (a)   204,188   $38,200 
           
Brazil  (0.7%)          
NU Holdings Ltd., Class A (a)   4,521,424    19,894 
           
Canada  (2.7%)          
Shopify, Inc., Class A (a)   2,846,169    76,676 
           
China  (5.2%)          
Meituan, Class B (a)(b)   4,428,300    93,067 
Trip.com Group Ltd. ADR (a)   1,910,981    52,189 
         145,256 
Denmark  (5.3%)          
DSV AS   1,256,012    147,139 
           
France  (2.6%)          
Hermes International   61,052    71,804 
           
Germany  (1.1%)          
Adidas AG   271,335    31,193 
           
India  (10.8%)          
HDFC Bank Ltd.   11,498,609    199,219 
ICICI Bank Ltd. ADR   4,827,312    101,229 
         300,448 
Italy  (3.5%)          
Moncler SpA   2,371,046    96,797 
           
Japan  (1.7%)          
Keyence Corp.   140,000    46,278 
           
Korea, Republic of  (1.5%)          
KakaoBank Corp. (a)   932,039    12,911 
NAVER Corp.   208,990    27,841 
         40,752 
Netherlands  (0.5%)          
Adyen NV (a)   12,322    15,368 
           
Singapore  (1.6%)          
Grab Holdings Ltd., Class A (a)   16,920,981    44,502 
           
United States  (59.9%)          
Adobe, Inc. (a)   327,285    90,069 
Affirm Holdings, Inc. (a)   498,717    9,356 
Amazon.com, Inc. (a)   1,201,751    135,798 
Block, Inc., Class A (a)   1,204,603    66,241 
Coupang, Inc. (a)   8,447,073    140,813 
DoorDash, Inc., Class A (a)   1,012,118    50,049 
Endeavor Group Holdings, Inc., Class A (a)   1,276,379    25,860 
Farfetch Ltd., Class A (a)   1,690,065    12,591 

Magic Leap Class A (a)(c)(d)

(acquisition cost — $3,175; acquired 12/22/15)

   6,530    — 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Opportunity Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Mastercard, Inc., Class A   228,502    64,972 
MercadoLibre, Inc. (a)   164,907    136,507 
Meta Platforms, Inc., Class A (a)   778,330    105,604 
Salesforce.com, Inc. (a)   559,742    80,513 
ServiceNow, Inc. (a)   508,856    192,149 
Snowflake, Inc., Class A (a)   103,797    17,641 
Spotify Technology SA (a)   768,636    66,333 
Uber Technologies, Inc. (a)   9,381,354    248,606 
Visa, Inc., Class A   457,856    81,338 
Walt Disney Co. (a)   1,273,824    120,160 
Zillow Group, Inc., Class A (a)   365,083    10,452 
Zoom Video Communications, Inc., Class A (a)   170,499    12,547 
         1,667,599 
Total Common Stocks (Cost $2,740,311)        2,741,906 
           
Investment Company  (0.7%)          
United States  (0.7%)          
Grayscale Bitcoin Trust (a) (Cost $75,271)   1,690,985    19,294 
           
Short-Term Investment  (1.1%)          
Investment Company  (1.1%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $31,795)   31,795,423    31,795 
Total Investments (100.3%) (Cost $2,847,377)  (f)(g)(h)        2,792,995 
Liabilities in Excess of Other Assets (-0.3%)        (9,251)
Net Assets (100.0%)       $2,783,744 

 

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, 2022 amounts to $0 and represents 0.0% of net assets.
(d) At September 30, 2022, the Fund held a fair valued security at $0, representing 0.0% 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.
(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, 2022, advisory fees paid were reduced by approximately $74,000 relating to the Fund's investment in the Liquidity Funds.
(f) The approximate fair value and percentage of net assets, $741,617,000 and 26.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(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, 2022, the Fund did not engage in any cross-trade transactions.
(h) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $711,710,000 and the aggregate gross unrealized depreciation is approximately $766,092,000, resulting in net unrealized depreciation of approximately $54,382,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		 
Internet & Direct Marketing Retail   20.4%
Software   13.4 
Information Technology Services   13.2 
Banks   11.9 
Others*   10.5 
Road & Rail   10.5 
Entertainment   7.6 
Textiles, Apparel & Luxury Goods   7.2 
Air Freight & Logistics   5.3 
Total Investments   100.0%

 

* Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Permanence Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (93.8%)          
Brazil  (1.1%)          
Vale SA   3,248   $44 
           
Canada  (15.1%)          
Canadian National Railway Co.   1,729    187 
Constellation Software, Inc.   135    188 
FirstService Corp.   498    59 
Topicus.com, Inc. (a)   3,468    167 
         601 
Denmark  (0.9%)          
Chr Hansen Holding AS   729    36 
           
France  (10.7%)          
Christian Dior SE   184    106 
EssilorLuxottica SA   997    135 
Hermes International   55    65 
L'Oreal SA   184    59 
Remy Cointreau SA   372    62 
         427 
India  (5.1%)          
HDFC Bank Ltd. ADR   3,515    205 
           
Italy  (2.5%)          
Brunello Cucinelli SpA   1,288    62 
Ferrari NV   211    39 
         101 
Japan  (1.0%)          
Nintendo Co., Ltd.   1,000    40 
           
Netherlands  (5.9%)          
ASML Holding NV   465    193 
Universal Music Group NV   2,169    41 
         234 
United Kingdom  (6.4%)          
Rentokil Initial PLC   33,104    176 
Victoria PLC (a)   16,460    81 
         257 
United States  (45.1%)          
Amazon.com, Inc. (a)   1,779    201 
Axon Enterprise, Inc. (a)   1,182    137 
Brown & Brown, Inc.   742    45 
Danaher Corp.   157    41 
Floor & Decor Holdings, Inc., Class A (a)   1,971    139 
HEICO Corp., Class A   406    47 
Intercontinental Exchange, Inc.   544    49 
Intuitive Surgical, Inc. (a)   189    35 
Linde PLC   74    20 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Permanence Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

MSCI, Inc.   91    38 
Pool Corp.   112    36 
Progressive Corp.   1,105    128 
Royal Gold, Inc.   491    46 
Royalty Pharma PLC, Class A   5,533    222 
S&P Global, Inc.   167    51 
Salesforce.com, Inc. (a)   680    98 
Service Corp. International   678    39 
ServiceNow, Inc. (a)   352    133 
Texas Pacific Land Corp.   57    101 
UTZ Brands, Inc.   3,313    50 
Veeva Systems, Inc., Class A (a)   607    100 
Waste Connections, Inc.   327    44 
         1,800 
Total Common Stocks (Cost $4,239)        3,745 
           
Investment Companies  (1.3%)          
United Kingdom  (0.8%)          
Hipgnosis Songs Fund Ltd.   32,564    32 
           
United States  (0.5%)          
Grayscale Bitcoin Trust (a)   1,607    18 
Total Investment Companies (Cost $104)        50 
           
Short-Term Investment  (3.6%)          
Investment Company  (3.6%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $145)   144,567    145 
Total Investments Excluding Purchased Options (98.7%) (Cost $4,488)        3,940 
Total Purchased Options Outstanding (0.5%) (Cost $13)        21 
Total Investments (99.2%) (Cost $4,501)  (c)(d)(e)(f)        3,961 
Other Assets in Excess of Liabilities (0.8%)        32 
Net Assets (100.0%)       $3,993 

 

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, 2022, 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, $895,000 and 22.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(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, 2022, the Fund did not engage in any cross-trade transactions.
(e) Securities are available for collateral in connection with purchased options.
(f) At September 30, 2022, the aggregate cost for federal income tax purposes is approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $135,000 and the aggregate gross unrealized depreciation is approximately $675,000, resulting in net unrealized depreciation of approximately $540,000.
ADR American Depositary Receipt.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Permanence Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Call Options Purchased:

 

The Fund had the following call options purchased open at September 30, 2022:

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		  Notional
Amount
(000)		  Value
(000)		  Premiums
Paid
(000)		  Unrealized
Appreciation
(000)		 
Goldman Sachs International  USD/CNH  CNH 7.27  Nov-22  864,568  865  $5  $5  $—@
JP Morgan Chase Bank NA  USD/CNH  CNH 7.53  Jul-23  791,929  792   7   4   3 
Standard Chartered Bank  USD/CNH  CNH 7.57  Aug-23  1,001,604  1,002   9   4   5 
                    $21  $13  $8 

 

@ Value is less than $500.
CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		 
Others*   57.7%
Software   14.9 
Textiles, Apparel & Luxury Goods   5.9 
Pharmaceuticals   5.6 
Commercial Services & Supplies   5.6 
Banks   5.2 
Internet & Direct Marketing Retail   5.1 
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, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (98.3%)          
Australia  (3.1%)          
Dexus REIT   42,512   $212 
National Storage REIT   230,454    332 
Shopping Centres Australasia Property Group REIT   289,134    436 
Vicinity Centres REIT   269,378    300 
         1,280 
Austria  (0.4%)          
CA Immobilien Anlagen AG   5,086    151 
           
Belgium  (1.0%)          
Aedifica SA REIT   3,510    271 
Warehouses De Pauw CVA REIT   6,324    155 
         426 
Canada  (2.1%)          
Chartwell Retirement Residences   36,996    249 
InterRent REIT   35,023    291 
RioCan Real Estate Investment Trust   22,976    309 
         849 
France  (0.4%)          
Mercialys SA REIT   22,192    168 
           
Germany  (1.0%)          
Vonovia SE   19,716    425 
           
Hong Kong  (5.3%)          
CK Asset Holdings Ltd.   110,000    660 
Link REIT   78,274    546 
Sun Hung Kai Properties Ltd.   65,367    722 
Wharf Real Estate Investment Co., Ltd.   59,075    268 
         2,196 
Japan  (11.1%)          
Activia Properties, Inc. REIT   15    44 
Daiwa House Investment Corp. REIT   63    132 
Frontier Real Estate Investment Corp. REIT   51    188 
GLP J-REIT   298    331 
Hoshino Resorts, Inc.   39    181 
Invincible Investment Corp. REIT   349    110 
Japan Metropolitan Fund Investment Corp. REIT   474    356 
Japan Real Estate Investment Corp. REIT   78    322 
Mitsubishi Estate Co., Ltd.   56,800    748 
Mitsui Fudosan Co., Ltd.   35,400    674 
Mitsui Fudosan Logistics Park, Inc. REIT   97    332 
Nippon Building Fund, Inc. REIT   131    576 
Nomura Real Estate Master Fund, Inc. REIT   267    295 
Orix, Inc. J-REIT   242    310 
         4,599 
Malta  (0.1%)          
BGP Holdings PLC (a)(b)   12,867,024    38 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Netherlands  (0.8%)          
Eurocommercial Properties NV CVA REIT   7,872    156 
NSI NV REIT   7,282    173 
         329 
Singapore  (2.9%)          
CapitaLand Integrated Commercial Trust REIT   361,000    480 
Capitaland Investment Ltd.   37,100    89 
Frasers Centrepoint Trust REIT   204,900    309 
Mapletree Commercial Trust REIT   276,200    329 
         1,207 
Spain  (0.9%)          
Inmobiliaria Colonial Socimi SA REIT   39,056    188 
Merlin Properties Socimi SA REIT   25,628    198 
         386 
Sweden  (0.6%)          
Catena AB   3,644    108 
Fabege AB   21,503    146 
         254 
Switzerland  (0.5%)          
PSP Swiss Property AG (Registered)   2,069    207 
           
United Kingdom  (4.2%)          
Big Yellow Group PLC REIT   13,678    162 
Derwent London PLC REIT   6,887    155 
Empiric Student Property PLC REIT   132,903    128 
Helical PLC   33,603    134 
Impact Healthcare Reit PLC REIT   69,287    80 
Land Securities Group PLC REIT   41,053    237 
LondonMetric Property PLC REIT   53,760    104 
Segro PLC REIT   53,233    444 
UNITE Group PLC REIT   19,862    189 
Workspace Group PLC REIT   23,848    106 
         1,739 
United States  (63.9%)          
Agree Realty Corp. REIT   28,757    1,943 
American Homes 4 Rent, Class A REIT   31,653    1,039 
American Tower Corp. REIT   2,515    540 
Americold Realty Trust, Inc. REIT   24,291    598 
AvalonBay Communities, Inc. REIT   9,286    1,710 
Boyd Gaming Corp.   6,914    329 
Brixmor Property Group, Inc. REIT   33,602    621 
Digital Realty Trust, Inc. REIT   18,959    1,880 
Duke Realty Corp. REIT   12,277    592 
Equity Residential REIT   14,858    999 
Exeter Industrial Value Fund, LP (a)(b)(c)   1,860,000    76 
Extra Space Storage, Inc. REIT   5,432    938 
Healthpeak Properties, Inc. REIT   20,950    480 
Host Hotels & Resorts, Inc. REIT   25,101    399 
Invitation Homes, Inc. REIT   31,918    1,078 
Iron Mountain, Inc. REIT   12,853    565 
Kilroy Realty Corp. REIT   7,853    331 
Kite Realty Group Trust REIT   37,416    644 
Mid-America Apartment Communities, Inc. REIT   6,421    996 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

NETSTREIT Corp. REIT (d)   22,642    403 
ProLogis, Inc. REIT   25,408    2,581 
Public Storage REIT   8,593    2,516 
Rexford Industrial Realty, Inc. REIT   6,926    360 
RPT Realty REIT   48,986    370 
Simon Property Group, Inc. REIT   6,902    620 
SITE Centers Corp. REIT   26,674    286 
SL Green Realty Corp. REIT (d)   7,997    321 
Sun Communities, Inc. REIT   6,001    812 
VICI Properties, Inc. REIT   14,365    429 
Welltower, Inc. REIT   31,585    2,032 
         26,488 
Total Common Stocks (Cost $41,946)        40,742 
Short-Term Investments  (3.6%)          
Securities held as Collateral on Loaned Securities  (1.7%)          
Investment Company  (1.4%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (e)   601,119    601 
           
    Face
Amount
(000)		      
Repurchase Agreements  (0.3%)          
HSBC Securities USA, Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $85; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $87)  $85    85 
Merrill Lynch & Co., Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $26; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $26)   26    26 
         111 
Total Securities held as Collateral on Loaned Securities (Cost $712)        712 
           
    Shares      
Investment Company  (1.9%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Portfolio - Institutional Class (e) (Cost $771)   771,131    771 
Total Short-Term Investments (Cost $1,483)        1,483 
Total Investments (101.9%) (Cost $43,429) Including $724 of Securities Loaned (f)(g)(h)        42,225 
Liabilities in Excess of Other Assets (-1.9%)        (780)
Net Assets (100.0%)       $41,445 

 

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) At September 30, 2022, the Fund held a fair valued securities valued at approximately $114,000, representing 0.3% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(c) Restricted security valued at fair value and not registered under the Securities Act of 1933. Exeter Industrial Value Fund, LP was acquired between 11/07 — 4/11 and has a current cost basis of $0. At September 30, 2022, this security had an aggregate market value of approximately $76,000, representing 0.2% 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, 2022, were approximately $724,000 and $722,000, respectively. The Fund received cash collateral of approximately $722,000, of which approximately $712,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $10. 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 (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, 2022, advisory fees paid were reduced by approximately $1,000 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, 2022, the Fund did not engage in any cross-trade transactions.
(g) The approximate fair value and percentage of net assets, $13,367,000 and 32.3%, 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.
(h) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,144,000 and the aggregate gross unrealized depreciation is approximately $6,348,000, resulting in net unrealized depreciation of approximately $1,204,000.
CVA Certificaten Van Aandelen.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition*     
      
Classification   Percentage of
Total Investments		 
Diversified   21.3%
Residential   18.6 
Retail   16.3 
Industrial   13.4 
Self Storage   9.5 
Health Care   7.5 
Office   6.8 
Other**   6.6 
Total Investments   100.0%

 

*

Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** 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, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (98.0%)          
Canada  (3.3%)          
Constellation Software, Inc.   1,836   $2,555 
           
France  (1.5%)          
L'Oreal SA   3,584    1,146 
           
Germany  (6.5%)          
Deutsche Boerse AG   9,239    1,515 
SAP SE   42,338    3,450 
         4,965 
Hong Kong  (1.6%)          
AIA Group Ltd.   143,000    1,190 
           
Sweden  (1.4%)          
Atlas Copco AB, Class A   112,620    1,047 
           
Taiwan  (2.3%)          
Taiwan Semiconductor Manufacturing Co., Ltd. ADR   25,429    1,743 
           
United Kingdom  (8.2%)          
Experian PLC   26,900    788 
Prudential PLC   121,507    1,189 
Reckitt Benckiser Group PLC   46,806    3,102 
RELX PLC   46,270    1,131 
         6,210 
United States  (73.2%)          
Abbott Laboratories   26,311    2,546 
Accenture PLC, Class A   14,186    3,650 
Adobe, Inc. (a)   3,140    864 
Alphabet, Inc., Class A (a)   22,171    2,121 
Amphenol Corp., Class A   22,254    1,490 
Automatic Data Processing, Inc.   7,276    1,646 
Baxter International, Inc.   48,289    2,601 
Becton Dickinson & Co.   11,953    2,664 
Broadridge Financial Solutions, Inc.   7,700    1,111 
Coca-Cola Co.   13,187    739 
Danaher Corp.   14,936    3,858 
Equifax, Inc.   7,354    1,261 
Estee Lauder Cos., Inc., Class A   3,937    850 
Fidelity National Information Services, Inc.   15,831    1,196 
Intercontinental Exchange, Inc.   29,057    2,625 
IQVIA Holdings, Inc. (a)   9,589    1,737 
Medtronic PLC   20,067    1,620 
Microsoft Corp.   23,550    5,485 
Moody's Corp.   1,592    387 
NIKE, Inc., Class B   11,259    936 
Otis Worldwide Corp.   19,441    1,240 
PayPal Holdings, Inc. (a)   9,370    806 
Procter & Gamble Co.   12,365    1,561 
Roper Technologies, Inc.   4,120    1,482 
Stanley Black & Decker, Inc.   12,082    909 
Steris PLC   3,574    594 
Texas Instruments, Inc.   7,751    1,200 
Thermo Fisher Scientific, Inc.   6,697    3,397 
Visa, Inc., Class A   25,023    4,445 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Sustain Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Zoetis, Inc.   5,012    743 
         55,764 
Total Common Stocks (Cost $80,816)          74,620 
           
Short-Term Investment  (1.9%)          
Investment Company  (1.9%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $1,456)   1,456,349    1,456 
Total Investments (99.9%) (Cost $82,272)  (c)(d)(e)        76,076 
Other Assets in Excess of Liabilities (0.1%)        66 
Net Assets (100.0%)       $76,142 

 

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, 2022, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.
(c) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions.
(d) The approximate fair value and percentage of net assets, $14,558,000 and 19.1%, 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.
(e) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,470,000 and the aggregate gross unrealized depreciation is approximately $10,666,000, resulting in net unrealized depreciation of approximately $6,196,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition     
      
Classification   Percentage of
Total Investments		 
Others*   27.8%
Software   18.2 
Information Technology Services   16.9 
Health Care Equipment & Supplies   13.2 
Life Sciences Tools & Services   11.8 
Household Products   6.1 
Capital Markets   6.0 
Total Investments   100.0%

 

* Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)

  

   Shares   Value
(000)		 
Common Stocks  (96.0%)          
Automobiles  (0.5%)          
Rivian Automotive, Inc., Class A (a)   980,153   $32,257 
           
Biotechnology  (1.3%)          
Alnylam Pharmaceuticals, Inc. (a)   109,655    21,949 
Intellia Therapeutics, Inc. (a)   160,812    8,999 
Moderna, Inc. (a)   119,677    14,152 
ProKidney Corp. (a)   3,865,953    34,832 
         79,932 
Capital Markets  (0.9%)          
Coinbase Global, Inc., Class A (a)(b)   869,570    56,078 
           
Chemicals  (0.6%)          
Ginkgo Bioworks Holdings, Inc. (a)(b)   11,337,466    35,373 
           
Commercial Services & Supplies  (0.2%)          
Aurora Innovation, Inc. (a)   6,082,706    13,443 
           
Consumer Finance  (0.2%)          
Upstart Holdings, Inc. (a)(b)   523,741    10,889 
           
Electronic Equipment, Instruments & Components  (0.0%) (c)          

Magic Leap Class A (a)(d)(e)

(acquisition cost — $18,812; acquired 12/22/15)

   38,705    — 
           
Entertainment  (6.0%)          
ROBLOX Corp., Class A (a)   8,054,301    288,666 
Sea Ltd. ADR (Singapore) (a)   1,236,183    69,288 
         357,954 
Health Care Equipment & Supplies  (0.6%)          
Dexcom, Inc. (a)   459,452    37,004 
           
Health Care Providers & Services  (4.4%)          
Agilon health, Inc. (a)   8,026,313    187,976 
Guardant Health, Inc. (a)   1,314,244    70,746 
         258,722 
Health Care Technology  (2.5%)          
Doximity, Inc., Class A (a)   2,793,751    84,427 
Veeva Systems, Inc., Class A (a)   379,476    62,568 
         146,995 
Information Technology Services  (25.4%)          
Adyen NV (Netherlands) (a)   141,383    176,327 
Affirm Holdings, Inc. (a)   2,906,962    54,535 
Block, Inc., Class A (a)   1,457,512    80,149 
Cloudflare, Inc., Class A (a)   6,779,768    374,989 
MongoDB, Inc. (a)   424,339    84,257 
Shopify, Inc., Class A (Canada) (a)   8,656,947    233,218 
Snowflake, Inc., Class A (a)   2,929,333    497,869 
         1,501,344 

  

 

 

 

Morgan Stanley Institutional Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)

  

Interactive Media & Services  (2.7%)          
ZoomInfo Technologies, Inc., Class A (a)   3,836,761    159,839 
           
Internet & Direct Marketing Retail  (11.9%)          
Chewy, Inc., Class A (a)   3,692,211    113,425 
Coupang, Inc. (a)   8,812,387    146,902 
DoorDash, Inc., Class A (a)   4,588,052    226,879 
Global-e Online Ltd. (Israel) (a)   877,540    23,483 
MercadoLibre, Inc. (a)   173,524    143,640 
Wayfair, Inc., Class A (a)   1,492,210    48,571 
         702,900 
Leisure Products  (0.4%)          
Peloton Interactive, Inc., Class A (a)   3,259,541    22,589 
           
Life Sciences Tools & Services  (2.3%)          
10X Genomics, Inc., Class A (a)   2,490,660    70,934 
Illumina, Inc. (a)   329,099    62,789 
         133,723 
Pharmaceuticals  (6.3%)          
Royalty Pharma PLC, Class A   9,276,744    372,740 
           
Road & Rail  (7.4%)          
Grab Holdings Ltd., Class A (Singapore) (a)   29,696,110    78,101 
Uber Technologies, Inc. (a)   13,556,988    359,260 
         437,361 
Semiconductors & Semiconductor Equipment  (2.4%)          
ASML Holding NV (Netherlands)   347,198    144,209 
           
Software  (19.3%)          
Bill.Com Holdings, Inc. (a)   2,132,919    282,335 
Datadog, Inc., Class A (a)   3,317,650    294,541 
Gitlab, Inc., Class A (a)   1,815,172    92,973 
Trade Desk, Inc., Class A (a)   6,947,435    415,109 
Unity Software, Inc. (a)   1,837,865    58,554 
         1,143,512 
Specialty Retail  (0.7%)          
Carvana Co. (a)(b)   1,970,810    40,007 
Total Common Stocks (Cost $8,301,571)        5,686,871 
           
Preferred Stock  (1.9%)          
Software  (1.9%)          

Databricks, Inc.(a)(d)(e)

(acquisition cost — $136,746 ; acquired 8/31/21) (Cost $136,746)

   1,860,888    110,834 
           
Investment Company  (0.8%)          
Grayscale Bitcoin Trust (a) (Cost $174,869)   4,030,825    45,992 
           
Short-Term Investments  (2.7%)          
Securities held as Collateral on Loaned Securities  (1.0%)          
Investment Company  (0.8%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (f)   49,507,296    49,507 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)

 

   Face
Amount
(000)		     
Repurchase Agreements  (0.2%)          
HSBC Securities USA, Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $7,024; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $7,163)  $7,022    7,022 
Merrill Lynch & Co., Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $2,107; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $2,149)   2,107    2,107 
         9,129 

Total Securities held as Collateral on Loaned Securities
(Cost $58,636)

        58,636 

 

   Shares     
Investment Company  (1.7%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $101,213)   101,212,806    101,213 
Total Short-Term Investments (Cost $159,849)        159,849 
Total Investments Excluding Purchased Options (101.4%) (Cost $8,773,035)        6,003,546 
Total Purchased Options Outstanding (0.8%) (Cost $34,036)        48,637 
Total Investments (102.2%) (Cost $8,807,071) Including $59,210 of Securities Loaned (g)(h)(i)(j)        6,052,183 
Liabilities in Excess of Other Assets (-2.2%)        (132,070)
Net Assets (100.0%)       $5,920,113 

 

(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, 2022, were approximately $59,210,000 and $61,618,000, respectively. The Fund received cash collateral of approximately $59,444,000, of which approximately $58,636,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $808,000. The remaining collateral of approximately $2,174,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Amount is less than 0.05%.
(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, 2022 amounts to approximately $110,834,000 and represents 1.9% of net assets.
(e) At September 30, 2022, the Fund held fair valued securities valued at $110,834,000, representing 1.9% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(f) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. 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, 2022, advisory fees paid were reduced by approximately $127,000 relating to the Fund's investment in the Liquidity Funds.
(g) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions.
(h) Securities are available for collateral in connection with purchased options.
(i) The approximate fair value and percentage of net assets, $176,327,000 and 3.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(j) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $466,878,000 and the aggregate gross unrealized depreciation is approximately $3,221,766,000, resulting in net unrealized depreciation of approximately $2,754,888,000.
ADR American Depositary Receipt.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited) (cont’d)

 

Call Options Purchased:

 

The Fund had the following call options purchased open at September 30, 2022:

 

Counterparty  Description   Strike
Price		   Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Appreciation
(000)		 
Goldman Sachs International  USD/CNH   CNH 7.27   Nov - 22   4,217,855,933    4,217,856   $21,604   $20,248   $1,356 
JP Morgan Chase Bank NA  USD/CNH   CNH 7.53   Jul - 23   1,396,474,244    1,396,474    12,895    6,934    5,961 
Standard Chartered Bank  USD/CNH   CNH 7.57   Aug - 23   1,535,427,907    1,535,428    14,138    6,854    7,284 
                          $48,637   $34,036   $14,601 

 

CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

 

 

 

 

 

Portfolio Composition*    
     
Classification  Percentage of
Total Investments		 
Information Technology Services   25.2%
Other**   22.2 
Software   21.1 
Internet & Direct Marketing Retail   11.8 
Road & Rail   7.4 
Pharmaceuticals   6.3 
Entertainment   6.0 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

  Shares  Value
(000)
Common Stocks  (94.7%)         
Airlines  (0.4%)         
Joby Aviation, Inc. (a)(b)  452,109   $1,958 
          
Auto Components  (1.5%)         
XPEL, Inc. (a)  101,276    6,526 
          
Beverages  (0.6%)         
Celsius Holdings, Inc. (a)  29,423    2,668 
          
Biotechnology  (2.8%)         
Beam Therapeutics, Inc. (a)  52,690    2,510 
Fate Therapeutics, Inc. (a)  90,151    2,020 
Intellia Therapeutics, Inc. (a)  80,321    4,495 
ProKidney Corp. (Cayman Islands) (a)  332,167    2,993 
Senti Biosciences, Inc. (a)(c)  70,441    142 
Senti Biosciences, Inc. Founder Shares (a)(c)  144,566    268 
        12,428 
Chemicals  (1.1%)         
Ginkgo Bioworks Holdings, Inc. (a)(b)  853,621    2,664 
Zymergen, Inc. (a)  844,672    2,348 
        5,012 
Commercial Services & Supplies  (0.3%)         
Aurora Innovation, Inc. (a)  510,489    1,128 
          
Communications Equipment  (2.8%)         
Calix, Inc. (a)  203,720    12,456 
          
Consumer Finance  (0.7%)         
Upstart Holdings, Inc. (a)(b)  151,940    3,159 
          
Diversified Consumer Services  (2.4%)         
Duolingo, Inc. (a)  113,486    10,807 
          
Diversified Holding Companies  (3.2%)         
Big Sky Growth Partners, Inc. (Units) SPAC (d)  641,354    6,266 
Meli Kaszek Pioneer Corp., SPAC (a)  446,180    4,404 
TCV Acquisition Corp., Class A SPAC (a)  359,839    3,534 
        14,204 
Diversified Telecommunication Services  (3.9%)         
Anterix, Inc. (a)  494,249    17,655 
          
Electrical Equipment  (0.3%)         
Heliogen, Inc. (a)  751,724    1,398 
          
Health Care Equipment & Supplies  (2.0%)         
Angle PLC (United Kingdom) (a)  1,796,955    1,340 
Figs, Inc., Class A (a)  726,440    5,993 
Outset Medical, Inc. (a)  96,691    1,540 
        8,873 
Health Care Providers & Services  (13.0%)         
23andMe Holding Co., Class A (a)(b)  821,303    2,349 
Agilon health, Inc. (a)  1,483,627    34,747 

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

Inception Portfolio 

Consolidated Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

Alignment Healthcare, Inc. (a)  226,260    2,679 
Guardant Health, Inc. (a)  85,255    4,589 
Oak Street Health, Inc. (a)  135,748    3,328 
Privia Health Group, Inc. (a)  309,835    10,553 
        58,245 
Health Care Technology  (5.6%)         
Doximity, Inc., Class A (a)  659,655    19,935 
Inspire Medical Systems, Inc. (a)  12,779    2,266 
Schrodinger, Inc. (a)  106,163    2,652 
        24,853 
Hotels, Restaurants & Leisure  (0.9%)         
Membership Collective Group, Inc., Class A (a)(b)  860,059    4,060 
          
Household Durables  (2.6%)         
Cricut, Inc., Class A (a)(b)  576,541    5,339 
Victoria PLC (United Kingdom) (a)  1,296,101    6,408 
        11,747 
Information Technology Services  (5.7%)         
Affirm Holdings, Inc. (a)  811,481    15,223 
Dlocal Ltd. (a)  387,784    7,957 
Fastly, Inc., Class A (a)  276,578    2,534 
        25,714 
Insurance  (0.5%)         
Trupanion, Inc. (a)  36,398    2,163 
          
Internet & Direct Marketing Retail  (7.2%)         
BARK, Inc. (a)  1,366,976    2,488 
Farfetch Ltd., Class A (a)  1,098,301    8,182 
Global-e Online Ltd. (Israel) (a)  803,867    21,512 
        32,182 
Leisure Products  (1.9%)         
Peloton Interactive, Inc., Class A (a)  1,207,951    8,371 
          
Life Sciences Tools & Services  (4.8%)         
10X Genomics, Inc., Class A (a)  423,887    12,072 
MaxCyte, Inc. (a)  507,758    3,301 
NanoString Technologies, Inc. (a)  110,522    1,411 
Seer, Inc. (a)  259,006    2,005 
SomaLogic, Inc. (a)  431,726    1,252 
Standard BioTools, Inc. (a)(b)  1,167,563    1,284 
        21,325 
Metals & Mining  (0.5%)         
MP Materials Corp. (a)  79,264    2,164 
          
Pharmaceuticals  (0.9%)         
ATAI Life Sciences NV (a)(b)  601,270    1,990 
GH Research PLC (a)(b)  175,488    2,039 
        4,029 
Professional Services  (0.4%)         
Upwork, Inc. (a)  145,692    1,984 

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

Inception Portfolio 

Consolidated Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

Real Estate Management & Development  (1.0%)         
Opendoor Technologies, Inc. (a)  298,088    927 
Redfin Corp. (a)(b)  153,566    897 
WeWork, Inc., Class A REIT (a)(b)  1,067,726    2,829 
        4,653 
Software  (23.6%)         
Appian Corp. (a)  51,508    2,103 
Cipher Mining, Inc. (a)  730,630    921 
Clear Secure, Inc., Class A (a)  330,613    7,558 
Clearwater Analytics Holdings, Inc. (a)(b)  190,443    3,197 
Confluent, Inc., Class A (a)  240,861    5,725 
Gitlab, Inc., Class A (a)  498,791    25,548 
HashiCorp, Inc., Class A (a)  213,771    6,881 
MicroStrategy, Inc., Class A (a)(b)  8,829    1,874 
Olo, Inc., Class A (a)  1,447,220    11,433 
Procore Technologies, Inc. (a)  345,431    17,092 
Samsara, Inc., Class A (a)  1,915,042    23,115 
        105,447 
Specialty Retail  (1.2%)         
Carvana Co. (a)(b)  149,429    3,033 
Warby Parker, Inc., Class A (a)  176,891    2,360 
        5,393 
Textiles, Apparel & Luxury Goods  (2.3%)         
On Holding AG, Class A (Switzerland) (a)(b)  628,274    10,084 
          
Trading Companies & Distributors  (0.6%)         
EVI Industries, Inc. (a)  146,418    2,656 
Total Common Stocks (Cost $668,607)       423,342 
          
Preferred Stocks  (2.8%)         
Health Care Technology  (1.5%)         

Included Health, Inc. Series B (a)(c)(e) 

(acquisition cost - $3,362; acquired 7/3/14)

  3,269,139    6,832 
          
Software  (1.3%)         

Lookout, Inc. Series F (a)(c)(e) 

(acquisition cost - $13,476; acquired 6/17/14)

  1,179,743    5,734 
Total Preferred Stocks (Cost $16,838)       12,566 
          
Investment Company  (0.6%)         
Grayscale Bitcoin Trust (a) (Cost $9,651)  254,642    2,905 
          
Warrants  (0.0%) (f)         
Internet & Direct Marketing Retail  (0.0%) (f)         
BARK, Inc. expires 5/1/26 (a)  209,825    56 
          
Life Sciences Tools & Services  (0.0%) (f)         
SomaLogic, Inc. expires 8/31/26 (a)  61,142    27 
Total Warrants (Cost $1,304)       83 

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

Inception Portfolio 

Consolidated Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

Short-Term Investments  (7.2%)         
Securities held as Collateral on Loaned Securities  (5.8%)         
Investment Company  (4.9%)         
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (g)  21,598,789    21,599 

 

   Face
Amount
(000)		     
Repurchase Agreements  (0.9%)          
HSBC Securities USA, Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $3,064; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $3,125)  $3,064    3,064 
Merrill Lynch & Co., Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $919; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $937)   919    919 
         3,983 
Total Securities held as Collateral on Loaned Securities (Cost $25,582)        25,582 

 

   Shares     
Investment Company  (1.4%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (g) (Cost $6,401)   6,400,783    6,401 
Total Short-Term Investments (Cost $31,983)        31,983 
Total Investments Excluding Purchased Options (105.3%) (Cost $728,383)        470,879 
Total Purchased Options Outstanding (1.0%) (Cost $3,072)        4,236 
Total Investments (106.3%) (Cost $731,455) Including $25,305 of Securities Loaned (h)(i)(j)(k)        475,115 
Liabilities in Excess of Other Assets (-6.3%)        (28,045)
Net Assets (100.0%)       $447,070 

 

(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, 2022, were approximately $25,305,000 and $27,158,000, respectively. The Fund received cash collateral of approximately $25,934,000, of which approximately $25,582,000 was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments.  At September 30, 2022, there was uninvested cash collateral of approximately $352,000. The remaining collateral of approximately $1,224,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Security 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, 2022 amounts to approximately $12,976,000 and represents 2.9% of net assets.
(d) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(e) At September 30, 2022, the Fund held fair valued securities valued at approximately $12,566,000, representing 2.8% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(f) Amount is less than 0.05%.
(g) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2022, advisory fees paid were reduced by approximately $11,000 relating to the Fund's investment in the Liquidity Funds.
(h) The approximate fair value and percentage of net assets, $7,748,000 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 Consolidated Portfolio of Investments.
(i) Securities are available for collateral in connection with purchased options.
(j) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions.
(k) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $16,092,000 and the aggregate gross unrealized depreciation is approximately $272,432,000, resulting in net unrealized depreciation of approximately $256,340,000.
REIT Real Estate Investment Trust.
SPAC Special Purpose Acquisition Company.

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

Inception Portfolio 

Consolidated Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

Call Options Purchased:

 

The Fund had the following call options purchased open at September 30, 2022:

  
Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Appreciation
(000)		 
Goldman Sachs International  USD/CNH  CNH7.27  Nov - 22   416,376,103    416,376   $2,133   $1,999   $134 
JP Morgan Chase Bank NA  USD/CNH  CNH7.53  Jul - 23   109,794,878    109,795    1,014    545    469 
Standard Chartered Bank  USD/CNH  CNH7.57  Aug - 23   118,346,563    118,347    1,089    528    561 
                       $4,236   $3,072   $1,164 

 

CNH    — Chinese Yuan Renminbi Offshore
USD    — United States Dollar

 

 

 

 

Portfolio Composition*
 
Classification  Percentage of
Total Investments		 
Other**   41.8%
Software   25.0 
Health Care Providers & Services   13.1 
Internet & Direct Marketing Retail   7.2 
Health Care Technology   7.1 
Information Technology Services   5.8 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Advantage Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (99.2%)          
Australia  (4.6%)          
Brookfield Infrastructure Partners LP   3,895,648   $139,854 
           
Canada  (8.9%)          
Brookfield Asset Management, Inc., Class A   3,516,945    143,808 
Canada Goose Holdings, Inc. (a)(b)(c)   5,347,571    81,497 
Shopify, Inc., Class A (a)   1,602,064    43,159 
         268,464 
China  (2.8%)          
Foshan Haitian Flavouring & Food Co., Ltd., Class A   7,227,029    84,179 
           
Denmark  (10.2%)          
Chr Hansen Holding AS   1,486,075    73,203 
DSV AS   2,006,557    235,063 
         308,266 
France  (8.1%)          
Hermes International   148,255    174,366 
Pernod Ricard SA   390,043    71,555 
         245,921 
Germany  (6.9%)          
Adidas AG   1,041,241    119,702 
HelloFresh SE (a)   1,862,807    38,992 
Puma SE   1,094,735    50,643 
         209,337 
Hong Kong  (2.6%)          
AIA Group Ltd.   9,655,100    80,387 
           
India  (8.3%)          
HDFC Bank Ltd.   14,517,452    251,522 
           
Italy  (8.7%)          
Davide Campari-Milano NV   10,821,583    95,745 
Moncler SpA   4,076,592    166,425 
         262,170 
Japan  (5.3%)          
Change, Inc. (c)   1,298,100    17,558 
Keyence Corp.   428,300    141,579 
         159,137 
Netherlands  (7.4%)          
Adyen NV (a)   64,393    80,309 
ASML Holding NV   343,211    142,185 
         222,494 
Norway  (0.5%)          
AutoStore Holdings Ltd. (a)   14,128,566    15,515 
           
Singapore  (1.5%)          
Grab Holdings Ltd., Class A (a)   17,095,041    44,960 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Advantage Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Sweden  (2.6%)          
Evolution AB   723,921    57,224 
Vitrolife AB   1,579,650    22,385 
         79,609 
Switzerland  (7.0%)          
Chocoladefabriken Lindt & Spruengli AG (Registered)   485    48,299 
Kuehne & Nagel International AG (Registered)   402,646    81,992 
Straumann Holding AG (Registered)   877,706    80,275 
         210,566 
Taiwan  (4.8%)          
Taiwan Semiconductor Manufacturing Co., Ltd. ADR   2,121,284    145,435 
           
United Kingdom  (5.0%)          
Diageo PLC   1,728,493    72,758 
Rightmove PLC   14,804,582    78,981 
         151,739 
United States  (4.0%)          
MercadoLibre, Inc. (a)   144,705    119,784 
Total Common Stocks (Cost $3,735,074)        2,999,339 
           
Investment Company  (0.5%)          
Grayscale Bitcoin Trust (a) (Cost $59,144)   1,337,540    15,261 
           
Short-Term Investments  (0.1%)          
Securities held as Collateral on Loaned Securities  (0.0%) (e)          
Investment Company  (0.0%) (e)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d)   412,225    412 

 

    Face
Amount
(000)		      
Repurchase Agreements  (0.0%) (e)          
HSBC Securities USA, Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $58; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $60)  $58    58 
Merrill Lynch & Co., Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $18; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $18)   18    18 
         76 
Total Securities held as Collateral on Loaned Securities (Cost $488)        488 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Advantage Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

    Shares      
Investment Company  (0.1%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $1,922)   1,922,329    1,922 
Total Short-Term Investments (Cost $2,410)        2,410 
Total Investments (99.8%) (Cost $3,796,628) Including $5,869 of Securities Loaned (f)(g)(h)        3,017,010 
Other Assets in Excess of Liabilities (0.2%)        6,456 
Net Assets (100.0%)       $3,023,466 

 

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, 2022, the cost of purchase and proceeds from sale of Canada Goose Holdings, Inc., Common Stock, and its affiliated broker-dealers, which may be deemed affiliates of the Adviser/Administrator and Distributor under the Investment Company Act of 1940, were approximately $36,737,000 and $14,716,000. respectively, including net realized loss of approximately $8,274,000.
(c) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $5,869,000 and $6,515,000, respectively. The Fund received cash collateral of approximately $495,000, of which approximately $488,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $7,000. The remaining collateral of approximately $6,020,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. 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, 2022, advisory fees paid were reduced by approximately $174,000 relating to the Fund's investment in the Liquidity Funds.
(e) Amount is less than 0.05%.
(f) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions.
(g) The approximate fair value and percentage of net assets, $2,280,842,000 and 75.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(h) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $196,336,000 and the aggregate gross unrealized depreciation is approximately $975,954,000, resulting in net unrealized depreciation of approximately $779,618,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments		 
Other**   46.7%
Textiles, Apparel & Luxury Goods   19.7 
Semiconductors & Semiconductor Equipment   9.5 
Banks   8.3 
Beverages   8.0 
Air Freight & Logistics   7.8 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** 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, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (98.2%)          
Australia  (0.7%)          
Aristocrat Leisure Ltd.   411,596   $8,679 
           
Belgium  (0.9%)          
KBC Group NV   243,657    11,563 
           
Canada  (6.2%)          
Barrick Gold Corp.   1,667,344    25,843 
Constellation Software, Inc.   28,184    39,217 
Tourmaline Oil Corp.   259,960    13,510 
         78,570 
China  (2.3%)          
Minth Group Ltd. (a)   3,582,000    7,866 
Tencent Holdings Ltd. (a)   635,000    21,448 
         29,314 
Denmark  (2.9%)          
Carlsberg AS Series B   200,461    23,441 
Tryg AS   604,247    12,474 
         35,915 
Finland  (1.3%)          
Kone Oyj, Class B   424,132    16,341 
           
France  (17.0%)          
AXA SA   1,106,016    24,148 
L'Oreal SA   41,146    13,156 
Legrand SA   317,676    20,541 
LVMH Moet Hennessy Louis Vuitton SE   57,561    33,937 
Pernod Ricard SA   103,624    19,010 
Safran SA   299,906    27,288 
Sanofi   271,939    20,707 
Teleperformance   55,254    14,017 
Thales SA   189,704    20,904 
Worldline SA (b)   525,991    20,790 
         214,498 
Germany  (13.7%)          
Adidas AG   114,465    13,159 
Deutsche Boerse AG   153,660    25,189 
Deutsche Post AG (Registered)   823,333    24,815 
Fresenius SE & Co., KGaA   391,613    8,347 
Infineon Technologies AG   670,265    14,668 
Knorr-Bremse AG   323,174    13,878 
MTU Aero Engines AG   148,966    22,264 
QIAGEN NV (b)   317,139    13,207 
SAP SE   456,147    37,174 
         172,701 
Hong Kong  (1.8%)          
AIA Group Ltd.   2,768,800    23,053 
           
Italy  (2.0%)          
Moncler SpA   617,593    25,213 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Equity Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Japan  (6.9%)          
FANUC Corp.   65,700    9,225 
Hoya Corp.   197,100    18,992 
Keyence Corp.   21,200    7,008 
Kirin Holdings Co., Ltd.   1,862,600    28,695 
Shiseido Co., Ltd.   639,900    22,427 
         86,347 
Korea, Republic of  (1.9%)          
Samsung Electronics Co., Ltd.   648,076    23,797 
           
Netherlands  (2.6%)          
Heineken NV   372,850    32,561 
           
Norway  (0.4%)          
Mowi ASA   385,507    4,903 
           
Singapore  (2.0%)          
DBS Group Holdings Ltd.   1,084,500    25,088 
           
Spain  (0.3%)          
Grifols SA (b)   491,986    4,250 
           
Sweden  (5.1%)          
Atlas Copco AB, Class A   1,778,876    16,534 
Epiroc AB, Class A   1,097,983    15,707 
Hexagon AB, Class B   961,794    8,982 
Svenska Handelsbanken AB, Class A   2,760,372    22,660 
         63,883 
Switzerland  (6.0%)          
Alcon, Inc.   106,755    6,201 
Novartis AG (Registered)   196,675    14,994 
Partners Group Holding AG   11,814    9,508 
Roche Holding AG (Genusschein)   76,390    24,867 
UBS Group AG (Registered)   1,412,777    20,497 
         76,067 
Taiwan  (2.2%)          
Taiwan Semiconductor Manufacturing Co., Ltd. ADR   398,618    27,329 
           
United Kingdom  (22.0%)          
Associated British Foods PLC   1,554,103    21,715 
AstraZeneca PLC   208,730    22,946 
British American Tobacco PLC   605,741    21,720 
Experian PLC   381,662    11,172 
Halma PLC   281,106    6,323 
Hiscox Ltd.   1,238,990    12,156 
Imperial Brands PLC   1,219,518    25,077 
Legal & General Group PLC   4,753,885    11,347 
Prudential PLC   3,073,044    30,078 
Reckitt Benckiser Group PLC   599,751    39,752 
RELX PLC (Euronext NV)   588,929    14,354 
RELX PLC (LSE)   526,602    12,868 
Shell PLC   1,437,140    35,653 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Equity Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

St. James's Place PLC   1,101,958    12,549 
         277,710 
Total Common Stocks (Cost $1,228,787)        1,237,782 
           
Short-Term Investment  (1.8%)          
Investment Company  (1.8%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $22,672)   22,671,678    22,672 
Total Investments (100.0%) (Cost $1,251,459)  (d)(e)(f)        1,260,454 
Other Assets in Excess of Liabilities (0.0%) (g)        277 
Net Assets (100.0%)       $1,260,731 

 

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

 

(a) Security trades on the Hong Kong exchange.
(b) Non-income producing security.
(c) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2022, advisory fees paid were reduced by approximately $24,000 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, 2022, the Fund did not engage in any cross-trade transactions.
(e) The approximate fair value and percentage of net assets, $1,131,883,000 and 89.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(f) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $191,063,000 and the aggregate gross unrealized depreciation is approximately $182,068,000, resulting in net unrealized appreciation of approximately $8,995,000.
(g) Amount is less than 0.05%.
ADR American Depositary Receipt.
Euronext NV Euronext Amsterdam Stock Market.
LSE London Stock Exchange.

 

 

 

 

Portfolio Composition
 
Classification  Percentage of
Total Investments		 
Others*   47.7%
Insurance   9.0 
Beverages   8.2 
Pharmaceuticals   6.6 
Software   6.1 
Textiles, Apparel & Luxury Goods   5.7 
Machinery   5.7 
Aerospace & Defense   5.6 
Capital Markets   5.4 
Total Investments   100.0%

 

* Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Opportunity Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (97.8%)          
Argentina  (3.2%)          
Globant SA (a)   226,737   $42,418 
           
Brazil  (3.1%)          
Magazine Luiza SA (a)   24,282,999    20,167 
NU Holdings Ltd., Class A (a)   4,673,445    20,563 
         40,730 
Canada  (4.7%)          
Canada Goose Holdings, Inc. (a)   1,779,423    27,118 
Shopify, Inc., Class A (a)   1,257,496    33,877 
         60,995 
China  (11.6%)          
Foshan Haitian Flavouring & Food Co., Ltd., Class A   1,409,488    16,418 
Kuaishou Technology (a)(b)   2,763,900    17,728 
Meituan, Class B (a)(b)   2,867,600    60,267 
Tencent Holdings Ltd. (b)   505,900    17,087 
Trip.com Group Ltd. ADR (a)   1,478,976    40,391 
         151,891 
Denmark  (6.1%)          
DSV AS   683,514    80,072 
           
France  (3.9%)          
Hermes International   43,947    51,687 
           
Germany  (6.5%)          
Adidas AG   306,715    35,260 
HelloFresh SE (a)   1,449,418    30,339 
Puma SE   431,697    19,971 
         85,570 
India  (13.8%)          
HDFC Bank Ltd.   6,081,098    105,358 
ICICI Bank Ltd. ADR   3,610,653    75,715 
         181,073 
Italy  (4.3%)          
Moncler SpA   1,370,300    55,942 
           
Japan  (3.6%)          
Change, Inc. (c)   614,600    8,313 
Keyence Corp.   118,200    39,072 
         47,385 
Korea, Republic of  (3.4%)          
KakaoBank Corp. (a)(c)   1,151,432    15,951 
NAVER Corp.   212,131    28,259 
         44,210 
Netherlands  (4.8%)          
Adyen NV (a)   26,042    32,478 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Opportunity Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

ASML Holding NV   73,491    30,446 
         62,924 
Norway  (1.2%)          
AutoStore Holdings Ltd. (a)(c)   9,142,188    10,039 
Kahoot! ASA (a)(c)   3,188,596    5,938 
         15,977 
Singapore  (2.9%)          
Grab Holdings Ltd., Class A (a)   11,150,488    29,326 
Sea Ltd. ADR (a)   149,092    8,356 
         37,682 
Sweden  (3.7%)          
Evolution AB   462,968    36,597 
Vitrolife AB   790,860    11,207 
         47,804 
Taiwan  (2.6%)          
Taiwan Semiconductor Manufacturing Co., Ltd.   2,521,000    33,417 
           
United Kingdom  (1.6%)          
Deliveroo PLC (a)   16,461,482    15,475 
Fevertree Drinks PLC   633,522    5,863 
         21,338 
United States  (16.8%)          
Coupang, Inc. (a)   4,800,372    80,022 
Farfetch Ltd., Class A (a)   2,158,024    16,077 
MercadoLibre, Inc. (a)   98,579    81,602 
Spotify Technology SA (a)   501,233    43,257 
         220,958 
Total Common Stocks (Cost $1,651,890)        1,282,073 
           
Investment Company  (0.9%)          
United States  (0.9%)          
Grayscale Bitcoin Trust (a) (Cost $45,837)   1,024,960    11,695 
           
Short-Term Investments  (1.4%)          
Securities held as Collateral on Loaned Securities  (0.3%)          
Investment Company  (0.3%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (d)   3,311,000    3,311 

 

   Face
Amount
(000)		     
Repurchase Agreements  (0.0%) (e)          
HSBC Securities USA, Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $469; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $479)  $469    469 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Opportunity Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Merrill Lynch & Co., Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $141; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $144)   141    141 
         610 
Total Securities held as Collateral on Loaned Securities (Cost $3,921)        3,921

 

   Shares     
Investment Company  (1.1%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $14,790)   14,790,361    14,790 
Total Short-Term Investments (Cost $18,711)        18,711 
Total Investments (100.1%) (Cost $1,716,438) Including $21,606 Of Securities Loaned (f)(g)(h)        1,312,479 
Liabilities in Excess of Other Assets (—0.1%)        (1,002)
Net Assets (100.0%)       $1,311,477 

 

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, 2022, were approximately $21,606,000 and $23,438,000, respectively. The Fund received cash collateral of approximately $3,975,000, of which approximately $3,921,000, was subsequently invested in Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately 54,000. The remaining collateral of approximately $19,463,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2022, advisory fees paid were reduced by approximately $32,000 relating to the Fund's investment in the Liquidity Funds.
(e) Amount is less than 0.05%.
(f) The approximate fair value and percentage of net assets, $763,184,000 and 58.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(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, 2022, the Fund did not engage in any cross-trade transactions.
(h) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $212,353,000 and the aggregate gross unrealized depreciation is approximately $616,312,000, resulting in net unrealized depreciation of approximately $403,959,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition*
 
Classification  Percentage of
Total Investments		 
Others**   28.5%
Internet & Direct Marketing Retail   19.4 
Banks   16.6 
Textiles, Apparel & Luxury Goods   14.5 
Information Technology Services   9.0 
Air Freight & Logistics   6.1 
Hotels, Restaurants & Leisure   5.9 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.
International Resilience Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (98.9%)          
Australia  (1.4%)          
Aristocrat Leisure Ltd.   848   $18 
           
Canada  (4.1%)          
Constellation Software, Inc.   37    52 
           
China  (2.7%)          
Tencent Holdings Ltd. (a)   1,000    34 
           
Denmark  (3.0%)          
Carlsberg AS Series B   327    38 
           
Finland  (1.4%)          
Kone Oyj, Class B   443    17 
           
France  (17.5%)          
L'Oreal SA   150    48 
Legrand SA   528    34 
LVMH Moet Hennessy Louis Vuitton SE   76    45 
Pernod Ricard SA   205    38 
Sanofi   163    12 
Teleperformance   84    21 
Worldline SA (b)   609    24 
         222 
Germany  (13.4%)          
Adidas AG   146    17 
Deutsche Boerse AG   259    42 
Infineon Technologies AG   664    15 
QIAGEN NV (b)   821    34 
SAP SE   757    62 
         170 
Hong Kong  (1.4%)          
AIA Group Ltd.   2,200    18 
           
Italy  (2.9%)          
Moncler SpA   910    37 
           
Japan  (7.6%)          
Hoya Corp.   400    39 
Keyence Corp.   100    33 
Shiseido Co., Ltd.   700    24 
         96 
Netherlands  (4.0%)          
Heineken NV   573    50 
           
Sweden  (5.5%)          
Atlas Copco AB, Class A   2,903    27 
Epiroc AB, Class A   1,519    22 
Hexagon AB, Class B   2,255    21 
         70 
Switzerland  (4.1%)          
Alcon, Inc.   461    27 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.
International Resilience Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)

 

Roche Holding AG (Genusschein)   76    25 
         52 
Taiwan  (3.2%)          
Taiwan Semiconductor Manufacturing Co., Ltd. ADR   598    41 
           
United Kingdom  (16.4%)          
AstraZeneca PLC   332    36 
Experian PLC   1,111    33 
Halma PLC   448    10 
Prudential PLC   2,423    24 
Reckitt Benckiser Group PLC   744    49 
RELX PLC   2,299    56 
         208 
United States  (10.3%)          
Danaher Corp.   137    35 
Procter & Gamble Co.   226    29 
Thermo Fisher Scientific, Inc.   68    34 
Visa, Inc., Class A   180    32 
         130 
Total Common Stocks (Cost $1,476)        1,253 
           
Short-Term Investment  (1.0%)          
Investment Company  (1.0%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $13)   12,731    13 
Total Investments (99.9%) (Cost $1,489)  (d)(e)(f)        1,266 
Other Assets in Excess of Liabilities (0.1%)        1 
Net Assets (100.0%)       $1,267 

  

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

  

(a) Security trades on the Hong Kong exchange.
(b) Non-income producing security.
(c) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the period ended September 30, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(d) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the period ended September 30, 2022, the Fund did not engage in any cross-trade transactions.
(e) The approximate fair value and percentage of net assets, $1,030,000 and 81.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(f) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $0 and the aggregate gross unrealized depreciation is approximately $223,000, resulting in net unrealized depreciation of approximately $223,000.
ADR American Depositary Receipt.

 

 

 

  

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Other*   23.3%
Beverages   9.9 
Software   9.0 
Professional Services   8.7 
Life Sciences Tools & Services   8.1 
Textiles, Apparel & Luxury Goods   7.8 
Household Products   6.2 
Pharmaceuticals   5.8 
Personal Products   5.7 
Health Care Equipment & Supplies   5.2 
Machinery   5.2 
Electronic Equipment, Instruments & Components   5.1 
Total Investments   100.0%

 

* Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited) 

 

   Shares   Value
(000)		 
Common Stocks  (7.4%)          
Australia  (0.9%)          
Capricorn Metals Ltd. (a)   5,707   $11 
Evolution Mining Ltd.   28,966    38 
Gold Road Resources Ltd.   13,726    11 
Newcrest Mining Ltd.   10,441    114 
Northern Star Resources Ltd.   18,159    91 
Perseus Mining Ltd.   21,665    21 
Ramelius Resources Ltd.   13,324    6 
Regis Resources Ltd.   11,756    12 
Silver Lake Resources Ltd. (a)   14,509    11 
St. Barbara Ltd. (a)   12,396    6 
West African Resources Ltd. (a)   15,723    10 
         331 
Canada  (4.0%)          
Agnico-Eagle Mines Ltd.   4,775    202 
Alamos Gold, Inc., Class A   6,185    46 
Aya Gold & Silver, Inc. (a)   1,695    10 
B2Gold Corp.   16,519    53 
Barrick Gold Corp.   18,689    290 
Centerra Gold, Inc.   4,606    20 
Dundee Precious Metals, Inc.   2,877    13 
Eldorado Gold Corp. (a)   2,950    18 
Endeavour Silver Corp. (a)   2,891    9 
Equinox Gold Corp. (a)(b)   4,849    18 
First Majestic Silver Corp.   4,145    31 
Fortuna Silver Mines, Inc. (a)   4,624    12 
Franco-Nevada Corp.   2,033    243 
GoGold Resources, Inc. (a)   4,728    5 
IAMGOLD Corp. (a)   7,552    8 
K92 Mining, Inc. (a)   3,562    20 
Karora Resources, Inc. (a)   2,445    5 
Kinross Gold Corp.   20,370    76 
New Gold, Inc. (a)   10,518    9 
OceanaGold Corp. (a)   11,295    18 
Osisko Gold Royalties Ltd.   2,922    30 
Pan American Silver Corp. (b)   3,312    53 
Sandstorm Gold Ltd.   3,032    16 
Silvercorp Metals, Inc.   2,762    6 
SSR Mining, Inc.   3,423    50 
Torex Gold Resources, Inc. (a)   1,342    10 
Victoria Gold Corp. (a)   1,008    6 
Wesdome Gold Mines Ltd. (a)   2,205    15 
Wheaton Precious Metals Corp.   4,786    155 
Yamana Gold, Inc.   14,906    67 
         1,514 
China  (0.3%)          
Zhaojin Mining Industry Co., Ltd. H Shares (a)(c)   40,690    28 
Zijin Mining Group Co., Ltd. H Shares (c)   93,805    91 
         119 
Norway  (0.0%) (d)          
Aker BP ASA   632    18 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Peru  (0.1%)          
Cia de Minas Buenaventura SAA ADR (b)   3,884    26 
           
South Africa  (0.6%)          
AngloGold Ashanti Ltd. ADR   6,611    91 
DRDGOLD Ltd. ADR   1,370    8 
Gold Fields Ltd. ADR   13,893    112 
Harmony Gold Mining Co., Ltd. ADR   9,664    24 
         235 
United Kingdom  (0.2%)          
Centamin PLC   18,156    18 
Endeavour Mining PLC   3,921    73 
         91 
United States  (1.3%)          
Coeur Mining, Inc. (a)   4,499    15 
Hecla Mining Co.   8,577    34 
Newmont Corp.   8,348    351 
Royal Gold, Inc.   1,052    99 
         499 
Total Common Stocks (Cost $2,927)        2,833 
           
   Face
Amount
(000)		      
Sovereign  (2.9%)          
Canada  (2.9%)          
Canadian Government Real Return Bond,          
3.00%, 12/1/36 (Cost $1,244)  CAD1,265    1,096 
U.S. Treasury Securities  (64.6%)          
United States  (64.6%)          
U.S. Treasury Inflation-Indexed Bonds,          
0.13%, 7/15/24 – 4/15/25  $2,232    2,141 
0.25%, 1/15/25   743    711 
0.38%, 7/15/25   735    702 
0.50%, 4/15/24   740    719 
0.63%, 1/15/24 – 7/15/32   21,597    19,665 
2.38%, 1/15/25   699    702 
Total U.S. Treasury Securities (Cost $24,996)        24,640 
           
   Shares      
Short-Term Investments  (22.7%)          
Securities held as Collateral on Loaned Securities  (0.1%)          
Investment Company  (0.1%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e)   44,134    44 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

   Face
Amount
(000)		      
Repurchase Agreements  (0.0%) (d)          
HSBC Securities USA, Inc. (2.97%, dated 9/30/22, due 10/3/22; proceeds $6; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $6)  $6    6 
Merrill Lynch & Co., Inc. (2.95%, dated 9/30/22, due 10/3/22; proceeds $2; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $2)   2    2 
         8 
Total Securities held as Collateral on Loaned Securities (Cost $52)        52 
           
    Shares      
Investment Company  (22.6%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (e) (Cost $8,591)   8,591,469    8,591 
Total Short-Term Investments (Cost $8,643)        8,643 
Total Investments (97.6%) (Cost $37,810) Including $96 of Securities Loaned (f)(g)(h)(i)        37,212 
Other Assets in Excess of Liabilities (2.4%)        930 
Net Assets (100.0%)       $38,142 

 

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, 2022, were approximately $96,000 and $98,000, respectively. The Fund received cash collateral of approximately $53,000, of which approximately $52.000 was subsequently invested in a Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Consolidated Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $1,000. The remaining collateral of approximately $45,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Security trades on the Hong Kong exchange.
(d) Amount is less than 0.05%.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds (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, 2022, advisory fees paid were reduced by approximately $9,000 relating to the Fund’s investment in the Liquidity Funds.
(f) Securities are available for collateral in connection with open foreign currency forward exchange contracts, futures contracts and swap agreements.
(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, 2022, the Fund did not engage in any cross-trade transactions.
(h) The approximate fair value and percentage of net assets, $486,000 and 1.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(i) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $672,000 and the aggregate gross unrealized depreciation is approximately $1,064,000, resulting in net unrealized depreciation of approximately $392,000.
ADR American Depositary Receipt.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

Foreign Currency Forward Exchange Contracts:

 

The Fund had the following foreign currency forward exchange contracts open at September 30, 2022:

 

 
Counterparty  Contracts
to
Deliver
(000)		   In
Exchange
For
(000)		   Delivery
Date		  Unrealized
Appreciation
(000)		 
BNP Paribas SA  GBP1   $1   12/15/22  $—@
BNP Paribas SA  JPY805   $6   12/15/22   —@
Citibank NA  GBP6   $7   12/15/22   —@
Goldman Sachs International  EUR2   $2   12/15/22  —@
                $—@

 

Futures Contracts:

 

The Fund had the following futures contracts open at September 30, 2022:  

 

   Number
of
Contracts		   Expiration
Date		  Notional Amount
(000)		   Value
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
Long:                       
Gold 100 OZ (United States)   7   Dec-22  $1   $1,170   $(36)
                        
Short:                       
S&P 500 E Mini Index (United States)   14   Dec-22  $(1)   (2,521)   339 
                     $303 

 

Interest Rate Swap Agreements:

 

The Fund had the following interest rate swap agreements open at September 30, 2022:  

 

Swap Counterparty  Floating Rate
 Index		  Pay/Receive
 Floating Rate		  Fixed
Rate		   Payment
Frequency
Paid/ Received		  Maturity
 Date		  Notional
 Amount
 (000)		   Value
(000)		   Upfront
Payment
Paid
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
Morgan Stanley & Co. LLC*  US CPI All Urban
Consumers Index		  Receive   2.76%  Semi-Annual/Quarterly  8/10/32  $3,552   $(92)  $—   $(92)
Morgan Stanley & Co. LLC*  US CPI All Urban
Consumers Index		  Pay   2.94   Semi-Annual/Quarterly  8/10/27   3,165    52    —    52 
Morgan Stanley & Co. LLC*  US CPI All Urban
Consumers Index		  Receive   2.54   Semi-Annual/Quarterly  9/2/31   1,373    64    —    64 
Morgan Stanley & Co. LLC*  US CPI All Urban
Consumers Index		  Receive   2.68   Semi-Annual/Quarterly  12/15/31   4,713    117    —    117 
Morgan Stanley & Co. LLC*  US CPI All Urban
Consumers Index		  Pay   2.91   Semi-Annual/Quarterly  12/15/26   4,713    (144)   —    (144)
Morgan Stanley & Co. LLC*  US CPI All Urban
Consumers Index		  Receive   2.66   Semi-Annual/Quarterly  2/16/32   3,500    51    —    51 
Morgan Stanley & Co. LLC*  US CPI All Urban
Consumers Index		  Pay   2.91   Semi-Annual/Quarterly  2/16/27   3,505    (65)   —    (65)
Morgan Stanley & Co. LLC*  US CPI All Urban
Consumers Index		  Receive   2.92   Semi-Annual/Quarterly  3/3/32   7,995    (87)   —    (87)
Morgan Stanley & Co. LLC*  US CPI All Urban
Consumers Index		  Pay   3.28   Semi-Annual/Quarterly  3/3/27   7,995    7    —    7 
                    $40,511   $(97)  $—   $(97)

 

@ Value is less than $500.
* Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
CAD — Canadian Dollar
EUR — Euro
GBP — British Pound
JPY — Japanese Yen

 

 

 

 

Portfolio Composition*     
      
Classification   Percentage of
Total Investments		 
U.S. Treasury Securities   66.3%
Short-Term Investments   23.1 
Metals & Mining   7.6 
Others**   3.0 
Total Investments   100.0%***

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** Industries and/or investment types representing less than 5% of total investments.
*** Does not include foreign currency forward exchange contracts with total unrealized appreciation of less than $500, open long/short futures contracts with a value of approximately $3,691,000 and net unrealized appreciation of approximately $303,000. Also does not include open swap agreements with net unrealized depreciation of approximately $97,000.

  

 

 

 

 

Morgan Stanley Institutional Fund, Inc.
Next Gen Emerging Markets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)

  

   Shares   Value
(000)		 
Common Stocks  (91.3%)          
Bangladesh  (2.7%)          
Brac Bank Ltd.   3,112,148   $1,181 
           
Brazil  (3.7%)          
Locaweb Servicos de Internet SA (a)   967,664    1,614 
           
Canada  (2.0%)          
Cameco Corp.   33,522    889 
           
Indonesia  (13.8%)          
Bank Mandiri Persero Tbk PT   4,710,800    2,893 
Industri Jamu Dan Farmasi Sido Muncul Tbk PT   40,949,900    1,909 
Medikaloka Hermina Tbk PT   12,129,800    1,293 
         6,095 
Kazakhstan  (2.9%)          
NAC Kazatomprom JSC GDR   50,811    1,267 
           
Kenya  (4.2%)          
Safaricom PLC   8,968,815    1,844 
           
Pakistan  (2.2%)          
Systems Ltd.   589,954    976 
           
Poland  (14.9%)          
11 bit studios SA (a)   17,591    1,871 
Grupa Kety SA   10,717    1,042 
LiveChat Software SA   95,920    2,095 
LPP SA   983    1,533 
         6,541 
South Africa  (7.3%)          
Anglo American PLC   43,866    1,315 
Capitec Bank Holdings Ltd.   22,024    1,887 
         3,202 
United Kingdom  (2.3%)          
Mondi PLC   64,845    1,001 
           
United States  (18.0%)          
EPAM Systems, Inc. (a)   5,659    2,050 
Grid Dynamics Holdings, Inc. (a)   113,314    2,122 
MercadoLibre, Inc. (a)   2,502    2,071 
SEMrush Holdings, Inc., Class A (a)   151,369    1,697 
         7,940 
Vietnam  (17.3%)          
FPT Corp.   733,261    2,634 
Mobile World Investment Corp.   922,788    2,547 
Vietnam Dairy Products JSC   809,592    2,444 
         7,625 
Total Common Stocks (Cost $40,666)        40,175 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.
Next Gen Emerging Markets Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)

 

Short-Term Investment  (7.5%)          
Investment Company (7.5%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (b) (Cost $3,282)   3,281,715    3,282 
Total Investments (98.8%) (Cost $43,948)  (c)(d)(e)        43,457 
Other Assets in Excess of Liabilities (1.2%)        546 
Net Assets (100.0%)       $44,003 

  

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

  

(a) 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, 2022, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Funds.
(c) The approximate fair value and percentage of net assets, $24,551,000 and 55.8%, 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.
(d) 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, 2022, the Fund did not engage in any cross-trade transactions.
(e) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,551,000 and the aggregate gross unrealized depreciation is approximately $7,042,000, resulting in net unrealized depreciation of approximately $491,000.
GDR Global Depositary Receipt.

  

 

 

  

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Others*   26.5%
Information Technology Services   21.6 
Banks   13.7 
Software   8.7 
Short-Term Investment   7.6 
Specialty Retail   5.9 
Food Products   5.6 
Metals & Mining   5.4 
Oil, Gas & Consumable Fuels   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
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (96.8%)          
Aerospace & Defense  (9.3%)          
Axon Enterprise, Inc. (a)   1,264   $146 
HEICO Corp., Class A   756    87 
TransDigm Group, Inc.   103    54 
         287 
Capital Markets  (3.5%)          
Intercontinental Exchange, Inc.   415    38 
MSCI, Inc.   72    30 
S&P Global, Inc.   128    39 
         107 
Chemicals  (1.4%)          
Ecolab, Inc.   98    14 
Sherwin-Williams Co.   142    29 
         43 
Commercial Services & Supplies  (4.4%)          
Cintas Corp.   46    18 
Copart, Inc. (a)   146    16 
Rollins, Inc.   2,924    101 
         135 
Construction Materials  (0.5%)          
Martin Marietta Materials, Inc.   48    16 
           
Distributors  (2.5%)          
Pool Corp.   243    77 
           
Diversified Consumer Services  (2.6%)          
Service Corp. International   1,388    80 
           
Entertainment  (1.6%)          
Netflix, Inc. (a)   93    22 
Walt Disney Co. (a)   292    28 
         50 
Equity Real Estate Investment Trusts (REITs)  (0.5%)          
American Tower Corp. REIT   64    14 
           
Food Products  (3.4%)          
McCormick & Co., Inc.   158    11 
UTZ Brands, Inc.   6,151    93 
         104 
Health Care Equipment & Supplies  (2.5%)          
IDEXX Laboratories, Inc. (a)   33    11 
Intuitive Surgical, Inc. (a)   355    66 
         77 
Health Care Technology  (3.4%)          
Veeva Systems, Inc., Class A (a)   641    106 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.
Permanence Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited) (cont’d)

 

Hotels, Restaurants & Leisure  (3.1%)          
Domino’s Pizza, Inc.   145   $ 45 
McDonald’s Corp.   149    35 
Starbucks Corp.   191    16 
         96 
Household Durables  (1.6%)          
NVR, Inc. (a)   12    48 
           
Insurance  (4.3%)          
Brown & Brown, Inc.   552    33 
Progressive Corp.   843    98 
         131 
Internet & Direct Marketing Retail  (6.9%)          
Amazon.com, Inc. (a)   1,892    214 
           
Life Sciences Tools & Services  (3.0%)          
Danaher Corp.   298    77 
Thermo Fisher Scientific, Inc.   30    15 
         92 
Metals & Mining  (1.1%)          
Royal Gold, Inc.   376    35 
           
Oil, Gas & Consumable Fuels  (2.5%)          
Texas Pacific Land Corp.   43    76 
           
Pharmaceuticals  (4.0%)          
Royalty Pharma PLC, Class A (United Kingdom)   2,773    111 
Zoetis, Inc.   80    12 
         123 
Professional Services  (0.6%)          
CoStar Group, Inc. (a)   250    17 
           
Semiconductors & Semiconductor Equipment  (3.8%)          
ASML Holding NV   284    118 
           
Software  (19.0%)          
Cadence Design Systems, Inc. (a)   97    16 
Constellation Software, Inc.   112    156 
Procore Technologies, Inc. (a)   687    34 
Roper Technologies, Inc.   40    14 
Salesforce.com, Inc. (a)   704    101 
ServiceNow, Inc. (a)   376    142 
Synopsys, Inc. (a)   49    15 
Topicus.com, Inc. (a)   1,330    64 
Tyler Technologies, Inc. (a)   123    43 
         585 
Specialty Retail  (10.3%)          
AutoZone, Inc. (a)   33    71 
Floor & Decor Holdings, Inc., Class A (a)   2,094    147 
Home Depot, Inc.   174    48 
TJX Cos., Inc.   849    53 
         319 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.
Permanence Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited) (cont’d)

 

Trading Companies & Distributors  (1.0%)          
Fastenal Co.   303   $ 14 
Watsco, Inc.   66   17 
         31 
Total Common Stocks (Cost $3,220)        2,981 
           
Investment Company  (0.5%)          
Grayscale Bitcoin Trust (a) (Cost $48)   1,260    14 
           
Short-Term Investment  (0.9%)          
Investment Company  (0.9%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $30)   29,940    30 
Total Investments Excluding Purchased Options (98.2%) (Cost $3,298)        3,025 
Total Purchased Options Outstanding (0.6%) (Cost $11)        18 
Total Investments (98.8%) (Cost $3,309)  (c)(d)(e)        3,043 
Other Assets in Excess of Liabilities (1.2%)        37 
Net Assets (100.0%)       $3,080 

 

(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, 2022, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds.  
(c) Securities are available for collateral in connection with purchased options.  
(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, 2022, the Fund did not engage in any cross-trade transactions.  
(e) At September 30, 2022, the aggregate cost for federal income tax purposes is approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $201,000 and the aggregate gross unrealized depreciation is approximately $467,000, resulting in net unrealized depreciation of approximately $266,000.      
REIT Real Estate Investment Trust.      

 

 

 

 

Morgan Stanley Institutional Fund, Inc.
Permanence Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited) (cont’d)

 

Call Options Purchased:

 

The Fund had the following call options purchased open at September 30, 2022:  

 

Counterparty   Description     Strike
Price		     Expiration
Date		   Number of
Contracts		     Notional
Amount
(000)		     Value
(000)		     Premiums
Paid
(000)		     Unrealized
Appreciation
(000)		  
Goldman Sachs International   USD/CNH     CNH 7.27     Nov-22     876,672       877     $ 5      $ 4     $ 1  
JP Morgan Chase Bank NA   USD/CNH     CNH 7.53     Jul-23     694,116       694       6       3       3  
Standard Chartered Bank   USD/CNH     CNH 7.57     Aug-23     798,506       799       7       4       3  
                                    $ 18      $ 11     $ 7  

 

CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		  
Others*   53.5 %
Software   19.3  
Specialty Retail   10.6  
Aerospace & Defense   9.5  
Internet & Direct Marketing Retail   7.1  
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, 2022 (unaudited)

 

  Shares  Value
(000)
Common Stocks  (99.7%)         
Banks  (9.7%)         
First Republic Bank  66,518   $8,684 
JPMorgan Chase & Co.  43,385    4,534 
SVB Financial Group (a)  18,258    6,130 
        19,348 
Building Products  (0.5%)         
Fortune Brands Home & Security, Inc.  19,545    1,049 
          
Capital Markets  (4.1%)         
Ameriprise Financial, Inc.  32,574    8,207 
          
Commercial Services & Supplies  (4.1%)         
Waste Management, Inc.  50,667    8,117 
          
Distributors  (2.3%)         
Pool Corp.  14,478    4,607 
          
Electric Utilities  (3.2%)         
NextEra Energy, Inc.  81,574    6,396 
          
Equity Real Estate Investment Trusts (REITs)  (7.8%)         
SBA Communications Corp. REIT  20,197    5,749 
STORE Capital Corp. REIT  314,365    9,849 
        15,598 
Food & Staples Retailing  (3.5%)         
Costco Wholesale Corp.  14,893    7,034 
          
Health Care Equipment & Supplies  (0.6%)         
Edwards Lifesciences Corp. (a)  12,946    1,070 
          
Health Care Technology  (0.9%)         
Veeva Systems, Inc., Class A (a)  10,339    1,705 
          
Hotels, Restaurants & Leisure  (4.9%)         
McDonald's Corp.  30,568    7,053 
MGM Resorts International  93,466    2,778 
        9,831 
Household Durables  (0.4%)         
Lennar Corp., Class A  10,102    753 
          
Information Technology Services  (3.2%)         
Jack Henry & Associates, Inc.  16,638    3,032 
Mastercard, Inc., Class A  11,615    3,303 
        6,335 
Insurance  (6.6%)         
Brown & Brown, Inc.  99,389    6,011 
Progressive Corp.  61,874    7,190 
        13,201 
Interactive Media & Services  (6.1%)         
Alphabet, Inc., Class A (a)  127,186    12,165 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

US Core Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Life Sciences Tools & Services  (7.1%)         
Danaher Corp.  37,583    9,707 
West Pharmaceutical Services, Inc.  17,695    4,355 
        14,062 
Oil, Gas & Consumable Fuels  (6.2%)         
Chevron Corp.  74,027    10,636 
Valero Energy Corp.  16,652    1,779 
        12,415 
Personal Products  (1.6%)         
Estee Lauder Cos., Inc. Class A  14,837    3,203 
          
Software  (8.3%)         
Microsoft Corp.  71,287    16,603 
          
Specialty Retail  (4.7%)         
Home Depot, Inc.  26,173    7,222 
RH (a)  9,009    2,217 
        9,439 
Tech Hardware, Storage & Peripherals  (9.1%)         
Apple, Inc.  130,575    18,046 
          
Textiles, Apparel & Luxury Goods  (1.5%)         
Lululemon Athletica, Inc. (a)  10,654    2,979 
          
Trading Companies & Distributors  (3.3%)         
United Rentals, Inc. (a)  24,452    6,605 
Total Common Stocks (Cost $219,562)       198,768 
          
Short-Term Investment  (0.2%)         
Investment Company  (0.2%)         
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $491)  490,937    491 
Total Investments (99.9%) (Cost $220,053) (c)(d)       199,259 
Other Assets in Excess of Liabilities (0.1%)       166 
Net Assets (100.0%)      $199,425 

 

(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, 2022, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Funds.
(c) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions.
(d) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,264,000 and the aggregate gross unrealized depreciation is approximately $25,058,000, resulting in net unrealized depreciation of approximately $20,794,000.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Others*   39.1%
Banks   9.7 
Tech Hardware, Storage & Peripherals   9.1 
Software   8.3 
Equity Real Estate Investment Trusts (REITs)   7.8 
Life Sciences Tools & Services   7.1 
Insurance   6.6 
Oil, Gas & Consumable Fuels   6.2 
Interactive Media & Services   6.1 
Total Investments   100.0%

 

* Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

U.S. Focus Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (98.1%)          
Apartments  (10.1%)          
AvalonBay Communities, Inc. REIT   1,093   $201 
Equity Residential REIT   3,016    203 
         404 
Data Centers  (4.9%)          
Digital Realty Trust, Inc. REIT   1,993    198 
           
Free Standing  (6.9%)          
Agree Realty Corp. REIT   3,002    203 
NETSTREIT Corp. REIT (a)   4,174    74 
         277 
Health Care  (6.8%)          
Welltower, Inc. REIT   4,274    275 
           
Industrial  (12.8%)          
Americold Realty Trust REIT   5,181    128 
Duke Realty Corp. REIT   2,083    100 
Prologis, Inc. REIT   2,809    285 
         513 
Infrastructure  (18.1%)          
American Tower Corp. REIT   2,485    534 
SBA Communications Corp. REIT   680    194 
         728 
Lodging/Resorts  (2.1%)          
Boyd Gaming Corp.   1,760    84 
           
Manufactured Homes  (2.4%)          
Sun Communities, Inc. REIT   720    97 
           
Office  (1.9%)          
SL Green Realty Corp. REIT (a)   1,863    75 
           
Self Storage  (11.4%)          
Extra Space Storage, Inc. REIT   953    164 
Public Storage REIT   997    292 
         456 
Shopping Centers  (9.1%)          
Brixmor Property Group, Inc. REIT   7,538    139 
Kite Realty Group Trust REIT   7,180    123 
RPT Realty REIT   13,314    101 
         363 
Single Family Homes  (7.5%)          
American Homes 4 Rent, Class A REIT   3,785    124 
Invitation Homes, Inc. REIT   5,283    179 
         303 
Specialty  (4.1%)          
Iron Mountain, Inc. REIT   3,719    163 
Total Common Stocks (Cost $4,745)        3,936 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

U.S. Focus Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Short-Term Investment  (5.3%)          
Securities held as Collateral on Loaned Securities  (3.7%)          
Investment Company  (3.1%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b)   123,766    124 

 

   Face
Amount
(000)		     
Repurchase Agreements  (0.6%)          
HSBC Securities USA, Inc. (2.97%, dated 9/30/22, due 10/3/22; proceeds $18; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $18)  $18    18 
Merrill Lynch & Co., Inc. (2.95%, dated 9/30/22, due 10/3/22; proceeds $5; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $5)   5    5 
         23 
Total Securities held as Collateral on Loaned Securities (Cost $147)        147 

 

   Shares     
Investment Company  (1.6%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (b) (Cost $63)   63,158    63 
Total Short-Term Investment (Cost $210)        210 
Total Investments (103.4%) (Cost $4,955) Including $149 of Securities Loaned (c)(d)        4,146 
Liabilities in Excess of Other Assets (-3.4%)        (135)
Net Assets (100.0%)       $4,011 

 

(a) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $149,000 and $149,000, respectively. The Fund received cash collateral of approximately $149,000, of which approximately $147,000 was subsequently invested in a Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $2,000. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(b) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds (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, 2022, 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, 2022, the Fund did not engage in any cross-trade transactions.
(d) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,000 and the aggregate gross unrealized depreciation is approximately $814,000, resulting in net unrealized depreciation of approximately $809,000.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition*
 
Classification   Percentage of
Total Investments		  
Infrastructure     18.2 %
Industrial     12.8  
Others**     12.0  
Self Storage     11.4  
Apartments     10.1  
Shopping Centers     9.1  
Single Family Homes     7.6  
Free Standing     6.9  
Health Care     6.9  
Data Centers     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, 2022.
** 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, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (97.4%)          
Apartments  (14.4%)          
AvalonBay Communities, Inc. REIT   8,577   $1,580 
Equity Residential REIT   23,558    1,583 
Mid-America Apartment Communities, Inc. REIT   8,512    1,320 
         4,483 
Data Centers  (6.8%)          
Digital Realty Trust, Inc. REIT   21,358    2,118 
           
Free Standing  (8.6%)          
Agree Realty Corp. REIT   10,946    740 
NETSTREIT Corp. REIT (a)   22,040    392 
Realty Income Corp. REIT   26,319    1,532 
         2,664 
Health Care  (9.4%)          
Healthpeak Properties, Inc. REIT   26,557    609 
Ventas, Inc. REIT   20,808    836 
Welltower, Inc. REIT   23,251    1,495 
         2,940 
Industrial  (15.2%)          
Americold Realty Trust, Inc. REIT   20,532    505 
Duke Realty Corp. REIT   15,231    734 
Exeter Industrial Value Fund, LP (b)(c)(d)   7,905,000    324 
ProLogis, Inc. REIT   29,128    2,960 
Rexford Industrial Realty, Inc. REIT   4,136    215 
         4,738 
Lodging/Resorts  (2.6%)          
Boyd Gaming Corp.   6,834    326 
Host Hotels & Resorts, Inc. REIT   30,469    484 
         810 
Manufactured Homes  (2.8%)          
Sun Communities, Inc. REIT   6,471    876 
           
Office  (2.4%)          
Kilroy Realty Corp. REIT   7,467    314 
SL Green Realty Corp. REIT (a)   10,868    437 
         751 
Regional Malls  (2.8%)          
Simon Property Group, Inc. REIT   9,697    870 
           
Self Storage  (12.8%)          
Extra Space Storage, Inc. REIT   5,641    974 
Life Storage, Inc. REIT   6,560    727 
Public Storage REIT   7,828    2,292 
         3,993 
Shopping Centers  (6.7%)          
Brixmor Property Group, Inc. REIT   38,562    712 
Kite Realty Group Trust REIT   40,174    692 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

U.S. Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

RPT Realty REIT   41,421    313 
SITE Centers Corp. REIT   34,086    365 
         2,082 
Single Family Homes  (5.9%)          
American Homes 4 Rent, Class A REIT   24,526    804 
Invitation Homes, Inc. REIT   30,699    1,037 
         1,841 
Specialty  (7.0%)          
American Tower Corp. REIT   2,410    517 
Iron Mountain, Inc. REIT   19,325    850 
Outfront Media, Inc. REIT   9,840    150 
VICI Properties, Inc. REIT   22,450    670 
         2,187 
Total Common Stocks (Cost $35,734)        30,353 
           
Short-Term Investments  (4.9%)          
Securities held as Collateral on Loaned Securities  (2.6%)          
Investment Company  (2.2%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (e)   687,862    688 

 

   Face
Amount
(000)		     
Repurchase Agreements  (0.4%)          
HSBC Securities USA, Inc. (2.97%, dated 9/30/22, due 10/3/22; proceeds $98; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $100)  $98    98 
Merrill Lynch & Co., Inc. (2.95%, dated 9/30/22, due 10/3/22; proceeds $29; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $30)   29    29 
         127 
Total Securities held as Collateral on Loaned Securities  (Cost $815)        815 

 

   Shares     
Investment Company  (2.3%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Portfolio - Institutional Class (e) (Cost $721)   720,855    721 
Total Short-Term Investments (Cost $1,536)        1,536 
Total Investments (102.3%) (Cost $37,270) Including $829 of Securities Loaned  (f)(g)        31,889 
Liabilities in Excess of Other Assets (-2.3%)        (726)
Net Assets (100.0%)       $31,163 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

U.S. Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

(a) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $829,000 and $826,000, respectively. The Fund received cash collateral of approximately $826,000, of which approximately $815,000, was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately 11,000. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(b) Non-income producing security.
(c) At September 30, 2022, the Fund held a fair valued security at approximately $324,000, representing 1.0% 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.
(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 approximately $0. At September 30, 2022, this security had an aggregate market value of approximately $324,000, representing 1.0 % of net assets.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds (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, 2022, advisory fees paid were reduced by approximately $1,000 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, 2022, the Fund did not engage in any cross-trade transactions.
(g) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $613,000 and the aggregate gross unrealized depreciation is approximately $5,994,000, resulting in net unrealized depreciation of approximately $5,381,000.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition*
 
Classification  Percentage of
Total Investments		 
Industrial   15.2%
Apartments   14.4 
Others**   13.1 
Self Storage   12.8 
Health Care   9.5 
Free Standing   8.6 
Specialty   7.0 
Data Centers   6.8 
Shopping Centers   6.7 
Single Family Homes   5.9 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Vitality Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

    Shares     Value
(000)		  
Common Stocks  (100.5%)                
Biotechnology  (28.7%)                
4D Molecular Therapeutics, Inc. (a)     1,237     $ 10  
Abcam PLC ADR (United Kingdom) (a)(b)     1,859       28  
Alnylam Pharmaceuticals, Inc. (a)     355       71  
Argenx SE ADR (Belgium) (a)     238       84  
Beam Therapeutics, Inc. (a)     995       47  
C4 Therapeutics, Inc. (a)     1,580       14  
Century Therapeutics, Inc. (a)     1,415       14  
Exact Sciences Corp. (a)     1,174       38  
Fate Therapeutics, Inc. (a)     1,528       34  
Graphite Bio, Inc. (a)     2,854       9  
Intellia Therapeutics, Inc. (a)     1,153       64  
Moderna, Inc. (a)     298       35  
Relay Therapeutics, Inc. (a)     1,196       27  
Vertex Pharmaceuticals, Inc. (a)     268       78  
              553  
Health Care Equipment & Supplies  (14.0%)                
Abbott Laboratories     310       30  
Align Technology, Inc. (a)     204       42  
DexCom, Inc. (a)     697       56  
IDEXX Laboratories, Inc. (a)     91       30  
Intuitive Surgical, Inc. (a)     297       56  
iRhythm Technologies, Inc. (a)     111       14  
Quotient Ltd. (a)     53,089       8  
ViewRay, Inc. (a)     9,399       34  
              270  
Health Care Providers & Services  (12.3%)                
Agilon health, Inc. (a)     2,736       64  
Guardant Health, Inc. (a)     1,261       68  
UnitedHealth Group, Inc.     208       105  
              237  
Health Care Technology  (8.7%)                
Doximity, Inc., Class A (a)(b)     1,315       40  
Inspire Medical Systems, Inc. (a)     315       56  
Schrodinger, Inc. (a)     1,223       31  
Veeva Systems, Inc., Class A (a)     252       41  
              168  
Internet & Direct Marketing Retail  (1.6%)                
Chewy, Inc., Class A (a)(b)     982       30  
                 
Life Sciences Tools & Services  (22.6%)                
10X Genomics, Inc., Class A (a)     2,312       66  
AbCellera Biologics, Inc. (Canada) (a)     1,793       18  
Evotec SE ADR (Germany) (a)     3,384       30  
Illumina, Inc. (a)     190       36  
MaxCyte, Inc. (a)     7,901       51  
NanoString Technologies, Inc. (a)     2,408       31  
Seer, Inc. (a)     1,097       9  
SomaLogic, Inc. (a)     6,954       20  
Stevanato Group SpA (Italy)     2,617       44  
Thermo Fisher Scientific, Inc.     191       97  
West Pharmaceutical Services, Inc.     140       34  
              436  

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Vitality Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Pharmaceuticals  (12.6%)          
ATAI Life Sciences NV (a)(b)   8,657    29 
Eli Lilly & Co.   286    92 
GH Research PLC (a)(b)   932    11 
Royalty Pharma PLC, Class A   1,535    62 
Zoetis, Inc.   331    49 
         243 
Total Common Stocks (Cost $3,026)        1,937 
           
Short-Term Investments  (7.1%)          
Securities held as Collateral on Loaned Securities  (4.9%)          
Investment Company  (4.1%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (c)   80,213    80 

 

   Face
Amount
(000)		     
Repurchase Agreements  (0.8%)          
HSBC Securities USA, Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $11; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $12)  $11    11 
Merrill Lynch & Co., Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $4; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $4)   4    4 
         15 
Total Securities held as Collateral on Loaned Securities (Cost $95)        95 

 

   Shares     
Investment Company  (2.2%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $43)   43,033    43 
Total Short-Term Investments (Cost $138)        138 
Total Investments (107.6%) (Cost $3,164)  (d)(e)        2,075 
Liabilities in Excess of Other Assets (-7.6%)        (147)
Net Assets (100.0%)       $1,928 

 

(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, 2022, were approximately $132,000 and $138,000, respectively. The Fund received cash collateral of approximately $96,000, of which approximately $95,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $1,000. The remaining collateral of approximately $42,000 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) 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, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(d) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions.
(e) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $39,000 and the aggregate gross unrealized depreciation is approximately $1,128,000, resulting in net unrealized depreciation of approximately $1,089,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition*
 
Classification   Percentage of
Total Investments		  
Biotechnology     27.9 %
Life Sciences Tools & Services     22.0  
Health Care Equipment & Supplies     13.6  
Pharmaceuticals     12.3  
Health Care Providers & Services     12.0  
Health Care Technology     8.5  
Others**     3.7  
Total Investments     100.0 %

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** 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, 2022 (unaudited)

 

On February 24, 2022, Russia launched a large-scale invasion of Ukraine significantly amplifying already existing geopolitical tensions.  In response to the invasion, many countries, including the U.S., have imposed economic sanctions on Russian governmental institutions, Russian entities, and Russian individuals, which have had a negative impact on the Russian economy, on the Russian currency, and on the investments having exposure to Russia, Ukraine, and other combatants, including Belarus.  Russia in turn has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The current events have had, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of the Fund’s investments beyond any direct exposure to Russian or Ukrainian issuers, markets or economies. The duration and extent of the economic impacts resulting from the military conflict with Russia and the related sanctions is uncertain at this time.

 

Security Valuation: (1) Fixed income 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. 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/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/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/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/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/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) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; (9) PIPE investments may be valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; and (10) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.

 

 

In connection with Rule 2a-5 of the Act, which became effective September 8, 2022, the Directors have designated the Company's Adviser as its valuation designee. The valuation designee has responsibility for 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, as valuation designee, 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: Financial Accounting Standards Board (“FASB”) Accounting Standards CodificationTM ("ASC") 820 , "Fair Value Measurement" (“ASC 820”), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. 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, 2022:

 

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  $—   $2,221   $—   $2,221 
Airlines   1,269    —    —    1,269 
Banks   4,295    2,168    —    6,463 
Beverages   —    4,611    —    4,611 
Biotechnology   2,226    —    —    2,226 
Chemicals   776    5,311    —    6,087 
Electrical Equipment   —    352    —    352 
Electronic Equipment, Instruments & Components   —    1,851    —    1,851 
Energy Equipment & Services   2,184    980    —    3,164 
Entertainment   4,182    1,778    —    5,960 
Food Products   —    3,443    —    3,443 
Health Care Equipment & Supplies   2,055    4,245    —    6,300 
Health Care Providers & Services   —    1,003    —    1,003 
Hotels, Restaurants & Leisure   2,891    —    —    2,891 
Household Durables   1,423    5,556    —    6,979 
Household Products   —    367    —    367 
Information Technology Services   —    2,118    —    2,118 
Insurance   —    763    —    763 
Interactive Media & Services   1,703    2,658    —    4,361 
Internet & Direct Marketing Retail   10,172    62    —    10,234 
Leisure Products   —    587    —    587 
Machinery   —    2,934    —    2,934 
Metals & Mining   11,865    9,154    —    21,019 
Oil, Gas & Consumable Fuels   1,892    6,893    —    8,785 
Personal Products   2,477    5,608    —    8,085 
Pharmaceuticals    —    14,514    —    14,514 
Professional Services   —    3,246    —    3,246 
Real Estate Management & Development   —    —    —@   —@
Road & Rail   2,938    —    —    2,938 
Semiconductors & Semiconductor Equipment   1,521    6,211    —    7,732 
Software   —    762    —    762 
Tech Hardware, Storage & Peripherals   —    3,667    —    3,667 
Textiles, Apparel & Luxury Goods   —    2,185    —    2,185 
Total Common Stocks   53,869    95,248    —@   149,117 
Preferred Stock                    
Biotechnology   —    —    1,174    1,174 
Investment Company   621    —    —    621 
Short-Term Investments                    
Investment Company   1,852    —    —    1,852 
Repurchase Agreements   —    141    —    141 
Total Short-Term Investments   1,852    141    —    1,993 
Foreign Currency Forward Exchange Contracts   —    166    —    166 
Futures Contracts   839    —    —    839 
Total Assets  $57,181   $95,555   $1,174   $153,910 

 

@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)		     Preferred
Stock
(000)		  
Beginning Balance   $             — @   $ 1,250  
Purchases     —       —  
Sales     —       —  
Amortization of discount     —       —  
Transfers in     —       —  
Transfers out     —       —  
Corporate actions     —       —  
Change in unrealized appreciation (depreciation)            — @     (76 )
Realized gains (losses)     —       —  
Ending Balance   $             — @   $ 1,174  
                 
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022   $                — @   $ (76 )

 

@ Value is less than $500.

 

 

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, 2022:

 

Active International Allocation  Fair Value at
September 30, 2022
(000)		   Valuation
Technique		  Unobservable
Input		  Amount*   Impact to Valuation
from an Increase In
Input**
Common Stock  $           — @  Market Transaction Method  Transaction Valuation  $0.003   Increase
                    
Preferred Stock  $1,174   Market Transaction Method  Precedent Transaction  $38.24   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.
@Amount is less than $500.

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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  $3,960   $—   $—   $3,960 
Capital Markets   2,417    —    —    2,417 
Entertainment   16,482    —    —    16,482 
Health Care Equipment & Supplies   2,500    —    —    2,500 
Health Care Technology   6,906    —    —    6,906 
Hotels, Restaurants & Leisure   4,243    —    —    4,243 
Information Technology Services   57,246    8,436    —    65,682 
Interactive Media & Services   21,444    —    —    21,444 
Internet & Direct Marketing Retail   36,760    —    —    36,760 
Life Sciences Tools & Services   4,143    —    —    4,143 
Pharmaceuticals   17,571    —    —    17,571 
Road & Rail   19,118    —    —    19,118 
Semiconductors & Semiconductor Equipment   13,608    —    —    13,608 
Software   37,874    —    —    37,874 
Specialty Retail   4,019    —    —    4,019 
Total Common Stocks   248,291    8,436    —    256,727 
Investment Company   1,839    —    —    1,839 
Call Options Purchased   —    2,322    —    2,322 
Short-Term Investment                    
Investment Company   5,041    —    —    5,041 
Total Assets  $255,171   $10,758   $—   $265,929 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
American Resilience                    
Assets:                    
Common Stocks                    
Beverages  $15   $—   $—   $15 
Capital Markets   46    —    —    46 
Electronic Equipment, Instruments & Components   27    —    —    27 
Health Care Equipment & Supplies   117    —    —    117 
Household Products   25    —    —    25 
Information Technology Services   168    —    —    168 
Interactive Media & Services   23    —    —    23 
Life Sciences Tools & Services   109    —    —    109 
Machinery   42    —    —    42 
Personal Products   25    —    —    25 
Pharmaceuticals   17    —    —    17 
Professional Services   16    —    —    16 
Semiconductors & Semiconductor Equipment   25    —    —    25 
Software   128    —    —    128 
Textiles, Apparel & Luxury Goods   17    —    —    17 
Tobacco   34    —    —    34 
Total Common Stocks   834    —    —    834 
Short-Term Investment                    
Investment Company   16    —    —    16 
Total Assets  $850   $—   $—   $850 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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  $18,767   $35,584   $    —   $54,351 
Beverages   —    20,230    —    20,230 
Chemicals   —    2,629    —    2,629 
Commercial Services & Supplies   —    1,482    —    1,482 
Construction Materials   —    4,437    —    4,437 
Consumer Finance   4,099    —    —    4,099 
Diversified Consumer Services   —    607    —    607 
Entertainment   4,427    —    —    4,427 
Food Products   —    13,438    —    13,438 
Hotels, Restaurants & Leisure   12,404    8,855    —    21,259 
Household Durables   —    3,292    —    3,292 
Insurance   —    6,450    —    6,450 
Interactive Media & Services   —    19,595    —    19,595 
Internet & Direct Marketing Retail   13,817    16,223    —    30,040 
Real Estate Management & Development   13,115    1,905    —    15,020 
Road & Rail   5,555    —    —    5,555 
Semiconductors & Semiconductor Equipment   —    8,960    —    8,960 
Software   277    1,539    —    1,816 
Textiles, Apparel & Luxury Goods   —    3,804    —    3,804 
Total Common Stocks   72,461    149,030    —    221,491 
Investment Company   1,433    —    —    1,433 
Short-Term Investments                    
Investment Company   1,107    —    —    1,107 
Repurchase Agreements   —    125    —    125 
Total Short-Term Investments   1,107    125    —    1,232 
Total Assets  $75,001   $149,155   $—   $224,156 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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                    
Automobiles  $—   $25   $       —   $25 
Banks   —    305    —    305 
Beverages   —    893    —    893 
Electrical Equipment   —    170    —    170 
Entertainment   —    86    —    86 
Food Products   —    435    —    435 
Health Care Equipment & Supplies   —    164    —    164 
Household Durables   —    197    —    197 
Interactive Media & Services   —    1,054    —    1,054 
Internet & Direct Marketing Retail   346    928    —    1,274 
Life Sciences Tools & Services   —    275    —    275 
Machinery   —    153    —    153 
Personal Products   —    249    —    249 
Real Estate Management & Development   201    —    —    201 
Semiconductors & Semiconductor Equipment   —    134    —    134 
Specialty Retail   204    107    —    311 
Textiles, Apparel & Luxury Goods   —    512    —    512 
Total Common Stocks   751    5,687    —    6,438 
Warrant   —    79    —    79 
Short-Term Investment                    
Investment Company   1,109    —    —    1,109 
Total Assets  $1,860   $5,766   $—   $7,626 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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  $61   $30   $                  —   $91 
Air Freight & Logistics   —    149    —    149 
Airlines   3    —    —    3 
Auto Components   12    —    —    12 
Automobiles   15    —    —    15 
Banks   320    17    —    337 
Beverages   5    118    —    123 
Biotechnology   77    16    —    93 
Capital Markets   111    —    —    111 
Chemicals   32    40    —    72 
Commercial Services & Supplies   23    46    —    69 
Communications Equipment   23    —    —    23 
Construction Materials   1    5    —    6 
Consumer Finance   14    —    —    14 
Containers & Packaging   2    —    —    2 
Distributors   13    —    —    13 
Diversified Consumer Services   35    1    —    36 
Diversified Financial Services   6    12    —    18 
Diversified Holding Companies   36    —    —    36 
Diversified Telecommunication Services   34    —    —    34 
Electrical Equipment   7    —    —    7 
Electronic Equipment, Instruments & Components   —    99    —    99 
Entertainment   347    54    —    401 
Equity Real Estate Investment Trusts (REITs)   1    —    —    1 
Food & Staples Retailing   —    20    —    20 
Food Products   17    40    —    57 
Health Care Equipment & Supplies   30    69    —    99 
Health Care Providers & Services   285    —    —    285 
Health Care Technology   179    —    —    179 
Hotels, Restaurants & Leisure   53    57    —    110 
Household Durables   111    102    —    213 
Information Technology Services   1,069    156    —    1,225 
Insurance   51    33    —    84 
Interactive Media & Services   127    65    —    192 
Internet & Direct Marketing Retail   906    60    —    966 
Leisure Products   29    —    —    29 
Life Sciences Tools & Services   85    —    —    85 
Machinery   —    8    —    8 
Marine   —    35    —    35 
Metals & Mining   26    —    —    26 
Multi-Line Retail   3    —    —    3 
Multi-Utilities   49    —    —    49 
Oil, Gas & Consumable Fuels   28    —    —    28 
Personal Products   —    14    —    14 
Pharmaceuticals   287    5    —    292 
Professional Services   4    —    —    4 
Real Estate Management & Development   58    1    —    59 
Road & Rail   328    —    —    328 
Semiconductors & Semiconductor Equipment   138    113    —    251 
Software   1,183    1    —    1,184 
Specialty Retail   173    —    —    173 
Textiles, Apparel & Luxury Goods   50    355    —    405 
Trading Companies & Distributors   7    —    —    7 
Transportation Infrastructure   1    —    —    1 
Total Common Stocks   6,455    1,721    —    8,176 
Preferred Stock                    
Software   —    —    35    35 
Investment Companies   63    8    —    71 
Warrants   —@   —    —    —@
Call Options Purchased   —    46    —    46 
Short-Term Investment                    
Investment Company   99    —    —    99 
Total Assets  $6,617   $1,775   $35   $8,427 

 

@Value is less than $500.

 

 

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 
Counterpoint Global  Preferred
Stock
(000)		 
Beginning Balance  $45 
Purchases   - 
Sales   - 
PIPE transactions   - 
Amortization of discount   - 
Transfers in   - 
Transfers out   - 
Corporate actions   - 
Change in unrealized appreciation (depreciation)   (10)
Realized gains (losses)   - 
Ending Balance  $35 
      
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022  $(10)

 

Limited Access

 

 

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, 2022. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance.

 

Counterpoint Global  Fair Value at
September 30, 2022
(000)		   Valuation
Technique		  Unobservable
Input		  Amount*   Impact to Valuation
from an Increase In
Input**
Preferred Stock  $     35   Discounted Cash Flow  Weighted Average Cost of Capital   13.5%   Decrease
           Perpetual Growth Rate   3.5%   Increase
        Market Comparable
Companies		  Enterprise Value /Revenue   22.8x   Increase
           Discount for Lack
of Marketability		   14.0%   Decrease

 

 

*Amount is indicative of the weighted average.
**Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input.
 A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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  $9,459   $12,214   $          —   $21,673 
Beverages   —    4,378    —    4,378 
Capital Markets   1,553    —    —    1,553 
Chemicals   —    1,833    —    1,833 
Construction Materials   —    1,721    —    1,721 
Consumer Finance   1,038    —    —    1,038 
Diversified Consumer Services   —    213    —    213 
Entertainment   1,528    —    —    1,528 
Food Products   —    2,723    —    2,723 
Hotels, Restaurants & Leisure   3,336    2,320    —    5,656 
Household Durables   —    600    —    600 
Information Technology Services   4,175    —    —    4,175 
Interactive Media & Services   —    5,855    —    5,855 
Internet & Direct Marketing Retail   9,899    5,121    —    15,020 
Multi-Line Retail   2,036    —    —    2,036 
Real Estate Management & Development   3,425    747    —    4,172 
Road & Rail   2,130    —    —    2,130 
Semiconductors & Semiconductor Equipment   —    3,497    —    3,497 
Textiles, Apparel & Luxury Goods   —    954    —    954 
Transportation Infrastructure   1,240    —    —    1,240 
Total Common Stocks   39,819    42,176    —    81,995 
Investment Company   694    —    —    694 
Short-Term Investment                    
Investment Company   572    —    —    572 
Total Assets  $41,085   $42,176   $—   $83,261 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Emerging Markets                    
Assets:                    
Common Stocks                    
Airlines  $8,060   $—   $—   $8,060 
Automobiles   —    21,956    —    21,956 
Banks   32,377    70,923    —    103,300 
Beverages   —    12,314    —    12,314 
Chemicals   —    6,084    —    6,084 
Commercial Banks   —    2,235    —    2,235 
Construction Materials   —    2,244    —    2,244 
Consumer Finance   —    5,867    —    5,867 
Electrical Equipment   —    4,994    —    4,994 
Electronic Equipment, Instruments & Components   —    12,366    —    12,366 
Food & Staples Retailing   11,680    1,960    —    13,640 
Food Products   —    6,040    —    6,040 
Health Care Providers & Services   —    4,000    —    4,000 
Hotels, Restaurants & Leisure   2,465    —    —    2,465 
Information Technology Services   6,737    6,130    —    12,867 
Insurance   —    8,015    —    8,015 
Interactive Media & Services   —    13,551    —    13,551 
Internet & Direct Marketing Retail   5,629    13,024    —    18,653 
Machinery   —    5,822    —    5,822 
Metals & Mining   2,120    30,270    —    32,390 
Multi-Line Retail   8,138    3,596    —    11,734 
Oil, Gas & Consumable Fuels   5,056    19,050    —    24,106 
Paper & Forest Products   —    7,789    —    7,789 
Personal Products   —    2,356    —    2,356 
Pharmaceuticals   —    3,968    —    3,968 
Real Estate Management & Development   —    1,277    —    1,277 
Semiconductors & Semiconductor Equipment   16,430    35,446    —    51,876 
Specialty Retail   2,446    —    —    2,446 
Tech Hardware, Storage & Peripherals   —    18,866    —    18,866 
Textiles, Apparel & Luxury Goods   1,841    12,157    —    13,998 
Thrifts & Mortgage Finance   —    4,904    —    4,904 
Total Common Stocks   102,979    337,204    —    440,183 
Short-Term Investment                    
Investment Company   10,951    —    —    10,951 
Total Assets  $113,930   $337,204   $—   $451,134 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Emerging Markets Leaders                    
Assets:                    
Common Stocks                    
Automobiles  $—   $4,705   $              —   $4,705 
Banks   1,329    29,628    —    30,957 
Beverages   —    9,719    —    9,719 
Capital Markets   —    7,684    —    7,684 
Chemicals   —    14,176    —    14,176 
Consumer Finance   —    29,267    —    29,267 
Diversified Financial Services   —    10,184    —    10,184 
Electrical Equipment   —    19,947    —    19,947 
Food & Staples Retailing   —    4,253    —    4,253 
Household Durables   —    9,150    —    9,150 
Information Technology Services   32,678    —    —    32,678 
Internet & Direct Marketing Retail   21,687    10,043    —    31,730 
Personal Products   —    12,100    —    12,100 
Semiconductors & Semiconductor Equipment   —    12,876    —    12,876 
Software   —    6,423    —    6,423 
Specialty Retail   —    621    —    621 
Textiles, Apparel & Luxury Goods   —    30,708    —    30,708 
Total Common Stocks   55,694    211,484    —    267,178 
Short-Term Investment                    
Investment Company   14,742    —    —    14,742 
Total Assets  $70,436   $211,484   $—   $281,920 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Concentrated                    
Assets:                    
Common Stocks                    
Automobiles  $5,131   $              —   $          —   $5,131 
Banks   11,379    —    —    11,379 
Capital Markets   3,490    —    —    3,490 
Commercial Services & Supplies   4,116    —    —    4,116 
Distributors   4,330    —    —    4,330 
Electric Utilities   3,407    —    —    3,407 
Entertainment   3,784    —    —    3,784 
Equity Real Estate Investment Trusts (REITs)   6,904    —    —    6,904 
Food & Staples Retailing   4,143    —    —    4,143 
Information Technology Services   2,318    —    —    2,318 
Interactive Media & Services   2,802    —    —    2,802 
Life Sciences Tools & Services   5,679    —    —    5,679 
Personal Products   598    —    —    598 
Semiconductors & Semiconductor Equipment   4,799    —    —    4,799 
Software   6,473    —    —    6,473 
Textiles, Apparel & Luxury Goods   6,563    —    —    6,563 
Trading Companies & Distributors   3,864    —    —    3,864 
Total Common Stocks   79,780    —    —    79,780 
Short-Term Investment                    
Investment Company   570    —    —    570 
Total Assets  $80,350   $—   $—   $80,350 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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  $100   $—   $      —   $100 
Automobiles   723        —    —    723 
Banks   2,205    —    —    2,205 
Beverages   754    —    —    754 
Building Products   187    —    —    187 
Capital Markets   612    —    —    612 
Construction Materials   498    —    —    498 
Distributors   246    —    —    246 
Diversified Telecommunication Services   332    —    —    332 
Electric Utilities   549    —    —    549 
Entertainment   422    —    —    422 
Equity Real Estate Investment Trusts (REITs)   861    —    —    861 
Health Care Technology   100    —    —    100 
Hotels, Restaurants & Leisure   878    —    —    878 
Information Technology Services   484    —    —    484 
Insurance   332    —    —    332 
Interactive Media & Services   536    —    —    536 
Internet & Direct Marketing Retail   127    —    —    127 
Life Sciences Tools & Services   801    —    —    801 
Multi-Line Retail   171    —    —    171 
Oil, Gas & Consumable Fuels   1,139    —    —    1,139 
Personal Products   427    —    —    427 
Professional Services   245    —    —    245 
Semiconductors & Semiconductor Equipment   582    —    —    582 
Software   1,171    —    —    1,171 
Specialty Retail   181    —    —    181 
Tech Hardware, Storage & Peripherals   1,465    —    —    1,465 
Textiles, Apparel & Luxury Goods   480    775    —    1,255 
Trading Companies & Distributors   306    —    —    306 
Total Common Stocks   16,914    775    —    17,689 
Short-Term Investment                    
Investment Company   329    —    —    329 
Total Assets  $17,243   $775   $—   $18,018 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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  $        —   $    1,335   $                  —   $1,335 
Biotechnology   178    —    —    178 
Entertainment   474    —    —    474 
Hotels, Restaurants & Leisure   374    901    —    1,275 
Household Durables   4,014    2,349    —    6,363 
Information Technology Services   3,785    —    —    3,785 
Interactive Media & Services   1,017    —    —    1,017 
Internet & Direct Marketing Retail   2,636    —    —    2,636 
Pharmaceuticals   1,569    —    —    1,569 
Real Estate Management & Development   892    —    —    892 
Software   7,444    —    —    7,444 
Specialty Retail   3,700    —    —    3,700 
Total Common Stocks   26,083    4,585    —    30,668 
Short-Term Investment                    
Investment Company   82    —    —    82 
Total Assets  $26,165   $4,585   $—   $30,750 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Focus Real Estate                    
Assets:                    
Common Stocks                    
Diversified  $209   $466   $—   $675 
Health Care   198    68    —    266 
Industrial   296    131    —    427 
Lodging/Resorts   74    —    —    74 
Office   35    277    —    312 
Residential   478    67    —    545 
Retail   495    44    —    539 
Self Storage   276    30    —    306 
Specialty   467    —    —    467 
Total Common Stocks   2,528    1,083    —    3,611 
Short-Term Investments                    
Investment Company   222    —    —    222 
Repurchase Agreements   —    38    —    38 
Total Short-Term Investments   222    38    —    260 
Total Assets  $2,750   $1,121   $     —   $3,871 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Franchise                    
Assets:                    
Common Stocks                    
Beverages  $52,337   $145,376   $        —   $197,713 
Capital Markets   137,942    —    —    137,942 
Health Care Equipment & Supplies   326,068    —    —    326,068 
Household Products   77,723    173,598    —    251,321 
Information Technology Services   490,523    —    —    490,523 
Life Sciences Tools & Services   298,410    —    —    298,410 
Machinery   41,684    —    —    41,684 
Personal Products   37,832    54,200    —    92,032 
Pharmaceuticals   31,450    —    —    31,450 
Professional Services   48,245    107,672    —    155,917 
Software   322,313    126,792    —    449,105 
Textiles, Apparel & Luxury Goods   33,467    74,518    —    107,985 
Tobacco   195,484    —    —    195,484 
Total Common Stocks   2,093,478    682,156    —    2,775,634 
Short-Term Investment                    
Investment Company   52,157    —    —    52,157 
Total Assets  $2,145,635   $682,156   $—   $2,827,791 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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  $5,933   $4,655   $             —   $10,588 
Commercial Services & Supplies   15,046    —    —    15,046 
Communications   40,413    14,740    —    55,153 
Diversified   4,082    12,738    —    16,820 
Electricity Transmission & Distribution   20,762    17,268    —    38,030 
Oil & Gas Storage & Transportation   71,036    24,755    —    95,791 
Railroads   1,161    —    —    1,161 
Renewables   —    1,164    —    1,164 
Toll Roads   —    8,685    —    8,685 
Utilities   6,534    —    —    6,534 
Water   3,678    5,278    —    8,956 
Total Common Stocks   168,645    89,283    —    257,928 
Right   —    —†   —    —†
Short-Term Investments                    
Investment Company   3,317    —    —    3,317 
Repurchase Agreements   —    360    —    360 
Total Short-Term Investments   3,317    360    —    3,677 
Total Assets  $171,962   $89,643†  $—   $261,605†

 

†Includes a security valued at zero.

                               

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Insight                    
Assets:                    
Common Stocks                    
Banks  $1,113   $—   $              —   $1,113 
Biotechnology   2,078    —    —    2,078 
Capital Markets   806    —    —    806 
Chemicals   475    —    —    475 
Diversified Financial Services   —    1,106    —    1,106 
Diversified Holding Companies   901    —    —    901 
Electrical Equipment   314    —    —    314 
Entertainment   6,498    —    —    6,498 
Health Care Providers & Services   5,170    —    —    5,170 
Health Care Technology   3,194    —    —    3,194 
Information Technology Services   18,689    4,830    —    23,519 
Internet & Direct Marketing Retail   16,365    203    —    16,568 
Life Sciences Tools & Services   1,108    —    —    1,108 
Pharmaceuticals   6,566    —    —    6,566 
Road & Rail   4,621    —    —    4,621 
Semiconductors & Semiconductor Equipment   4,394    —    —    4,394 
Software   15,128    —    —    15,128 
Specialty Retail   649    —    —    649 
Total Common Stocks   88,069    6,139    —    94,208 
Preferred Stock                    
Software   —    —    31    31 
Investment Company   612    —    —    612 
Call Options Purchased   —    925    —    925 
Short-Term Investment                    
Investment Company   2,135    —    —    2,135 
Total Assets  $90,816   $7,064   $31   $97,911 

 

 

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

Global Insight  Preferred
Stock
(000)		 
Beginning Balance  $30 
Purchases   - 
Sales   - 
Amortization of discount   - 
Transfers in   - 
Transfers out   - 
Corporate actions   - 
Change in unrealized appreciation (depreciation)   1 
Realized gains (losses)   - 
Ending Balance  $31 
      
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022  $1 

 

 

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, 2022. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

 

Global Insight  Fair Value at
September 30, 2022
(000)		   Valuation
Technique		  Unobservable
Input		  Amount*   Impact to
Valuation
from an
Increase In
Input**
Preferred Stock  $       31   Discounted Cash Flow  Weighted Average Cost of Capital   13.5%   Decrease
           Perpetual Growth Rate   3.5%   Increase
        Market Comparable Companies  Enterprise Value/Revenue   8.4x   Increase
           Discount for Lack of Marketability   12.0%   Decrease
        Comparable Transactions  Enterprise Value/Revenue   9.3x   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, 2022:

 

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  $—   $147,139   $       —   $147,139 
Banks   121,123    212,130    —    333,253 
Electronic Equipment, Instruments & Components   —    46,278    —†   46,278†
Entertainment   212,353    —    —    212,353 
Hotels, Restaurants & Leisure   52,189    —    —    52,189 
Information Technology Services   354,424    15,368    —    369,792 
Interactive Media & Services   105,604    27,841    —    133,445 
Internet & Direct Marketing Retail   475,758    93,067    —    568,825 
Real Estate Management & Development   10,452    —    —    10,452 
Road & Rail   293,108    —    —    293,108 
Software   375,278    —    —    375,278 
Textiles, Apparel & Luxury Goods   —    199,794    —    199,794 
Total Common Stocks   2,000,289    741,617    —†   2,741,906†
Investment Company   19,294    —    —    19,294 
Short-Term Investment                    
Investment Company   31,795    —    —    31,795 
Total Assets  $2,051,378   $741,617   $—†  $2,792,995†

 

†Includes a security valued at zero.

                                       

 

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

Global Opportunity  Common
Stock
(000)		    Preferred
Stock
(000)		 
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, 2022  $-   $- 

 

†Includes a security valued at zero.

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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  $184   $       —   $               —   $184 
Automobiles   39    —    —    39 
Banks   205    —    —    205 
Beverages   —    62    —    62 
Capital Markets   138    —    —    138 
Chemicals   20    36    —    56 
Commercial Services & Supplies   44    176    —    220 
Distributors   36    —    —    36 
Diversified Consumer Services   39    —    —    39 
Entertainment   —    81    —    81 
Food Products   50    —    —    50 
Health Care Equipment & Supplies   35    135    —    170 
Health Care Technology   100    —    —    100 
Household Durables   —    81    —    81 
Insurance   173    —    —    173 
Internet & Direct Marketing Retail   201    —    —    201 
Life Sciences Tools & Services   41    —    —    41 
Metals & Mining   90    —    —    90 
Oil, Gas & Consumable Fuels   101    —    —    101 
Personal Products   —    59    —    59 
Pharmaceuticals   222    —    —    222 
Real Estate Management & Development   59    —    —    59 
Road & Rail   187    —    —    187 
Semiconductors & Semiconductor Equipment   193    —    —    193 
Software   586    —    —    586 
Specialty Retail   139    —    —    139 
Textiles, Apparel & Luxury Goods   —    233    —    233 
Total Common Stocks   2,882    863    —    3,745 
Investment Companies   18    32    —    50 
Call Options Purchased   —    21    —    21 
Short-Term Investment                    
Investment Company   145    —    —    145 
Total Assets  $3,045   $916   $—   $3,961 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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  $2,445   $6,399   $—   $8,844 
Health Care   2,761    351    —    3,112 
Industrial   4,131    1,370    76    5,577 
Lodging/Resorts   728    291    —    1,019 
Office   652    2,163    —    2,815 
Residential   6,925    742    38    7,705 
Retail   5,196    1,557    —    6,753 
Self Storage   3,454    494    —    3,948 
Specialty   969    —    —    969 
Total Common Stocks   27,261    13,367    114    40,742 
Short-Term Investments                    
Investment Company   1,372    —    —    1,372 
Repurchase Agreements   —    111    —    111 
Total Short-Term Investments   1,372    111    —    1,483 
Total Assets  $28,633   $13,478   $114   $42,225 

 

 

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  $167 
Purchases   - 
Sales   - 
Amortization of discount   - 
Transfers in   - 
Transfers out   - 
Corporate actions   - 
Change in unrealized appreciation (depreciation)   (53)
Realized gains (losses)   - 
Ending Balance  $114 
      
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022  $(53)

 

 

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, 2022. 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, 2022
(000)		   Valuation
Technique		  Unobservable
Input		  Amount*   Impact to Valuation
from an Increase in
Input**
Common Stocks  $114   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  $0.003   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, 2022:

 

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  $739   $—   $              —   $739 
Capital Markets   3,012    1,515    —    4,527 
Electronic Equipment, Instruments & Components   1,490    —    —    1,490 
Health Care Equipment & Supplies   10,025    —    —    10,025 
Household Products   1,561    3,102    —    4,663 
Information Technology Services   12,854    —    —    12,854 
Insurance   —    2,379    —    2,379 
Interactive Media & Services   2,121    —    —    2,121 
Life Sciences Tools & Services   8,992    —    —    8,992 
Machinery   2,149    1,047    —    3,196 
Personal Products   850    1,146    —    1,996 
Pharmaceuticals   743    —    —    743 
Professional Services   1,261    1,919    —    3,180 
Semiconductors & Semiconductor Equipment   2,943    —    —    2,943 
Software   10,386    3,450    —    13,836 
Textiles, Apparel & Luxury Goods   936    —    —    936 
Total Common Stocks   60,062    14,558    —    74,620 
Short-Term Investment                    
Investment Company   1,456    —    —    1,456 
Total Assets  $61,518   $14,558   $—   $76,076 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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                    
Automobiles  $32,257   $—   $—   $32,257 
Biotechnology   79,932    —    —    79,932 
Capital Markets   56,078    —    —    56,078 
Chemicals   35,373    —    —    35,373 
Commercial Services & Supplies   13,443    —    —    13,443 
Consumer Finance   10,889    —    —    10,889 
Electronic Equipment, Instruments & Components   —    —    —†   —†
Entertainment   357,954    —    —    357,954 
Health Care Equipment & Supplies   37,004    —    —    37,004 
Health Care Providers & Services   258,722    —    —    258,722 
Health Care Technology   146,995    —    —    146,995 
Information Technology Services   1,325,017    176,327    —    1,501,344 
Interactive Media & Services   159,839    —    —    159,839 
Internet & Direct Marketing Retail   702,900    —    —    702,900 
Leisure Products   22,589    —    —    22,589 
Life Sciences Tools & Services   133,723    —    —    133,723 
Pharmaceuticals   372,740    —    —    372,740 
Road & Rail   437,361    —    —    437,361 
Semiconductors & Semiconductor Equipment   144,209    —    —    144,209 
Software   1,143,512    —    —    1,143,512 
Specialty Retail   40,007    —    —    40,007 
Total Common Stocks   5,510,544    176,327    —†   5,686,871†
Preferred Stock                    
Software   —    —    110,834    110,834 
Investment Company   45,992    —    —    45,992 
Call Options Purchased   —    48,637    —    48,637 
Short-Term Investments                    
Investment Company   150,720    —    —    150,720 
Repurchase Agreements   —    9,129    —    9,129 
Total Short-Term Investments   150,720    9,129    —    159,849 
Total Assets  $5,707,256   $234,093   $110,834†  $6,052,183†

 

†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
Stock
(000)		 
Beginning Balance  $                -   $139,951†
Purchases   -    - 
Sales   -    - 
PIPE transaction   -    - 
Amortization of discount   -    - 
Transfers in   -†   - 
Transfers out   -     (- )†
Corporate actions   -    - 
Change in unrealized appreciation (depreciation)   -    (29,117)
Realized gains (losses)   -    - 
Ending Balance  $-†  $110,834 
           
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022  $-   $(29,117)

 

† 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, 2022. 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, 2022
(000)		   Valuation
Technique		  Unobservable
Input		  Amount*   Impact to Valuation
from an Increase in
Input**
Preferred Stock  $110,834   Discounted Cash Flow  Weighted Average Cost of Capital   13.5%   Decrease
           Perpetual Growth Rate   3.5%   Increase
        Market Comparable
Companies		  Enterprise Value /Revenue   22.8x   Increase
           Discount for Lack of Marketability   14.0%   Decrease

 

 

*Amount is indicative of the weighted average.
**Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input.
 A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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                    
Airlines  $1,958   $—   $—   $1,958 
Auto Components   6,526    —    —    6,526 
Beverages   2,668    —    —    2,668 
Biotechnology   12,018    410    —    12,428 
Chemicals   5,012    —    —    5,012 
Commercial Services & Supplies   1,128    —    —    1,128 
Communications Equipment   12,456    —    —    12,456 
Consumer Finance   3,159    —    —    3,159 
Diversified Consumer Services   10,807    —    —    10,807 
Diversified Holding Companies   14,204    —    —    14,204 
Diversified Telecommunication Services   17,655    —    —    17,655 
Electrical Equipment   1,398    —    —    1,398 
Health Care Equipment & Supplies   7,533    1,340    —    8,873 
Health Care Providers & Services   58,245    —    —    58,245 
Health Care Technology   24,853    —    —    24,853 
Hotels, Restaurants & Leisure   4,060    —    —    4,060 
Household Durables   5,339    6,408    —    11,747 
Information Technology Services   25,714    —    —    25,714 
Insurance   2,163    —    —    2,163 
Internet & Direct Marketing Retail   32,182    —    —    32,182 
Leisure Products   8,371    —    —    8,371 
Life Sciences Tools & Services   21,325    —    —    21,325 
Metals & Mining   2,164    —    —    2,164 
Pharmaceuticals   4,029    —    —    4,029 
Professional Services   1,984    —    —    1,984 
Real Estate Management & Development   4,653    —    —    4,653 
Software   105,447    —    —    105,447 
Specialty Retail   5,393    —    —    5,393 
Textiles, Apparel & Luxury Goods   10,084    —    —    10,084 
Trading Companies & Distributors   2,656    —    —    2,656 
Total Common Stocks   415,184    8,158    —    423,342 
Preferred Stocks                    
Health Care Technology   —    —    6,832    6,832 
Software   —    —    5,734    5,734 
Total Preferred Stocks   —    —    12,566    12,566 
Investment Company   2,905    —    —    2,905 
Warrants   83    —    —    83 
Call Options Purchased   —    4,236    —    4,236 
Short-Term Investments                    
Investment Company   28,000    —    —    28,000 
Repurchase Agreements   —    3,983    —    3,983 
Total Short-Term Investments   28,000    3,983    —    31,983 
Total Assets  $446,172   $16,377   $12,566   $475,115 

 

 

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

 Inception   Preferred
Stocks
(000)		   Derivative
Contract —
PIPE
(000)		 
Beginning Balance  $13,361   $(93)
Purchases   -    - 
Sales   -    - 
PIPE transactions   -    93 
Amortization of discount   -    - 
Transfers in   -    - 
Transfers out   -    - 
Corporate actions   -    - 
Change in unrealized appreciation (depreciation)   (795)   - 
Realized gains (losses)   -    - 
Ending Balance  $12,566   $- 
           
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022  $(795)  $- 

 

 

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, 2022. 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, 2022
(000)		   Valuation
Technique		  Unobservable
Input		  Amount or Range/
Weighted Average*		  Impact to Valuation
from an Increase In
Input**
Preferred Stocks  $12,566   Discounted Cash
Flow		  Weighted Average Cost of Capital  12.0% - 14.5%  / 13.2%  Decrease
           Perpetual Growth Rate  3.0% - 4.0% / 3.5%  Increase
        Market Comparable
Companies		  Enterprise Value /Revenue  0.6x - 16.6x / 5.2x  Increase
           Discount for Lack of Marketability  12.0% - 18.0% / 15.3%  Decrease
        Comparable
Transactions		  Enterprise Value /Revenue  2.8% - 15.2% / 6.3%  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, 2022:

 

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  $—   $235,063   $—   $235,063 
Banks   —    251,522    —    251,522 
Beverages   —    240,058    —    240,058 
Biotechnology   —    22,385    —    22,385 
Capital Markets   143,808    —    —    143,808 
Chemicals   —    73,203    —    73,203 
Electronic Equipment, Instruments & Components   —    141,579    —    141,579 
Food & Staples Retailing   —    38,992    —    38,992 
Food Products   —    132,478    —    132,478 
Health Care Equipment & Supplies   —    80,275    —    80,275 
Hotels, Restaurants & Leisure   —    57,224    —    57,224 
Information Technology Services   43,159    97,867    —    141,026 
Insurance   —    80,387    —    80,387 
Interactive Media & Services   —    78,981    —    78,981 
Internet & Direct Marketing Retail   119,784    —    —    119,784 
Machinery   —    15,515    —    15,515 
Marine   —    81,992    —    81,992 
Multi-Utilities   139,854    —    —    139,854 
Road & Rail   44,960    —    —    44,960 
Semiconductors & Semiconductor Equipment   145,435    142,185    —    287,620 
Textiles, Apparel & Luxury Goods   81,497    511,136    —    592,633 
Total Common Stocks   718,497    2,280,842    —    2,999,339 
Investment Company   15,261    —    —    15,261 
Short-Term Investments                    
Investment Company   2,334    —    —    2,334 
Repurchase Agreements   —    76    —    76 
Total Short-Term Investments   2,334    76    —    2,410 
Total Assets  $736,092   $2,280,918   $—   $3,017,010 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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  $—   $70,456   $—   $70,456 
Air Freight & Logistics   —    24,815    —    24,815 
Auto Components   —    7,866    —    7,866 
Banks   —    59,311    —    59,311 
Beverages   —    103,707    —    103,707 
Biotechnology   —    4,250           —    4,250 
Capital Markets   —    67,743    —    67,743 
Electrical Equipment   —    20,541    —    20,541 
Electronic Equipment, Instruments & Components   —    22,313    —    22,313 
Food Products   —    26,618    —    26,618 
Health Care Equipment & Supplies   —    25,193    —    25,193 
Health Care Providers & Services   —    8,347    —    8,347 
Hotels, Restaurants & Leisure   —    8,679    —    8,679 
Household Products   —    39,752    —    39,752 
Information Technology Services   —    20,790    —    20,790 
Insurance   —    113,256    —    113,256 
Interactive Media & Services   —    21,448    —    21,448 
Life Sciences Tools & Services   —    13,207    —    13,207 
Machinery   —    71,685    —    71,685 
Metals & Mining   25,843    —    —    25,843 
Oil, Gas & Consumable Fuels   13,510    35,653    —    49,163 
Personal Products   —    35,583    —    35,583 
Pharmaceuticals   —    83,514    —    83,514 
Professional Services   —    52,411    —    52,411 
Semiconductors & Semiconductor Equipment   27,329    14,668    —    41,997 
Software   39,217    37,174    —    76,391 
Tech Hardware, Storage & Peripherals   —    23,797    —    23,797 
Textiles, Apparel & Luxury Goods   —    72,309    —    72,309 
Tobacco   —    46,797    —    46,797 
Total Common Stocks   105,899    1,131,883    —    1,237,782 
Short-Term Investment                    
Investment Company   22,672    —    —    22,672 
Total Assets  $128,571   $1,131,883   $—   $1,260,454 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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  $—   $80,072   $—   $80,072 
Banks   96,278    121,309    —    217,587 
Beverages   —    5,863    —    5,863 
Biotechnology   —    11,207    —    11,207 
Electronic Equipment, Instruments & Components   —    39,072    —    39,072 
Entertainment   51,613    5,938    —    57,551 
Food & Staples Retailing   —    30,339    —    30,339 
Food Products   —    16,418    —    16,418 
Hotels, Restaurants & Leisure   40,391    36,597    —    76,988 
Information Technology Services   76,295    40,791    —    117,086 
Interactive Media & Services   —    63,074    —    63,074 
Internet & Direct Marketing Retail   177,701    75,742    —    253,443 
Machinery   —    10,039    —    10,039 
Multi-Line Retail   20,167    —    —    20,167 
Road & Rail   29,326    —    —    29,326 
Semiconductors & Semiconductor Equipment   —    63,863    —    63,863 
Textiles, Apparel & Luxury Goods   27,118    162,860    —    189,978 
Total Common Stocks   518,889    763,184    —    1,282,073 
Investment Company   11,695    —    —    11,695 
Short-Term Investments                    
Investment Company   18,101    —    —    18,101 
Repurchase Agreements   —    610    —    610 
Total Short-Term Investments   18,101    610    —    18,711 
Total Assets  $548,685   $763,794   $         —   $1,312,479 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
International Resilience                    
Assets:                    
Common Stocks                    
Beverages  $—   $126   $         —   $126 
Capital Markets   —    42    —    42 
Electrical Equipment   —    34    —    34 
Electronic Equipment, Instruments & Components   —    64    —    64 
Health Care Equipment & Supplies   —    66    —    66 
Hotels, Restaurants & Leisure   —    18    —    18 
Household Products   29    49    —    78 
Information Technology Services   32    24    —    56 
Insurance   —    42    —    42 
Interactive Media & Services   —    34    —    34 
Life Sciences Tools & Services   69    34    —    103 
Machinery   —    66    —    66 
Personal Products   —    72    —    72 
Pharmaceuticals   —    73    —    73 
Professional Services   —    110    —    110 
Semiconductors & Semiconductor Equipment   41    15    —    56 
Software   52    62    —    114 
Textiles, Apparel & Luxury Goods   —    99    —    99 
Total Common Stocks   223    1,030    —    1,253 
Short-Term Investment                    
Investment Company   13    —    —    13 
Total Assets  $236   $1,030   $—   $1,266 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Multi-Asset Real Return                    
Common Stocks                    
Metals & Mining  $2,347   $468   $—   $2,815 
Oil, Gas & Consumable Fuels   —    18    —    18 
Total Common Stocks   2,347    486    —    2,833 
Sovereign   —    1,096    —    1,096 
U.S. Treasury Securities   —    24,640    —    24,640 
Short-Term Investments                    
Investment Company   8,635    —    —    8,635 
Repurchase Agreements   —    8    —    8 
Total Short-Term Investments   8,635    8    —    8,643 
Foreign Currency Forward Exchange Contracts   —    —@   —    —@
Futures Contract   339    —    —    339 
Interest Rate Swap Agreements   —    291    —    291 
Total Assets   11,321    26,521          —    37,842 
Liabilities:                    
Futures Contract   (36)   —    —    (36)
Interest Rate Swap Agreements   —    (388)   —    (388)
Total Liabilities   (36)   (388)   —    (424)
Total  $11,285   $26,133   $—   $37,418 

 

@Value is less than $500.

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Next Gen Emerging Markets                    
Assets:                    
Common Stocks                    
Banks  $—   $5,961   $       —   $5,961 
Entertainment   —    1,871    —    1,871 
Food Products   —    2,444    —    2,444 
Health Care Providers & Services   —    1,293    —    1,293 
Information Technology Services   5,786    3,610    —    9,396 
Internet & Direct Marketing Retail   2,071    —    —    2,071 
Metals & Mining   —    2,357    —    2,357 
Oil, Gas & Consumable Fuels   889    1,267    —    2,156 
Paper & Forest Products   —    1,001    —    1,001 
Personal Products   —    1,909    —    1,909 
Software   1,697    2,095    —    3,792 
Specialty Retail   —    2,547    —    2,547 
Textiles, Apparel & Luxury Goods   —    1,533    —    1,533 
Wireless Telecommunication Services   —    1,844    —    1,844 
Total Common Stocks   10,443    29,732    —    40,175 
Short-Term Investment                    
Investment Company   3,282    —    —    3,282 
Total Assets  $13,725   $29,732   $—   $43,457 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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  $287   $—   $—   $287 
Capital Markets   107    —    —    107 
Chemicals   43    —    —    43 
Commercial Services & Supplies   135    —    —    135 
Construction Materials   16    —    —    16 
Distributors   77    —    —    77 
Diversified Consumer Services   80    —    —    80 
Entertainment   50    —    —    50 
Equity Real Estate Investment Trusts (REITs)   14    —    —    14 
Food Products   104    —    —    104 
Health Care Equipment & Supplies   77    —    —    77 
Health Care Technology   106    —    —    106 
Hotels, Restaurants & Leisure   96    —    —    96 
Household Durables   48    —    —    48 
Insurance   131    —    —    131 
Internet & Direct Marketing Retail   214    —    —    214 
Life Sciences Tools & Services   92    —    —    92 
Metals & Mining   35    —    —    35 
Oil, Gas & Consumable Fuels   76    —    —    76 
Pharmaceuticals   123    —    —    123 
Professional Services   17    —    —    17 
Semiconductors & Semiconductor Equipment   118    —    —    118 
Software   585    —    —    585 
Specialty Retail   319    —    —    319 
Trading Companies & Distributors   31    —    —    31 
Total Common Stocks   2,981    —    —    2,981 
Investment Company   14    —    —    14 
Call Options Purchased   —    18    —    18 
Short-Term Investments                    
Investment Company   30    —    —    30 
Total Assets  $3,025   $      18   $       —   $3,043 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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  $19,348   $—   $—   $19,348 
Building Products   1,049    —    —    1,049 
Capital Markets   8,207    —    —    8,207 
Commercial Services & Supplies   8,117    —    —    8,117 
Distributors   4,607    —    —    4,607 
Electric Utilities   6,396    —    —    6,396 
Equity Real Estate Investment Trusts (REITs)   15,598    —    —    15,598 
Food & Staples Retailing   7,034    —    —    7,034 
Health Care Equipment & Supplies   1,070    —    —    1,070 
Health Care Technology   1,705    —    —    1,705 
Hotels, Restaurants & Leisure   9,831    —    —    9,831 
Household Durables   753    —    —    753 
Information Technology Services   6,335    —    —    6,335 
Insurance   13,201    —    —    13,201 
Interactive Media & Services   12,165    —    —    12,165 
Life Sciences Tools & Services   14,062    —    —    14,062 
Oil, Gas & Consumable Fuels   12,415    —    —    12,415 
Personal Products   3,203    —    —    3,203 
Software   16,603    —    —    16,603 
Specialty Retail   9,439    —    —    9,439 
Tech Hardware, Storage & Peripherals   18,046    —    —    18,046 
Textiles, Apparel & Luxury Goods   2,979    —    —    2,979 
Trading Companies & Distributors   6,605    —    —    6,605 
Total Common Stocks   198,768    —    —    198,768 
Short-Term Investment                    
Investment Company   491    —    —    491 
Total Assets  $199,259   $—   $—   $199,259 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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. Focus Real Estate                    
Assets:                    
Common Stocks                    
Apartments  $404   $—   $       —   $404 
Data Centers   198    —    —    198 
Free Standing   277    —    —    277 
Health Care   275    —    —    275 
Industrial   513    —    —    513 
Infrastructure   728    —    —    728 
Lodging/Resorts   84    —    —    84 
Manufactured Homes   97    —    —    97 
Office   75    —    —    75 
Self Storage   456    —    —    456 
Shopping Centers   363    —    —    363 
Single Family Homes   303    —    —    303 
Specialty   163    —    —    163 
Total Common Stocks   3,936    —    —    3,936 
Short-Term Investments                    
Investment Company   187    —    —    187 
Repurchase Agreements   —    23    —    23 
Total Short-Term Investments   187    23    —    210 
Total Assets  $4,123   $23   $—   $4,146 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

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  $4,483   $—   $          —   $4,483 
Data Centers   2,118    —    —    2,118 
Free Standing   2,664    —    —    2,664 
Health Care   2,940    —    —    2,940 
Industrial   4,414    —    324    4,738 
Lodging/Resorts   810    —    —    810 
Manufactured Homes   876    —    —    876 
Office   751    —    —    751 
Regional Malls   870    —    —    870 
Self Storage   3,993    —    —    3,993 
Shopping Centers   2,082    —    —    2,082 
Single Family Homes   1,841    —    —    1,841 
Specialty   2,187    —    —    2,187 
Total Common Stocks   30,029    —    324    30,353 
Short-Term Investments                    
Investment Company   1,409    —    —    1,409 
Repurchase Agreements   —    127    —    127 
Total Short-Term Investments   1,409    127    —    1,536 
Total Assets  $31,438   $127   $324   $31,889 

 

 

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

U.S. Real Estate  Common
Stock
(000)		 
Beginning Balance  $523 
Purchases   - 
Sales   - 
Amortization of discount   - 
Transfers in   - 
Transfers out   - 
Corporate actions   - 
Change in unrealized appreciation (depreciation)   (199)
Realized gains (losses)   - 
Ending Balance  $324 
      
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022  $(199)

 

 

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, 2022. 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, 2022
(000)		   Valuation
Technique		  Unobservable
Input
Common Stock  $324   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

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Vitality                    
Assets:                    
Common Stocks                    
Biotechnology  $553   $—   $—   $553 
Health Care Equipment & Supplies   270    —    —    270 
Health Care Providers & Services   237    —    —    237 
Health Care Technology   168    —    —    168 
Internet & Direct Marketing Retail   30    —    —    30 
Life Sciences Tools & Services   436    —    —    436 
Pharmaceuticals   243    —    —    243 
Total Common Stocks   1,937    —    —    1,937 
Short-Term Investments                    
Investment Company   123    —    —    123 
Repurchase Agreements   —    15    —    15 
Total Short-Term Investments   123    15    —    138 
Total Assets  $2,060   $15   $           —   $2,075 

 

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.