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 | EUR | 5,186 | $ | 5,227 | 12/15/22 | $ | 117 | |||||||
| Citibank NA | EUR | 1,593 | $ | 1,606 | 12/15/22 | 36 | ||||||||
| Goldman Sachs International | EUR | 633 | $ | 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 | 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 | CNH | 7.27 | Nov - 22 | 416,376,103 | 416,376 | $ | 2,133 | $ | 1,999 | $ | 134 | |||||||||||||||
| JP Morgan Chase Bank NA | USD/CNH | CNH | 7.53 | Jul - 23 | 109,794,878 | 109,795 | 1,014 | 545 | 469 | ||||||||||||||||||
| Standard Chartered Bank | USD/CNH | CNH | 7.57 | 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) | CAD | 1,265 | 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 | GBP | 1 | $ | 1 | 12/15/22 | $ | — | @ | ||||||
| BNP Paribas SA | JPY | 805 | $ | 6 | 12/15/22 | — | @ | |||||||
| Citibank NA | GBP | 6 | $ | 7 | 12/15/22 | — | @ | |||||||
| Goldman Sachs International | EUR | 2 | $ | 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.