NPORT-P
    false
    
      
      
        
          0000836487
          XXXXXXXX
        
      
      
      
      
        S000030616
        C000228507
        C000155902
        C000094891
        C000094892
        C000094893
      
      
      
    
  
  
    
      MORGAN STANLEY INSTITUTIONAL FUND INC
      811-05624
      0000836487
      54930067DYRSUSGS4E97
      522 FIFTH AVENUE
      NEW YORK
      
      10036
      800-548-7786
      Global Insight Portfolio
      S000030616
      5493003WD79LLYX4FM61
      2022-12-31
      2022-03-31
      N
    
    
      171823733.74
      4792683.09
      167031050.65
      0.00000000
      2182677.79000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      676220.00000000
      0.00000000
      0.00000000
      5316.34000000
      
        
        
        
        
        
      
      N
      
        
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
    
    
      
        Goldman Sachs & Co. LLC
        FOR8UP27PHTHYVLBNG30
        CNHP21132 USD CALL CNH PUT
        000000000
        
          
        
        90422836.12000000
        OU
        Notional Amount
        USD
        100821.46000000
        0.060360908709
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              Goldman Sachs & Co. LLC
              FOR8UP27PHTHYVLBNG30
            
            Call
            Purchased
            
              
                
                  
                    Goldman Sachs & Co. LLC
                    FOR8UP27PHTHYVLBNG30
                  
                  
                    Goldman Sachs & Co. LLC
                    FOR8UP27PHTHYVLBNG30
                    FX Contract
                    N/A
                    
                      
                    
                    1.00000000
                    NC
                    USD
                    100821.46000000
                    0.06000000
                    DFE
                    
                    US
                  
                  657374018.60000000
                  CNY
                  90422836.12000000
                  USD
                  2022-11-10
                
              
            
            1.00000000
            7.27000000
            USD
            2022-11-10
            XXXX
            -333263.76000000
          
        
        
          N
          N
          N
        
      
      
        10X Genomics Inc
        5493003Z6741WNLG7H43
        10X Genomics Inc
        88025U109
        
          
        
        33603.00000000
        NS
        USD
        2556180.21000000
        1.530362288959
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HSBC Securities (USA) Inc.
        CYYGQCGNHMHPSMRL3R97
        HSBC TRI PARTY   A REPO
        000000000
        
          
        
        167195.29589457
        PA
        USD
        167195.29589457
        0.100098332162
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.30000000
          2022-04-01
          
            
              168297.53509200
              USD
              170539.54606758
              USD
              UST
            
          
        
        
          
          N
          N
        
      
      
        Dlocal Ltd/Uruguay
        N/A
        Dlocal Ltd/Uruguay
        000000000
        
          
        
        145997.00000000
        NS
        USD
        4563866.22000000
        2.732345993298
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Merrill Lynch, Pierce, Fenner & Smith Incorporated
        8NAV47T0Y26Q87Y0QP81
        MERRILL LYNCH TRI PARTY A REPO
        000000000
        
          
        
        15214.77192640
        PA
        USD
        15214.77192640
        0.009108948226
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.20000000
          2022-04-01
          
            
              16212.92784300
              USD
              15520.28638583
              USD
              UST
            
          
        
        
          
          N
          N
        
      
      
        agilon health Inc
        N/A
        agilon health Inc
        00857U107
        
          
        
        198719.00000000
        NS
        USD
        5037526.65000000
        3.015922267384
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cloudflare Inc
        5493007DY18BGNLDWU14
        Cloudflare Inc
        18915M107
        
          
        
        87262.00000000
        NS
        USD
        10445261.40000000
        6.253484821745
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cazoo Group Ltd
        549300PNRTNVMGVJY078
        Cazoo Group Ltd
        000000000
        
          
        
        625055.00000000
        NS
        USD
        1725151.80000000
        1.032832993198
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          
        
      
      
        Sea Ltd
        529900OM6JLLW44YKI15
        Sea Ltd
        81141R100
        
          
        
        66603.00000000
        NS
        USD
        7978373.37000000
        4.776580964408
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        GoodRx Holdings Inc
        N/A
        GoodRx Holdings Inc
        38246G108
        
          
        
        49519.00000000
        NS
        USD
        957202.27000000
        0.573068460190
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xero Ltd
        254900UG5D8YST164N14
        Xero Ltd
        000000000
        
          
        
        12948.00000000
        NS
        
        981298.63000000
        0.587494735967
        Long
        EC
        CORP
        NZ
        N
        
        2
        
          N
          N
          N
        
      
      
        Bill.com Holdings Inc
        549300IBF9VZZIGOZW63
        Bill.com Holdings Inc
        090043100
        
          
        
        28942.00000000
        NS
        USD
        6563756.18000000
        3.929662272048
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MELI Kaszek Pioneer Corp
        N/A
        MELI Kaszek Pioneer Corp
        000000000
        
          
        
        100165.00000000
        NS
        USD
        1029696.20000000
        0.616469929389
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Farfetch Ltd
        549300QFQ74Z0F96NS78
        Farfetch Ltd
        30744W107
        
          
        
        273532.00000000
        NS
        USD
        4135803.84000000
        2.476068864983
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Intellia Therapeutics Inc
        5493002T5BCPE5DZC723
        Intellia Therapeutics Inc
        45826J105
        
          
        
        9337.00000000
        NS
        USD
        678519.79000000
        0.406223745441
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ASML Holding NV
        724500Y6DUVHQD6OXN27
        ASML Holding NV
        000000000
        
          
        
        13128.00000000
        NS
        USD
        8768585.04000000
        5.249673642042
        Long
        EC
        CORP
        NL
        Y
        
        1
        
          N
          N
          N
        
      
      
        Grab Holdings Limited
        N/A
        Grab Holdings Limited
        000000000
        
          
        
        358845.00000000
        NS
        USD
        1205719.20000000
        0.721853329251
        Long
        EC
        CORP
        KY
        Y
        
        2
        
          N
          N
          N
        
      
      
        Veeva Systems Inc
        549300YZEXPDB92M2F02
        Veeva Systems Inc
        922475108
        
          
        
        13773.00000000
        NS
        USD
        2926211.58000000
        1.751896769260
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trade Desk Inc/The
        549300GXPD31VT3E0P46
        Trade Desk Inc/The
        88339J105
        
          
        
        93162.00000000
        NS
        USD
        6451468.50000000
        3.862436639711
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Coupang Inc
        549300XR4L1D80AK4W76
        Coupang Inc
        22266T109
        
          
        
        451375.00000000
        NS
        USD
        7980310.00000000
        4.777740407513
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Adyen NV
        724500973ODKK3IFQ447
        Adyen NV
        000000000
        
          
        
        4808.00000000
        NS
        
        9523174.12000000
        5.701439392819
        Long
        EC
        CORP
        NL
        Y
        
        2
        
          N
          N
          N
        
      
      
        Morgan Stanley & Co. LLC
        549300OJY9IZ31SGS926
        Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio
        61747C525
        
          
        
        3260951.47000000
        NS
        USD
        3260951.47000000
        1.952302555309
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SWAP GOLDMAN SACHS BOC
        N/A
        SWAP GOLDMAN SACHS BOC
        000000000
        
          
        
        -70000.00000000
        NS
        USD
        -70000.00000000
        -0.04190837555
        Short
        STIV
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Doximity Inc
        N/A
        Doximity Inc
        26622P107
        
          
        
        31266.00000000
        NS
        USD
        1628645.94000000
        0.975055795711
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MongoDB Inc
        549300TPTG69WKWE1Z37
        MongoDB Inc
        60937P106
        
          
        
        2307.00000000
        NS
        USD
        1023362.13000000
        0.612677778184
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Redbubble Ltd
        254900SRSOME9Q6QGA93
        Redbubble Ltd
        000000000
        
          
        
        503900.00000000
        NS
        
        576343.91000000
        0.345051957559
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Guardant Health Inc
        254900M8C3E5VC8BR186
        Guardant Health Inc
        40131M109
        
          
        
        21463.00000000
        NS
        USD
        1421709.12000000
        0.851164567586
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ginkgo Bioworks Holdings Inc
        N/A
        Ginkgo Bioworks Holdings Inc
        37611X100
        
          
        
        102550.00000000
        NS
        USD
        413276.50000000
        0.247424953858
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Deliveroo PLC
        984500F6537F74DDEE77
        Deliveroo PLC
        000000000
        
          
        
        1454341.00000000
        NS
        
        2144142.23000000
        1.283678825976
        Long
        EC
        CORP
        GB
        Y
        
        2
        
          N
          N
          N
        
      
      
        Snap Inc
        549300JNC0L6VP8A2Q35
        Snap Inc
        83304A106
        
          
        
        71452.00000000
        NS
        USD
        2571557.48000000
        1.539568523333
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kinnevik AB
        2138006PZH76JOS6MN27
        Kinnevik AB
        000000000
        
          
        
        97508.00000000
        NS
        
        2542626.12000000
        1.522247576187
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        LOOKOUT INC SER F CVT PFD PP
        N/A
        LOOKOUT INC SER F CVT PFD PP
        000000000
        
          
        
        6374.00000000
        NS
        USD
        33527.24000000
        0.020072459503
        Long
        EP
        CORP
        US
        N
        
        3
        
          N
          N
          N
        
      
      
        Heliogen Inc
        N/A
        Heliogen Inc
        42329E105
        
          
        
        189217.00000000
        NS
        USD
        995281.42000000
        0.595866107605
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Snowflake Inc
        254900CJNSY1K7T53Z16
        Snowflake Inc
        833445109
        
          
        
        40339.00000000
        NS
        USD
        9242875.07000000
        5.533626852032
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan Chase Bank N.A.
        7H6GLXDRUGQFU57RNE97
        CNHP13006 USD CALL CNH PUT JUL22 7.2750 CALL
        000000000
        
          
        
        94669594.35000000
        OU
        Notional Amount
        USD
        22910.04000000
        0.013716036575
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              JPMorgan Chase Bank N.A.
              7H6GLXDRUGQFU57RNE97
            
            Call
            Purchased
            
              
                
                  
                    JPMorgan Chase Bank, National Association
                    7H6GLXDRUGQFU57RNE97
                  
                  
                    JPMorgan Chase Bank, National Association
                    7H6GLXDRUGQFU57RNE97
                    FX Contract
                    N/A
                    
                      
                    
                    1.00000000
                    NC
                    USD
                    22910.04000000
                    0.01000000
                    DFE
                    
                    US
                  
                  688721298.90000000
                  CNY
                  94669594.35000000
                  USD
                  2022-07-22
                
              
            
            1.00000000
            7.27500000
            USD
            2022-07-22
            XXXX
            -418140.45000000
          
        
        
          N
          N
          N
        
      
      
        Argenx SE
        7245009C5FZE6G9ODQ71
        Argenx SE
        04016X101
        
          
        
        3295.00000000
        NS
        USD
        1038946.45000000
        0.622007971545
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Datadog Inc
        549300F6JNO0KRPO1K63
        Datadog Inc
        23804L103
        
          
        
        40071.00000000
        NS
        USD
        6069554.37000000
        3.633788056999
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shopify Inc
        549300HGQ43STJLLP808
        Shopify Inc
        82509L107
        
          
        
        13075.00000000
        NS
        USD
        8838177.00000000
        5.291337727689
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        NU Holdings Ltd/Cayman Islands
        5493002DG1RHWK9W2X27
        NU Holdings Ltd/Cayman Islands
        000000000
        
          
        
        227983.00000000
        NS
        USD
        1760028.76000000
        1.053713518026
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          
        
      
      
        Unity Software Inc
        549300D1ESJMGNQNG432
        Unity Software Inc
        91332U101
        
          
        
        41230.00000000
        NS
        USD
        4090428.30000000
        2.448902933964
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Grayscale Bitcoin Trust BTC
        549300XZGUJEF0EHBE41
        Grayscale Bitcoin Trust BTC
        389637109
        
          
        
        65774.00000000
        NS
        USD
        2008737.96000000
        1.202613497420
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Social Capital Suvretta Holdings Corp. III
        N/A
        Social Capital Suvretta Holdings Corp. III
        000000000
        
          
        
        67622.00000000
        NS
        USD
        -101649.39000000
        -0.06085658301
        N/A
        DE
        
        US
        N
        
        3
        
          
            
              N/A
              N/A
            
            Long
            2022-12-30
            676220.00000000
            USD
            -101649.39000000
          
        
        
          N
          N
          N
        
      
      
        JPMorgan Chase Bank N.A.
        7H6GLXDRUGQFU57RNE97
        CNHP01024 USD CALL CNH PUT
        000000000
        
          
        
        43502787.43000000
        OU
        Notional Amount
        USD
        13007.33000000
        0.007787372437
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              JPMorgan Chase Bank N.A.
              7H6GLXDRUGQFU57RNE97
            
            Call
            Purchased
            
              
                
                  
                    JPMorgan Chase Bank, National Association
                    7H6GLXDRUGQFU57RNE97
                  
                  
                    JPMorgan Chase Bank, National Association
                    7H6GLXDRUGQFU57RNE97
                    FX Contract
                    N/A
                    
                      
                    
                    1.00000000
                    NC
                    USD
                    13007.33000000
                    0.01000000
                    DFE
                    
                    US
                  
                  318005376.10000000
                  CNY
                  43502787.43000000
                  USD
                  2022-08-05
                
              
            
            1.00000000
            7.31000000
            USD
            2022-08-05
            XXXX
            -282463.61000000
          
        
        
          N
          N
          N
        
      
      
        ROBLOX Corp
        N/A
        ROBLOX Corp
        771049103
        
          
        
        94198.00000000
        NS
        USD
        4355715.52000000
        2.607728026046
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SWAP JP MORGAN BOC
        N/A
        SWAP JP MORGAN BOC
        000000000
        
          
        
        -120000.00000000
        NS
        USD
        -120000.00000000
        -0.07184292952
        Short
        STIV
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Morgan Stanley & Co. LLC
        549300OJY9IZ31SGS926
        Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio
        61747C525
        
          
        
        3210149.68217901
        NS
        USD
        3210149.68217901
        1.921887978125
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        JPMorgan Chase Bank N.A.
        7H6GLXDRUGQFU57RNE97
        CNHP52210 USD CALL CNH PUT JUL22 7.3750 CALL
        000000000
        
          
        
        27456365.87000000
        OU
        Notional Amount
        USD
        5930.58000000
        0.003550585341
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              JPMorgan Chase Bank N.A.
              7H6GLXDRUGQFU57RNE97
            
            Call
            Purchased
            
              
                
                  
                    JPMorgan Chase Bank, National Association
                    7H6GLXDRUGQFU57RNE97
                  
                  
                    JPMorgan Chase Bank, National Association
                    7H6GLXDRUGQFU57RNE97
                    FX Contract
                    N/A
                    
                      
                    
                    1.00000000
                    NC
                    USD
                    5930.58000000
                    0.00000000
                    DFE
                    
                    US
                  
                  202490698.30000000
                  CNY
                  27456365.87000000
                  USD
                  2022-07-27
                
              
            
            1.00000000
            7.37500000
            USD
            2022-07-27
            XXXX
            -139725.44000000
          
        
        
          N
          N
          N
        
      
      
        MercadoLibre Inc
        549300DKPDN9M5S8GB14
        MercadoLibre Inc
        58733R102
        
          
        
        9442.00000000
        NS
        USD
        11231070.16000000
        6.723941516439
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Royalty Pharma PLC
        549300FGFN7VOK8BZR03
        Royalty Pharma PLC
        000000000
        
          
        
        238574.00000000
        NS
        USD
        9294843.04000000
        5.564739612083
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Coinbase Global Inc
        5493004G3J2SC154DU06
        Coinbase Global Inc
        19260Q107
        
          
        
        13108.00000000
        NS
        USD
        2488684.88000000
        1.489953436989
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Grab Holdings Limited
        549300N4VQX83VPJF439
        Grab Holdings Limited
        000000000
        
          
        
        1462432.00000000
        NS
        USD
        5118512.00000000
        3.064407473988
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Atlassian Corp PLC
        549300AGBII4MWBVJY22
        Atlassian Corp PLC
        000000000
        
          
        
        5993.00000000
        NS
        USD
        1760923.19000000
        1.054249005288
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
      
    
    
      2022-04-26
      MORGAN STANLEY INSTITUTIONAL FUND INC
      Francis Smith
      Francis Smith
      Principal Financial Officer
    
  
  XXXX




 

Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

 

  Shares   Value
(000)
 
Common Stocks  (99.2%)         
Brazil  (3.1%)         
Itau Unibanco Holding SA (Preference) ADR (a)  844,422   $4,821 
Vale SA  101,338    2,035 
        6,856 
Canada  (9.1%)         
Agnico Eagle Mines Ltd.  39,382    2,410 
Altus Group Ltd. (b)  25,254    1,020 
Cameco Corp.  102,808    2,992 
Canadian National Railway Co.  10,434    1,399 
First Quantum Minerals Ltd.  278,414    9,639 
Teck Resources Ltd., Class B  73,685    2,976 
        20,436 
China  (7.5%)         
Alibaba Group Holding Ltd. ADR (a)  96,297    10,477 
China Resources Beer Holdings Co., Ltd. (c)  150,000    913 
JD.com, Inc., Class A (a)(c)  2,719    77 
Tencent Holdings Ltd. (c)  57,100    2,632 
Tencent Holdings Ltd. ADR (b)  57,667    2,677 
        16,776 
Denmark  (1.8%)         
Novo Nordisk A/S Series B  37,166    4,122 
          
France  (8.4%)         
Air Liquide SA  7,560    1,323 
Airbus SE (a)  26,842    3,239 
Capgemini SE  10,619    2,356 
Dassault Systemes SE  27,322    1,342 
Hermes International  451    638 
Kering SA  1,972    1,245 
L'Oreal SA  3,731    1,490 
Legrand SA  6,381    607 
LVMH Moet Hennessy Louis Vuitton SE  1,944    1,388 
Pernod Ricard SA  6,591    1,448 
Sanofi  21,824    2,231 
TotalEnergies SE  29,855    1,511 
        18,818 
Germany  (9.8%)         
Allianz SE (Registered)  13,147    3,140 
Bayer AG (Registered)  108,549    7,425 
CTS Eventim AG & Co. KGaA (a)  13,878    943 
Infineon Technologies AG  39,415    1,333 
Jungheinrich AG (Preference)  30,423    881 
KION Group AG  14,650    965 
Linde PLC (a)  12,301    3,925 
Siemens Healthineers AG  53,094    3,290 
        21,902 
India  (3.2%)         
Apollo Hospitals Enterprise Ltd.  22,226    1,319 
HDFC Bank Ltd. ADR  15,988    981 
ICICI Bank Ltd.  129,188    1,232 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

ICICI Prudential Life Insurance Co., Ltd.  140,928    926 
Reliance Industries Ltd.  46,893    1,622 
State Bank of India  182,705    1,181 
        7,261 
Japan  (8.9%)         
FANUC Corp.  5,050    886 
Hoya Corp.  7,600    866 
Keyence Corp.  5,600    2,597 
Nikon Corp.  436,400    4,660 
Shimano, Inc.  4,250    973 
Shiseido Co., Ltd.  10,000    505 
SMC Corp.  2,005    1,121 
Sony Group Corp.  32,093    3,302 
Sony Group Corp. ADR  24,582    2,525 
Tokyo Electron Ltd.  3,800    1,952 
Unicharm Corp.  12,900    463 
        19,850 
Korea, Republic of  (2.6%)         
Samsung Electronics Co., Ltd.  101,512    5,809 
          
Malta  (0.0%) (d)         
BGP Holdings PLC (a)(e)  72,261    —@
          
Netherlands  (5.9%)         
Akzo Nobel N.V.  11,617    998 
ASML Holding N.V.  4,949    3,307 
Koninklijke Philips N.V.  115,416    3,520 
Prosus N.V. (a)  39,275    2,118 
Universal Music Group N.V.  78,756    2,102 
Wolters Kluwer N.V.  10,871    1,159 
        13,204 
Norway  (0.5%)         
Adevinta ASA (a)  133,693    1,221 
          
Singapore  (3.4%)         
Sea Ltd. ADR (a)  62,819    7,525 
          
South Africa  (0.9%)         
Impala Platinum Holdings Ltd. (a)(b)  61,784    951 
Sibanye Stillwater Ltd. (b)  219,946    884 
Thungela Resources Ltd. (a)(b)  7,820    101 
        1,936 
Spain  (0.7%)         
Amadeus IT Group SA (a)  23,234    1,511 
          
Sweden  (0.1%)         
Atlas Copco AB, Class A  6,146    319 
          
Switzerland  (1.8%)         
Givaudan SA (Registered)  239    988 
Nestle SA (Registered)  22,558    2,933 
        3,921 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Taiwan  (3.4%)         
Airtac International Group  31,000    997 
Taiwan Semiconductor Manufacturing Co., Ltd.  206,000    4,226 
Taiwan Semiconductor Manufacturing Co., Ltd. ADR  23,649    2,465 
        7,688 
United Kingdom  (16.8%)         
Anglo American PLC  38,228    1,986 
AstraZeneca PLC  40,848    5,417 
Diageo PLC  73,828    3,745 
Experian PLC  84,897    3,270 
Glencore PLC (a)  1,812,125    11,791 
Keywords Studios PLC  29,283    1,005 
Sage Group PLC (The)  70,518    646 
Shell PLC  194,381    5,328 
Unilever PLC  38,935    1,760 
Unilever PLC CVA  61,315    2,784 
        37,732 
United States  (11.3%)         
Air Products & Chemicals, Inc.  4,116    1,029 
Charles River Laboratories International, Inc. (a)  4,382    1,244 
Despegar.com Corp. (a)(b)  503,998    6,149 
Estee Lauder Cos., Inc. (The), Class A  5,429    1,478 
Farfetch Ltd., Class A (a)  123,637    1,869 
Koninklijke Philips N.V.  12,025    367 
Medtronic PLC  27,469    3,048 
Newmont Corp. (NYSE)  41,015    3,259 
Newmont Corp. (TSX)  29,323    2,330 
Schlumberger N.V.  46,230    1,910 
Vertex Pharmaceuticals, Inc. (a)  10,117    2,640 
        25,323 
Total Common Stocks (Cost $164,098)       222,210 
          
Preferred Stock  (0.5%)         
United States  (0.5%)         
Neurogenesis Ltd. Series A (e) (acquisition cost — $1,250; acquired 12/16/21) (Cost $1,250)  30,697    1,174 
          
Investment Company  (0.3%)         
United States  (0.3%)         
Morgan Stanley China A Share Fund, Inc. (f) (Cost $1,067)  46,002    752 
          
Short-Term Investments  (1.3%)         
Securities held as Collateral on Loaned Securities  (1.0%)         
Investment Company  (0.9%)         
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (g)  2,086,131    2,086 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

  Face
Amount
(000)
      
Repurchase Agreements  (0.1%)         
HSBC Securities USA, Inc., (0.30%, dated 3/31/22, due 4/1/22; proceeds $109; fully collateralized by U.S. Government obligations; 0.00%-3.75% due 4/30/22-5/15/51; valued at $111)  $ 109    109 
Merrill Lynch & Co., Inc., (0.20%, dated 3/31/22, due 4/1/22; proceeds $10; fully collateralized by a U.S. Government obligation; 0.63% due 10/15/24; valued at $10)  10    10 
        119 
Total Securities held as Collateral on Loaned Securities
(Cost $2,205)
       2,205 
          
  Shares      
Investment Company  (0.3%)         
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (g) (Cost $592)  592,455    592 
Total Short-Term Investments (Cost $2,797)       2,797 
Total Investments Excluding Purchased Options (101.3%) (Cost $169,212)       226,933 
Total Purchased Options Outstanding (0.2%) (Cost $1,209)       287 
Total Investments (101.5%) (Cost $170,421) Including $5,634 of Securities Loaned (h)(i)(j)(k)       227,220 
Liabilities in Excess of Other Assets (-1.5%)       (3,282)
Net Assets (100.0%)      $223,938 

 

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 March 31, 2022, were approximately $5,634,000 and $5,951,000, respectively. The Fund received cash collateral of approximately $2,205,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $3,746,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments.  The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Security trades on the Hong Kong exchange.
(d) Amount is less than 0.05%.
(e) At March 31, 2022, the Fund held a fair valued security at approximately $1,174,000, representing 0.5% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(f) 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 three months ended March 31, 2022, advisory fees paid were reduced by approximately $3,000 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 three months ended March 31, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(h) Securities are available for collateral in connection with open foreign currency forward exchange contracts and purchased options.
(i) The approximate fair value and percentage of net assets, $142,945,000 and 63.8%, 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.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

(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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(k) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $71,217,000 and the aggregate gross unrealized depreciation is approximately $14,470,000, resulting in net unrealized appreciation of approximately $56,747,000.
@ Value is less than $500.
ADR American Depositary Receipt.
CVA Certificaten Van Aandelen.
NYSE New York Stock Exchange.
TSX Toronto Stock Exchange.

 

Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2022:

 

Counterparty  Description   Strike
Price
   Expiration
Date
  Number of
Contracts
   Notional Amount
(000)
   Value
(000)
   Premiums
Paid
(000)
   Unrealized
Depreciation
(000)
 
Goldman Sachs International  USD/CNH   CNH 50   Aug - 22   780,000    780   $287   $1,209   $(922)

 

Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at March 31, 2022:

 

Counterparty  Contracts
to
Deliver
(000)
   In
Exchange
For
(000)
   Delivery
Date
  Unrealized
Appreciation
(Depreciation)
(000)
 
Citibank NA  EUR1,593   $1,754   6/16/22  $(13)
State Street Bank and Trust Co.  $2,473   GBP1,894   6/16/22   14 
State Street Bank and Trust Co.  $1,803   JPY212,626   6/16/22   (53)
                $(52)

 

CNH Chinese Yuan Renminbi Offshore
EUR Euro
GBP British Pound
JPY Japanese Yen
USD United States Dollar

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments
 
Others**   56.9%
Metals & Mining   17.0 
Pharmaceuticals   8.6 
Internet & Direct Marketing Retail   6.5 
Semiconductors & Semiconductor Equipment   5.9 
Oil, Gas & Consumable Fuels   5.1 
Total Investments   100.0%***

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2022.
** Industries and/or investment types representing less than 5% of total investments.
*** Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $52,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

 

  Shares   Value
(000)
 
Common Stocks  (98.1%)         
Capital Markets  (1.5%)         
Coinbase Global, Inc., Class A (a)  43,178   $8,198 
          
Entertainment  (5.2%)         
ROBLOX Corp., Class A (a)  416,561    19,262 
Spotify Technology SA (a)  55,556    8,390 
        27,652 
Health Care Equipment & Supplies  (1.4%)         
Intuitive Surgical, Inc. (a)  24,024    7,248 
          
Health Care Technology  (5.0%)         
Veeva Systems, Inc., Class A (a)  126,867    26,954 
          
Hotels, Restaurants & Leisure  (4.6%)         
Airbnb, Inc., Class A (a)  141,648    24,329 
          
Information Technology Services  (26.1%)         
Adyen N.V. (Netherlands) (a)  7,734    15,319 
Block, Inc., Class A (a)  154,711    20,979 
Cloudflare, Inc., Class A (a)  182,206    21,810 
Okta, Inc. (a)  49,662    7,497 
Shopify, Inc., Class A (Canada) (a)  41,050    27,748 
Snowflake, Inc., Class A (a)  165,413    37,901 
Twilio, Inc., Class A (a)  49,451    8,150 
        139,404 
Interactive Media & Services  (12.2%)         
IAC/InterActiveCorp (a)  118,516    11,885 
Match Group, Inc. (a)  48,942    5,322 
Snap, Inc., Class A (a)  222,840    8,020 
Twitter, Inc. (a)  354,885    13,730 
Vimeo, Inc. (a)  160,219    1,903 
ZoomInfo Technologies, Inc., Class A (a)  403,660    24,115 
        64,975 
Internet & Direct Marketing Retail  (7.3%)         
Chewy, Inc., Class A (a)  331,355    13,513 
Farfetch Ltd., Class A (a)  338,750    5,122 
MercadoLibre, Inc. (a)  9,175    10,913 
Wayfair, Inc., Class A (a)  83,749    9,278 
        38,826 
Life Sciences Tools & Services  (1.0%)         
Illumina, Inc. (a)  15,536    5,428 
          
Pharmaceuticals  (4.1%)         
Royalty Pharma PLC, Class A  566,876    22,086 
          
Road & Rail  (6.2%)         
Uber Technologies, Inc. (a)  935,179    33,367 
          
Semiconductors & Semiconductor Equipment  (5.3%)         
ASML Holding N.V. (Netherlands)  42,470    28,367 
          
Software  (18.2%)         
Coupa Software, Inc. (a)  117,149    11,906 
Datadog, Inc., Class A (a)  168,792    25,567 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Trade Desk, Inc. (The), Class A (a)  386,543    26,768 
Unity Software, Inc. (a)  200,133    19,855 
Zoom Video Communications, Inc., Class A (a)  110,118    12,909 
        97,005 
Total Common Stocks (Cost $537,367)       523,839 
          
Investment Company  (1.2%)         
Grayscale Bitcoin Trust (a) (Cost $8,847)  206,526    6,307 
          
Short-Term Investment  (1.1%)         
Investment Company  (1.1%)         
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $5,984)  5,984,148    5,984 
Total Investments Excluding Purchased Options (100.4%) (Cost $552,198)       536,130 
Total Purchased Options Outstanding (0.1%) (Cost $3,112)       339 
Total Investments (100.5%) (Cost $555,310) (c)(d)(e)(f)       536,469 
Liabilities in Excess of Other Assets (–0.5%)       (2,756)
Net Assets (100.0%)      $533,713 

 

(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 three months ended March 31, 2022, advisory fees paid were reduced by approximately $1,000 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(e) The approximate fair value and percentage of net assets, $15,319,000 and 2.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(f)

At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $77,017,000 and the aggregate gross unrealized depreciation is approximately $95,858,000, resulting in net unrealized depreciation of approximately $18,841,000.

 

Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2022:

 

Counterparty  Description  Strike
Price
   Expiration
Date
  Number of
Contracts
   Notional Amount
(000)
   Value
(000)
   Premiums
Paid
(000)
   Unrealized
Depreciation
(000)
 
Goldman Sachs International  USD/CNH  CNH 7.27   Nov - 22   215,952,303    215,952   $241   $1,037   $(796)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.28   Jul - 22   222,629,484    222,629    54    1,037    (983)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.31   Aug - 22   102,148,816    102,149    30    694    (664)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.38   Jul - 22   64,831,274    64,831    14    344    (330)
                       $339   $3,112   $(2,773)

 

CNH Chinese Yuan Renminbi Offshore
USD United States Dollar

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments
 
Information Technology Services   26.0%
Software   18.1 
Others*   14.9 
Interactive Media & Services   12.1 
Internet & Direct Marketing Retail   7.2 
Road & Rail   6.2 
Semiconductors & Semiconductor Equipment   5.3 
Entertainment   5.2 
Health Care Technology   5.0 
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

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (95.5%)          
China  (43.8%)          
360 DigiTech, Inc.   392,377   $6,039 
Agora, Inc. ADR (a)   83,389    829 
China East Education Holdings Ltd. (b)   2,046,000    1,180 
China Resources Beer Holdings Co., Ltd. (b)   1,002,300    6,098 
China Resources Mixc Lifestyle Services Ltd. (b)   612,600    2,998 
Foshan Haitian Flavouring & Food Co., Ltd., Class A   956,972    13,143 
Greentown Service Group Co. Ltd. (b)   2,750,000    2,742 
Haidilao International Holding Ltd. (b)(c)   5,619,000    10,811 
HUYA, Inc. ADR (a)   800,484    3,578 
Inner Mongolia Yili Industrial Group Co., Ltd., Class A   924,086    5,353 
KE Holdings, Inc. ADR (a)   921,315    11,397 
Kuaishou Technology (a)(b)   1,315,800    12,056 
Kweichow Moutai Co., Ltd., Class A   46,094    12,418 
Meituan, Class B (a)(b)   867,200    16,428 
Shenzhou International Group Holdings Ltd. (b)   606,200    8,003 
Tencent Holdings Ltd. (b)   236,500    10,901 
Trip.com Group Ltd. ADR (a)   646,593    14,949 
Tsingtao Brewery Co., Ltd. H Shares (b)   614,000    4,827 
Weimob, Inc. (a)(b)(c)   5,418,000    3,456 
Yihai International Holding Ltd. (b)   561,000    1,593 
         148,799 
Hong Kong  (2.9%)          
AIA Group Ltd. (b)   953,500    9,956 
           
India  (22.7%)          
HDFC Bank Ltd.   1,671,727    32,197 
HDFC Bank Ltd. ADR   9,296    570 
ICICI Bank Ltd. ADR   1,237,623    23,440 
IndusInd Bank Ltd.   959,467    11,740 
Shree Cement Ltd.   21,239    6,700 
Zomato Ltd. (a)   2,316,009    2,493 
         77,140 
Indonesia  (1.0%)          
Avia Avian Tbk PT (a)   61,860,900    3,358 
           
Korea, Republic of  (8.2%)          
KakaoBank Corp. (a)(c)   282,197    11,919 
NAVER Corp.   57,705    16,038 
         27,957 
Singapore  (5.0%)          
Grab Holdings Limited, Class A (a)   2,041,581    7,146 
Grab Holdings Limited, Class A (a)(d)   573,253    1,926 
Sea Ltd. ADR (a)   65,239    7,815 
         16,887 
Taiwan  (7.4%)          
Nien Made Enterprise Co., Ltd.   512,000    5,961 
Silergy Corp.   58,000    6,800 
Taiwan Semiconductor Manufacturing Co., Ltd.   605,000    12,411 
         25,172 
United States  (4.5%)          
Coupang, Inc. (a)   851,504    15,055 
Total Common Stocks (Cost $332,309)        324,324 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Asia Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Investment Company  (1.1%)          
Grayscale Bitcoin Trust (a) (Cost $5,760)   125,562    3,835 
 
Short-Term Investments  (4.7%)          
Securities held as Collateral on Loaned Securities  (1.2%)          
Investment Company  (1.1%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Portfolio - Institutional Class (e)   3,725,753    3,726 

 

   Face
Amount
(000)
      
Repurchase Agreements  (0.1%)          
HSBC Securities USA, Inc., (0.30%, dated 3/31/22, due 4/1/22; proceeds $194; fully collateralized by U.S. Government obligations; 0.00%-3.75% due 4/30/22-5/15/51; valued at $198)   194    194 
Merrill Lynch & Co., Inc., (0.20%, dated 3/31/22, due 4/1/22; proceeds $17; fully collateralized by a U.S. Government obligation; 0.63% due 10/15/24; valued at $18)   17    17 
         211 
Total Securities held as Collateral on Loaned Securities
(Cost $3,937)
        3,937 

 

   Shares      
Investment Company  (3.5%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (e) (Cost $11,920)   11,920,466    11,920 
Total Short-Term Investments (Cost $15,858)        15,857 
Total Investments Excluding Purchased Options (101.3%) (Cost $353,927)        344,016 
Total Purchased Options Outstanding (0.0%) (j) (Cost $2,494)        107 
Total Investments (101.3%) (Cost $356,421)  Including $24,632 of Securities Loaned (f)(g)(h)(i)        344,123 
Liabilities in Excess of Other Assets (-1.3%)        (4,276)
Net Assets (100.0%)       $339,847 

 

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 March 31, 2022, were approximately $24,632,000 and $26,127,000, respectively. The Fund received cash collateral of approximately $3,937,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The remaining collateral of approximately $22,190,000 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.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Asia Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

(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 March 31, 2022 amounts to approximately $1,926,000 and represents 0.6% of net assets.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.
(f) The approximate fair value and percentage of net assets, $231,580,000 and 68.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in  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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(h) Securities are available for collateral in connection with purchased options.
(i) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $68,709,000 and the aggregate gross unrealized depreciation is approximately $81,007,000, resulting in net unrealized depreciation of approximately $12,298,000.
(j) Amount is less than 0.05%.
ADR American Depositary Receipt.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Asia Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2022:

 

Counterparty  Description  Strike
Price
  Expiration
Date
  Number of
Contracts
   Notional
Amount
(000)
   Value
(000)
   Premiums
Paid
(000)
   Unrealized
Depreciation
(000)
 
JP Morgan Chase Bank NA  USD/CNH  USD 7.38  Jul - 22   158,917,590    158,918   $34   $843   $(809)
JP Morgan Chase Bank NA  USD/CNH  USD 7.31  Aug - 22   243,088,167    243,088    73    1,651    (1,578)
                        $107   $2,494   $(2,387)

 

CNH  —  Chinese Yuan Renminbi Offshore
USD  —  United States Dollar

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments
 
Banks   23.5%
Others**   23.5 
Interactive Media & Services   11.5 
Internet & Direct Marketing Retail   10.5 
Hotels, Restaurants & Leisure   7.6 
Beverages   6.9 
Food Products   5.9 
Semiconductors & Semiconductor Equipment   5.6 
Real Estate Management & Development   5.0 
Total Investments   100.0%

 

*Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2022.
**Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

China Equity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (86.2%)          
Banks  (5.1%)          
China Merchants Bank Co., Ltd. H Shares (a)   56,000   $436 
           
Beverages  (10.3%)          
China Resources Beer Holdings Co., Ltd. (a)   46,000    280 
Kweichow Moutai Co., Ltd., Class A   1,900    512 
Nongfu Spring Co. Ltd. (a)   17,600    92 
         884 
Biotechnology  (1.6%)          
Innovent Biologics, Inc. (a)(b)   41,000    138 
           
Electrical Equipment  (2.6%)          
NARI Technology Co. Ltd., Class A   45,600    225 
           
Entertainment  (3.2%)          
Bilibili, Inc., Class Z (b)   3,100    79 
Mango Excellent Media Co. Ltd., Class A   40,400    197 
         276 
Food Products  (6.5%)          
China Mengniu Dairy Co., Ltd. (a)(b)   43,000    231 
Fu Jian Anjoy Foods Co. Ltd., Class A   9,900    171 
Toly Bread Co. Ltd., Class A   49,600    157 
         559 
Health Care Equipment & Supplies  (2.2%)          
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A   3,900    188 
           
Household Durables  (2.7%)          
Midea Group Co. Ltd., Class A   26,300    235 
           
Interactive Media & Services  (16.7%)          
Tencent Holdings Ltd. (a)   31,200    1,438 
           
Internet & Direct Marketing Retail  (12.6%)          
Alibaba Group Holding Ltd. (a)(b)   19,728    269 
JD.com, Inc., Class A (a)(b)   1,652    47 
Meituan, Class B (a)(b)   29,900    566 
Pinduoduo, Inc. ADR (b)   4,997    201 
         1,083 
Life Sciences Tools & Services  (3.1%)          
Wuxi Biologics Cayman, Inc. (a)(b)   33,500    266 
           
Machinery  (2.2%)          
Jiangsu Hengli Hydraulic Co. Ltd., Class A   18,200    148 
Yijiahe Technology Co. Ltd.   4,700    43 
         191 
Personal Products  (2.8%)          
Proya Cosmetics Co. Ltd., Class A   8,100    240 
           
Real Estate Management & Development  (1.3%)          
KE Holdings, Inc. ADR (b)   9,305    115 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

China Equity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Semiconductors & Semiconductor Equipment  (1.5%)          
LONGi Green Energy Technology Co. Ltd., Class A   11,800    133 
           
Specialty Retail  (4.3%)          
China Tourism Group Duty Free Corp. Ltd., Class A   8,000    206 
Pop Mart International Group Ltd.   37,800    163 
         369 
Textiles, Apparel & Luxury Goods  (7.5%)          
Anta Sports Products Ltd. (a)   15,200    188 
Li Ning Co., Ltd. (a)   28,000    238 
Shenzhou International Group Holdings Ltd. (a)   16,500    218 
         644 
Total Common Stocks (Cost $9,340)        7,420 

 

   No. of
Warrants
      
Warrant  (0.8%)          
Capital Markets  (0.8%)          
UBS AG London, expires 10/12/22 (Cost $83)   4,033    67 

 

   Shares      
Short-Term Investment  (12.7%)          
Investment Company  (12.7%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (c) (Cost $1,097)   1,097,168    1,097 
Total Investments (99.7%) (Cost $10,520)  (d)(e)(f)        8,584 
Other Assets in Excess of Liabilities (0.3%)        30 
Net Assets (100.0%)       $8,614 

 

(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 three months ended March 31, 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(e) The approximate fair value and percentage of net assets, $7,104,000 and 82.5%, 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 March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $667,000 and the aggregate gross unrealized depreciation is approximately $2,603,000, resulting in net unrealized depreciation of approximately $1,936,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments
 
Others*   28.5%
Interactive Media & Services   16.7 
Short-Term Investments   12.8 
Internet & Direct Marketing Retail   12.6 
Beverages   10.3 
Textiles, Apparel & Luxury Goods   7.5 
Food Products   6.5 
Banks   5.1 
Total Investments   100.0%

 

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

 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)   

   Shares   Value
(000)
 
Common Stocks  (95.4%)          
Argentina  (0.2%)          
Globant SA (a)   128   $34 
           
Australia  (0.6%)          
Brookfield Infrastructure Partners LP   1,300    86 
Redbubble Ltd. (a)   6,346    7 
Xero Ltd. (a)   166    13 
         106 
Belgium  (0.1%)          
Argenx SE ADR (a)   42    13 
           
Brazil  (0.2%)          
B3 SA - Brasil Bolsa Balcao   943    3 
Magazine Luiza SA   5,550    8 
Vale SA   1,051    21 
         32 
Canada  (5.6%)          
Brookfield Asset Management, Inc., Class A   2,188    124 
Canada Goose Holdings, Inc. (a)   2,514    66 
Canadian National Railway Co.   624    84 
Colliers International Group, Inc.   368    48 
Constellation Software, Inc.   84    144 
FirstService Corp.   161    23 
Shopify, Inc., Class A (a)   563    380 
Topicus.com, Inc. (a)   1,242    93 
         962 
China  (1.5%)          
360 DigiTech, Inc. ADR   321    5 
Agora, Inc. ADR (a)   45     
China East Education Holdings Ltd. (b)   2,500    1 
China Resources Mixc Lifestyle Services Ltd. (b)   600    3 
Foshan Haitian Flavouring & Food Co., Ltd., Class A   5,538    76 
Greentown Service Group Co. Ltd. (b)   2,000    2 
Haidilao International Holding Ltd. (b)   5,000    10 
HUYA, Inc. ADR (a)   895    4 
Inner Mongolia Yili Industrial Group Co., Ltd., Class A   500    3 
KE Holdings, Inc. ADR (a)   755    9 
Kuaishou Technology (a)(b)   1,300    12 
Meituan, Class B (a)(b)   3,300    62 
Shenzhou International Group Holdings Ltd. (b)   500    7 
Tencent Holdings Ltd. (b)   600    28 
Trip.com Group Ltd. ADR (a)   1,777    41 
Weimob, Inc. (a)(b)   3,000    2 
         265 
Denmark  (2.2%)          
Chr Hansen Holding A/S   855    63 
DSV Panalpina A/S   1,567    301 
Novo Nordisk A/S Series B   66    7 
         371 

  

 

   

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Finland  (0.1%)          
Revenio Group Oyj   425    22 
           
France  (2.3%)          
Christian Dior SE   71    48 
EssilorLuxottica SA   431    79 
Hermes International   130    184 
L'Oreal SA   59    23 
Pernod Ricard SA   192    42 
Remy Cointreau SA   124    26 
         402 
Germany  (1.5%)          
Adidas AG   646    150 
HelloFresh SE (a)   1,105    50 
Puma SE   596    51 
         251 
Hong Kong  (0.3%)          
AIA Group Ltd.   4,600    48 
           
India  (2.4%)          
HDFC Bank Ltd. ADR   5,274    323 
ICICI Bank Ltd. ADR   3,731    71 
IndusInd Bank Ltd.   932    11 
Shree Cement Ltd.   21    7 
Zomato Ltd. (a)   2,283    3 
         415 
Indonesia (0.0%) (c)          
Avia Avian Tbk PT (a)   59,600    3 
           
Israel  (0.8%)          
Global-e Online Ltd. (a)   2,991    101 
IronSource Ltd., Class A (a)   4,487    21 
Monday.com Ltd. (a)   119    19 
         141 
Italy  (1.6%)          
Brunello Cucinelli SpA (a)   417    24 
Davide Campari-Milano N.V.   5,004    58 
Moncler SpA   3,371    187 
         269 
Japan  (1.3%)          
Change, Inc.   600    10 
Keyence Corp.   300    139 
Nintendo Co., Ltd.   100    51 
Pigeon Corp.   1,500    26 
         226 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Korea, Republic of  (0.4%)          
KakaoBank Corp. (a)   684    29 
NAVER Corp.   163    45 
         74 
Mexico (0.0%) (c)          
Grupo Aeroportuario del Sureste SAB de CV, Class B   90    2 
           
Netherlands  (4.4%)          
Adyen N.V. (a)   126    249 
ASML Holding N.V.   205    137 
ASML Holding N.V. (Registered)   462    309 
Basic-Fit N.V. (a)   807    36 
Universal Music Group N.V.   987    26 
         757 
Norway  (0.2%)          
AutoStore Holdings Ltd. (a)   9,654    35 
Kahoot! ASA (a)   1,126    4 
         39 
Singapore  (3.0%)          
Grab Holdings Ltd., Class A (a)   38,433    134 
Grab Holdings Ltd., Class A (a)(d)   10,646    36 
Sea Ltd. ADR (a)   2,856    342 
         512 
Sweden  (0.8%)          
Evolution AB   453    46 
INVISIO AB   1,253    23 
Kinnevik AB, Class B (a)   1,245    32 
Vitrolife AB   910    30 
         131 
Switzerland  (1.0%)          
Kuehne & Nagel International AG (Registered)   189    54 
On Holding AG, Class A (a)   820    21 
Sportradar Holding AG, Class A (a)   1,600    27 
Straumann Holding AG (Registered)   41    65 
         167 
Taiwan  (0.6%)          
Taiwan Semiconductor Manufacturing Co., Ltd.   5,000    102 
Taiwan Semiconductor Manufacturing Co., Ltd. ADR   55    6 
         108 
United Kingdom  (3.6%)          
Abcam PLC (a)   408    7 
Angle PLC (a)   8,383    11 
Atlassian Corp., PLC, Class A (a)   77    23 
Babcock International Group PLC (a)   20,858    89 
Deliveroo PLC (a)   24,171    36 
Diageo PLC   835    42 
Fevertree Drinks PLC   615    14 
Rentokil Initial PLC   11,569    80 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Rightmove PLC   7,310    60 
Victoria PLC (a)   20,972    249 
         611 
United States  (60.7%)          
10X Genomics, Inc., Class A (a)   1,862    142 
23andMe Holding Co. (a)   983    4 
4D Molecular Therapeutics, Inc. (a)   302    5 
Adobe, Inc. (a)   177    81 
Affirm Holdings, Inc. (a)   4,488    208 
Agilon health, Inc. (a)   11,166    283 
Airbnb, Inc., Class A (a)   70    12 
Alignment Healthcare, Inc. (a)   886    10 
Alnylam Pharmaceuticals, Inc. (a)   3     
Amazon.com, Inc. (a)   71    231 
American Tower Corp. REIT   10    3 
Anterix, Inc. (a)   1,303    75 
Appian Corp. (a)   1,365    83 
AppLovin Corp., Class A (a)   1,206    66 
ATAI Life Sciences N.V. (a)   1,297    7 
Aurora Innovation, Inc. (a)(d)   2,021    11 
AutoZone, Inc. (a)   2    4 
Avalara, Inc. (a)   181    18 
Axon Enterprise, Inc. (a)   347    48 
Ball Corp.   73    7 
BARK, Inc. (a)   5,237    19 
Beam Therapeutics, Inc. (a)   132    8 
Berkshire Hathaway, Inc., Class B (a)   27    10 
Big Sky Growth Partners, Inc. (Units) SPAC (a)(e)   1,642    16 
Bill.Com Holdings, Inc. (a)   1,349    306 
Block, Inc., Class A (a)   1,314    178 
Brown & Brown, Inc.   275    20 
C4 Therapeutics, Inc. (a)   195    5 
Cadence Design Systems, Inc. (a)   7    1 
Calix, Inc. (a)   482    21 
Cardlytics, Inc. (a)   1,488    82 
Carvana Co. (a)   1,376    164 
Cazoo Group Ltd. (a)   7,979    22 
Celsius Holdings, Inc. (a)   156    9 
Century Therapeutics, Inc. (a)   355    4 
Chewy, Inc., Class A (a)   842    34 
Cintas Corp.   3    1 
Cipher Mining, Inc. (a)   4,109    15 
Clear Secure, Inc., Class A (a)   871    23 
Cloudflare, Inc., Class A (a)   4,972    595 
Coinbase Global, Inc., Class A (a)   368    70 
Confluent, Inc., Class A (a)   259    11 
Copart, Inc. (a)   18    2 
CoStar Group, Inc. (a)   38    3 
Costco Wholesale Corp.   91    52 
Coupa Software, Inc. (a)   51    5 
Coupang, Inc. (a)   13,316    235 
Covetrus, Inc. (a)   1,132    19 
Cricut, Inc., Class A (a)   15,067    197 
Danaher Corp.   70    21 
Datadog, Inc., Class A (a)   1,656    251 
Desktop Metal, Inc., Class A (a)   915    4 
DexCom, Inc. (a)   2    1 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Dlocal Ltd. (a)   2,837    89 
Domino's Pizza, Inc.   54    22 
DoorDash, Inc., Class A (a)   1,997    234 
Doximity, Inc., Class A (a)   1,553    81 
Duolingo, Inc. (a)   299    28 
Dynamics Special Purpose Corp. SPAC (a)(d)   2,679    24 
Ecolab, Inc.   29    5 
Endeavor Group Holdings, Inc., Class A (a)   841    25 
EVI Industries, Inc. (a)   352    7 
Farfetch Ltd., Class A (a)   8,288    125 
Fastenal Co.   19    1 
Fastly, Inc., Class A (a)   10,242    178 
Fate Therapeutics, Inc. (a)   232    9 
Figs, Inc., Class A (a)   2,014    43 
Floor & Decor Holdings, Inc., Class A (a)   1,159    94 
Fluidigm Corp. (a)   2,869    10 
GH Research PLC (a)   432    8 
Ginkgo Bioworks Holdings, Inc. (a)   4,709    19 
Gitlab, Inc., Class A (a)   1,031    56 
GoodRx Holdings, Inc., Class A (a)   11,018    213 
Graphite Bio, Inc. (a)   511    3 
Guardant Health, Inc. (a)   987    65 
HashiCorp, Inc., Class A (a)   343    19 
HEICO Corp., Class A   179    23 
Heliogen, Inc. (a)   5,055    27 
Home Depot, Inc. (The)   11    3 
IAC/InterActiveCorp (a)   37    4 
IDEXX Laboratories, Inc. (a)   2    1 
Illumina, Inc. (a)   19    7 
Inspire Medical Systems, Inc. (a)   39    10 
Intellia Therapeutics, Inc. (a)   521    38 
Intercontinental Exchange, Inc.   202    27 
Intuitive Surgical, Inc. (a)   169    51 
IonQ, Inc. (a)   796    10 
Joby Aviation, Inc. (a)   857    6 
Latch, Inc. (a)   1,506    6 
Linde PLC   24    8 
Lockheed Martin Corp.   7    3 
Marqeta, Inc., Class A (a)   2,259    25 
Martin Marietta Materials, Inc.   9    3 
Mastercard, Inc., Class A   226    81 
Match Group, Inc. (a)   15    2 
Matterport, Inc. (a)   522    4 
MaxCyte, Inc. (a)   1,262    9 
McCormick & Co., Inc.   12    1 
McDonald's Corp.   9    2 
Meli Kaszek Pioneer Corp., SPAC (a)   2,428    25 
Membership Collective Group, Inc., Class A (a)   2,256    18 
MercadoLibre, Inc. (a)   306    364 
Meta Platforms, Inc., Class A (a)   483    107 
MicroStrategy, Inc., Class A (a)   60    29 
Moderna, Inc. (a)   44    8 
MongoDB, Inc. (a)   265    118 
MP Materials Corp. (a)   427    24 
NanoString Technologies, Inc. (a)   540    19 
Nerdy, Inc. (a)   1,738    9 
Netflix, Inc. (a)   56    21 
NU Holdings Ltd., Class A (a)   5,373    41 
NVR, Inc. (a)   1    4 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Oak Street Health, Inc. (a)   405    11 
Okta, Inc. (a)   326    49 
Olo, Inc., Class A (a)   3,358    45 
Opendoor Technologies, Inc. (a)   1,026    9 
Outset Medical, Inc. (a)   235    11 
Overstock.com, Inc. (a)   6,409    282 
Party City Holdco, Inc. (a)   15,612    56 
Peloton Interactive, Inc., Class A (a)   3,169    84 
Pool Corp.   8    3 
Privia Health Group, Inc. (a)   666    18 
Procore Technologies, Inc. (a)   742    43 
Progressive Corp. (The)   411    47 
Qualtrics International, Inc., Class A (a)   186    5 
Quotient Ltd. (a)   4,549    5 
Redfin Corp. (a)   1,721    31 
Relay Therapeutics, Inc. (a)   193    6 
Ribbit LEAP Ltd. (Units) SPAC (a)(e)   894    9 
Rivian Automotive, Inc., Class A (a)   196    10 
ROBLOX Corp., Class A (a)   4,005    185 
Rollins, Inc.   186    7 
Roper Technologies, Inc.   5    2 
Royal Gold, Inc.   183    26 
Royalty Pharma PLC, Class A   10,914    425 
S&P Global, Inc.   62    25 
salesforce.com, Inc. (a)   843    179 
Samsara, Inc., Class A (a)   2,397    38 
Schrodinger, Inc. (a)   259    9 
Seer, Inc. (a)   623    10 
Service Corp. International   54    4 
ServiceNow, Inc. (a)   375    209 
Sherwin-Williams Co. (The)   4    1 
Signify Health, Inc., Class A (a)   336    6 
Snap, Inc., Class A (a)   2,649    95 
Snowflake, Inc., Class A (a)   2,253    516 
SomaLogic, Inc. (a)   1,075    9 
Spotify Technology SA (a)   480    72 
Starbucks Corp.   12    1 
Synopsys, Inc. (a)   4    1 
TCV Acquisition Corp., Class A SPAC (a)   944    9 
Texas Pacific Land Corp.   22    30 
Thermo Fisher Scientific, Inc.   4    2 
Trade Desk, Inc. (The), Class A (a)   3,759    260 
TransDigm Group, Inc. (a)   7    5 
Trupanion, Inc. (a)   104    9 
Twilio, Inc., Class A (a)   15    2 
Twitter, Inc. (a)   1,773    69 
Tyler Technologies, Inc. (a)   8    4 
Uber Technologies, Inc. (a)   5,299    189 
UiPath, Inc., Class A (a)   156    3 
Unity Software, Inc. (a)   1,859    184 
Upstart Holdings, Inc. (a)   661    72 
Upwork, Inc. (a)   1,025    24 
UTZ Brands, Inc.   1,495    22 
Veeva Systems, Inc., Class A (a)   906    192 
Vimeo, Inc. (a)   3,010    36 
Visa, Inc., Class A   367    81 
Walt Disney Co. (The) (a)   730    100 
Warby Parker, Inc., Class A (a)   587    20 
Waste Connections, Inc.   300    42 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Watsco, Inc.     4       1  
Wayfair, Inc., Class A (a)     609       67  
WeWork, Inc., Class A REIT (a)     2,739       19  
Zillow Group, Inc., Class A (a)     162       8  
Zoetis, Inc.     5       1  
Zoom Video Communications, Inc., Class A (a)     897       105  
ZoomInfo Technologies, Inc., Class A (a)     2,060       123  
Zymergen, Inc. (a)     1,460       4  
              10,425  
Total Common Stocks (Cost $15,193)             16,386  
                 
Preferred Stock  (0.3%)                
United States  (0.3%)                
Databricks, Inc. (a)(d)(f) (acquisition cost — $44 ; acquired 8/31/21) (Cost $44)     198       41  
                 
Investment Companies  (1.1%)                
United Kingdom  (0.1%)                
Hipgnosis Songs Fund Ltd.     10,549       17  
United States  (1.0%)                
Grayscale Bitcoin Trust (a)     5,535       169  
Total Investment Companies (Cost $265)             186  

 

  

No. of

Warrants

     
Warrants (0.0%) (c)        
United States  (0.0%) (c)          
BARK, Inc. expires 5/1/26 (a)   373    1 
Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a)   261     
SomaLogic, Inc. expires 8/31/26 (a)   96     
Total Warrants (Cost $3)        1 
           
    Shares      
Short-Term Investment  (2.8%)          
Investment Company  (2.8%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (g) (Cost $483)   482,668    483 
Total Investments Excluding Purchased Options (99.6%) (Cost $15,988)        17,097 
Total Purchased Options Outstanding (0.0%) (c) (Cost $63)        6 
Total Investments (99.6%) (Cost $16,051) (h)(i)(j)(k)        17,103 
Other Assets in Excess of Liabilities (0.4%)        71 
Net Assets (100.0%)       $17,174 

 

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.

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

The Fund had the following Derivative Contracts - PIPE open at March 31, 2022: 

 

Counterparty   Referenced
Obligation
  Notional
Amount
    Settlement
Date
  Unrealized
Depreciation
(000)
    % of
Net Assets
 
Dynamics Special Purpose Corp.   Senti Biosciences, Inc.(a)(d)(f)(l)(n)   $ 1,240     12/30/2022   $ (—@ )     (0.00 )%*
Social Capital Suvretta Holdings Corp.III   ProKidney, LP. (a)(d)(f)(m)(n)     38,020     12/30/2022     (6 )     (0.06 )
                    $ (6 )     (0.06 )%

 

* Amount is less than 0.005%.
   
(a) Non-income producing security.
(b) Security trades on the Hong Kong exchange.
(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 and derivative contracts (excluding 144A holdings) at March 31, 2022 amounts to approximately $106,000 and represents 0.6% of net assets.
(e) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(f) At March 31, 2022, the Fund held a fair valued security and derivative contracts at approximately $35,000, representing 0.2% 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.
(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 three months ended March 31, 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, $3,340,000 and 19.4%, 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.
(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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(j) Securities are available for collateral in connection with securities purchased on a forward commitment basis and purchased options.
(k) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,428,000 and the aggregate gross unrealized depreciation is approximately $2,382,000, resulting in net unrealized appreciation of approximately $1,046,000.
(l) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 124 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Senti Biosciences, Inc., and Dynamics Special Purpose Corp., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Dynamics Special Purpose Corp., and Senti Biosciences, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Dynamics Special Purpose Corp., and Senti Biosciences, Inc. The investment is restricted from resale until the settlement date.

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

(m) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 3,802 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between ProKidney, LP., and Social Capital Suvretta Holdings Corp.III, a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Social Capital Suvretta Holdings Corp.III, and ProKidney, LP., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Social Capital Suvretta Holdings Corp.III, and ProKidney, LP. The investment is restricted from resale until the settlement date.
(n) Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.
ADR American Depositary Receipt.
PIPE Private Investment in Public Equity.
REIT Real Estate Investment Trust.
SPAC Special Purpose Acquisition Company.

 

 

 

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2022:

 

Counterparty  Description  Strike
Price
  Expiration
Date
  Number of
Contracts
  Notional
Amount
(000)
  Value
(000)
  Premiums
Paid
(000)
  Unrealized
Depreciation
(000)
 
Goldman Sachs International  USD/CNH  CNH 7.27  Nov - 22   4,041,028   4,041  $4  $19  $(15)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.28  Jul - 22   3,914,073   3,914   1   18   (17)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.31  Aug - 22   2,533,588   2,534   1   17   (16)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.38  Jul - 22   1,595,646   1,596   —@  9   (9)
                      $6  $63  $(57)

 

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

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments
 
Others*   58.7%
Information Technology Services   16.3 
Software   14.1 
Internet & Direct Marketing Retail   10.9 
Total Investments   100.0%**

 

* Industries and/or investment types representing less than 5% of total investments. 
** Does not include open PIPE contracts with total unrealized depreciation of approximately $6,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Developing Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (98.6%)          
Argentina  (5.6%)          
Globant SA (a)   34,364   $9,006 
           
Brazil  (5.5%)          
B3 SA - Brasil Bolsa Balcao   1,001,730    3,305 
Magazine Luiza SA   3,824,824    5,479 
         8,784 
China  (29.1%)          
360 DigiTech, Inc.   126,360    1,945 
China East Education Holdings Ltd. (b)   1,010,000    582 
China Resources Beer Holdings Co., Ltd. (b)   338,000    2,056 
China Resources Mixc Lifestyle Services Ltd. (b)   305,200    1,494 
Foshan Haitian Flavouring & Food Co., Ltd., Class A   347,490    4,772 
Haidilao International Holding Ltd. (b)   1,866,000    3,590 
HUYA, Inc. ADR (a)   302,221    1,351 
KE Holdings, Inc. ADR (a)   304,972    3,772 
Kuaishou Technology (a)(b)   434,700    3,983 
Kweichow Moutai Co., Ltd., Class A   17,089    4,604 
Meituan, Class B (a)(b)   335,300    6,352 
Shenzhou International Group Holdings Ltd. (b)   192,600    2,543 
Tencent Holdings Ltd. (b)   78,000    3,595 
Trip.com Group Ltd. ADR (a)   237,480    5,491 
Yihai International Holding Ltd. (a)(b)   197,000    560 
         46,690 
India  (21.0%)          
HDFC Bank Ltd.   623,185    12,002 
ICICI Bank Ltd. ADR   604,734    11,454 
IndusInd Bank Ltd.   472,635    5,783 
Shree Cement Ltd.   10,443    3,294 
Zomato Ltd. (a)   1,122,208    1,208 
         33,741 
Indonesia  (1.2%)          
Avia Avian Tbk PT (a)   35,138,500    1,908 
           
Korea, Republic of  (8.6%)          
KakaoBank Corp. (a)   141,937    5,995 
NAVER Corp.   27,851    7,740 
         13,735 
Mexico  (1.4%)          
Grupo Aeroportuario del Sureste SAB de CV, Class B   98,195    2,181 
           
Singapore  (5.0%)          
Grab Holdings Ltd., Class A (a)   965,168    3,378 
Grab Holdings Ltd., Class A (a)(c)   260,149    874 
Sea Ltd. ADR (a)   30,841    3,695 
         7,947 
Taiwan  (6.8%)          
Nien Made Enterprise Co., Ltd.   119,000    1,386 
Silergy Corp.   29,000    3,400 
Taiwan Semiconductor Manufacturing Co., Ltd.   298,000    6,113 
         10,899 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Developing Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

United States  (14.4%)          
Coupang, Inc. (a)   417,969    7,390 
MercadoLibre, Inc. (a)   9,174    10,912 
NU Holdings Ltd., Class A (a)   629,832    4,863 
         23,165 
Total Common Stocks (Cost $177,961)        158,056 
           
Investment Company  (1.2%)          
United States (1.2%)          
Grayscale Bitcoin Trust (a) (Cost $2,794)   60,795    1,857 
 
Short-Term Investment  (1.0%)          
Investment Company  (1.0%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $1,674)   1,674,499    1,674 
Total Investments Excluding Purchased Options (100.8%) (Cost $182,429)        161,587 
Total Purchased Options Outstanding (0.0%) (e) (Cost $871)        37 
Total Investments (100.8%) (Cost $183,300)  (f)(g)(h)(i)        161,624 
Liabilities in Excess of Other Assets (–0.8%)        (1,318)
Net Assets (100.0%)       $160,306 

 

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 code not found 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 March 31, 2022 amounts to approximately $874,000 and represents 0.5% of net assets.
(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 three months ended March 31, 2022, advisory fees paid were reduced by approximately $1,000 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(g) Securities are available for collateral in connection with purchased options.
(h) The approximate fair value and percentage of net assets, $82,960,000 and 51.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(i) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $18,191,000 and the aggregate gross unrealized depreciation is approximately $39,867,000, resulting in net unrealized depreciation of approximately $21,676,000.
ADR American Depositary Receipt.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Developing Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Call Options Purchased:

The fund had the following call options purchased open at March 31, 2022:  

 

Counterparty  Description  Strike
Price
  Expiration
Date
  Number of
Contracts
   Notional
Amount
(000)
   Value
(000)
   Premiums
Paid
(000)
   Unrealized
Depreciation
(000)
 
JP Morgan Chase Bank NA  USD/CNH  CNH 7.31  Aug - 22   86,331,707    86,332   $26   $586   $(560)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.38  Jul - 22   53,625,517    53,626    11    285    (274)
                                     
                        $37   $871   $(834)

 

CNH  —  Chinese Yuan Renminbi Offshore

USD  —  United States Dollar  

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments
 
Other*   32.1%
Banks   24.8 
Internet & Direct Marketing Retail   16.5 
Interactive Media & Services   9.5 
Semiconductors & Semiconductor Equipment   5.9 
Hotels, Restaurants & Leisure   5.6 
Information Technology Services   5.6 
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

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (98.7%)          
Argentina  (1.5%)          
Globant SA (a)   36,729   $9,626 
           
Brazil  (3.4%)          
Itau Unibanco Holding SA (Preference)   1,934,000    11,163 
Lojas Renner SA   1,672,337    9,659 
         20,822 
China  (15.1%)          
BYD Co., Ltd. H Shares (b)   214,000    5,952 
China Construction Bank Corp. H Shares (b)   17,954,120    13,449 
China Mengniu Dairy Co., Ltd. (b)   1,610,000    8,632 
China Merchants Bank Co., Ltd. H Shares (b)   1,396,500    10,871 
China Resources Beer Holdings Co., Ltd. (b)   1,012,000    6,157 
China Tourism Group Duty Free Corp. Ltd., Class A   52,300    1,345 
Hua Hong Semiconductor Ltd. (a)(b)   313,000    1,307 
JD.com, Inc., Class A (a)(b)   25,523    725 
Jiangsu Hengrui Medicine Co., Ltd., Class A   452,059    2,614 
Kweichow Moutai Co., Ltd., Class A   23,149    6,236 
Li Ning Co., Ltd. (b)   499,000    4,237 
Proya Cosmetics Co. Ltd., Class A   73,300    2,171 
Shenzhou International Group Holdings Ltd. (b)   538,600    7,111 
Sungrow Power Supply Co. Ltd.   170,495    2,860 
Tencent Holdings Ltd. (b)   405,800    18,705 
Will Semiconductor Co. Ltd. Shanghai   41,500    1,254 
         93,626 
Czech Republic  (1.2%)          
Komercni Banka AS   185,895    7,197 
           
Germany  (1.0%)          
Infineon Technologies AG   190,841    6,456 
           
India  (18.5%)          
Asian Paints Ltd.   121,334    4,910 
Bajaj Auto Ltd.   44,126    2,119 
Eicher Motors Ltd.   82,273    2,653 
Gland Pharma Ltd. (a)   76,869    3,306 
HDFC Bank Ltd. ADR   175,844    10,785 
Hindalco Industries Ltd.   1,554,521    11,598 
Housing Development Finance Corp., Ltd.   378,010    11,820 
ICICI Bank Ltd.   1,317,854    12,570 
ICICI Prudential Life Insurance Co., Ltd.   620,093    4,076 
Infosys Ltd.   357,609    8,955 
Infosys Ltd. ADR   112,779    2,807 
Mahindra & Mahindra Financial Services Ltd.   1,675,703    3,493 
Mahindra & Mahindra Ltd.   397,468    4,203 
MakeMyTrip Ltd. (a)   102,976    2,763 
Max Healthcare Institute Ltd. (a)   550,018    2,468 
Reliance Industries Ltd.   416,860    14,418 
Shree Cement Ltd.   9,326    2,942 
State Bank of India   1,422,887    9,193 
         115,079 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Indonesia  (2.2%)          
Bank Central Asia Tbk PT   15,007,300    8,342 
Bank Mandiri Persero Tbk PT   9,229,800    5,062 
         13,404 
Korea, Republic of  (10.8%)          
KB Financial Group, Inc.   151,134    7,574 
Kia Motor Corp.   52,770    3,196 
LG Chem Ltd.   7,602    3,322 
NAVER Corp.   12,592    3,500 
Samsung Electronics Co., Ltd.   661,887    37,875 
Samsung SDI Co., Ltd.   9,922    4,829 
SK Hynix, Inc.   70,900    6,820 
         67,116 
Mexico  (5.7%)          
Grupo Aeroportuario del Sureste SAB de CV, Class B   411,331    9,136 
Grupo Financiero Banorte SAB de CV Series O   1,963,690    14,792 
Wal-Mart de Mexico SAB de CV   2,794,098    11,450 
         35,378 
Netherlands  (1.0%)          
ASML Holding N.V.   8,887    5,936 
           
Panama  (1.7%)          
Copa Holdings SA, Class A (a)   127,398    10,655 
           
Poland  (2.7%)          
Bank Polska Kasa Opieki SA   304,389    8,136 
LPP SA   3,177    8,597 
         16,733 
Portugal  (1.2%)          
Galp Energia SGPS SA   586,184    7,411 
           
Russia  (0.0%)          
Fix Price Group Ltd. GDR (Euroclear) (c)   611,648     
Fix Price Group Ltd. GDR (c)   310,119     
          
South Africa  (6.4%)          
Anglo American Platinum Ltd.   58,462    7,997 
Anglo American PLC   378,233    19,785 
Capitec Bank Holdings Ltd.   76,438    12,173 
         39,955 
Taiwan  (18.0%)          
Airtac International Group   273,448    8,792 
ASE Technology Holding Co., Ltd.   2,878,626    10,258 
CTBC Financial Holding Co., Ltd.   6,513,000    6,638 
Delta Electronics, Inc.   1,487,000    13,787 
MediaTek, Inc.   64,000    1,992 
Novatek Microelectronics Corp.   316,000    4,646 
Silergy Corp.   53,000    6,214 
Taiwan Semiconductor Manufacturing Co., Ltd.   1,953,205    40,067 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Taiwan Semiconductor Manufacturing Co., Ltd. ADR   175,205    18,267 
Voltronic Power Technology Corp.   20,000    1,009 
         111,670 
Thailand  (0.6%)          
Ngern Tid Lor PCL (a)   3,211,900    3,707 
           
United Kingdom  (2.6%)          
Antofagasta PLC   264,533    5,748 
Mondi PLC (d)   532,517    10,581 
         16,329 
United States  (5.1%)          
Applied Materials, Inc.   31,503    4,152 
EPAM Systems, Inc. (a)   15,428    4,576 
MercadoLibre, Inc. (a)   7,179    8,539 
NIKE, Inc., Class B   48,351    6,506 
NVIDIA Corp.   30,040    8,197 
         31,970 
Total Common Stocks (Cost $481,575)        613,070 
           
Short-Term Investment  (2.2%)          
Investment Company  (2.2%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (e) (Cost $13,432)   13,432,071    13,432 
Total Investments (100.9%) (Cost $495,007) Including $6,635 of Securities Loaned (f)(g)(h)        626,502 
Liabilities in Excess of Other Assets (–0.9%)        (5,513)
Net Assets (100.0%)       $620,989 

 

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) At March 31, 2022, the Fund held fair valued securities at $0, representing 0.0% 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) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $6,635,000 and $7,051,000, respectively. The Fund received non-cash collateral of approximately $7,051,000 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.
(e) 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 three months ended March 31, 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

(g) The approximate fair value and percentage of net assets, $461,593,000 and 74.3%, 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 March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $158,844,000 and the aggregate gross unrealized depreciation is approximately $27,349,000, resulting in net unrealized appreciation of approximately $131,495,000.
ADR American Depositary Receipt.
GDR Global Depositary Receipt.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments
 
Others*   46.3%
Banks   22.0 
Semiconductors & Semiconductor Equipment   18.5 
Metals & Mining   7.2 
Tech Hardware, Storage & Peripherals   6.0 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

 
   Face
Amount
(000)
   Value
(000)
 
Fixed Income Securities  (95.5%)          
Angola  (1.1%)          
Sovereign  (1.1%)          
Angolan Government International Bond,          
 8.00%, 11/26/29  $320   $322 
           
Argentina  (0.9%)          
Corporate Bond  (0.5%)          
Pampa Energia SA,          
 9.13%, 4/15/29 (a)   150    134 
           
Sovereign  (0.4%)          
Argentine Republic Government International Bond,          
 0.50%, 7/9/30  (b)   127    43 
 1.00%, 7/9/29   24    8 
 1.13%, 7/9/35  (b)   232    71 
         122 
         256 
Armenia  (1.5%)          
Corporate Bond  (0.9%)          
Ardshinbank CJSC Via Dilijan Finance BV,          
 6.50%, 1/28/25 (a)   270    266 
           
Sovereign  (0.6%)          
Republic of Armenia International Bond,          
 3.95%, 9/26/29   200    170 
         436 
Bahrain  (0.7%)          
Sovereign  (0.7%)          
Bahrain Government International Bond,          
 7.50%, 9/20/47   200    197 
           
Benin  (0.7%)          
Sovereign  (0.7%)          
Benin Government International Bond,          
 4.95%, 1/22/35  EUR230    208 
           
Brazil  (5.4%)          
Corporate Bonds  (1.4%)          
MARB BondCo PLC,          
 3.95%, 1/29/31 (a)   200    178 
Movida Europe SA,          
 5.25%, 2/8/31 (a)   200    179 
Suzano Austria GmbH,          
 3.75%, 1/15/31   40    38 
         395 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Sovereign  (4.0%)          
Brazil Notas do Tesouro Nacional, Series F,          
10.00%, 1/1/23 – 1/1/27  BRL4,800    975 
Brazilian Government International Bond,          
 3.88%, 6/12/30  $200    185 
         1,160 
         1,555 
Burkina Faso  (0.6%)          
Corporate Bond  (0.6%)          
Endeavour Mining PLC,          
 5.00%, 10/14/26 (a)   200    185 
           
Chile  (3.5%)          
Corporate Bonds  (2.0%)          
ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par,          
 4.05%, 4/27/26 (a)  $200    190 
Cencosud SA,          
 4.38%, 7/17/27   200    204 
Kenbourne Invest SA,          
 4.70%, 1/22/28 (a)   200    176 
         570 
Sovereign  (1.5%)          
Bonos de la Tesoreria de la Republica en pesos,          
 2.30%, 10/1/28  (a)  CLP130,000    131 
 4.50%, 3/1/26   90,000    107 
Chile Government International Bond,          
 3.50%, 1/25/50  $200    183 
         421 
         991 
China  (5.8%)          
Corporate Bonds  (2.0%)          
Country Garden Holdings Co., Ltd.,          
 7.25%, 4/8/26   260    202 
Huarong Finance Co. Ltd.,          
 3.88%, 11/13/29   200    182 
Huarong Finance II Co. Ltd.,          
 4.63%, 6/3/26   200    196 
         580 
Sovereign  (3.8%)          
China Government Bond,          
 2.68%, 5/21/30  CNY2,820    438 
 3.13%, 11/21/29   4,140    665 
         1,103 
         1,683 
Colombia  (4.5%)          
Corporate Bonds  (2.5%)          
Banco GNB Sudameris SA,          
 7.50%, 4/16/31 (a)  $200    187 
Canacol Energy Ltd.,          
 5.75%, 11/24/28 (a)   200    188 
Grupo Aval Ltd.,          
 4.38%, 2/4/30 (a)   200    173 
SierraCol Energy Andina LLC,          
 6.00%, 6/15/28 (a)   200    182 
         730 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Sovereign  (2.0%)          
Colombia Government International Bond,          
 4.13%, 5/15/51   200    151 
Colombian TES,          
Series B          
6.00%, 4/28/28  COP588,800    132 
7.00%, 6/30/32   253,800    56 
7.50%, 8/26/26   559,100    139 
10.00%, 7/24/24   332,400    90 
         568 
         1,298 
Costa Rica  (0.7%)          
Sovereign  (0.7%)          
Costa Rica Government International Bond,          
 7.16%, 3/12/45  $200    199 
           
Czech Republic  (1.3%)          
Sovereign  (1.3%)          
Czech Republic Government Bond,          
 2.75%, 7/23/29  CZK8,970    380 
           
Dominican Republic  (2.1%)          
Sovereign  (2.1%)          
Dominican Republic International Bond,          
 5.30%, 1/21/41  (a)  $300    261 
 5.50%, 2/22/29  (a)   150    149 
 9.75%, 6/5/26  (a)  DOP10,550    196 
         606 
Ecuador  (1.1%)          
Sovereign  (1.1%)          
Ecuador Government International Bond,          
 0.00%, 7/31/30  (a)  $20    11 
 0.50%, 7/31/40  (a)(b)   100    57 
 0.50%, 7/31/40  (b)   170    98 
 1.00%, 7/31/35  (a)(b)   103    68 
 5.00%, 7/31/30  (a)(b)   83    70 
         304 
Egypt  (3.4%)          
Corporate Bond  (1.3%)          
African Export-Import Bank (The),          
 3.99%, 9/21/29 (a)   390    370 
           
Sovereign  (2.1%)          
Egypt Government International Bond,          
 6.38%, 4/11/31  (a)  EUR230    219 
 7.50%, 2/16/61  (a)  $200    159 
 7.50%, 2/16/61   300    239 
         617 
         987 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

El Salvador  (0.2%)          
Sovereign  (0.2%)          
El Salvador Government International Bond,          
 7.12%, 1/20/50 (a)   150    68 
           
Ghana  (2.4%)          
Corporate Bonds  (1.3%)          
Kosmos Energy Ltd.,          
 7.13%, 4/4/26 (a)  $200    196 
Tullow Oil PLC,          
 7.00%, 3/1/25   200    165 
         361 
Sovereign  (1.1%)          
Ghana Government International Bond,          
 7.75%, 4/7/29   220    162 
 8.88%, 5/7/42  (a)   200    141 
         303 
         664 
Honduras  (0.7%)          
Sovereign  (0.7%)          
Honduras Government International Bond,          
 6.25%, 1/19/27   200    191 
           
Hungary  (1.0%)          
Sovereign  (1.0%)          
Hungary Government Bond,          
 3.00%, 8/21/30  HUF62,270    151 
 6.00%, 11/24/23   44,630    134 
         285 
India  (0.8%)          
Corporate Bond  (0.8%)          
Greenko Investment Co.,          
 4.88%, 8/16/23 (a)  $240    241 
           
Indonesia  (3.5%)          
Sovereign  (3.5%)          
Indonesia Government International Bond,          
 4.45%, 4/15/70   230    238 
Indonesia Treasury Bond,          
6.50%, 6/15/25 – 2/15/31  IDR4,633,000    329 
 7.00%, 9/15/30   356,000    25 
 7.50%, 6/15/35   1,991,000    143 
 8.38%, 4/15/39   2,360,000    182 
 8.75%, 5/15/31   1,310,000    103 
         1,020 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Israel  (1.2%)          
Corporate Bonds  (1.2%)          
Bank Hapoalim BM,          
 3.26%, 1/21/32 (a)  $200    185 
Energean Israel Finance Ltd.,          
 4.88%, 3/30/26 (a)   165    160 
         345 
Ivory Coast  (0.9%)          
Sovereign  (0.9%)          
Ivory Coast Government International Bond,          
 4.88%, 1/30/32 (a)  EUR274    268 
           
Jordan  (0.6%)          
Sovereign  (0.6%)          
Jordan Government International Bond,          
 7.38%, 10/10/47 (a)  $200    183 
           
Kazakhstan  (0.6%)          
Sovereign  (0.6%)          
Development Bank of Kazakhstan JSC,          
 10.95%, 5/6/26 (a)  KZT100,000    173 
           
Lebanon  (0.1%)          
Sovereign  (0.1%)          
Lebanon Government International Bond,          
 6.85%, 3/23/27 (c)(d)  $266    33 
           
Malaysia  (3.1%)          
Sovereign  (3.1%)          
Malaysia Government Bond,          
 3.76%, 5/22/40  MYR950    206 
 3.96%, 9/15/25   1,043    254 
 4.18%, 7/15/24   762    186 
 4.23%, 6/30/31   488    118 
 4.50%, 4/15/30   559    138 
         902 
Mexico  (12.7%)          
Corporate Bonds  (4.5%)          
Alsea SAB de CV,          
 7.75%, 12/14/26 (a)  $200    208 
Banco Mercantil del Norte SA,          
 5.88%, 1/24/27 (a)(e)   200    185 
Cemex SAB de CV,          
 5.13%, 8/6/26 (a)(e)   200    197 
Financiera Independencia SAB de CV SOFOM ENR,          
 8.00%, 7/19/24 (a)   250    151 
Total Play Telecomunicaciones SA de CV,          
 7.50%, 11/12/25   200    195 
Trust Fibra Uno,          
 6.39%, 1/15/50 (a)   240    243 
Unifin Financiera SAB de CV,          
 9.88%, 1/28/29 (a)   200    118 
         1,297 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Sovereign  (8.2%)          
Banco Nacional de Comercio Exterior SNC,          
 2.72%, 8/11/31 (a)   200    191 
Mexican Bonos,          
 10.00%, 12/5/24  MXN1,388    72 
Series M          
7.50%, 6/3/27   14,085    680 
7.75%, 5/29/31   12,030    583 
8.00%, 12/7/23   2,072    104 
10.00%, 12/5/24   1,621    84 
Petroleos Mexicanos,          
 6.70%, 2/16/32  $231    220 
 6.95%, 1/28/60   535    435 
         2,369 
         3,666 
Mongolia  (0.6%)          
Sovereign  (0.6%)          
Mongolia Government International Bond,          
 4.45%, 7/7/31 (a)   200    181 
           
Nigeria  (4.9%)          
Corporate Bonds  (3.6%)          
Access Bank PLC,          
 9.13%, 7/10/26 (a)(e)   200    186 
Fidelity Bank PLC,          
 7.63%, 10/28/26 (a)   200    191 
IHS Netherlands Holdco BV,          
 8.00%, 9/18/27 (a)   270    270 
SEPLAT Energy PLC,          
 7.75%, 4/1/26 (a)   210    202 
United Bank for Africa PLC,          
 6.75%, 11/19/26 (a)   200    192 
         1,041 
Sovereign  (1.3%)          
Nigeria Government International Bond,          
 7.38%, 9/28/33 (a)   200    182 
Republic of Nigeria,          
 8.38%, 3/24/29 (a)   200    203 
         385 
         1,426 
Oman  (0.8%)          
Sovereign  (0.8%)          
Oman Government International Bond,          
 6.25%, 1/25/31 (a)   210    223 
           
Panama  (0.7%)          
Corporate Bond  (0.7%)          
AES Panama Generation Holdings SRL,          
 4.38%, 5/31/30 (a)   200    191 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Paraguay  (0.6%)          
Corporate Bond  (0.6%)          
Frigorifico Concepcion SA,          
 7.70%, 7/21/28 (a)   200    178 
           
Peru  (2.1%)          
Corporate Bonds  (1.3%)          
InRetail Consumer,          
 3.25%, 3/22/28 (a)   200    188 
Lima Metro Line 2 Finance Ltd.,          
 4.35%, 4/5/36 (a)   193    191 
         379 
Sovereign  (0.8%)          
Peru Government Bond,          
 5.40%, 8/12/34  PEN259    62 
 5.94%, 2/12/29   622    164 
 6.15%, 8/12/32   1     
         226 
         605 
Poland  (1.5%)          
Sovereign  (1.5%)          
Republic of Poland Government Bond,          
 4.00%, 10/25/23  PLN455    106 
 5.75%, 9/23/22   1,370    328 
         434 
Qatar  (1.0%)          
Sovereign  (1.0%)          
Qatar Government International Bond,          
 4.82%, 3/14/49 (a)  $230    273 
           
Romania  (2.1%)          
Sovereign  (2.1%)          
Romania Government Bond,          
4.75%, 2/24/25 – 10/11/34  RON1,590    331 
Romanian Government International Bond,          
 1.75%, 7/13/30  (a)  EUR80    75 
 3.75%, 2/7/34  (a)   180    186 
         592 
Russia  (0.2%)          
Corporate Bond  (0.1%)          
Alfa Bank AO Via Alfa Bond Issuance PLC,          
 5.95%, 4/15/30 (f)  $300    30 
           
Sovereign  (0.1%)          
Russian Federal Bond - OFZ,          
 6.90%, 5/23/29  (c)(d)(f)  RUB37,491    14 
 7.70%, 3/23/33  (c)(d)(f)   54,377    20 
         34 
         64 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Saudi Arabia  (0.7%)          
Corporate Bond  (0.7%)          
SA Global Sukuk Ltd.,          
 2.69%, 6/17/31 (a)  $200    190 
           
Senegal  (1.2%)          
Sovereign  (1.2%)          
Senegal Government International Bond,          
 6.25%, 5/23/33 (a)   350    331 
           
Serbia  (0.6%)          
Sovereign  (0.6%)          
Serbia International Bond,          
 2.13%, 12/1/30   200    168 
           
South Africa  (5.5%)          
Sovereign  (5.5%)          
Republic of South Africa Government Bond,          
 8.25%, 3/31/32  ZAR3,317    203 
 8.75%, 1/31/44   1,980    114 
 9.00%, 1/31/40   21,018    1,258 
         1,575 
Sri Lanka  (0.8%)          
Sovereign  (0.8%)          
Sri Lanka Government International Bond,          
 7.55%, 3/28/30  $500    236 
           
Supranational  (0.7%)          
Banque Ouest Africaine de Developpement,          
 2.75%, 1/22/33 (a)  EUR200    205 
           
Tanzania, United Republic of  (0.7%)          
Corporate Bond  (0.7%)          
HTA Group Ltd.,          
 7.00%, 12/18/25 (a)  $200    198 
           
Thailand  (2.1%)          
Sovereign  (2.1%)          
Thailand Government Bond,          
 2.13%, 12/17/26  THB429    13 
 3.63%, 6/16/23   7,250    226 
 4.88%, 6/22/29   10,144    358 
         597 
Togo  (0.7%)          
Corporate Bond  (0.7%)          
Ecobank Transnational, Inc.,          
 8.75%, 6/17/31  $200    189 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Turkey  (0.6%)          
Sovereign  (0.6%)          
Turkey Government International Bond,          
 5.88%, 6/26/31   200    171 
           
Ukraine  (1.5%)          
Corporate Bond  (0.3%)          
NPC Ukrenergo,          
 6.88%, 11/9/26 (a)   200    80 
           
Sovereign  (1.2%)          
NAK Naftogaz Ukraine via Kondor Finance PLC,          
 7.13%, 7/19/24  EUR200    72 
Ukraine Government International Bond,          
 6.75%, 6/20/26  $340    158 
 6.88%, 5/21/29   250    106 
         336 
         416 
United Arab Emirates  (2.1%)          
Corporate Bonds  (1.4%)          
DP World Salaam,          
 6.00%, 1/10/25 (e)   200    207 
Galaxy Pipeline Assets Bidco Ltd.,          
 3.25%, 9/30/40 (a)   230    209 
         416 
Sovereign  (0.7%)          
Abu Dhabi Government International Bond,          
 3.13%, 4/16/30   200    205 
         621 
Uzbekistan  (0.6%)          
Sovereign  (0.6%)          
Republic of Uzbekistan International Bond,          
 3.70%, 11/25/30 (a)   200    175 
           
Venezuela  (0.4%)          
Sovereign  (0.4%)          
Petroleos de Venezuela SA,          
 6.00%, 11/15/26 (c)(d)   1,582    117 
           
Zambia  (1.7%)          
Sovereign  (1.7%)          
Zambia Goverment Bond,          
 13.00%, 12/27/31  ZMW990    30 
Zambia Government Bond,          
 11.00%, 1/25/26   3,680    144 
 13.00%, 1/25/31   5,290    166 
Zambia Government International Bond,          
 5.38%, 9/20/22  $200    139 
         479 
Total Fixed Income Securities (Cost $32,498)        27,481 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

   No. of
Warrants
      
Warrant (0.0%) (g)          
Venezuela (0.0%) (g)          
Venezuela Government International Bond, Oil-Linked Payment Obligation 0.00%, expires 4/15/20 (h) (Cost $—)   495    4 
           
   Shares      
Short-Term Investments  (2.9%)          
Investment Company  (1.3%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (i) (Cost $382)   381,993    382 

 

   Face
Amount
(000)
      
Egypt  (1.5%)          
Sovereign  (1.5%)          
Egypt Treasury Bills,          
 12.85%, 10/25/22  EGP5,475    280 
 12.95%, 9/13/22   2,825    147 
Total Sovereign (Cost $449)        427 
           
U.S. Treasury Security  (0.1%)          
U.S. Treasury Bill,          
 0.06%, 7/14/22 (j) (Cost $30)  $30    30 
Total Short-Term Investments (Cost $861)        839 
Total Investments (98.4%) (Cost $33,359)  (k)(l)(m)        28,324 
Other Assets in Excess of Liabilities (1.6%)        453 
Net Assets (100.0%)       $28,777 

 

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

 

(a)144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(b)Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2022. Maturity date disclosed is the ultimate maturity date.
(c)Non-income producing security; bond in default.
(d)Issuer in bankruptcy.
(e)Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2022.
(f)At March 31, 2022, the Fund held fair valued securities at approximately $64,000, representing 0.2% 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.
(g)Amount is less than 0.05%.
(h)Perpetual maturity date. Date disclosed is the last expiration date.
(i)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 three months ended March 31, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(j)Rate shown is the yield to maturity at March 31, 2022.
(k)Securities are available for collateral in connection with open foreign currency forward exchange contracts.
(l)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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(m)At March 31, 2022, , the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $668,000 and the aggregate gross unrealized depreciation is approximately $5,802,000, resulting in net unrealized depreciation of approximately $5,134,000.

OFZObilgatsyi Federal’novo Zaima (Russian Federal Loan Obligation).

   

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2022:

 

Counterparty  Contracts
to
Deliver
(000)
   In
Exchange
For
(000)
   Delivery
Date
  Unrealized
Appreciation
(Depreciation)
(000)
 
Bank of America NA  EUR120   $133   5/20/22  $—@ 
Bank of America NA  EUR180   $198   5/20/22   (2)
Bank of America NA  $423   EUR380   5/20/22   (2)
Bank of America NA  $156   EUR140   5/20/22   (1)
Barclays Bank PLC  $515   EUR470   5/20/22   5 
BNP Paribas SA  RUB12,300   $98   4/11/22   (52)
BNP Paribas SA  $87   RUB10,400   4/11/22   41 
BNP Paribas SA  EUR2,130   $2,424   5/20/22   64 
BNP Paribas SA  $426   PLN1,700   5/20/22   (23)
BNP Paribas SA  ZAR12,530   $818   5/20/22   (34)
Citibank NA  PLN1,370   $320   5/20/22   (5)
Citibank NA  $150   CZK3,400   5/20/22   3 
Citibank NA  $186   THB6,000   5/20/22   (5)
HSBC Bank PLC  PLN620   $145   5/20/22   (1)
JPMorgan Chase Bank NA  RUB18,940   $149   4/11/22   (83)
JPMorgan Chase Bank NA  MXN4,850   $234   5/20/22   (8)
JPMorgan Chase Bank NA  $412   CZK8,960   5/20/22   (8)
JPMorgan Chase Bank NA  $364   HUF115,000   5/20/22   (20)
Standard Chartered Bank  $96   RUB10,600   4/11/22   34 
Standard Chartered Bank  CNH890   $139   5/20/22   (1)
UBS AG  IDR600,000   $42   5/20/22   —@ 
Westpac Banking Corp.  CNH950   $148   5/20/22   (1)
Westpac Banking Corp.  $140   THB4,650   5/20/22   —@ 
                $(99)

 

@ Value is less than $500.  
BRL Brazilian Real  
CLP Chilean Peso  
CNH Chinese Yuan Renminbi Offshore  
CNY Chinese Yuan Renminbi  
COP Colombian Peso  
CZK Czech Koruna  
DOP Dominican Peso  
EGP Egyptian Pound  
EUR Euro  
HUF Hungarian Forint  
IDR Indonesian Rupiah  
KZT Kazakhstan Tenge  
MXN Mexican Peso  
MYR Malaysian Ringgit  
PEN Peruvian Nuevo Sol  
PLN Polish Zloty  
RON Romanian New Leu  
RUB Russian Ruble  
THB Thai Baht  
ZAR South African Rand  
ZMW Zambian Kwacha  
                                             

 

 

Portfolio Composition    
Classification  Percentage of
Total Investments
 
Sovereign   66.8%
Corporate Bonds   29.5 
Others*   3.7 
Total Investments   100.0%**

 

*Industries and/or investment types representing less than 5% of total investments.
**Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $99,000.

             

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Leaders Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (99.9%)         
Argentina  (4.8%)         
Globant SA (a)  66,189   $17,346 
          
Brazil  (1.6%)         
Pagseguro Digital Ltd., Class A (a)  283,758    5,689 
          
China  (17.3%)         
BYD Co., Ltd. H Shares (b)  182,000    5,063 
Contemporary Amperex Technology Co. Ltd., Class A  18,800    1,504 
Kingdee International Software Group Co., Ltd. (a)(b)  4,752,000    10,411 
Li Ning Co., Ltd. (b)  2,788,000    23,674 
Proya Cosmetics Co. Ltd., Class A  406,249    12,033 
Wuliangye Yibin Co., Ltd., Class A  406,589    9,871 
        62,556 
Germany  (3.3%)         
Delivery Hero SE (a)  274,254    11,953 
          
India  (31.1%)         
Aarti Industries Ltd.  1,492,814    18,738 
AU Small Finance Bank Ltd. (a)  1,099,789    17,956 
Bajaj Finance Ltd.  303,541    28,827 
Dixon Technologies India Ltd.  99,358    5,614 
Happiest Minds Technologies Ltd.  565,841    7,819 
IIFL Wealth Management Ltd.  328,184    7,200 
Kotak Mahindra Bank Ltd.  689,005    15,824 
SRF Ltd.  306,687    10,760 
        112,738 
Netherlands  (0.6%)         
ASM International N.V.  6,414    2,336 
          
Singapore  (4.9%)         
Sea Ltd. ADR (a)  111,805    13,393 
TDCX, Inc. ADR (a)  373,004    4,532 
        17,925 
Taiwan  (15.9%)         
Chailease Holding Co., Ltd.  115,000    1,009 
Silergy Corp.  125,000    14,656 
Taiwan Semiconductor Manufacturing Co., Ltd.  1,359,000    27,878 
Voltronic Power Technology Corp.  280,334    14,147 
        57,690 
United States  (20.4%)         
Advanced Micro Devices, Inc. (a)  104,986    11,479 
Freshworks, Inc., Class A (a)  62,629    1,122 
MercadoLibre, Inc. (a)  22,147    26,344 
NIKE, Inc., Class B  87,934    11,833 
NVIDIA Corp.  48,355    13,194 
Thoughtworks Holding, Inc. (a)  471,164    9,805 
        73,777 
Total Common Stocks (Cost $374,573)       362,010 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Leaders Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Short-Term Investment  (7.3%)         
Investment Company  (7.3%)         
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (c) (Cost $26,467)  26,467,433    26,467 
Total Investments (107.2%) (Cost $401,040)  (d)(e)(f)       388,477 
Liabilities in Excess of Other Assets (-7.2%)       (26,208)
Net Assets (100.0%)      $362,269 

 

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 three months ended March 31, 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, $247,273,000 and 68.3%, 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(f) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $33,664,000 and the aggregate gross unrealized depreciation is approximately $46,227,000, resulting in net unrealized depreciation of approximately $12,563,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments
 
Others*   21.0%
Semiconductors & Semiconductor Equipment   17.9 
Information Technology Services   11.6 
Internet & Direct Marketing Retail   9.9 
Textiles, Apparel & Luxury Goods   9.1 
Banks   8.7 
Chemicals   7.6 
Consumer Finance   7.4 
Short-Term Investments   6.8 
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

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (99.0%)         
China  (7.0%)         
NetEase, Inc. ADR  32,548   $2,919 
Tencent Holdings Ltd. ADR  90,903    4,220 
        7,139 
France  (8.2%)         
LVMH Moet Hennessy Louis Vuitton SE ADR  59,047    8,419 
          
India  (6.1%)         
HDFC Bank Ltd. ADR  100,986    6,194 
          
Italy  (6.3%)         
Ferrari N.V.  29,292    6,388 
          
Taiwan  (6.0%)         
Taiwan Semiconductor Manufacturing Co., Ltd. ADR  58,769    6,127 
          
United States  (65.4%)         
Ameriprise Financial, Inc.  17,210    5,169 
Costco Wholesale Corp.  8,285    4,771 
Danaher Corp.  22,581    6,624 
Domino's Pizza, Inc.  7,399    3,011 
Estee Lauder Cos., Inc. (The), Class A  8,293    2,258 
JPMorgan Chase & Co.  26,611    3,627 
Mastercard, Inc., Class A  8,206    2,933 
Microsoft Corp.  30,339    9,354 
NextEra Energy, Inc.  41,437    3,510 
Planet Fitness, Inc., Class A (a)  16,025    1,354 
STORE Capital Corp. REIT  204,539    5,979 
SVB Financial Group (a)  14,223    7,957 
United Rentals, Inc. (a)  16,497    5,860 
Waste Management, Inc.  26,491    4,199 
        66,606 
Total Common Stocks (Cost $90,489)       100,873 
          
Investment Company  (0.2%)         
United States  (0.2%)         
Invesco China Technology ETF (a) (Cost $324)  4,670    219 
          
Short-Term Investment  (0.6%)         
Investment Company  (0.6%)         
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $563)  562,974    563 
Total Investments (99.8%) (Cost $91,376) (c)(d)       101,655 
Other Assets in Excess of Liabilities (0.2%)       222 
Net Assets (100.0%)      $101,877 

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Concentrated Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

(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 three months ended March 31, 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(d) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $13,069,000 and the aggregate gross unrealized depreciation is approximately $2,790,000, resulting in net unrealized appreciation of approximately $10,279,000.
ADR American Depositary Receipt.
ETF Exchange Traded Fund.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments
 
Others*   29.5%
Banks   17.5 
Software   9.2 
Textiles, Apparel & Luxury Goods   8.3 
Life Sciences Tools & Services   6.5 
Automobiles   6.3 
Semiconductors & Semiconductor Equipment   6.0 
Equity Real Estate Investment Trusts (REITs)   5.9 
Trading Companies & Distributors   5.7 
Capital Markets   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

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (99.2%)         
China  (6.4%)         
Alibaba Group Holding Ltd. ADR (a)  2,642   $287 
NetEase, Inc. ADR  4,457    400 
Tencent Holdings Ltd. ADR  14,739    684 
        1,371 
France  (4.4%)         
LVMH Moet Hennessy Louis Vuitton SE  1,310    935 
          
India  (3.5%)         
HDFC Bank Ltd. ADR  12,025    738 
          
Ireland  (3.5%)         
CRH PLC ADR  14,945    599 
Ryanair Holdings PLC ADR (a)  1,648    143 
        742 
Italy  (3.9%)         
Ferrari N.V.  3,868    844 
          
Japan  (1.7%)         
Nippon Telegraph & Telephone Corp. ADR  12,135    353 
          
Singapore  (0.6%)         
Sea Ltd. ADR (a)  1,130    135 
          
Taiwan  (4.0%)         
Taiwan Semiconductor Manufacturing Co., Ltd. ADR  8,147    850 
          
United Kingdom  (5.6%)         
Diageo PLC ADR  3,609    733 
Experian PLC ADR  11,849    457 
        1,190 
United States  (65.6%)         
Ameriprise Financial, Inc.  2,337    702 
Apple, Inc.  10,490    1,832 
Brown & Brown, Inc.  2,769    200 
Chevron Corp.  8,059    1,312 
Danaher Corp.  3,071    901 
Edwards Lifesciences Corp. (a)  1,765    208 
Estee Lauder Cos., Inc. (The), Class A  1,904    518 
First Republic Bank  3,850    624 
Fortune Brands Home & Security, Inc.  2,473    184 
JPMorgan Chase & Co.  4,062    554 
Lululemon Athletica, Inc. (a)  1,795    656 
Mastercard, Inc., Class A  1,478    528 
McDonald's Corp.  2,005    496 
MGM Resorts International  11,280    473 
Microsoft Corp.  4,815    1,484 
NextEra Energy, Inc.  6,927    587 
Planet Fitness, Inc., Class A (a)  764    65 
Progressive Corp. (The)  662    75 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Core Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

SBA Communications Corp. REIT  515    177 
STORE Capital Corp. REIT  21,651    633 
SVB Financial Group (a)  1,476    826 
Target Corp.  1,736    368 
United Rentals, Inc. (a)  1,119    397 
Valero Energy Corp.  764    78 
Veeva Systems, Inc., Class A (a)  600    127 
        14,005 
Total Common Stocks (Cost $16,639)       21,163 
          
Short-Term Investment  (0.6%)         
Investment Company  (0.6%)         
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $130)  130,184    130 
Total Investments (99.8%) (Cost $16,769) (c)(d)(e)       21,293 
Other Assets in Excess of Liabilities (0.2%)       50 
Net Assets (100.0%)      $21,343 

 

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 three months ended March 31, 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(d) The approximate fair value and percentage of net assets, $935,000 and 4.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments
(e) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,017,000 and the aggregate gross unrealized depreciation is approximately $493,000, resulting in net unrealized appreciation of approximately $4,524,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments
 
Others*   57.5%
Banks   12.9 
Tech Hardware, Storage & Peripherals   8.6 
Textiles, Apparel & Luxury Goods   7.5 
Software   7.0 
Oil, Gas & Consumable Fuels   6.5 
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

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (94.8%)         
Canada  (6.0%)         
Colliers International Group, Inc.  12,155   $1,584 
Constellation Software, Inc.  1,150    1,966 
        3,550 
Finland  (1.1%)         
Revenio Group Oyj  12,491    654 
          
Israel  (4.9%)         
Global-e Online Ltd. (a)  86,238    2,913 
          
Netherlands  (2.3%)         
Basic-Fit N.V. (a)  29,813    1,326 
          
Sweden  (1.6%)         
INVISIO AB  52,685    964 
          
Switzerland  (1.4%)         
Sportradar Holding AG, Class A (a)  47,600    792 
          
United Kingdom  (12.5%)         
Babcock International Group PLC (a)  776,874    3,299 
Victoria PLC (a)  342,041    4,065 
        7,364 
United States  (65.0%)         
Affirm Holdings, Inc. (a)  67,316    3,115 
Appian Corp. (a)  47,403    2,883 
AppLovin Corp., Class A (a)  45,101    2,484 
Bill.Com Holdings, Inc. (a)  8,022    1,819 
Cardlytics, Inc. (a)  42,000    2,309 
Carvana Co. (a)  24,431    2,914 
Cricut, Inc., Class A (a)  334,418    4,378 
Fastly, Inc., Class A (a)  167,492    2,911 
Floor & Decor Holdings, Inc., Class A (a)  32,584    2,639 
GoodRx Holdings, Inc., Class A (a)  152,439    2,947 
Meta Platforms, Inc., Class A (a)  4,609    1,025 
Netflix, Inc. (a)  1,943    728 
Party City Holdco, Inc. (a)  400,472    1,434 
Royalty Pharma PLC, Class A  63,200    2,462 
salesforce.com, Inc. (a)  14,921    3,168 
Zoom Video Communications, Inc., Class A (a)  9,951    1,167 
        38,383 
Total Common Stocks (Cost $78,935)       55,946 
          
Short-Term Investment  (7.2%)         
Investment Company  (7.2%)         
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $4,255)  4,255,436    4,255 
Total Investments (102.0%) (Cost $83,190) (d)(e)(h)(j)       60,201 
Liabilities in Excess of Other Assets (–2.0%)       (1,184)
Net Assets (100.0%)      $59,017 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Endurance Portfolio

Portfolio of Investments

First Quarter Report

March 31, 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.

 

The Fund had the following Derivative Contract — PIPE open at March 31, 2022:

 

Counterparty   Referenced
Obligation
  Notional
Amount
    Settlement
Date
  Unrealized
Depreciation
(000)
    % of
Net Assets
 
Social Capital Suvretta Holdings  Corp.III   ProKidney, LP. (a)(b)(f)(g)(i)   $ 197,480     12/30/2022   $ (30 )     (0.06 )%

 

(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 derivative contract (excluding 144A holdings) at March 31, 2022 amounts to approximately $(30,000) and represents (0.1)% 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, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by  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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(e) The approximate fair value and percentage of net assets, $10,308,000 and 17.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(f) At March 31, 2022, the Fund held a fair valued derivative contract at approximately $(30,000), representing (0.1)% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(g) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 19,748 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between ProKidney, LP., and Social Capital Suvretta Holdings Corp.III, a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Social Capital Suvretta Holdings Corp.III and ProKidney, LP., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Social Capital Suvretta Holdings Corp.III and ProKidney, LP. The investment is restricted from resale until the settlement date.
(h) At March 31, 2022 the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $838,000 and the aggregate gross unrealized depreciation is approximately $23,857,000, resulting in net unrealized depreciation of approximately $23,019,000.
(i) Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.
(j) Securities are available for collateral in connection with securities purchased on a forward commitment basis.
PIPE Private Investment in Public Equity.
SPAC Special Purpose Acquisition Company.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments
 
Others*   27.8%
Software   22.4 
Household Durables   14.0 
Specialty Retail   11.6 
Information Technology Services   10.0 
Aerospace & Defense   7.1 
Short-Term Investments   7.1 
Total Investments   100.0%**

 

*Industries and/or investment types representing less than 5% of total investments.
** Does not include an open PIPE contract with unrealized depreciation of approximately $30,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Focus Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (99.5%)          
Australia  (5.0%)          
Charter Hall Group REIT   6,506   $79 
Dexus REIT   6,245    51 
Ingenia Communities Group REIT   16,725    63 
National Storage REIT   28,578    58 
         251 
Belgium  (0.9%)          
Aedifica SA REIT   350    44 
           
Canada  (4.4%)          
Allied Properties Real Estate Investment Trust REIT   1,709    64 
InterRent Real Estate Investment Trust REIT   3,970    51 
Tricon Residential, Inc.   6,888    109 
         224 
China  (0.6%)          
GDS Holdings Ltd. ADR (a)   714    28 
           
France  (1.0%)          
Klepierre SA REIT   929    26 
Mercialys SA REIT   2,533    25 
         51 
Germany  (1.2%)          
Vonovia SE   1,318    61 
           
Hong Kong  (3.9%)          
ESR Cayman Ltd. (a)(b)   21,600    67 
Hongkong Land Holdings Ltd.   13,100    64 
Wharf Real Estate Investment Co., Ltd. (b)   13,000    64 
         195 
Japan  (6.9%)          
Mitsubishi Estate Logistics Investment Corp. REIT   19    74 
Mitsui Fudosan Co., Ltd.   7,700    165 
Nippon Building Fund, Inc. REIT   19    107 
         346 
Netherlands  (1.0%)          
NSI N.V. REIT   1,178    52 
           
Singapore  (2.5%)          
Digital Core Management Pte Ltd. REIT (a)   34,700    38 
Mapletree Industrial Trust REIT   19,600    39 
Parkway Life REIT   14,300    50 
         127 
Spain  (1.3%)          
Merlin Properties Socimi SA REIT   5,373    63 
           
Sweden  (0.9%)          
Catena AB   773    47 
           
United Kingdom  (5.4%)          
Empiric Student Property PLC REIT   40,202    48 
Hammerson PLC REIT   58,555    25 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Focus Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d) 

 

Helical PLC   7,194    39 
Land Securities Group PLC REIT   6,795    70 
LondonMetric Property PLC REIT   13,858    50 
Tritax Big Box PLC REIT   12,348    39 
         271 
United States  (64.5%)          
American Tower Corp. REIT   927    233 
Boyd Gaming Corp.   1,383    91 
Caesars Entertainment, Inc. (a)   284    22 
Digital Realty Trust, Inc. REIT   931    132 
Equity Residential REIT   2,078    187 
Extra Space Storage, Inc. REIT   866    178 
Healthpeak Properties, Inc. REIT   3,475    119 
Kilroy Realty Corp. REIT   1,080    83 
Kite Realty Group Trust REIT   3,322    76 
LXP Industrial Trust REIT   4,965    78 
Mid-America Apartment Communities, Inc. REIT   840    176 
NETSTREIT Corp. REIT   2,930    66 
Outfront Media, Inc. REIT   2,229    63 
ProLogis, Inc. REIT   2,244    362 
Public Storage REIT   664    259 
Realty Income Corp. REIT   1,977    137 
RPT Realty REIT   7,868    108 
SBA Communications Corp. REIT   662    228 
SITE Centers Corp. REIT   5,421    91 
Sun Communities, Inc. REIT   863    151 
Switch, Inc., Class A   1,885    58 
Urban Edge Properties REIT   4,568    87 
Welltower, Inc. REIT   2,742    264 
         3,249 
Total Common Stocks (Cost $4,959)        5,009 
           
Short-Term Investments  (1.9%)          
Investment Companies  (1.9%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (c) (Cost $95)   95,092    95 
Total Investments (101.4%) (Cost $5,054)  (d)(e)(f)        5,104 
Liabilities in Excess of Other Assets (-1.4%)        (70)
Net Assets (100.0%)       $5,034 

 

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 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 three months ended March 31, 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, $1,379,000 and 27.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Focus Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d) 

 

(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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(f) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $278,000 and the aggregate gross unrealized depreciation is approximately $228,000, resulting in net unrealized appreciation of approximately $50,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments
 
Diversified   16.6%
Residential   15.3 
Industrial   13.1 
Retail   12.6 
Specialty   10.3 
Self Storage   9.7 
Health Care   9.3 
Office   9.0 
Others*   4.1 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Franchise Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (97.8%)          
France  (6.0%)          
L’Oreal SA   175,475   $70,093 
LVMH Moet Hennessy Louis Vuitton SE   106,980    76,362 
Pernod Ricard SA   333,095    73,185 
         219,640 
Germany  (4.4%)          
SAP SE   1,435,515    159,095 
           
Italy  (0.4%)          
Davide Campari-Milano N.V.   1,251,417    14,515 
           
Netherlands  (1.9%)          
Heineken N.V.   708,768    67,779 
           
United Kingdom  (9.7%)          
Experian PLC   934,285    35,994 
Reckitt Benckiser Group PLC   2,989,135    228,029 
RELX PLC (Euronext N.V.)   585,302    18,208 
RELX PLC (LSE)   2,234,647    69,537 
         351,768 
United States  (75.4%)          
Abbott Laboratories   1,312,619    155,362 
Accenture PLC, Class A   503,023    169,635 
Automatic Data Processing, Inc.   592,631    134,847 
Baxter International, Inc.   1,891,931    146,700 
Becton Dickinson & Co.   486,332    129,364 
Broadridge Financial Solutions, Inc.   286,996    44,688 
Coca-Cola Co. (The)   1,086,362    67,354 
Danaher Corp.   620,176    181,916 
Equifax, Inc.   81,981    19,438 
Estee Lauder Cos., Inc. (The), Class A   181,391    49,396 
Fidelity National Information Services, Inc.   795,390    79,873 
Intercontinental Exchange, Inc.   1,081,600    142,901 
Microsoft Corp.   1,088,985    335,745 
Moody’s Corp.   121,064    40,848 
NIKE, Inc., Class B   416,797    56,084 
Otis Worldwide Corp.   676,325    52,043 
Philip Morris International, Inc.   3,133,167    294,330 
Procter & Gamble Co. (The)   807,269    123,351 
Roper Technologies, Inc.   166,679    78,711 
Steris PLC   34,171    8,262 
Thermo Fisher Scientific, Inc.   299,411    176,847 
Visa, Inc., Class A   941,171    208,724 
Zoetis, Inc.   219,544    41,404 
         2,737,823 
Total Common Stocks (Cost $2,582,730)        3,550,620 
           
Short-Term Investment  (2.1%)          
Investment Company  (2.1%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (a) (Cost $75,765)   75,765,038    75,765 
Total Investments (99.9%) (Cost $2,658,495)  (b)(c)(d)        3,626,385 
Other Assets in Excess of Liabilities (0.1%)        2,883 
Net Assets (100.0%)       $3,629,268 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Franchise Portfolio

Portfolio of Investments

First Quarter Report

March 31, 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) 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 three months ended March 31, 2022, advisory fees paid were reduced by approximately $9,000 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(c) The approximate fair value and percentage of net assets, $812,797,000 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 Portfolio of Investments.
(d) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,003,971,000 and the aggregate gross unrealized depreciation is approximately $36,081,000, resulting in net unrealized appreciation of approximately $967,890,000.
Euronext N.V. Euronext Amsterdam Stock Market.
LSE   London Stock Exchange.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments
 
Others*   17.7%
Information Technology Services   17.6 
Software   13.7 
Health Care Equipment & Supplies   12.1 
Life Sciences Tools & Services   9.9 
Household Products   9.7 
Tobacco   8.1 
Beverages   6.1 
Capital Markets   5.1 
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

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks (99.9%)          
Australia (2.3%)          
APA Group (Units) (a)   46,474   $369 
Atlas Arteria Ltd. (Units) (a)   232,003    1,129 
Transurban Group (Units) (a)   565,310    5,712 
         7,210 
Canada  (17.8%)          
Canadian Pacific Railway Ltd.   28,433    2,347 
Enbridge, Inc.   271,567    12,501 
GFL Environmental, Inc.   356,366    11,596 
Gibson Energy, Inc. (b)   442,937    8,861 
Pembina Pipeline Corp.   220,294    8,277 
TC Energy Corp. (b)   230,323    12,991 
         56,573 
China  (5.9%)          
China Gas Holdings Ltd. (c)   13,977,600    17,815 
Zhejiang Expressway Co., Ltd., Class H (c)   1,008,000    845 
         18,660 
France  (5.3%)          
Aeroports de Paris (d)   2,099    314 
Getlink SE   220,184    3,965 
Vinci SA   122,555    12,522 
         16,801 
Germany  (0.9%)          
Fraport AG Frankfurt Airport Services Worldwide (d)   14,533    806 
Vantage Towers AG   56,428    1,993 
         2,799 
Hong Kong  (0.5%)          
Power Assets Holdings Ltd.   247,571    1,612 
           
Italy  (5.7%)          
Atlantia SpA (d)   87,155    1,812 
Infrastrutture Wireless Italiane SpA   1,023,117    11,453 
Terna SpA   565,084    4,853 
         18,118 
Japan  (0.4%)          
East Japan Railway Co.   20,500    1,186 
           
Mexico  (2.8%)          
Grupo Aeroportuario del Pacifico SAB de CV, Class B   279,051    4,498 
Grupo Aeroportuario del Sureste SAB de CV, Class B   204,944    4,552 
         9,050 
New Zealand  (0.5%)          
Auckland International Airport Ltd. (d)   285,502    1,545 
           
Portugal  (0.5%)          
EDP Renovaveis SA   68,519    1,762 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Infrastructure Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d) 

 

Spain  (5.2%)          
Aena SME SA (d)   13,734    2,290 
Cellnex Telecom SA   128,446    6,181 
Ferrovial SA   143,002    3,803 
Iberdrola SA   379,498    4,148 
         16,422 
Switzerland  (0.4%)          
Flughafen Zurich AG (Registered) (d)   6,992    1,255 
           
United Kingdom  (6.0%)          
National Grid PLC   923,526    14,193 
Pennon Group PLC   84,528    1,190 
Severn Trent PLC   92,827    3,741 
         19,124 
United States  (45.7%)          
Ameren Corp.   34,659    3,250 
American Electric Power Co., Inc.   103,120    10,288 
American Tower Corp. REIT   57,306    14,397 
American Water Works Co., Inc.   24,226    4,010 
Atmos Energy Corp.   40,998    4,899 
CenterPoint Energy, Inc.   144,847    4,438 
Cheniere Energy, Inc.   72,319    10,027 
Crown Castle International Corp. REIT   85,273    15,742 
CSX Corp.   40,026    1,499 
Edison International   89,094    6,246 
Entergy Corp.   31,779    3,710 
Eversource Energy   60,201    5,309 
NiSource, Inc.   139,095    4,423 
ONEOK, Inc.   77,469    5,472 
PG&E Corp. (d)   253,935    3,032 
SBA Communications Corp. REIT   27,362    9,415 
Sempra Energy   75,127    12,630 
Targa Resources Corp.   164,028    12,379 
Union Pacific Corp.   10,750    2,937 
Williams Cos., Inc. (The)   272,773    9,113 
Xcel Energy, Inc.   26,175    1,889 
         145,105 
Total Common Stocks (Cost $264,707)        317,222 
           
Short-Term Investments  (2.6%)          
Securities held as Collateral on Loaned Securities  (2.5%)          
Investment Company  (2.4%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Portfolio - Institutional Class (e)   7,456,179    7,456 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Infrastructure Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d) 

 

    Face
Amount
(000)
      
Repurchase Agreements (0.1%)          
HSBC Securities USA, Inc., (0.30%, dated 3/31/22, due 4/1/22; proceeds $389; fully collateralized by U.S. Government obligations; 0.00%-3.75% due 4/30/22-5/15/51; valued at $396)  $389    389 
Merrill Lynch & Co., Inc., (0.20%, dated 3/31/22, due 4/1/22; proceeds $35; fully collateralized by a U.S. Government obligation; 0.63% due 10/15/24; valued at $36)   35    35 
         424 
Total Securities held as Collateral on Loaned Securities (Cost $7,880)        7,880 
           
    Shares      
Investment Company  (0.1%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (e) (Cost $462)   462,156    462 
Total Short-Term Investments (Cost $8,342)        8,342 
Total Investments (102.5%) (Cost $273,049) Including $7,421 of Securities Loaned (f)(g)(h)        325,564 
Liabilities in Excess of Other Assets (-2.5%)        (7,892)
Net Assets (100.0%)       $317,672 

 

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 March 31, 2022, were approximately $7,421,000 and $7,880,000, respectively. The Fund received cash collateral of approximately $7,880,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Security trades on the Hong Kong exchange.
(d) Non-income producing security.
(e)

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(g) The approximate fair value and percentage of net assets, $106,494,000 and 33.5%, 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.
(h) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for the book purposes. The aggregate gross unrealized appreciation is approximately $67,967,000 and the aggregate gross unrealized depreciation is approximately $15,452,000, resulting in net unrealized appreciation of approximately $52,515,000.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments
 
Oil & Gas Storage & Transportation   37.7%
Others**   20.9 
Communications   18.6 
Electricity Transmission & Distribution   16.2 
Diversified   6.6 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 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 

First Quarter Report 

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (97.2%)          
Australia  (0.9%)          
Redbubble Ltd. (a)   503,900   $577 
Xero Ltd. (a)   12,948    981 
         1,558 
Belgium  (0.6%)          
Argenx SE ADR (a)   3,295    1,039 
           
Canada  (5.3%)          
Shopify, Inc., Class A (a)   13,075    8,838 
           
Netherlands  (11.0%)          
Adyen N.V. (a)   4,808    9,523 
ASML Holding N.V.   13,128    8,769 
         18,292 
Singapore  (8.6%)          
Grab Holdings Limited, Class A (a)   1,462,432    5,118 
Grab Holdings Limited, Class A (a)(b)   358,845    1,206 
Sea Ltd. ADR (a)   66,603    7,978 
         14,302 
Sweden  (1.5%)          
Kinnevik AB, Class B (a)   97,508    2,543 
           
United Kingdom  (2.3%)          
Atlassian Corp., PLC, Class A (a)   5,993    1,761 
Deliveroo PLC (a)   1,454,341    2,144 
         3,905 
United States  (67.0%)          
10X Genomics, Inc., Class A (a)   33,603    2,556 
Agilon health, Inc. (a)   198,719    5,038 
Bill.Com Holdings, Inc. (a)   28,942    6,564 
Cazoo Group Ltd. (a)(c)   625,055    1,725 
Cloudflare, Inc., Class A (a)   87,262    10,445 
Coinbase Global, Inc., Class A (a)   13,108    2,489 
Coupang, Inc. (a)   451,375    7,980 
Datadog, Inc., Class A (a)   40,071    6,070 
Dlocal Ltd. (a)   145,997    4,564 
Doximity, Inc., Class A (a)   31,266    1,629 
Farfetch Ltd., Class A (a)   273,532    4,136 
Ginkgo Bioworks Holdings, Inc. (a)   102,550    412 
GoodRx Holdings, Inc., Class A (a)   49,519    957 
Guardant Health, Inc. (a)   21,463    1,422 
Heliogen, Inc. (a)   189,217    995 
Intellia Therapeutics, Inc. (a)   9,337    678 
Meli Kaszek Pioneer Corp., SPAC (a)   100,165    1,030 
MercadoLibre, Inc. (a)   9,442    11,231 
MongoDB, Inc. (a)   2,307    1,023 
NU Holdings Ltd., Class A (a)(c)   227,983    1,760 
ROBLOX Corp., Class A (a)   94,198    4,356 
Royalty Pharma PLC, Class A   238,574    9,295 
Snap, Inc., Class A (a)   71,452    2,572 
Snowflake, Inc., Class A (a)   40,339    9,243 
Trade Desk, Inc. (The), Class A (a)   93,162    6,451 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Insight Portfolio 

Consolidated Portfolio of Investments 

First Quarter Report 

March 31, 2022 (unaudited) (cont’d)

 

Unity Software, Inc. (a)   41,230    4,090 
Veeva Systems, Inc., Class A (a)   13,773    2,926 
         111,637 
Total Common Stocks (Cost $203,157)        162,114 
           
Preferred Stock  (0.0%) (d)          
United States  (0.0%) (d)          
Lookout, Inc. Series F (a)(b)(e)
(acquisition cost — $72; acquired 6/17/14) (Cost $72)
   6,374    33 
           
Investment Company  (1.2%)          
Grayscale Bitcoin Trust (a) (Cost $2,743)   65,774    2,009 
           
Short-Term Investments  (4.0%)          
Securities held as Collateral on Loaned Securities  (2.0%)          
Investment Company  (1.9%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f)   3,210,150    3,210 

 

   Face
Amount
(000)
      
Repurchase Agreements  (0.1%)          
HSBC Securities USA, Inc. (0.30%, dated 3/31/22, due 4/1/22; proceeds $168; fully collateralized by U.S. Government obligations; 0.00%-3.75% due 4/30/22-5/15/51; valued at $171)  $168    168 
Merrill Lynch & Co., Inc. (0.20%, dated 3/31/22, due 4/1/22; proceeds $15; fully collateralized by a U.S. Government obligation; 0.63% due 10/15/24; valued at $16)   15    15 
         183 
Total Securities held as Collateral on Loaned Securities
(Cost $3,393)
        3,393 

 

   Shares      
Investment Company  (2.0%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $3,261)   3,260,951    3,261 
Total Short-Term Investments (Cost $6,654)        6,654 
Total Investments Excluding Purchased Options (102.4%) (Cost $212,626)        170,810 
Total Purchased Options Outstanding (0.1%) (Cost $1,317)        143 
Total Investments (102.5%) (Cost $213,943) Including $3,151 of Securities Loaned (g)(h)(i)(j)        170,953 
Liabilities in Excess of Other Assets (-2.5%)        (4,215)
Net Assets (100.0%)       $166,738 

 

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.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Insight Portfolio 

Consolidated Portfolio of Investments 

First Quarter Report 

March 31, 2022 (unaudited) (cont’d)

 

The Fund had the following Derivative Contract - PIPE open at March 31, 2022:  

 

Counterparty   Referenced
Obligation
  Notional
Amount
    Settlement
Date
  Unrealized
Depreciation
(000)
    % of
 Net Assets
 
Social Capital Suvretta Holdings Corp.III   ProKidney, LP (a)(b)(e)(k)(l)   $ 676,220     12/30/22   $ (102 )     (0.06 )%

 

(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 and derivative contract (excluding 144A holdings) at March 31, 2022 amounts to approximately $1,137,000 and represents 0.7% of net assets.
(c) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $3,151,000 and $3,393,000, respectively. The Fund received cash collateral of approximately $3,393,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. 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 March 31, 2022, the Fund held a fair valued security and derivative contract at approximately $(69,000), 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.
(f) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $1,000 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(h) The approximate fair value and percentage of net assets, $15,769,000 and 9.5%, 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) Securities are available for collateral in connection with securities purchased on a forward commitment basis and purchased options.
(j) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $14,839,000 and the aggregate gross unrealized depreciation is approximately $57,931,000, resulting in net unrealized depreciation of approximately $43,092,000.
(k) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 67,622 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between ProKidney, LP, and Social Capital Suvretta Holdings Corp.III, a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Social Capital Suvretta Holdings Corp.III, and ProKidney, LP, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Social Capital Suvretta Holdings Corp.III, and ProKidney, LP. The investment is restricted from resale until the settlement date.
(l) Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.
ADR American Depositary Receipt.
PIPE Private Investment in Public Equity.
SPAC Special Purpose Acquisition Company.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Insight Portfolio 

Consolidated Portfolio of Investments 

First Quarter Report 

March 31, 2022 (unaudited) (cont’d)

 

Call Options Purchased:

 

The Fund had the following call options purchased open at March 31, 2022:

 

Counterparty  Description  Strike
Price
   Expiration
Date
  Number of
Contracts
   Notional
Amount
(000)
   Value
(000)
   Premiums
Paid
(000)
   Unrealized
Depreciation
(000)
 
Goldman Sachs International  USD/CNH  CNH 7.27   Nov - 22   90,422,836    90,423   $101   $434   $(333)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.28   Jul - 22   94,669,594    94,670    23    441    (418)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.31   Aug - 22   43,502,787    43,503    13    296    (283)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.38   Jul - 22   27,456,366    27,456    6    146    (140)
                         $143   $1,317   $(1,174)

 

CNH Chinese Yuan Renminbi Offshore
USD United States Dollar

 

 

 

  

Portfolio Composition*  

 

Classification  Percentage of
Total Investments
 
Information Technology Services   26.0%
Other**   23.0 
Internet & Direct Marketing Retail   17.3 
Software   15.5 
Entertainment   7.4 
Pharmaceuticals   5.6 
Semiconductors & Semiconductor Equipment   5.2 
Total Investments   100.0%***

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2022.
** Industries and/or investment types representing less than 5% of total investments.
*** Does not include an open PIPE contract with unrealized depreciation of approximately $102,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (96.6%)          
Argentina  (1.1%)          
Globant SA (a)   217,964   $57,122 
           
Canada  (4.1%)          
Shopify, Inc., Class A (a)   306,555    207,219 
           
China  (4.8%)          
Foshan Haitian Flavouring & Food Co., Ltd., Class A   1,841,219    25,287 
Meituan, Class B (a)(b)   6,145,300    116,416 
Tencent Holdings Ltd. (b)   755,900    34,843 
Trip.com Group Ltd. ADR (a)   2,951,540    68,240 
         244,786 
Denmark  (5.7%)          
DSV Panalpina A/S   1,501,081    287,690 
           
France  (2.0%)          
Hermes International   72,964    103,269 
           
Germany  (1.4%)          
Adidas AG   303,548    70,735 
           
India  (7.8%)          
HDFC Bank Ltd.   14,465,457    278,602 
ICICI Bank Ltd. ADR   5,999,712    113,634 
         392,236 
Italy  (3.1%)          
Moncler SpA   2,833,678    157,218 
           
Japan  (1.5%)          
Keyence Corp.   167,400    77,624 
           
Korea, Republic of  (2.2%)          
KakaoBank Corp. (a)   932,039    39,365 
NAVER Corp.   249,768    69,418 
         108,783 
Netherlands  (0.6%)          
Adyen N.V. (a)   15,050    29,809 
           
Singapore  (1.4%)          
Grab Holdings Ltd., Class A (a)   14,127,552    49,446 
Grab Holdings Ltd., Class A (a)(c)   6,029,129    20,258 
         69,704 
United Kingdom  (0.4%)          
Fevertree Drinks PLC   790,734    18,463 
           
United States  (60.5%)          
Adobe, Inc. (a)   372,827    169,867 
Affirm Holdings, Inc. (a)   568,421    26,306 
Agilon health, Inc. (a)   2,181,336    55,297 
Amazon.com, Inc. (a)   75,591    246,423 
Block, Inc., Class A (a)   1,296,165    175,760 
Coupang, Inc. (a)   10,805,237    191,037 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

DoorDash, Inc., Class A (a)   1,070,278    125,426 
Endeavor Group Holdings, Inc., Class A (a)   1,540,068    45,463 
Farfetch Ltd., Class A (a)   1,996,825    30,192 
Magic Leap, Class A (a)(c)(d) (acquisition cost — $3,174; acquired 12/22/15)   6,530     
Mastercard, Inc., Class A   495,081    176,932 
MercadoLibre, Inc. (a)   183,408    218,160 
Meta Platforms, Inc., Class A (a)   930,194    206,838 
NU Holdings Ltd., Class A (a)   4,361,314    33,669 
salesforce.com, Inc. (a)   629,816    133,723 
ServiceNow, Inc. (a)   585,078    325,824 
Snowflake, Inc., Class A (a)   124,527    28,533 
Spotify Technology SA (a)   826,234    124,778 
Uber Technologies, Inc. (a)   9,003,603    321,249 
Visa, Inc., Class A   796,054    176,541 
Walt Disney Co. (The) (a)   1,522,368    208,808 
Zillow Group, Inc., Class A (a)   407,494    19,653 
Zoom Video Communications, Inc., Class A (a)   201,483    23,620 
         3,064,099 
Total Common Stocks (Cost $3,539,734)        4,888,757 
           
Investment Company  (1.0%)          
United States  (1.0%)          
Grayscale Bitcoin Trust (a) (Cost $75,271)   1,690,985    51,643 
           
Short-Term Investment  (2.8%)          
Investment Company  (2.8%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e)
(Cost $143,499)
   143,499,305    143,499 
Total Investments Excluding Purchased Options (100.4%) (Cost $3,758,504)        5,083,899 
Total Purchased Options Outstanding (0.0%) (f) (Cost $7,715)        331 
Total Investments (100.4%) (Cost $3,766,219)  (g)(h)(i)(j)        5,084,230 
Liabilities in Excess of Other Assets (-0.4%)        (19,757)
Net Assets (100.0%)       $5,064,473 

 

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 March 31, 2022 amounts to approximately $20,258,000 and represents 0.4% of net assets.
(d) At March 31, 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 three months ended March 31, 2022, advisory fees paid were reduced by approximately $18,000 relating to the Fund's investment in the Liquidity Funds.
(f) Amount is less than 0.05%.


 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

(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 three months ended March 31, 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, $1,308,739,000 and 25.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(j) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,685,684,000 and the aggregate gross unrealized depreciation is approximately $367,673,000, resulting in net unrealized appreciation of approximately $1,318,011,000.
ADR American Depositary Receipt.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Call Options Purchased:

 

The Fund had the following call options purchased open at March 31, 2022:

 

Counterparty  Description  Strike
Price
   Expiration
Date
  Number of
Contracts
   Notional Amount
(000)
   Value
(000)
   Premiums
Paid
(000)
   Unrealized
Depreciation
(000)
 
JP Morgan Chase Bank NA  USD/CNH  CNH 7.31   Aug - 22   756,739,436    756,739   $226   $5,140   $(4,914)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.38   Jul - 22   485,510,983    485,511    105    2,575    (2,470)
                         $331   $7,715   $(7,384)

 

CNH    Chinese Yuan Renminbi Offshore
USD    United States Dollar

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments
 
Internet & Direct Marketing Retail   18.6%
Information Technology Services   17.3 
Software   12.8 
Banks   9.2 
Others*   9.0 
Entertainment   7.5 
Road & Rail   7.3 
Textiles, Apparel & Luxury Goods   6.5 
Interactive Media & Services   6.1 
Air Freight & Logistics   5.7 
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

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (96.0%)          
Brazil  (1.3%)          
Vale SA   3,282   $66 
           
Canada  (18.1%)          
Brookfield Asset Management, Inc., Class A   1,325    75 
Canadian National Railway Co.   1,890    254 
Constellation Software, Inc.   154    263 
FirstService Corp.   502    73 
Topicus.com, Inc. (a)    3,503    261 
         926 
Denmark  (1.0%)          
Chr Hansen Holding A/S   677    50 
           
France  (12.2%)          
Christian Dior SE   221    150 
EssilorLuxottica SA   1,347    246 
Hermes International   56    79 
L'Oreal SA   185    74 
Remy Cointreau SA   376    78 
         627 
India  (4.2%)          
HDFC Bank Ltd. ADR   3,510    215 
           
Italy  (1.5%)          
Brunello Cucinelli SpA (a)   1,301    76 
           
Japan  (1.0%)          
Nintendo Co., Ltd.   100    50 
           
Netherlands  (8.4%)          
ASML Holding N.V.   528    353 
Universal Music Group N.V.   2,991    80 
         433 
United Kingdom  (6.0%)          
Rentokil Initial PLC   36,125    249 
Victoria PLC (a)   5,153    61 
         310 
United States  (42.3%)          
Amazon.com, Inc. (a)   101    329 
Axon Enterprise, Inc. (a)   900    124 
Brown & Brown, Inc.   750    54 
Costco Wholesale Corp.   233    134 
Danaher Corp.   158    46 
Domino's Pizza, Inc.   122    50 
HEICO Corp., Class A   410    52 
Intercontinental Exchange, Inc.   549    73 
Intuitive Surgical, Inc. (a)   376    113 
Linde PLC   75    24 
Progressive Corp. (The)   1,116    127 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Royal Gold, Inc.   496    70 
Royalty Pharma PLC, Class A   6,282    245 
S&P Global, Inc.   168    69 
salesforce.com, Inc. (a)   578    123 
ServiceNow, Inc. (a)   290    161 
Texas Pacific Land Corp.   58    78 
UTZ Brands, Inc.   3,347    49 
Veeva Systems, Inc., Class A (a)   526    112 
Waste Connections, Inc.   936    131 
         2,164 
Total Common Stocks (Cost $4,410)        4,917 
           
Investment Companies  (1.9%)          
United Kingdom  (1.0%)          
Hipgnosis Songs Fund Ltd.   32,941    52 
United States  (0.9%)          
Grayscale Bitcoin Trust (a)   1,413    43 
Total Investment Companies (Cost $107)        95 
           
Short-Term Investment  (0.7%)          
Investment Company  (0.7%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $39)   38,590    39 
Total Investments Excluding Purchased Options (98.6%) (Cost $4,556)        5,051 
Total Purchased Options Outstanding (0.1%) (Cost $12)        2 
Total Investments (98.7%) (Cost $4,568) (c)(d)(e)(f)        5,053 
Other Assets in Excess of Liabilities (1.3%)        69 
Net Assets (100.0%)       $5,122 

 

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 three months ended March 31, 2022, advisory fees paid were reduced by less than $500 relating to the Fund investment in the Liquidity Funds.
(c) The approximate fair value and percentage of net assets, $1,245,000 and 24.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note 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 three months ended March 31, 2022, the fund did not engage in any cross-trade transactions.
(e) Securities are available for collateral in connection with purchased options.
(f) At March 31, 2022, the aggregate cost for federal income tax purposes is approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $588,000 and the aggregate gross unrealized depreciation is approximately $103,000, resulting in net unrealized appreciation of approximately $485,000.
ADR American Depositary Receipt.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2022:

 

Counterparty  Description  Strike
Price
  Expiration
Date
  Number of
Contracts
   Notional
Amount
(000)
   Value
(000)
   Premiums
Paid
(000)
   Unrealized
Depreciation
(000)
 
Goldman Sachs International  USD/CNH  CNH 7.27  Nov - 22   864,568    865   $1   $4   $(3)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.28  Jul - 22   792,926    793    1    4    (3)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.31  Aug - 22   372,201    372    —@    3    (3)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.38  Jul - 22   230,682    231    —@    1    (1)
                        $2   $12   $(10)

 

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

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments
 
Others*   47.0%
Software   16.0 
Textiles, Apparel & Luxury Goods   10.9 
Commercial Services & Supplies   7.5 
Semiconductors & Semiconductor Equipment   7.0 
Internet & Direct Marketing Retail   6.5 
Road & Rail   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

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (100.6%)          
Australia  (4.0%)          
Charter Hall Group REIT   76,483   $929 
Dexus REIT   41,023    335 
GPT Group (The) REIT   142,973    551 
National Storage REIT   260,369    524 
Stockland REIT   18,617    59 
Vicinity Centres REIT   170,618    237 
         2,635 
Austria  (0.3%)          
CA Immobilien Anlagen AG   6,018    186 
           
Belgium  (0.4%)          
Warehouses De Pauw CVA REIT   6,803    294 
           
Canada  (4.5%)          
Allied Properties REIT   24,727    922 
Dream Industrial  REIT   53,613    692 
InterRent REIT   36,618    469 
Tricon Residential, Inc.   55,504    882 
         2,965 
China  (0.4%)          
GDS Holdings Ltd. ADR (a)   3,829    150 
Longfor Group Holdings Ltd. (b)   20,500    105 
         255 
Finland  (0.5%)          
Kojamo Oyj (c)   14,905    358 
           
France  (1.0%)          
Klepierre SA REIT (a)   13,798    368 
Mercialys SA REIT   27,366    271 
         639 
Germany  (2.7%)          
Deutsche EuroShop AG   10,322    190 
Grand City Properties SA   28,347    566 
Vonovia SE   22,090    1,030 
         1,786 
Hong Kong  (5.8%)          
CK Asset Holdings Ltd.   96,500    660 
ESR Cayman Ltd. (a)   216,400    671 
Hongkong Land Holdings Ltd.   118,500    579 
Link REIT   71,274    607 
Sun Hung Kai Properties Ltd.   68,367    813 
Wharf Real Estate Investment Co., Ltd.   104,075    514 
         3,844 
Japan  (9.3%)          
Daiwa Office Investment Corp. REIT   39    242 
Daiwa Securities Living Investments Corp. REIT   222    209 
Frontier Real Estate Investment Corp. REIT   20    83 
GLP J-REIT   325    494 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Hoshino Resorts, Inc.   52    291 
Japan Metropolitan Fund Investment Corp. REIT   373    315 
Japan Real Estate Investment Corp. REIT   116    608 
Mitsubishi Estate Co., Ltd.   74,000    1,102 
Mitsubishi Estate Logistics Investment Corp. REIT   26    101 
Mitsui Fudosan Co., Ltd.   57,800    1,237 
Mitsui Fudosan Logistics Park, Inc. REIT   46    217 
Nippon Building Fund, Inc. REIT   124    703 
Nippon Prologis Inc. REIT   84    245 
Nomura Real Estate Master Fund, Inc. REIT   207    274 
         6,121 
Malta  (0.1%)          
BGP Holdings PLC (d)   12,867,024    43 
           
Netherlands  (0.8%)          
Eurocommercial Properties N.V. CVA REIT   9,653    265 
NSI N.V. REIT   6,399    281 
         546 
Singapore  (2.6%)          
Capitaland Investment Ltd. (a)   167,700    491 
Digital Core Management Pte Ltd. REIT (a)(c)   524,100    581 
Frasers Logistics & Commercial Trust REIT   230,700    248 
Suntec Real Estate Investment Trust REIT   300,000    386 
         1,706 
Spain  (1.1%)          
Inmobiliaria Colonial Socimi SA REIT   42,281    385 
Merlin Properties Socimi SA REIT   31,783    372 
         757 
Sweden  (0.9%)          
Catena AB   3,644    220 
Fabege AB   25,216    372 
         592 
Switzerland  (0.5%)          
PSP Swiss Property AG (Registered)   2,450    322 
           
United Kingdom  (4.9%)          
Big Yellow Group PLC REIT   15,641    315 
Derwent London PLC REIT   8,257    347 
Empiric Student Property PLC REIT   132,903    159 
Hammerson PLC REIT (c)   465,899    201 
Helical PLC   37,828    203 
Land Securities Group PLC REIT   64,196    659 
Segro PLC REIT   48,226    848 
UNITE Group PLC (The) REIT   21,136    320 
Workspace Group PLC REIT   18,817    168 
         3,220 
United States  (60.8%)          
Agree Realty Corp. REIT   17,074    1,133 
Boyd Gaming Corp.   9,556    628 
Brixmor Property Group, Inc. REIT   50,439    1,302 
Caesars Entertainment, Inc. (a)   3,795    294 
Digital Realty Trust, Inc. REIT   10,726    1,521 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Equity Residential REIT   24,204    2,176 
Exeter Industrial Value Fund, LP (a)(d)(e)   1,860,000    76 
Extra Space Storage, Inc. REIT   8,133    1,672 
Healthpeak Properties, Inc. REIT   51,195    1,758 
Invitation Homes, Inc. REIT   25,029    1,006 
Kilroy Realty Corp. REIT   11,360    868 
Kite Realty Group Trust REIT   46,334    1,055 
LXP Industrial Trust REIT   41,658    654 
Medical Properties Trust, Inc. REIT   34,639    732 
Mid-America Apartment Communities, Inc. REIT   8,722    1,827 
NETSTREIT Corp. REIT   31,396    705 
Outfront Media, Inc. REIT   23,193    659 
ProLogis, Inc. REIT   29,448    4,755 
Public Storage REIT   11,028    4,304 
Rexford Industrial Realty, Inc. REIT   16,335    1,218 
RPT Realty REIT   47,566    655 
SBA Communications Corp. REIT   1,277    439 
Simon Property Group, Inc. REIT   6,615    870 
SITE Centers Corp. REIT   72,034    1,204 
Sun Communities, Inc. REIT   10,300    1,806 
Switch, Inc., Class A   31,457    970 
UDR, Inc. REIT   27,373    1,570 
VICI Properties, Inc. REIT   24,525    698 
Welltower, Inc. REIT   36,951    3,552 
         40,107 
Total Common Stocks (Cost $51,856)        66,376 
           
Short-Term Investments  (0.4%)          
Securities held as Collateral on Loaned Securities  (0.4%)          
Investment Company  (0.4%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f)   286,261    286 

 

   Face
Amount
(000)
      
Repurchase Agreements  (0.0%) (g)          
HSBC Securities USA, Inc., (0.30%, dated 3/31/22, due 4/1/22; proceeds $15; fully collateralized by U.S. Government obligations; 0.00%-3.75% due 4/30/22-5/15/51; valued at $15)  $15    15 
Merrill Lynch & Co., Inc., (0.20%, dated 3/31/22, due 4/1/22; proceeds $2; fully collateralized by a U.S. Government obligation; 0.63% due 10/15/24; valued at $2)   2    2 
         17 
Total Short-Term Investments (Cost $303)        303 
Total Investments (101.0%) (Cost $52,159) Including $421 of Securities Loaned (h)(i)(j)        66,679 
Liabilities in Excess of Other Assets (-1.0%)        (685)
Net Assets (100.0%)       $65,994 

 

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.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

(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 March 31, 2022, were approximately $421,000 and $467,000, respectively. The Fund received cash collateral of approximately $303,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $164,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d) At March 31, 2022, the Fund held fair valued securities at approximately $119,000, representing 0.2% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(e) 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 March 31, 2022 amounts to $76,000 and represents 0.1% of net assets.
(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 three months ended March 31, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(g) Amount is less than 0.05%.
(h) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(i) The approximate fair value and percentage of net assets, $23,111,000 and 35.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(j) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,740,000 and the aggregate gross unrealized depreciation is approximately $1,220,000, resulting in net unrealized appreciation of approximately $14,520,000.
ADR American Depositary Receipt.
CVA Certificaten Van Aandelen.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments
 
Diversified   19.3%
Residential   18.4 
Industrial   15.8 
Retail   12.9 
Self Storage   10.3 
Office   9.3 
Health Care   9.1 
Other**   4.9 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2022.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Sustain Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (97.8%)          
Canada  (3.6%)          
Constellation Software, Inc.   2,042   $3,491 
           
France  (1.5%)          
L'Oreal SA   3,678    1,469 
           
Germany  (6.8%)          
Deutsche Boerse AG   10,605    1,909 
Henkel AG & Co., KGaA (Preference)   5,436    364 
SAP SE   38,633    4,282 
         6,555 
Hong Kong  (1.8%)          
AIA Group Ltd.   170,800    1,783 
           
Sweden  (0.8%)          
Atlas Copco AB, Class A   14,313    743 
           
Taiwan  (2.8%)          
Taiwan Semiconductor Manufacturing Co., Ltd. ADR   26,100    2,721 
           
United Kingdom  (8.3%)          
Experian PLC   14,249    549 
Prudential PLC   100,726    1,487 
Reckitt Benckiser Group PLC   59,722    4,556 
RELX PLC   47,490    1,478 
         8,070 
United States  (72.2%)          
Abbott Laboratories   30,688    3,632 
Accenture PLC, Class A   13,027    4,393 
Alphabet, Inc., Class A (a)   1,138    3,165 
Amphenol Corp., Class A   22,841    1,721 
Automatic Data Processing, Inc.   12,221    2,781 
Baxter International, Inc.   49,563    3,843 
Becton Dickinson & Co.   12,972    3,451 
Broadridge Financial Solutions, Inc.   7,903    1,231 
Coca-Cola Co. (The)   15,119    937 
Danaher Corp.   14,379    4,218 
Equifax, Inc.   2,434    577 
Estee Lauder Cos., Inc. (The), Class A   4,041    1,101 
Fidelity National Information Services, Inc.   16,249    1,632 
Intercontinental Exchange, Inc.   25,692    3,394 
IQVIA Holdings, Inc. (a)   6,943    1,605 
Medtronic PLC   30,068    3,336 
Microsoft Corp.   22,964    7,080 
Moody's Corp.   1,633    551 
NIKE, Inc., Class B   11,556    1,555 
Otis Worldwide Corp.   19,953    1,535 
Procter & Gamble Co. (The)   15,978    2,442 
Roper Technologies, Inc.   4,229    1,997 
Stanley Black & Decker, Inc.   12,400    1,733 
Steris PLC   1,036    251 
Texas Instruments, Inc.   7,957    1,460 
Thermo Fisher Scientific, Inc.   6,874    4,060 
Visa, Inc., Class A   24,369    5,404 
Zoetis, Inc.   5,144    970 
         70,055 
Total Common Stocks (Cost $81,884)        94,887 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Global Sustain Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Short-Term Investment  (2.9%)          
Investment Company  (2.9%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $2,773)   2,773,323    2,773 
Total Investments (100.7%) (Cost $84,657)  (c)(d)(e)        97,660 
Liabilities in Excess of Other Assets (-0.7%)        (665)
Net Assets (100.0%)       $96,995 

 

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 three months ended March 31, 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(d) The approximate fair value and percentage of net assets, $18,620,000 and 19.2%, 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.
(e) At March 31, 2022 the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,499,000 and the aggregate gross unrealized depreciation is approximately $2,496,000, resulting in net unrealized appreciation of approximately $13,003,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments
 
Others*   30.5%
Information Technology Services   15.8 
Software   15.2 
Health Care Equipment & Supplies   14.9 
Life Sciences Tools & Services   10.1 
Household Products   7.5 
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

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (95.9%)         
Automobiles  (0.4%)         
Rivian Automotive, Inc., Class A (a)(b)  980,153   $49,243 
          
Biotechnology  (0.7%)         
Alnylam Pharmaceuticals, Inc. (a)  211,078    34,467 
Moderna, Inc. (a)  225,579    38,858 
        73,325 
Capital Markets  (1.5%)         
Coinbase Global, Inc., Class A (a)  877,073    166,521 
          
Chemicals  (0.2%)         
Ginkgo Bioworks Holdings, Inc. (a)(b)  6,845,963    27,589 
          
Consumer Finance  (0.4%)         
Upstart Holdings, Inc. (a)  451,515    49,256 
          
Electronic Equipment, Instruments & Components (0.0%) (e)         
Magic Leap, Class A (c)(d)(k) (acquisition cost — $18,812; acquired 12/22/15)  38,705     
          
Entertainment  (5.0%)         
ROBLOX Corp., Class A (a)  8,406,623    388,722 
Sea Ltd. ADR (Singapore) (a)  1,392,799    166,844 
        555,566 
Health Care Equipment & Supplies  (0.5%)         
DexCom, Inc. (a)  115,966    59,328 
          
Health Care Providers & Services  (2.6%)         
Agilon health, Inc. (a)  7,206,054    182,673 
Guardant Health, Inc. (a)  1,531,822    101,468 
        284,141 
Health Care Technology  (4.5%)         
Doximity, Inc., Class A (a)  2,102,233    109,505 
GoodRx Holdings, Inc., Class A (a)  3,175,051    61,374 
Veeva Systems, Inc., Class A (a)  1,552,517    329,848 
        500,727 
Hotels, Restaurants & Leisure  (2.5%)         
Airbnb, Inc., Class A (a)  1,608,180    276,221 
          
Information Technology Services  (26.9%)         
Adyen N.V. (Netherlands) (a)  103,663    205,325 
Block, Inc., Class A (a)  3,192,368    432,885 
Cloudflare, Inc., Class A (a)  7,360,510    881,053 
MongoDB, Inc. (a)  469,830    208,412 
Shopify, Inc., Class A (Canada) (a)  754,600    510,079 
Snowflake, Inc., Class A (a)  3,308,408    758,056 
        2,995,810 
Interactive Media & Services  (5.6%)         
Snap, Inc., Class A (a)  7,705,713    277,329 
Twitter, Inc. (a)  4,355,222    168,503 
ZoomInfo Technologies, Inc., Class A (a)  2,884,716    172,333 
        618,165 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Growth Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Internet & Direct Marketing Retail  (12.1%)         
Chewy, Inc., Class A (a)  4,126,561    168,281 
Coupang, Inc. (a)  9,261,996    163,752 
DoorDash, Inc., Class A (a)  5,051,129    591,942 
MercadoLibre, Inc. (a)  194,692    231,582 
Wayfair, Inc., Class A (a)  1,676,262    185,697 
        1,341,254 
Leisure Products  (0.5%)         
Peloton Interactive, Inc., Class A (a)  2,136,476    56,446 
          
Life Sciences Tools & Services  (2.0%)         
10X Genomics, Inc., Class A (a)  2,162,708    164,517 
Illumina, Inc. (a)  177,624    62,062 
        226,579 
Pharmaceuticals  (3.7%)         
Royalty Pharma PLC, Class A  10,709,406    417,238 
          
Road & Rail  (2.5%)         
Grab Holdings Ltd, Class A (Singapore) (a)  29,564,934    103,477 
Uber Technologies, Inc. (a)  4,980,122    177,691 
        281,168 
Semiconductors & Semiconductor Equipment  (2.7%)         
ASML Holding N.V. (Netherlands)  444,188    296,687 
          
Software  (19.8%)         
Aurora Innovation, Inc. (a)(c)  6,082,706    32,132 
Bill.Com Holdings, Inc. (a)  1,825,415    413,986 
Datadog, Inc., Class A (a)  3,448,999    522,420 
Trade Desk, Inc. (The), Class A (a)  7,846,474    543,368 
Unity Software, Inc. (a)  4,211,083    417,782 
Zoom Video Communications, Inc., Class A (a)  2,285,279    267,903 
        2,197,591 
Specialty Retail  (1.8%)         
Carvana Co. (a)  1,636,628    195,233 
Total Common Stocks (Cost $9,687,578)       10,668,088 
          
Preferred Stock  (1.1%)         
Software  (1.1%)         
Databricks, Inc. (c)(d)(k) (acquisition cost — $136,746; acquired 8/31/21) (Cost $136,746)  620,296    128,463 
          
Investment Company  (1.2%)         
Grayscale Bitcoin Trust (a) (Cost $185,096)  4,226,776    129,086 
          
Short-Term Investments  (2.5%)         
Securities held as Collateral on Loaned Securities  (0.5%)         
Investment Company  (0.5%)         
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (f)  50,008,743    50,009 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Growth Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

    Face
Amount
(000)
       
Repurchase Agreements (0.0%) (e)            
HSBC Securities USA, Inc., (0.30%, dated 3/31/22, due 4/1/22; proceeds $2,605; fully collateralized by U.S. Government obligations; 0.00%-3.75% due 4/30/22-5/15/51; valued at $2,657)   $ 2,604      2,604  
Merrill Lynch & Co., Inc., (0.20%, dated 3/31/22, due 4/1/22; proceeds $237; fully collateralized by a U.S. Government obligation; 0.63% due 10/15/24; valued at $242)   237      237  
          2,841  
Total Securities held as Collateral on Loaned Securities
(Cost $52,850)
        52,850  
             
    Shares        
Investment Company  (2.0%)            
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f)
(Cost $227,381)
  227,381,399      227,381  
Total Short-Term Investments (Cost $280,231)         280,231  
Total Investments Excluding Purchased Options (100.7%) (Cost $10,289,651)         11,205,868  
Total Purchased Options Outstanding (0.1%) (Cost $58,691)         6,526  
Total Investments (100.8%) (Cost $10,348,342) Including $49,831 of Securities Loaned (g)(h)(i)(j)         11,212,394  
Liabilities in Excess of Other Assets (-0.8%)         (88,041 )
Net Assets (100.0%)       $ 11,124,353  

 

The Fund had the following Derivative Contract - PIPE open at March 31, 2022:

 

Counterparty  Referenced
Obligation
  Notional
Amount
   Settlement
Date
  Unrealized
(Depreciation)
(000)
   % of
Net Assets
 
Social Capital Suvretta Holdings Corp.III  ProKidney, LP
(a)(c)(d)(k)(l)
  $38,659,530   12/30/2022  $(5,811)   (0.05)%

 

(a) Non-income producing security.
(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $49,831,000 and $52,850,000 respectively. The Fund received cash collateral of approximately $52,850,000 which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contract (excluding 144A holdings) at March 31, 2022 amounts to approximately $154,784,000 and represents 1.4% of net assets.
(d) At March 31, 2022, the Fund held fair valued securities and derivative contract at approximately $122,652,000, representing 1.1% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(e) Amount is less than 0.05%.
(f) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $33,000 relating to the Fund's investment in the Liquidity Funds.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Growth Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

(g) At March 31, 2022, the aggregate cost for federal income tax purposes is approximates the aggregate cost for the book puposes. The aggregate gross unrealized appreciation is approximately $2,465,845,000 and the aggregate gross unrealized depreciation is approximately $1,607,604,000, resulting in net unrealized appreciation of approximately $858,241,000.
(h) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(i) The approximate fair value and percentage of net assets, $205,324,000 and 1.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(j) Securities are available for collateral in connection with securities purchased on a forward commitment basis and purchased options.
(k) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 3,865,953 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between ProKidney, LP, and Social Capital Suvretta Holdings Corp. III. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Social Capital Suvretta Holdings Corp. III, and ProKidney, LP, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Social Capital Suvretta Holdings Corp. III, and ProKidney, LP. The investment is restricted from resale until the settlement date.
(l) Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.

ADR American Depositary Receipt.
PIPE Private Investment in Public Equity.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Growth Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2022:

 

Counterparty  Description  Strike
Price
   Expiration
Date
  Number of
Contracts
   Notional Amount
(000)
   Value
(000)
   Premiums
Paid
(000)
   Unrealized
Depreciation
(000)
 
Goldman Sachs International  USD/CNH  CNH7.27   Nov - 22   4,217,855,933   $4,217,856   $4,703   $20,248   $(15,545)
JP Morgan Chase Bank NA  USD/CNH  CNH7.28   Jul - 22   4,097,984,739    4,097,985    992    19,092    (18,100)
JP Morgan Chase Bank NA  USD/CNH  CNH7.31   Aug - 22   1,916,631,520    1,916,632    573    13,018    (12,445)
JP Morgan Chase Bank NA  USD/CNH  CNH7.38   Jul - 22   1,193,724,935    1,193,725    258    6,333    (6,075)
                        $6,526   $58,691   $(52,165)

 

CNH Chinese Yuan Renminbi Offshore
USD United States Dollar

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments
 
Others**   29.7%
Information Technology Services   26.9 
Software   20.9 
Internet & Direct Marketing Retail   12.0 
Interactive Media & Services   5.5 
Entertainment   5.0 
Total Investments   100.0%***

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2022.
** Industries and/or investment types representing less than 5% of total investments.
*** Does not include an open PIPE contract with unrealized depreciation of approximately $5,811,000

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (96.8%)          
Airlines  (0.4%)          
Joby Aviation, Inc. (a)(b)   449,724   $2,977 
           
Beverages  (0.5%)          
Celsius Holdings, Inc. (a)   78,351    4,323 
           
Biotechnology  (4.6%)          
4D Molecular Therapeutics, Inc. (a)   155,200    2,347 
Beam Therapeutics, Inc. (a)   63,568    3,643 
C4 Therapeutics, Inc. (a)   101,739    2,468 
Century Therapeutics, Inc. (a)(b)   181,976    2,291 
Dynamics Special Purpose Corp., SPAC (a)(c)   1,428,743    12,698 
Fate Therapeutics, Inc. (a)   111,256    4,313 
Graphite Bio, Inc. (a)   262,111    1,337 
Intellia Therapeutics, Inc. (a)   101,128    7,349 
Relay Therapeutics, Inc. (a)   99,173    2,968 
         39,414 
Chemicals  (0.5%)          
Ginkgo Bioworks Holdings, Inc. (a)(b)   617,495    2,489 
Zymergen, Inc. (a)   719,148    2,078 
         4,567 
Communications Equipment  (1.2%)          
Calix, Inc. (a)   244,248    10,481 
           
Consumer Finance  (2.2%)          
Upstart Holdings, Inc. (a)   174,177    19,001 
           
Diversified Consumer Services  (2.1%)          
Duolingo, Inc. (a)   143,555    13,654 
Nerdy, Inc. (a)   873,749    4,447 
         18,101 
Diversified Holding Companies  (2.6%)          
Big Sky Growth Partners, Inc. (Units) SPAC (a)(d)   788,071    7,731 
Meli Kaszek Pioneer Corp., SPAC (a)   551,325    5,667 
Ribbit LEAP Ltd. (Units) SPAC (a)(d)   428,934    4,268 
TCV Acquisition Corp., Class A SPAC (a)   453,057    4,422 
         22,088 
Diversified Telecommunication Services  (4.2%)          
Anterix, Inc. (a)   625,202    36,199 
           
Electrical Equipment  (0.6%)          
Heliogen, Inc. (a)   897,837    4,723 
           
Health Care Equipment & Supplies  (4.1%)          
Angle PLC (United Kingdom) (a)   4,219,402    5,483 
Figs, Inc., Class A (a)   1,016,219    21,869 
Outset Medical, Inc. (a)   112,848    5,123 
Quotient Ltd. (a)   2,291,786    2,750 
         35,225 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Health Care Providers & Services  (10.2%)          
23andMe Holding Co., Class A (a)(b)   504,330    1,932 
Agilon health, Inc. (a)   1,876,719    47,575 
Alignment Healthcare, Inc. (a)   425,447    4,778 
Covetrus, Inc. (a)   473,735    7,954 
Guardant Health, Inc. (a)   120,001    7,949 
Oak Street Health, Inc. (a)   194,432    5,226 
Privia Health Group, Inc. (a)   337,208    9,013 
Signify Health, Inc., Class A (a)   176,778    3,208 
         87,635 
Health Care Technology  (3.9%)          
GoodRx Holdings, Inc., Class A (a)   1,229,538    23,767 
Inspire Medical Systems, Inc. (a)   19,493    5,003 
Schrodinger, Inc. (a)   132,612    4,525 
         33,295 
Hotels, Restaurants & Leisure  (1.0%)          
Membership Collective Group, Inc., Class A (a)   1,082,863    8,403 
           
Household Durables  (3.4%)          
Cricut, Inc., Class A (a)(b)   993,158    13,001 
Victoria PLC (United Kingdom) (a)   1,323,853    15,734 
         28,735 
Information Technology Services  (7.5%)          
Affirm Holdings, Inc. (a)   597,079    27,633 
Dlocal Ltd. (a)   490,527    15,334 
Fastly, Inc., Class A (a)   508,887    8,845 
Marqeta, Inc., Class A (a)   1,084,366    11,971 
         63,783 
Insurance  (0.5%)          
Trupanion, Inc. (a)   51,752    4,612 
           
Interactive Media & Services  (2.0%)          
Vimeo, Inc. (a)   1,441,587    17,126 
           
Internet & Direct Marketing Retail  (8.0%)          
BARK, Inc. (a)   2,513,373    9,300 
Farfetch Ltd., Class A (a)   1,389,300    21,006 
Global-e Online Ltd. (Israel) (a)   361,107    12,198 
Overstock.com, Inc. (a)   585,209    25,752 
         68,256 
Leisure Products  (1.4%)          
Peloton Interactive, Inc., Class A (a)   464,153    12,263 
           
Life Sciences Tools & Services  (6.6%)          
10X Genomics, Inc., Class A (a)   389,116    29,600 
Fluidigm Corp. (a)   1,395,428    5,010 
MaxCyte, Inc. (a)   612,437    4,281 
NanoString Technologies, Inc. (a)   259,261    9,009 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Seer, Inc. (a)   312,355    4,760 
SomaLogic, Inc. (a)   516,066    4,139 
         56,799 
Machinery  (0.3%)          
Desktop Metal, Inc., Class A (a)   467,576    2,216 
           
Media  (0.9%)          
Cardlytics, Inc. (a)   144,432    7,941 
           
Metals & Mining  (1.4%)          
MP Materials Corp. (a)   211,380    12,121 
           
Pharmaceuticals  (0.8%)          
ATAI Life Sciences N.V. (a)(b)   629,497    3,204 
GH Research PLC (a)(b)   207,133    3,789 
         6,993 
Professional Services  (1.3%)          
Upwork, Inc. (a)   492,062    11,436 
           
Real Estate Management & Development  (2.9%)          
Opendoor Technologies, Inc. (a)   519,935    4,498 
Redfin Corp. (a)   633,696    11,432 
WeWork, Inc., Class A REIT (a)(b)   1,344,326    9,168 
         25,098 
Software  (18.4%)          
Appian Corp. (a)   74,741    4,546 
Avalara, Inc. (a)   91,094    9,065 
Cipher Mining, Inc. (a)   803,705    2,926 
Clear Secure, Inc., Class A (a)   418,210    11,242 
Gitlab, Inc., Class A (a)   519,039    28,263 
HashiCorp, Inc., Class A (a)(b)   164,675    8,892 
ironSource Ltd., Class A (Israel) (a)   2,256,295    10,830 
Latch, Inc. (a)(b)   758,712    3,240 
Matterport, Inc. (a)(b)   266,805    2,166 
MicroStrategy, Inc., Class A (a)(b)   10,422    5,068 
Monday.com Ltd. (Israel) (a)(b)   60,500    9,563 
Olo, Inc., Class A (a)   1,628,165    21,573 
Procore Technologies, Inc. (a)   352,648    20,439 
Samsara, Inc., Class A (a)   1,212,899    19,431 
         157,244 
Specialty Retail  (1.2%)          
Warby Parker, Inc., Class A (a)(b)   297,462    10,057 
           
Tech Hardware, Storage & Peripherals  (0.6%)          
IonQ, Inc. (a)(b)   382,013    4,874 
           
Textiles, Apparel & Luxury Goods  (1.1%)          
On Holding AG, Class A (Switzerland) (a)(b)   369,230    9,319 
           
Trading Companies & Distributors  (0.4%)          
EVI Industries, Inc. (a)   170,858    3,176 
Total Common Stocks (Cost $1,044,429)        828,481 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Preferred Stocks  (1.6%)          
Health Care Technology  (0.9%)          
Grand Rounds, Inc. Series B (a)(c)(e) (acquisition cost - $3,362; acquired 7/3/14)   3,269,139    7,192 
           
Software  (0.7%)          
Lookout, Inc. Series F (a)(c)(e) (acquisition cost - $13,476; acquired 6/17/14)   1,179,743    6,205 
Total Preferred Stocks (Cost $16,838)        13,397 
           
Investment Company  (1.1%)          
Grayscale Bitcoin Trust (a) (Cost $12,859)   318,078    9,714 
           
    No. of
Warrants
      
Warrants (0.0%) (f)          
Internet & Direct Marketing Retail  (0.0%) (f)          
BARK, Inc. expires 5/1/26 (a)    209,825    135 
           
Life Sciences Tools & Services  (0.0%) (f)          
SomaLogic, Inc. expires 8/31/26 (a)    61,142    125 
Total Warrants (Cost $1,304)        260 
           
    Shares      
Short-Term Investments  (7.8%)          
Securities held as Collateral on Loaned Securities  (6.2%)          
Investment Company  (5.9%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (g)   50,449,395    50,449 
           
    Face
Amount
(000)
      
Repurchase Agreements  (0.3%)          
HSBC Securities USA, Inc., (0.30%, dated 3/31/22, due 4/1/22; proceeds $2,628; fully collateralized by U.S. Government obligations; 0.00%-3.75% due 4/30/22-5/15/51; valued at $2,680)  $2,628    2,628 
Merrill Lynch & Co., Inc., (0.20%, dated 3/31/22, due 4/1/22; proceeds $239; fully collateralized by a U.S. Government obligation; 0.63% due 10/15/24; valued at $244)   239    239 
         2,867 
Total Securities held as Collateral on Loaned Securities (Cost $53,316)        53,316 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

    Shares      
Investment Company  (1.6%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (g)
(Cost $14,020)
   14,020,243    14,020 
Total Short-Term Investments (Cost $67,336)        67,336 
Total Investments Excluding Purchased Options (107.3%) (Cost $1,142,766)        919,188 
Total Purchased Options Outstanding (0.1%) (Cost $6,304)        669 
Total Investments (107.4%) (Cost $1,149,070) Including $57,515 of Securities Loaned (h)(i)(j)(k)        919,857 
Liabilities in Excess of Other Assets (-7.4%)        (63,578)
Net Assets (100.0%)       $856,279 

 

The Fund had the following Derivative Contracts - PIPE open at March 31, 2022:

 

Counterparty  Referenced
Obligation
  Notional
Amount
   Settlement
Date
  Unrealized
Depreciation
(000)
   % of
Net Assets
 
Dynamics Special Purpose Corp.  Senti Biosciences, Inc.
(a)(c)(e)(l)(m)
  $704,410   12/30/2022  $(92)   (0.01)%
Social Capital Suvretta Holdings Corp.III  ProKidney, LP
(a)(c)(e)(l)(n)
   3,321,670   12/30/2022   (499)   (0.06)
              $(591)   (0.07)%

 

(a) Non-income producing security.
(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $57,515,000 and $60,172,000 respectively. The Fund received cash collateral of approximately $53,316,000, which 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. The remaining collateral of approximately $6,856,000 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 cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contracts (excluding 144A holdings) at March 31, 2022 amounts to approximately $25,504,000 and represents 3.0% of net assets.
(d) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(e) At March 31, 2022, the Fund held fair valued securities and derivative contracts at approximately $12,806,000, representing 1.5% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(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 three months ended March 31, 2022, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.
(h) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $55,534,000 and the aggregate gross unrealized depreciation is approximately $285,338,000, resulting in net unrealized depreciation of approximately $229,804,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

(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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(j) The approximate fair value and percentage of net assets, $21,217,000 and 2.5%, 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.
(k) Securities are available for collateral in connection with securities purchased on a forward commitment basis and purchased options.
(l) Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.
(m) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 70,441 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Senti Biosciences, Inc., and Dynamics Special Purpose Corp. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Dynamics Special Purpose Corp. and Senti Biosciences, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Dynamics Special Purpose Corp., and Senti Biosciences, Inc. The investment is restricted from resale until the settlement date.
(n) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to Purchase 332,167 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between ProKidney, LP, and Social Capital Suvretta Holdings Corp. III. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Social Capital Suvretta Holdings Corp. III and ProKidney, LP, is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Social Capital Suvretta Holdings Corp. III and ProKidney, LP. The investment is restricted from resale until the settlement date.

PIPE Private Investment in Public Equity.
REIT Real Estate Investment Trust.
SPAC Special Purpose Acquisition Company.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2022:

 

Counterparty  Description  Strike
Price
   Expiration
Date
  Number of
Contracts
   Notional Amount
(000)
   Value
(000)
   Premiums
Paid
(000)
   Unrealized
Depreciation
(000)
 
Goldman Sachs International  USD/CNH  CNH 7.27   Nov - 22   416,376,103    416,376   $464   $1,999   $(1,535)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.28   Jul - 22   468,635,786    468,636    114    2,183    (2,069)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.31   Aug - 22   208,653,359    208,653    62    1,417    (1,355)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.38   Jul - 22   132,899,103    132,899    29    705    (676)
                        $669   $6,304   $(5,635)

 

CNH Chinese Yuan Renminbi Offshore
USD United States Dollar

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments
 
Others**   49.2%
Software   18.9 
Health Care Providers & Services   10.1 
Internet & Direct Marketing Retail   7.9 
Information Technology Services   7.4 
Life Sciences Tools & Services   6.5 
Total Investments   100.0%***

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2022.
** Industries and/or investment types representing less than 5% of total investments.
*** Does not include open PIPE contracts with total unrealized depreciation of approximately $591,000.

 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (92.1%)          
Australia  (4.1%)          
Brookfield Infrastructure Partners LP   3,355,532   $222,237 
           
Canada  (9.5%)          
Brookfield Asset Management, Inc., Class A   4,502,819    254,724 
Canada Goose Holdings, Inc. (a)(b)   5,721,865    150,657 
Shopify, Inc., Class A (a)   163,256    110,355 
         515,736 
China  (2.6%)          
Foshan Haitian Flavouring & Food Co., Ltd., Class A   10,346,663    142,102 
           
Denmark  (9.8%)          
Chr Hansen Holding A/S   1,590,090    116,755 
DSV Panalpina A/S   2,147,003    411,485 
         528,240 
France  (6.4%)          
Hermes International   177,791    251,636 
Pernod Ricard SA   417,343    91,695 
         343,331 
Germany  (8.5%)          
Adidas AG   1,163,016    271,013 
HelloFresh SE (a)   1,993,192    89,462 
Puma SE   1,171,359    99,614 
         460,089 
Hong Kong  (2.0%)          
AIA Group Ltd.   10,330,900    107,874 
           
India  (5.8%)          
HDFC Bank Ltd.   16,351,132    314,920 
           
Italy  (7.0%)          
Davide Campari-Milano N.V.   11,579,020    134,306 
Moncler SpA   4,361,926    242,007 
         376,313 
Japan  (5.5%)          
Change, Inc. (a)(c)   1,388,900    22,318 
Keyence Corp.   458,200    212,469 
Pigeon Corp.   3,622,100    63,700 
         298,487 
Netherlands  (8.1%)          
Adyen N.V. (a)   68,901    136,472 
ASML Holding N.V.   448,699    299,830 
         436,302 
Norway  (1.0%)          
AutoStore Holdings Ltd. (a)   15,117,470    54,773 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Singapore  (1.2%)        
Grab Holdings Limited., Class A (a)   14,176,510    49,618 
Grab Holdings Limited., Class A (a)(d)   4,009,631    13,472 
         63,090 
Sweden  (2.5%)          
Evolution AB   774,591    78,803 
Vitrolife AB   1,690,215    55,570 
         134,373 
Switzerland  (6.2%)          
Chocoladefabriken Lindt & Spruengli AG (Registered)   520    62,898 
Kuehne & Nagel International AG (Registered)   430,828    122,325 
Straumann Holding AG (Registered)   93,914    149,951 
         335,174 
Taiwan  (4.6%)          
Taiwan Semiconductor Manufacturing Co., Ltd. ADR   2,386,453    248,811 
           
United Kingdom  (4.2%)          
Diageo PLC   1,849,475    93,814 
Rightmove PLC   15,840,803    130,918 
         224,732 
United States  (3.1%)          
MercadoLibre, Inc. (a)   143,685    170,911 
Total Common Stocks (Cost $4,419,456)        4,977,495 
           
Investment Company  (0.8%)          
United States  (0.8%)          
Grayscale Bitcoin Trust BTC (a) (Cost $59,144)   1,337,540    40,848 
           
Short-Term Investments  (7.3%)          
Securities held as Collateral on Loaned Securities  (0.1%)          
Investment Company  (0.1%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (e)   5,550,326    5,550 

 

   Face
Amount
(000)
     
Repurchase Agreements (0.0%) (f)          
HSBC Securities USA, Inc., (0.30%, dated 3/31/22, due 4/1/22; proceeds $289; fully collateralized by U.S. Government obligations; 0.00%-3.75% due 4/30/22-5/15/51; valued at $295)  $289    289 
Merrill Lynch & Co., Inc., (0.20%, dated 3/31/22, due 4/1/22; proceeds $27; fully collateralized by a U.S. Government obligation; 0.63% due 10/15/24; valued at $27)   27    27 
         316 
Total Securities held as Collateral on Loaned Securities (Cost $5,866)        5,866 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

   Shares     
Investment Company  (7.2%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e)
(Cost $387,289)
   387,289,190    387,289 
Total Short-Term Investments (Cost $393,155)        393,155 
Total Purchased Options Outstanding (0.0%) (f) (Cost $5,869)        252 
Total Investments (100.2%) (Cost $4,877,624) Including $14,559 Of Securities Loaned (g)(h)(i)        5,411,750 
Liabilities in Excess of Other Assets (–0.2%)        (13,372)
Net Assets (100.0%)       $5,398,378 

 

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 three months ended March 31, 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 $7,865,000. respectively, including net realized loss of approximately $2,705,000.
(c) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $14,559,000 and $15,197,000, respectively. The Fund received cash collateral of approximately $5,866,000, which 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 March 31, 2022, there was uninvested cash collateral of less than $500, which is not reflected in the Consolidated Portfolio of Investments. The remaining collateral of approximately $9,331,000 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) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and elated rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted derivative contract (excluding 144A holdings) at March 31, 2022 amounts to approximately $13,472,000 and represents 0.3% of net assets.
(e) 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 three months ended March 31, 2022, advisory fees paid were reduced by approximately $58,000 relating to the Fund's investment in the Liquidity Funds.
(f) Amount is less than 0.05%.
(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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(h) The approximate fair value and percentage of net assets, $3,756,710,000 and 69.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(i) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,034,596,000 and the aggregate gross unrealized depreciation is approximately $500,470,000, resulting in net unrealized appreciation of approximately $534,126,000.
ADR American Depositary Receipt.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2022:

 

Counterparty  Description  Strike
Price
  Expiration
Date
  Number of
Contracts
   Notional
Amount
(000)
   Value
(000)
   Premiums
Paid
(000)
   Unrealized
Depreciation
(000)
 
JP Morgan Chase Bank NA  USD/CNH  CNH 7.38  Jul - 22   358,023,641    358,024   $77   $1,899   $(1,822)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.31  Aug - 22   584,432,525    584,433    175    3,970    (3,795)
                      $252   $5,869   $(5,617)

 

CNH      — Chinese Yuan Renminbi Offshore

USD      — United States Dollar.

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments
 
Others**   39.6%
Textiles, Apparel & Luxury Goods   18.8 
Semiconductors & Semiconductor Equipment   10.1 
Air Freight & Logistics   7.6 
Short-Term Investments   7.2 
Beverages   5.9 
Banks   5.8 
Information Technology Services   5.0 
Total Investments   100.0%

 

*Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2022.
**Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Equity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

   Shares   Value
(000)
 
Common Stocks  (98.5%)          
Australia  (0.7%)          
Aristocrat Leisure Ltd.   479,089   $13,003 
           
Belgium  (0.5%)          
KBC Group N.V.   130,048    9,331 
           
Canada  (6.8%)          
Barrick Gold Corp.   2,098,535    51,467 
Cameco Corp.   497,805    14,498 
Constellation Software, Inc.   36,665    62,675 
         128,640 
China  (2.2%)          
Minth Group Ltd. (a)   3,496,000    8,519 
Tencent Holdings Ltd. (a)   739,200    34,073 
         42,592 
Denmark  (1.9%)          
Carlsberg A/S Series B   161,343    19,807 
Tryg A/S   703,331    17,101 
         36,908 
France  (17.9%)          
AXA SA   1,152,627    33,742 
L'Oreal SA   60,249    24,066 
Legrand SA   257,196    24,453 
LVMH Moet Hennessy Louis Vuitton SE   67,000    47,825 
Pernod Ricard SA   150,518    33,071 
Safran SA   349,084    41,100 
Sanofi   579,472    59,245 
Teleperformance   37,339    14,222 
Thales SA   285,068    35,701 
Worldline SA (b)   577,058    25,044 
         338,469 
Germany  (16.0%)          
Adidas AG   111,894    26,074 
Deutsche Boerse AG   221,717    39,911 
Deutsche Post AG (Registered)   851,804    40,675 
Fresenius SE & Co., KGaA   1,100,538    40,408 
Henkel AG & Co., KGaA (Preference)   384,843    25,758 
Infineon Technologies AG   780,173    26,393 
Knorr-Bremse AG   298,023    22,846 
MTU Aero Engines AG   49,294    11,401 
QIAGEN N.V. (b)   226,830    11,131 
SAP SE   530,948    58,844 
         303,441 
Hong Kong  (2.5%)          
AIA Group Ltd.   4,447,600    46,441 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Equity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Italy  (2.0%)          
Moncler SpA   667,639    37,042 
           
Japan  (6.2%)          
FANUC Corp.   104,200    18,288 
Hoya Corp.   155,200    17,686 
Keyence Corp.   24,700    11,453 
Kirin Holdings Co., Ltd.   2,168,000    32,383 
Shiseido Co., Ltd.   744,700    37,614 
         117,424 
Korea, Republic of  (1.4%)          
Samsung Electronics Co., Ltd.   476,225    27,251 
           
Netherlands  (2.0%)          
Heineken N.V.   401,154    38,362 
           
Norway  (1.3%)          
Mowi ASA   928,187    25,002 
           
Singapore  (2.0%)          
DBS Group Holdings Ltd.   1,459,600    38,245 
           
Spain  (1.3%)          
Grifols SA (c)   1,376,439    24,983 
           
Sweden  (3.8%)          
Atlas Copco AB, Class A   170,678    8,859 
Epiroc AB, Class A   1,016,464    21,741 
Hexagon AB, Class B   1,474,464    20,658 
Svenska Handelsbanken AB, Class A   2,208,128    20,305 
         71,563 
Switzerland  (6.6%)          
Alcon, Inc.   124,258    9,844 
Novartis AG (Registered)   400,412    35,153 
Roche Holding AG (Genusschein)   138,827    54,929 
UBS Group AG (Registered)   1,255,447    24,533 
         124,459 
Taiwan  (2.6%)          
Taiwan Semiconductor Manufacturing Co., Ltd. ADR   463,985    48,375 
           
United Kingdom  (20.8%)          
Associated British Foods PLC   1,590,925    34,560 
AstraZeneca PLC   217,869    28,892 
British American Tobacco PLC   705,069    29,611 
Experian PLC   444,246    17,115 
Hiscox Ltd.   1,294,517    16,694 
Imperial Brands PLC   1,609,412    33,902 
Legal & General Group PLC   5,533,418    19,618 
M&G PLC   4,064,187    11,710 
Prudential PLC   3,208,432    47,367 
Reckitt Benckiser Group PLC   829,209    63,257 
RELX PLC (Euronext N.V.)   861,752    26,809 
RELX PLC (LSE)   759,352    23,629 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Equity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Shell PLC   875,695    24,002 
St. James's Place PLC   931,579    17,563 
         394,729 
Total Common Stocks (Cost $1,452,077)        1,866,260 
           
Short-Term Investment  (1.9%)          
Investment Company  (1.9%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $35,341)   35,341,092    35,341 
Total Investments (100.4%) (Cost $1,487,418) Including $7,063 of Securities Loaned (e)(f)(g)        1,901,601 
Liabilities in Excess of Other Assets (-0.4%)        (8,201)
Net Assets (100.0%)       $1,893,400 

 

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

 

(a) Security trades on the Hong Kong exchange.
(b) Non-income producing security.
(c) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $7,063,000 and $7,433,000 respectively. The Fund received non-cash collateral of approximately $7,433,000 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 Investment. 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 three months ended March 31, 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(f) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $529,476,000 and the aggregate gross unrealized depreciation is approximately $115,293,000, resulting in net unrealized appreciation of approximately $414,183,000.
(g) The approximate fair value and percentage of net assets, $1,689,245,000 and 89.2%, 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.
ADR American Depositary Receipt.
Euronext N.V. Euronext Amsterdam Stock Market.
LSE London Stock Exchange.

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments
 
Other**   62.4%
Insurance   9.5 
Pharmaceuticals   9.4 
Beverages   6.5 
Software   6.4 
Textiles, Apparel & Luxury Goods   5.8 
Total Investments   100.0%

 

*Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2022.
**Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

   Shares   Value
(000)
 
Common Stocks  (96.6%)          
Argentina  (3.0%)          
Globant SA (a)   321,456   $84,244 
           
Brazil  (1.8%)          
Magazine Luiza SA   34,427,043    49,315 
           
Canada  (6.4%)          
Canada Goose Holdings, Inc. (a)   2,522,765    66,424 
Shopify, Inc., Class A (a)   169,792    114,773 
         181,197 
China  (10.0%)          
Foshan Haitian Flavouring & Food Co., Ltd., Class A   3,229,017    44,348 
HUYA, Inc. ADR (a)   3,266,741    14,602 
Kuaishou Technology (a)(b)   3,918,300    35,902 
Meituan, Class B (a)(b)   4,541,700    86,038 
Tencent Holdings Ltd. (b)   892,000    41,116 
Trip.com Group Ltd. ADR (a)   2,521,128    58,288 
         280,294 
Denmark  (6.6%)          
DSV A/S   969,047    185,723 
           
France  (3.1%)          
Hermes International   62,302    88,179 
           
Germany  (8.6%)          
Adidas AG   411,689    95,934 
HelloFresh SE (a)   2,054,899    92,232 
Puma SE   612,033    52,048 
         240,214 
India  (10.0%)          
HDFC Bank Ltd.   9,075,191    174,786 
ICICI Bank Ltd. ADR   5,578,926    105,665 
         280,451 
Italy  (3.8%)          
Moncler SpA   1,942,734    107,787 
           
Japan  (3.3%)          
Change, Inc. (a)(c)   871,300    14,001 
Keyence Corp.   167,300    77,577 
         91,578 
Korea, Republic of  (4.7%)          
KakaoBank Corp. (a)(c)   1,151,432    48,631 
NAVER Corp.   300,745    83,586 
         132,217 
Netherlands  (5.1%)          
Adyen N.V. (a)   36,922    73,131 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

ASML Holding N.V.   104,191    69,623 
         142,754 
Norway  (2.1%)          
AutoStore Holdings Ltd. (a)   12,961,268    46,961 
Kahoot! ASA (a)   4,138,244    12,863 
         59,824 
Singapore  (2.9%)          
Grab Holdings Limited, Class A (a)   12,167,907    42,587 
Grab Holdings Limited, Class A (a)(d)   3,818,981    12,832 
Sea Ltd. ADR (a)   211,376    25,321 
         80,740 
Sweden  (3.7%)          
Evolution AB   656,371    66,775 
Vitrolife AB   1,121,237    36,864 
         103,639 
Taiwan  (2.6%)          
Taiwan Semiconductor Manufacturing Co., Ltd.   3,575,000    73,336 
           
United Kingdom  (1.9%)          
Deliveroo PLC (a)   23,298,212    34,349 
Fevertree Drinks PLC   838,166    19,570 
         53,919 
United States  (17.0%)          
Coupang, Inc. (a)   6,805,693    120,325 
Farfetch Ltd., Class A (a)   3,059,522    46,260 
MercadoLibre, Inc. (a)   136,779    162,697 
NU Holdings Ltd., Class A (a)(c)   5,333,202    41,172 
Spotify Technology SA (a)   710,617    107,317 
         477,771 
Total Common Stocks (Cost $2,646,390)        2,713,182 
           
Investment Company  (1.1%)          
United States  (1.1%)          
Grayscale Bitcoin Trust (a) (Cost $45,837)   1,024,960    31,302 
           
Short-Term Investments  (3.2%)          
Securities held as Collateral on Loaned Securities  (0.4%)          
Investment Company  (0.4%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e)   9,905,578    9,905 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

   Face
Amount
(000)
     
Repurchase Agreements  (0.0%) (f)          
HSBC Securities USA, Inc., (0.30%, dated 3/31/22, due 4/1/22; proceeds $516; fully collateralized by U.S. Government obligations; 0.00%-3.75% due 4/30/22-5/15/51; valued at $526)  $516    516 
Merrill Lynch & Co., Inc., (0.20%, dated 3/31/22, due 4/1/22; proceeds $47; fully collateralized by a U.S. Government obligation; 0.63% due 10/15/24; valued at $48)   47    47 
         563 
Total Securities held as Collateral on Loaned Securities (Cost $10,468)        10,468 

 

   Shares     
Investment Company  (2.8%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $79,414)   79,414,398    79,414 
Total Short-Term Investments (Cost $89,882)        89,882 
Total Investments Excluding Purchased Options (100.9%) (Cost $2,782,109)        2,834,366 
Total Purchased Options Outstanding (0.0%) (f) (Cost $9,661)        415 
Total Investments (100.9%) (Cost $2,791,770) Including $48,290 Of Securities Loaned (g)(h)(i)(j)        2,834,781 
Liabilities in Excess of Other Assets (–0.9%)        (25,347)
Net Assets (100.0%)       $2,809,434 

 

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 March 31, 2022, were approximately $48,290,000 and $50,123,000, respectively. The Fund received cash collateral of approximately $10,468,000, which 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 March 31, 2022, there was uninvested cash collateral of less than $500, which is not reflected in the Consolidated Portfolio of Investments. The remaining collateral of approximately $39,655,000 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) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and elated rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted derivative contract (excluding 144A holdings) at March 31, 2022 amounts to approximately $12,832,000 and represents 0.5% of net assets
(e) 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 three months ended March 31, 2022, advisory fees paid were reduced by approximately $9,000 relating to the Fund's investment in the Liquidity Funds.
(f) Amount is less than 0.05%.
(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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(h) The approximate fair value and percentage of net assets, $1,661,359,000 and 59.1%, 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.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

International Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

(i) Securities are available for collateral in connection with purchased options.
(j) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $565,974,000 and the aggregate gross unrealized depreciation is approximately $522,963,000, resulting in net unrealized appreciation of approximately $43,011,000.
ADR American Depositary Receipt.

 

Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2022:

 

Counterparty  Description  Strike
Price
  Expiration
Date
  Number of
Contracts
   Notional
Amount
(000)
   Value
(000)
   Premiums
Paid
(000)
   Unrealized
Depreciation
(000)
 
JP Morgan Chase Bank NA  USD/CNH  CNH 7.31  Aug - 22   952,422,356   $952,422   $285   $6,469   $(6,184)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.38  Jul - 22   601,605,554    601,606    130    3,192    (3,062)
                      $415   $9,661   $(9,246)

 

CNH Chinese Yuan Renminbi Offshore
USD United States Dollar

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments
 
Others**   22.8%
Internet & Direct Marketing Retail   16.4 
Textiles, Apparel & Luxury Goods   14.5 
Banks   13.1 
Information Technology Services   10.1 
Air Freight & Logistics   6.6 
Interactive Media & Services   5.7 
Entertainment   5.7 
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 March 31, 2022.
**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

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (26.2%)          
Australia  (2.3%)          
BHP Group Ltd.   14,338   $553 
Evolution Mining Ltd.   11,623    38 
Fortescue Metals Group Ltd.   4,782    73 
Gold Road Resources Ltd.   6,003    7 
Newcrest Mining Ltd.   4,944    100 
Newcrest Mining Ltd. (a)   527    11 
Northern Star Resources Ltd.   7,417    60 
Perseus Mining Ltd.   7,877    12 
Ramelius Resources Ltd.   5,898    6 
Regis Resources Ltd.   5,534    9 
Resolute Mining Ltd. (b)   8,904    2 
Silver Lake Resources Ltd. (b)   5,761    9 
St. Barbara Ltd.   5,509    6 
Westgold Resources Ltd.   2,758    4 
         890 
Brazil  (0.6%)          
Vale SA   11,409    229 
           
Canada  (3.0%)          
Agnico Eagle Mines Ltd.   2,892    177 
Alamos Gold, Inc., Class A   2,730    23 
Argonaut Gold, Inc. (b)   2,315    5 
B2Gold Corp.   7,288    34 
Barrick Gold Corp.   10,212    251 
Centerra Gold, Inc.   1,929    19 
Dundee Precious Metals, Inc.   1,369    8 
Eldorado Gold Corp. (b)   1,192    13 
Endeavour Silver Corp. (b)   1,047    5 
Equinox Gold Corp. (b)   1,845    15 
First Majestic Silver Corp.   1,699    22 
Fortuna Silver Mines, Inc. (b)   1,226    5 
Franco-Nevada Corp.   1,156    184 
GoGold Resources, Inc. (b)   2,027    5 
IAMGOLD Corp. (b)   3,210    11 
K92 Mining, Inc. (b)   1,432    11 
Kinross Gold Corp.   10,240    60 
New Gold, Inc. (b)   5,617    10 
OceanaGold Corp. (b)   4,237    9 
Osisko Gold Royalties Ltd.   1,147    15 
Pan American Silver Corp.   1,415    39 
Sandstorm Gold Ltd.   1,251    10 
Silvercorp Metals, Inc.   1,176    4 
SSR Mining, Inc.   1,363    30 
Torex Gold Resources, Inc. (b)   542    7 
Victoria Gold Corp. (b)   401    5 
Wesdome Gold Mines Ltd. (b)   880    11 
Wheaton Precious Metals Corp.   2,666    127 
Yamana Gold, Inc.   6,158    34 
         1,149 
China  (0.2%)          
Zhaojin Mining Industry Co., Ltd. H Shares (c)   18,918    17 
Zijin Mining Group Co., Ltd. H Shares (c)   41,208    62 
         79 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Peru  (0.1%)          
Cia de Minas Buenaventura SAA ADR (b)   1,645    16 
           
South Africa  (0.4%)          
AngloGold Ashanti Ltd. ADR   2,562    61 
DRDGOLD Ltd. ADR   572    5 
Gold Fields Ltd. ADR   5,246    81 
Harmony Gold Mining Co., Ltd. ADR   3,705    19 
         166 
United Kingdom  (0.8%)          
Centamin PLC   7,519    9 
Endeavour Mining PLC   1,669    42 
Rio Tinto PLC   3,230    258 
         309 
United States  (18.8%)          
Acadia Realty Trust REIT   414    9 
Agree Realty Corp. REIT   358    24 
Alexander & Baldwin, Inc. REIT   348    8 
Alexander's, Inc. REIT   11    3 
Alexandria Real Estate Equities, Inc. REIT   738    148 
American Assets Trust, Inc. REIT   255    10 
American Campus Communities, Inc. REIT   783    44 
American Homes 4 Rent, Class A REIT   1,611    64 
Americold Realty Trust REIT   1,361    38 
Apartment Income Corp. REIT   845    45 
Apartment Investment and Management Co., Class A REIT (b)   718    5 
Apple Hospitality, Inc. REIT   1,202    22 
Armada Hoffler Properties, Inc. REIT   286    4 
AvalonBay Communities, Inc. REIT   793    197 
Boston Properties, Inc. REIT   839    108 
Brandywine Realty Trust REIT   969    14 
Brixmor Property Group, Inc. REIT   1,684    43 
Broadstone Net Lease, Inc. REIT   828    18 
Camden Property Trust REIT   550    91 
CareTrust, Inc. REIT   463    9 
Centerspace REIT   61    6 
Chatham Lodging Trust REIT (b)   226    3 
City Office, Inc. REIT   209    4 
Coeur Mining, Inc. (b)   2,047    9 
Community Healthcare Trust, Inc. REIT   110    5 
Corporate Office Properties Trust REIT   635    18 
Cousins Properties, Inc. REIT   845    34 
CubeSmart REIT   1,106    58 
DiamondRock Hospitality Co. REIT (b)   1,191    12 
Digital Realty Trust, Inc. REIT   1,588    225 
DigitalBridge Group, Inc. REIT (b)   2,744    20 
Diversified Healthcare Trust REIT   1,148    4 
Douglas Emmett, Inc. REIT   993    33 
Duke Realty Corp. REIT   2,120    123 
Easterly Government Properties, Inc. REIT   397    8 
EastGroup Properties, Inc. REIT   227    46 
Empire State Realty Trust, Inc., Class A REIT   695    7 
EPR Properties REIT   426    23 
Equinix, Inc. REIT   505    374 
Equity Commonwealth REIT (b)   692    19 
Equity Lifestyle Properties, Inc. REIT   982    75 
Equity Residential REIT   2,008    181 
Essential Properties Realty Trust, Inc. REIT   606    15 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Essex Property Trust, Inc. REIT   368    127 
Extra Space Storage, Inc. REIT   748    154 
Federal Realty Investment Trust   392    48 
First Industrial Realty Trust, Inc. REIT   738    46 
Four Corners Property Trust, Inc. REIT   431    12 
Franklin Street Properties Corp., Class C REIT   491    3 
Gaming and Leisure Properties, Inc. REIT   1,254    59 
GEO Group, Inc. (The) REIT (b)   585    4 
Getty Realty Corp. REIT   177    5 
Gladstone Commercial Corp. REIT   171    4 
Global Medical, Inc. REIT   270    4 
Global Net Lease, Inc. REIT   430    7 
Healthcare Realty Trust, Inc. REIT   793    22 
Healthcare Trust of America, Inc., Class A REIT   1,242    39 
Healthpeak Properties, Inc. REIT   3,057    105 
Hecla Mining Co.   3,305    22 
Highwoods Properties, Inc. REIT   590    27 
Host Hotels & Resorts, Inc. REIT   3,998    78 
Hudson Pacific Properties, Inc. REIT   857    24 
Independence Realty Trust, Inc. REIT   579    15 
Industrial Logistics Properties Trust REIT   314    7 
Innovative Industrial Properties, Inc. REIT   136    28 
Invitation Homes, Inc. REIT   3,221    129 
Iron Mountain, Inc. REIT   1,638    91 
iStar, Inc. REIT (a)   353    8 
JBG SMITH Properties REIT   669    20 
Kilroy Realty Corp. REIT   590    45 
Kimco Realty Corp. REIT   3,307    82 
Kite Realty Group Trust REIT   1,236    28 
Life Storage, Inc. REIT   431    61 
LTC Properties, Inc. REIT   188    7 
LXP Industrial Trust REIT   1,577    25 
Macerich Co. (The) REIT   834    13 
Medical Properties Trust, Inc. REIT   3,278    69 
MGM Growth Properties LLC, Class A REIT   850    33 
Mid-America Apartment Communities, Inc. REIT   652    137 
National Health Investors, Inc. REIT   238    14 
National Retail Properties, Inc. REIT   993    45 
National Storage Affiliates Trust REIT   471    30 
Necessity Retail, Inc. (The) REIT   525    4 
NETSTREIT Corp. REIT   188    4 
Newmont Corp.   4,775    379 
NexPoint Residential Trust, Inc. REIT   113    10 
Office Properties Income Trust REIT   232    6 
Omega Healthcare Investors, Inc. REIT   1,316    41 
One Liberty Properties, Inc. REIT   77    2 
Orion Office, Inc. REIT   254    4 
Paramount Group, Inc. REIT   844    9 
Park Hotels & Resorts, Inc. REIT   1,338    26 
Pebblebrook Hotel Trust REIT   748    18 
Physicians Realty Trust REIT   1,185    21 
Piedmont Office Realty Trust, Inc., Class A REIT   703    12 
ProLogis, Inc. REIT   4,197    678 
PS Business Parks, Inc. REIT   66    11 
Public Storage REIT   890    347 
Realty Income Corp. REIT   3,039    211 
Regency Centers Corp. REIT   867    62 
Retail Opportunity Investments Corp. REIT   669    13 
Rexford Industrial Realty, Inc. REIT   748    56 
RLJ Lodging Trust REIT   936    13 
Royal Gold, Inc.   404    57 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

RPT Realty REIT   392    5 
Ryman Hospitality Properties, Inc. REIT (b)   301    28 
Sabra Health Care, Inc. REIT   1,196    18 
Safehold, Inc. REIT   77    4 
Saul Centers, Inc. REIT   66    3 
Seritage Growth Properties, Class A REIT (a)(b)   165    2 
Service Properties Trust REIT   795    7 
Simon Property Group, Inc. REIT   1,860    245 
SITE Centers Corp. REIT   879    15 
SL Green Realty Corp. REIT (a)   392    32 
Spirit Realty Capital, Inc. REIT   652    30 
STAG Industrial, Inc. REIT   896    37 
STORE Capital Corp. REIT   1,338    39 
Summit Hotel Properties, Inc. REIT (b)   507    5 
Sun Communities, Inc. REIT   612    107 
Sunstone Hotel Investors, Inc. REIT (b)   1,225    14 
Tanger Factory Outlet Centers, Inc. REIT   453    8 
Terreno Realty Corp. REIT   392    29 
UDR, Inc. REIT   1,684    97 
UMH Properties, Inc. REIT   198    5 
Universal Health Realty Income Trust REIT   66    4 
Urban Edge Properties REIT   664    13 
Urstadt Biddle Properties, Inc., Class A REIT   144    3 
Ventas, Inc. REIT   2,128    131 
Veris Residential, Inc. REIT (b)   348    6 
VICI Properties, Inc. REIT   3,045    87 
Vornado Realty Trust REIT   924    42 
Washington Real Estate Investment Trust REIT   482    12 
Welltower, Inc. REIT   2,365    227 
WP Carey, Inc. REIT   993    80 
Xenia Hotels & Resorts, Inc. REIT (b)   647    12 
         7,214 
Total Common Stocks (Cost $9,413)        10,052 

 

   Face
Amount
(000)
     
U.S. Treasury Securities  (29.0%)          
United States  (29.0%)          
U.S. Treasury Inflation Indexed Bonds,          
0.13%, 7/15/24 – 7/15/31  $4,421    4,672 
0.25%, 1/15/25   1,016    1,066 
0.38%, 7/15/23   1,025    1,076 
0.50%, 4/15/24   1,019    1,071 
0.63%, 4/15/23 – 1/15/24   2,053    2,150 
2.38%, 1/15/25   954    1,060 
Total U.S. Treasury Securities (Cost $11,193)        11,095 

 

   Shares     
Short-Term Investments  (40.4%)          
Securities held as Collateral on Loaned Securities  (0.0%) (d)          
Investment Company  (0.0%) (d)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Portfolio - Institutional Class (e)   10,328    10 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

   Face
Amount
(000)
     
Repurchase Agreements  (0.0%) (d)          
HSBC Securities USA, Inc. (0.30%, dated 3/31/22, due 4/1/22; proceeds $1; fully collateralized by U.S. Government obligations; 0.00%-3.75% due 4/30/22-5/15/51; valued at $1)  $1    1 
Merrill Lynch & Co., Inc. (0.20%, dated 3/31/22, due 4/1/22; proceeds $—@; fully collateralized by a U.S. Government obligation; 0.63% due 10/15/24; valued at $—@)   —@   —@
Total Repurchase Agreements (Cost $1)        1 
Total Securities held as Collateral on Loaned Securities (Cost $11)        11 
           
    Shares      
Investment Company  (40.4%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (e) (Cost $15,466)   15,465,632    15,466 
Total Short-Term Investments (Cost $15,477)        15,477 
Total Investments (95.6%) (Cost $36,083)  Including $51 of Securities Loaned (f)(g)(h)(i)        36,624 
Other Assets in Excess of Liabilities (4.4%)        1,671 
Net Assets (100.0%)       $38,295 

 

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 March 31, 2022, were approximately $51,000 and $53,000, respectively. The Fund received cash collateral of approximately $11,000 which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $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.
(b) Non-income producing security.
(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 - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $2,000 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(h) The approximate fair value and percentage of net assets, $1,226,000 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.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

(i) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,823,000 and the aggregate gross unrealized depreciation is approximately $1,189,000, resulting in net unrealized appreciation of approximately $634,000.
@ Value is less than $500.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at March 31, 2022:
 

 

Counterparty  Contracts
to
Deliver
(000)
  In
Exchange
For
(000)
   Delivery
Date
  Unrealized
Appreciation
(Depreciation)
(000)
 
BNP Paribas SA  EUR   250   $275   6/16/22  $(2)
BNP Paribas SA  JPY   18,810   $159   6/16/22   5 
                   $3 

 

Futures Contracts:
The Fund had the following futures contracts open at March 31, 2022:
 

 

   Number
of
Contracts
   Expiration
Date
 

Notional

Amount
(000)

   Value
(000)
   Unrealized
Appreciation
(Depreciation)
(000)
 
Long:
GOLD 100 OZ (United States)   21   Jun-22   $ 1   $1,758   $6 
Short:
Euro Stoxx 50 Index (Germany)   7   Jun-22   EUR —@   (296)   (18)
Nikkei 255 Index (United States)   2   Jun-22   JPY (1)   (226)   (22)
S&P 500 E Mini Index (United States)   43   Jun-22   $ (2)   (9,741)   (569)
                       $(603)

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Interest Rate Swap Agreements:
The Fund had the following interest rate swap agreements open at March 31, 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   2.66%  Semi-Annual/Quarterly  2/16/32  $3,500   $150   $   $$150 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Pay   2.91   Semi-Annual/Quarterly  2/16/27   3,505    (103)       (103)
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Pay   3.28   Semi-Annual/Quarterly  3/3/27   7,995    (112)       (112)
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   2.92   Semi-Annual/Quarterly  3/3/32   7,995    178        178 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Pay   2.91   Semi-Annual/Quarterly  12/15/26   4,713    (223)       (223)
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   2.68   Semi-Annual/Quarterly  12/15/31   4,713    296        296 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   2.54   Semi-Annual/Quarterly  9/2/31   6,486    507        507 
                    $

38,907

   $

693

   $   $693 

 

@ Value is less than $500.
* Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
EUR Euro
JPY Japanese Yen

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments
 
Short-Term Investments   42.3%
U.S. Treasury Securities   30.4 
Equity Real Estate Investment Trusts (REITs)   18.3 
Metals & Mining   9.0 
Total Investments   100.0%**

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2022.
** Does not include foreign currency forward exchange contracts with net unrealized appreciation of approximately $3,000, open long/short futures contracts with a value of approximately $12,021,000 and net unrealized depreciation of approximately $603,000. Also does not include open swap agreements with net unrealized appreciation of approximately $693,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Next Gen Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (97.7%)          
Bangladesh  (1.9%)          
Brac Bank Ltd.   2,044,188   $1,179 
           
Brazil  (2.1%)          
Locaweb Servicos de Internet SA (a)   612,108    1,299 
           
Canada  (3.1%)          
Cameco Corp.   65,474    1,905 
           
Indonesia  (6.5%)          
Bank Mandiri Persero Tbk PT   3,383,600    1,862 
Industri Jamu Dan Farmasi Sido Muncul Tbk PT   29,603,700    2,101 
         3,963 
Kazakhstan  (1.4%)          
NAC Kazatomprom JSC GDR   27,550    872 
           
Kenya  (5.3%)          
Safaricom PLC   11,033,911    3,242 
           
Poland  (13.9%)          
11 bit studios SA (a)   13,374    1,876 
Grupa Kety SA   16,931    2,437 
LiveChat Software SA   79,913    1,940 
LPP SA   832    2,251 
         8,504 
Russia  (0.0%)          
Fix Price Group Ltd. GDR (a)(b)   315,207     
           
Singapore  (3.8%)          
Sea Ltd. ADR (a)   19,481    2,334 
           
South Africa  (10.3%)          
Anglo American PLC   53,710    2,810 
Capitec Bank Holdings Ltd.   21,883    3,485 
         6,295 
United Kingdom  (6.1%)          
Airtel Africa PLC   165,851    361 
Antofagasta PLC   96,544    2,098 
Mondi PLC   64,845    1,288 
         3,747 
United States  (24.5%)          
EPAM Systems, Inc. (a)   11,156    3,309 
Grid Dynamics Holdings, Inc. (a)   215,576    3,035 
MercadoLibre, Inc. (a)   3,308    3,935 
SEMrush Holdings, Inc., Class A (a)   220,559    2,633 
Unity Software, Inc. (a)   20,902    2,074 
         14,986 
Vietnam  (18.8%)          
FPT Corp.   707,301    3,305 
Mobile World Investment Corp.   616,394    4,201 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Next Gen Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Vietnam Dairy Products JSC   1,127,392    3,987 
         11,493 
Total Common Stocks (Cost $51,695)        59,819 

 

Short-Term Investment  (0.7%)          
Investment Company  (0.7%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (c) (Cost $449)   449,349    449 
Total Investments (98.4%) (Cost $52,144)  (d)(e)(f)        60,268 
Other Assets in Excess of Liabilities (1.6%)        1,002 
Net Assets (100.0%)       $61,270 

 

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 March 31, 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 Directors.
(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 three months ended March 31, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(d) The approximate fair value and percentage of net assets, $29,566,000 and 48.3%, 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(f) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $13,491,000 and the aggregate gross unrealized depreciation is approximately $5,367,000, resulting in net unrealized appreciation of approximately $8,124,000.
ADR American Depositary Receipt.
GDR Global Depositary Receipt.

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments
 
Information Technology Services   18.3%
Others*   14.8 
Metals & Mining   12.3 
Software   11.1 
Banks   10.9 
Entertainment   7.0 
Specialty Retail   7.0 
Food Products   6.6 
Internet & Direct Marketing Retail   6.6 
Wireless Telecommunication Services   5.4 
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

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (95.0%)          
Aerospace & Defense  (9.0%)          
Axon Enterprise, Inc. (a)   938   $129 
HEICO Corp., Class A   767    97 
Lockheed Martin Corp.   112    50 
TransDigm Group, Inc. (a)   105    68 
         344 
Capital Markets  (2.8%)          
Intercontinental Exchange, Inc.   421    56 
S&P Global, Inc.   130    53 
         109 
Chemicals  (0.9%)          
Ecolab, Inc.   99    17 
Sherwin-Williams Co. (The)   68    17 
         34 
Commercial Services & Supplies  (4.2%)          
Cintas Corp.   47    20 
Copart, Inc. (a)   292    37 
Rollins, Inc.   2,968    104 
         161 
Construction Materials  (1.4%)          
Martin Marietta Materials, Inc.   138    53 
           
Containers & Packaging  (0.4%)          
Ball Corp.   191    17 
           
Distributors  (1.4%)          
Pool Corp.   123    52 
           
Diversified Consumer Services  (1.5%)          
Service Corp. International   865    57 
           
Entertainment  (2.2%)          
Netflix, Inc. (a)   94    35 
Walt Disney Co. (The) (a)   366    50 
         85 
Equity Real Estate Investment Trusts (REITs)  (1.0%)          
American Tower Corp. REIT   154    39 
           
Food & Staples Retailing  (3.8%)          
Costco Wholesale Corp.   251    145 
           
Food Products  (2.9%)          
McCormick & Co., Inc.   194    20 
UTZ Brands, Inc.   6,243    92 
         112 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Health Care Equipment & Supplies  (3.7%)          
IDEXX Laboratories, Inc. (a)   34    19 
Intuitive Surgical, Inc. (a)   404    122 
         141 
Health Care Providers & Services  (1.4%)          
Covetrus, Inc. (a)   3,113    52 
           
Health Care Technology  (3.1%)          
Veeva Systems, Inc., Class A (a)   565    120 
           
Hotels, Restaurants & Leisure  (3.8%)          
Domino's Pizza, Inc.   227    92 
McDonald's Corp.   151    37 
Starbucks Corp.   194    18 
         147 
Household Durables  (1.3%)          
NVR, Inc. (a)   11    49 
           
Industrial Conglomerates  (1.0%)          
Roper Technologies, Inc.   81    38 
           
Insurance  (3.6%)          
Brown & Brown, Inc.   560    40 
Progressive Corp. (The)   856    98 
         138 
Internet & Direct Marketing Retail  (6.5%)          
Amazon.com, Inc. (a)   76    248 
           
Life Sciences Tools & Services  (3.2%)          
Danaher Corp.   302    89 
Thermo Fisher Scientific, Inc.   60    35 
         124 
Metals & Mining  (1.4%)          
Royal Gold, Inc.   382    54 
           
Oil, Gas & Consumable Fuels  (1.5%)          
Texas Pacific Land Corp.   44    60 
           
Pharmaceuticals  (2.9%)          
Royalty Pharma PLC, Class A (United Kingdom)   2,467    96 
Zoetis, Inc.   81    15 
         111 
Professional Services  (1.1%)          
CoStar Group, Inc. (a)   614    41 
           
Semiconductors & Semiconductor Equipment  (5.0%)          
ASML Holding N.V.   288    192 
           
Software  (19.9%)          
Cadence Design Systems, Inc. (a)   117    19 
Constellation Software, Inc.   114    195 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Olo, Inc., Class A (a)   2,856    38 
Procore Technologies, Inc. (a)   672    39 
salesforce.com, Inc. (a)   604    128 
ServiceNow, Inc. (a)   300    167 
Synopsys, Inc. (a)   58    19 
Topicus.com, Inc. (a)   1,350    101 
Tyler Technologies, Inc. (a)   125    56 
         762 
Specialty Retail  (3.1%)          
AutoZone, Inc. (a)   33    67 
Home Depot, Inc. (The)   170    51 
         118 
Trading Companies & Distributors  (1.0%)          
Fastenal Co.   308    18 
Watsco, Inc.   67    21 
         39 
Total Common Stocks (Cost $3,168)        3,642 
           
Investment Company  (1.0%)          
Grayscale Bitcoin Trust (a) (Cost $49)   1,279    39 
           
Short-Term Investment  (2.3%)          
Investment Company  (2.3%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $88)   88,103    88 
Total Investments Excluding Purchased Options (98.3%) (Cost $3,305)        3,769 
Total Purchased Options Outstanding (0.1%) (Cost $12)        2 
Total Investments (98.4%) (Cost $3,317) (c)(d)(e)        3,771 
Other Assets in Excess of Liabilities (1.6%)        62 
Net Assets (100.0%)       $3,833 

 

(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 three months ended March 31, 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(d) Securities are available for collateral in connection with purchased options.
(e) At March 31, 2022, the aggregate cost for federal income tax purposes is approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $583,000 and the aggregate gross unrealized depreciation is approximately $129,000, resulting in net unrealized appreciation of approximately $454,000.
REIT Real Estate Investment Trust.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2022:

 

Counterparty  Description  Strike
Price
  Expiration
Date
  Number of
Contracts
  Notional
Amount
(000)
  Value
(000)
  Premiums
Paid
(000)
  Unrealized
Depreciation
(000)
 
Goldman Sachs International  USD/CNH  CNH 7.27  Nov - 22   876,672   877  $1  $4  $(3)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.28  Jul - 22   827,282   827   1   4   (3)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.31  Aug - 22   384,147   384   —@  3   (3)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.38  Jul - 22   241,439   241   —@  1   (1)
                      $2  $12  $(10)

 

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

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments
 
Others*   59.0%
Software   20.2 
Aerospace & Defense   9.1 
Internet & Direct Marketing Retail   6.6 
Semiconductors & Semiconductor Equipment   5.1 
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

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (96.5%)          
Banks  (11.0%)          
First Republic Bank   50,329   $8,158 
JPMorgan Chase & Co.   46,618    6,355 
SVB Financial Group (a)   14,314    8,008 
         22,521 
Building Products (0.8%)          
Fortune Brands Home & Security, Inc.   21,197    1,575 
           
Capital Markets  (4.6%)          
Ameriprise Financial, Inc.   30,966    9,301 
           
Commercial Services & Supplies  (3.4%)          
Waste Management, Inc.   43,579    6,907 
           
Electric Utilities  (2.7%)          
NextEra Energy, Inc.   65,534    5,551 
           
Equity Real Estate Investment Trusts (REITs)  (4.5%)          
SBA Communications Corp. REIT   10,418    3,585 
STORE Capital Corp. REIT   194,225    5,677 
         9,262 
Food & Staples Retailing  (3.4%)          
Costco Wholesale Corp.   11,943    6,877 
           
Food Products  (1.2%)          
McCormick & Co., Inc.   23,968    2,392 
           
Health Care Equipment & Supplies  (1.3%)          
Edwards Lifesciences Corp. (a)   22,604    2,661 
           
Health Care Technology  (1.5%)          
Veeva Systems, Inc., Class A (a)   14,093    2,994 
           
Hotels, Restaurants & Leisure  (7.1%)          
Domino's Pizza, Inc.   3,332    1,356 
McDonald's Corp.   23,393    5,785 
MGM Resorts International   103,503    4,341 
Planet Fitness, Inc., Class A (a)   35,308    2,983 
         14,465 
Household Durables  (0.3%)          
Lennar Corp., Class A   8,009    650 
           
Information Technology Services  (2.1%)          
Jack Henry & Associates, Inc.   4,748    936 
Mastercard, Inc., Class A   9,340    3,338 
         4,274 
Insurance  (5.5%)          
Brown & Brown, Inc.   91,943    6,645 
Progressive Corp. (The)   41,184    4,694 
         11,339 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

US Core Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d) 

 

Interactive Media & Services  (7.1%)          
Alphabet, Inc., Class A (a)   5,241    14,577 
           
Life Sciences Tools & Services  (7.1%)          
Danaher Corp.   30,139    8,841 
West Pharmaceutical Services, Inc.   13,747    5,646 
         14,487 
Oil, Gas & Consumable Fuels  (6.5%)          
Chevron Corp.   72,860    11,864 
Valero Energy Corp.   13,319    1,352 
         13,216 
Personal Products  (1.8%)          
Estee Lauder Cos., Inc. (The), Class A   13,379    3,643 
           
Software  (8.6%)          
Microsoft Corp.   57,189    17,632 
           
Specialty Retail  (1.3%)          
Home Depot, Inc. (The)   9,202    2,754 
           
Tech Hardware, Storage & Peripherals  (9.2%)          
Apple, Inc.   107,621    18,792 
           
Textiles, Apparel & Luxury Goods  (1.5%)          
Lululemon Athletica, Inc. (a)   8,641    3,156 
           
Trading Companies & Distributors  (4.0%)          
United Rentals, Inc. (a)   22,842    8,114 
Total Common Stocks (Cost $178,355)        197,140 
           
Short-Term Investment  (3.4%)          
Investment Company  (3.4%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $6,998)   6,997,860    6,998 
Total Investments (99.9%) (Cost $185,353)  (c)(d)        204,138 
Other Assets in Excess of Liabilities (0.1%)        283 
Net Assets (100.0%)       $204,421 

 

(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 three months ended March 31, 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(d) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $21,958,000 and the aggregate gross unrealized depreciation is approximately $3,173,000, resulting in net unrealized appreciation of approximately $18,785,000.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments
 
Others*   37.8%
Banks   11.0 
Tech Hardware, Storage & Peripherals   9.2 
Software   8.6 
Interactive Media & Services   7.1 
Life Sciences Tools & Services   7.1 
Hotels, Restaurants & Leisure   7.1 
Oil, Gas & Consumable Fuels   6.5 
Insurance   5.6 
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

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (98.5%)          
Apartments  (12.6%)          
Equity Residential REIT   2,840   $255 
InterRent Real Estate Investment Trust REIT   4,128    53 
Mid-America Apartment Communities, Inc. REIT   1,145    240 
UDR, Inc. REIT   2,530    145 
         693 
Data Centers  (5.9%)          
Digital Realty Trust, Inc. REIT   1,355    192 
GDS Holdings Ltd. ADR (China) (a)   628    25 
Switch, Inc., Class A   3,459    106 
         323 
Free Standing  (5.6%)          
NETSTREIT Corp. REIT   4,174    94 
Realty Income Corp. REIT   3,056    212 
         306 
Health Care  (12.7%)          
Healthpeak Properties, Inc. REIT   5,477    188 
Medical Properties Trust, Inc. REIT   4,435    94 
Welltower, Inc. REIT   4,326    416 
         698 
Industrial  (14.1%)          
LXP Industrial Trust REIT   7,031    110 
ProLogis, Inc. REIT   3,075    497 
Rexford Industrial Realty, Inc. REIT   2,262    169 
         776 
Lodging/Resorts  (2.7%)          
Boyd Gaming Corp.   1,503    99 
Caesars Entertainment, Inc. (a)   666    51 
         150 
Manufactured Homes  (3.9%)          
Sun Communities, Inc. REIT   1,226    215 
           
Office  (2.2%)          
Kilroy Realty Corp. REIT   1,600    122 
           
Self Storage  (12.6%)          
Extra Space Storage, Inc. REIT   1,262    259 
Public Storage REIT   1,104    431 
         690 
Shopping Centers  (10.3%)          
Brixmor Property Group, Inc. REIT   6,149    158 
Kite Realty Group Trust REIT   4,869    111 
RPT Realty REIT   7,831    108 
SITE Centers Corp. REIT   11,294    189 
         566 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

U.S. Focus Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d) 

 

Specialty  (15.9%)          
American Tower Corp. REIT   1,396    351 
Outfront Media, Inc. REIT   4,293    122 
SBA Communications Corp. REIT   1,165    401 
         874 
Total Common Stocks (Cost $5,011)        5,413 
           
Short-Term Investment  (1.6%)          
Investment Company  (1.6%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (b) (Cost $88)   88,423    88 
Total Investments (100.1%) (Cost $5,099)  (c)(d)        5,501 
Liabilities in Excess of Other Assets (-0.1%)        (6)
Net Assets (100.0%)       $5,495 

 

(a) Non-income producing security.
(b) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(d) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $471,000 and the aggregate gross unrealized depreciation is approximately $69,000, resulting in net unrealized appreciation of approximately $402,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition 

 

Classification  Percentage of
Total Investments
 
Specialty   15.9%
Industrial   14.1 
Health Care   12.7 
Apartments   12.6 
Self Storage   12.5 
Others*   10.4 
Shopping Centers   10.3 
Data Centers   5.9 
Free Standing   5.6 
Total Investments   100.0%

 

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

 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

U.S. Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (98.8%)          
Apartments  (13.3%)          
Equity Residential REIT   23,355   $2,100 
Mid-America Apartment Communities, Inc. REIT   9,470    1,984 
UDR, Inc. REIT   35,803    2,054 
         6,138 
Data Centers  (6.5%)          
Digital Realty Trust, Inc. REIT   13,191    1,871 
GDS Holdings Ltd. ADR (China) (a)   3,740    147 
Switch, Inc., Class A   32,648    1,006 
         3,024 
Free Standing  (6.2%)          
Agree Realty Corp. REIT   6,791    451 
NETSTREIT Corp. REIT   25,844    580 
Realty Income Corp. REIT   26,771    1,855 
         2,886 
Health Care  (14.1%)          
Healthpeak Properties, Inc. REIT   54,407    1,868 
Medical Properties Trust, Inc. REIT   36,948    781 
Ventas, Inc. REIT   19,017    1,175 
Welltower, Inc. REIT   28,005    2,692 
         6,516 
Industrial  (15.7%)          
Exeter Industrial Value Fund, LP (b)(c)   7,905,000    324 
LXP Industrial Trust REIT   30,038    471 
ProLogis, Inc. REIT   30,324    4,898 
Rexford Industrial Realty, Inc. REIT   21,088    1,573 
         7,266 
Lodging/Resorts  (1.8%)          
Boyd Gaming Corp.   9,471    623 
Caesars Entertainment, Inc. (a)   2,566    198 
         821 
Manufactured Homes  (3.5%)          
Sun Communities, Inc. REIT   9,154    1,605 
           
Office  (2.3%)          
Kilroy Realty Corp. REIT   13,806    1,055 
           
Regional Malls  (2.6%)          
Simon Property Group, Inc. REIT   9,305    1,224 
           
Self Storage  (14.2%)          
Extra Space Storage, Inc. REIT   8,780    1,805 
Life Storage, Inc. REIT   6,672    937 
Public Storage REIT   9,791    3,821 
         6,563 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

U.S. Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Shopping Centers  (8.8%)          
Brixmor Property Group, Inc. REIT   42,047    1,085 
Kite Realty Group Trust REIT   44,148    1,005 
RPT Realty REIT   45,469    626 
SITE Centers Corp. REIT   81,117    1,356 
         4,072 
Single Family Homes  (2.6%)          
Invitation Homes, Inc. REIT   29,748    1,195 
           
Specialty  (7.2%)          
Iron Mountain, Inc. REIT   18,001    997 
Outfront Media, Inc. REIT   40,092    1,140 
SBA Communications Corp. REIT   1,344    462 
VICI Properties, Inc. REIT   26,706    760 
         3,359 
Total Common Stocks (Cost $39,127)        45,724 
           
Short-Term Investment  (1.4%)          
Investment Company  (1.4%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (d) (Cost $628)   627,968    628 
Total Investments (100.2%) (Cost $39,755) (e)(f)        46,352 
Liabilities in Excess of Other Assets (–0.2%)        (94)
Net Assets (100.0%)       $46,258 

 

(a) Non-income producing security.
(b) At March 31, 2022, the Fund held a fair valued security at approximately $324,000, representing 0.7% 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 March 31, 2022, this security had an aggregate market value of approximately $324,000, representing 0.7% of net assets.
(d) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by less than $500 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(f) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,590,000 and the aggregate gross unrealized depreciation is approximately $993,000, resulting in net unrealized appreciation of approximately $6,597,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments
 
Industrial   15.7%
Self Storage   14.2 
Others*   14.1 
Health Care   14.1 
Apartments   13.2 
Shopping Centers   8.8 
Specialty   7.2 
Data Centers   6.5 
Free Standing   6.2 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Vitality Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

 

   Shares   Value
(000)
 
Common Stocks  (95.4%)          
Biotechnology  (28.0%)          
4D Molecular Therapeutics, Inc. (a)   2,367   $36 
Abcam PLC ADR (United Kingdom) (a)   2,187    40 
Alnylam Pharmaceuticals, Inc. (a)   357    58 
Argenx SE ADR (Belgium) (a)   251    79 
Beam Therapeutics, Inc. (a)   997    57 
C4 Therapeutics, Inc. (a)   1,843    45 
Century Therapeutics, Inc. (a)   1,701    22 
Exact Sciences Corp. (a)   949    66 
Fate Therapeutics, Inc. (a)   1,393    54 
Graphite Bio, Inc. (a)   2,349    12 
Intellia Therapeutics, Inc. (a)   772    56 
Moderna, Inc. (a)   338    58 
Relay Therapeutics, Inc. (a)   1,391    42 
Vertex Pharmaceuticals, Inc. (a)   304    79 
         704 
Health Care Equipment & Supplies  (13.0%)          
Abbott Laboratories   315    37 
Align Technology, Inc. (a)   95    41 
DexCom, Inc. (a)   137    70 
IDEXX Laboratories, Inc. (a)   69    38 
Intuitive Surgical, Inc. (a)   244    74 
iRhythm Technologies, Inc. (a)   99    16 
Quotient Ltd. (a)   23,436    28 
ViewRay, Inc. (a)   5,872    23 
         327 
Health Care Providers & Services  (10.9%)          
Agilon health, Inc. (a)   2,744    70 
Guardant Health, Inc. (a)   1,313    87 
UnitedHealth Group, Inc.   228    116 
         273 
Health Care Technology  (9.6%)          
Doximity, Inc., Class A (a)   847    44 
GoodRx Holdings, Inc., Class A (a)(b)   1,470    29 
Inspire Medical Systems, Inc. (a)   308    79 
Schrodinger, Inc. (a)   1,061    36 
Veeva Systems, Inc., Class A (a)   250    53 
         241 
Internet & Direct Marketing Retail  (1.7%)          
Chewy, Inc., Class A (a)(b)   1,083    44 
           
Life Sciences Tools & Services  (21.8%)          
10X Genomics, Inc., Class A (a)   1,233    94 
AbCellera Biologics, Inc. (Canada) (a)(b)   1,994    19 
Evotec SE ADR (Germany) (a)   2,495    38 
Illumina, Inc. (a)   135    47 
MaxCyte, Inc. (a)   5,065    35 
NanoString Technologies, Inc. (a)   2,430    85 
Rapid Micro Biosystems, Inc. (a)   2,465    17 
Seer, Inc. (a)   1,472    22 
SomaLogic, Inc. (a)   3,418    27 
Stevanato Group SpA (Italy) (a)   2,642    53 
Thermo Fisher Scientific, Inc.   189    112 
         549 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Vitality Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

Pharmaceuticals  (10.4%)          
ATAI Life Sciences N.V. (a)   7,043    36 
Eli Lilly & Co.   293    84 
GH Research PLC (a)(b)   1,000    18 
Royalty Pharma PLC, Class A   1,712    67 
Zoetis, Inc.   302    57 
         262 
Total Common Stocks (Cost $2,933)        2,400 
           
Short-Term Investments  (8.7%)          
Securities held as Collateral on Loaned Securities  (4.4%)          
Investment Company  (4.1%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (c)   103,079    103 

 

   Face
Amount
(000)
     
Repurchase Agreements  (0.3%)        
HSBC Securities USA, Inc., (0.30%, dated 3/31/22, due 4/1/22; proceeds $5; fully collateralized by U.S. Government obligations; 0.00%-3.75% due 4/30/22-5/15/51; valued at $5)  $5    5 
Merrill Lynch & Co., Inc., (0.20%, dated 3/31/22, due 4/1/22; proceeds $1; fully collateralized by a U.S. Government obligation; 0.63% due 10/15/24; valued at $1)   1    1 
         6 
Total Securities held as Collateral on Loaned Securities (Cost $109)        109 

 

   Shares     
Investment Company  (4.3%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $109)   109,328    109 
Total Short-Term Investments (Cost $218)        218 
Total Investments (104.1%) (Cost $3,151) ) Including $110 of Securities Loaned (d)(e)        2,618 
Liabilities in Excess of Other Assets (–4.1%)        (102)
Net Assets (100.0%)       $2,516 

 

(a) Non-income producing security.
(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $110,000 and $115,000, respectively. The Fund received cash collateral of approximately $109,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $6,000 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.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Vitality Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

 

(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 three months ended March 31, 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(e) At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $33,000 and the aggregate gross unrealized depreciation is approximately $566,000, resulting in net unrealized depreciation of approximately $533,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments
 
Biotechnology   28.1%
Life Sciences Tools & Services   21.9 
Health Care Equipment & Supplies   13.0 
Health Care Providers & Services   10.9 
Pharmaceuticals   10.4 
Health Care Technology   9.6 
Others*   6.1 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

 

Notes to the Portfolio of Investments ▪ March 31, 2022 (unaudited)

 

In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate ("LIBOR") and other Interbank Offered Rate (“IBOR”) based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management evaluated the impact of ASU 2020-04 on the Fund's investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform and does not expect there will be any significant impact to the Fund.

 

Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service/vendor approved by the Company's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited (“MSIM Limited”) and Morgan Stanley Investment Management Company (“MSIM Company”) (together, the “Sub-Advisers”), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security’s fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a broker or dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (6) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a broker/dealer or valued by a pricing service/vendor; (7) when market quotations are not readily available, including circumstances under which the Adviser or Sub-Advisers determine that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange (“NYSE”). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (8) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; (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.

 

 

 

The Directors have responsibility for determining in good faith the fair value of the investments, and the Directors may appoint others, such as the Company’s Adviser or a valuation committee, to assist the Directors in determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Company’s Adviser has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Company’s valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Company to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

 

Fair Value Measurement: FASB Accounting Standards CodificationTM ("ASC") 820, "Fair Value Measurement" (“ASC 820”), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below:

 

Level 1 – unadjusted quoted prices in active markets for identical investments

 

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 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  $   $3,239   $   $3,239 
Banks   5,802    2,413        8,215 
Beverages       6,106        6,106 
Biotechnology   2,640            2,640 
Chemicals   1,029    7,234        8,263 
Electrical Equipment       607        607 
Electronic Equipment, Instruments & Components       2,597        2,597 
Energy Equipment & Services   1,910            1,910 
Entertainment   7,525    3,045        10,570 
Food Products       2,933        2,933 
Health Care Equipment & Supplies   3,415    7,676        11,091 
Health Care Providers & Services       1,319        1,319 
Hotels, Restaurants & Leisure   6,149            6,149 
Household Durables   2,525    7,962        10,487 
Household Products       463        463 
Information Technology Services       4,872        4,872 
Insurance       4,066        4,066 
Interactive Media & Services   2,677    3,853        6,530 
Internet & Direct Marketing Retail   12,346    2,195        14,541 
Leisure Products       973        973 
Life Sciences Tools & Services   1,244            1,244 
Machinery       5,169        5,169 
Metals & Mining   22,649    15,612        38,261 
Oil, Gas & Consumable Fuels   2,992    8,562        11,554 
Personal Products   1,478    6,539        8,017 
Pharmaceuticals       19,195        19,195 
Professional Services       4,429        4,429 
Real Estate Management & Development   1,020        @   1,020 
Road & Rail   1,399            1,399 
Semiconductors & Semiconductor Equipment   2,465    10,818        13,283 
Software       1,988        1,988 
Tech Hardware, Storage & Peripherals       5,809        5,809 
Textiles, Apparel & Luxury Goods       3,271        3,271 
Total Common Stocks   79,265    142,945    —@   222,210 
Preferred Stock                    
Biotechnology           1,174    1,174 
Investment Company   752            752 
Call Options Purchased       287        287 
Short-Term Investments                    
Investment Company   2,678            2,678 
Repurchase Agreements       119        119 
Total Short-Term Investments   2,678    119        2,797 
Foreign Currency Forward Exchange Contract       14        14 
Total Assets   82,695    143,365    1,174    227,234 
Liabilities:                    
Foreign Currency Forward Exchange Contracts       (66)       (66)
Total  $82,695   $143,299   $1,174   $227,168 

 

@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 March 31, 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 March 31, 2022:

 

Active International Allocation  Fair Value at
March 31, 2022
(000)
   Valuation
Technique
  Unobservable
Input
  Amount*   Impact to
Valuation from an
Increase in Input**
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.

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Advantage
Assets:
Common Stocks                    
Capital Markets  $8,198   $   $   $8,198 
Entertainment   27,652            27,652 
Health Care Equipment & Supplies   7,248            7,248 
Health Care Technology   26,954            26,954 
Hotels, Restaurants & Leisure   24,329            24,329 
Information Technology Services   124,085    15,319        139,404 
Interactive Media & Services   64,975            64,975 
Internet & Direct Marketing Retail   38,826            38,826 
Life Sciences Tools & Services   5,428            5,428 
Pharmaceuticals   22,086            22,086 
Road & Rail   33,367            33,367 
Semiconductors & Semiconductor Equipment   28,367            28,367 
Software   97,005              —    97,005 
Total Common Stocks   508,520    15,319        523,839 
Investment Company   6,307            6,307 
Call Options Purchased       339        339 
Short-Term Investment                    
Investment Company   5,984            5,984 
Total Assets  $520,811   $15,658   $   $536,469 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Asia Opportunity
Assets:
Common Stocks                    
Banks  $24,010   $55,856   $   $79,866 
Beverages       23,343        23,343 
Chemicals       3,358        3,358 
Construction Materials       6,700        6,700 
Consumer Finance   6,039            6,039 
Diversified Consumer Services       1,180        1,180 
Entertainment   11,393            11,393 
Food Products       20,089        20,089 
Hotels, Restaurants & Leisure   14,949    10,811        25,760 
Household Durables       5,961        5,961 
Insurance       9,956        9,956 
Interactive Media & Services       38,995        38,995 
Internet & Direct Marketing Retail   15,055    20,847        35,902 
Real Estate Management & Development   11,397    5,740        17,137 
Road & Rail   7,146            7,146 
Semiconductors & Semiconductor Equipment       19,211        19,211 
Software   829    3,456        4,285 
Textiles, Apparel & Luxury Goods       8,003                   —    8,003 
Total Common Stocks   90,818    233,506        324,324 
Investment Company   3,835            3,835 
Call Options Purchased       107        107 
Short-Term Investments                    
Investment Company   15,646            15,646 
Repurchase Agreements       211        211 
Total Short-Term Investments   15,646    211        15,857 
Total Assets  $110,299   $233,824   $   $344,123 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
China Equity
Assets:
Common Stocks                    
Banks  $   $436   $   $436 
Beverages       884        884 
Biotechnology       138        138 
Electrical Equipment       225        225 
Entertainment       276        276 
Food Products       559        559 
Health Care Equipment & Supplies       188        188 
Household Durables       235        235 
Interactive Media & Services       1,438        1,438 
Internet & Direct Marketing Retail   201    882        1,083 
Life Sciences Tools & Services       266        266 
Machinery       191        191 
Personal Products       240        240 
Real Estate Management & Development   115            115 
Semiconductors & Semiconductor Equipment       133        133 
Specialty Retail       369        369 
Textiles, Apparel & Luxury Goods       644                   —    644 
Total Common Stocks   316    7,104        7,420 
Warrant       67        67 
Short-Term Investment                    
Investment Company   1,097            1,097 
Total Assets  $1,413   $7,171   $   $8,584 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Counterpoint Global
Assets:
Common Stocks                    
Aerospace & Defense  $79   $112   $   $191 
Air Freight & Logistics       301        301 
Airlines   6            6 
Automobiles   10            10 
Banks   435    40        475 
Beverages   9    182        191 
Biotechnology   99    61        160 
Capital Markets   249            249 
Chemicals   37    66        103 
Commercial Services & Supplies   52    80        132 
Communications Equipment   21            21 
Construction Materials   3    7        10 
Consumer Finance   77            77 
Containers & Packaging   7            7 
Distributors   3            3 
Diversified Consumer Services   41    1        42 
Diversified Financial Services   10    32        42 
Diversified Holding Companies   59            59 
Diversified Telecommunication Services   75            75 
Electrical Equipment   27            27 
Electronic Equipment, Instruments & Components       139        139 
Entertainment   749    81        830 
Equity Real Estate Investment Trusts   3            3 
Food & Staples Retailing   52    50        102 
Food Products   23    79        102 
Health Care Equipment & Supplies   112    98        210 
Health Care Providers & Services   416            416 
Health Care Technology   505            505 
Hotels, Restaurants & Leisure   123    92        215 
Household Durables   201    249        450 
Household Products       26        26 
Industrial Conglomerates   2            2 
Information Technology Services   2,534    259        2,793 
Insurance   76    48        124 
Interactive Media & Services   436    145        581 
Internet & Direct Marketing Retail   1,714    144        1,858 
Leisure Products   84            84 
Life Sciences Tools & Services   229            229 
Machinery   4    35        39 
Marine       54        54 
Media   82            82 
Metals & Mining   71            71 
Multi-Line Retail   8            8 
Multi-Utilities   86            86 
Oil, Gas & Consumable Fuels   30            30 
Personal Products       23        23 
Pharmaceuticals   441    7        448 
Professional Services   27            27 
Real Estate Management & Development   147    5        152 
Road & Rail   407            407 
Semiconductors & Semiconductor Equipment   315    239        554 
Software   2,350    26        2,376 
Specialty Retail   341            341 
Tech Hardware, Storage & Peripherals   10            10 
Textiles, Apparel & Luxury Goods   87    730        817 
Trading Companies & Distributors   9                       —    9 
Transportation Infrastructure   2           2
Total Common Stocks   12,975   3,411        16,386
Preferred Stock                    
Software           41    41 
Investment Companies   169    17        186 
Warrants   1           1
Call Options Purchased       6        6 
Short-Term Investment                    
Investment Company   483            483 
Total Assets   13,628   3,434    41    17,103
Liabilities:                    
Derivative Contracts - PIPE           (6)   (6)
Total  $13,628  $3,434   $35   $17,097

 

Includes one or more security which is valued at zero.

 

 

 

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

 

Counterpoint Global  Preferred
Stock
(000)
   Derivative
Contracts —
PIPE
(000)
 
Beginning Balance  $45   $(—@)
Purchases        
Sales        
PIPE transactions       (6)
Amortization of discount        
Transfers in        
Transfers out        
Corporate actions        
Change in unrealized appreciation (depreciation)   (4)    
Realized gains (losses)        
Ending Balance  $41   $(6)
           
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2022  $(4)  $(6)

 

@Amount 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 March 31, 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
March 31, 2022
(000)
   Valuation
Technique
  Unobservable
Input
  Amount*   Impact to
Valuation from an
Increase in Input**
Preferred Stock  $41   Discounted Cash Flow  Weighted Average Cost of Capital  12.0%  Decrease
           Perpetual Growth Rate  3.5%  Increase
        Market Comparable Companies  Enterprise Value/Revenue  31.0X  Increase
           Discount for Lack of Marketability  11.0%  Decrease
PIPE  $(6)  Market Implied  Discount for Lack of Marketability and Transaction Risk  12.0% - 14.0% / 13.9%   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 March 31, 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  $16,317   $23,780   $   $40,097 
Beverages       6,660        6,660 
Capital Markets   3,305            3,305 
Chemicals       1,908        1,908 
Construction Materials       3,294        3,294 
Consumer Finance   1,945            1,945 
Diversified Consumer Services       582        582 
Entertainment   5,046            5,046 
Food Products       5,332        5,332 
Hotels, Restaurants & Leisure   5,491    3,590        9,081 
Household Durables       1,386        1,386 
Information Technology Services   9,006            9,006 
Interactive Media & Services       15,318        15,318 
Internet & Direct Marketing Retail   18,302    8,434        26,736 
Multi-Line Retail   5,479            5,479 
Real Estate Management & Development   3,772    1,494        5,266 
Road & Rail   3,378            3,378 
Semiconductors & Semiconductor Equipment       9,513        9,513 
Textiles, Apparel & Luxury Goods       2,543        2,543 
Transportation Infrastructure   2,181            2,181 
Total Common Stocks   74,222    83,834        158,056 
Investment Company   1,857            1,857 
Call Options Purchased       37        37 
Short-Term Investment                    
Investment Company   1,674                —    1,674 
Total Assets  $77,753   $83,871   $   $161,624 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Emerging Markets
Assets:
Common Stocks                    
Airlines  $10,655   $   $   $10,655 
Automobiles       18,123        18,123 
Banks   36,740    101,205        137,945 
Beverages       12,393        12,393 
Chemicals       8,232        8,232 
Construction Materials       2,942        2,942 
Consumer Finance       7,200        7,200 
Electrical Equipment       3,869        3,869 
Electronic Equipment, Instruments & Components       18,616        18,616 
Food & Staples Retailing   11,450            11,450 
Food Products       8,632        8,632 
Health Care Providers & Services   2,468            2,468 
Hotels, Restaurants & Leisure   2,763            2,763 
Information Technology Services   17,009    8,955        25,964 
Insurance       4,076        4,076 
Interactive Media & Services       22,205        22,205 
Internet & Direct Marketing Retail   8,539    725        9,264 
Machinery       8,792        8,792 
Metals & Mining       45,128        45,128 
Multi-Line Retail   9,659           9,659
Oil, Gas & Consumable Fuels       21,829        21,829 
Paper & Forest Products       10,581        10,581 
Personal Products       2,171        2,171 
Pharmaceuticals       5,920        5,920 
Semiconductors & Semiconductor Equipment   36,552    79,014        115,566 
Specialty Retail       1,345        1,345 
Tech Hardware, Storage & Peripherals       37,875        37,875 
Textiles, Apparel & Luxury Goods   6,506    19,945        26,451 
Thrifts & Mortgage Finance       11,820                   —    11,820 
Transportation Infrastructure   9,136            9,136 
Total Common Stocks   151,477    461,593       613,070
Short-Term Investment                    
Investment Company   13,432            13,432 
Total Assets  $164,909   $461,593   $  $626,502

 

Includes one or more securities valued at zero.

 

 

 

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

 

Emerging Markets  Common
Stock
(000)
 
Beginning Balance    
Purchases    
Sales    
PIPE transactions    
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 March 31, 2022  $ 

 

Includes one or more securities valued at zero.

 

 

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2022:

 

Emerging Markets  Fair Value at
March 31, 2022
(000)
   Valuation
Technique
  Unobservable
Input
  Amount*   Impact to
Valuation from an
Increase in Input**
Common Stocks  $                0   Market Implied  Expected Recovery Value  $0.00   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 March 31, 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 Fixed Income Opportunities
Assets:
Fixed Income Securities                    
Corporate Bonds  $   $8,336   $30   $8,366 
Sovereign       18,876    34    18,910 
Supranational       205        205 
Total Fixed Income Securities       27,417    64    27,481 
Warrant       4        4 
Short-Term Investments                    
Investment Company   382            382 
Sovereign       427                   —    427 
U.S. Treasury Security       30        30 
Total Short-Term Investments   382    457        839 
Foreign Currency Forward Exchange Contracts       147        147 
Total Assets   382    28,025    64    28,471 
Liabilities:                    
Foreign Currency Forward Exchange Contracts       (246)       (246)
Total  $382   $27,779   $64   $28,225 

 

 

 

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

 

Emerging Markets Fixed Income Opportunities  Fixed
Income
(000)
 
Beginning Balance  $ 
Purchases    
Sales    
Amortization of discount    
Transfers in   64 
Transfers out    
Corporate actions    
Change in unrealized appreciation (depreciation)    
Realized gains (losses)    
Ending Balance  $64 
      
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2022  $ 

 

 

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2022. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

 

Emerging Markets Fixed Income Opportunities  Fair Value at
March 31, 2022
(000)
   Valuation
Technique
  Unobservable
Input
  Amount*   Impact to
Valuation from an
Increase in Input**
 
Corporate Bond  $30   Market Implied  Expected Recovery Value  $10.00   Increase 
Sovereign  $34   Market Implied  Expected Recovery Value  $0.04   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 March 31, 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  $   $5,063   $   $5,063 
Banks       33,780        33,780 
Beverages       9,871        9,871 
Capital Markets       7,200        7,200 
Chemicals       29,498        29,498 
Consumer Finance       28,827        28,827 
Diversified Financial Services       1,009        1,009 
Electrical Equipment       15,651        15,651 
Entertainment   13,393            13,393 
Household Durables       5,614        5,614 
Information Technology Services   37,372    7,819        45,191 
Internet & Direct Marketing Retail   26,344    11,953        38,297 
Personal Products       12,033        12,033 
Semiconductors & Semiconductor Equipment   24,673    44,870        69,543 
Software   1,122    10,411        11,533 
Textiles, Apparel & Luxury Goods   11,833    23,674               —    35,507 
Total Common Stocks   114,737    247,273        362,010 
Short-Term Investment                    
Investment Company   26,467            26,467 
Total Assets  $141,204   $247,273   $   $388,477 

 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Global Concentrated
Assets:
Common Stocks                    
Automobiles  $6,388   $   $   $6,388 
Banks   17,778            17,778 
Capital Markets   5,169            5,169 
Commercial Services & Supplies   4,199            4,199 
Electric Utilities   3,510            3,510 
Entertainment   2,919            2,919 
Equity Real Estate Investment Trusts (REITs)   5,979            5,979 
Food & Staples Retailing   4,771            4,771 
Hotels, Restaurants & Leisure   4,365            4,365 
Information Technology Services   2,933            2,933 
Interactive Media & Services   4,220            4,220 
Life Sciences Tools & Services   6,624            6,624 
Personal Products   2,258            2,258 
Semiconductors & Semiconductor Equipment   6,127            6,127 
Software   9,354            9,354 
Textiles, Apparel & Luxury Goods   8,419            8,419 
Trading Companies & Distributors   5,860                   —                   —    5,860 
Total Common Stocks   100,873            100,873 
Investment Company   219            219 
Short-Term Investment                    
Investment Company   563            563 
Total Assets  $101,655   $   $   $101,655 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Global Core
Assets:
Common Stocks                    
Airlines  $143   $   $   $143 
Automobiles   844            844 
Banks   2,742            2,742 
Beverages   733            733 
Building Products   184            184 
Capital Markets   702            702 
Construction Materials   599            599 
Diversified Telecommunication Services   353            353 
Electric Utilities   587            587 
Entertainment   535            535 
Equity Real Estate Investment Trusts (REITs)   810            810 
Health Care Equipment & Supplies   208            208 
Health Care Technology   127            127 
Hotels, Restaurants & Leisure   1,034            1,034 
Information Technology Services   528            528 
Insurance   275            275 
Interactive Media & Services   684            684 
Internet & Direct Marketing Retail   287            287 
Life Sciences Tools & Services   901            901 
Multi-Line Retail   368            368 
Oil, Gas & Consumable Fuels   1,390            1,390 
Personal Products   518            518 
Professional Services   457            457 
Semiconductors & Semiconductor Equipment   850            850 
Software   1,484            1,484 
Tech Hardware, Storage & Peripherals   1,832            1,832 
Textiles, Apparel & Luxury Goods   656    935        1,591 
Trading Companies & Distributors   397            397 
Total Common Stocks   20,228    935        21,163 
Short-Term Investment                    
Investment Company   130                  —    130 
Total Assets  $20,358   $935   $   $21,293 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Global Endurance    
Assets:    
Common Stocks                    
Aerospace & Defense  $   $4,263   $   $4,263 
Entertainment   728            728 
Health Care Equipment & Supplies       654        654 
Health Care Technology   2,947            2,947 
Hotels, Restaurants & Leisure   792    1,326        2,118 
Household Durables   4,378    4,065        8,443 
Information Technology Services   6,026            6,026 
Interactive Media & Services   1,025            1,025 
Internet & Direct Marketing Retail   2,913            2,913 
Media   2,309            2,309 
Pharmaceuticals   2,462            2,462 
Real Estate Management & Development   1,584            1,584 
Software   13,487                       —    13,487 
Specialty Retail   6,987            6,987 
Total Common Stocks   45,638    10,308        55,946 
Short-Term Investment                    
Investment Company   4,255            4,255 
Total Assets   49,893    10,308        60,201 
Liabilities:                    
Derivative Contract —PIPE           (30)   (30)
Total  $49,893   $10,308   $(30)  $60,171 

 

 

 

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

 

Global Endurance  Derivative
Contract —
PIPE
(000)
 
Beginning Balance  $ 
Purchases    
Sales    
PIPE transactions   (30)
Amortization of discount    
Transfers in    
Transfers out    
Corporate actions    
Change in unrealized appreciation (depreciation)    
Realized gains (losses)    
Ending Balance  $(30)
      
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2022  $(30)

 

 

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2022:

 

Global Endurance  Fair Value at
March 31, 2022
(000)
   Valuation
Technique
  Unobservable
Input
  Amount*   Impact to
Valuation from an
Increase in Input**
 
PIPE  $(30)  Market Implied  Discount for Lack of Marketability and Transaction Risk   14.0%   Decrease 

 

 

*   Amount is indicative of the weighted average.

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

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Global Focus Real Estate
Assets:
Common Stocks                    
Diversified  $218   $631   $   $849 
Health Care   383    94        477 
Industrial   440    227        667 
Lodging/Resorts   113            113 
Office   250    210        460 
Residential   674    109        783 
Retail   591    50        641 
Self Storage   437    58        495 
Specialty   524                       —    524 
Total Common Stocks   3,630    1,379        5,009 
Short-Term Investment                    
Investment Company   95            95 
Total Assets  $3,725   $1,379   $   $5,104 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Global Franchise
Assets:
Common Stocks                    
Beverages  $67,354   $155,479   $   $222,833 
Capital Markets   183,749            183,749 
Health Care Equipment & Supplies   439,688            439,688 
Household Products   123,351    228,029        351,380 
Industrial Conglomerates   78,711            78,711 
Information Technology Services   637,767            637,767 
Life Sciences Tools & Services   358,763            358,763 
Machinery   52,043            52,043 
Personal Products   49,396    70,093        119,489 
Pharmaceuticals   41,404            41,404 
Professional Services   19,438    123,739        143,177 
Software   335,745    159,095        494,840 
Textiles, Apparel & Luxury Goods   56,084    76,362        132,446 
Tobacco   294,330                 —    294,330 
Total Common Stocks   2,737,823    812,797        3,550,620 
Short-Term Investment                    
Investment Company   75,765            75,765 
Total Assets  $2,813,588   $812,797   $   $3,626,385 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Global Infrastructure
Assets:
Common Stocks                    
Airports  $9,050   $6,210   $   $15,260 
Communications   39,554    19,627        59,181 
Diversified   4,438    16,325        20,763 
Electricity Transmission & Distribution   26,764    24,806        51,570 
Oil & Gas Storage & Transportation   101,573    18,184        119,757 
Railroads   6,783    1,186        7,969 
Renewables       1,762        1,762 
Toll Roads       13,463        13,463 
Utilities   18,556            18,556 
Water   4,010    4,931            —    8,941 
Total Common Stocks   210,728    106,494        317,222 
Short-Term Investments                    
Investment Company   7,918            7,918 
Repurchase Agreements       424        424 
Total Short-Term Investments   7,918    424        8,342 
Total Assets  $218,646   $106,918   $   $325,564 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Global Insight
Assets:
Common Stocks                    
Banks  $1,760   $   $               —   $1,760 
Biotechnology   1,717            1,717 
Capital Markets   2,489            2,489 
Chemicals   412            412 
Diversified Financial Services       2,543        2,543 
Diversified Holding Companies   1,030            1,030 
Electrical Equipment   995            995 
Entertainment   12,334            12,334 
Health Care Providers & Services   6,460            6,460 
Health Care Technology   5,512            5,512 
Information Technology Services   34,113    9,523        43,636 
Interactive Media & Services   2,572            2,572 
Internet & Direct Marketing Retail   25,072    3,927        28,999 
Life Sciences Tools & Services   2,556            2,556 
Pharmaceuticals   9,295            9,295 
Road & Rail   5,118            5,118 
Semiconductors & Semiconductor Equipment   8,769            8,769 
Software   24,936    981        25,917 
Total Common Stocks   145,140    16,974        162,114 
Preferred Stock                    
Software           33    33 
Investment Company   2,009            2,009 
Call Options Purchased       143        143 
Short-Term Investments                    
Investment Company   6,471            6,471 
Repurchase Agreements       183        183 
Total Short-Term Investments   6,471    183        6,654 
Total Assets   153,620    17,300    33    170,953 
Liabilities:                    
Derivative Contract — PIPE           (102)   (102)
Total  $153,620   $17,300   $(69)  $170,851 

 

 

 

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

 

Global Insight  Preferred
Stock
(000)
   Derivative
Contract —
PIPE
(000)
 
Beginning Balance  $30   $ 
Purchases        
Sales        
PIPE transactions       (102)
Amortization of discount        
Transfers in        
Transfers out        
Corporate actions        
Change in unrealized appreciation (depreciation)   3     
Realized gains (losses)        
Ending Balance  $33   $(102)
           
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2022  $3   $(102)

 

 

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2022. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

 

Global Insight  Fair Value at
March 31, 2022
(000)
   Valuation
Technique
  Unobservable
Input
  Amount*   Impact to
Valuation from an
Increase in Input**
Preferred Stock  $33   Discounted Cash Flow  Weighted Average Cost of Capital   13.0%  Decrease
           Perpetual Growth Rate   3.5%  Increase
        Market Comparable Companies  Enterprise Value/Revenue   10.0X  Increase
           Discount for Lack of Marketability   12.0%  Decrease
                    
PIPE  $(102)  Market Implied  Discount for Lack of Marketability and Transaction Risk   14.0%  Decrease

 

 

*   Amount is indicative of the weighted average.

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

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Global Opportunity
Assets:
Common Stocks                    
Air Freight & Logistics  $   $287,690   $               —   $287,690 
Banks   147,303    317,967        465,270 
Beverages       18,463        18,463 
Electronic Equipment, Instruments & Components       77,624       77,624
Entertainment   379,049            379,049 
Food Products       25,287        25,287 
Health Care Providers & Services   55,297            55,297 
Hotels, Restaurants & Leisure   68,240            68,240 
Information Technology Services   848,413    29,809        878,222 
Interactive Media & Services   206,838    104,261        311,099 
Internet & Direct Marketing Retail   811,238    136,674        947,912 
Real Estate Management & Development   19,653            19,653 
Road & Rail   370,695            370,695 
Software   653,034            653,034 
Textiles, Apparel & Luxury Goods       331,222        331,222 
Total Common Stocks   3,559,760    1,328,997       4,888,757
Investment Company   51,643            51,643 
Call Options Purchased       331        331 
Short-Term Investment                    
Investment Company   143,499               —    143,499 
Total Assets  $3,754,902   $1,329,328   $  $5,084,230

 

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 March 31, 2022  $  $ 

 

Includes a security valued at zero.

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Global Permanence
Assets:
Common Stocks                    
Aerospace & Defense  $176   $   $   $176 
Banks   215            215 
Beverages       78        78 
Capital Markets   217            217 
Chemicals   24    50        74 
Commercial Services & Supplies   131    249        380 
Entertainment       130        130 
Food & Staples Retailing   134            134 
Food Products   49            49 
Health Care Equipment & Supplies   113            113 
Health Care Technology   112            112 
Hotels, Restaurants & Leisure   50            50 
Household Durables       61        61 
Insurance   181            181 
Internet & Direct Marketing Retail   329            329 
Life Sciences Tools & Services   46            46 
Metals & Mining   136            136 
Oil, Gas & Consumable Fuels   78            78 
Personal Products       74        74 
Pharmaceuticals   245            245 
Real Estate Management & Development   73            73 
Road & Rail   254            254 
Semiconductors & Semiconductor Equipment   353            353 
Software   808            808 
Textiles, Apparel & Luxury Goods       551                 —    551 
Total Common Stocks   3,724    1,193        4,917 
Call Options Purchased       2        2 
Investment Companies   43    52        95 
Short-Term Investment                    
Investment Company   39                     —    39 
Total Assets  $3,806   $1,247   $   $5,053 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Global Real Estate
Assets:
Common Stocks                    
Diversified  $2,641   $10,186   $   $12,827 
Health Care   6,042            6,042 
Industrial   7,319    3,090    76    10,485 
Industrial/Office Mixed       248        248 
Lodging/Resorts   922    291        1,213 
Office   1,790    4,409        6,199 
Residential   9,736    2,433    43    12,212 
Retail   6,924    1,615        8,539 
Self Storage   5,976    839        6,815 
Specialty   1,796            1,796 
Total Common Stocks   43,146    23,111    119    66,376 
Short-Term Investments                    
Investment Company   286            286 
Repurchase Agreements       17        17 
Total Short-Term Investments   286    17        303 
Total Assets  $43,432   $23,128   $119   $66,679 

 

 

 

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)   (48)
Realized gains (losses)    
Ending Balance  $119 
      
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2022  $(48)

 

 

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2022. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

 

Global Real Estate  Fair Value at
March 31, 2022
(000)
   Valuation
Technique
  Unobservable
Input
  Amount*   Impact to
Valuation from an
Increase in Input**
Common Stocks  $119   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 March 31, 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  $937   $   $   $937 
Capital Markets   3,945    1,909        5,854 
Electronic Equipment, Instruments & Components   1,721            1,721 
Health Care Equipment & Supplies   14,513            14,513 
Household Products   2,442    4,920        7,362 
Industrial Conglomerates   1,997            1,997 
Information Technology Services   15,441            15,441 
Insurance       3,270        3,270 
Interactive Media & Services   3,165            3,165 
Life Sciences Tools & Services   9,883            9,883 
Machinery   3,268    743        4,011 
Personal Products   1,101    1,469        2,570 
Pharmaceuticals   970            970 
Professional Services   577    2,027        2,604 
Semiconductors & Semiconductor Equipment   4,181            4,181 
Software   10,571    4,282        14,853 
Textiles, Apparel & Luxury Goods   1,555            1,555 
Total Common Stocks   76,267    18,620        94,887 
Short-Term Investment                    
Investment Company   2,773              —    2,773 
Total Assets  $79,040   $18,620   $   $97,660 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Growth
Assets:
Common Stocks                    
Automobiles  $49,243   $   $   $49,243 
Biotechnology   73,325            73,325 
Capital Markets   166,521            166,521 
Chemicals   27,589            27,589 
Consumer Finance   49,256            49,256 
Electronic Equipment, Instruments & Components              
Entertainment   555,566            555,566 
Health Care Equipment & Supplies   59,328            59,328 
Health Care Providers & Services   284,141            284,141 
Health Care Technology   500,727            500,727 
Hotels, Restaurants & Leisure   276,221            276,221 
Information Technology Services   2,790,485    205,325        2,995,810 
Interactive Media & Services   618,165            618,165 
Internet & Direct Marketing Retail   1,341,254            1,341,254 
Leisure Products   56,446            56,446 
Life Sciences Tools & Services   226,579            226,579 
Pharmaceuticals   417,238            417,238 
Road & Rail   281,168            281,168 
Semiconductors & Semiconductor Equipment   296,687            296,687 
Software   2,165,459    32,132        2,197,591 
Specialty Retail   195,233            195,233 
Total Common Stocks   10,430,631    237,457       10,668,088
Preferred Stock                    
Software           128,463    128,463 
Call Options Purchased       6,526        6,526 
Investment Company   129,086            129,086 
Short-Term Investments                    
Investment Company   277,390            277,390 
Repurchase Agreements       2,841        2,841 
Total Short-Term Investments   277,390    2,841        280,231 
Total Assets   10,837,107    246,824    128,463   11,212,394
Liabilities:                    
Derivative Contract — PIPE           (5,811)   (5,811)
Total  $10,837,107   $246,824   $122,652  $11,206,583

 

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)
   Derivative
Contract —
PIPE
(000)
 
Beginning Balance  $   $139,951  $ 
Purchases            
Sales            
PIPE transaction           (5,811)
Amortization of discount            
Transfers in           
Transfers out        (— )†    
Corporate actions            
Change in unrealized appreciation (depreciation)       (11,488)    
Realized gains (losses)            
Ending Balance  $  $128,463   $(5,811)
                
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2022  $        —   $(11,488)  $(5,811)

 

Includes a security valued at zero.

 

 

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2022. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

 

Growth  Fair Value at
March 31, 2022
(000)
   Valuation
Technique
  Unobservable
Input
  Amount*   Impact to
Valuation from an
Increase in Input**
 
Preferred Stock  $128,463   Discounted Cash Flow  Weighted Average Cost of Capital  12.0%  Decrease 
           Perpetual Growth Rate  3.5%  Increase 
        Market Comparable Companies  Enterprise Value/Revenue  31.0X  Increase 
           Discount for Lack of Marketability  11.0%  Decrease 
                    
PIPE  $(5,811)  Market Implied  Discount for Lack of Marketability and Transaction Risk  14.0%  Decrease 

 

 

*   Amount is indicative of the weighted average.

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

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Inception
Assets:
Common Stocks                    
Airlines  $2,977   $   $   $2,977 
Beverages   4,323            4,323 
Biotechnology   26,716    12,698        39,414 
Chemicals   4,567            4,567 
Communications Equipment   10,481            10,481 
Consumer Finance   19,001            19,001 
Diversified Consumer Services   18,101            18,101 
Diversified Holding Companies   22,088            22,088 
Diversified Telecommunication Services   36,199            36,199 
Electrical Equipment   4,723            4,723 
Health Care Equipment & Supplies   29,742    5,483        35,225 
Health Care Providers & Services   87,635            87,635 
Health Care Technology   33,295            33,295 
Hotels, Restaurants & Leisure   8,403            8,403 
Household Durables   13,001    15,734        28,735 
Information Technology Services   63,783            63,783 
Insurance   4,612            4,612 
Interactive Media & Services   17,126            17,126 
Internet & Direct Marketing Retail   68,256            68,256 
Leisure Products   12,263            12,263 
Life Sciences Tools & Services   56,799            56,799 
Machinery   2,216            2,216 
Media   7,941            7,941 
Metals & Mining   12,121            12,121 
Pharmaceuticals   6,993            6,993 
Professional Services   11,436            11,436 
Real Estate Management & Development   25,098            25,098 
Software   157,244            157,244 
Specialty Retail   10,057            10,057 
Tech Hardware, Storage & Peripherals   4,874            4,874 
Textiles, Apparel & Luxury Goods   9,319            9,319 
Trading Companies & Distributors   3,176            3,176 
Total Common Stocks   794,566    33,915        828,481 
Preferred Stocks                    
Health Care Technology           7,192    7,192 
Software           6,205    6,205 
Total Preferred Stocks           13,397    13,397 
Investment Company   9,714            9,714 
Warrants   260            260 
Call Options Purchased       669        669 
Short-Term Investments                    
Investment Company   64,469            64,469 
Repurchase Agreements       2,867        2,867 
Total Short-Term Investments   64,469    2,867        67,336 
Total Assets   869,009    37,451    13,397    919,857 
Liabilities:                    
Derivative Contracts - PIPE           (591)   (591)
Total  $869,009   $37,451   $12,806   $919,266 

 

 

 

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

 

Inception  Preferred
Stocks
(000)
   Derivative
Contracts —
PIPE
(000)
 
Beginning Balance  $13,361   $(93)
Purchases        
Sales        
PIPE transactions       (498)
Amortization of discount        
Transfers in        
Transfers out        
Corporate actions        
Change in unrealized appreciation (depreciation)   36     
Realized gains (losses)        
Ending Balance  $13,397   $(591)
           
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2022  $36   $(498)

 

 

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2022. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

 

Inception  Fair Value at
March 31, 2022
(000)
   Valuation
Technique
  Unobservable
Input
  Amount or Range/
Weighted Average*
   Impact to
Valuation from an
Increase in Input**
Preferred Stocks  $13,397   Discounted Cash Flow  Weighted Average Cost of Capital  12.0% - 14.5% / 13.3%   Decrease
           Perpetual Growth Rate  3.0% - 4.0% / 3.5%   Increase
        Market Comparable Companies  Enterprise Value/Revenue  0.5x - 26.1x / 6.9x   Increase
           Discount for Lack of Marketability  12.0% - 13.0% / 12.5%   Decrease
        Comparable Transactions  Enterprise Value/Revenue  3.8x   Increase
                 
PIPE  $(591)  Market Implied  Discount for Lack of Marketability and Transaction Risk  12.0% -14.0% / 13.6%   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 March 31, 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  $   $411,485   $   $411,485 
Banks       314,920        314,920 
Beverages       319,815        319,815 
Biotechnology       55,570        55,570 
Capital Markets   254,724            254,724 
Chemicals       116,755        116,755 
Electronic Equipment, Instruments & Components       212,469        212,469 
Food & Staples Retailing       89,462        89,462 
Food Products        205,000        205,000 
Health Care Equipment & Supplies       149,951        149,951 
Hotels, Restaurants & Leisure       78,803        78,803 
Household Products       63,700        63,700 
Information Technology Services   110,355    158,790        269,145 
Insurance       107,874        107,874 
Interactive Media & Services       130,918        130,918 
Internet & Direct Marketing Retail   170,911    13,472        184,383 
Machinery       54,773        54,773 
Marine       122,325        122,325 
Multi-Utilities   222,237            222,237 
Road & Rail   49,618            49,618 
Semiconductors & Semiconductor Equipment   248,811    299,830        548,641 
Textiles, Apparel & Luxury Goods   150,657    864,270        1,014,927 
Total Common Stocks   1,207,313    3,770,182        4,977,495 
Investment Company   40,848            40,848 
Call Options Purchased       252        252 
Short-Term Investments                    
Investment Company   392,839            392,839 
Repurchase Agreements       316                  —    316 
Total Short-Term Investments   392,839    316        393,155 
Total Assets  $1,641,000   $3,770,750   $   $5,411,750 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
International Equity
Assets:
Common Stocks                    
Aerospace & Defense  $   $88,202   $   $88,202 
Air Freight & Logistics       40,675        40,675 
Auto Components       8,519        8,519 
Banks       67,881        67,881 
Beverages       123,623        123,623 
Biotechnology       24,983        24,983 
Capital Markets       82,007        82,007 
Diversified Financial Services       11,710        11,710 
Electrical Equipment       24,453        24,453 
Electronic Equipment, Instruments & Components       32,111        32,111 
Food Products       59,562        59,562 
Health Care Equipment & Supplies       27,530        27,530 
Health Care Providers & Services       40,408        40,408 
Hotels, Restaurants & Leisure       13,003        13,003 
Household Products       89,015        89,015 
Information Technology Services       25,044        25,044 
Insurance       180,963        180,963 
Interactive Media & Services       34,073        34,073 
Life Sciences Tools & Services       11,131        11,131 
Machinery       71,734        71,734 
Metals & Mining   51,467            51,467 
Oil, Gas & Consumable Fuels   14,498    24,002        38,500 
Personal Products       61,680        61,680 
Pharmaceuticals       178,219        178,219 
Professional Services       81,775        81,775 
Semiconductors & Semiconductor Equipment   48,375    26,393        74,768 
Software   62,675    58,844        121,519 
Tech Hardware, Storage & Peripherals       27,251        27,251 
Textiles, Apparel & Luxury Goods       110,941        110,941 
Tobacco       63,513              —    63,513 
Total Common Stocks   177,015    1,689,245        1,866,260 
Short-Term Investment                    
Investment Company   35,341            35,341 
Total Assets  $212,356   $1,689,245   $   $1,901,601 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
International Opportunity
Assets:
Common Stocks                    
Air Freight & Logistics  $   $185,723   $   $185,723 
Banks   146,837    223,417        370,254 
Beverages       19,570        19,570 
Biotechnology       36,864        36,864 
Electronic Equipment, Instruments & Components       77,577        77,577 
Entertainment   147,240    12,863        160,103 
Food & Staples Retailing       92,232        92,232 
Food Products       44,348        44,348 
Hotels, Restaurants & Leisure   58,288    66,775        125,063 
Information Technology Services   199,017    87,132        286,149 
Interactive Media & Services       160,604        160,604 
Internet & Direct Marketing Retail   329,282    133,219        462,501 
Machinery       46,961        46,961 
Multi-Line Retail   49,315            49,315 
Road & Rail   42,587            42,587 
Semiconductors & Semiconductor Equipment       142,959        142,959 
Textiles, Apparel & Luxury Goods   66,424    343,948        410,372 
Total Common Stocks   1,038,990    1,674,192        2,713,182 
Investment Company   31,302            31,302 
Call Options Purchased       415        415 
Short-Term Investments                    
Investment Company   89,319            89,319 
Repurchase Agreements       563              —    563 
Total Short-Term Investments   89,319    563        89,882 
Total Assets  $1,159,611   $1,675,170   $   $2,834,781 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Multi-Asset Real Return
Assets:
Common Stocks                    
Commercial Services & Supplies  $4   $   $   $4 
Diversified Financial Services   15            15 
Equity Real Estate Investment Trusts (REITs)   6,698            6,698 
Insurance   4            4 
Metals & Mining   2,079    1,226        3,305 
Real Estate Management & Development   26            26 
Total Common Stocks   8,826    1,226        10,052 
U.S. Treasury Securities       11,095        11,095 
Short-Term Investments                    
Investment Company   15,476            15,476 
Repurchase Agreements       1        1 
Total Short-Term Investments   15,476    1        15,477 
Foreign Currency Forward Exchange Contract       5        5 
Futures Contracts   6            6 
Interest Rate Swap Agreements       1,131        1,131 
Total Assets   24,308    13,458        37,766 
Liabilities:                    
Foreign Currency Forward Exchange Contract       (2)       (2)
Futures Contracts   (609)                —    (609)
Interest Rate Swap Agreements       (438)       (438)
Total Liabilities   (609)   (440)       (1,049)
Total  $23,699   $13,018   $   $36,717 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
Next Gen Emerging Markets
Assets:
Common Stocks                    
Banks  $   $6,526   $   $6,526 
Entertainment   2,334    1,876        4,210 
Food Products       3,987        3,987 
Information Technology Services   7,643    3,305        10,948 
Internet & Direct Marketing Retail   3,935            3,935 
Metals & Mining       7,345        7,345 
Multi-Line Retail              
Oil, Gas & Consumable Fuels   1,905    872        2,777 
Paper & Forest Products       1,288        1,288 
Personal Products       2,101        2,101 
Software   4,707    1,940        6,647 
Specialty Retail       4,201        4,201 
Textiles, Apparel & Luxury Goods       2,251        2,251 
Wireless Telecommunication Services       3,603            —    3,603 
Total Common Stocks   20,524    39,295       59,819
Short-Term Investment                    
Investment Company   449            449 
Total Assets  $20,973   $39,295   $  $60,268

 

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:

 

Next Gen Emerging Markets  Common
Stock
(000)
 
Beginning Balance  $ 
Purchases    
Sales    
Amortization of discount    
Transfers in   
Transfers out    
Corporate actions    
Change in unrealized appreciation (depreciation)    
Realized gains (losses)        — 
Ending Balance  $
      
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2022  $ 

 

Includes a security valued at zero.

 

 

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2022:

 

Next Gen Emerging Markets  Fair Value at
March 31, 2022
(000)
   Valuation
Technique
  Unobservable
Input
  Amount*   Impact to
Valuation from an
Increase in Input**
 
Common Stock  $0   Market Implied  Expected Recovery Value  $0.00    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 March 31, 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  $344   $   $   $344 
Capital Markets   109            109 
Chemicals   34            34 
Commercial Services & Supplies   161            161 
Construction Materials   53            53 
Containers & Packaging   17            17 
Distributors   52            52 
Diversified Consumer Services   57            57 
Entertainment   85            85 
Equity Real Estate Investment Trusts   39            39 
Food & Staples Retailing   145            145 
Food Products   112            112 
Health Care Equipment & Supplies   141            141 
Health Care Providers & Services   52            52 
Health Care Technology   120            120 
Hotels, Restaurants & Leisure   147            147 
Household Durables   49            49 
Industrial Conglomerates   38            38 
Insurance   138            138 
Internet & Direct Marketing Retail   248            248 
Life Sciences Tools & Services   124            124 
Metals & Mining   54            54 
Oil, Gas & Consumable Fuels   60            60 
Pharmaceuticals   111            111 
Professional Services   41            41 
Semiconductors & Semiconductor Equipment   192            192 
Software   762            762 
Specialty Retail   118            118 
Trading Companies & Distributors   39            39 
Total Common Stocks   3,642            3,642 
Investment Company   39            39 
Call Options Purchased       2          —    2 
Short-Term Investment                    
Investment Company   88            88 
Total Assets  $3,769   $2   $   $3,771 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
US Core
Assets:
Common Stocks                    
Banks  $22,521   $   $   $22,521 
Building Products   1,575            1,575 
Capital Markets   9,301            9,301 
Commercial Services & Supplies   6,907            6,907 
Electric Utilities   5,551            5,551 
Equity Real Estate Investment Trusts (REITs)   9,262            9,262 
Food & Staples Retailing   6,877            6,877 
Food Products   2,392            2,392 
Health Care Equipment & Supplies   2,661            2,661 
Health Care Technology   2,994            2,994 
Hotels, Restaurants & Leisure   14,465            14,465 
Household Durables   650            650 
Information Technology Services   4,274            4,274 
Insurance   11,339            11,339 
Interactive Media & Services   14,577            14,577 
Life Sciences Tools & Services   14,487            14,487 
Oil, Gas & Consumable Fuels   13,216            13,216 
Personal Products   3,643            3,643 
Software   17,632            17,632 
Specialty Retail   2,754            2,754 
Tech Hardware, Storage & Peripherals   18,792            18,792 
Textiles, Apparel & Luxury Goods   3,156            3,156 
Trading Companies & Distributors   8,114            8,114 
Total Common Stocks   197,140               —    197,140 
Short-Term Investment                    
Investment Company   6,998            6,998 
Total Assets  $204,138   $   $   $204,138 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(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  $693   $   $   $693 
Data Centers   323            323 
Free Standing   306            306 
Health Care   698            698 
Industrial   776            776 
Lodging/Resorts   150            150 
Manufactured Homes   215            215 
Office   122            122 
Self Storage   690            690 
Shopping Centers   566            566 
Specialty   874              —    874 
Total Common Stocks   5,413            5,413 
Short-Term Investment                    
Investment Company   88            88 
Total Assets  $5,501   $   $   $5,501 

 

 

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)
   Level 2
Other
significant
observable
inputs
(000)
   Level 3
Significant
unobservable
inputs
(000)
   Total
(000)
 
U.S. Real Estate
Assets:
Common Stocks                    
Apartments  $6,138   $   $   $6,138 
Data Centers   3,024            3,024 
Free Standing   2,886            2,886 
Health Care   6,516            6,516 
Industrial   6,942        324    7,266 
Lodging/Resorts   821            821 
Manufactured Homes   1,605            1,605 
Office   1,055            1,055 
Regional Malls   1,224            1,224 
Self Storage   6,563            6,563 
Shopping Centers   4,072            4,072 
Single Family Homes   1,195            1,195 
Specialty   3,359            3,359 
Total Common Stocks   45,400        324    45,724 
Short-Term Investment                    
Investment Company   628               —        628 
Total Assets  $46,028   $   $324   $46,352 

 

 

 

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 March 31, 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 March 31, 2022.

 

U.S. Real Estate  Fair Value at
March 31, 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 March 31, 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  $704   $   $   $704 
Health Care Equipment & Supplies   327            327 
Health Care Providers & Services   273            273 
Health Care Technology   241            241 
Internet & Direct Marketing Retail   44            44 
Life Sciences Tools & Services   549            549 
Pharmaceuticals   262                  —    262 
Total Common Stocks   2400            2,400 
Short-Term Investments                    
Investment Company   212            212 
Repurchase Agreements       6        6 
Total Short-Term Investments   212    6        218 
Total Assets  $2,612   $6   $   $2,618 

 

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