Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks (98.9%)
Brazil (1.8%)
Itau Unibanco Holding SA (Preference) ADR		372,299	$	1,813
Vale SA		89,697		1,421
				3,234
Canada (5.5%)
Agnico Eagle Mines Ltd.		36,511		1,861
Cameco Corp.		11,173		293
Canadian National Railway Co. (a)		27,062		3,193
First Quantum Minerals Ltd. (a)		110,884		2,549
Teck Resources Ltd., Class B		47,789		1,744
				9,640
China (8.0%)
Alibaba Group Holding Ltd. ADR (b)		79,831		8,157
China Resources Beer Holdings Co. Ltd. (c)		130,000		1,044
JD.com, Inc., Class A (c)		2,469		54
Meituan, Class B (b)(c)		5,010		91
Tencent Holdings Ltd. (c)		49,800		2,434
Tencent Holdings Ltd. ADR		50,084		2,448
				14,228
Denmark (2.3%)
Novo Nordisk AS Series B		25,713		4,084
France (9.5%)
Air Liquide SA		7,756		1,298
Airbus SE		24,825		3,316
Hermes International		340		689
Kering SA		1,565		1,021
L’Oreal SA		3,130		1,399
Legrand SA		5,410		494
LVMH Moet Hennessy Louis Vuitton SE		1,793		1,646
Pernod Ricard SA		5,534		1,253
Sanofi		20,836		2,260
Technip Energies NV		86,029		1,835
TotalEnergies SE (a)		25,517		1,505
				16,716
Germany (9.6%)
Bayer AG (Registered)		133,417		8,523
CTS Eventim AG & Co. KGaA (b)		9,903		619
Infineon Technologies AG		42,430		1,743
Jungheinrich AG (Preference)		27,185		951
KION Group AG		37,120		1,439
Rheinmetall AG		4,386		1,299
Siemens Healthineers AG		43,179		2,489
				17,063
India (4.3%)
Apollo Hospitals Enterprise Ltd.		18,656		981
HDFC Bank Ltd. ADR		39,203		2,614
ICICI Bank Ltd.		107,392		1,148
ICICI Prudential Life Insurance Co. Ltd.		118,294		628
Reliance Industries Ltd.		41,078		1,168
State Bank of India		158,745		1,015
				7,554

Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

Ireland (1.1%)
Ryanair Holdings PLC ADR (b)	20,931	1,974
Japan (9.3%)
FANUC Corp.	21,750	785
Hoya Corp.	6,200	685
Keyence Corp.	5,600	2,745
Nikon Corp. (a)	375,600	3,856
Shimano, Inc.	3,650	633
Shiseido Co. Ltd.	7,600	356
SMC Corp.	1,805	957
Sony Group Corp.	30,493	2,777
Sony Group Corp. ADR	22,101	2,004
Tokyo Electron Ltd.	10,200	1,246
Unicharm Corp.	11,100	456
		16,500
Korea, Republic of (2.8%)
Samsung Electronics Co. Ltd.	99,331	4,912
Netherlands (3.7%)
Akzo Nobel NV	11,091	867
ASML Holding NV	4,026	2,744
Universal Music Group NV	70,366	1,782
Wolters Kluwer NV	8,625	1,089
		6,482
Norway (0.6%)
Adevinta ASA (b)	156,228	1,109
Singapore (3.5%)
Sea Ltd. ADR (b)	70,911	6,137
South Africa (1.8%)
Anglo American PLC	29,940	996
Impala Platinum Holdings Ltd. (a)	53,869	496
Sibanye Stillwater Ltd. (a)	191,769	396
Sibanye Stillwater Ltd. ADR (a)	153,300	1,275
Thungela Resources Ltd. (a)	6,818	77
		3,240
Spain (0.7%)
Amadeus IT Group SA (b)	18,896	1,268
Sweden (0.2%)
Atlas Copco AB, Class A	24,260	307
Switzerland (2.2%)
Nestle SA (Registered)	31,663	3,861
Taiwan (3.2%)
Taiwan Semiconductor Manufacturing Co. Ltd.	201,000	3,522
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	22,069	2,053
		5,575

Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

United Kingdom (16.0%)
AstraZeneca PLC	35,149	4,870
Diageo PLC	63,527	2,835
Experian PLC	61,841	2,036
Glencore PLC	1,167,847	6,720
Shell PLC	174,951	4,986
Unilever PLC	38,099	1,972
Unilever PLC ADR	33,864	1,759
Unilever PLC CVA	59,997	3,109
		28,287
United States (12.8%)
Despegar.com Corp. (b)	504,560	3,098
Estee Lauder Cos., Inc., Class A	3,834	945
Farfetch Ltd., Class A (a)(b)	222,194	1,091
Linde PLC	11,745	4,128
Medtronic PLC	22,860	1,843
MercadoLibre, Inc. (b)	2,084	2,747
Newmont Corp. (NYSE)	67,941	3,330
Newmont Corp. (TSX)	23,513	1,152
Schlumberger NV	45,349	2,227
Vertex Pharmaceuticals, Inc. (b)	6,361	2,004
		22,565
Total Common Stocks (Cost $138,573)		174,736
Preferred Stock (0.7%)
United States (0.7%)
Neurogenesis Ltd., Series A (b)(d) (acquisition cost — $1,250; acquired 12/16/21)	32,692	1,250
Investment Company (0.4%)
United States (0.4%)
Morgan Stanley China A Share Fund, Inc. (e) (Cost $1,067)	46,002	661
Short-Term Investments (2.0%)
Securities held as Collateral on Loaned Securities (2.0%)
Investment Company (1.6%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f)	2,928,395	2,928

		Face Amount (000)
Repurchase Agreements (0.4%)
HSBC Securities USA, Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $333; fully collateralized by a U.S. Government obligation; 0.38% due 1/31/26; valued at $339)	$	333		333
Merrill Lynch & Co., Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $333; fully collateralized by a U.S. Government obligation; 0.38% due 1/15/27; valued at $339)		333		333
				666
Total Short-Term Investments (Cost $3,594)				3,594
Total Investments (102.0%) (Cost $144,484) Including $8,550 of Securities Loaned (g)(h)(i)(j)				180,241
Liabilities in Excess of Other Assets (-2.0%)				(3,483	)
Net Assets (100.0%)			$	176,758

Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (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)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2023, were approximately $8,550,000 and $8,902,000 respectively. The Fund received cash collateral of approximately $3,594,000, 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 $5,308,000 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)	At March 31, 2023, the Fund held a fair valued security valued at approximately $1,250,000, 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.
(e)	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, 2023, advisory fees paid were reduced by approximately $3,000 relating to the Fund’s investment in the Morgan Stanley China A Share Fund, Inc.
(f)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2023, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds.
(g)	Securities are available for collateral in connection with open foreign currency forward exchange contracts.
(h)	The approximate fair value and percentage of net assets, $112,297,000 and 63.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to 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, 2023, the Fund did not engage in any cross-trade transactions.
(j)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $50,355,000 and the aggregate gross unrealized depreciation is approximately $14,638,000, resulting in net unrealized appreciation of approximately $35,717,000.
ADR	American Depositary Receipt.
CVA	Certificaten Van Aandelen.
NYSE	New York Stock Exchange.
TSX	Toronto Stock Exchange.

Morgan Stanley Institutional Fund, Inc.
Active International Allocation Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2023:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Depreciation (000)
Barclays Bank PLC	EUR	1,479	$	1,595	6/15/23	$	(16	)
Citibank NA	EUR	1,593	$	1,718	6/15/23		(17	)
Goldman Sachs International	EUR	633	$	683	6/15/23		(7	)
						$	(40	)

EUR	—	Euro
USD	—	United States Dollar

Portfolio Composition*
Classification	Percentage of Total Investments
Others**		58.4	%
Metals & Mining		12.4
Pharmaceuticals		11.2
Semiconductors & Semiconductor Equipment		6.4
Broadline Retail		6.2
Personal Care Products		5.4
Total Investments		100.0	%***

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2023.
**	Industries and/or investment types representing less than 5% of total investments.
***	Does not include open foreign currency forward exchange contracts with total unrealized depreciation of approximately $40,000.

Morgan Stanley Institutional Fund, Inc.

Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (96.9%)
Broadline Retail  (7.8%)
Amazon.com, Inc. (a)		117,636	$	12,151
MercadoLibre, Inc. (a)		4,652		6,131
				18,282
Capital Markets  (2.2%)
Intercontinental Exchange, Inc.		48,365		5,044
Chemicals  (2.0%)
Sherwin-Williams Co.		21,294		4,786
Entertainment  (5.7%)
ROBLOX Corp., Class A (a)		297,567		13,385
Financial Services  (7.0%)
Adyen NV (Netherlands) (a)		6,980		11,122
Block, Inc., Class A (a)		75,574		5,188
				16,310
Ground Transportation  (7.6%)
Uber Technologies, Inc. (a)		557,204		17,663
Health Care Technology  (1.5%)
Veeva Systems, Inc., Class A (a)		18,888		3,471
Hotels, Restaurants & Leisure  (7.9%)
Airbnb, Inc., Class A (a)		46,292		5,759
DoorDash, Inc., Class A (a)		199,564		12,684
				18,443
Information Technology Services  (18.9%)
Cloudflare, Inc., Class A (a)		236,214		14,565
Shopify, Inc., Class A (Canada) (a)		295,788		14,180
Snowflake, Inc., Class A (a)		98,559		15,207
				43,952
Interactive Media & Services  (5.7%)
Meta Platforms, Inc., Class A (a)		26,014		5,514
ZoomInfo Technologies, Inc., Class A (a)		312,399		7,719
				13,233
Life Sciences Tools & Services  (3.9%)
Illumina, Inc. (a)		39,039		9,078
Media  (6.2%)
Trade Desk, Inc., Class A (a)		237,985		14,496
Pharmaceuticals  (5.2%)
Royalty Pharma PLC, Class A		337,762		12,170
Semiconductors & Semiconductor Equipment  (5.2%)
ASML Holding NV (Netherlands)		16,419		11,177
NVIDIA Corp.		3,125		868
				12,045

Morgan Stanley Institutional Fund, Inc.

Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Software  (4.0%)
Bill.Com Holdings, Inc. (a)	71,102		5,769
Datadog, Inc., Class A (a)	48,747		3,542
			9,311
Specialty Retail  (6.1%)
Chewy, Inc., Class A (a)	215,620		8,060
Floor & Decor Holdings, Inc., Class A (a)	62,826		6,171
			14,231
Total Common Stocks (Cost $238,792)			225,900
Investment Company  (1.3%)
Grayscale Bitcoin Trust (a) (Cost $5,494)	184,011		3,010
Short-Term Investment  (2.0%)
Investment Company  (2.0%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $4,654)	4,653,708		4,654
Total Investments Excluding Purchased Options (100.2%) (Cost $248,940)			233,564
Total Purchased Options Outstanding (0.1%) (Cost $824)			259
Total Investments (100.3%) (Cost $249,764)  (c)(d)(e)(f)			233,823
Liabilities in Excess of Other Assets (-0.3%)			(742	)
Net Assets (100.0%)		$	233,081

(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, 2023, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Liquidity Funds.
(c)	Securities are available for collateral in connection with purchased options.
(d)	The approximate fair value and percentage of net assets, $11,122,000 and 4.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to 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, 2023, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $20,189,000 and the aggregate gross unrealized depreciation is approximately $36,130,000, resulting in net unrealized depreciation of approximately $15,941,000.

Morgan Stanley Institutional Fund, Inc.

Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2023:  

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	7.87	Oct - 23		542,601		543	$	—@	$	2	$	(2	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.43	Jan - 24		43,082,732		43,083		157		203		(46	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.53	Jul - 23		61,815,155		61,815		40		307		(267	)
Standard Chartered Bank	USD/CNH	CNH	7.57	Aug - 23		70,014,681		70,015		62		312		(250	)
									$	259	$	824	$	(565	)

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

Portfolio Composition

Classification	Percentage of Total Investments
Information Technology Services		18.8	%
Other*		16.8
Hotels, Restaurants & Leisure		7.9
Broadline Retail		7.8
Ground Transportation		7.6
Financial Services		7.0
Media		6.2
Specialty Retail		6.1
Entertainment		5.7
Interactive Media & Services		5.7
Pharmaceuticals		5.2
Semiconductors & Semiconductor Equipment		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

American Resilience Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (105.0%)
Beverages  (1.8%)
Coca-Cola Co.		291	$	18
Capital Markets  (6.0%)
Intercontinental Exchange, Inc.		407		42
Moody’s Corp.		55		17
				59
Electronic Equipment, Instruments & Components  (4.9%)
Amphenol Corp., Class A		351		29
CDW Corp.		99		19
				48
Financial Services  (7.8%)
PayPal Holdings, Inc. (a)		247		19
Visa, Inc., Class A		256		58
				77
Health Care Equipment & Supplies  (11.0%)
Abbott Laboratories		285		29
Baxter International, Inc.		141		6
Becton Dickinson & Co.		138		34
Medtronic PLC		286		23
Steris PLC		87		16
				108
Household Products  (3.2%)
Procter & Gamble Co.		211		31
Information Technology Services  (5.9%)
Accenture PLC, Class A		202		58
Insurance  (3.7%)
Aon PLC, Class A		99		31
Arthur J Gallagher & Co.		26		5
				36
Interactive Media & Services  (3.6%)
Alphabet, Inc., Class A (a)		334		35
Life Sciences Tools & Services  (13.6%)
Danaher Corp.		211		53
IQVIA Holdings, Inc. (a)		147		29
Thermo Fisher Scientific, Inc.		90		52
				134
Machinery  (3.7%)
Otis Worldwide Corp.		425		36
Pharmaceuticals  (2.0%)
Zoetis, Inc.		121		20
Professional Services  (8.2%)
Automatic Data Processing, Inc.		149		33
Broadridge Financial Solutions, Inc.		180		27
Equifax, Inc.		105		21
				81

Morgan Stanley Institutional Fund, Inc.

American Resilience Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Semiconductors & Semiconductor Equipment  (3.4%)
Texas Instruments, Inc.	178		33
Software  (19.8%)
Adobe, Inc. (a)	73		28
Constellation Software, Inc.	20		38
Microsoft Corp.	339		98
Roper Technologies, Inc.	71		31
			195
Textiles, Apparel & Luxury Goods  (2.0%)
NIKE, Inc., Class B	166		20
Tobacco  (4.4%)
Philip Morris International, Inc.	440		43
Total Common Stocks (Cost $1,032)			1,032
Short-Term Investment  (1.5%)
Investment Company  (1.5%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $15)	15,010		15
Total Investments (106.5%) (Cost $1,047)  (c)(d)			1,047
Liabilities in Excess of Other Assets (-6.5%)			(64	)
Net Assets (100.0%)		$	983

(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, 2023, 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, 2023, the Fund did not engage in any cross-trade transactions.
(d)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $31,000 and the aggregate gross unrealized depreciation is approximately $31,000, resulting in net unrealized appreciation of approximately $0.

Portfolio Composition  

Classification	Percentage of Total Investments
Other*		32.0	%
Software		18.6
Life Sciences Tools & Services		12.8
Health Care Equipment & Supplies		10.3
Professional Services		7.7
Financial Services		7.4
Capital Markets		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.

Asia Opportunity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (95.2%)
China  (50.0%)
360 DigiTech, Inc.		316,624	$	6,143
Agora, Inc. ADR (a)		67,099		243
China East Education Holdings Ltd. (b)		1,590,000		939
China Resources Beer Holdings Co. Ltd. (b)		806,300		6,477
China Resources Mixc Lifestyle Services Ltd. (b)		492,600		2,590
Foshan Haitian Flavouring & Food Co. Ltd., Class A		760,038		8,465
Greentown Service Group Co. Ltd. (b)		2,242,000		1,414
Haidilao International Holding Ltd. (a)(b)		4,519,000		12,247
HUYA, Inc. ADR (a)		567,161		2,048
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		747,086		3,160
KE Holdings, Inc. ADR (a)		588,914		11,095
Kuaishou Technology (a)(b)		1,058,900		8,142
Kweichow Moutai Co. Ltd., Class A		37,094		9,799
Meituan, Class B (a)(b)		624,420		11,328
Shenzhou International Group Holdings Ltd. (b)		487,700		5,116
Tencent Holdings Ltd. (b)		190,700		9,319
Trip.com Group Ltd. ADR (a)		374,213		14,097
Tsingtao Brewery Co. Ltd. H Shares (b)		496,000		5,421
Weimob, Inc. (a)(b)(c)		4,380,000		2,711
Yihai International Holding Ltd. (a)(b)		456,000		1,340
				122,094
Hong Kong  (3.7%)
AIA Group Ltd.		766,100		8,034
Super Hi International Holding Ltd. (a)(c)		437,299		1,099
				9,133
India  (19.7%)
HDFC Bank Ltd.		964,588		18,972
ICICI Bank Ltd. ADR		659,085		14,223
IndusInd Bank Ltd.		731,817		9,547
Shree Cement Ltd.		12,845		4,102
Zomato Ltd. (a)		1,892,320		1,183
				48,027
Indonesia  (0.8%)
Avia Avian Tbk PT		49,862,200		1,980
Korea, Republic of  (10.1%)
Coupang, Inc. (a)		797,991		12,768
KakaoBank Corp. (c)		249,705		4,667
NAVER Corp.		46,416		7,273
				24,708
Singapore  (4.4%)
Grab Holdings Ltd., Class A (a)		2,085,334		6,277
Sea Ltd. ADR (a)		52,574		4,550
				10,827
Taiwan  (6.5%)
Nien Made Enterprise Co. Ltd.		411,000		4,426
Silergy Corp.		186,000		2,953
Taiwan Semiconductor Manufacturing Co. Ltd.		487,000		8,535
				15,914
Total Common Stocks (Cost $227,602)				232,683

Morgan Stanley Institutional Fund, Inc.

Asia Opportunity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Short-Term Investments  (5.4%)
Securities held as Collateral on Loaned Securities  (0.7%)
Investment Company  (0.6%)
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (d)	1,330,481	1,330

	Face Amount (000)
Repurchase Agreements  (0.1%)
HSBC Securities USA, Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $151; fully collateralized by a U.S. Government obligation; 0.38% due 1/31/26; valued at $154)	$	151	151
Merrill Lynch & Co., Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $152; fully collateralized by a U.S. Government obligation; 0.38% due 1/15/27; valued at $154)		152	152
			303
Total Securities held as Collateral on Loaned Securities (Cost $1,633)			1,633

	Shares
Investment Company  (4.7%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $11,520)		11,520,041		11,520
Total Short-Term Investments (Cost $13,153)				13,153
Total Investments (100.6%) (Cost $240,755) Including $4,542 of Securities Loaned (e)(f)(g)				245,836
Liabilities in Excess of Other Assets (-0.6%)				(1,576	)
Net Assets (100.0%)			$	244,260

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

(a)	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, 2023, were approximately $4,542,000 and $5,166,000, respectively. The Fund received cash collateral of approximately $1,633,000, which was subsequently invested in a 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 $3,533,000 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)	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, 2023, advisory fees paid were reduced by approximately $4,000 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, 2023, the Fund did not engage in any cross-trade transactions.
(f)	The approximate fair value and percentage of net assets, $160,140,000 and 65.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $52,168,000 and the aggregate gross unrealized depreciation is approximately $47,087,000, resulting in net unrealized appreciation of approximately $5,081,000.
ADR	American Depositary Receipt.

Portfolio Composition*  

Classification	Percentage of Total Investments
Others**		28.5	%
Banks		19.4
Hotels, Restaurants & Leisure		16.4
Interactive Media & Services		10.1
Beverages		8.9
Real Estate Management & Development		6.2
Food Products		5.3
Broadline Retail		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, 2023.
**	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, 2023 (unaudited)

	Shares	Value (000)
Common Stocks (94.5%)
Argentina (0.2%)
Globant SA (a)	92	$	15
Brazil (0.2%)
B3 SA - Brasil Bolsa Balcao	592	1
NU Holdings Ltd., Class A (a)	3,134	15
Vale SA	238	4
		20
Canada (4.9%)
Brookfield Asset Management Ltd., Class A	104	3
Brookfield Corp.	419	13
Brookfield Infrastructure Partners LP	450	15
Canada Goose Holdings, Inc. (a)	749	14
Canadian National Railway Co.	99	12
Constellation Software, Inc.	41	77
FirstService Corp.	27	4
Lumine Group, Inc. (a)	84	1
Shopify, Inc., Class A (a)	4,896	235
Topicus.com, Inc. (a)	681	49
		423
China (1.5%)
360 DigiTech, Inc. ADR	188	4
Agora, Inc. ADR (a)	27	—		@
China East Education Holdings Ltd. (b)	1,000	1
China Resources Mixc Lifestyle Services Ltd. (b)	400	2
Foshan Haitian Flavouring & Food Co. Ltd., Class A	1,389	15
Greentown Service Group Co. Ltd. (b)	2,000	1
Haidilao International Holding Ltd. (a)(b)	3,000	8
HUYA, Inc. ADR (a)	409	1
Inner Mongolia Yili Industrial Group Co. Ltd., Class A	300	1
KE Holdings, Inc. ADR (a)	420	8
Kuaishou Technology (a)(b)	900	7
Meituan, Class B (a)(b)	1,920	35
Shenzhou International Group Holdings Ltd. (b)	300	3
Tencent Holdings Ltd. (b)	200	10
Trip.com Group Ltd. ADR (a)	892	34
Weimob, Inc. (a)(b)	2,000	1
		131
Denmark (1.8%)
Chr Hansen Holding AS	131	10
DSV AS	706	137
Novo Nordisk AS Series B	30	5
		152
France (2.5%)
Christian Dior SE	9	8
EssilorLuxottica SA	61	11
Eurofins Scientific SE	904	61
Hermes International	47	95
L’Oreal SA	19	8
Pernod Ricard SA	67	15
Remy Cointreau SA	11	2
Safran SA	113	17
		217

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Germany (0.7%)
Adidas AG	250		44
HelloFresh SE (a)	456	11
Puma SE	135	9
		64
Hong Kong (0.2%)
AIA Group Ltd.	1,400	14
Super Hi International Holding Ltd. (a)	300	1
		15
India (2.5%)
HDFC Bank Ltd. ADR	2,348	156
ICICI Bank Ltd. ADR	2,069	45
IndusInd Bank Ltd.	529	7
Shree Cement Ltd.	9	3
Zomato Ltd. (a)	1,337	1
		212
Indonesia (0.0%) (c)
Avia Avian Tbk PT	44,000	2
Israel (3.0%)
Global-e Online Ltd. (a)	7,921	255
Italy (1.5%)
Brunello Cucinelli SpA	90	9
Davide Campari-Milano NV	1,151	14
Ferrari NV	15	4
Moncler SpA	1,484	102
		129
Japan (0.6%)
Change, Inc.	100	2
Keyence Corp.	100	49
Nintendo Co. Ltd.	100	4
		55
Korea, Republic of (1.9%)
Coupang, Inc. (a)	8,749	140
KakaoBank Corp.	477	9
NAVER Corp.	107	17
		166
Mexico (0.0%) (c)
Grupo Aeroportuario del Sureste SAB de CV, Class B	60	2
Netherlands (4.3%)
Adyen NV (a)	103	164
ASML Holding NV	55	37
ASML Holding NV (Registered)	173	118
Basic-Fit NV (a)	1,053	42
Heineken NV	11	1
Universal Music Group NV	315	8
		370

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Norway (0.1%)
AutoStore Holdings Ltd. (a)	3,764		8
Singapore (1.8%)
Grab Holdings Ltd., Class A (a)	38,461	116
Sea Ltd. ADR (a)	457	39
		155
Sweden (0.5%)
Evolution AB	165	22
Kinnevik AB, Class B (a)	328	5
Paradox Interactive AB	461	12
Vitrolife AB	292	6
		45
Switzerland (0.6%)
Kuehne & Nagel International AG (Registered)	42	13
On Holding AG, Class A (a)	593	18
Straumann Holding AG (Registered)	136	20
		51
Taiwan (0.2%)
Taiwan Semiconductor Manufacturing Co. Ltd.	1,000	18
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	36	3
		21
United Kingdom (3.6%)
Abcam PLC ADR (a)	115	2
Babcock International Group PLC (a)	16,778	62
Deliveroo PLC (a)	2,455	3
Diageo PLC	284	13
Fevertree Drinks PLC	239	4
Rentokil Initial PLC	6,751	49
Rightmove PLC	1,957	14
Victoria PLC (a)	23,333	141
Vistry Group PLC	622	6
Wise PLC, Class A (a)	1,988	13
		307
United States (61.9%)
10X Genomics, Inc., Class A (a)	1,776	99
23andMe Holding Co., Class A (a)	1,394	3
Adobe, Inc. (a)	176	68
Affirm Holdings, Inc. (a)	5,798	65
Agilon health, Inc. (a)	6,770	161
Airbnb, Inc., Class A (a)	16	2
Alignment Healthcare, Inc. (a)	283	2
Alnylam Pharmaceuticals, Inc. (a)	1	—		@
Alphabet, Inc., Class A (a)	273	28
Alphabet, Inc., Class C (a)	368	38
Amazon.com, Inc. (a)	1,039	107
American Tower Corp. REIT	2	—		@
Anterix, Inc. (a)	397	13
Appian Corp., Class A (a)	1,700	76
Arbutus Biopharma Corp. (a)	7,736	23

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

ATAI Life Sciences NV (a)	1,058		2
Aurora Innovation, Inc. (a)	2,467	3
AutoZone, Inc. (a)	1	3
Axon Enterprise, Inc. (a)	2	1
Ball Corp.	34	2
BARK, Inc. (a)	2,090	3
Beam Therapeutics, Inc. (a)	89	3
Berkshire Hathaway, Inc., Class B (a)	14	4
Bill.Com Holdings, Inc. (a)	1,868	152
Block, Inc., Class A (a)	975	67
Brown & Brown, Inc.	173	10
Cadence Design Systems, Inc. (a)	2	—		@
Carvana Co. (a)	7,902	77
Celsius Holdings, Inc. (a)	21	2
Chewy, Inc., Class A (a)	877	33
Cintas Corp.	1	1
Clear Secure, Inc., Class A	246	6
Cloudflare, Inc., Class A (a)	14,516	895
Coinbase Global, Inc., Class A (a)	129	9
Confluent, Inc., Class A (a)	323	8
Copart, Inc. (a)	21	2
Cricut, Inc., Class A	14,018	143
Danaher Corp.	49	12
Datadog, Inc., Class A (a)	26	2
Dexcom, Inc. (a)	1	—		@
Domino’s Pizza, Inc.	1	—		@
DoorDash, Inc., Class A (a)	2,419	154
Doximity, Inc., Class A (a)	3,691	120
DraftKings, Inc., Class A (a)	934	18
Duolingo, Inc. (a)	87	12
Ecolab, Inc.	15	3
Eli Lilly & Co.	1	—		@
Endeavor Group Holdings, Inc., Class A (a)	588	14
Estee Lauder Cos., Inc., Class A	1	—		@
Eventbrite, Inc., Class A (a)	882	8
Fastly, Inc., Class A (a)	4,801	85
Figs, Inc., Class A (a)	935	6
Floor & Decor Holdings, Inc., Class A (a)	1,871	184
Gartner, Inc. (a)	40	13
GH Research PLC (a)	237	2
Ginkgo Bioworks Holdings, Inc. (a)	8,535	11
Gitlab, Inc., Class A (a)	1,902	65
Guardant Health, Inc. (a)	273	6
HEICO Corp., Class A	3	—		@
Home Depot, Inc.	1	—		@
HubSpot, Inc. (a)	90	39
Illumina, Inc. (a)	201	47
Inspire Medical Systems, Inc. (a)	21	5
Intellia Therapeutics, Inc. (a)	369	14
Intercontinental Exchange, Inc.	412	43
Intuitive Surgical, Inc. (a)	10	3
Joby Aviation, Inc. (a)	785	3
Linde PLC	23	8
Martin Marietta Materials, Inc.	1	—		@
Mastercard, Inc., Class A	82	30
MaxCyte, Inc. (a)	855	4
McCormick & Co., Inc.	5	—		@
McDonald’s Corp.	1	—		@
MercadoLibre, Inc. (a)	152	200
Meta Platforms, Inc., Class A (a)	405	86
Microsoft Corp.	132	38
MicroStrategy, Inc., Class A (a)	63	18

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Moderna, Inc. (a)	8		1
MongoDB, Inc. (a)	53	12
MP Materials Corp. (a)	135	4
MSCI, Inc.	5	3
Netflix, Inc. (a)	3	1
NVIDIA Corp.	1	—		@
Olo, Inc., Class A (a)	935	8
Opendoor Technologies, Inc. (a)	539	1
Outset Medical, Inc. (a)	172	3
Peloton Interactive, Inc., Class A (a)	7,578	86
Penumbra, Inc. (a)	7	2
Pool Corp.	66	23
Privia Health Group, Inc. (a)	386	11
Procore Technologies, Inc. (a)	1,399	88
Progressive Corp.	64	9
ProKidney Corp. (a)	2,125	24
Redfin Corp. (a)	278	3
Rivian Automotive, Inc., Class A (a)	112	2
ROBLOX Corp., Class A (a)	3,124	141
Roivant Sciences Ltd. (a)	1,674	12
Rollins, Inc.	10	—		@
Roper Technologies, Inc.	1	—		@
Royal Gold, Inc.	87	11
Royalty Pharma PLC, Class A	6,663	240
S&P Global, Inc.	23	8
Salesforce, Inc. (a)	201	40
Samsara, Inc., Class A (a)	5,567	110
Schrodinger, Inc. (a)	180	5
Senti Biosciences, Inc. Founder Shares (a)	298	—		@
Service Corp. International	163	11
ServiceNow, Inc. (a)	182	85
Sherwin-Williams Co.	142	32
Snowflake, Inc., Class A (a)	2,345	362
Soho House & Co., Inc., Class A (a)	538	4
SomaLogic, Inc. (a)	759	2
Spotify Technology SA (a)	374	50
Standard BioTools, Inc. (a)	2,026	4
Starbucks Corp.	4	—		@
Synopsys, Inc. (a)	1	—		@
Tesla, Inc. (a)	55	11
Texas Pacific Land Corp.	2	3
Thermo Fisher Scientific, Inc.	1	1
Trade Desk, Inc., Class A (a)	2,850	174
TransDigm Group, Inc.	3	2
Tyler Technologies, Inc. (a)	41	15
Uber Technologies, Inc. (a)	7,067	224
Union Pacific Corp.	8	2
Unity Software, Inc. (a)	114	4
UTZ Brands, Inc.	98	2
Veeva Systems, Inc., Class A (a)	14	3
Visa, Inc., Class A	164	37
Walt Disney Co. (a)	462	46
Waste Connections, Inc.	15	2
Watsco, Inc.	3	1
Wayfair, Inc., Class A (a)	578	20
WeWork, Inc., Class A REIT (a)	1,788	1
XPEL, Inc. (a)	98	7
Zoetis, Inc.	5	1
ZoomInfo Technologies, Inc., Class A (a)	498	12
		5,330
Total Common Stocks (Cost $7,305)		8,145

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Preferred Stocks (0.4%)
United States (0.4%)
Databricks, Inc., Series H (a)(d)(e) (acquisition cost - $44; acquired 8/31/21)	594		33
Stripe, Inc., Series H (a)(d) (acquisition cost - $2; acquired 3/17/23)	123	2
Total Preferred Stocks (Cost $46)		35
Investment Company (1.1%)
United States (1.1%)
Grayscale Bitcoin Trust (a) (Cost $195)	5,728	94
Warrants (0.0%) (c)
United States (0.0%) (c)
BARK, Inc. expires 5/1/26 (a)	373	—		@
Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a)	261	—		@
SomaLogic, Inc. expires 8/31/26 (a)	96	—		@
Total Warrants (Cost $3)		—		@
Short-Term Investment (3.4%)
Investment Company (3.4%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $290)	289,561	290
Total Investments Excluding Purchased Options (99.4%) (Cost $7,839)		8,564
Total Purchased Options Outstanding (0.1%) (Cost $16)		5
Total Investments (99.5%) (Cost $7,855) (g)(h)(i)(j)		8,569
Other Assets in Excess of Liabilities (0.5%)		42
Net Assets (100.0%)		$	8,611

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

(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	Amount is less than 0.05%.
(d)	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, 2023 amounts to approximately $35,000 and represents 0.4% of net assets.
(e)	At March 31, 2023, the Fund held fair valued securities valued at approximately $33,000, representing 0.4% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(f)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2023, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds.

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

(g)	Securities are available for collateral in connection with purchased options.
(h)	The approximate fair value and percentage of net assets, $1,411,000 and 16.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to 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, 2023, the Fund did not engage in any cross-trade transactions.
(j)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,738,000 and the aggregate gross unrealized depreciation is approximately $1,024,000, resulting in net unrealized appreciation of approximately $714,000.
@	Value is less than $500.
ADR	American Depositary Receipt.
REIT	Real Estate Investment Trust.

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2023:

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	7.43	Jan - 24	1,001,997	1,002	$	3	$	4	$	(1	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.53	Jul - 23	1,262,701	1,263		1	$	6		(5	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.57	Aug - 23	1,500,000	1,500		1		6		(5	)
							$	5	$	16	$	(11	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition

Classification	Percentage of Total Investments
Other*		61.4	%
Information Technology Services		18.9
Software		11.5
Broadline Retail		8.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Developing Opportunity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares	Value (000)
Common Stocks (99.2%)
Argentina (4.0%)
Globant SA (a)	17,841	$	2,926
Brazil (4.0%)
B3 SA - Brasil Bolsa Balcao	519,537	1,061
NU Holdings Ltd., Class A (a)	395,703	1,883
		2,944
China (36.1%)
360 DigiTech, Inc.	65,703	1,275
China East Education Holdings Ltd. (b)	531,000	313
China Resources Beer Holdings Co. Ltd. (b)	176,000	1,414
China Resources Mixc Lifestyle Services Ltd. (b)	158,800	835
Foshan Haitian Flavouring & Food Co. Ltd., Class A	171,238	1,907
Haidilao International Holding Ltd. (a)(b)	969,000	2,626
HUYA, Inc. ADR (a)	153,198	553
KE Holdings, Inc. ADR (a)	158,572	2,987
Kuaishou Technology (a)(b)	226,300	1,740
Kweichow Moutai Co. Ltd., Class A	8,889	2,348
Meituan, Class B (a)(b)	178,180	3,233
Shenzhou International Group Holdings Ltd. (b)	99,700	1,046
Tencent Holdings Ltd. (b)	40,500	1,979
Trip.com Group Ltd. ADR (a)	98,939	3,727
Yihai International Holding Ltd. (a)(b)	103,000	303
		26,286
Hong Kong (0.3%)
Super Hi International Holding Ltd. (a)	100,000	251
India (20.7%)
HDFC Bank Ltd.	300,213	5,905
ICICI Bank Ltd. ADR	205,350	4,432
IndusInd Bank Ltd.	233,185	3,042
Shree Cement Ltd.	4,119	1,315
Zomato Ltd. (a)	579,383	362
		15,056
Indonesia (1.9%)
Avia Avian Tbk PT	35,138,500	1,395
Korea, Republic of (10.4%)
Coupang, Inc. (a)	226,536	3,625
KakaoBank Corp. (a)	89,659	1,676
NAVER Corp.	14,478	2,268
		7,569
Mexico (2.1%)
Grupo Aeroportuario del Sureste SAB de CV, Class B	50,970	1,559
Singapore (4.6%)
Grab Holdings Ltd., Class A (a)	655,317	1,973
Sea Ltd. ADR (a)	16,039	1,388
		3,361

Morgan Stanley Institutional Fund, Inc.

Developing Opportunity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Taiwan (6.0%)
Nien Made Enterprise Co. Ltd.	62,000	668
Silergy Corp.	60,000	953
Taiwan Semiconductor Manufacturing Co. Ltd.	155,000	2,716
		4,337
United States (9.1%)
MercadoLibre, Inc. (a)	5,004	6,596
Total Common Stocks (Cost $74,281)		72,280
Short-Term Investment (1.3%)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $960)	960,125	960
Total Investments (100.5%) (Cost $75,241) (d)(e)(f)		73,240
Liabilities in Excess of Other Assets (-0.5%)		(362		)
Net Assets (100.0%)		$	72,878

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

(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2023, 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, $38,044,000 and 52.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to 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, 2023, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $12,290,000 and the aggregate gross unrealized depreciation is approximately $14,291,000, resulting in net unrealized depreciation of approximately $2,001,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Others*		25.5	%
Banks		23.1
Broadline Retail		14.0
Hotels, Restaurants & Leisure		13.9
Interactive Media & Services		8.2
Real Estate Management & Development		5.2
Beverages		5.1
Semiconductors & Semiconductor Equipment		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares	Value (000)
Common Stocks (98.5%)
Brazil (6.3%)
Banco BTG Pactual SA (Units)	914,924	$	3,547
Cia Brasileira de Aluminio	948,194	1,418
Itau Unibanco Holding SA (Preference)	1,945,827	9,498
Localiza Rent a Car SA	231,640	2,440
Lojas Renner SA	1,653,989	5,407
Petroleo Brasileiro SA (Preference)	1,039,549	4,810
Raia Drogasil SA	805,300	3,885
		31,005
China (23.5%)
Alibaba Group Holding Ltd. (a)(b)	674,900	8,548
BYD Co. Ltd. H Shares (b)	259,500	7,633
China Construction Bank Corp. H Shares (b)	18,213,120	11,787
China Mengniu Dairy Co. Ltd. (a)(b)	1,473,000	6,038
China Merchants Bank Co. Ltd. H Shares (b)	1,147,500	5,827
China Resources Beer Holdings Co. Ltd. (b)	914,000	7,343
China Tourism Group Duty Free Corp. Ltd. (a)(b)(c)	118,500	2,925
Hua Hong Semiconductor Ltd. (a)(b)	601,000	2,665
JD.com, Inc., Class A (b)	102,973	2,249
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A	494,859	3,083
Kweichow Moutai Co. Ltd., Class A (a)	20,949	5,534
Li Ning Co. Ltd. (b)	541,000	4,254
Meituan, Class B (a)(b)	187,890	3,409
NARI Technology Co. Ltd., Class A	807,000	3,182
Postal Savings Bank of China Co. Ltd. (b)(c)	8,598,000	5,099
Proya Cosmetics Co. Ltd., Class A	145,020	3,840
Shenzhou International Group Holdings Ltd. (b)	666,600	6,993
Sungrow Power Supply Co. Ltd., Class A	243,895	3,730
Tencent Holdings Ltd. (b)	367,900	17,979
Zijin Mining Group Co. Ltd. H Shares (b)	1,894,000	3,160
		115,278
Germany (0.9%)
Infineon Technologies AG	102,342	4,203
India (19.5%)
Bajaj Auto Ltd.	115,486	5,463
Delhivery Ltd. (a)	599,448	2,421
Gland Pharma Ltd. (a)	71,656	1,109
HDFC Bank Ltd. ADR	160,953	10,731
Hindalco Industries Ltd.	1,095,093	5,430
Housing Development Finance Corp. Ltd.	73,973	2,372
ICICI Bank Ltd.	1,042,475	11,140
ICICI Prudential Life Insurance Co. Ltd.	560,539	2,979
Infosys Ltd.	343,465	6,005
Infosys Ltd. ADR	89,133	1,554
Larsen & Toubro Ltd.	110,595	2,919
Macrotech Developers Ltd. (a)	250,308	2,840
Mahindra & Mahindra Financial Services Ltd.	1,523,324	4,308
Mahindra & Mahindra Ltd.	363,226	5,133
MakeMyTrip Ltd. (a)	80,289	1,965
Max Healthcare Institute Ltd. (a)	1,128,136	6,067
Pidilite Industries Ltd.	65,799	1,887
Reliance Industries Ltd.	401,031	11,403
Star Health & Allied Insurance Co. Ltd. (a)	459,348	2,905
State Bank of India	1,074,775	6,871
		95,502

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Indonesia (3.8%)
Bank Central Asia Tbk PT	11,189,300		6,546
Bank Mandiri Persero Tbk PT	10,303,800	7,096
Bank Rakyat Indonesia Persero Tbk PT	15,784,900	5,001
		18,643
Korea, Republic of (9.7%)
KB Financial Group, Inc.	83,944	3,066
Kia Corp.	47,566	2,968
Korea Zinc Co. Ltd.	8,859	3,769
LG Chem Ltd.	4,778	2,624
Samsung Electronics Co. Ltd.	494,541	24,456
Samsung SDI Co. Ltd.	7,237	4,111
SK Hynix, Inc.	96,475	6,602
		47,596
Mexico (5.1%)
Gruma SAB de CV, Class B	304,676	4,513
Grupo Financiero Banorte SAB de CV Series O	857,653	7,230
Qualitas Controladora SAB de CV	450,556	2,877
Wal-Mart de Mexico SAB de CV	2,531,124	10,113
		24,733
Poland (1.3%)
LPP SA	2,873	6,379
Portugal (1.6%)
Galp Energia SGPS SA	688,803	7,794
Saudi Arabia (0.7%)
Alinma Bank	460,974	3,635
South Africa (5.7%)
Anglo American Platinum Ltd. (c)	79,306	4,257
Anglo American PLC	353,050	11,684
AVI Ltd.	956,012	3,787
Capitec Bank Holdings Ltd.	48,024	4,557
Woolworths Holdings Ltd.	1,035,433	3,719
		28,004
Taiwan (14.7%)
Airtac International Group	246,448	9,638
Chailease Holding Co. Ltd.	774,000	5,692
CTBC Financial Holding Co. Ltd.	6,004,000	4,324
Delta Electronics, Inc.	813,000	8,066
MediaTek, Inc.	149,000	3,863
Taiwan Semiconductor Manufacturing Co. Ltd.	1,542,205	27,027
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	125,733	11,696
Voltronic Power Technology Corp.	30,000	1,708
		72,014
Thailand (1.7%)
Kasikornbank PCL (Foreign)	699,400	2,713
Ngern Tid Lor PCL	3,105,669	2,279
Tisco Financial Group PCL	1,059,100	3,115
		8,107

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

United Kingdom (3.1%)
Antofagasta PLC	393,069		7,699
Mondi PLC	486,811	7,720
		15,419
United States (0.9%)
EPAM Systems, Inc. (a)	13,908	4,159
Total Common Stocks (Cost $427,101)		482,471

	No. of Rights
Right (0.0%) (d)
Brazil (0.0%) (d)
Localiza Rent a Car SA (a) (Cost $—)	1,036	3

	Shares
Short-Term Investment (1.3%)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (e) (Cost $6,438)	6,437,969	6,438
Total Investments (99.8%) (Cost $433,539) Including $10,812 of Securities Loaned (f)(g)(h)(i)		488,912
Other Assets in Excess of Liabilities (0.2%)		995
Net Assets (100.0%)		$	489,907

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, 2023, were approximately $10,812,000 and $12,263,000, respectively. The Fund received non-cash collateral of approximately $12,263,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge, and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d)	Amount is less than 0.05%.
(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, 2023, advisory fees paid were reduced by approximately $6,000 relating to the Fund’s investment in the Liquidity Funds.
(f)	Securities are available for collateral in connection with open futures contract.
(g)	The approximate fair value and percentage of net assets, $390,800,000 and 79.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Notes to Portfolio of Investments.

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

(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, 2023, the Fund did not engage in any cross-trade transactions.
(i)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $93,316,000 and the aggregate gross unrealized depreciation is approximately $37,791,000, resulting in net unrealized appreciation of approximately $55,525,000.
ADR	American Depositary Receipt.

Futures Contract:

The Fund had the following futures contract open at March 31, 2023:

	Number of Contracts	Expiration Date	Notional Amount (000)		Value (000)		Unrealized Appreciation (000)
Long:
MSCI Emerging Market Index (United States)	79	Jun-23	$	4	$	3,932	$	152

Portfolio Composition

Classification	Percentage of Total Investments
Other*		54.8	%
Banks		21.1
Semiconductors & Semiconductor Equipment		11.5
Metals & Mining		7.6
Tech Hardware, Storage & Peripherals		5.0
Total Investments		100.0	%**

*	Industries and/or investment types representing less than 5% of total investments.
**	Does not include open long futures contract with a value of approximately $3,932,000 and unrealized appreciation of approximately $152,000.

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Leaders Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares	Value (000)
Common Stocks (94.9%)
Argentina (5.2%)
Globant SA (a)	98,906	$	16,222
Brazil (5.0%)
NU Holdings Ltd., Class A (a)	2,775,418	13,211
WEG SA	317,834	2,543
		15,754
China (29.3%)
BYD Co. Ltd. H Shares (b)	354,500	10,428
China Meidong Auto Holdings Ltd. (b)	3,764,000	8,119
Li Ning Co. Ltd. (b)	2,784,000	21,893
Proya Cosmetics Co. Ltd., Class A	538,828	14,268
Shenzhou International Group Holdings Ltd. (b)	1,890,800	19,835
Sunresin New Materials Co. Ltd., Class A	349,500	4,837
Suzhou Recodeal Interconnect System Co. Ltd., Class A	95,760	1,181
Tencent Holdings Ltd. (b)	211,600	10,341
Warom Technology, Inc. Co., Class A	154,700	642
		91,544
India (30.9%)
360 One Wam Ltd.	1,136,618	5,970
Aarti Industries Ltd.	1,557,201	9,845
Aarti Pharmalabs Ltd. (a)	344,014	1,155
AU Small Finance Bank Ltd.	2,042,583	14,451
Avenue Supermarts Ltd. (a)	217,311	9,017
Bajaj Finance Ltd.	211,843	14,536
ICICI Bank Ltd.	1,282,251	13,703
KEI Industries Ltd.	508,523	10,545
Titan Co. Ltd.	192,328	5,907
Trent Ltd.	365,228	6,127
TVS Motor Co. Ltd.	405,513	5,330
		96,586
Korea, Republic of (3.7%)
SK Hynix, Inc.	167,109	11,436
Singapore (1.0%)
TDCX, Inc. ADR (a)	369,456	3,288
Taiwan (10.9%)
Chailease Holding Co. Ltd.	2,354,900	17,319
Silergy Corp.	41,000	651
Taiwan Semiconductor Manufacturing Co. Ltd.	115,000	2,015
Voltronic Power Technology Corp.	245,334	13,970
		33,955
United States (8.9%)
EPAM Systems, Inc. (a)	19,885	5,945
MercadoLibre, Inc. (a)	16,631	21,921
		27,866
Total Common Stocks (Cost $285,473)		296,651

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Leaders Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Short-Term Investment (6.5%)
Investment Company (6.5%)
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (c) (Cost $20,416)	20,415,955	$	20,416
Total Investments (101.4%) (Cost $305,889) (d)(e)(f)		317,067
Liabilities in Excess of Other Assets (-1.4%)		(4,287		)
Net Assets (100.0%)		$	312,780

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, 2023, advisory fees paid were reduced by approximately $9,000 relating to the Fund’s investment in the Liquidity Funds.
(d)	The approximate fair value and percentage of net assets, $232,366,000 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 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, 2023, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $30,113,000 and the aggregate gross unrealized depreciation is approximately $18,935,000, resulting in net unrealized appreciation of approximately $11,178,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Others*		32.0	%
Textiles, Apparel & Luxury Goods		15.0
Banks		13.1
Electrical Equipment		9.1
Information Technology Services		7.0
Broadline Retail		6.9
Short-Term Investments		6.4
Financial Services		5.5
Automobiles		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Global Concentrated Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (99.7%)
China  (12.9%)
NetEase, Inc. ADR		70,924	$	6,272
Tencent Holdings Ltd. ADR		152,622		7,462
				13,734
France  (10.1%)
LVMH Moet Hennessy Louis Vuitton SE ADR		58,054		10,666
India  (7.4%)
HDFC Bank Ltd. ADR		117,055		7,804
Ireland  (4.3%)
CRH PLC ADR		89,603		4,558
Italy  (7.5%)
Ferrari NV		29,474		7,986
Taiwan  (7.1%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		80,802		7,516
United States  (50.4%)
Ameriprise Financial, Inc.		16,098		4,934
Costco Wholesale Corp.		12,622		6,271
Danaher Corp.		18,773		4,732
JPMorgan Chase & Co.		11,646		1,518
Mastercard, Inc., Class A		9,541		3,467
Microsoft Corp.		28,321		8,165
NextEra Energy, Inc.		72,587		5,595
Nucor Corp.		5,122		791
Pool Corp.		14,131		4,839
RH (a)		6,101		1,486
United Rentals, Inc.		15,147		5,995
Waste Management, Inc.		34,368		5,608
				53,401
Total Common Stocks (Cost $94,529)				105,665
Short-Term Investment  (0.0%)
Investment Company  (0.0%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $50)		50,437		50
Total Investments (99.7%) (Cost $94,579)  (c)(d)				105,715
Other Assets in Excess of Liabilities (0.3%)				304
Net Assets (100.0%)			$	106,019

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

Morgan Stanley Institutional Fund, Inc.

Global Concentrated Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

(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, 2023, advisory fees paid were reduced by less than $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, 2023, the Fund did not engage in any cross-trade transactions.
(d)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $12,752,000 and the aggregate gross unrealized depreciation is approximately $1,616,000, resulting in net unrealized appreciation of approximately $11,136,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Others*		23.5	%
Textiles, Apparel & Luxury Goods		10.1
Banks		8.8
Software		7.7
Automobiles		7.6
Semiconductors & Semiconductor Equipment		7.1
Interactive Media & Services		7.1
Entertainment		5.9
Consumer Staples Distribution & Retail		5.9
Trading Companies & Distributors		5.7
Commercial Services & Supplies		5.3
Electric Utilities		5.3
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, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (98.1%)
China  (7.7%)
Alibaba Group Holding Ltd. ADR (a)		833	$	85
NetEase, Inc. ADR		8,401		743
Tencent Holdings Ltd. ADR		18,062		883
				1,711
France  (6.1%)
LVMH Moet Hennessy Louis Vuitton SE		1,480		1,359
India  (4.0%)
HDFC Bank Ltd. ADR		13,518		901
Ireland  (6.1%)
CRH PLC ADR		23,358		1,188
Ryanair Holdings PLC ADR (a)		1,812		171
				1,359
Italy  (5.3%)
Ferrari NV		4,358		1,181
Japan  (2.2%)
Nippon Telegraph & Telephone Corp. ADR		16,079		482
Taiwan  (3.9%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		9,329		868
United Kingdom  (4.5%)
Diageo PLC ADR		3,986		722
Experian PLC ADR		8,835		291
				1,013
United States  (58.3%)
Ameriprise Financial, Inc.		2,590		794
Apple, Inc.		10,337		1,705
Applied Materials, Inc.		1,111		136
Brown & Brown, Inc.		2,987		172
Chevron Corp.		6,717		1,096
Danaher Corp.		2,914		734
Dollar General Corp.		327		69
Essex Property Trust, Inc. REIT		291		61
Estee Lauder Cos., Inc., Class A		1,518		374
Fortune Brands Innovations, Inc.		3,661		215
Home Depot, Inc.		672		198
Jack Henry & Associates, Inc.		462		70
JPMorgan Chase & Co.		4,556		594
Lennar Corp., Class A		1,189		125
Lululemon Athletica, Inc. (a)		1,695		617
Masterbrand, Inc. (a)		3,481		28
Mastercard, Inc., Class A		1,473		535
McDonald’s Corp.		2,253		630
MGM Resorts International		12,673		563
Microsoft Corp.		5,417		1,562
NextEra Energy, Inc.		7,704		594
Nucor Corp.		810		125
Planet Fitness, Inc., Class A (a)		855		66
Pool Corp.		1,151		394

Morgan Stanley Institutional Fund, Inc.

Global Core Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Progressive Corp.	1,409		202
RH (a)	215		52
SBA Communications Corp. REIT	539		141
Target Corp.	1,244		206
TJX Cos., Inc.	1,843		144
United Rentals, Inc.	1,304		516
Valero Energy Corp.	863		120
Veeva Systems, Inc., Class A (a)	663		122
Waste Management, Inc.	361		59
			13,019
Total Common Stocks (Cost $17,041)			21,893
Short-Term Investment  (2.1%)
Investment Company  (2.1%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $470)	469,829		470
Total Investments (100.2%) (Cost $17,511)  (c)(d)(e)			22,363
Liabilities in Excess of Other Assets (-0.2%)			(37	)
Net Assets (100.0%)		$	22,326

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, 2023, 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, 2023, the Fund did not engage in any cross-trade transactions.
(d)	The approximate fair value and percentage of net assets, $1,359,000 and 6.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,117,000 and the aggregate gross unrealized depreciation is approximately $265,000, resulting in net unrealized appreciation of approximately $4,852,000.
ADR	American Depositary Receipt.
REIT	Real Estate Investment Trust.

 

Portfolio Composition
Classification	Percentage of Total Investments
Others*		48.2	%
Textiles, Apparel & Luxury Goods		8.8
Tech Hardware, Storage & Peripherals		7.6
Software		7.0
Banks		6.7
Hotels, Restaurants & Leisure		5.6
Oil, Gas & Consumable Fuels		5.5
Construction Materials		5.3
Automobiles		5.3
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Global Endurance Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (99.2%)
Canada  (6.0%)
Constellation Software, Inc.		465	$	874
Shopify, Inc., Class A (a)		21,277		1,020
				1,894
France  (3.2%)
Eurofins Scientific SE		11,765		788
Safran SA		1,549		229
				1,017
Israel  (7.3%)
Global-e Online Ltd. (a)		71,713		2,311
Netherlands  (4.6%)
Basic-Fit NV (a)(b)		28,271		1,115
Heineken NV		3,225		346
				1,461
Sweden  (1.0%)
Paradox Interactive AB		13,113		327
United Kingdom  (12.3%)
Babcock International Group PLC (a)		285,394		1,054
Victoria PLC (a)(b)		376,307		2,283
Vistry Group PLC		16,712		162
Wise PLC, Class A (a)		56,721		381
				3,880
United States  (64.8%)
Adobe, Inc. (a)		1,504		580
Alphabet, Inc., Class A (a)		10,348		1,073
Amazon.com, Inc. (a)		7,616		787
Appian Corp., Class A (a)		39,525		1,754
Arbutus Biopharma Corp. (a)		111,655		338
Bill.Com Holdings, Inc. (a)		17,059		1,384
Carvana Co. (a)		155,588		1,523
Cricut, Inc., Class A		302,389		3,084
DraftKings, Inc., Class A (a)		23,456		454
Fastly, Inc., Class A (a)		108,424		1,926
Floor & Decor Holdings, Inc., Class A (a)		22,467		2,207
Gitlab, Inc., Class A (a)		10,417		357
HubSpot, Inc. (a)		3,308		1,418
Meta Platforms, Inc., Class A (a)		3,503		742
ProKidney Corp. (a)		7,565		86
Roivant Sciences Ltd. (a)		48,065		355
Royalty Pharma PLC, Class A		27,819		1,002
Samsara, Inc., Class A (a)		53,839		1,062
Tesla, Inc. (a)		1,704		354
				20,486
Total Common Stocks (Cost $42,947)				31,376
Short-Term Investments  (11.1%)
Securities held as Collateral on Loaned Securities  (10.4%)
Investment Company  (8.5%)
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (c)		2,688,616		2,689

Morgan Stanley Institutional Fund, Inc.

Global Endurance Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

	Face Amount (000)
Repurchase Agreements  (1.9%)
HSBC Securities USA, Inc. (4.80%, dated 3/31/23, due 4/3/23; proceeds $305; fully collateralized by a U.S. Government obligation; 0.38% due 1/31/26; valued at $312)	$	305	305
Merrill Lynch & Co., Inc. (4.80%, dated 3/31/23, due 4/3/23; proceeds $306; fully collateralized by a U.S. Government obligation; 0.38% due 1/15/27; valued at $312)		306	306
			611
Total Securities held as Collateral on Loaned Securities (Cost $3,300)			3,300

	Shares
Investment Company  (0.7%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $234)		234,121		234
Total Short-Term Investments (Cost $3,534)				3,534
Total Investments (110.3%) (Cost $46,481) Including $3,177 of Securities Loaned  (d)(e)(f)				34,910
Liabilities in Excess of Other Assets (-10.3%)				(3,264	)
Net Assets (100.0%)			$	31,646

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, 2023, were approximately $3,177,000 and $3,383,000, respectively. The Fund received cash collateral of approximately $3,300,000, which was subsequently invested in a 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 $83,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2023, 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, $6,685,000 and 21.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to 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, 2023, the fund did not engage in any cross-trade transactions.
(f)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,707,000 and the aggregate gross unrealized depreciation is approximately $13,278,000, resulting in net unrealized depreciation of approximately $11,571,000.

Portfolio Composition*
Classification	Percentage of Total Investments
Software		23.5	%
Household Durables		17.5
Others**		17.4
Specialty Retail		11.8
Broadline Retail		9.8
Information Technology Services		9.3
Interactive Media & Services		5.7
Hotels, Restaurants & Leisure		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, 2023.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Global Focus Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (98.9%)
Australia  (4.2%)
Goodman Group REIT		4,475	$	57
National Storage REIT		46,570		79
Region RE Ltd. REIT		17,845		28
				164
Belgium  (0.7%)
Aedifica SA REIT		328		26
Canada  (2.5%)
Chartwell Retirement Residences (Units) (a)		6,033		38
Granite REIT		964		60
				98
France  (0.9%)
Mercialys SA REIT		3,581		37
Germany  (0.9%)
LEG Immobilien SE		624		34
Hong Kong  (6.7%)
Link REIT		14,280		92
Sun Hung Kai Properties Ltd.		7,500		105
Wharf Real Estate Investment Co. Ltd.		11,500		66
				263
Japan  (7.6%)
Invincible Investment Corp. REIT		186		78
Japan Metropolitan Fund Investment Corp. REIT		50		37
Mitsubishi Estate Logistics Investment Corp. REIT		13		38
Mitsui Fudosan Co. Ltd.		5,600		105
Nippon Building Fund, Inc. REIT		9		38
				296
Singapore  (1.4%)
Frasers Logistics & Commercial Trust REIT		53,000		52
Spain  (1.2%)
Merlin Properties Socimi SA REIT		5,373		47
Sweden  (1.2%)
Catena AB		750		28
Fastighets AB Balder, Class B (b)		4,904		20
				48
United Kingdom  (4.1%)
Derwent London PLC REIT		668		20
Impact Healthcare Reit PLC REIT		15,220		17
Segro PLC REIT		8,070		77
UNITE Group PLC REIT		3,977		47
				161
United States  (67.5%)
Agree Realty Corp. REIT		1,307		90
American Homes 4 Rent, Class A REIT		2,552		80

Morgan Stanley Institutional Fund, Inc.

Global Focus Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

American Tower Corp. REIT	1,012		207
Americold Realty Trust, Inc. REIT	2,676		76
AvalonBay Communities, Inc. REIT	682		115
Boyd Gaming Corp.	843		54
Brixmor Property Group, Inc. REIT	3,559		77
Digital Realty Trust, Inc. REIT	764		75
Equinix, Inc. REIT	284		205
Iron Mountain, Inc. REIT	1,153		61
Kite Realty Group Trust REIT	3,704		77
Life Storage, Inc. REIT	780		102
Mid-America Apartment Communities, Inc. REIT	501		76
ProLogis, Inc. REIT	2,901		362
Public Storage REIT	629		190
Realty Income Corp. REIT	2,125		135
SBA Communications Corp. REIT	450		117
Simon Property Group, Inc. REIT	1,125		126
Sun Communities, Inc. REIT	691		97
VICI Properties, Inc. REIT	3,555		116
Welltower, Inc. REIT	2,754		197
			2,635
Total Common Stocks (Cost $4,086)			3,861
Short-Term Investment  (0.4%)
Investment Company  (0.4%)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (c) (Cost $15)	15,229		15
Total Investments (99.3%) (Cost $4,101)  (d)(e)(f)			3,876
Other Assets in Excess of Liabilities (0.7%)			28
Net Assets (100.0%)		$	3,904

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)	Non-income producing security.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2023, 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, $1,128,000 and 28.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to 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, 2023, the fund did not engage in any cross-trade transactions.
(f)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $133,000 and the aggregate gross unrealized depreciation is approximately $358,000, resulting in net unrealized depreciation of approximately $225,000.
REIT	Real Estate Investment Trust.

Portfolio Composition
Classification	Percentage of Total Investments
Industrial		18.0	%
Retail		14.7
Diversified		12.2
Residential		11.6
Others*		11.1
Self Storage		9.6
Infrastructure REITs		8.4
Data Centers		7.2
Health Care		7.2
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, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (98.0%)
France  (7.7%)
L’Oreal SA		159,094	$	71,090
LVMH Moet Hennessy Louis Vuitton SE		79,853		73,298
Pernod Ricard SA		433,778		98,221
				242,609
Germany  (5.9%)
SAP SE		1,459,113		184,243
Italy  (0.7%)
Davide Campari-Milano NV		1,677,236		20,465
Netherlands  (2.6%)
Heineken NV		759,802		81,641
United Kingdom  (10.5%)
Experian PLC		1,316,360		43,345
Reckitt Benckiser Group PLC		2,456,684		186,898
RELX PLC (Euronext NV)		633,165		20,507
RELX PLC (LSE)		2,428,432		78,649
				329,399
United States  (70.6%)
Abbott Laboratories		1,049,775		106,300
Accenture PLC, Class A		528,818		151,142
Aon PLC, Class A		231,160		72,882
Arthur J Gallagher & Co.		74,062		14,169
Automatic Data Processing, Inc.		344,165		76,621
Baxter International, Inc.		482,643		19,576
Becton Dickinson & Co.		411,435		101,847
Broadridge Financial Solutions, Inc.		280,579		41,125
CDW Corp.		238,675		46,515
Coca-Cola Co.		877,285		54,418
Danaher Corp.		621,998		156,768
Equifax, Inc.		292,668		59,365
Intercontinental Exchange, Inc.		1,136,732		118,550
Microsoft Corp.		1,039,892		299,801
Moody’s Corp.		131,409		40,214
NIKE, Inc., Class B		253,369		31,073
Otis Worldwide Corp.		650,300		54,885
Philip Morris International, Inc.		2,208,451		214,772
Procter & Gamble Co.		576,590		85,733
Roper Technologies, Inc.		169,182		74,557
Steris PLC		204,413		39,100
Thermo Fisher Scientific, Inc.		248,244		143,080
Visa, Inc., Class A		775,982		174,953
Zoetis, Inc.		198,923		33,109
				2,210,555
Total Common Stocks (Cost $2,202,951)				3,068,912
Short-Term Investment  (0.8%)
Investment Company  (0.8%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (a) (Cost $24,798)		24,797,611		24,798

Morgan Stanley Institutional Fund, Inc.

Global Franchise Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Total Investments (98.8%) (Cost $2,227,749)  (b)(c)(d)		3,093,710
Other Assets in Excess of Liabilities (1.2%)		36,169
Net Assets (100.0%)	$	3,129,879

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, 2023, advisory fees paid were reduced by approximately $25,000 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, 2023, the Fund did not engage in any cross-trade transactions.
(c)	The approximate fair value and percentage of net assets, $858,357,000 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 Portfolio of Investments.
(d)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $891,006,000 and the aggregate gross unrealized depreciation is approximately $25,045,000, resulting in net unrealized appreciation of approximately $865,961,000.

Euronext NV	Euronext Amsterdam Stock Market.
LSE	London Stock Exchange.

Portfolio Composition
Classification	Percentage of Total Investments
Others*		18.5	%
Software		18.1
Professional Services		10.3
Life Sciences Tools & Services		9.7
Household Products		8.8
Health Care Equipment & Supplies		8.6
Beverages		8.2
Tobacco		7.0
Financial Services		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 Infrastructure Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (98.0%)
Australia  (2.6%)
Transurban Group (Units) (a)		716,105	$	6,838
Canada  (17.2%)
Enbridge, Inc.		287,563		10,964
GFL Environmental, Inc.		670,757		23,101
Pembina Pipeline Corp.		208,618		6,758
TC Energy Corp. (b)		134,361		5,226
				46,049
China  (8.8%)
China Gas Holdings Ltd. (c)		16,748,800		23,581
France  (5.2%)
Aeroports de Paris (d)		4,010		572
Getlink SE		69,685		1,148
Vinci SA		106,533		12,213
				13,933
Hong Kong  (0.4%)
Power Assets Holdings Ltd.		220,071		1,181
Italy  (6.7%)
Infrastrutture Wireless Italiane SpA		1,169,338		15,363
Terna - Rete Elettrica Nazionale		327,589		2,689
				18,052
Mexico  (1.7%)
Grupo Aeroportuario del Pacifico SAB de CV, Class B		129,956		2,535
Grupo Aeroportuario del Sureste SAB de CV, Class B		65,337		1,999
				4,534
New Zealand  (0.5%)
Auckland International Airport Ltd. (d)		269,381		1,466
Portugal  (0.3%)
EDP Renovaveis SA		32,190		737
Spain  (6.8%)
Aena SME SA (d)		27,319		4,418
Cellnex Telecom SA		163,103		6,343
Ferrovial SA		145,455		4,283
Iberdrola SA		254,619		3,172
				18,216
Switzerland  (0.7%)
Flughafen Zurich AG (Registered) (d)		9,892		1,812
United Kingdom  (7.8%)
National Grid PLC		904,396		12,234
Pennon Group PLC		374,067		4,042
Severn Trent PLC		132,570		4,709
				20,985

Morgan Stanley Institutional Fund, Inc.

Global Infrastructure Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

United States  (39.3%)
Ameren Corp.	25,480	2,201
American Electric Power Co., Inc.	73,190	6,660
American Tower Corp. REIT	61,406	12,548
American Water Works Co., Inc.	40,543	5,939
Atmos Energy Corp.	38,851	4,365
CenterPoint Energy, Inc.	161,387	4,754
Cheniere Energy, Inc.	46,256	7,290
Crown Castle International Corp. REIT	49,466	6,621
Edison International	71,555	5,051
Entergy Corp.	16,731	1,803
Eversource Energy	67,817	5,307
Exelon Corp.	125,065	5,239
Kinder Morgan, Inc.	96,581	1,691
NiSource, Inc.	123,689	3,458
ONEOK, Inc.	82,736	5,257
PG&E Corp. (d)	279,454	4,519
SBA Communications Corp. REIT	10,142	2,648
Sempra Energy	67,616	10,221
Targa Resources Corp.	65,469	4,776
Williams Cos., Inc.	162,910	4,864
		105,212
Total Common Stocks (Cost $236,852)		262,596
Short-Term Investments  (4.1%)
Securities held as Collateral on Loaned Securities  (2.0%)
Investment Company  (1.6%)
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (e)	4,382,760	4,383

	Face Amount (000)
Repurchase Agreements  (0.4%)
HSBC Securities USA, Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $498; fully collateralized by a U.S. Government obligation; 0.38% due 1/31/26; valued at $508)	$	498	498
Merrill Lynch & Co., Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $498; fully collateralized by a U.S. Government obligation; 0.38% due 1/15/27; valued at $508)		498	498
			996
Total Securities held as Collateral on Loaned Securities (Cost $5,379)			5,379

	Shares
Investment Company  (2.1%)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (e) (Cost $5,595)		5,594,849		5,595
Total Short-Term Investments (Cost $10,974)				10,974
Total Investments (102.1%) (Cost $247,826) Including $5,116 of Securities Loaned (f)(g)(h)				273,570
Liabilities in Excess of Other Assets (-2.1%)				(5,619	)
Net Assets (100.0%)			$	267,951

Morgan Stanley Institutional Fund, Inc.

Global Infrastructure Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (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)	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, 2023, were approximately $5,116,000 and $5,379,000, respectively. The Fund received cash collateral of approximately $5,379,000, which was subsequently invested in a 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 trades on the Hong Kong exchange.
(d)	Non-income producing security.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2023, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Funds.
(f)	The approximate fair value and percentage of net assets, $106,801,000 and 39.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $36,595,000 and the aggregate gross unrealized depreciation is approximately $10,851,000, resulting in net unrealized appreciation of approximately $25,744,000.
(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, 2023, the Fund did not engage in any cross-trade transactions.
REIT	Real Estate Investment Trust.

Portfolio Composition*
Classification	Percentage of Total Investments
Oil & Gas Storage & Transportation		33.0	%
Communications		16.2
Others		14.5
Electricity Transmission & Distribution		13.1
Others**		9.8
Diversified		7.9
Water		5.5
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2023.
**	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, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (97.3%)
Brazil  (0.5%)
NU Holdings Ltd., Class A (a)		94,267	$	449
Canada  (6.0%)
Shopify, Inc., Class A (a)		112,005		5,369
Israel  (5.7%)
Global-e Online Ltd. (a)		158,517		5,109
Korea, Republic of  (5.5%)
Coupang, Inc. (a)		309,231		4,948
Netherlands  (10.8%)
Adyen NV (a)		3,369		5,368
ASML Holding NV		6,343		4,318
				9,686
Singapore  (7.7%)
Grab Holdings Ltd., Class A (a)		1,528,579		4,601
Sea Ltd. ADR (a)		26,641		2,306
				6,907
Sweden  (0.5%)
Kinnevik AB, Class B (a)		28,191		422
United States  (60.6%)
10X Genomics, Inc., Class A (a)		33,855		1,889
Affirm Holdings, Inc. (a)		52,762		594
Agilon health, Inc. (a)		168,270		3,996
Arbutus Biopharma Corp. (a)		140,597		426
Bill.Com Holdings, Inc. (a)		26,900		2,183
Block, Inc., Class A (a)		17,009		1,168
Carvana Co. (a)		58,111		569
Cloudflare, Inc., Class A (a)		93,968		5,794
DoorDash, Inc., Class A (a)		53,970		3,430
Doximity, Inc., Class A (a)		63,987		2,072
Ginkgo Bioworks Holdings, Inc. (a)		177,365		236
Illumina, Inc. (a)		306		71
Intellia Therapeutics, Inc. (a)		7,647		285
MercadoLibre, Inc. (a)		4,464		5,884
MicroStrategy, Inc., Class A (a)(b)		1,590		465
Peloton Interactive, Inc., Class A (a)		106,666		1,209
ProKidney Corp. (a)		47,587		539
ROBLOX Corp., Class A (a)		82,073		3,692
Royalty Pharma PLC, Class A		130,129		4,688
Snowflake, Inc., Class A (a)		33,466		5,163
Spotify Technology SA (a)		3,298		441
Trade Desk, Inc., Class A (a)		85,503		5,208
Uber Technologies, Inc. (a)		134,757		4,272
				54,274
Total Common Stocks (Cost $100,051)				87,164

Morgan Stanley Institutional Fund, Inc.
Global Insight Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d) 

Preferred Stock  (0.0%) (c)
United States  (0.0%) (c)
Lookout, Inc., Series F (a)(d)(e) (acquisition cost — $73; acquired 6/17/14)		6,374		22
Investment Company  (1.3%)
Grayscale Bitcoin Trust (a) (Cost $2,133)		72,702		1,189
Short-Term Investments  (2.2%)
Securities held as Collateral on Loaned Securities  (0.5%)
Investment Company  (0.4%)
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (f)		369,233		369
	Face Amount (000)
Repurchase Agreements  (0.1%)
HSBC Securities USA, Inc. (4.80%, dated 3/31/23, due 4/3/23; proceeds $42; fully collateralized by a U.S. Government obligation; 0.38% due 1/31/26; valued at $43)	$	42		42
Merrill Lynch & Co., Inc. (4.80%, dated 3/31/23, due 4/3/23; proceeds $42; fully collateralized by a U.S. Government obligation; 0.38% due 1/15/27; valued at $43)		42		42
				84
Total Securities held as Collateral on Loaned Securities (Cost $453)				453
	Shares
Investment Company  (1.7%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $1,509)		1,508,976		1,509
Total Short-Term Investments (Cost $1,962)				1,962
Total Investments Excluding Purchased Options (100.8%) (Cost $104,219)				90,337
Total Purchased Options Outstanding (0.1%) (Cost $318)				102
Total Investments (100.9%) (Cost $104,537) Including $465 of Securities Loaned (g)(h)(i)(j)				90,439
Liabilities in Excess of Other Assets (-0.9%)				(825	)
Net Assets (100.0%)			$	89,614

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, 2023, were approximately $465,000 and $453,000, respectively. The Fund received cash collateral of approximately $453,000, 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.
(c)	Amount is less than 0.05%.

Morgan Stanley Institutional Fund, Inc.
Global Insight Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (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, 2023 amounts to approximately $22,000 and represents less than 0.05% of net assets.
(e)	At March 31, 2023, the Fund held a fair valued security at approximately $22,000, representing less than 0.05% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(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, 2023, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Funds.
(g)	The approximate fair value and percentage of net assets, $5,790,000 and 6.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(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, 2023, the Fund did not engage in any cross-trade transactions.
(i)	Securities are available for collateral in connection with purchased options.
(j)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $11,380,000 and the aggregate gross unrealized depreciation is approximately $25,478,000, resulting in net unrealized depreciation of approximately $14,098,000.
ADR	American Depositary Receipt.

Morgan Stanley Institutional Fund, Inc.
Global Insight Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d) 

Call Options Purchased: The Fund had the following call options purchased open at March 31, 2023:
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	7.53	Jul - 23		23,789,374		23,789	$	16	$	118	$	(102	)
Standard Chartered Bank	USD/CNH	CNH	7.57	Aug - 23		26,273,872		26,274		23		118		(95	)
Goldman Sachs International	USD/CNH	CNH	7.87	Oct - 23		199,460		199		—@		1		(1	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.43	Jan - 24		17,249,664		17,250		63		81		(18	)
									$	102	$	318	$	(216	)

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

Portfolio Composition*
Classification	Percentage of Total Investments
Others**		27.7	%
Information Technology Services		18.1
Broadline Retail		17.7
Ground Transportation		9.9
Financial Services		8.4
Entertainment		7.2
Media		5.8
Pharmaceuticals		5.2
Total Investments		100.0	%

*	Percentage indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2023.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Global Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (99.3%)
Argentina  (1.0%)
Globant SA (a)		149,714	$	24,555
Brazil  (0.6%)
NU Holdings Ltd., Class A (a)		3,320,455		15,805
Canada  (3.9%)
Shopify, Inc., Class A (a)		2,081,589		99,791
China  (4.4%)
Meituan, Class B (a)(b)		3,230,700		58,612
Trip.com Group Ltd. ADR (a)		1,394,053		52,514
				111,126
Denmark  (7.0%)
DSV AS		917,832		177,965
France  (3.5%)
Hermes International		44,639		90,406
Germany  (1.4%)
Adidas AG		200,098		35,472
India  (9.4%)
HDFC Bank Ltd.		8,393,855		165,097
ICICI Bank Ltd. ADR		3,491,704		75,351
				240,448
Italy  (4.7%)
Moncler SpA		1,731,412		119,591
Japan  (1.9%)
Keyence Corp.		101,800		49,893
Korea, Republic of  (5.4%)
Coupang, Inc. (a)		6,164,516		98,632
KakaoBank Corp.		834,695		15,601
NAVER Corp.		152,755		23,935
				138,168
Netherlands  (0.6%)
Adyen NV (a)		9,182		14,631
Singapore  (1.5%)
Grab Holdings Ltd., Class A (a)		12,407,081		37,345
United States  (54.0%)
Adobe, Inc. (a)		239,194		92,178
Amazon.com, Inc. (a)		877,538		90,641
Block, Inc., Class A (a)		880,109		60,419
DoorDash, Inc., Class A (a)		741,122		47,106
Endeavor Group Holdings, Inc., Class A (a)		1,051,869		25,171

Morgan Stanley Institutional Fund, Inc.
Global Opportunity Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d) 

Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $3,175; acquired 12/22/15)	6,530		—
Mastercard, Inc., Class A	166,729		60,591
MercadoLibre, Inc. (a)	120,559		158,904
Meta Platforms, Inc., Class A (a)	569,019		120,598
Salesforce, Inc. (a)	408,088		81,528
ServiceNow, Inc. (a)	371,687		172,730
Snowflake, Inc., Class A (a)	77,199		11,911
Spotify Technology SA (a)	560,221		74,857
Uber Technologies, Inc. (a)	6,649,361		210,785
Visa, Inc., Class A	333,933		75,289
Walt Disney Co. (a)	930,749		93,196
			1,375,904
Total Common Stocks (Cost $1,766,241)			2,531,100
Short-Term Investment  (1.3%)
Investment Company  (1.3%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $33,848)	33,848,043		33,848
Total Investments (100.6%) (Cost $1,800,089)  (f)(g)(h)			2,564,948
Liabilities in Excess of Other Assets (-0.6%)			(16,092	)
Net Assets (100.0%)		$	2,548,856

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, 2023 amounts $0 and represents 0.0% of net assets.
(d)	At March 31, 2023, 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, 2023, advisory fees paid were reduced by approximately $14,000 relating to the Fund’s investment in the Liquidity Funds.
(f)	The approximate fair value and percentage of net assets, $751,203,000 and 29.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to 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, 2023, the Fund did not engage in any cross-trade transactions.
(h)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $969,719,000 and the aggregate gross unrealized depreciation is approximately $204,860,000, resulting in net unrealized appreciation of approximately $764,859,000.
ADR	American Depositary Receipt.

Portfolio Composition
Classification	Percentage of Total Investments
Broadline Retail		13.6	%
Software		13.5
Banks		10.6
Ground Transportation		9.7
Textiles, Apparel & Luxury Goods		9.6
Financial Services		8.2
Entertainment		7.5
Air Freight & Logistics		6.9
Hotels, Restaurants & Leisure		6.2
Interactive Media & Services		5.6
Information Technology Services		5.3
Other*		3.3
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Global Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (91.7%)
Brazil  (0.4%)
Vale SA		2,245	$	36
Canada  (11.5%)
Canadian National Railway Co.		937		110
Constellation Software, Inc.		208		391
FirstService Corp.		253		36
Lumine Group, Inc. (a)		444		5
Topicus.com, Inc. (a)		5,815		416
				958
France  (9.8%)
Christian Dior SE		86		77
EssilorLuxottica SA		573		103
Eurofins Scientific SE		5,719		383
Hermes International		39		79
L’Oreal SA		175		78
Remy Cointreau SA		100		18
Safran SA		519		77
				815
India  (4.0%)
HDFC Bank Ltd. ADR		4,965		331
Italy  (1.5%)
Brunello Cucinelli SpA		852		84
Ferrari NV		143		39
				123
Japan  (0.4%)
Nintendo Co. Ltd.		800		31
Netherlands  (5.5%)
ASML Holding NV		559		381
Universal Music Group NV		2,975		75
				456
United Kingdom  (7.9%)
Babcock International Group PLC (a)		29,348		108
Rentokil Initial PLC		56,218		411
Victoria PLC (a)		23,197		141
				660
United States  (50.7%)
Alphabet, Inc., Class C (a)		2,708		282
Amazon.com, Inc. (a)		3,635		375
Brown & Brown, Inc.		1,368		79
Cloudflare, Inc., Class A (a)		8,886		548
Danaher Corp.		317		80
Floor & Decor Holdings, Inc., Class A (a)		2,901		285
Gartner, Inc. (a)		316		103
Illumina, Inc. (a)		1,238		288
Intercontinental Exchange, Inc.		3,122		326
Linde PLC		223		79
Microsoft Corp.		983		283

Morgan Stanley Institutional Fund, Inc.
Global Permanence Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d) 

MSCI, Inc.	35		20
Pool Corp.	484		166
Procore Technologies, Inc. (a)	2,053		129
Progressive Corp.	514		73
Royal Gold, Inc.	692		90
Royalty Pharma PLC, Class A	13,265		478
S&P Global, Inc.	184		63
Service Corp. International	1,021		70
Sherwin-Williams Co.	988		222
Texas Pacific Land Corp.	23		39
Tyler Technologies, Inc. (a)	319		113
Waste Connections, Inc.	137		19
			4,210
Total Common Stocks (Cost $7,005)			7,620
Investment Company  (1.1%)
United States  (1.1%)
Grayscale Bitcoin Trust (a) (Cost $94)	5,584		91
Short-Term Investment  (2.9%)
Investment Company  (2.9%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $237)	237,304		237
Total Investments Excluding Purchased Options (95.7%) (Cost $7,336)			7,948
Total Purchased Options Outstanding (0.1%) (Cost $13)			5
Total Investments (95.8%) (Cost $7,349)  (c)(d)(e)(f)			7,953
Other Assets in Excess of Liabilities (4.2%)			348
Net Assets (100.0%)		$	8,301

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, 2023, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds.
(c)	The approximate fair value and percentage of net assets, $1,665,000 and 20.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(d)	Securities are available for collateral in connection with purchased options.
(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, 2023, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $729,000 and the aggregate gross unrealized depreciation is approximately $125,000, resulting in net unrealized appreciation of approximately $604,000.
ADR	American Depositary Receipt.

Morgan Stanley Institutional Fund, Inc.
Global Permanence Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d) 

Call Options Purchased: The Fund had the following call options purchased open at March 31, 2023:
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	7.87	Oct - 23		8,108		8	$	—@	$	—@	$	(—@	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.43	Jan - 24		1,007,380		1,007		3		5		(2	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.53	Jul - 23		791,929		792		1		4		(3	)
Standard Chartered Bank	USD/CNH	CNH	7.57	Aug - 23		1,001,604		1,002		1		4		(3	)
									$	5	$	13	$	(8	)

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

Portfolio Composition
Classification	Percentage of Total Investments
Others*		49.0	%
Software		16.8
Life Sciences Tools & Services		9.5
Information Technology Services		8.2
Pharmaceuticals		6.0
Commercial Services & Supplies		5.4
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 Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (99.6%)
Australia  (4.5%)
Goodman Group REIT		37,665	$	478
National Storage REIT		319,658		541
Region RE Ltd. REIT		242,498		383
Vicinity Centres REIT		242,976		318
				1,720
Austria  (0.2%)
CA Immobilien Anlagen AG (a)		3,373		91
Belgium  (1.6%)
Aedifica SA REIT		2,920		235
Shurgard Self Storage Ltd. REIT		3,296		157
Warehouses De Pauw CVA REIT		7,893		235
				627
Canada  (3.0%)
Boardwalk REIT		4,654		190
Chartwell Retirement Residences (Units) (b)		33,272		210
Granite REIT		3,211		199
InterRent REIT		35,992		356
RioCan REIT		12,371		187
				1,142
France  (0.8%)
Carmila SA REIT		8,448		127
Mercialys SA REIT		18,353		187
				314
Germany  (0.7%)
LEG Immobilien SE		4,670		257
Hong Kong  (7.7%)
Link REIT		166,660		1,072
Sun Hung Kai Properties Ltd.		80,867		1,133
Wharf Real Estate Investment Co. Ltd.		129,075		743
				2,948
Japan  (9.2%)
GLP J-REIT		237		256
Invincible Investment Corp. REIT		837		352
Japan Hotel REIT Investment Corp.		618		351
Japan Metropolitan Fund Investment Corp. REIT		526		384
Japan Real Estate Investment Corp. REIT		67		267
Mitsubishi Estate Co. Ltd.		47,500		565
Mitsui Fudosan Co. Ltd.		38,700		727
Nippon Building Fund, Inc. REIT		93		387
Nomura Real Estate Master Fund, Inc. REIT		223		250
				3,539
Singapore  (2.6%)
Frasers Centrepoint Trust REIT		170,900		295
Frasers Logistics & Commercial Trust REIT		383,100		378
Mapletree Commercial Trust REIT		240,500		326
				999

Morgan Stanley Institutional Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d) 

Spain  (0.5%)
Merlin Properties Socimi SA REIT	23,089		202
Sweden  (1.3%)
Catena AB	5,584		208
Fabege AB (c)	18,851		144
Fastighets AB Balder, Class B (a)	32,776		135
			487
Switzerland  (0.5%)
PSP Swiss Property AG (Registered)	1,693		193
United Kingdom  (4.5%)
Derwent London PLC REIT	6,513		189
Impact Healthcare Reit PLC REIT	130,941		149
LondonMetric Property PLC REIT	137,786		300
Segro PLC REIT	61,929		590
UNITE Group PLC REIT	18,731		222
Workspace Group PLC REIT	54,015		292
			1,742
United States  (62.5%)
Agree Realty Corp. REIT	6,939		476
Alexandria Real Estate Equities, Inc. REIT	1,861		234
American Homes 4 Rent, Class A REIT	29,131		916
Americold Realty Trust, Inc. REIT	16,721		476
AvalonBay Communities, Inc. REIT	9,050		1,521
Boyd Gaming Corp.	3,343		214
Brixmor Property Group, Inc. REIT	31,379		675
Digital Realty Trust, Inc. REIT	7,899		777
Equinix, Inc. REIT	2,729		1,968
Host Hotels & Resorts, Inc. REIT	28,464		469
Iron Mountain, Inc. REIT	7,840		415
Kite Realty Group Trust REIT	30,882		646
Life Storage, Inc. REIT	7,802		1,023
Mid-America Apartment Communities, Inc. REIT	5,654		854
NETSTREIT Corp. REIT	15,123		276
ProLogis, Inc. REIT	28,631		3,572
Public Storage REIT	6,126		1,851
Realty Income Corp. REIT	19,667		1,245
Rexford Industrial Realty, Inc. REIT	9,778		583
RPT Realty REIT	30,614		291
Simon Property Group, Inc. REIT	10,141		1,136
Sun Communities, Inc. REIT	6,287		886
Ventas, Inc. REIT	14,479		628
VICI Properties, Inc. REIT	32,602		1,063
Welltower, Inc. REIT	25,467		1,826
			24,021
Total Common Stocks (Cost $34,261)			38,282
Short-Term Investment  (0.5%)
Investment Company  (0.5%)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (d) (Cost $180)	179,696		180
Total Investments (100.1%) (Cost $34,441) Including $142 of Securities Loaned (e)(f)(g)			38,462
Liabilities in Excess of Other Assets (-0.1%)			(32	)
Net Assets (100.0%)		$	38,430

Morgan Stanley Institutional Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d) 

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
(a)	Non-income producing security.
(b)	Consists of one or more classes of securities traded together as a unit.
(c)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2023, were approximately $142,000 and $150,000, respectively. The Fund received non-cash collateral of approximately $150,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge, and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2023, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds.
(e)	The approximate fair value and percentage of net assets, $12,962,000 and 33.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Notes to the Portfolio of Investments.
(f)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.
(g)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,836,000 and the aggregate gross unrealized depreciation is approximately $1,815,000, resulting in net unrealized appreciation of approximately $4,021,000.
CVA	Certificaten Van Aandelen.
REIT	Real Estate Investment Trust.

Portfolio Composition
Classification	Percentage of Total Investments
Industrial		17.2	%
Retail		16.2
Diversified		14.9
Others*		13.9
Residential		13.5
Self Storage		9.3
Health Care		7.9
Data Centers		7.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Global Sustain Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (98.2%)
Canada  (3.5%)
Constellation Software, Inc.		1,736	$	3,264
France  (1.8%)
L’Oreal SA		3,734		1,669
Germany  (7.6%)
Deutsche Boerse AG		8,602		1,675
SAP SE		42,889		5,416
				7,091
Hong Kong  (1.2%)
AIA Group Ltd.		109,600		1,149
Sweden  (1.6%)
Atlas Copco AB, Class A		116,988		1,482
Taiwan  (2.8%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		27,773		2,583
United Kingdom  (8.1%)
Experian PLC		26,854		884
Prudential PLC		89,559		1,226
Reckitt Benckiser Group PLC		48,584		3,696
RELX PLC		53,596		1,736
				7,542
United States  (71.6%)
Abbott Laboratories		27,551		2,790
Accenture PLC, Class A		17,142		4,899
Adobe, Inc. (a)		4,961		1,912
Alphabet, Inc., Class A (a)		27,296		2,831
Amphenol Corp., Class A		17,248		1,409
Aon PLC, Class A		6,878		2,169
Arthur J Gallagher & Co.		2,074		397
Automatic Data Processing, Inc.		9,047		2,014
Baxter International, Inc.		14,583		591
Becton Dickinson & Co.		12,406		3,071
Broadridge Financial Solutions, Inc.		7,948		1,165
CDW Corp.		6,490		1,265
Coca-Cola Co.		13,690		849
Danaher Corp.		15,826		3,989
Equifax, Inc.		8,476		1,719
Intercontinental Exchange, Inc.		30,110		3,140
IQVIA Holdings, Inc. (a)		13,270		2,639
Medtronic PLC		17,637		1,422
Microsoft Corp.		24,662		7,110
Moody’s Corp.		2,425		742
NIKE, Inc., Class B		8,160		1,001
Otis Worldwide Corp.		20,374		1,720
PayPal Holdings, Inc. (a)		19,514		1,482
Procter & Gamble Co.		12,745		1,895
Roper Technologies, Inc.		4,324		1,906
Steris PLC		5,874		1,124
Texas Instruments, Inc.		8,064		1,500
Thermo Fisher Scientific, Inc.		6,978		4,022
Visa, Inc., Class A		23,733		5,351

Morgan Stanley Institutional Fund, Inc.
Global Sustain Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d) 

Zoetis, Inc.	5,246		873
			66,997
Total Common Stocks (Cost $78,916)			91,777
Short-Term Investment (1.8%)
Investment Company (1.8%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $1,733)	1,732,962		1,733
Total Investments (100.0%) (Cost $80,649)  (c)(d)(e)			93,510
Liabilities in Excess of Other Assets (0.0%) (f)			(10	)
Net Assets (100.0%)		$	93,500

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, 2023, 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, 2023, the Fund did not engage in any cross-trade transactions.
(d)	The approximate fair value and percentage of net assets, $18,933,000 and 20.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $14,007,000 and the aggregate gross unrealized depreciation is approximately $1,146,000, resulting in net unrealized appreciation of approximately $12,861,000.
(f)	Amount is less than 0.05%.
ADR	American Depositary Receipt.

Portfolio Composition
Classification	Percentage of Total Investments
Software		21.0	%
Others*		20.2
Life Sciences Tools & Services		11.4
Health Care Equipment & Supplies		9.6
Professional Services		8.0
Financial Services		7.3
Household Products		6.0
Capital Markets		6.0
Insurance		5.3
Information Technology Services		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Growth Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (95.9%)
Automobiles  (0.7%)
Rivian Automotive, Inc., Class A (a)		579,734	$	8,974
Tesla, Inc. (a)		131,847		27,353
				36,327
Biotechnology  (1.3%)
Alnylam Pharmaceuticals, Inc. (a)		40,849		8,183
Intellia Therapeutics, Inc. (a)		466,979		17,404
Moderna, Inc. (a)		45,625		7,007
ProKidney Corp. (a)		2,870,392		32,493
				65,087
Broadline Retail  (5.0%)
Coupang, Inc. (Korea, Republic of) (a)		5,373,923		85,983
Global-e Online Ltd. (Israel) (a)		1,082,486		34,889
MercadoLibre, Inc. (a)		105,818		139,474
				260,346
Capital Markets  (0.8%)
Coinbase Global, Inc., Class A (a)(b)		641,374		43,338
Chemicals  (0.3%)
Ginkgo Bioworks Holdings, Inc. (a)(b)		11,540,010		15,348
Commercial Services & Supplies  (0.2%)
Aurora Innovation, Inc. (a)		6,082,706		8,455
Electronic Equipment, Instruments & Components  (0.0%) (c)
Magic Leap, Inc. Class A (a)(d)(e) (acquisition cost — $18,812; acquired 12/22/15)		38,705		—
Entertainment  (7.0%)
ROBLOX Corp., Class A (a)		7,050,658		317,138
Sea Ltd. ADR (Singapore) (a)		588,303		50,918
				368,056
Financial Services  (7.1%)
Adyen NV (Netherlands) (a)		136,966		218,245
Affirm Holdings, Inc. (a)		3,134,561		35,327
Block, Inc., Class A (a)		1,699,184		116,649
				370,221
Ground Transportation  (8.7%)
Grab Holdings Ltd., Class A (Singapore) (a)		26,557,510		79,938
Uber Technologies, Inc. (a)		11,867,656		376,205
				456,143
Health Care Equipment & Supplies  (0.2%)
Dexcom, Inc. (a)		66,137		7,684
Health Care Providers & Services  (3.8%)
Agilon health, Inc. (a)		8,372,219		198,840

Morgan Stanley Institutional Fund, Inc.

Growth Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Health Care Technology  (1.6%)
Doximity, Inc., Class A (a)	2,601,435	84,234
Hotels, Restaurants & Leisure  (5.6%)
DoorDash, Inc., Class A (a)	4,590,131	291,749
Information Technology Services  (21.5%)
Cloudflare, Inc., Class A (a)	5,934,945	365,949
Shopify, Inc., Class A (Canada) (a)	7,578,209	363,299
Snowflake, Inc., Class A (a)	2,564,310	395,648
		1,124,896
Interactive Media & Services  (1.5%)
ZoomInfo Technologies, Inc., Class A (a)	3,107,930	76,797
Leisure Products  (0.9%)
Peloton Interactive, Inc., Class A (a)	4,288,885	48,636
Life Sciences Tools & Services  (4.2%)
10X Genomics, Inc., Class A (a)	2,227,420	124,268
Illumina, Inc. (a)	418,783	97,388
		221,656
Media  (7.1%)
Trade Desk, Inc., Class A (a)	6,081,719	370,438
Pharmaceuticals  (5.6%)
Royalty Pharma PLC, Class A	8,120,773	292,591
Semiconductors & Semiconductor Equipment  (1.5%)
ASML Holding NV (Netherlands)	115,477	78,606
Software  (8.3%)
Bill.Com Holdings, Inc. (a)	2,234,865	181,337
Datadog, Inc., Class A (a)	1,013,227	73,621
Gitlab, Inc., Class A (a)	1,892,656	64,899
Procore Technologies, Inc. (a)	876,477	54,894
Samsara, Inc., Class A (a)	2,872,142	56,639
		431,390
Specialty Retail  (3.0%)
Carvana Co. (a)(b)	3,346,786	32,765
Chewy, Inc., Class A (a)	2,094,597	78,296
Wayfair, Inc., Class A (a)	1,373,639	47,171
		158,232
Total Common Stocks (Cost $6,353,997)		5,009,070
Preferred Stocks  (2.2%)
Financial Services  (0.2%)
Stripe, Inc.(a)(d) (acquisition cost - $12,876; acquired 3/17/13)	639,525	12,876
Software  (2.0%)
Databricks, Inc.(a)(d)(e) (acquisition cost - $136,746; acquired 8/31/21)	1,860,888	102,367
Total Preferred Stocks (Cost $149,622)		115,243

Morgan Stanley Institutional Fund, Inc.

Growth Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Investment Company  (1.4%)
Grayscale Bitcoin Trust (a) (Cost $172,109)	4,405,014	72,066
Short-Term Investments  (2.4%)
Securities held as Collateral on Loaned Securities  (1.5%)
Investment Company  (1.2%)
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (f)	64,159,550	64,160

	Face Amount (000)
Repurchase Agreements  (0.3%)
HSBC Securities USA, Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $7,294; fully collateralized by a U.S. Government obligation; 0.38% due 1/31/26; valued at $7,437)	$	7,290		7,290
Merrill Lynch & Co., Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $7,294; fully collateralized by a U.S. Government obligation; 0.38% due 1/15/27; valued at $7,437)		7,291		7,291
				14,581
Total Securities held as Collateral on Loaned Securities (Cost $78,741)				78,741
	Shares
Investment Company  (0.9%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $49,144)		49,144,273		49,144
Total Short-Term Investments (Cost $127,885)				127,885
Total Investments Excluding Purchased Options (101.9%) (Cost $6,803,613)				5,324,264
Total Purchased Options Outstanding (0.1%) (Cost $18,706)				6,037
Total Investments (102.0%) (Cost $6,822,319) Including $86,332 of Securities Loaned (g)(h)(i)(j)				5,330,301
Liabilities in Excess of Other Assets (-2.0%)				(105,940	)
Net Assets (100.0%)			$	5,224,361

(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, 2023, were approximately $86,332,000 and $84,978,000 respectively. The Fund received cash collateral of approximately $78,741,000, 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. At March 31, 2023. The remaining collateral of approximately $6,237,000 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. right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Amount is less than 0.05%.
(d)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2023 amounts to approximately $115,243,000 and represents 2.2% of net assets.

Morgan Stanley Institutional Fund, Inc.

Growth Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

(e)	At March 31, 2023, the Fund held fair valued securities at approximately $102,367,000, representing 2.0% 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.
(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, 2023, advisory fees paid were reduced by approximately $27,000 relating to the Fund’s investment in the Liquidity Funds.
(g)	The approximate fair value and percentage of net assets, $218,245,000 and 4.2%, 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.
(h)	Securities are available for collateral in connection purchased options.
(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, 2023, the Fund did not engage in any cross-trade transactions.
(j)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $668,614,000 and the aggregate gross unrealized depreciation is approximately $2,160,632,000, resulting in net unrealized depreciation of approximately $1,492,018,000.
ADR	American Depositary Receipt.

Morgan Stanley Institutional Fund, Inc.

Growth Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2023:

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	7.87	Oct-23		12,162,957		12,163		8		59		(51	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.53	Jul-23		1,396,474,244		1,396,474	$	900	$	6,933	$	(6,033	)
Standard Chartered Bank	USD/CNH	CNH	7.57	Aug-23		1,535,427,907		1,535,428		1,354		6,854		(5,500	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.43	Jan-24		1,032,347,082		1,032,347		3,775		4,860		(1,085	)
									$	6,037	$	18,706	$	(12,669	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition*
Classification	Percentage of Total Investments
Others**		22.2	%
Information Technology Services		21.4
Software		10.2
Ground Transportation		8.7
Financial Services		7.3
Media		7.1
Entertainment		7.0
Pharmaceuticals		5.6
Hotels, Restaurants & Leisure		5.5
Broadline Retail		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, 2023.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (94.8%)
Automobile Components  (0.9%)
XPEL, Inc. (a)		51,003	$	3,466
Beverages  (0.3%)
Celsius Holdings, Inc. (a)		10,728		997
Biotechnology  (2.8%)
Arbutus Biopharma Corp. (a)		759,523		2,301
Beam Therapeutics, Inc. (a)		46,375		1,420
Intellia Therapeutics, Inc. (a)		69,642		2,595
ProKidney Corp. (a)(b)		215,439		2,439
Roivant Sciences Ltd. (a)		252,713		1,865
Senti Biosciences, Inc. Founder Shares (a)(c)		144,566		146
				10,766
Broadline Retail  (7.0%)
Global-e Online Ltd. (Israel) (a)		840,055		27,075
Chemicals  (0.5%)
Ginkgo Bioworks Holdings, Inc. (a)(b)		1,593,468		2,119
Commercial Services & Supplies  (0.2%)
Aurora Innovation, Inc. (a)		465,702		647
Diversified Consumer Services  (1.6%)
Duolingo, Inc. (a)		45,002		6,417
Diversified Telecommunication Services  (1.7%)
Anterix, Inc. (a)		205,974		6,805
Financial Services  (4.3%)
Affirm Holdings, Inc. (a)		1,502,739		16,936
Ground Transportation  (1.5%)
Grab Holdings Ltd., Class A (Singapore) (a)		2,000,233		6,021
Health Care Equipment & Supplies  (2.1%)
Figs, Inc., Class A (a)		485,067		3,003
Inspire Medical Systems, Inc. (a)		11,087		2,595
Outset Medical, Inc. (a)		89,138		1,640
Penumbra, Inc. (a)		3,853		1,074
				8,312
Health Care Providers & Services  (7.4%)
23andMe Holding Co., Class A (a)		722,859		1,648
Agilon health, Inc. (a)		805,424		19,129
Alignment Healthcare, Inc. (a)		146,701		933
Guardant Health, Inc. (a)		74,490		1,746
Privia Health Group, Inc. (a)		200,427		5,534
				28,990
Health Care Technology  (5.4%)
Doximity, Inc., Class A (a)		568,160		18,397
Schrodinger, Inc. (a)		93,438		2,460
				20,857

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Hotels, Restaurants & Leisure  (0.5%)
Soho House & Co., Inc., Class A (a)	279,138	1,825
Household Durables  (3.8%)
Cricut, Inc., Class A (b)	795,881	8,118
Victoria PLC (United Kingdom) (a)	1,103,829	6,696
		14,814
Information Technology Services  (8.7%)
Cloudflare, Inc., Class A (a)	365,348	22,528
Fastly, Inc., Class A (a)	273,142	4,851
MongoDB, Inc. (a)	27,609	6,436
		33,815
Interactive Media & Services  (1.0%)
Eventbrite, Inc., Class A (a)	457,647	3,927
Leisure Products  (4.7%)
Peloton Interactive, Inc., Class A (a)	1,621,096	18,383
Life Sciences Tools & Services  (7.2%)
10X Genomics, Inc., Class A (a)	408,894	22,812
MaxCyte, Inc. (a)	443,648	2,196
SomaLogic, Inc. (a)	393,849	1,004
Standard BioTools, Inc. (a)(b)	1,051,044	2,050
		28,062
Metals & Mining  (0.5%)
MP Materials Corp. (a)	69,763	1,967
Passenger Airlines  (0.5%)
Joby Aviation, Inc. (a)(b)	406,991	1,766
Pharmaceuticals  (0.5%)
ATAI Life Sciences NV (a)(b)	548,518	993
GH Research PLC (a)(b)	123,100	983
		1,976
Real Estate Management & Development  (0.7%)
Opendoor Technologies, Inc. (a)	279,472	492
Redfin Corp. (a)	143,975	1,304
WeWork, Inc., Class A REIT (a)(b)	950,670	739
		2,535
Software  (23.2%)
Bill.Com Holdings, Inc. (a)	122,117	9,909
Clear Secure, Inc., Class A	127,454	3,335
Confluent, Inc., Class A (a)	167,721	4,037
Gitlab, Inc., Class A (a)	444,622	15,246
MicroStrategy, Inc., Class A (a)(b)	7,948	2,323
Olo, Inc., Class A (a)	484,873	3,957
Procore Technologies, Inc. (a)	344,180	21,556
Samsara, Inc., Class A (a)	1,425,031	28,102
Unity Software, Inc. (a)	59,309	1,924
		90,389

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Specialty Retail  (5.6%)
BARK, Inc. (a)	1,084,003	1,572
Carvana Co. (a)(b)	257,769	2,523
Floor & Decor Holdings, Inc., Class A (a)	146,200	14,360
Wayfair, Inc., Class A (a)	94,934	3,260
		21,715
Textiles, Apparel & Luxury Goods  (2.2%)
On Holding AG, Class A (Switzerland) (a)	277,363	8,607
Total Common Stocks (Cost $428,146)		369,189
Preferred Stocks  (2.5%)
Health Care Technology  (1.4%)
Included Health, Inc. Series B (a)(c)(d) (acquisition cost - $3,362; acquired 7/3/14)	3,269,139	5,492
Software  (1.1%)
Lookout, Inc. Series F (a)(c)(d) (acquisition cost - $13,476; acquired 6/17/14)	1,179,743	4,070
Total Preferred Stocks (Cost $16,838)		9,562
Investment Company  (1.4%)
Grayscale Bitcoin Trust (a) (Cost $8,978)	321,632	5,262
Warrants (0.0%) (e)
Internet & Direct Marketing Retail (0.0%) (e)
BARK, Inc. expires 5/1/26 (a)	209,825	50
Life Sciences Tools & Services  (0.0%) (e)
SomaLogic, Inc. expires 8/31/26 (a)	61,142	17
Total Warrants (Cost $1,304)		67
Short-Term Investments  (5.5%)
Securities held as Collateral on Loaned Securities  (3.5%)
Investment Company  (2.9%)
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (f)	11,114,638	11,115

	Face Amount (000)
Repurchase Agreements  (0.6%)
HSBC Securities USA, Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $1,263; fully collateralized by a U.S. Government obligation; 0.38% due 1/31/26; valued at $1,288)	$	1,263	1,263
Merrill Lynch & Co., Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $1,263; fully collateralized by a U.S. Government obligation; 0.38% due 1/15/27; valued at $1,288)		1,263	1,263
			2,526
Total Securities held as Collateral on Loaned Securities (Cost $13,641)			13,641

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

	Shares
Investment Company  (2.0%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $7,946)		7,945,981		7,946
Total Short-Term Investments (Cost $21,587)				21,587
Total Investments Excluding Purchased Options (104.2%) (Cost $476,853)				405,667
Total Purchased Options Outstanding (0.1%) (Cost $1,438)				456
Total Investments (104.3%) (Cost $478,291) Including $18,446 of Securities Loaned (g)(h)(i)(j)				406,123
Liabilities in Excess of Other Assets (-4.3%)				(16,568	)
Net Assets (100.0%)			$	389,555

(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, 2023, were approximately $18,446,000 and $18,278,000 respectively. The Fund received cash collateral of approximately $13,641,000, which was subsequently invested in a Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The remaining collateral of approximately $4,637,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2023 amounts to approximately $9,708,000 and represents 2.5% of net assets.
(d)	At March 31, 2023, the Fund held fair valued securities valued at approximately $9,562,000, representing 2.5% 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.
(e)	Amount is less than 0.05%.
(f)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2023, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Liquidity Funds.
(g)	The approximate fair value and percentage of net assets, $6,696,000 and 1.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(h)	Securities are available for collateral in connection with purchased options.
(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, 2023, the Fund did not engage in any cross-trade transactions.
(j)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $46,158,000 and the aggregate gross unrealized depreciation is approximately $119,308,000, resulting in net unrealized depreciation of approximately $73,150,000.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2023:

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	7.53	Jul-23		109,794,878		109,795	$	71	$	545	$	(474	)
Standard Chartered Bank	USD/CNH	CNH	7.57	Aug-23		118,346,563		118,347		104		528		(424	)
Goldman Sachs International	USD/CNH	CNH	7.87	Oct-23		914,411		914		1		4		(3	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.43	Jan-24		76,565,662		76,566		280		361		(81	)
									$	456	$	1,438	$	(982	)

CNH	Chinese Yuan Renminbi Offshore
USD	United States Dollar

Portfolio Composition*
Classification	Percentage of Total Investments
Others**		33.6	%
Software		24.1
Information Technology Services		8.6
Health Care Providers & Services		7.4
Life Sciences Tools & Services		7.2
Broadline Retail		6.9
Health Care Technology		6.7
Specialty Retail		5.5
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2023.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

International Advantage Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (97.9%)
Canada  (11.5%)
Brookfield Asset Management Ltd., Class A		830,835	$	27,185
Brookfield Corp.		3,224,240		105,078
Brookfield Infrastructure Partners LP		3,507,462		118,447
Canada Goose Holdings, Inc. (a)(b)		4,337,890		83,504
Shopify, Inc., Class A (a)		1,439,113		68,991
				403,205
China  (2.1%)
Foshan Haitian Flavouring & Food Co. Ltd., Class A		6,510,654		72,508
Denmark  (10.9%)
Chr Hansen Holding AS		892,814		67,917
DSV AS		1,629,002		315,859
				383,776
France  (9.2%)
Hermes International		120,209		243,454
Pernod Ricard SA		351,192		79,521
				322,975
Germany  (7.1%)
Adidas AG		936,845		166,077
HelloFresh SE (a)		1,671,554		39,862
Puma SE		692,335		42,919
				248,858
Hong Kong  (2.6%)
AIA Group Ltd.		8,701,500		91,256
India  (6.6%)
HDFC Bank Ltd.		11,773,046		231,562
Italy  (8.8%)
Davide Campari-Milano NV		6,606,068		80,606
Moncler SpA		3,304,858		228,272
				308,878
Japan  (5.5%)
Change, Inc.		1,209,700		21,562
Keyence Corp.		354,900		173,940
				195,502
Netherlands  (8.0%)
Adyen NV (a)		58,021		92,452
ASML Holding NV		278,524		189,800
				282,252
Norway  (0.8%)
AutoStore Holdings Ltd. (a)		13,087,237		28,252
Singapore  (1.3%)
Grab Holdings Ltd., Class A (a)		15,356,241		46,222

Morgan Stanley Institutional Fund, Inc.

International Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Sweden  (3.2%)
Evolution AB	651,281	87,258
Vitrolife AB	1,308,735	27,211
		114,469
Switzerland  (6.7%)
Chocoladefabriken Lindt & Spruengli AG (Registered)	436	51,638
Kuehne & Nagel International AG (Registered)	222,769	66,348
Straumann Holding AG (Registered)	790,971	118,634
		236,620
Taiwan  (4.6%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	1,757,356	163,469
United Kingdom  (4.1%)
Diageo PLC	1,578,072	70,429
Rightmove PLC	10,767,409	74,948
		145,377
United States  (4.9%)
MercadoLibre, Inc. (a)	130,350	171,809
Total Common Stocks (Cost $2,843,738)		3,446,990
Short-Term Investments  (2.2%)
Securities held as Collateral on Loaned Securities  (0.0%) (d)
Investment Company  (0.0%) (d)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c)	375,833	376

	Face Amount (000)
Repurchase Agreements  (0.0%) (d)
HSBC Securities USA, Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $42; fully collateralized by a U.S. Government obligation; 0.38% due 1/31/26; valued at $44)	$	42		42
Merrill Lynch & Co., Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $43; fully collateralized by a U.S. Government obligation; 0.38% due 1/15/27; valued at $44)		43		43
				85
Total Securities held as Collateral on Loaned Securities (Cost $461)				461
		Shares
Investment Company  (2.2%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $75,788)		75,787,839		75,788
Total Short-Term Investments (Cost $76,249)				76,249
Total Investments (100.1%) (Cost $2,919,987) Including $461 of Securities Loaned (e)(f)(g)				3,523,239
Liabilities in Excess of Other Assets (-0.1%)				(5,014	)
Net Assets (100.0%)			$	3,518,225

Morgan Stanley Institutional Fund, Inc.

International Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2023, were approximately $474,000 and $461,000, respectively. The Fund received cash collateral of approximately $461,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. 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, 2023, advisory fees paid were reduced by approximately $51,000 relating to the Fund’s investment in the Liquidity Funds.
(d)	Amount is less than 0.05%.
(e)	The approximate fair value and percentage of net assets, $2,662,285,000 and 75.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Statements.
(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, 2023, the Fund did not engage in any cross-trade transactions.
(g)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,000,954,000   and the aggregate gross unrealized depreciation is approximately $397,702,000, resulting in net unrealized appreciation of approximately $603,252,000.
ADR	American Depositary Receipt.

Portfolio Composition*
Classification	Percentage of Total Investments
Other**		46.2	%
Textiles, Apparel & Luxury Goods		21.7
Semiconductors & Semiconductor Equipment		10.0
Air Freight & Logistics		9.0
Banks		6.6
Beverages		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, 2023.
**	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, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (98.1%)
Australia  (1.1%)
Aristocrat Leisure Ltd.		616,027	$	15,402
Belgium  (0.5%)
KBC Group NV		101,562		6,978
Canada  (6.0%)
Barrick Gold Corp.		1,856,060		34,457
Constellation Software, Inc.		21,951		41,269
Tourmaline Oil Corp.		220,906		9,206
				84,932
China  (0.7%)
Minth Group Ltd. (a)		3,156,000		9,579
Denmark  (3.4%)
Carlsberg AS Series B		204,986		31,807
Tryg AS		760,047		16,619
				48,426
Finland  (1.3%)
Kone Oyj, Class B		361,417		18,849
France  (17.4%)
AXA SA		854,219		26,069
L’Oreal SA		35,225		15,740
Legrand SA		285,137		26,054
LVMH Moet Hennessy Louis Vuitton SE		29,962		27,502
Pernod Ricard SA		130,963		29,654
Safran SA		204,845		30,325
Sanofi		231,880		25,154
Teleperformance		75,048		18,134
Thales SA		162,407		24,011
Worldline SA (b)		519,393		22,073
				244,716
Germany  (15.0%)
Adidas AG		97,987		17,370
Deutsche Boerse AG		107,450		20,922
Deutsche Post AG (Registered)		705,529		33,044
Infineon Technologies AG		567,934		23,322
Knorr-Bremse AG		269,743		17,968
MTU Aero Engines AG		113,550		28,415
QIAGEN NV (b)		446,603		20,341
SAP SE		386,671		48,825
				210,207
Hong Kong  (1.4%)
AIA Group Ltd.		1,853,400		19,437
Italy  (2.3%)
Moncler SpA		467,855		32,316
Japan  (5.8%)
Hoya Corp.		216,200		23,893
Keyence Corp.		18,200		8,920

Morgan Stanley Institutional Fund, Inc.

International Equity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Kirin Holdings Co. Ltd.	806,200	12,755
Shiseido Co. Ltd.	542,300	25,425
SMC Corp.	20,500	10,867
		81,860
Korea, Republic of  (4.2%)
Samsung Electronics Co. Ltd.	787,265	38,931
SK Hynix, Inc.	295,687	20,235
		59,166
Netherlands  (2.9%)
Heineken NV	375,235	40,319
Norway  (0.4%)
Mowi ASA	320,481	5,928
Singapore  (1.6%)
DBS Group Holdings Ltd.	921,500	22,910
Sweden  (5.0%)
Atlas Copco AB, Class A	1,484,767	18,809
Epiroc AB, Class A	933,792	18,536
Hexagon AB, Class B	823,393	9,477
Svenska Handelsbanken AB, Class A	2,747,862	23,799
		70,621
Switzerland  (5.8%)
Alcon, Inc.	128,002	9,087
Novartis AG (Registered)	167,521	15,381
Partners Group Holding AG	13,924	13,113
Roche Holding AG (Genusschein)	83,100	23,745
UBS Group AG (Registered)	941,828	19,930
		81,256
Taiwan  (2.5%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	369,876	34,406
United Kingdom  (20.8%)
Associated British Foods PLC	1,064,803	25,553
AstraZeneca PLC	214,903	29,776
British American Tobacco PLC	513,340	17,995
Experian PLC	323,105	10,639
Halma PLC	336,364	9,286
Hiscox Ltd.	1,224,017	16,748
Imperial Brands PLC	801,588	18,433
Legal & General Group PLC	4,011,693	11,865
Prudential PLC	1,874,586	25,666
Reckitt Benckiser Group PLC	505,215	38,435
RELX PLC (Euronext NV)	512,147	16,587
RELX PLC (LSE)	495,429	16,045
Shell PLC	1,356,129	38,648
St. James’s Place PLC	1,070,177	16,059
		291,735
Total Common Stocks (Cost $1,031,693)		1,379,043

Morgan Stanley Institutional Fund, Inc.

International Equity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Short-Term Investment  (1.4%)
Investment Company  (1.4%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $19,917)	19,916,658		19,917
Total Investments (99.5%) (Cost $1,051,610)  (d)(e)(f)			1,398,960
Other Assets in Excess of Liabilities (0.5%)			7,379
Net Assets (100.0%)		$	1,406,339

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
(a)	Security trades on the Hong Kong exchange.
(b)	Non-income producing security.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2023, advisory fees paid were reduced by approximately $10,000 relating to the Fund’s investment in the Liquidity Funds.
(d)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.
(e)	The approximate fair value and percentage of net assets, $1,259,705,000 and 89.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(f)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $384,143,000 and the aggregate gross unrealized depreciation is approximately $36,793,000, resulting in net unrealized appreciation of approximately $347,350,000.
ADR	American Depositary Receipt.
Euronext NV	Euronext Amsterdam Stock Market.
LSE	London Stock Exchange.

Portfolio Composition
Classification	Percentage of Total Investments
Others*		42.2	%
Insurance		8.3
Beverages		8.2
Pharmaceuticals		6.7
Software		6.5
Machinery		6.1
Aerospace & Defense		5.9
Semiconductors & Semiconductor Equipment		5.6
Textiles, Apparel & Luxury Goods		5.5
Capital Markets		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

International Opportunity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (99.2%)
Argentina  (2.3%)
Globant SA (a)		184,184	$	30,208
Brazil  (1.4%)
NU Holdings Ltd., Class A (a)		3,796,392		18,071
Canada  (5.8%)
Canada Goose Holdings, Inc. (a)		1,386,373		26,688
Shopify, Inc., Class A (a)		1,021,504		48,971
				75,659
China  (10.5%)
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,144,888		12,750
Kuaishou Technology (a)(b)		2,245,100		17,263
Meituan, Class B (a)(b)		2,370,520		43,007
Tencent Holdings Ltd. (b)		411,100		20,090
Trip.com Group Ltd. ADR (a)		1,201,421		45,258
				138,368
Denmark  (7.8%)
DSV AS		532,535		103,257
France  (5.3%)
Hermes International		34,239		69,343
Germany  (5.5%)
Adidas AG		249,155		44,169
HelloFresh SE (a)		1,177,410		28,078
				72,247
India  (11.9%)
HDFC Bank Ltd.		4,737,870		93,188
ICICI Bank Ltd. ADR		2,936,693		63,374
				156,562
Italy  (5.6%)
Moncler SpA		1,067,622		73,742
Japan  (4.3%)
Change, Inc.		506,200		9,023
Keyence Corp.		96,000		47,050
				56,073
Korea, Republic of  (8.4%)
Coupang, Inc. (a)		3,824,719		61,195
KakaoBank Corp. (c)		1,200,525		22,438
NAVER Corp.		172,319		27,001
				110,634
Netherlands  (5.7%)
Adyen NV (a)		21,155		33,709
ASML Holding NV		59,701		40,683
				74,392

Morgan Stanley Institutional Fund, Inc.

International Opportunity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Norway  (1.2%)
AutoStore Holdings Ltd. (a)(c)	7,426,498		16,032
Singapore  (2.9%)
Grab Holdings Ltd., Class A (a)	9,057,988		27,265
Sea Ltd. ADR (a)	125,133		10,830
			38,095
Sweden  (4.8%)
Evolution AB	376,084		50,387
Vitrolife AB	616,170		12,812
			63,199
Taiwan  (2.7%)
Taiwan Semiconductor Manufacturing Co. Ltd.	2,047,000		35,873
United Kingdom  (1.3%)
Deliveroo PLC (a)	8,096,338		9,171
Fevertree Drinks PLC	530,696		8,392
			17,563
United States  (11.8%)
MercadoLibre, Inc. (a)	76,807		101,236
Spotify Technology SA (a)	407,170		54,406
			155,642
Total Common Stocks (Cost $1,146,013)			1,304,960
Short-Term Investment  (0.8%)
Investment Company  (0.8%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $9,971)	9,971,226		9,971
Total Investments (100.0%) (Cost $1,155,984) Including $20,683 of Securities Loaned (e)(f)(g)			1,314,931
Other Assets in Excess of Liabilities (0.0%) (h)			138
Net Assets (100.0%)		$	1,315,069

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, 2023, were approximately $20,683,000 and $22,466,000, respectively. The Fund received non-cash collateral of approximately $22,466,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge, and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser, 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, 2023, advisory fees paid were reduced by approximately $11,000 relating to the Fund’s investment in the Liquidity Funds.
(e)	The approximate fair value and percentage of net assets, $817,458,000 and 62.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Notes to the Portfolio of Investments.

Morgan Stanley Institutional Fund, Inc.

International Opportunity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

(f)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.
(g)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $365,121,000 and the aggregate gross unrealized depreciation is approximately $206,174,000, resulting in net unrealized appreciation of approximately $158,947,000.
(h)	Amount is less than 0.05%.
ADR	American Depositary Receipt.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		19.8	%
Textiles, Apparel & Luxury Goods		16.3
Banks		15.0
Broadline Retail		12.4
Hotels, Restaurants & Leisure		11.2
Air Freight & Logistics		7.8
Information Technology Services		6.7
Semiconductors & Semiconductor Equipment		5.8
Entertainment		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

International Resilience Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (103.0%)
Australia  (1.6%)
Aristocrat Leisure Ltd.		1,070	$	27
Canada  (4.2%)
Constellation Software, Inc.		37		70
Denmark  (3.4%)
Carlsberg AS Series B		360		56
Finland  (1.5%)
Kone Oyj, Class B		474		25
France  (19.6%)
L’Oreal SA		159		71
Legrand SA		557		51
LVMH Moet Hennessy Louis Vuitton SE		52		48
Pernod Ricard SA		275		62
Sanofi		235		25
Teleperformance		113		27
Worldline SA (a)		906		39
				323
Germany  (15.4%)
Adidas AG		155		27
Deutsche Boerse AG		257		50
Infineon Technologies AG		794		33
QIAGEN NV (a)		976		44
SAP SE		798		101
				255
Hong Kong  (1.2%)
AIA Group Ltd.		1,800		19
Italy  (3.4%)
Moncler SpA		806		56
Japan  (8.3%)
Hoya Corp.		500		55
Keyence Corp.		100		49
Shiseido Co. Ltd.		700		33
				137
Netherlands  (4.1%)
Heineken NV		625		67
Sweden  (5.9%)
Atlas Copco AB, Class A		3,091		39
Epiroc AB, Class A		1,603		32
Hexagon AB, Class B		2,379		27
				98
Switzerland  (3.5%)
Alcon, Inc.		486		34
Roche Holding AG (Genusschein)		80		23
				57

Morgan Stanley Institutional Fund, Inc.

International Resilience Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Taiwan  (3.8%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	670		62
United Kingdom  (17.6%)
AstraZeneca PLC	393		55
Experian PLC	1,183		39
Halma PLC	1,000		28
Prudential PLC	1,782		24
Reckitt Benckiser Group PLC	793		60
RELX PLC	2,628		85
			291
United States  (9.5%)
Danaher Corp.	159		40
Procter & Gamble Co.	240		36
Thermo Fisher Scientific, Inc.	72		42
Visa, Inc., Class A	174		39
			157
Total Common Stocks (Cost $1,549)			1,700
Short-Term Investment  (1.6%)
Investment Company  (1.6%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $27)	27,365		27
Total Investments (104.6%) (Cost $1,576)  (c)(d)(e)			1,727
Liabilities in Excess of Other Assets (-4.6%)			(75	)
Net Assets (100.0%)		$	1,652

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, 2023, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds.
(c)	The approximate fair value and percentage of net assets, $1,411,000 and 85.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to 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, 2023, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $180,000 and the aggregate gross unrealized depreciation is approximately $29,000, resulting in net unrealized appreciation of approximately $151,000.
ADR	American Depositary Receipt.

Portfolio Composition
Classification	Percentage of Total Investments
Others*		16.0	%
Beverages		10.7
Software		9.9
Professional Services		8.7
Textiles, Apparel & Luxury Goods		7.6
Life Sciences Tools & Services		7.3
Electronic Equipment, Instruments & Components		6.0
Personal Care Products		6.0
Pharmaceuticals		6.0
Household Products		5.6
Machinery		5.6
Semiconductors & Semiconductor Equipment		5.5
Health Care Equipment & Supplies		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (21.3%)
Australia  (3.3%)
BHP Group Ltd.		24,721	$	782
Capricorn Metals Ltd. (a)		2,831		9
Evolution Mining Ltd.		13,865		29
Fortescue Metals Group Ltd.		15,023		226
Gold Road Resources Ltd.		8,103		9
Newcrest Mining Ltd.		5,433		97
Northern Star Resources Ltd.		8,704		71
Perseus Mining Ltd.		10,791		17
Regis Resources Ltd. (a)		5,802		8
Silver Lake Resources Ltd. (a)		6,957		5
West African Resources Ltd. (a)		7,802		5
				1,258
Austria  (0.1%)
Erste Group Bank AG		1,607		53
Belgium  (0.2%)
KBC Group NV		1,164		80
Brazil  (0.9%)
Vale SA		22,569		357
Canada  (2.6%)
Agnico-Eagle Mines Ltd.		2,632		134
Alamos Gold, Inc., Class A		2,951		36
Aya Gold & Silver, Inc. (a)		798		6
B2Gold Corp.		7,976		31
Barrick Gold Corp.		10,129		188
Centerra Gold, Inc.		1,675		11
Dundee Precious Metals, Inc.		1,436		11
Eldorado Gold Corp. (a)		1,436		15
Endeavour Silver Corp. (a)(b)		1,436		6
Equinox Gold Corp. (a)(b)		2,233		12
First Majestic Silver Corp. (b)		1,994		14
Fortuna Silver Mines, Inc. (a)(b)		2,153		8
Franco-Nevada Corp.		1,117		163
IAMGOLD Corp. (a)		3,589		10
K92 Mining, Inc. (a)		1,755		10
Kinross Gold Corp. (b)		9,332		44
New Gold, Inc. (a)		5,105		6
OceanaGold Corp.		5,264		13
Osisko Gold Royalties Ltd. (b)		1,356		21
Pan American Silver Corp.		1,595		29
Sandstorm Gold Ltd. (b)		2,313		13
SilverCrest Metals, Inc. (a)(b)		1,037		7
SSR Mining, Inc.		1,595		24
Torex Gold Resources, Inc. (a)		638		11
Wesdome Gold Mines Ltd. (a)		1,037		6
Wheaton Precious Metals Corp.		2,552		123
Yamana Gold, Inc.		7,178		42
				994
China  (0.3%)
Zhaojin Mining Industry Co. Ltd. H Shares (a)(c)		19,142		29

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Zijin Mining Group Co. Ltd. H Shares (c)	44,665	75
		104
France  (1.2%)
BNP Paribas SA	5,169	309
Credit Agricole SA	5,765	65
Societe Generale SA	3,757	84
		458
Germany  (0.1%)
Commerzbank AG (a)	4,814	51
Ireland  (0.2%)
AIB Group PLC	4,918	20
Bank of Ireland Group PLC	4,911	50
		70
Italy  (1.1%)
FinecoBank Banca Fineco SpA	2,818	43
Intesa Sanpaolo SpA	75,278	193
Mediobanca Banca di Credito Finanziario SpA	2,782	28
UniCredit SpA	8,743	165
		429
Netherlands  (0.6%)
ABN AMRO Bank NV CVA	1,877	30
ING Groep NV	17,128	203
		233
Peru  (0.1%)
Cia de Minas Buenaventura SAA ADR	1,914	16
South Africa  (0.5%)
AngloGold Ashanti Ltd. ADR (b)	3,031	74
DRDGOLD Ltd. ADR	638	6
Gold Fields Ltd. ADR (b)	6,540	87
Harmony Gold Mining Co. Ltd. ADR	4,466	18
		185
Spain  (1.5%)
Banco Bilbao Vizcaya Argentaria SA (b)	27,814	199
Banco Santander SA	77,641	289
CaixaBank SA	20,428	80
		568
United Kingdom  (1.7%)
Centamin PLC	8,481	11
Endeavour Mining PLC	1,755	42
Rio Tinto PLC	8,412	571
		624
United States  (6.9%)
Coeur Mining, Inc. (a)	2,153	9
General Dynamics Corp.	1,519	347
Hecla Mining Co.	4,546	29
Huntington Ingalls Industries, Inc.	263	54
L3Harris Technologies, Inc.	1,107	217

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Lockheed Martin Corp.	1,239	586
Newmont Corp. (NYSE)	4,626	227
Northrop Grumman Corp.	913	421
Raytheon Technologies Corp.	6,875	673
Royal Gold, Inc.	479	62
		2,625
Total Common Stocks (Cost $7,942)		8,105

	Face Amount (000)
U.S. Treasury Securities  (47.2%)
United States  (47.2%)
U.S. Treasury Inflation Indexed Bonds,
0.13%, 7/15/24 – 4/15/25	$	468	457
0.13%, 10/15/25		160	155
0.25%, 1/15/25		163	159
0.38%, 7/15/25		183	179
0.50%, 4/15/24		114	112
0.63%, 1/15/26		154	150
1.13%, 1/15/33		16,549	16,522
2.00%, 1/15/26		74	75
2.38%, 1/15/25		152	154
Total U.S. Treasury Securities (Cost $17,411)			17,963
	Shares
Short-Term Investments  (39.8%)
Securities held as Collateral on Loaned Securities  (0.9%)
Investment Company  (0.7%)
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (d)		287,472	287
	Face Amount (000)
Repurchase Agreements  (0.2%)
HSBC Securities USA, Inc. (4.80%, dated 3/31/23, due 4/3/23; proceeds $33; fully collateralized by a U.S. Government obligation; 0.38% due 1/31/26; valued at $33)	$	33	33
Merrill Lynch & Co., Inc. (4.80%, dated 3/31/23, due 4/3/23; proceeds $33; fully collateralized by a U.S. Government obligation; 0.38% due 1/15/27; valued at $33)		33	33
			66
Total Securities held as Collateral on Loaned Securities (Cost $353)			353
	Shares
Investment Company  (26.8%)
Morgan Stanley Institutional Liquidity Funds -  Treasury Portfolio - Institutional Class (d) (Cost $10,209)		10,209,094	10,209

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

U.S. Treasury Security  (12.1%)
United States  (12.1%)
U.S. Treasury Bill 4.745%, 05/25/23 (Cost $4,584)	$	4,616,000		4,584
Total Short-Term Investments (Cost $15,146)				15,146
Total Investments (108.3%) (Cost $40,499) Including $406 of Securities Loaned (e)(f)(g)(h)				41,214
Liabilities in Excess of Other Assets (-8.3%)				(3,170	)
Net Assets (100.0%)			$	38,044

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, 2023, were approximately $406,000 and $427,000, respectively. The Fund received cash collateral of approximately $353,000, which was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments.  The remaining collateral of approximately $74,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security trades on the Hong Kong exchange.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2023, advisory fees paid were reduced by approximately $4,000 relating to the Fund’s investment in the Liquidity Funds.
(e)	Securities are available for collateral in connection with open foreign currency forward exchange contracts, futures contracts and swap agreements.
(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, 2023, the Fund did not engage in any cross-trade transactions.
(g)	The approximate fair value and percentage of net assets, $2,307,000 and 6.1%, 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.
(h)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,239,000 and the aggregate gross unrealized depreciation is approximately $709,000, resulting in net unrealized appreciation of approximately $530,000.
ADR	American Depositary Receipt.
CVA	Certificaten Van Aandelen.

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at March 31, 2023:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
BNP Paribas SA	EUR	485	$	523	6/15/23	$	(5	)
Citibank NA	$	743	CHF	672	6/15/23	(3		)
Citibank NA	$	342	JPY	45,320	6/15/23	3
Goldman Sachs International	EUR	346	$	373	6/15/23	(4		)
Goldman Sachs International	JPY	40,725	$	310	6/15/23	—@
Goldman Sachs International	$	72	EUR	66	6/15/23	(—@		)
JPMorgan Chase Bank NA	CHF	33	$	36	6/15/23	(—@		)
JPMorgan Chase Bank NA	EUR	132	$	143	6/15/23	(—@		)
JPMorgan Chase Bank NA	EUR	88	$	96	6/15/23	1
JPMorgan Chase Bank NA	EUR	350	$	382	6/15/23	1
JPMorgan Chase Bank NA	JPY	12,479	$	95	6/15/23	—@
JPMorgan Chase Bank NA	JPY	24,962	$	189	6/15/23	(1		)
JPMorgan Chase Bank NA	$	37	CAD	50	6/15/23	—@
JPMorgan Chase Bank NA	$	255	CHF	230	6/15/23	(1		)
JPMorgan Chase Bank NA	$	1,810	EUR	1,699	6/15/23	40
JPMorgan Chase Bank NA	$	909	GBP	746	6/15/23	14
JPMorgan Chase Bank NA	$	2,752	JPY	364,584	6/15/23	23
						$	68

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Futures Contracts:
The Fund had the following futures contracts open at March 31, 2023:  

	Number of Contracts	Expiration Date	Notional Amount (000)			Value (000)			Unrealized Depreciation (000)
Long:
Brent Crude (United Kingdom)	30	Oct-23	GBP	30		$	2,338		$	(78	)
Gold 100 Oz (United States)	10	Jun-23	$	1			1,986			(15	)
Short:
Euro Stoxx 50 Index (Germany)	10	Jun-23	EUR	—@			(462	)		(3	)
MSCI Emerging Market Index (United States)	4	Jun-23	$	—@			(199	)		(—@	)
Nikkei 225 Index (Japan)	3	Jun-23	JPY	(2	)		(319	)		(3	)
S&P 500 E Mini Index (United States)	35	Jun-23	$	(2	)		(7,241	)		(323	)
									$	(422	)

Interest Rate Swap Agreements:
The Fund had the following interest rate swap agreements open at March 31, 2023:  

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	Pay		2.91	%	Semi-Annual/Quarterly	12/15/26	$	1,458	$	(56	)	$	—	$	(56	)
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Pay		3.28		Semi-Annual/Quarterly	3/3/27		7,995		(48	)		—		(48	)
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Pay		2.44		Semi-Annual/Quarterly	1/30/28		1,536		(11	)		—		(11	)
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Pay		2.59		Semi-Annual/Quarterly	3/13/28		2,459		(5	)		—		(5	)
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Pay		2.46		Semi-Annual/Quarterly	3/15/28	EUR	8,858		(67	)		—		(67	)
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Receive		2.68		Semi-Annual/Quarterly	12/15/31	$	3,505		160			—		160
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Receive		2.92		Semi-Annual/Quarterly	3/3/32		7,995		65			—		65
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Receive		2.52		Semi-Annual/Quarterly	1/30/33		1,920		12			—		12
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Receive		2.54		Semi-Annual/Quarterly	3/13/33		2,049		12			—		12
Morgan Stanley & Co. LLC*	Eurostat Eurozone HICP ex Tobacco NSA index	Receive		2.4		Semi-Annual/Quarterly	3/15/33	EUR	8,899		107			—		107
										$	169		$	—	$	169

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

@	Value is less than $500.
*	Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
ICE	Intercontinental Exchange.
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
EUR	—	Euro
GBP	—	British Pound
JPY	—	Japanese Yen
USD	—	United States Dollar

Portfolio Composition*
Classification	Percentage of Total Investments
U.S. Treasury Securities		44.0	%
Short-Term Investments		36.2
Metals & Mining		9.5
Aerospace & Defense		5.6
Others**		4.7
Total Investments		100.0	%***

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2023.
**	Industries and/or investment types representing less than 5% of total investments.
***	Does not include open long/short futures contracts with a value of approximately $12,545,000 and net unrealized depreciation of approximately $422,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $68,000. Also it does not include open swap agreements with net unrealized appreciation of approximately $169,000.

Morgan Stanley Institutional Fund, Inc.

Next Gen Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (97.3%)
Bangladesh  (2.7%)
Brac Bank Ltd.		3,085,460	$	1,108
Brazil  (1.0%)
Locaweb Servicos de Internet SA (a)		439,440		415
Indonesia  (17.1%)
Bank Mandiri Persero Tbk PT		3,018,300		2,079
Champ Resto Indonesia Tbk PT (a)		4,819,200		361
Cisarua Mountain Dairy PT TBK		2,639,300		813
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		43,484,300		2,522
Medikaloka Hermina Tbk PT		15,289,100		1,381
				7,156
Kazakhstan  (7.6%)
Kaspi.KZ JSC GDR		19,795		1,498
NAC Kazatomprom JSC GDR		56,752		1,677
				3,175
Kenya  (3.2%)
Safaricom PLC		9,598,047		1,341
Pakistan  (2.9%)
Systems Ltd.		732,777		1,193
Philippines  (2.4%)
Century Pacific Food, Inc.		2,078,700		990
Poland  (20.3%)
11 bit studios SA (a)		17,466		2,696
Grupa Kety SA		12,075		1,483
LiveChat Software SA		77,740		2,583
LPP SA		776		1,723
				8,485
South Africa  (6.2%)
Anglo American PLC		33,885		1,122
Capitec Bank Holdings Ltd.		15,347		1,456
				2,578
United Kingdom  (2.3%)
Airtel Africa PLC		305,648		401
Mondi PLC		35,601		565
				966
United States  (14.0%)
EPAM Systems, Inc. (a)		4,727		1,413
Grid Dynamics Holdings, Inc. (a)		119,321		1,368
MercadoLibre, Inc. (a)		1,378		1,816
SEMrush Holdings, Inc., Class A (a)		123,484		1,241
				5,838
Vietnam  (17.6%)
FPT Corp.		733,261		2,649
Mobile World Investment Corp.		1,009,688		1,781

Morgan Stanley Institutional Fund, Inc.

Next Gen Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Phu Nhuan Jewelry JSC	234,200		778
Vietnam Dairy Products JSC	673,892		2,141
			7,349
Total Common Stocks (Cost $38,718)			40,594
Short-Term Investment  (2.1%)
Investment Company  (2.1%)
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (b) (Cost $880)	880,185		880
Total Investments (99.4%) (Cost $39,598)  (c)(d)(e)			41,474
Other Assets in Excess of Liabilities (0.6%)			244
Net Assets (100.0%)		$	41,718

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

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2023, advisory fees paid were reduced approximately $1,000 relating to the Fund’s investment in the Liquidity Funds.
(c)	The approximate fair value and percentage of net assets, $34,341,000 and 82.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to 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, 2023, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,176,000 and the aggregate gross unrealized depreciation is approximately $4,300,000, resulting in net unrealized appreciation of approximately $1,876,000.
GDR	Global Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Others*		28.2	%
Information Technology Services		17.0
Banks		11.2
Food Products		9.5
Software		9.2
Entertainment		6.5
Metals & Mining		6.3
Personal Care Products		6.1
Textiles, Apparel & Luxury Goods		6.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (94.0%)
Aerospace & Defense  (1.9%)
Axon Enterprise, Inc. (a)		44	$	10
HEICO Corp., Class A		70		10
TransDigm Group, Inc.		78		57
				77
Broadline Retail  (5.7%)
Amazon.com, Inc. (a)		2,221		229
Capital Markets  (5.2%)
Intercontinental Exchange, Inc.		1,599		167
MSCI, Inc.		18		10
S&P Global, Inc.		99		34
				211
Chemicals  (4.2%)
Ecolab, Inc.		60		10
Sherwin-Williams Co.		713		160
				170
Commercial Services & Supplies  (5.0%)
Cintas Corp.		21		10
Copart, Inc. (a)		520		39
Rentokil Initial PLC		19,681		144
Rollins, Inc.		255		9
				202
Construction Materials  (0.3%)
Martin Marietta Materials, Inc.		29		10
Distributors  (3.0%)
Pool Corp.		360		123
Diversified Consumer Services  (2.3%)
Service Corp. International		1,356		93
Entertainment  (0.8%)
Netflix, Inc. (a)		65		22
Walt Disney Co. (a)		88		9
				31
Food Products  (1.2%)
McCormick & Co., Inc.		117		10
UTZ Brands, Inc.		2,385		39
				49
Ground Transportation  (1.0%)
Union Pacific Corp.		192		39
Health Care Equipment & Supplies  (0.2%)
Intuitive Surgical, Inc. (a)		36		9
Health Care Technology  (0.8%)
Veeva Systems, Inc., Class A (a)		184		34

Morgan Stanley Institutional Fund, Inc.

Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Hotels, Restaurants & Leisure  (0.7%)
Domino’s Pizza, Inc.	27	9
McDonald’s Corp.	36	10
Starbucks Corp.	90	9
		28
Household Durables  (1.0%)
NVR, Inc. (a)	7	39
Information Technology Services  (8.1%)
Cloudflare, Inc., Class A (a)	4,466	275
Gartner, Inc. (a)	168	55
		330
Insurance  (1.9%)
Brown & Brown, Inc.	691	40
Progressive Corp.	259	37
		77
Interactive Media & Services  (5.1%)
Alphabet, Inc., Class C (a)	2,001	208
Life Sciences Tools & Services  (10.0%)
Danaher Corp.	389	98
Eurofins Scientific SE	1,410	94
Illumina, Inc. (a)	841	196
Thermo Fisher Scientific, Inc.	31	18
		406
Metals & Mining  (1.2%)
Royal Gold, Inc.	367	48
Oil, Gas & Consumable Fuels  (0.5%)
Texas Pacific Land Corp.	11	19
Personal Care Products  (0.2%)
Estee Lauder Cos., Inc., Class A	37	9
Pharmaceuticals  (5.5%)
Eli Lilly & Co.	27	9
Royalty Pharma PLC, Class A (United Kingdom)	5,381	194
Zoetis, Inc.	118	20
		223
Semiconductors & Semiconductor Equipment  (4.7%)
ASML Holding NV	279	190
Software  (16.7%)
Cadence Design Systems, Inc. (a)	50	10
Constellation Software, Inc.	53	100
Lumine Group, Inc. (a)	339	4
Microsoft Corp.	705	203
Procore Technologies, Inc. (a)	1,003	63
Roper Technologies, Inc.	22	10
ServiceNow, Inc. (a)	220	102
Synopsys, Inc. (a)	26	10
Topicus.com, Inc. (a)	1,620	116
Tyler Technologies, Inc. (a)	169	60
		678

Morgan Stanley Institutional Fund, Inc.

Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Specialized REITs  (0.2%)
American Tower Corp. REIT	44		9
Specialty Retail  (6.1%)
AutoZone, Inc. (a)	14		35
Floor & Decor Holdings, Inc., Class A (a)	2,059		202
Home Depot, Inc.	30		9
			246
Trading Companies & Distributors  (0.5%)
Watsco, Inc.	64		20
Total Common Stocks (Cost $3,387)			3,807
Investment Company  (1.2%)
Grayscale Bitcoin Trust (a) (Cost $67)	3,080		50
Short-Term Investment  (1.5%)
Investment Company  (1.5%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $59)	58,899		59
Total Investments Excluding Purchased Options (96.7%) (Cost $3,513)			3,916
Total Purchased Options Outstanding (0.1%) (Cost $11)			4
Total Investments (96.8%) (Cost $3,524)  (c)(d)(e)(f)			3,920
Other Assets in Excess of Liabilities (3.2%)			130
Net Assets (100.0%)		$	4,050

(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, 2023, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds.
(c)	The approximate fair value and percentage of net assets, $238,000 and 5.9%, 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.
(d)	Securities are available for collateral in connection with purchased options.
(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, 2023, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $492,000 and the aggregate gross unrealized depreciation is approximately $96,000, resulting in net unrealized appreciation of approximately $396,000.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.

Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2023:

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	7.87	Oct - 23		6,257		6	$	—@	$		—@	$	(—@	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.43	Jan - 24		765,238		765		3			4		(1	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.53	Jul - 23		694,116		694		—@			3		(3	)
Standard Chartered Bank	USD/CNH	CNH	7.57	Aug - 23		798,506		799		1			4		(3	)
									$	4		$	11	$	(7	)

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

Portfolio Composition

Classification	Percentage of Total Investments
Others*		30.2	%
Software		17.3
Life Sciences Tools & Services		10.4
Information Technology Services		8.4
Specialty Retail		6.3
Broadline Retail		5.8
Pharmaceuticals		5.7
Capital Markets		5.4
Interactive Media & Services		5.3
Commercial Services & Supplies		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Sustainable Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (97.1%)
Brazil  (6.2%)
Cia Brasileira de Aluminio		25,100	$	38
Itau Unibanco Holding SA (Preference)		30,689		150
Lojas Renner SA		24,320		79
Raia Drogasil SA		17,594		85
				352
Germany  (1.1%)
Infineon Technologies AG		1,504		62
India  (23.8%)
Bajaj Auto Ltd.		1,613		76
Delhivery Ltd. (a)		7,787		31
Gland Pharma Ltd. (a)		999		15
Godrej Consumer Products Ltd. (a)		3,149		37
HDFC Bank Ltd. ADR		2,387		159
Hindalco Industries Ltd.		14,710		73
Housing Development Finance Corp. Ltd.		2,708		87
ICICI Bank Ltd.		18,207		195
ICICI Prudential Life Insurance Co. Ltd.		8,411		45
Infosys Ltd.		4,928		86
Infosys Ltd. ADR		1,522		27
Macrotech Developers Ltd. (a)		3,376		38
Mahindra & Mahindra Financial Services Ltd.		23,053		65
Mahindra & Mahindra Ltd.		5,395		76
MakeMyTrip Ltd. (a)		1,171		29
Max Healthcare Institute Ltd. (a)		11,357		61
Pidilite Industries Ltd.		1,009		29
Reliance Industries Ltd.		6,384		182
Star Health & Allied Insurance Co. Ltd. (a)		6,562		42
				1,353
Indonesia  (5.3%)
Bank Central Asia Tbk PT		205,200		120
Bank Mandiri Persero Tbk PT		124,800		86
Bank Rakyat Indonesia Persero Tbk PT		303,200		96
				302
Korea, Republic of  (12.8%)
KB Financial Group, Inc.		2,004		73
Kia Corp.		692		43
Korea Zinc Co. Ltd.		145		62
Samsung Electronics Co. Ltd.		7,281		360
Samsung SDI Co. Ltd.		169		96
SK Hynix, Inc.		1,384		95
				729
Mexico  (6.9%)
Gruma SAB de CV, Class B		4,099		61
Grupo Financiero Banorte SAB de CV Series O		9,809		83
Regional SAB de CV		11,822		90
Wal-Mart de Mexico SAB de CV		39,604		158
				392

Morgan Stanley Institutional Fund, Inc.

Sustainable Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Norway  (1.7%)
Norsk Hydro ASA	12,998		97
Poland  (3.2%)
Grupa Kety SA	635		78
LPP SA	47		104
			182
South Africa  (6.3%)
Anglo American Platinum Ltd.	1,066		57
Anglo American PLC	4,285		142
AVI Ltd.	6,166		24
Capitec Bank Holdings Ltd.	877		83
Woolworths Holdings Ltd.	14,327		52
			358
Sweden  (1.9%)
Medicover AB	6,659		108
Switzerland  (1.7%)
SIG Group AG (a)	3,707		95
Taiwan  (19.0%)
Airtac International Group	4,000		156
Chailease Holding Co. Ltd.	11,000		81
CTBC Financial Holding Co. Ltd.	85,000		61
Delta Electronics, Inc.	11,000		109
MediaTek, Inc.	2,000		52
Merida Industry Co. Ltd.	6,000		33
Taiwan Semiconductor Manufacturing Co. Ltd.	17,000		298
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	2,471		230
Voltronic Power Technology Corp.	1,000		57
			1,077
Thailand  (1.8%)
Kasikornbank PCL (Foreign Shares)	7,400		29
Ngern Tid Lor PCL	51,700		38
Tisco Financial Group PCL	11,300		33
			100
United Kingdom  (4.3%)
Antofagasta PLC	6,171		121
Mondi PLC	7,726		122
			243
United States  (1.1%)
EPAM Systems, Inc. (a)	208		62
Total Common Stocks (Cost $5,017)			5,512
Short-Term Investment  (4.1%)
Investment Company  (4.1%)
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (b) (Cost $236)	235,512		236
Total Investments (101.2%) (Cost $5,253)  (c)(d)(e)			5,748
Liabilities in Excess of Other Assets (-1.2%)			(70	)
Net Assets (100.0%)		$	5,678

Morgan Stanley Institutional Fund, Inc.

Sustainable Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

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

(a)	Non-income producing security.
(b)	The fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - 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, 2023, advisory fees paid were reduced by less than $500 relating to the fund’s investment in the Liquidity Funds.
(c)	The approximate fair value and percentage of net assets, $4,170,000 and 73.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(d)	The fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2023, the fund did not engage in any cross-trade transactions.
(e)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $679,000 and the aggregate gross unrealized depreciation is approximately $184,000, resulting in net unrealized appreciation of approximately $495,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Others*		47.4	%
Banks		21.9
Semiconductors & Semiconductor Equipment		12.8
Metals & Mining		11.6
Tech Hardware, Storage & Peripherals		6.3
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, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (100.6%)
Banks  (2.7%)
JPMorgan Chase & Co.		48,035	$	6,260
Building Products  (1.3%)
Fortune Brands Innovations, Inc.		51,991		3,053
Capital Markets  (4.2%)
Ameriprise Financial, Inc.		30,911		9,474
Commercial Services & Supplies  (3.4%)
Waste Management, Inc.		47,431		7,739
Consumer Staples Distribution & Retail  (5.1%)
Costco Wholesale Corp.		18,872		9,377
Dollar General Corp.		11,029		2,321
				11,698
Distributors  (2.7%)
Pool Corp.		17,684		6,056
Electric Utilities  (3.3%)
NextEra Energy, Inc.		97,777		7,537
Financial Services  (3.5%)
Jack Henry & Associates, Inc.		18,054		2,721
Mastercard, Inc., Class A		14,160		5,146
				7,867
Health Care Equipment & Supplies  (1.9%)
Edwards Lifesciences Corp. (a)		53,232		4,404
Hotels, Restaurants & Leisure  (6.1%)
McDonald’s Corp.		33,620		9,401
MGM Resorts International		100,923		4,483
				13,884
Household Durables  (1.2%)
Lennar Corp., Class A		26,430		2,778
Industrial REITs  (0.3%)
ProLogis, Inc. REIT		4,862		607
Insurance  (7.2%)
Brown & Brown, Inc.		96,600		5,547
Progressive Corp.		76,348		10,922
				16,469
Interactive Media & Services  (6.4%)
Alphabet, Inc., Class A (a)		140,636		14,588
Life Sciences Tools & Services  (4.9%)
Danaher Corp.		30,474		7,681
West Pharmaceutical Services, Inc.		9,729		3,371
				11,052

Morgan Stanley Institutional Fund, Inc.

US Core Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Metals & Mining  (1.8%)
Nucor Corp.	27,104		4,187
Oil, Gas & Consumable Fuels  (7.4%)
Chevron Corp.	72,229		11,785
Valero Energy Corp.	36,040		5,031
			16,816
Personal Care Products  (1.5%)
Estee Lauder Cos., Inc., Class A	14,334		3,533
Residential REITs  (0.5%)
Essex Property Trust, Inc. REIT	5,208		1,089
Semiconductors & Semiconductor Equipment  (3.8%)
Applied Materials, Inc.	52,113		6,401
Lam Research Corp.	4,172		2,212
			8,613
Software  (8.2%)
Microsoft Corp.	65,114		18,772
Specialized REITs  (0.5%)
SBA Communications Corp. REIT	4,216		1,101
Specialty Retail  (7.6%)
Home Depot, Inc.	31,584		9,321
RH (a)	7,025		1,711
TJX Cos., Inc.	80,569		6,313
			17,345
Tech Hardware, Storage & Peripherals  (9.0%)
Apple, Inc.	124,427		20,518
Textiles, Apparel & Luxury Goods  (1.9%)
Lululemon Athletica, Inc. (a)	11,723		4,269
Trading Companies & Distributors  (4.2%)
United Rentals, Inc.	23,970		9,486
Total Common Stocks (Cost $208,513)			229,195
Short-Term Investment  (1.4%)
Investment Company  (1.4%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $3,142)	3,142,406		3,142
Total Investments (102.0%) (Cost $211,655)  (c)(d)			232,337
Liabilities in Excess of Other Assets (-2.0%)			(4,590	)
Net Assets (100.0%)		$	227,747

(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, 2023, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Liquidity Funds.

Morgan Stanley Institutional Fund, Inc.

US Core Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

(c)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.
(c)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $24,838,000 and the aggregate gross unrealized depreciation is approximately $4,156,000, resulting in net unrealized appreciation of approximately $20,682,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Others*		44.0	%
Tech Hardware, Storage & Peripherals		8.8
Software		8.1
Specialty Retail		7.5
Oil, Gas & Consumable Fuels		7.2
Insurance		7.1
Interactive Media & Services		6.3
Hotels, Restaurants & Leisure		6.0
Consumer Staples Distribution & Retail		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

U.S. Focus Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (98.6%)
Apartments  (7.0%)
AvalonBay Communities, Inc. REIT		1,052	$	177
Mid-America Apartment Communities, Inc. REIT		818		123
				300
Data Centers (10.4%)
Digital Realty Trust, Inc. REIT		1,337		131
Equinix, Inc. REIT		434		313
				444
Free Standing (8.8%)
Agree Realty Corp. REIT		1,514		104
NETSTREIT Corp. REIT		3,897		71
Realty Income Corp. REIT		3,129		198
				373
Health Care  (7.9%)
Welltower, Inc. REIT		4,683		336
Industrial  (16.2%)
Americold Realty Trust REIT		3,037		86
Prologis, Inc. REIT		3,995		499
Rexford Industrial Realty, Inc. REIT		1,792		107
				692
Infrastructure (13.8%)
American Tower Corp. REIT		1,434		293
Crown Castle International Corp. REIT		818		110
SBA Communications Corp. REIT		714		186
				589
Lodging/Resorts  (2.1%)
Boyd Gaming Corp.		1,386		89
Manufactured Homes  (3.5%)
Sun Communities, Inc. REIT		1,056		149
Regional Malls  (4.1%)
Simon Property Group, Inc. REIT		1,557		174
Self Storage  (9.5%)
Life Storage, Inc. REIT		1,098		144
Public Storage REIT		871		263
				407
Shopping Centers  (5.6%)
Brixmor Property Group, Inc. REIT		5,815		125
Kite Realty Group Trust REIT		5,534		116
				241
Single Family Homes  (2.9%)
American Homes 4 Rent, Class A REIT		4,007		126

Morgan Stanley Institutional Fund, Inc.

U.S. Focus Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Specialty  (6.8%)
Iron Mountain, Inc. REIT	2,306		122
VICI Properties, Inc. REIT	5,172		169
			291
Total Common Stocks (Cost $4,385)			4,211
Short-Term Investment  (1.1%)
Investment Company  (1.1%)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (a) (Cost $46)	45,986		46
Total Investments (99.7%) (Cost $4,431)  (b)(c)			4,257
Other Assets in Excess of Liabilities (0.3%)			15
Net Assets (100.0%)		$	4,272

(a)	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, 2023, advisory fees paid were reduced by less than $500 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, 2023, the fund did not engage in any cross-trade transactions.
(c)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $102,000 and the aggregate gross unrealized depreciation is approximately $276,000, resulting in net unrealized depreciation of approximately $174,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Industrial		16.3	%
Infrastructure		13.8
Others*		13.7
Data Centers		10.4
Self Storage		9.6
Free Standing		8.8
Health Care		7.9
Apartments		7.0
Specialty		6.8
Shopping Centers		5.7
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, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (98.4%)
Apartments  (9.8%)
AvalonBay Communities, Inc. REIT		7,203	$	1,211
Mid-America Apartment Communities, Inc. REIT		6,035		911
UDR, Inc. REIT		22,626		929
				3,051
Data Centers  (11.1%)
Digital Realty Trust, Inc. REIT		10,455		1,028
Equinix, Inc. REIT		3,340		2,408
				3,436
Free Standing  (8.8%)
Agree Realty Corp. REIT		10,058		690
NETSTREIT Corp. REIT		19,534		357
Realty Income Corp. REIT		26,550		1,681
				2,728
Health Care  (9.0%)
Ventas, Inc. REIT		20,673		896
Welltower, Inc. REIT		26,601		1,907
				2,803
Industrial  (18.1%)
Americold Realty Trust, Inc. REIT		18,880		537
ProLogis, Inc. REIT		36,280		4,527
Rexford Industrial Realty, Inc. REIT		9,212		549
				5,613
Lodging/Resorts  (2.5%)
Boyd Gaming Corp.		3,303		212
Host Hotels & Resorts, Inc. REIT		34,427		568
				780
Manufactured Homes  (3.9%)
Sun Communities, Inc. REIT		8,714		1,228
Office  (1.2%)
Alexandria Real Estate Equities, Inc. REIT		3,036		381
Regional Malls  (4.4%)
Simon Property Group, Inc. REIT		12,210		1,367
Self Storage  (11.6%)
Life Storage, Inc. REIT		7,618		999
Public Storage REIT		8,597		2,597
				3,596
Shopping Centers  (6.3%)
Brixmor Property Group, Inc. REIT		39,663		854
Kite Realty Group Trust REIT		38,178		799
RPT Realty REIT		31,474		299
				1,952

Morgan Stanley Institutional Fund, Inc.

U.S. Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Single Family Homes  (3.0%)
American Homes 4 Rent, Class A REIT	29,958		942
Specialty  (8.7%)
Iron Mountain, Inc. REIT	17,367		919
Lamar Advertising Co., Class A  REIT	3,169		317
VICI Properties, Inc. REIT	45,075		1,470
			2,706
Total Common Stocks (Cost $30,805)			30,583
Short-Term Investment  (1.2%)
Investment Company  (1.2%)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (a) (Cost $385)	385,211		385
Total Investments (99.6%) (Cost $31,190)  (b)(c)			30,968
Other Assets in Excess of Liabilities (0.4%)			122
Net Assets (100.0%)		$	31,090

(a)	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, 2023, advisory fees paid were reduced by less than $500 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, 2023, the Fund did not engage in any cross-trade transactions.
(c)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,700,000 and the aggregate gross unrealized depreciation is approximately $1,922,000, resulting in net unrealized depreciation of approximately $222,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Industrial		18.1	%
Others*		16.4
Self Storage		11.6
Data Centers		11.1
Apartments		9.9
Health Care		9.1
Free Standing		8.8
Specialty		8.7
Shopping Centers		6.3
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, 2023 (unaudited)

	Shares		Value (000)
Common Stocks  (93.1%)
Biotechnology  (24.7%)
4D Molecular Therapeutics, Inc. (a)		1,273	$	22
Abcam PLC ADR (United Kingdom) (a)		1,912		26
Alnylam Pharmaceuticals, Inc. (a)		365		73
Altimmune, Inc. (a)		1,044		5
Argenx SE ADR (Belgium) (a)		245		91
Beam Therapeutics, Inc. (a)		1,023		31
Century Therapeutics, Inc. (a)		1,455		5
Exact Sciences Corp. (a)		1,207		82
Fate Therapeutics, Inc. (a)		1,572		9
Intellia Therapeutics, Inc. (a)		1,186		44
Moderna, Inc. (a)		307		47
Relay Therapeutics, Inc. (a)		1,230		20
Vertex Pharmaceuticals, Inc. (a)		276		87
				542
Health Care Equipment & Supplies  (16.0%)
Abbott Laboratories		319		32
Align Technology, Inc. (a)		210		70
DexCom, Inc. (a)		288		34
IDEXX Laboratories, Inc. (a)		94		47
Inspire Medical Systems, Inc. (a)		324		76
Intuitive Surgical, Inc. (a)		306		78
iRhythm Technologies, Inc. (a)		114		14
				351
Health Care Providers & Services  (8.6%)
Agilon health, Inc. (a)(b)		2,814		67
Guardant Health, Inc. (a)		892		21
UnitedHealth Group, Inc.		214		101
				189
Health Care Technology  (6.5%)
Doximity, Inc., Class A (a)		1,353		44
Schrodinger, Inc. (a)		1,967		52
Veeva Systems, Inc., Class A (a)		259		47
				143
Life Sciences Tools & Services  (24.7%)
10X Genomics, Inc., Class A (a)		2,378		133
AbCellera Biologics, Inc. (Canada) (a)(b)		1,844		14
Evotec SE ADR (Germany) (a)		3,481		37
Illumina, Inc. (a)		289		67
MaxCyte, Inc. (a)		8,127		40
SomaLogic, Inc. (a)		7,152		18
Stevanato Group SpA (Italy)		2,691		70
Thermo Fisher Scientific, Inc.		196		113
West Pharmaceutical Services, Inc.		143		50
				542
Pharmaceuticals  (10.9%)
ATAI Life Sciences NV (a)(b)		8,904		16
Eli Lilly & Co.		294		101
GH Research PLC (a)(b)		958		8
Royalty Pharma PLC, Class A		1,579		57

Morgan Stanley Institutional Fund, Inc.

Vitality Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

Zoetis, Inc.	340	56
		238
Specialty Retail  (1.7%)
Chewy, Inc., Class A (a)(b)	1,010	38
Total Common Stocks (Cost $2,727)		2,043
Short-Term Investments  (10.5%)
Securities held as Collateral on Loaned Securities  (3.4%)
Investment Company  (2.8%)
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (c)	60,734	61

	Face Amount (000)
Repurchase Agreements  (0.6%)
HSBC Securities USA, Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $7; fully collateralized by a U.S. Government obligation; 0.38% due 1/31/26; valued at $7)	$	7	7
Merrill Lynch & Co., Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $7; fully collateralized by a U.S. Government obligation; 0.38% due 1/15/27; valued at $7)		7	7
			14
Total Securities held as Collateral on Loaned Securities (Cost $75)			75

	Shares
Investment Company  (7.1%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $156)		156,601		156
Total Short-Term Investments (Cost $231)				231
Total Investments (103.6%) (Cost $2,958) Including $74 of Securities Loaned (d)(e)				2,274
Liabilities in Excess of Other Assets (-3.6%)				(80	)
Net Assets (100.0%)			$	2,194

(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, 2023, were approximately $74,000 and $75,000, respectively. The Fund received cash collateral of approximately $75,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	The fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. 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, 2023, 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, 2023, the fund did not engage in any cross-trade transactions.
(e)	At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $74,000 and the aggregate gross unrealized depreciation is approximately $758,000, resulting in net unrealized depreciation of approximately $684,000.
ADR	American Depositary Receipt.

Portfolio Composition*

Classification	Percentage of Total Investments
Biotechnology		24.7	%
Life Sciences Tools & Services		24.6
Health Care Equipment & Supplies		16.0
Pharmaceuticals		10.8
Health Care Providers & Services		8.6
Short-Term Investments		7.1
Health Care Technology		6.5
Others**		1.7
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2023.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Notes to Portfolio of Investments ▪ March 31, 2023 (unaudited)

Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Company’s Board of Directors (the “Directors”). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the “Adviser”) or Morgan Stanley Investment Management Limited (“MSIM Limited”) and Morgan Stanley Investment Management Company (“MSIM Company”) (together, the “Sub-Advisers”), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security’s fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (6) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a broker/dealer or valued by a pricing service/vendor; (7) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, 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 approved by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange (“NYSE”). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (8) foreign exchange transactions (“spot contracts”) and foreign exchange forward contracts (“forward contracts”) are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (9) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Directors have designated the Company’s Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Company’s Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Company’s valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Company to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Fair Value Measurement: Financial Accounting Standards Board (“FASB”) Accounting Standards Codification^TM (“ASC”) 820 , “Fair Value Measurement” (“ASC 820”), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below:

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	—	$	4,615		$	—	$	4,615
Banks		4,427		2,163			—		6,590
Beverages		—		5,132			—		5,132
Biotechnology		2,004		—			—		2,004
Broadline Retail		10,904		54			—		10,958
Chemicals		4,128		2,165			—		6,293
Electrical Equipment		—		494			—		494
Electronic Equipment, Instruments & Components		—		2,745			—		2,745
Energy Equipment & Services		2,227		1,835			—		4,062
Entertainment		6,137		2,401			—		8,538
Food Products		—		3,861			—		3,861
Ground Transportation		3,193		—			—		3,193
Health Care Equipment & Supplies		1,843		3,174			—		5,017
Health Care Providers & Services		—		981			—		981
Hotels, Restaurants & Leisure		3,098		1,359			—		4,457
Household Durables		2,004		6,633			—		8,637
Household Products		—		456			—		456
Insurance		—		628			—		628
Interactive Media & Services		2,448		3,543			—		5,991
Leisure Products		—		633			—		633
Machinery		—		4,439			—		4,439
Metals & Mining		11,911		10,029			—		21,940
Oil, Gas & Consumable Fuels		293		7,736			—		8,029
Passenger Airlines		1,974		—			—		1,974
Personal Care Products		2,704		6,836			—		9,540
Pharmaceuticals		—		19,737			—		19,737
Professional Services		—		3,125			—		3,125
Semiconductors & Semiconductor Equipment		2,053		9,255			—		11,308
Specialty Retail		1,091		—			—		1,091
Tech Hardware, Storage & Peripherals		—		4,912			—		4,912
Textiles, Apparel & Luxury Goods		—		3,356			—		3,356
Total Common Stocks		62,439		112,297			—		174,736
Preferred Stock
Biotechnology		—		—			1,250		1,250
Investment Company		661		—			—		661
Short-Term Investments
Investment Company		2,928		—			—		2,928
Repurchase Agreements		—		666			—		666
Total Short-Term Investments		2,928		666			—		3,594
Total Assets		66,028		112,963			1,250		180,241
Liabilities:
Foreign Currency Forward Exchange Contracts		—		(40	)		—		(40	)
Total	$	66,028	$	112,923		$	1,250	$	180,201

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

Active International Allocation	Preferred Stock (000)
Beginning Balance	$	1,174
Purchases		-
Sales		-
Amortization of discount		-
Transfers in		-
Transfers out		-
Corporate actions		-
Change in unrealized appreciation (depreciation)		76
Realized gains (losses)		-
Ending Balance	$	1,250
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023	$	76

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, 2023:

Active International Allocation	Fair Value at March 31, 2023 (000)		Valuation Technique	Unobservable Input	Amount*		Impact to Valuation from an Increase in Input**
Preferred Stock	$	1,250	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, 2023:

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
Broadline Retail	$	18,282	$	—	$	—	$	18,282
Capital Markets		5,044		—		—		5,044
Chemicals		4,786		—		—		4,786
Entertainment		13,385		—		—		13,385
Financial Services		5,188		11,122		—		16,310
Ground Transportation		17,663		—		—		17,663
Health Care Technology		3,471		—		—		3,471
Hotels, Restaurants & Leisure		18,443		—		—		18,443
Information Technology Services		43,952		—		—		43,952
Interactive Media & Services		13,233		—		—		13,233
Life Sciences Tools & Services		9,078		—		—		9,078
Media		14,496		—		—		14,496
Pharmaceuticals		12,170		—		—		12,170
Semiconductors & Semiconductor Equipment		12,045		—		—		12,045
Software		9,311		—		—		9,311
Specialty Retail		14,231		—		—		14,231
Total Common Stocks		214,778		11,122		—		225,900
Investment Company		3,010		—		—		3,010
Call Options Purchased		—		259		—		259
Short-Term Investment
Investment Company		4,654		—		—		4,654
Total Assets	$	222,442	$	11,381	$	—	$	233,823

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
American Resilience
Assets:
Common Stocks
Beverages	$	18	$	—	$	—	$	18
Capital Markets		59		—		—		59
Electronic Equipment, Instruments & Components		48		—		—		48
Financial Services		77		—		—		77
Health Care Equipment & Supplies		108		—		—		108
Household Products		31		—		—		31
Information Technology Services		58		—		—		58
Insurance		36		—		—		36
Interactive Media & Services		35		—		—		35
Life Sciences Tools & Services		134		—		—		134
Machinery		36		—		—		36
Pharmaceuticals		20		—		—		20
Professional Services		81		—		—		81
Semiconductors & Semiconductor Equipment		33		—		—		33
Software		195		—		—		195
Textiles, Apparel & Luxury Goods		20		—		—		20
Tobacco		43		—		—		43
Total Common Stocks		1,032		—		—		1,032
Short-Term Investment
Investment Company		15		—		—		15
Total Assets	$	1,047	$	—	$	—	$	1,047

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	14,223	$	33,186	$	—	$	47,409
Beverages		—		21,697		—		21,697
Broadline Retail		12,768		—		—		12,768
Chemicals		—		1,980		—		1,980
Construction Materials		—		4,102		—		4,102
Consumer Finance		6,143		—		—		6,143
Diversified Consumer Services		—		939		—		939
Entertainment		6,598		—		—		6,598
Food Products		—		12,965		—		12,965
Ground Transportation		6,277		—		—		6,277
Hotels, Restaurants & Leisure		15,196		24,758		—		39,954
Household Durables		—		4,426		—		4,426
Insurance		—		8,034		—		8,034
Interactive Media & Services		—		24,734		—		24,734
Real Estate Management & Development		11,095		4,004		—		15,099
Semiconductors & Semiconductor Equipment		—		11,488		—		11,488
Software		243		2,711		—		2,954
Textiles, Apparel & Luxury Goods		—		5,116		—		5,116
Total Common Stocks		72,543		160,140		—		232,683
Short-Term Investments
Investment Company		12,850		—		—		12,850
Repurchase Agreements		—		303		—		303
Total Short-Term Investments		12,850		303		—		13,153
Total Assets	$	85,393	$	160,443	$	—	$	245,836

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	3	$	79	$	—	$	82
Air Freight & Logistics		—		137		—		137
Automobile Components		7		—		—		7
Automobiles		17		—		—		17
Banks		216		16		—		232
Beverages		2		49		—		51
Biotechnology		79		6		—		85
Broadline Retail		702		—		—		702
Capital Markets		79		1		—		80
Chemicals		54		12		—		66
Commercial Services & Supplies		8		49		—		57
Construction Materials		—@		3		—		3
Consumer Finance		4		—		—		4
Consumer Staples Distribution & Retail		—		11		—		11
Containers & Packaging		2		—		—		2
Distributors		23		—		—		23
Diversified Consumer Services		23		1		—		24
Diversified Telecommunication Services		13		—		—		13
Electronic Equipment, Instruments & Components		—		49		—		49
Entertainment		292		24		—		316
Financial Services		203		182		—		385
Food Products		2		16		—		18
Ground Transportation		354		—		—		354
Health Care Equipment & Supplies		19		31		—		50
Health Care Providers & Services		183		—		—		183
Health Care Technology		128		—		—		128
Hotels, Restaurants & Leisure		213		111		—		324
Household Durables		143		147		—		290
Information Technology Services		1,617		2		—		1,619
Insurance		19		14		—		33
Interactive Media & Services		172		48		—		220
Leisure Products		86		—		—		86
Life Sciences Tools & Services		169		61		—		230
Machinery		—		8		—		8
Marine Transportation		—		13		—		13
Media		174		—		—		174
Metals & Mining		15		4		—		19
Multi-Utilities		15		—		—		15
Oil, Gas & Consumable Fuels		3		—		—		3
Passenger Airlines		3		—		—		3
Personal Care Products		—@		8		—		8
Pharmaceuticals		245		5		—		250
Real Estate Management & Development		17		3		—		20
Semiconductors & Semiconductor Equipment		121		55		—		176
Software		949		1		—		950
Specialized REITs		—@		—		—		—@
Specialty Retail		320		—		—		320
Textiles, Apparel & Luxury Goods		32		270		—		302
Trading Companies & Distributors		1		—		—		1
Transportation Infrastructure		2		—		—		2
Total Common Stocks		6,729		1,416		—		8,145
Preferred Stocks
Financial Services		—		2		—		2
Software		—		—		33		33
Total Preferred Stocks		—		2		33		35
Investment Company		94		—		—		94
Warrants		—@		—		—		—@
Call Options Purchased		—		5		—		5
Short-Term Investment
Investment Company		290		—		—		290
Total Assets	$	7,113	$	1,423	$	33	$	8,569

@ Value is less than $500.

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

Counterpoint Global	Preferred Stock (000)
Beginning Balance	$	33
Purchases		-
Sales		-
PIPE transactions		-
Amortization of discount		-
Transfers in		-
Transfers out		-
Corporate actions		-
Change in unrealized appreciation (depreciation)		-
Realized gains (losses)		-
Ending Balance	$	33
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023	$	-

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, 2023. 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, 2023 (000)		Valuation Technique	Unobservable Input	Amount*			Impact to Valuation from an Increase in Input**
Preferred Stock	$	33	Market Transaction Method	Precedent Transaction	$	60.00		Increase
			Discounted Cash Flow	Weighted Average Cost of Capital		14.5	%	Decrease
				Perpetual Growth Rate		3.5	%	Increase
			Market Comparable Companies	Enterprise Value/Revenue		12.0	x	Increase
				Discount for Lack of Marketability		15.0	%	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, 2023:

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	$	6,315	$	10,623	$	—	$	16,938
Beverages		—		3,762		—		3,762
Broadline Retail		10,221		—		—		10,221
Capital Markets		—		1,061		—		1,061
Chemicals		—		1,395		—		1,395
Construction Materials		—		1,315		—		1,315
Consumer Finance		1,275		—		—		1,275
Diversified Consumer Services		—		313		—		313
Entertainment		1,941		—		—		1,941
Food Products		—		2,210		—		2,210
Ground Transportation		1,973		—		—		1,973
Hotels, Restaurants & Leisure		3,978		6,221		—		10,199
Household Durables		—		668		—		668
Information Technology Services		2,926		—		—		2,926
Interactive Media & Services		—		5,987		—		5,987
Real Estate Management & Development		2,987		835		—		3,822
Semiconductors & Semiconductor Equipment		—		3,669		—		3,669
Textiles, Apparel & Luxury Goods		—		1,046		—		1,046
Transportation Infrastructure		1,559		—		—		1,559
Total Common Stocks		33,175		39,105		—		72,280
Short-Term Investment
Investment Company		960		—		—		960
Total Assets	$	34,135	$	39,105	$	—	$	73,240

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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
Air Freight & Logistics	$	—	$	2,421	$	—	$	2,421
Automobiles		—		21,197		—		21,197
Banks		23,789		79,348		—		103,137
Beverages		—		12,877		—		12,877
Broadline Retail		—		14,516		—		14,516
Capital Markets		—		3,547		—		3,547
Chemicals		—		4,511		—		4,511
Commercial Banks		—		5,099		—		5,099
Construction & Engineering		—		2,919		—		2,919
Consumer Finance		—		6,587		—		6,587
Consumer Staples Distribution & Retail		10,113		3,885		—		13,998
Electrical Equipment		—		8,620		—		8,620
Electronic Equipment, Instruments & Components		—		12,177		—		12,177
Financial Services		—		8,064		—		8,064
Food Products		4,513		9,825		—		14,338
Ground Transportation		2,440		—		—		2,440
Health Care Providers & Services		—		6,067		—		6,067
Hotels, Restaurants & Leisure		1,965		3,409		—		5,374
Information Technology Services		5,713		6,005		—		11,718
Insurance		2,877		5,884		—		8,761
Interactive Media & Services		—		17,979		—		17,979
Machinery		—		9,638		—		9,638
Metals & Mining		—		37,417		—		37,417
Oil, Gas & Consumable Fuels		—		24,007		—		24,007
Paper & Forest Products		—		7,720		—		7,720
Personal Care Products		—		3,840		—		3,840
Pharmaceuticals		—		4,192		—		4,192
Real Estate Management & Development		—		2,840		—		2,840
Semiconductors & Semiconductor Equipment		11,696		44,360		—		56,056
Specialty Retail		—		8,332		—		8,332
Tech Hardware, Storage & Peripherals		—		24,456		—		24,456
Textiles, Apparel & Luxury Goods		—		17,626		—		17,626
Total Common Stocks		63,106		419,365		—		482,471
Right		3		—		—		3
Short-Term Investment
Investment Company		6,438		—		—		6,438
Futures Contract		152		—		—		152
Total Assets	$	69,699	$	419,365	$	—	$	489,064

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	—	$	15,758	$	—	$	15,758
Banks		13,211		28,154		—		41,365
Broadline Retail		21,921		—		—		21,921
Capital Markets		—		5,970		—		5,970
Chemicals		—		14,682		—		14,682
Consumer Finance		—		14,536		—		14,536
Consumer Staples Distribution & Retail		—		9,017		—		9,017
Electrical Equipment		2,543		26,338		—		28,881
Financial Services		—		17,319		—		17,319
Information Technology Services		22,167		—		—		22,167
Interactive Media & Services		—		10,341		—		10,341
Personal Care Products		—		14,268		—		14,268
Pharmaceuticals		—		1,155		—		1,155
Professional Services		3,288		—		—		3,288
Semiconductors & Semiconductor Equipment		—		14,102		—		14,102
Specialty Retail		—		14,246		—		14,246
Textiles, Apparel & Luxury Goods		—		47,635		—		47,635
Total Common Stocks		63,130		233,521		—		296,651
Short-Term Investment
Investment Company		20,416		—		—		20,416
Total Assets	$	83,546	$	233,521	$	—	$	317,067

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	7,986	$	—	$	—	$	7,986
Banks		9,322		—		—		9,322
Capital Markets		4,934		—		—		4,934
Commercial Services & Supplies		5,608		—		—		5,608
Construction Materials		4,558		—		—		4,558
Consumer Staples Distribution & Retail		6,271		—		—		6,271
Distributors		4,839		—		—		4,839
Electric Utilities		5,595		—		—		5,595
Entertainment		6,272		—		—		6,272
Financial Services		3,467		—		—		3,467
Interactive Media & Services		7,462		—		—		7,462
Life Sciences Tools & Services		4,732		—		—		4,732
Metals & Mining		791		—		—		791
Semiconductors & Semiconductor Equipment		7,516		—		—		7,516
Software		8,165		—		—		8,165
Specialty Retail		1,486		—		—		1,486
Textiles, Apparel & Luxury Goods		10,666		—		—		10,666
Trading Companies & Distributors		5,995		—		—		5,995
Total Common Stocks		105,665		—		—		105,665
Short-Term Investment
Investment Company		50		—		—		50
Total Assets	$	105,715	$	—	$	—	$	105,715

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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
Automobiles	$	1,181	$	—	$	—	$	1,181
Banks		1,495		—		—		1,495
Beverages		722		—		—		722
Broadline Retail		85		—		—		85
Building Products		243		—		—		243
Capital Markets		794		—		—		794
Commercial Services & Supplies		59		—		—		59
Construction Materials		1,188		—		—		1,188
Consumer Staples Distribution & Retail		275		—		—		275
Distributors		394		—		—		394
Diversified Telecommunication Services		482		—		—		482
Electric Utilities		594		—		—		594
Entertainment		743		—		—		743
Financial Services		605		—		—		605
Health Care Technology		122		—		—		122
Hotels, Restaurants & Leisure		1,259		—		—		1,259
Household Durables		125		—		—		125
Insurance		374		—		—		374
Interactive Media & Services		883		—		—		883
Life Sciences Tools & Services		734		—		—		734
Metals & Mining		125		—		—		125
Oil, Gas & Consumable Fuels		1,216		—		—		1,216
Passenger Airlines		171		—		—		171
Personal Care Products		374		—		—		374
Professional Services		291		—		—		291
Residential REITs		61		—		—		61
Semiconductors & Semiconductor Equipment		1,004		—		—		1,004
Software		1,562		—		—		1,562
Specialized REITs		141		—		—		141
Specialty Retail		394		—		—		394
Tech Hardware, Storage & Peripherals		1,705		—		—		1,705
Textiles, Apparel & Luxury Goods		617		1,359		—		1,976
Trading Companies & Distributors		516		—		—		516
Total Common Stocks		20,534		1,359		—		21,893
Short-Term Investment
Investment Company		470		—		—		470
Total Assets	$	21,004	$	1,359	$	—	$	22,363

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Global Endurance
Assets:
Common Stocks
Aerospace & Defense	$	—	$	1,283	$	—	$	1,283
Automobiles		354		—		—		354
Beverages		—		346		—		346
Biotechnology		779		—		—		779
Broadline Retail		3,098		—		—		3,098
Entertainment		—		327		—		327
Financial Services		—		381		—		381
Hotels, Restaurants & Leisure		454		1,115		—		1,569
Household Durables		3,084		2,445		—		5,529
Information Technology Services		2,946		—		—		2,946
Interactive Media & Services		1,815		—		—		1,815
Life Sciences Tools & Services		—		788		—		788
Pharmaceuticals		1,002		—		—		1,002
Software		7,429		—		—		7,429
Specialty Retail		3,730		—		—		3,730
Total Common Stocks		24,691		6,685		—		31,376
Short-Term Investments
Investment Company		2,923		—		—		2,923
Repurchase Agreements		—		611		—		611
Total Short-Term Investments		2,923		611		—		3,534
Total Assets	$	27,614	$	7,296	$	—	$	34,910

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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
Data Centers	$	280	$	—	$	—	$	280
Diversified		—		472		—		472
Health Care		235		43		—		278
Industrial		498		200		—		698
Industrial/Office Mixed		—		52		—		52
Infrastructure REITs		324		—		—		324
Lodging/Resorts		54		78		—		132
Office		—		58		—		58
Residential		368		81		—		449
Retail		505		65		—		570
Self Storage		292		79		—		371
Specialty		177		—		—		177
Total Common Stocks		2,733		1,128		—		3,861
Short-Term Investment
Investment Company		15		—		—		15
Total Assets	$	2,748	$	1,128	$	—	$	3,876

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	54,418	$	200,327	$	—	$	254,745
Capital Markets		158,764		—		—		158,764
Electronic Equipment, Instruments & Components		46,515		—		—		46,515
Financial Services		174,953		—		—		174,953
Health Care Equipment & Supplies		266,823		—		—		266,823
Household Products		85,733		186,898		—		272,631
Information Technology Services		151,142		—		—		151,142
Insurance		87,051		—		—		87,051
Life Sciences Tools & Services		299,848		—		—		299,848
Machinery		54,885		—		—		54,885
Personal Care Products		—		71,090		—		71,090
Pharmaceuticals		33,109		—		—		33,109
Professional Services		177,111		142,501		—		319,612
Software		374,358		184,243		—		558,601
Textiles, Apparel & Luxury Goods		31,073		73,298		—		104,371
Tobacco		214,772		—		—		214,772
Total Common Stocks		2,210,555		858,357		—		3,068,912
Short-Term Investment
Investment Company		24,798		—		—		24,798
Total Assets	$	2,235,353	$	858,357	$	—	$	3,093,710

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	4,534	$	8,268	$	—	$	12,802
Communications		21,817		21,706		—		43,523
Diversified		4,754		16,496		—		21,250
Electricity Transmission & Distribution		20,116		14,923		—		35,039
Oil & Gas Storage & Transportation		64,870		23,581		—		88,451
Others		33,765		5,090		—		38,855
Toll Roads		—		7,986		—		7,986
Water		5,939		8,751		—		14,690
Total Common Stocks		155,795		106,801		—		262,596
Short-Term Investments
Investment Company		9,978		—		—		9,978
Repurchase Agreements		—		996		—		996
Total Short-Term Investments		9,978		996		—		10,974
Total Assets	$	165,773	$	107,797	$	—	$	273,570

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	449	$	—	$	—	$	449
Biotechnology		1,250		—		—		1,250
Broadline Retail		15,941		—		—		15,941
Chemicals		236		—		—		236
Entertainment		6,439		—		—		6,439
Financial Services		1,762		5,790		—		7,552
Ground Transportation		8,873		—		—		8,873
Health Care Providers & Services		3,996		—		—		3,996
Health Care Technology		2,072		—		—		2,072
Hotels, Restaurants & Leisure		3,430		—		—		3,430
Information Technology Services		16,326		—		—		16,326
Leisure Products		1,209		—		—		1,209
Life Sciences Tools & Services		1,960		—		—		1,960
Media		5,208		—		—		5,208
Pharmaceuticals		4,688		—		—		4,688
Semiconductors & Semiconductor Equipment		4,318		—		—		4,318
Software		2,648		—		—		2,648
Specialty Retail		569		—		—		569
Total Common Stocks		81,374		5,790		—		87,164
Preferred Stock
Software		—		—		22		22
Investment Company		1,189		—		—		1,189
Call Options Purchased		—		102		—		102
Short-Term Investments
Investment Company		1,878		—		—		1,878
Repurchase Agreements		—		84		—		84
Total Short-Term Investments		1,878		84		—		1,962
Total Assets	$	84,441	$	5,976	$	22	$	90,439

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

Global Insight	Preferred Stock (000)
Beginning Balance	$	30
Purchases		-
Sales		-
Amortization of discount		-
Transfers in		-
Transfers out		-
Corporate actions		-
Change in unrealized appreciation (depreciation)		(8	)
Realized gains (losses)		-
Ending Balance	$	22
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023	$	(8	)

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, 2023. 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, 2023 (000)		Valuation Technique	Unobservable Input	Amount*			Impact to Valuation from an Increase in Input**
Preferred Stock	$	22	Discounted Cash Flow	Weighted Average Cost of Capital		14.0	%	Decrease
				Perpetual Growth Rate		3.5	%	Increase
			Market Comparable Companies	Enterprise Value/Revenue		6.6	x	Increase
				Discount for Lack of Marketability		15.0	%	Decrease
			Comparable Transactions	Enterprise Value/Revenue		7.4	x	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, 2023:

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	$	—	$	177,965	$	—		$	177,965
Banks		91,156		180,698		—			271,854
Broadline Retail		348,177		—		—			348,177
Electronic Equipment, Instruments & Components		—		49,893		—	†		49,893	†
Entertainment		193,224		—		—			193,224
Financial Services		196,299		14,631		—			210,930
Ground Transportation		248,130		—		—			248,130
Hotels, Restaurants & Leisure		99,620		58,612		—			158,232
Information Technology Services		136,257		—		—			136,257
Interactive Media & Services		120,598		23,935		—			144,533
Software		346,436		—		—			346,436
Textiles, Apparel & Luxury Goods		—		245,469		—			245,469
Total Common Stocks		1,779,897		751,203		—	†		2,531,100	†
Short-Term Investment
Investment Company		33,848		—		—			33,848
Total Assets	$	1,813,745	$	751,203	$	—	†	$	2,564,948	†

† 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)
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, 2023	$	-

† 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, 2023:

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	$	—	$	185	$	—	$	185
Automobiles		39		—		—		39
Banks		331		—		—		331
Beverages		—		18		—		18
Broadline Retail		375		—		—		375
Capital Markets		409		—		—		409
Chemicals		301		—		—		301
Commercial Services & Supplies		19		411		—		430
Distributors		166		—		—		166
Diversified Consumer Services		70		—		—		70
Entertainment		—		106		—		106
Ground Transportation		110		—		—		110
Health Care Equipment & Supplies		—		103		—		103
Household Durables		—		141		—		141
Information Technology Services		651		—		—		651
Insurance		152		—		—		152
Interactive Media & Services		282		—		—		282
Life Sciences Tools & Services		368		383		—		751
Metals & Mining		90		36		—		126
Oil, Gas & Consumable Fuels		39		—		—		39
Personal Care Products		—		78		—		78
Pharmaceuticals		478		—		—		478
Real Estate Management & Development		36		—		—		36
Semiconductors & Semiconductor Equipment		381		—		—		381
Software		1,337		—		—		1,337
Specialty Retail		285		—		—		285
Textiles, Apparel & Luxury Goods		—		240		—		240
Total Common Stocks		5,919		1,701		—		7,620
Investment Company		91		—		—		91
Call Options Purchased		—		5		—		5
Short-Term Investment
Investment Company		237		—		—		237
Total Assets	$	6,247	$	1,706	$	—	$	7,953

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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
Data Centers	$	2,745	$	—	$	—	$	2,745
Diversified		—		5,730		—		5,730
Health Care		2,664		384		—		3,048
Industrial		4,830		1,767		—		6,597
Industrial/Office Mixed		—		678		—		678
Lodging/Resorts		683		703		—		1,386
Office		234		1,370		—		1,604
Residential		4,723		479		—		5,202
Retail		4,932		1,310		—		6,242
Self Storage		3,031		541		—		3,572
Specialty		1,478		—		—		1,478
Total Common Stocks		25,320		12,962		—		38,282
Short-Term Investments
Investment Company		180		—		—		180
Total Assets	$	25,500	$	12,962	$	—	$	38,462

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	849	$	—	$	—	$	849
Capital Markets		3,882		1,675		—		5,557
Electronic Equipment, Instruments & Components		2,674		—		—		2,674
Financial Services		6,833		—		—		6,833
Health Care Equipment & Supplies		8,998		—		—		8,998
Household Products		1,895		3,696		—		5,591
Information Technology Services		4,899		—		—		4,899
Insurance		2,566		2,375		—		4,941
Interactive Media & Services		2,831		—		—		2,831
Life Sciences Tools & Services		10,650		—		—		10,650
Machinery		1,720		1,482		—		3,202
Personal Care Products		—		1,669		—		1,669
Pharmaceuticals		873		—		—		873
Professional Services		4,898		2,620		—		7,518
Semiconductors & Semiconductor Equipment		4,083		—		—		4,083
Software		14,192		5,416		—		19,608
Textiles, Apparel & Luxury Goods		1,001		—		—		1,001
Total Common Stocks		72,844		18,933		—		91,777
Short-Term Investment
Investment Company		1,733		—		—		1,733
Total Assets	$	74,577	$	18,933	$	—	$	93,510

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

 

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	$	36,327	$	—	$	—		$	36,327
Biotechnology		65,087		—		—			65,087
Broadline Retail		260,346		—		—			260,346
Capital Markets		43,338		—		—			43,338
Chemicals		15,348		—		—			15,348
Commercial Services & Supplies		8,455		—		—			8,455
Electronic Equipment, Instruments & Components		—		—		—	†		—	†
Entertainment		368,056		—		—			368,056
Financial Services		151,976		218,245		—			370,221
Ground Transportation		456,143		—		—			456,143
Health Care Equipment & Supplies		7,684		—		—			7,684
Health Care Providers & Services		198,840		—		—			198,840
Health Care Technology		84,234		—		—			84,234
Hotels, Restaurants & Leisure		291,749		—		—			291,749
Information Technology Services		1,124,896		—		—			1,124,896
Interactive Media & Services		76,797		—		—			76,797
Leisure Products		48,636		—		—			48,636
Life Sciences Tools & Services		221,656		—		—			221,656
Media		370,438		—		—			370,438
Pharmaceuticals		292,591		—		—			292,591
Semiconductors & Semiconductor Equipment		78,606		—		—			78,606
Software		431,390		—		—			431,390
Specialty Retail		158,232		—		—			158,232
Total Common Stocks		4,790,825		218,245		—	†		5,009,070	†
Preferred Stocks
Financial Services		—		12,876		—			12,876
Software		—		—		102,367			102,367
Total Preferred Stocks		—		12,876		102,367			115,243
Investment Company		72,066		—		—			72,066
Call Options Purchased		—		6,037		—			6,037
Short-Term Investments
Investment Company		113,304		—		—			113,304
Repurchase Agreements		—		14,581		—			14,581
Total Short-Term Investments		113,304		14,581		—			127,885
Total Assets	$	4,976,195	$	251,739	$	102,367	†	$	5,330,301	†

† Includes a security valued at zero.

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

Growth	Common Stock (000)			Preferred Stock (000)
Beginning Balance	$	-	†	$	102,367
Purchases		-			-
Sales		-			-
Amortization of discount		-			-
Transfers in		-			-
Transfers out		-			-
Corporate actions		-			-
Change in unrealized appreciation (depreciation)		-			-
Realized gains (losses)		-			-
Ending Balance	$	-	†	$	102,367
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023	$	-		$	-

† 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, 2023. 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, 2023 (000)		Valuation Technique	Unobservable Input	Amount*			Impact to Valuation from an Increase in Input**
Preferred Stock	$	102,367	Market Transaction Method	Precedent Transaction	$	60.00		Increase
			Discounted Cash Flow	Weighted Average Cost of Capital		14.5	%	Decrease
				Perpetual Growth Rate		3.5	%	Increase
			Market Comparable Companies	Enterprise Value/Revenue		12.0	x	Increase
				Discount for Lack of Marketability		15.0	%	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, 2023:

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
Automobile Components	$	3,466	$	—	$	—	$	3,466
Beverages		997		—		—		997
Biotechnology		10,620		146		—		10,766
Broadline Retail		27,075		—		—		27,075
Chemicals		2,119		—		—		2,119
Commercial Services & Supplies		647		—		—		647
Diversified Consumer Services		6,417		—		—		6,417
Diversified Telecommunication Services		6,805		—		—		6,805
Financial Services		16,936		—		—		16,936
Ground Transportation		6,021		—		—		6,021
Health Care Equipment & Supplies		8,312		—		—		8,312
Health Care Providers & Services		28,990		—		—		28,990
Health Care Technology		20,857		—		—		20,857
Hotels, Restaurants & Leisure		1,825		—		—		1,825
Household Durables		8,118		6,696		—		14,814
Information Technology Services		33,815		—		—		33,815
Interactive Media & Services		3,927		—		—		3,927
Leisure Products		18,383		—		—		18,383
Life Sciences Tools & Services		28,062		—		—		28,062
Metals & Mining		1,967		—		—		1,967
Passenger Airlines		1,766		—		—		1,766
Pharmaceuticals		1,976		—		—		1,976
Real Estate Management & Development		2,535		—		—		2,535
Software		90,389		—		—		90,389
Specialty Retail		21,715		—		—		21,715
Textiles, Apparel & Luxury Goods		8,607		—		—		8,607
Total Common Stocks		362,347		6,842		—		369,189
Preferred Stocks
Health Care Technology		—		—		5,492		5,492
Software		—		—		4,070		4,070
Total Preferred Stocks		—		—		9,562		9,562
Investment Company		5,262		—		—		5,262
Warrants		67		—		—		67
Call Options Purchased		—		456		—		456
Short-Term Investments
Investment Company		19,061		—		—		19,061
Repurchase Agreements		—		2,526		—		2,526
Total Short-Term Investments		19,061		2,526		—		21,587
Total Assets	$	386,737	$	9,824	$	9,562	$	406,123

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

Inception	Preferred Stocks (000)
Beginning Balance	$	11,920
Purchases		-
Sales		-
Amortization of discount		-
Transfers in		-
Transfers out		-
Corporate actions		-
Change in unrealized appreciation (depreciation)		(2,358	)
Realized gains (losses)		-
Ending Balance	$	9,562
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023	$	(2,358	)

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, 2023. 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, 2023 (000)		Valuation Technique	Unobservable Input	Range/Weighted Average	Impact to Valuation from an Increase in Input*
Preferred Stocks	$	9,562	Discounted Cash Flow	Weighted Average Cost of Capital	12.0%-14.0%/13.4%	Decrease
				Perpetual Growth Rate	3.0%-4.0%/3.5%	Increase
			Market Comparable Companies	Enterprise Value/Revenue	0.5x-9.7x/4.1x	Increase
				Discount for Lack of Marketability	15.0%-18.0%/16.7%	Decrease
			Comparable Transactions	Enterprise Value/Revenue	2.8x-15.2x/5.3x	Increase

* 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, 2023:

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	$	—	$	315,859	$	—	$	315,859
Banks		—		231,562		—		231,562
Beverages		—		230,556		—		230,556
Biotechnology		—		27,211		—		27,211
Broadline Retail		171,809		—		—		171,809
Capital Markets		132,263		—		—		132,263
Chemicals		—		67,917		—		67,917
Consumer Staples Distribution & Retail		—		39,862		—		39,862
Electronic Equipment, Instruments & Components		—		173,940		—		173,940
Financial Services		—		92,452		—		92,452
Food Products		—		124,146		—		124,146
Ground Transportation		46,222		—		—		46,222
Health Care Equipment & Supplies		—		118,634		—		118,634
Hotels, Restaurants & Leisure		—		87,258		—		87,258
Information Technology Services		68,991		21,562		—		90,553
Insurance		—		91,256		—		91,256
Interactive Media & Services		—		74,948		—		74,948
Machinery		—		28,252		—		28,252
Marine Transportation		—		66,348		—		66,348
Multi-Utilities		118,447		—		—		118,447
Semiconductors & Semiconductor Equipment		163,469		189,800		—		353,269
Textiles, Apparel & Luxury Goods		83,504		680,722		—		764,226
Total Common Stocks		784,705		2,662,285		—		3,446,990
Short-Term Investments
Investment Company		76,164		—		—		76,164
Repurchase Agreements		—		85		—		85
Total Short-Term Investments		76,164		85		—		76,249
Total Assets	$	860,869	$	2,662,370	$	—	$	3,523,239

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	—	$	82,751	$	—	$	82,751
Air Freight & Logistics		—		33,044		—		33,044
Automobile Components		—		9,579		—		9,579
Banks		—		53,687		—		53,687
Beverages		—		114,535		—		114,535
Capital Markets		—		70,024		—		70,024
Electrical Equipment		—		26,054		—		26,054
Electronic Equipment, Instruments & Components		—		27,683		—		27,683
Financial Services		—		22,073		—		22,073
Food Products		—		31,481		—		31,481
Health Care Equipment & Supplies		—		32,980		—		32,980
Hotels, Restaurants & Leisure		—		15,402		—		15,402
Household Products		—		38,435		—		38,435
Insurance		—		116,404		—		116,404
Life Sciences Tools & Services		—		20,341		—		20,341
Machinery		—		85,029		—		85,029
Metals & Mining		34,457		—		—		34,457
Oil, Gas & Consumable Fuels		9,206		38,648		—		47,854
Personal Care Products		—		41,165		—		41,165
Pharmaceuticals		—		94,056		—		94,056
Professional Services		—		61,405		—		61,405
Semiconductors & Semiconductor Equipment		34,406		43,557		—		77,963
Software		41,269		48,825		—		90,094
Tech Hardware, Storage & Peripherals		—		38,931		—		38,931
Textiles, Apparel & Luxury Goods		—		77,188		—		77,188
Tobacco		—		36,428		—		36,428
Total Common Stocks		119,338		1,259,705		—		1,379,043
Short-Term Investment
Investment Company		19,917		—		—		19,917
Total Assets	$	139,255	$	1,259,705	$	—	$	1,398,960

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	—	$	103,257	$	—	$	103,257
Banks		81,445		115,626		—		197,071
Beverages		—		8,392		—		8,392
Biotechnology		—		12,812		—		12,812
Broadline Retail		162,431		—		—		162,431
Consumer Staples Distribution & Retail		—		28,078		—		28,078
Electronic Equipment, Instruments & Components		—		47,050		—		47,050
Entertainment		65,236		—		—		65,236
Financial Services		—		33,709		—		33,709
Food Products		—		12,750		—		12,750
Ground Transportation		27,265		—		—		27,265
Hotels, Restaurants & Leisure		45,258		102,565		—		147,823
Information Technology Services		79,179		9,023		—		88,202
Interactive Media & Services		—		64,354		—		64,354
Machinery		—		16,032		—		16,032
Semiconductors & Semiconductor Equipment		—		76,556		—		76,556
Textiles, Apparel & Luxury Goods		26,688		187,254		—		213,942
Total Common Stocks		487,502		817,458		—		1,304,960
Short-Term Investment
Investment Company		9,971		—		—		9,971
Total Assets	$	497,473	$	817,458	$	—	$	1,314,931

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
International Resilience
Assets:
Common Stocks
Beverages	$	—	$	185	$	—	$	185
Capital Markets		—		50		—		50
Electrical Equipment		—		51		—		51
Electronic Equipment, Instruments & Components		—		104		—		104
Financial Services		39		39		—		78
Health Care Equipment & Supplies		—		89		—		89
Hotels, Restaurants & Leisure		—		27		—		27
Household Products		36		60		—		96
Insurance		—		43		—		43
Life Sciences Tools & Services		82		44		—		126
Machinery		—		96		—		96
Personal Care Products		—		104		—		104
Pharmaceuticals		—		103		—		103
Professional Services		—		151		—		151
Semiconductors & Semiconductor Equipment		62		33		—		95
Software		70		101		—		171
Textiles, Apparel & Luxury Goods		—		131		—		131
Total Common Stocks		289		1,411		—		1,700
Short-Term Investment
Investment Company		27		—		—		27
Total Assets	$	316	$	1,411	$	—	$	1,727

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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
Aerospace & Defense	$	2,298		$	—		$	—	$	2,298
Banks		—			1,942			—		1,942
Metals & Mining		1,564			2,301			—		3,865
Total Common Stocks		3,862			4,243			—		8,105
U.S. Treasury Securities		—			17,963			—		17,963
Short-Term Investments
Investment Company		10,496			—			—		10,496
Repurchase Agreements		—			66			—		66
U.S. Treasury Securities		—			4,584			—		4,584
Total Short-Term Investments		10,496			4,650			—		15,146
Foreign Currency Forward Exchange Contracts		—			82			—		82
Futures Contract		—@			—			—		—@
Interest Rate Swap Agreements		—			356			—		356
Total Assets		14,358			27,294			—		41,652
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(14	)		—		(14	)
Futures Contracts		(422	)		—			—		(422	)
Interest Rate Swap Agreements		—			(187	)		—		(187	)
Total Liabilities		(422	)		(201	)		—		(623	)
Total	$	13,936		$	27,093		$	—	$	41,029

@ Value is less than $500.

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	—	$	4,643	$	—	$	4,643
Broadline Retail		1,816		—		—		1,816
Consumer Finance		—		1,498		—		1,498
Entertainment		—		2,696		—		2,696
Food Products		—		3,944		—		3,944
Health Care Providers & Services		—		1,381		—		1,381
Hotels, Restaurants & Leisure		—		361		—		361
Information Technology Services		2,781		4,257		—		7,038
Metals & Mining		—		2,605		—		2,605
Oil, Gas & Consumable Fuels		—		1,677		—		1,677
Paper & Forest Products		—		565		—		565
Personal Care Products		—		2,522		—		2,522
Software		1,241		2,583		—		3,824
Specialty Retail		—		1,781		—		1,781
Textiles, Apparel & Luxury Goods		—		2,501		—		2,501
Wireless Telecommunication Services		—		1,742		—		1,742
Total Common Stocks		5,838		34,756		—		40,594
Short-Term Investment
Investment Company		880		—		—		880
Total Assets	$	6,718	$	34,756	$	—	$	41,474

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	77	$	—	$	—	$	77
Broadline Retail		229		—		—		229
Capital Markets		211		—		—		211
Chemicals		170		—		—		170
Commercial Services & Supplies		58		144		—		202
Construction Materials		10		—		—		10
Distributors		123		—		—		123
Diversified Consumer Services		93		—		—		93
Entertainment		31		—		—		31
Food Products		49		—		—		49
Ground Transportation		39		—		—		39
Health Care Equipment & Supplies		9		—		—		9
Health Care Technology		34		—		—		34
Hotels, Restaurants & Leisure		28		—		—		28
Household Durables		39		—		—		39
Information Technology Services		330		—		—		330
Insurance		77		—		—		77
Interactive Media & Services		208		—		—		208
Life Sciences Tools & Services		312		94		—		406
Metals & Mining		48		—		—		48
Oil, Gas & Consumable Fuels		19		—		—		19
Personal Care Products		9		—		—		9
Pharmaceuticals		223		—		—		223
Semiconductors & Semiconductor Equipment		190		—		—		190
Software		678		—		—		678
Specialized REITs		9		—		—		9
Specialty Retail		246		—		—		246
Trading Companies & Distributors		20		—		—		20
Total Common Stocks		3,569		238		—		3,807
Investment Company		50		—		—		50
Call Options Purchased		—		4		—		4
Short-Term Investment
Investment Company		59		—		—		59
Total Assets	$	3,678	$	242	$	—	$	3,920

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Sustainable Emerging Markets
Assets:
Common Stocks
Air Freight & Logistics	$	—	$	31	$	—	$	31
Automobiles		—		195		—		195
Banks		394		864		—		1,258
Broadline Retail		—		52		—		52
Chemicals		—		29		—		29
Consumer Finance		—		103		—		103
Consumer Staples Distribution & Retail		158		85		—		243
Containers & Packaging		—		95		—		95
Electrical Equipment		—		57		—		57
Electronic Equipment, Instruments & Components		—		205		—		205
Financial Services		—		168		—		168
Food Products		61		24		—		85
Health Care Providers & Services		—		169		—		169
Hotels, Restaurants & Leisure		29		—		—		29
Information Technology Services		89		86		—		175
Insurance		—		87		—		87
Leisure Products		—		33		—		33
Machinery		—		156		—		156
Metals & Mining		—		668		—		668
Oil, Gas & Consumable Fuels		—		182		—		182
Paper & Forest Products		—		122		—		122
Personal Care Products		—		37		—		37
Pharmaceuticals		—		15		—		15
Real Estate Management & Development		—		38		—		38
Semiconductors & Semiconductor Equipment		230		507		—		737
Specialty Retail		—		79		—		79
Tech Hardware, Storage & Peripherals		—		360		—		360
Textiles, Apparel & Luxury Goods		—		104		—		104
Total Common Stocks		961		4,551		—		5,512
Short-Term Investment
Investment Company		236		—		—		236
Total Assets	$	1,197	$	4,551	$	—	$	5,748

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	6,260	$	—	$	—	$	6,260
Building Products		3,053		—		—		3,053
Capital Markets		9,474		—		—		9,474
Commercial Services & Supplies		7,739		—		—		7,739
Consumer Staples Distribution & Retail		11,698		—		—		11,698
Distributors		6,056		—		—		6,056
Electric Utilities		7,537		—		—		7,537
Financial Services		7,867		—		—		7,867
Health Care Equipment & Supplies		4,404		—		—		4,404
Hotels, Restaurants & Leisure		13,884		—		—		13,884
Household Durables		2,778		—		—		2,778
Industrial REITs		607		—		—		607
Insurance		16,469		—		—		16,469
Interactive Media & Services		14,588		—		—		14,588
Life Sciences Tools & Services		11,052		—		—		11,052
Metals & Mining		4,187		—		—		4,187
Oil, Gas & Consumable Fuels		16,816		—		—		16,816
Personal Care Products		3,533		—		—		3,533
Residential REITs		1,089		—		—		1,089
Semiconductors & Semiconductor Equipment		8,613		—		—		8,613
Software		18,772		—		—		18,772
Specialized REITs		1,101		—		—		1,101
Specialty Retail		17,345		—		—		17,345
Tech Hardware, Storage & Peripherals		20,518		—		—		20,518
Textiles, Apparel & Luxury Goods		4,269		—		—		4,269
Trading Companies & Distributors		9,486		—		—		9,486
Total Common Stocks		229,195		—		—		229,195
Short-Term Investment
Investment Company		3,142		—		—		3,142
Total Assets	$	232,337	$	—	$	—	$	232,337

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	300	$	—	$	—	$	300
Data Centers		444		—		—		444
Free Standing		373		—		—		373
Health Care		336		—		—		336
Industrial		692		—		—		692
Infrastructure		589		—		—		589
Lodging/Resorts		89		—		—		89
Manufactured Homes		149		—		—		149
Regional Malls		174		—		—		174
Self Storage		407		—		—		407
Shopping Centers		241		—		—		241
Single Family Homes		126		—		—		126
Specialty		291		—		—		291
Total Common Stocks		4,211		—		—		4,211
Short-Term Investment
Investment Company		46		—		—		46
Total Assets	$	4,257	$	—	$	—	$	4,257

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	3,051	$	—	$	—	$	3,051
Data Centers		3,436		—		—		3,436
Free Standing		2,728		—		—		2,728
Health Care		2,803		—		—		2,803
Industrial		5,613		—		—		5,613
Lodging/Resorts		780		—		—		780
Manufactured Homes		1,228		—		—		1,228
Office		381		—		—		381
Regional Malls		1,367		—		—		1,367
Self Storage		3,596		—		—		3,596
Shopping Centers		1,952		—		—		1,952
Single Family Homes		942		—		—		942
Specialty		2,706		—		—		2,706
Total Common Stocks		30,583		—		—		30,583
Short-Term Investment
Investment Company		385		—		—		385
Total Assets	$	30,968	$	—	$	—	$	30,968

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023:

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	$	542	$	—	$	—	$	542
Health Care Equipment & Supplies		351		—		—		351
Health Care Providers & Services		189		—		—		189
Health Care Technology		143		—		—		143
Life Sciences Tools & Services		542		—		—		542
Pharmaceuticals		238		—		—		238
Specialty Retail		38		—		—		38
Total Common Stocks		2,043		—		—		2,043
Short-Term Investments
Investment Company		217		—		—		217
Repurchase Agreements		—		14		—		14
Total Short-Term Investments		217		14		—		231
Total Assets	$	2,260	$	14	$	—	$	2,274

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