Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Advantage Portfolio

	Shares		Value (000)
Common Stocks (97.2%)
Automobiles (5.2%)
Tesla, Inc. (a)		42,746	$	10,696
Broadline Retail (7.0%)
Amazon.com, Inc. (a)		54,554		6,935
MercadoLibre, Inc. (a)		5,894		7,473
				14,408
Capital Markets (1.5%)
Intercontinental Exchange, Inc.		28,685		3,156
Entertainment (4.6%)
ROBLOX Corp., Class A (a)		325,633		9,430
Financial Services (5.5%)
Adyen NV (Netherlands) (a)		10,190		7,555
Block, Inc., Class A (a)		22,249		985
Toast, Inc., Class A (a)		153,799		2,881
				11,421
Ground Transportation (7.5%)
Uber Technologies, Inc. (a)		336,614		15,481
Health Care Equipment & Supplies (0.5%)
Intuitive Surgical, Inc. (a)		3,788		1,107
Health Care Technology (1.5%)
Veeva Systems, Inc., Class A (a)		15,142		3,081
Hotels, Restaurants & Leisure (12.2%)
Airbnb, Inc., Class A (a)		83,189		11,414
DoorDash, Inc., Class A (a)		172,146		13,681
				25,095
Information Technology Services (21.6%)
Cloudflare, Inc., Class A (a)		254,614		16,051
Shopify, Inc., Class A (Canada) (a)		267,896		14,619
Snowflake, Inc., Class A (a)		90,629		13,845
				44,515
Interactive Media & Services (6.0%)
Meta Platforms, Inc., Class A (a)		23,766		7,135
ZoomInfo Technologies, Inc., Class A (a)		313,696		5,144
				12,279
Life Sciences Tools & Services (2.5%)
Illumina, Inc. (a)		38,061		5,225
Media (7.5%)
Trade Desk, Inc., Class A (a)		198,565		15,518
Pharmaceuticals (4.7%)
Royalty Pharma PLC, Class A		354,222		9,614
Software (6.4%)
Bill Holdings, Inc. (a)		71,988		7,816
Datadog, Inc., Class A (a)		57,726		5,258
				13,074
Specialty Retail (3.0%)
Chewy, Inc., Class A (a)		169,547		3,096
Floor & Decor Holdings, Inc., Class A (a)		33,818		3,060
				6,156
Total Common Stocks (Cost $206,154)				200,256
Investment Company (1.7%)
Grayscale Bitcoin Trust (a) (Cost $5,036)		174,506		3,349
Short-Term Investment (0.6%)
Investment Company (0.6%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $1,317)		1,317,327		1,317
Total Investments Excluding Purchased Options (99.5%) (Cost $212,507)				204,922
Total Purchased Options Outstanding (0.3%) (Cost $682)				713
Total Investments (99.8%) (Cost $213,189) (c)(d)(e)(f)				205,635
Other Assets in Excess of Liabilities (0.2%)				337
Net Assets (100.0%)			$	205,972

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $6,000 relating to the Fund's investment in the Liquidity Funds.
(c)	The approximate fair value and percentage of net assets, $7,555,000 and 3.7%, 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e)	Securities are available for collateral in connection with purchased options.
(f)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $26,053,000 and the aggregate gross unrealized depreciation is approximately $33,607,000, resulting in net unrealized depreciation of approximately $7,554,000.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Advantage Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2023:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)			Premiums Paid (000)		Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.43	Jan–24		43,082,732	$	43,083	$	197		$	203	$	(6	)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24		56,717,357		56,717		294			240		54
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24		57,077,746		57,078		222			236		(14	)
Goldman Sachs International	USD/CNH	CNH	7.87	Oct–23		542,601		543		—	@		3		(3	)
									$	713		$	682	$	31

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

Portfolio Composition

Classification	Percentage of Total Investments
Information Technology Services		21.7	%
Other*		20.9
Hotels, Restaurants & Leisure		12.2
Media		7.5
Ground Transportation		7.5
Broadline Retail		7.0
Software		6.4
Interactive Media & Services		6.0
Financial Services		5.6
Automobiles		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

American Resilience Portfolio

	Shares		Value (000)
Common Stocks (92.7%)
Beverages (1.9%)
Coca-Cola Co.		343	$	19
Capital Markets (6.4%)
FactSet Research Systems, Inc.		23		10
Intercontinental Exchange, Inc.		365		40
Moody's Corp.		48		15
				65
Electronic Equipment, Instruments & Components (4.3%)
Amphenol Corp., Class A		256		21
CDW Corp.		114		23
				44
Financial Services (7.7%)
Jack Henry & Associates, Inc.		37		6
PayPal Holdings, Inc. (a)		343		20
Visa, Inc., Class A		231		53
				79
Health Care Equipment & Supplies (7.5%)
Abbott Laboratories		255		25
Becton Dickinson & Co.		130		34
Steris PLC		84		18
				77
Household Products (2.7%)
Procter & Gamble Co.		190		28
Information Technology Services (6.0%)
Accenture PLC, Class A		198		61
Insurance (4.7%)
Aon PLC, Class A		93		30
Arthur J Gallagher & Co.		80		18
				48
Interactive Media & Services (3.6%)
Alphabet, Inc., Class A (a)		279		37
Life Sciences Tools & Services (13.6%)
Danaher Corp.		177		44
IQVIA Holdings, Inc. (a)		159		31
Revvity, Inc.		137		15
Thermo Fisher Scientific, Inc.		97		49
				139
Machinery (3.0%)
Otis Worldwide Corp.		380		31
Pharmaceuticals (1.7%)
Zoetis, Inc.		96		17
Professional Services (7.3%)
Automatic Data Processing, Inc.		133		32
Broadridge Financial Solutions, Inc.		139		25
Equifax, Inc.		92		17
				74
Semiconductors & Semiconductor Equipment (3.4%)
Texas Instruments, Inc.		219		35
Software (13.5%)
Adobe, Inc. (a)		16		8
Constellation Software, Inc. (Canada)		16		33
Microsoft Corp.		210		66
Roper Technologies, Inc.		64		31
				138
Textiles, Apparel & Luxury Goods (1.4%)
NIKE, Inc., Class B		149		14
Tobacco (4.0%)
Philip Morris International, Inc.		444		41
Total Common Stocks (Cost $924)				947

	No. of Warrants
Warrant (0.0%)‡
Software (0.0%)‡
Constellation Software, Inc., expires 3/31/40 (a) (Cost $—)		16	—	@

	Shares
Short-Term Investment (1.7%)
Investment Company (1.7%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (b) (Cost $18)		18,033		18
Total Investments (94.4%) (Cost $942) (c)(d)				965
Other Assets in Excess of Liabilities (5.6%)				57
Net Assets (100.0%)			$	1,022

‡	Amount is less than 0.05%.
@	Value is less than $500.
(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(d)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $59,000 and the aggregate gross unrealized depreciation is approximately $36,000, resulting in net unrealized appreciation of approximately $23,000.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		29.4	%
Life Sciences Tools & Services		14.5
Software		14.2
Financial Services		8.2
Health Care Equipment & Supplies		8.0
Professional Services		7.7
Capital Markets		6.7
Information Technology Services		6.3
Insurance		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments

Asia Opportunity Portfolio

	Shares		Value (000)
Common Stocks (100.9%)
China (49.1%)
China Resources Beer Holdings Co. Ltd. (a)		542,300	$	2,962
China Resources Mixc Lifestyle Services Ltd. (a)		537,600		2,164
Foshan Haitian Flavouring & Food Co. Ltd., Class A		372,625		1,952
Greentown Service Group Co. Ltd. (a)		1,886,000		845
Haidilao International Holding Ltd. (a)		3,475,000		9,265
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		981,486		3,580
KE Holdings, Inc. ADR		495,553		7,691
Kuaishou Technology (a)(b)		614,800		4,891
Kweichow Moutai Co. Ltd., Class A		37,194		9,225
Meituan, Class B (a)(b)		624,420		9,039
Qifu Technology, Inc. ADR		258,665		3,973
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		76,500		2,843
Shenzhou International Group Holdings Ltd. (a)		449,600		4,276
Tencent Holdings Ltd. (a)		192,300		7,454
Trip.com Group Ltd. ADR (b)		233,654		8,171
Tsingtao Brewery Co. Ltd. (a)		310,000		2,524
Wuliangye Yibin Co. Ltd., Class A		158,700		3,420
Yihai International Holding Ltd. (a)(b)		377,000		647
				84,922
Hong Kong (2.4%)
AIA Group Ltd.		505,100		4,085
India (25.9%)
Axis Bank Ltd.		390,469		4,860
HDFC Bank Ltd.		757,875		13,899
ICICI Bank Ltd. ADR		483,533		11,179
IndusInd Bank Ltd.		337,789		5,791
Shree Cement Ltd.		4,989		1,527
Titan Co. Ltd.		135,827		5,138
Zomato Ltd. (b)		1,946,752		2,371
				44,765
Indonesia (0.6%)
Avia Avian Tbk PT		29,490,700		1,068
Korea, Republic of (11.7%)
Coupang, Inc. (b)		617,333		10,495
KakaoBank Corp.		235,114		4,069
NAVER Corp.		37,920		5,669
				20,233
Singapore (5.3%)
Grab Holdings Ltd., Class A (b)		1,873,344		6,632
Sea Ltd. ADR (b)		42,950		1,888
Super Hi International Holding Ltd. (a)(b)(c)		382,299		751
				9,271
Taiwan (5.9%)
Nien Made Enterprise Co. Ltd.		237,000		2,275
Silergy Corp.		152,000		1,441
Taiwan Semiconductor Manufacturing Co. Ltd.		398,000		6,490
				10,206
Total Common Stocks (Cost $167,101)				174,550
Short-Term Investment (2.1%)
Investment Company (2.1%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $3,579)		3,578,548		3,579
Total Investments (103.0%) (Cost $170,680) Including $436 of Securities Loaned (e)(f)(g)				178,129
Liabilities in Excess of Other Assets (–3.0%)				(5,134	)
Net Assets (100.0%)			$	172,995

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

(a)	Security trades on the Hong Kong exchange.
(b)	Non-income producing security.
(c)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $436,000 and $441,000 respectively. The Fund received non-cash collateral of approximately $441,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $10,000 relating to the Fund's investment in the Liquidity Funds.
(e)	The approximate fair value and percentage of net assets, $124,521,000 and 72.0%, 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.
(f)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(g)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $34,313,000 and the aggregate gross unrealized depreciation is approximately $26,864,000, resulting in net unrealized appreciation of approximately $7,449,000.

ADR American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		23.6	%
Banks		22.3
Hotels, Restaurants & Leisure		16.6
Beverages		10.2
Interactive Media & Services		10.1
Real Estate Management & Development		6.0
Broadline Retail		5.9
Textiles, Apparel & Luxury Goods		5.3
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments

Counterpoint Global Portfolio

	Shares		Value (000)
Common Stocks (96.5%)
Argentina (0.1%)
Globant SA (a)		61	$	12
Brazil (0.3%)
B3 SA - Brasil Bolsa Balcao		592		1
NU Holdings Ltd., Class A (a)		2,729		20
Vale SA		69		1
				22
Canada (4.1%)
Brookfield Corp.		206		6
Brookfield Infrastructure Partners LP		177		5
Canada Goose Holdings, Inc. (a)		518		8
Canadian National Railway Co.		581		63
Canadian Pacific Kansas City Ltd.		105		8
Constellation Software, Inc.		18		37
FirstService Corp.		6		1
Lumine Group, Inc. (a)		49		1
Shopify, Inc., Class A (a)		3,748		205
Topicus.com, Inc. (a)		461		30
				364
China (1.2%)
China Resources Mixc Lifestyle Services Ltd. (b)		400		2
Foshan Haitian Flavouring & Food Co. Ltd., Class A		167		1
Greentown Service Group Co. Ltd. (b)		2,000		1
Haidilao International Holding Ltd. (b)		3,000		8
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		700		2
KE Holdings, Inc. ADR		386		6
Kuaishou Technology (a)(b)		500		4
Meituan, Class B (a)(b)		2,520		36
Qifu Technology, Inc. ADR		188		3
Shenzhou International Group Holdings Ltd. (b)		400		4
Tencent Holdings Ltd. (b)		200		8
Trip.com Group Ltd. ADR (a)		817		28
Wuliangye Yibin Co. Ltd., Class A		100		2
				105
Denmark (1.2%)
DSV AS		551		103
Novo Nordisk AS, Class B		54		5
				108
France (2.8%)
Airbus SE		147		20
Christian Dior SE		43		32
EssilorLuxottica SA		45		8
Eurofins Scientific SE		1,583		89
Hermes International		37		67
L'Oreal SA		2		1
LVMH Moet Hennessy Louis Vuitton SE		10		7
Pernod Ricard SA		60		10
Remy Cointreau SA		5		1
Safran SA		83		13
				248
Germany (0.2%)
Adidas AG		38		7
HelloFresh SE (a)		67		2
Puma SE		75		4
				13
Hong Kong (0.1%)
AIA Group Ltd.		1,200		10
India (2.0%)
Axis Bank Ltd.		338		4
HDFC Bank Ltd. ADR		1,813		107
ICICI Bank Ltd. ADR		1,952		45
IndusInd Bank Ltd.		239		4
Shree Cement Ltd.		4		1
Titan Co. Ltd.		246		10
Zomato Ltd. (a)		1,688		2
				173
Indonesia (0.0%)‡
Avia Avian Tbk PT		24,800		1
Israel (3.6%)
Global-e Online Ltd. (a)		7,743		308
Oddity Tech Ltd., Class A (a)		226		6
				314
Italy (1.0%)
Brunello Cucinelli SpA		54		4
Davide Campari-Milano NV		1,329		16
Ferrari NV		3		1
Moncler SpA		1,230		71
				92
Japan (0.4%)
Keyence Corp.		100		37
Korea, Republic of (1.3%)
Coupang, Inc. (a)		5,322		90
KakaoBank Corp.		477		8
NAVER Corp.		105		16
				114
Mexico (0.0%)‡
Grupo Aeroportuario del Sureste SAB de CV, Class B		45		1
Netherlands (2.5%)
Adyen NV (a)		196		145
ASML Holding NV		36		21
ASML Holding NV (Registered)		16		9
Basic-Fit NV (a)		937		27
Heineken NV		176		16
Universal Music Group NV		34		1
				219
Norway (0.0%)‡
AutoStore Holdings Ltd. (a)		1,120		2
Poland (0.0%)‡
Allegro.eu SA (a)		181		1
Singapore (1.5%)
Grab Holdings Ltd., Class A (a)		35,200		125

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Counterpoint Global Portfolio

	Shares		Value (000)
Singapore (cont'd)
Sea Ltd. ADR (a)		132	$	6
Super Hi International Holding Ltd. (a)(b)		300		—	@
				131
Sweden (0.2%)
Evolution AB		138		14
Vitrolife AB		215		3
				17
Switzerland (1.0%)
Cie Financiere Richemont SA (Registered)		35		4
Givaudan SA (Registered)		5		16
Kuehne & Nagel International AG (Registered)		40		12
On Holding AG, Class A (a)		798		22
SIG Group AG (a)		632		16
Straumann Holding AG (Registered)		120		15
				85
Taiwan (0.2%)
Taiwan Semiconductor Manufacturing Co. Ltd.		1,000		16
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		35		3
				19
United Kingdom (3.9%)
Babcock International Group PLC (a)		20,212		102
Deliveroo PLC (a)		2,146		3
Diageo PLC		251		9
Fevertree Drinks PLC		189		3
Rentokil Initial PLC		6,320		47
Rightmove PLC		1,048		7
Victoria PLC (a)		27,827		176
				347
United States (68.9%)
10X Genomics, Inc., Class A (a)		725		30
Adobe, Inc. (a)		110		56
Advance Auto Parts, Inc.		71		4
Affirm Holdings, Inc. (a)		7,695		164
Agilon health, Inc. (a)		8,992		160
Airbnb, Inc., Class A (a)		704		97
Alnylam Pharmaceuticals, Inc. (a)		3		1
Alphabet, Inc., Class A (a)		452		59
Amazon.com, Inc. (a)		1,116		142
American Tower Corp. REIT		126		21
Appian Corp., Class A (a)		1,863		85
Arbutus Biopharma Corp. (a)		8,662		18
ATAI Life Sciences NV (a)		1,058		1
Aurora Innovation, Inc. (a)		18,994		45
Axon Enterprise, Inc. (a)		1		—	@
Ball Corp.		34		2
BARK, Inc. (a)		1,620		2
Beam Therapeutics, Inc. (a)		89		2
Bill Holdings, Inc. (a)		2,017		219
Block, Inc., Class A (a)		427		19
Brown & Brown, Inc.		381		27
Cadence Design Systems, Inc. (a)		1		—	@
Cardlytics, Inc. N (a)		117		2
Carvana Co. (a)		4,053		170
Cava Group, Inc. (a)		60		2
Celsius Holdings, Inc. (a)		11		2
Chewy, Inc., Class A (a)		65		1
Cintas Corp.		1		—	@
Cloudflare, Inc., Class A (a)		20,795		1,311
Coinbase Global, Inc., Class A (a)		4		—	@
Confluent, Inc., Class A (a)		252		7
Constellation Brands, Inc., Class A		94		24
Copart, Inc. (a)		4		—	@
Cricut, Inc., Class A		15,472		144
Crowdstrike Holdings, Inc., Class A (a)		131		22
Danaher Corp.		113		28
Datadog, Inc., Class A (a)		22		2
Deckers Outdoor Corp. (a)		26		13
Dexcom, Inc. (a)		33		3
Dlocal Ltd. (a)		129		2
Dollar General Corp.		764		81
Domino's Pizza, Inc.		1		—	@
DoorDash, Inc., Class A (a)		2,157		171
Doximity, Inc., Class A (a)		1,500		32
Duolingo, Inc. (a)		49		8
Ecolab, Inc.		14		2
Elanco Animal Health, Inc. (a)		1,513		17
Endeavor Group Holdings, Inc., Class A (a)		606		12
Enphase Energy, Inc. (a)		5		1
Estee Lauder Cos., Inc., Class A		1		—	@
Eventbrite, Inc., Class A (a)		1,348		13
Fastenal Co.		3		—	@
Fastly, Inc., Class A (a)		4,774		92
Figs, Inc., Class A (a)		602		4
Floor & Decor Holdings, Inc., Class A (a)		1,293		117
Gartner, Inc. (a)		43		15
GH Research PLC (a)		183		2
Ginkgo Bioworks Holdings, Inc. (a)		8,341		15
Gitlab, Inc., Class A (a)		1,137		51
Guardant Health, Inc. (a)		60		2
HEICO Corp., Class A		1		—	@
Hilton Worldwide Holdings, Inc.		120		18
Home Depot, Inc.		8		2
HubSpot, Inc. (a)		92		45
Illumina, Inc. (a)		97		13
Inspire Medical Systems, Inc. (a)		10		2
Intellia Therapeutics, Inc. (a)		285		9
Intercontinental Exchange, Inc.		462		51
International Flavors & Fragrances, Inc.		334		23
Intuitive Surgical, Inc. (a)		7		2
Joby Aviation, Inc. (a)		770		5
Klaviyo, Inc., Class A (a)		96		3
Linde PLC		2		1
Lithia Motors, Inc., Class A		48		14
Lululemon Athletica, Inc. (a)		12		5
Maplebear, Inc. (a)		48		1

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Counterpoint Global Portfolio

	Shares		Value (000)
United States (cont'd)
Martin Marietta Materials, Inc.		1	$	—	@
Mastercard, Inc., Class A		83		33
MaxCyte, Inc. (a)		603		2
McCormick & Co., Inc.		2		—	@
McDonald's Corp.		1		—	@
MercadoLibre, Inc. (a)		145		184
Meta Platforms, Inc., Class A (a)		201		60
MicroStrategy, Inc., Class A (a)		62		20
Moderna, Inc. (a)		1		—	@
MongoDB, Inc. (a)		44		15
MP Materials Corp. (a)		89		2
MSCI, Inc.		3		2
Netflix, Inc. (a)		3		1
Occidental Petroleum Corp.		397		26
Opendoor Technologies, Inc. (a)		1,208		3
Outset Medical, Inc. (a)		169		2
Peloton Interactive, Inc., Class A (a)		13,825		70
Penumbra, Inc. N (a)		7		2
Pool Corp.		7		3
Privia Health Group, Inc. (a)		90		2
Procore Technologies, Inc. (a)		1,145		75
ProKidney Corp. (a)		1,831		8
Redfin Corp. (a)		341		2
Rivian Automotive, Inc., Class A (a)		8		—	@
ROBLOX Corp., Class A (a)		5,009		145
Roivant Sciences Ltd. (a)		4,951		58
Rollins, Inc.		4		—	@
Roper Technologies, Inc.		1		—	@
Royal Gold, Inc.		140		15
Royalty Pharma PLC, Class A		7,905		215
S&P Global, Inc.		38		14
Salesforce, Inc. (a)		133		27
Samsara, Inc., Class A (a)		3,602		91
Schrodinger, Inc. (a)		64		2
Service Corp. International		3		—	@
ServiceNow, Inc. (a)		171		96
Sherwin-Williams Co.		1		—	@
Snap, Inc., Class A (a)		69		1
Snowflake, Inc., Class A (a)		2,047		313
Soho House & Co., Inc., Class A (a)		276		2
SomaLogic, Inc. (a)		1,807		4
Spotify Technology SA (a)		414		64
Standard BioTools, Inc. (a)		3,020		9
Starbucks Corp.		2		—	@
Synopsys, Inc. (a)		1		—	@
Tesla, Inc. (a)		419		105
Texas Pacific Land Corp.		10		18
TKO Group Holdings, Inc.		121		10
Toast, Inc., Class A (a)		3,854		72
Tractor Supply Co.		11		2
Trade Desk, Inc., Class A (a)		2,246		176
Tyler Technologies, Inc. (a)		5		2
Uber Technologies, Inc. (a)		5,510		253
Union Pacific Corp.		26		5
Unity Software, Inc. (a)		19		1
Veeva Systems, Inc., Class A (a)		13		3
Visa, Inc., Class A		163		37
Walt Disney Co. (a)		463		38
Waste Connections, Inc.		6		1
Watsco, Inc.		5		2
Wayfair, Inc., Class A (a)		575		35
XPEL, Inc. (a)		25		2
Zoetis, Inc.		1		—	@
ZoomInfo Technologies, Inc., Class A (a)		1,629		27
				6,073
Total Common Stocks (Cost $7,273)				8,508
Preferred Stocks (0.5%)
United States (0.5%)
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $44; acquired 8/31/21)		594		44
Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $1; acquired 9/15/23)		19		1
Stripe, Inc., Series H (a)(c)(d) (acquisition cost — $2; acquired 3/17/23)		123		3
Total Preferred Stocks (Cost $47)				48
Investment Company (1.3%)
United States (1.3%)
Grayscale Bitcoin Trust (a) (Cost $195)		5,728		110

	No. of Warrants
Warrants (0.0%)‡
Canada (0.0%) ‡
Constellation Software, Inc. expires 3/31/40 (a)		18	—	@
United States (0.0%) ‡
BARK, Inc. expires 5/01/26 (a)		373	—	@
Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a)		261	—	@
SomaLogic, Inc. expires 8/31/26 (a)		96	—	@
			—	@
Total Warrants (Cost $3)			—	@

	Shares
Short-Term Investment (1.0%)
Investment Company (1.0%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $90)		90,082		90
Total Investments Excluding Purchased Options (99.3%) (Cost $7,608)				8,756
Total Purchased Options Outstanding (0.2%) (Cost $17)				19
Total Investments (99.5%) (Cost $7,625) (f)(g)(h)(i)				8,775
Other Assets in Excess of Liabilities (0.5%)				41
Net Assets (100.0%)			$	8,816

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Counterpoint Global Portfolio

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.

‡	Amount is less than 0.05%.
@	Value is less than $500.
(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2023 amounts to approximately $48,000 and represents 0.5% of net assets.
(d)	At September 30, 2023, the Fund held fair valued securities valued at approximately $48,000, representing 0.5% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(f)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(g)	Securities are available for collateral in connection with purchased options.
(h)	The approximate fair value and percentage of net assets, $1,279,000 and 14.5%, 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)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,950,000 and the aggregate gross unrealized depreciation is approximately $800,000, resulting in net unrealized appreciation of approximately $1,150,000.
ADR	American Depositary Receipt.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Counterpoint Global Portfolio

Call Options Purchased: 

The Fund had the following call options purchased open at September 30, 2023:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts	Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.43	Jan–24	1,001,997	$	1,002	$	5	$	5	$	(—	@)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.57	May–24	1,505,000		1,505		8		6		2
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24	1,505,059		1,505		6		6		(—	@)
								$	19	$	17	$	2

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

Portfolio Composition
Classification	Percentage of Total Investments
Other*		47.9	%
Information Technology Services		22.4
Software		10.9
Broadline Retail		8.2
Financial Services		5.4
Ground Transportation		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Developing Opportunity Portfolio

	Shares		Value (000)
Common Stocks (99.0%)
Argentina (3.6%)
Globant SA (a)		7,227	$	1,430
Brazil (5.5%)
B3 SA - Brasil Bolsa Balcao		304,578		745
NU Holdings Ltd., Class A (a)		201,986		1,464
				2,209
China (34.6%)
China Resources Beer Holdings Co. Ltd. (b)		96,000		524
China Resources Mixc Lifestyle Services Ltd. (b)		113,400		457
Haidilao International Holding Ltd. (b)		587,000		1,565
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		160,600		586
KE Holdings, Inc. ADR		87,875		1,364
Kuaishou Technology (a)(b)		98,200		781
Kweichow Moutai Co. Ltd., Class A		6,789		1,684
Meituan, Class B (a)(b)		120,180		1,740
Qifu Technology, Inc. ADR		38,518		592
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		11,300		420
Shenzhou International Group Holdings Ltd. (b)		78,200		744
Tencent Holdings Ltd. (b)		31,300		1,213
Trip.com Group Ltd. ADR (a)		43,160		1,509
Wuliangye Yibin Co. Ltd., Class A		26,000		560
				13,739
India (22.3%)
Axis Bank Ltd.		86,715		1,079
HDFC Bank Ltd.		146,987		2,696
ICICI Bank Ltd. ADR		96,809		2,238
IndusInd Bank Ltd.		49,185		843
Shree Cement Ltd.		1,150		352
Titan Co. Ltd.		29,836		1,129
Zomato Ltd. (a)		431,980		526
				8,863
Indonesia (1.6%)
Avia Avian Tbk PT		17,845,700		646
Korea, Republic of (11.1%)
Coupang, Inc. (a)		138,308		2,351
KakaoBank Corp.		45,328		785
NAVER Corp.		8,488		1,269
				4,405
Mexico (1.3%)
Grupo Aeroportuario del Sureste SAB de CV, Class B		21,985		538
Singapore (5.0%)
Grab Holdings Ltd., Class A (a)		407,428		1,443
Sea Ltd. ADR (a)		9,403		413
Super Hi International Holding Ltd. (a)(b)		60,000		118
				1,974
Taiwan (5.3%)
Nien Made Enterprise Co. Ltd.		32,000		307
Silergy Corp.		35,000		332
Taiwan Semiconductor Manufacturing Co. Ltd.		89,000		1,451
				2,090
United States (8.7%)
MercadoLibre, Inc. (a)		2,719		3,447
Total Common Stocks (Cost $37,537)				39,341
Short-Term Investment (0.7%)
Investment Company (0.7%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $287)		286,957		287
Total Investments (99.7%) (Cost $37,824) (d)(e)(f)				39,628
Other Assets in Excess of Liabilities (0.3%)				112
Net Assets (100.0%)			$	39,740

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Developing Opportunity Portfolio

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

(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 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, $21,807,000 and 54.9%, 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(f)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,478,000 and the aggregate gross unrealized depreciation is approximately $4,674,000, resulting in net unrealized appreciation of approximately $1,804,000.
ADR	American Depositary Receipt.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		33.5	%
Banks		23.0
Broadline Retail		14.6
Hotels, Restaurants & Leisure		13.7
Interactive Media & Services		8.3
Beverages		6.9
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Emerging Markets ex China Portfolio

	Shares		Value (000)
Common Stocks (99.0%)
Brazil (8.9%)
Banco BTG Pactual SA (Units) (a)		13,862	$	86
Itau Unibanco Holding SA (Preference)		12,241		66
Localiza Rent a Car SA		5,817		68
Lojas Renner SA		24,320		65
Petroleo Brasileiro SA (Preference)		19,453		134
Raia Drogasil SA		18,297		100
				519
India (30.0%)
Bajaj Auto Ltd.		2,258		137
Bajaj Finance Ltd.		1,024		96
Delhivery Ltd. (b)		7,787		39
HDFC Bank Ltd.		11,868		218
Hindalco Industries Ltd.		14,710		87
ICICI Bank Ltd.		14,170		162
ICICI Prudential Life Insurance Co. Ltd.		8,411		57
Infosys Ltd.		4,928		85
Infosys Ltd. ADR		3,149		54
Larsen & Toubro Ltd.		1,915		69
Macrotech Developers Ltd.		6,752		65
Mahindra & Mahindra Ltd.		5,395		101
MakeMyTrip Ltd. (b)		1,171		47
Max Healthcare Institute Ltd. (b)		17,511		120
Pidilite Industries Ltd.		1,566		46
Reliance Industries Ltd.		6,384		180
Star Health & Allied Insurance Co. Ltd. (b)		8,897		64
State Bank of India		17,247		124
				1,751
Indonesia (5.5%)
Bank Central Asia Tbk PT		132,600		76
Bank Mandiri Persero Tbk PT		249,600		97
Bank Rakyat Indonesia Persero Tbk PT		303,200		102
Cisarua Mountain Dairy PT TBK		169,700		44
				319
Korea, Republic of (12.4%)
KB Financial Group, Inc.		2,004		82
Kia Corp.		692		42
Korea Zinc Co. Ltd.		145		54
LG Chem Ltd.		79		29
Samsung Electronics Co. Ltd.		7,281		368
Samsung SDI Co. Ltd.		89		34
SK Hynix, Inc.		1,384		117
				726
Mexico (8.6%)
Becle SAB de CV		39,641		94
Gruma SAB de CV , Class B		5,401		92
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,093		27
Grupo Financiero Banorte SAB de CV Series O		3,381		28
Qualitas Controladora SAB de CV		8,877		67
Regional SAB de CV		11,822		85
Wal-Mart de Mexico SAB de CV		28,306		107
				500
Poland (3.6%)
Grupa Kety SA		635		95
LPP SA		38		113
				208
Portugal (1.5%)
Galp Energia SGPS SA		5,919		88
South Africa (4.1%)
Anglo American PLC		3,642		101
AVI Ltd.		14,619		58
Capitec Bank Holdings Ltd.		877		79
				238
Sweden (1.1%)
Medicover AB		4,953		65
Switzerland (1.5%)
SIG Group AG (b)		3,707		91
Taiwan (15.7%)
Advantech Co. Ltd.		1,000		11
Airtac International Group		1,000		30
Chailease Holding Co. Ltd.		14,220		80
CTBC Financial Holding Co. Ltd.		47,000		36
Delta Electronics, Inc.		7,000		70
MediaTek, Inc.		3,000		69
Taiwan Semiconductor Manufacturing Co. Ltd.		20,000		326
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		2,329		202
United Microelectronics Corp.		31,000		44
Voltronic Power Technology Corp.		1,000		49
				917
Thailand (2.5%)
Central Retail Corp. PCL		21,400		23
CP ALL PCL		13,400		22
Kasikornbank PCL		12,200		42
Tisco Financial Group PCL		21,100		57
				144
United Kingdom (3.6%)
Antofagasta PLC		4,708		82
Mondi PLC		7,726		129
				211
Total Common Stocks (Cost $5,271)				5,777

	No. of Rights
Rights (0.0%)‡
Brazil (0.0%)‡
Localiza Rent a Car SA, expires 11/10/23 (b) (Cost $—)		42		—	@
Total Investments (99.0%) (Cost $5,271) (c)(d)(e)				5,777
Other Assets in Excess of Liabilities (1.0%)				57
Net Assets (100.0%)			$	5,834

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets ex China Portfolio

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

@	Value is less than $500.
‡	Amount is less than 0.05%.
(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 approximate fair value and percentage of net assets, $4,309,000 and 73.9%, 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.
(d)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $689,000 and the aggregate gross unrealized depreciation is approximately $183,000, resulting in net unrealized appreciation of approximately $506,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		44.4	%
Banks		21.7
Semiconductors & Semiconductor Equipment		13.1
Metals & Mining		7.3
Oil, Gas & Consumable Fuels		6.9
Tech Hardware, Storage & Peripherals		6.6
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Emerging Markets Leaders Portfolio

	Shares		Value (000)
Common Stocks (99.8%)
Argentina (6.3%)
Globant SA (a)		88,210	$	17,452
Brazil (11.5%)
Localiza Rent a Car SA		733,433		8,545
NU Holdings Ltd., Class A (Cayman Island) (a)		2,501,557		18,136
WEG SA		737,728		5,323
				32,004
China (22.1%)
BYD Co. Ltd., H Shares (b)		438,000		13,495
China Meidong Auto Holdings Ltd. (b)		4,434,000		2,423
Li Ning Co. Ltd. (b)		2,940,000		12,276
Proya Cosmetics Co. Ltd., Class A		634,779		8,849
Shenzhou International Group Holdings Ltd. (b)		1,977,400		18,804
Sunresin New Materials Co. Ltd., Class A		722,195		5,782
				61,629
India (40.0%)
360 ONE WAM Ltd.		885,515		5,342
Aarti Industries Ltd.		1,468,892		8,672
Aarti Pharmalabs Ltd. (a)		311,463		1,730
AU Small Finance Bank Ltd.		1,797,802		15,386
Avenue Supermarts Ltd. (a)		243,266		10,745
Bajaj Finance Ltd.		202,305		18,976
Cholamandalam Investment & Finance Co. Ltd.		10,303		151
ICICI Bank Ltd.		1,041,580		11,933
KEI Industries Ltd.		365,344		11,640
Laurus Labs Ltd.		30,394		145
Timken India Ltd.		74,618		2,778
Titan Co. Ltd.		172,179		6,513
Trent Ltd.		358,882		8,970
TVS Motor Co. Ltd.		467,863		8,549
				111,530
Korea, Republic of (5.0%)
SK Hynix, Inc.		163,491		13,842
Singapore (0.7%)
TDCX, Inc. ADR (a)		334,498		1,977
Taiwan (5.7%)
Delta Electronics, Inc.		364,000		3,666
Taiwan Semiconductor Manufacturing Co. Ltd.		104,000		1,696
Voltronic Power Technology Corp.		216,334		10,654
				16,016
United States (8.5%)
EPAM Systems, Inc. (a)		18,349		4,692
MercadoLibre, Inc. (a)		14,877		18,862
				23,554
Total Common Stocks (Cost $256,940)				278,004

	No. of Rights
Rights (0.0%)‡
Brazil (0.0%)‡
Localiza Rent a Car SA, expires 11/10/23 (a) (Cost $—)		5,378		17
Total Investments (99.8%) (Cost $256,940) (c)(d)				278,021
Other Assets in Excess of Liabilities (0.2%)				561
Net Assets (100.0%)			$	278,582

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.

‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(d)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $48,067,000 and the aggregate gross unrealized depreciation is approximately $26,986,000, resulting in net unrealized appreciation of approximately $21,081,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		19.9	%
Banks		16.3
Textiles, Apparel & Luxury Goods		13.5
Electrical Equipment		9.9
Information Technology Services		8.0
Automobiles		7.9
Consumer Finance		6.9
Broadline Retail		6.8
Semiconductors & Semiconductor Equipment		5.6
Chemicals		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Emerging Markets Portfolio

	Shares		Value (000)
Common Stocks (99.2%)
Brazil (7.8%)
Banco BTG Pactual SA (Units) (a)		911,981	$	5,637
Itau Unibanco Holding SA (Preference)		1,002,683		5,428
Localiza Rent a Car SA		545,665		6,357
Lojas Renner SA		1,653,989		4,409
Petroleo Brasileiro SA (Preference)		1,281,664		8,832
Raia Drogasil SA		836,794		4,598
WEG SA		308,872		2,229
				37,490
China (18.0%)
Alibaba Group Holding Ltd. (b)(c)		673,100		7,298
BYD Co. Ltd., H Shares (b)		259,000		7,980
China Construction Bank Corp., H Shares (b)		15,737,120		8,847
China Mengniu Dairy Co. Ltd. (b)(c)		1,469,000		4,900
China Merchants Bank Co. Ltd., H Shares (b)		1,147,500		4,764
China Resources Beer Holdings Co. Ltd. (b)		606,000		3,310
China Tourism Group Duty Free Corp. Ltd. (b)(c)(d)		118,500		1,565
JD.com, Inc., Class A (b)		102,973		1,498
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		494,859		3,059
Kweichow Moutai Co. Ltd., Class A		20,849		5,171
Li Ning Co. Ltd. (b)		539,500		2,253
Meituan, Class B (b)(c)		187,390		2,713
NARI Technology Co. Ltd., Class A		965,900		2,939
Postal Savings Bank of China Co. Ltd. (b)		8,575,000		4,318
Proya Cosmetics Co. Ltd., Class A		202,528		2,823
Shenzhou International Group Holdings Ltd. (b)		664,900		6,323
Sungrow Power Supply Co. Ltd., Class A		243,295		2,982
Tencent Holdings Ltd. (b)		366,900		14,222
				86,965
India (24.3%)
Axis Bank Ltd.		305,010		3,797
Bajaj Auto Ltd.		115,183		7,006
Bajaj Finance Ltd.		60,758		5,699
Delhivery Ltd. (c)		599,448		2,972
HDFC Asset Management Co. Ltd.		104,408		3,325
HDFC Bank Ltd.		468,528		8,593
Hindalco Industries Ltd.		1,092,224		6,447
ICICI Bank Ltd.		1,039,744		11,912
ICICI Prudential Life Insurance Co. Ltd.		559,070		3,805
Infosys Ltd.		343,465		5,902
Infosys Ltd. ADR		163,996		2,806
Larsen & Toubro Ltd.		137,785		5,006
Macrotech Developers Ltd. (c)		499,304		4,799
Mahindra & Mahindra Ltd.		362,274		6,765
MakeMyTrip Ltd. (c)		60,968		2,470
Max Healthcare Institute Ltd. (c)		1,125,180		7,686
Pidilite Industries Ltd.		106,059		3,111
Reliance Industries Ltd.		399,980		11,261
Star Health & Allied Insurance Co. Ltd. (c)		458,145		3,313
State Bank of India		1,071,959		7,700
United Breweries Ltd.		150,965		2,828
				117,203
Indonesia (4.3%)
Bank Central Asia Tbk PT		9,019,800		5,139
Bank Mandiri Persero Tbk PT		20,553,600		8,000
Bank Rakyat Indonesia Persero Tbk PT		15,743,500		5,317
Cisarua Mountain Dairy PT TBK		9,410,000		2,416
				20,872
Korea, Republic of (10.1%)
DB Insurance Co. Ltd.		18,210		1,207
Hyundai Marine & Fire Insurance Co. Ltd.		50,416		1,210
KB Financial Group, Inc.		83,724		3,415
Kia Corp.		47,441		2,855
Korea Zinc Co. Ltd.		8,836		3,310
LG Chem Ltd.		2,575		943
Samsung Electronics Co. Ltd.		493,245		24,935
Samsung SDI Co. Ltd.		7,237		2,735
SK Hynix, Inc.		96,222		8,147
				48,757
Mexico (6.0%)
Gruma SAB de CV , Class B		474,186		8,100
Grupo Aeroportuario del Sureste SAB de CV, Class B		187,347		4,586
Grupo Financiero Banorte SAB de CV Series O		261,950		2,196
Qualitas Controladora SAB de CV		621,742		4,681
Wal-Mart de Mexico SAB de CV		2,480,029		9,361
				28,924
Poland (1.7%)
LPP SA		2,815		8,355
Portugal (2.1%)
Galp Energia SGPS SA		683,305		10,121
Saudi Arabia (0.9%)
Alinma Bank		460,974		4,109
South Africa (5.6%)
Anglo American PLC		352,031		9,732
AVI Ltd.		1,559,422		6,142
Bidvest Group Ltd. (d)		372,113		5,351
Capitec Bank Holdings Ltd.		63,629		5,753
				26,978
Taiwan (13.5%)
Advantech Co. Ltd.		112,000		1,199
Airtac International Group		102,448		3,113
Chailease Holding Co. Ltd.		1,010,480		5,674
CTBC Financial Holding Co. Ltd.		2,691,000		2,044
Delta Electronics, Inc.		448,000		4,512
MediaTek, Inc.		200,000		4,573
Taiwan Semiconductor Manufacturing Co. Ltd.		1,748,205		28,507
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		108,699		9,446
United Microelectronics Corp.		2,658,000		3,732
Voltronic Power Technology Corp.		43,000		2,118
				64,918

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Portfolio

	Shares		Value (000)
Thailand (1.9%)
Central Retail Corp. PCL		1,116,100	$	1,184
CP ALL PCL		696,500		1,155
Kasikornbank PCL		952,200		3,287
Tisco Financial Group PCL		1,319,000		3,574
				9,200
United Kingdom (3.0%)
Antofagasta PLC		385,439		6,691
Mondi PLC		476,825		7,966
				14,657
Total Common Stocks (Cost $422,078)				478,549

	No. of Rights
Rights (0.0%)‡
Brazil (0.0%)‡
Localiza Rent a Car SA, expires 11/10/23 (c) (Cost $—)		4,001	13

	Shares
Short-Term Investment (1.3%)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (e) (Cost $6,261)		6,260,678		6,261
Total Investments (100.5%) (Cost $428,339) Including $4,877 of Securities Loaned (f)(g)(h)(i)				484,823
Liabilities in Excess of Other Assets (–0.5%)				(2,262	)
Net Assets (100.0%)			$	482,561

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.

‡	Amount is less than 0.05%.
(a)	Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b)	Security trades on the Hong Kong exchange.
(c)	Non-income producing security.
(d)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $4,877,000 and $5,132,000 respectively. The Fund received non-cash collateral of approximately $5,132,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $13,000 relating to the Fund's investment in the Liquidity Funds.
(f)	The approximate fair value and percentage of net assets, $388,214,000 and 80.4%, 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.
(g)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(h)	Securities are available for collateral in connection with open futures contracts.
(i)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $94,054,000 and the aggregate gross unrealized depreciation is approximately $37,673,000, resulting in net unrealized appreciation of approximately $56,381,000.
ADR	American Depositary Receipt.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Portfolio

Futures Contract:

The Fund had the following futures contract open at September 30, 2023:

	Number of Contracts	Expiration Date	Notional Amount (000)		Value (000)		Unrealized Depreciation (000)
Long:
MSCI Emerging Market Index (United States)	60	Dec-23	$	2,970	$	2,867	$	(103	)

MSCI       Morgan Stanley Capital International.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		46.4	%
Banks		20.3
Semiconductors & Semiconductor Equipment		11.2
Oil, Gas & Consumable Fuels		6.2
Metals & Mining		5.4
Tech Hardware, Storage & Peripherals		5.4
Automobiles		5.1
Total Investments		100.0	%**

*	Industries and/or investment types representing less than 5% of total investments.
**	Does not include an open long futures contract with a value of approximately $2,867,000 and unrealized depreciation of approximately $103,000.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Concentrated Portfolio

	Shares		Value (000)
Common Stocks (98.6%)
China (10.9%)
NetEase, Inc. ADR		66,765	$	6,687
Tencent Holdings Ltd. ADR		98,806		3,821
				10,508
France (7.3%)
LVMH Moet Hennessy Louis Vuitton SE ADR		46,603		7,042
India (5.1%)
HDFC Bank Ltd. ADR		84,124		4,964
Ireland (6.8%)
CRH PLC ADR		120,310		6,584
Italy (8.1%)
Ferrari NV		26,633		7,871
Japan (5.2%)
Mitsui & Co. Ltd. ADR		6,965		5,059
Taiwan (4.7%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		51,804		4,502
United States (50.5%)
Ameriprise Financial, Inc.		14,807		4,881
Costco Wholesale Corp.		10,186		5,755
Danaher Corp.		5,002		1,241
JPMorgan Chase & Co.		26,435		3,834
Mastercard, Inc., Class A		12,297		4,868
Microsoft Corp.		31,027		9,797
Netflix, Inc. (a)		1,592		601
NextEra Energy, Inc.		66,043		3,784
NVIDIA Corp.		8,667		3,770
Pool Corp.		1,979		705
United Rentals, Inc.		11,838		5,263
Waste Management, Inc.		27,856		4,246
				48,745
Total Common Stocks (Cost $84,674)				95,275
Short-Term Investment (1.6%)
Investment Company (1.6%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $1,528)		1,528,173		1,528
Total Investments (100.2%) (Cost $86,202) (c)(d)				96,803
Liabilities in Excess of Other Assets (–0.2%)				(195	)
Net Assets (100.0%)			$	96,608

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

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(d)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $12,853,000 and the aggregate gross unrealized depreciation is approximately $2,252,000, resulting in net unrealized appreciation of approximately $10,601,000.
ADR	American Depositary Receipt.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		15.9	%
Trading Companies & Distributors		10.6
Software		10.1
Banks		9.1
Semiconductors & Semiconductor Equipment		8.5
Automobiles		8.1
Entertainment		7.5
Textiles, Apparel & Luxury Goods		7.3
Construction Materials		6.8
Consumer Staples Distribution & Retail		6.0
Capital Markets		5.1
Financial Services		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Core Portfolio

	Shares		Value (000)
Common Stocks (97.8%)
China (6.8%)
Alibaba Group Holding Ltd. ADR (a)		410	$	36
NetEase, Inc. ADR		7,672		768
Tencent Holdings Ltd. ADR		17,660		683
				1,487
France (4.5%)
LVMH Moet Hennessy Louis Vuitton SE		1,296		978
India (3.3%)
HDFC Bank Ltd. ADR		12,063		712
Ireland (7.0%)
CRH PLC ADR		23,358		1,279
Ryanair Holdings PLC ADR (a)		2,571		250
				1,529
Italy (5.9%)
Ferrari NV		4,358		1,288
Japan (4.7%)
Mitsui & Co. Ltd. ADR		856		622
Nippon Telegraph & Telephone Corp. ADR		13,255		393
				1,015
Taiwan (3.6%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		8,864		770
United Kingdom (1.9%)
Diageo PLC ADR		855		128
Experian PLC ADR		8,713		284
				412
United States (60.1%)
Amazon.com, Inc. (a)		2,812		357
Ameriprise Financial, Inc.		2,525		832
Apple, Inc.		9,121		1,562
Applied Materials, Inc.		1,111		154
Brown & Brown, Inc.		4,148		290
Chevron Corp.		5,657		954
Danaher Corp.		2,522		626
Dollar General Corp.		326		34
Edwards Lifesciences Corp. (a)		851		59
Essex Property Trust, Inc. REIT		282		60
Fortune Brands Innovations, Inc.		3,600		224
Home Depot, Inc.		663		200
Jack Henry & Associates, Inc.		462		70
JPMorgan Chase & Co.		5,030		729
Lennar Corp., Class A		1,153		129
Linde PLC		1,122		418
Lululemon Athletica, Inc. (a)		1,695		654
Masterbrand, Inc. (a)		3,481		42
Mastercard, Inc., Class A		1,497		593
McDonald's Corp.		2,253		594
MGM Resorts International		12,303		452
Microsoft Corp.		5,261		1,661
NextEra Energy, Inc.		7,556		433
Nucor Corp.		782		122
NVIDIA Corp.		522		227
Pool Corp.		190		68
Progressive Corp.		1,353		188
RH (a)		123		33
Target Corp.		1,213		134
TJX Cos., Inc.		3,004		267
United Rentals, Inc.		1,209		537
Valero Energy Corp.		843		119
Veeva Systems, Inc., Class A (a)		652		133
Waste Management, Inc.		361		55
West Pharmaceutical Services, Inc.		175		66
				13,076
Total Common Stocks (Cost $16,439)				21,267
Short-Term Investment (1.6%)
Investment Company (1.6%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $359)		359,255		359
Total Investments (99.4%) (Cost $16,798) (c)(d)(e)				21,626
Other Assets in Excess of Liabilities (0.6%)				124
Net Assets (100.0%)			$	21,750

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

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(c)	The approximate fair value and percentage of net assets, $978,000 and 4.5%, 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.
(d)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,222,000 and the aggregate gross unrealized depreciation is approximately $394,000, resulting in net unrealized appreciation of approximately $4,828,000.
ADR	American Depositary Receipt.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Other*	43.4	%
Software	7.7
Textiles, Apparel & Luxury Goods	7.5
Tech Hardware, Storage & Peripherals	7.2
Banks	6.7
Automobiles	5.9
Construction Materials	5.9
Trading Companies & Distributors	5.4
Semiconductors & Semiconductor Equipment	5.3
Oil, Gas & Consumable Fuels	5.0
Total Investments	100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Endurance Portfolio

	Shares		Value (000)
Common Stocks (99.7%)
Canada (3.9%)
Canadian National Railway Co.		16,548	$	1,793
France (3.4%)
Eurofins Scientific SE		27,717		1,562
Israel (4.5%)
Global-e Online Ltd. (a)		51,876		2,062
Netherlands (6.1%)
Adyen NV (a)		1,390		1,030
Basic-Fit NV (a)(b)		25,936		734
Heineken NV		11,635		1,026
				2,790
Switzerland (2.5%)
Givaudan SA (Registered)		169		550
SIG Group AG (a)		24,945		615
				1,165
United Kingdom (10.6%)
Babcock International Group PLC (a)		446,798		2,245
Victoria PLC (a)(b)		410,013		2,601
				4,846
United States (68.7%)
Advance Auto Parts, Inc.		9,326		522
Alphabet, Inc., Class A (a)		7,965		1,042
Amazon.com, Inc. (a)		7,394		940
American Tower Corp. REIT		1,381		227
Appian Corp., Class A (a)		55,265		2,521
Arbutus Biopharma Corp. (a)		190,420		387
Bill Holdings, Inc. (a)		16,246		1,764
Carvana Co. (a)		36,321		1,525
Constellation Brands, Inc., Class A		3,208		806
Cricut, Inc., Class A (b)		386,651		3,592
Dollar General Corp.		19,578		2,071
Elanco Animal Health, Inc.( a)		62,794		706
Fastly, Inc., Class A (a)		104,670		2,006
Floor & Decor Holdings, Inc., Class A (a)		25,315		2,291
Hilton Worldwide Holdings, Inc.		4,254		639
HubSpot, Inc. (a)		3,163		1,558
International Flavors & Fragrances, Inc.		12,795		872
Lithia Motors, Inc., Class A		3,502		1,034
Occidental Petroleum Corp.		13,786		894
ROBLOX Corp., Class A (a)		46,277		1,340
Roivant Sciences Ltd. (a)		70,282		821
Royalty Pharma PLC, Class A		37,760		1,025
Toast, Inc., Class A (a)		103,941		1,947
ZoomInfo Technologies, Inc., Class A (a)		57,238		939
				31,469
Total Common Stocks (Cost $52,774)				45,687
Short-Term Investments (4.3%)
Investment Company (0.5%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $224)		224,336		224
Securities held as Collateral on Loaned Securities (3.8%)
Investment Company (3.1%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c)		1,430,291		1,430

	Face Amount (000)
Repurchase Agreements (0.7%)
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $99; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $101)	$	99		99
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $217; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $221)		217		217
				316
Total Securities held as Collateral on Loaned Securities (Cost $1,746)				1,746
Total Short-Term Investments (Cost $1,970)				1,970
Total Investments (104.0%) (Cost $54,744) Including $2,326 of Securities Loaned (d)(e)(f)				47,657
Liabilities in Excess of Other Assets (–4.0%)				(1,853	)
Net Assets (100.0%)			$	45,804

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

(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $2,326,000 and $2,426,000 respectively. The Fund received cash collateral of approximately $1,746,000, 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 $680,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.
(d)	The approximate fair value and percentage of net assets, $10,363,000 and 22.6%, 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.
(e)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(f)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,467,000 and the aggregate gross unrealized depreciation is approximately $10,554,000, resulting in net unrealized depreciation of approximately $7,087,000.
REIT	Real Estate Investment Trust.

Portfolio Composition*

Classification	Percentage of Total Investments
Other**		49.1	%
Household Durables		13.5
Software		12.7
Specialty Retail		11.7
Broadline Retail		6.5
Financial Services		6.5
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Focus Real Estate Portfolio

	Shares		Value (000)
Common Stocks (97.2%)
Australia (3.9%)
Goodman Group REIT		4,455	$	61
National Storage REIT		33,916		47
Stockland REIT		14,590		37
				145
Belgium (0.6%)
Aedifica SA REIT		419		24
Canada (2.9%)
Boardwalk REIT		1,173		58
Chartwell Retirement Residences (Units) (a)		6,634		50
				108
France (1.8%)
Carmila SA REIT (b)		1,884		28
Gecina SA REIT		368		38
				66
Germany (1.9%)
LEG Immobilien SE (b)		624		43
Vonovia SE		1,101		26
				69
Hong Kong (2.8%)
Link REIT		12,180		60
Wharf Real Estate Investment Co. Ltd.		11,500		44
				104
Japan (10.2%)
Invincible Investment Corp. REIT		188		78
Japan Metropolitan Fund Invest REIT		42		27
Mitsubishi Estate Co. Ltd.		5,100		67
Mitsui Fudosan Co. Ltd.		6,400		141
Mitsui Fudosan Logistics Park, Inc. REIT		10		31
Nomura Real Estate Master Fund, Inc. REIT		33		37
				381
Netherlands (0.7%)
CTP NV		1,947		28
Singapore (1.1%)
Frasers Logistics & Commercial Trust REIT		53,000		41
Spain (1.2%)
Merlin Properties Socimi SA REIT		5,373		45
Sweden (1.2%)
Castellum AB		2,568		26
Pandox AB		1,660		18
				44
United Kingdom (2.9%)
Segro PLC REIT		7,019		61
UNITE Group PLC REIT		4,324		47
				108
United States (66.0%)
Agree Realty Corp. REIT		1,177		65
American Homes 4 Rent, Class A REIT		4,439		150
American Tower Corp. REIT		1,244		205
Americold Realty Trust, Inc. REIT		1,696		52
AvalonBay Communities, Inc. REIT		640		110
Brixmor Property Group, Inc. REIT		3,043		63
CareTrust REIT, Inc.		1,785		37
Digital Realty Trust, Inc. REIT		1,376		166
Equinix, Inc. REIT		306		222
Essex Property Trust, Inc. REIT		686		145
Hilton Worldwide Holdings, Inc.		260		39
Iron Mountain, Inc. REIT		1,043		62
Kite Realty Group Trust REIT		3,030		65
Prologis, Inc. REIT		2,772		311
Public Storage REIT		575		151
Rayonier, Inc. REIT		1,844		52
Realty Income Corp. REIT		1,301		65
Simon Property Group, Inc. REIT		1,199		130
VICI Properties, Inc. REIT		4,029		117
Welltower, Inc. REIT		3,004		246
				2,453
Total Common Stocks (Cost $3,893)				3,616
Short-Term Investment (0.6%)
Investment Company (0.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (c) (Cost $20)		19,729		20
Total Investments (97.8%) (Cost $3,913) (d)(e)(f)				3,636
Other Assets in Excess of Liabilities (2.2%)				83
Net Assets (100.0%)			$	3,719

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 nine months ended September 30, 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, $1,055,000 and 28.4%, 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.
(e)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(f)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $67,000 and the aggregate gross unrealized depreciation is approximately $344,000, resulting in net unrealized depreciation of approximately $277,000.
REIT	Real Estate Investment Trust.

Portfolio Composition
Classification	Percentage of Total Investments
Residential		15.9	%
Industrial		15.0
Other*		13.5
Diversified		12.6
Retail		11.4
Data Centers		10.7
Health Care		9.8
Infrastructure REITs		5.6
Self Storage		5.5
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Franchise Portfolio

	Shares		Value (000)
Common Stocks (98.3%)
France (6.2%)
L'Oreal SA		128,351	$	53,190
LVMH Moet Hennessy Louis Vuitton SE		70,004		52,841
Pernod Ricard SA		382,426		63,670
				169,701
Germany (5.6%)
SAP SE		1,183,059		153,138
Italy (0.4%)
Davide Campari-Milano NV		841,094		9,902
Netherlands (2.8%)
Heineken NV		792,595		69,876
Universal Music Group NV		337,014		8,795
				78,671
United Kingdom (10.3%)
Experian PLC		1,161,557		37,992
Reckitt Benckiser Group PLC		2,167,781		152,873
RELX PLC (Euronext NV)		570,576		19,288
RELX PLC (LSE)		2,190,156		73,896
				284,049
United States (73.0%)
Abbott Laboratories		926,321		89,714
Accenture PLC, Class A		532,314		163,479
Aon PLC, Class A		228,458		74,071
Arthur J Gallagher & Co.		247,145		56,332
Automatic Data Processing, Inc.		303,972		73,130
Becton Dickinson & Co.		423,338		109,446
Broadridge Financial Solutions, Inc.		207,434		37,141
CDW Corp.		273,039		55,088
Coca-Cola Co.		1,013,197		56,719
Danaher Corp.		526,813		130,702
Equifax, Inc.		258,250		47,306
FactSet Research Systems, Inc.		37,688		16,479
Intercontinental Exchange, Inc.		1,003,054		110,356
Jack Henry & Associates, Inc.		91,491		13,828
Microsoft Corp.		641,425		202,530
Moody's Corp.		115,955		36,661
NIKE, Inc., Class B		223,634		21,384
Otis Worldwide Corp.		573,985		46,097
Philip Morris International, Inc.		1,948,739		180,414
Procter & Gamble Co.		508,783		74,211
Roper Technologies, Inc.		149,286		72,296
Steris PLC		182,166		39,971
Thermo Fisher Scientific, Inc.		251,442		127,272
Visa, Inc., Class A		659,102		151,600
Zoetis, Inc.		160,005		27,838
				2,014,065
Total Common Stocks (Cost $1,954,396)				2,709,526
Short-Term Investment (1.5%)
Investment Company (1.5%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (a) (Cost $41,518)		41,517,879		41,518
Total Investments (99.8%) (Cost $1,995,914) (b)(c)(d)				2,751,044
Other Assets in Excess of Liabilities (0.2%)				6,425
Net Assets (100.0%)			$	2,757,469

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

(a)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $71,000 relating to the Fund's investment in the Liquidity Funds.
(b)	The approximate fair value and percentage of net assets, $695,461,000 and 25.2%, 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.
(c)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(d)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $780,104,000 and the aggregate gross unrealized depreciation is approximately $24,974,000, resulting in net unrealized appreciation of approximately $755,130,000.
Euronext NV	Euronext Amsterdam Stock Market.
LSE	London Stock Exchange.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		15.9	%
Software		15.6
Professional Services		10.5
Life Sciences Tools & Services		9.3
Health Care Equipment & Supplies		8.8
Household Products		8.2
Beverages		7.3
Tobacco		6.6
Financial Services		6.0
Capital Markets		5.9
Information Technology Services		5.9
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Infrastructure Portfolio

	Shares		Value (000)
Common Stocks (94.8%)
Australia (2.3%)
Transurban Group (Units) (a)		664,498	$	5,400
Canada (16.7%)
Enbridge, Inc.		339,081		11,246
Fortis, Inc. (b)		29,734		1,129
GFL Environmental, Inc.		418,200		13,282
Keyera Corp. (b)		61,066		1,434
Pembina Pipeline Corp.		218,223		6,562
TC Energy Corp. (b)		153,940		5,294
				38,947
China (4.5%)
China Gas Holdings Ltd. (c)		11,185,600		10,544
France (5.5%)
Aeroports de Paris		4,010		473
Getlink SE		69,685		1,111
Vinci SA		100,932		11,166
				12,750
Italy (3.4%)
Infrastrutture Wireless Italiane SpA		445,697		5,296
Snam SpA		49,061		230
Terna - Rete Elettrica Nazionale		327,589		2,464
				7,990
Mexico (1.2%)
Grupo Aeroportuario del Pacifico SAB de CV, Class B		129,956		2,134
Grupo Aeroportuario del Sureste SAB de CV, Class B		28,897		707
				2,841
New Zealand (0.6%)
Auckland International Airport Ltd.		269,381		1,277
Portugal (0.2%)
EDP Renovaveis SA		32,619		534
Spain (7.4%)
Aena SME SA		27,319		4,111
Cellnex Telecom SA		157,180		5,467
Ferrovial SE		152,806		4,669
Iberdrola SA		261,500		2,925
				17,172
Switzerland (0.8%)
Flughafen Zurich AG (Registered)		9,892		1,883
United Kingdom (5.7%)
National Grid PLC		819,915		9,806
Pennon Group PLC		130,428		931
Severn Trent PLC		85,614		2,468
				13,205
United States (46.5%)
Ameren Corp.		26,672		1,996
American Electric Power Co., Inc.		73,348		5,517
American Tower Corp. REIT		87,679		14,419
American Water Works Co., Inc.		42,352		5,244
Atmos Energy Corp.		40,748		4,316
CenterPoint Energy, Inc.		208,788		5,606
Cheniere Energy, Inc.		50,009		8,300
Crown Castle, Inc. REIT		39,580		3,643
Edison International		74,743		4,730
Eversource Energy		62,868		3,656
Exelon Corp.		203,565		7,693
Kinder Morgan, Inc.		76,737		1,272
NiSource, Inc.		159,321		3,932
ONEOK, Inc.		79,047		5,014
PG&E Corp. (d)		291,867		4,708
SBA Communications Corp. REIT		20,773		4,158
Sempra Energy		141,482		9,625
Targa Resources Corp.		83,397		7,149
Williams Cos., Inc.		212,635		7,144
				108,122
Total Common Stocks (Cost $218,712)				220,665
Short-Term Investments (8.8%)
Investment Company (7.2%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (e) (Cost $16,765)		16,764,984		16,765
Securities held as Collateral on Loaned Securities (1.6%)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e)		3,011,062		3,011

	Face Amount (000)
Repurchase Agreements (0.3%)
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $208; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $212)	$	208		208
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $456; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $465)		456		456
Total Securities held as Collateral on Loaned Securities (Cost $3,675)				3,675
Total Short-Term Investments (Cost $20,440)				20,440
Total Investments (103.6%) (Cost $239,152) Including $5,412 of Securities Loaned (f)(g)(h)				241,105
Liabilities in Excess of Other Assets (–3.6%)				(8,434	)
Net Assets (100.0%)			$	232,671

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Global Infrastructure Portfolio

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

(a)	Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $5,412,000 and $5,702,000 respectively. The Fund received cash collateral of approximately $3,675,000, 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 $2,027,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security trades on the Hong Kong exchange.
(d)	Non-income producing security.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $7,000 relating to the Fund's investment in the Liquidity Funds.
(f)	The approximate fair value and percentage of net assets, $70,755,000 and 30.4%, 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.
(g)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(h)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $22,826,000 and the aggregate gross unrealized depreciation is approximately $20,873,000, resulting in net unrealized appreciation of approximately $1,953,000.
REIT	Real Estate Investment Trust.

Portfolio Composition*
Classification	Percentage of Total Investments
Oil & Gas Storage & Transportation		34.6	%
Electricity Transmission & Distribution		14.4
Communications		13.9
Diversified		13.4
Other**		10.8
Short-Term Investments		7.1
Others		5.8
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Global Insight Portfolio

	Shares		Value (000)
Common Stocks (98.3%)
Brazil (0.5%)
NU Holdings Ltd., Class A (a)		55,614	$	403
Canada (6.8%)
Shopify, Inc., Class A (a)		94,605		5,163
Israel (7.0%)
Global-e Online Ltd. (a)		133,958		5,323
Korea, Republic of (3.4%)
Coupang, Inc. (a)		151,492		2,575
Netherlands (5.1%)
Adyen NV (a)		5,182		3,842
Singapore (6.1%)
Grab Holdings Ltd., Class A (a)		1,229,910		4,354
Sea Ltd. ADR (a)		6,455		284
				4,638
United States (69.4%)
Affirm Holdings, Inc. (a)		113,078		2,405
Agilon health, Inc. (a)		164,002		2,913
Airbnb, Inc., Class A (a)		21,895		3,004
Arbutus Biopharma Corp. (a)		134,797		274
Aurora Innovation, Inc. (a)		431,128		1,013
Bill Holdings, Inc. (a)		26,415		2,868
Carvana Co. (a)		54,754		2,299
Cloudflare, Inc., Class A (a)		89,028		5,612
Dlocal Ltd. (a)		9,596		184
DoorDash, Inc., Class A (a)		39,444		3,135
Ginkgo Bioworks Holdings, Inc. (a)		159,579		289
MercadoLibre, Inc. (a)		3,949		5,007
MicroStrategy, Inc., Class A (a)		1,344		441
Peloton Interactive, Inc., Class A (a)		81,032		409
ProKidney Corp. (a)		46,143		211
ROBLOX Corp., Class A (a)		81,856		2,370
Roivant Sciences Ltd. (a)		91,957		1,074
Royalty Pharma PLC, Class A		139,009		3,773
Snowflake, Inc., Class A (a)		23,759		3,630
Spotify Technology SA (a)		1,291		200
Tesla, Inc. (a)		14,988		3,750
Trade Desk, Inc., Class A (a)		51,095		3,993
Uber Technologies, Inc. (a)		85,414		3,928
				52,782
Total Common Stocks (Cost $73,371)				74,726
Preferred Stock (0.0%)‡
United States (0.0%)‡
Lookout, Inc., Series F (a)(b)(c) (acquisition cost — $73; acquired 6/17/14)		6,374		21
Investment Company (1.5%)
United States (1.5%)
Grayscale Bitcoin Trust (a) (Cost $1,596)		61,438		1,179
Short-Term Investment (0.9%)
Investment Company (0.9%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $675)		675,010		675
Total Investments Excluding Purchased Options (100.7%) (Cost $75,715)				76,601
Total Purchased Options Outstanding (0.4%) (Cost $259)				271
Total Investments (101.1%) (Cost $75,974) (e)(f)(g)(h)				76,872
Liabilities in Excess of Other Assets (–1.1%)				(827	)
Net Assets (100.0%)			$	76,045

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.

‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2023 amounts to approximately $21,000 and represents less than 0.05% of net assets.
(c)	At September 30, 2023, the Fund held a fair valued security at approximately $21,000, 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.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.
(e)	The approximate fair value and percentage of net assets, $3,842,000 and 5.1%, 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.
(f)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(g)	Securities are available for collateral in connection with purchased options.
(h)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,381,000 and the aggregate gross unrealized depreciation is approximately $14,483,000, resulting in net unrealized appreciation of approximately $898,000.
ADR	American Depositary Receipt.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Insight Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2023:                  

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)			Premiums Paid (000)		Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.43	Jan–24		17,249,664	$	17,250	$	79		$	81	$	(2	)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24		21,463,987		21,464		111			91		20
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24		20,862,233		20,862		81			86		(5	)
Goldman Sachs International	USD/CNH	CNH	7.87	Oct–23		199,460		199		—	@		1		(1	)
									$	271		$	259	$	12

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

Portfolio Composition

Classification	Percentage of Total Investments
Other*		26.7	%
Information Technology Services		18.7
Broadline Retail		16.8
Ground Transportation		10.7
Financial Services		8.3
Hotels, Restaurants & Leisure		8.0
Software		5.6
Media		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Global Opportunity Portfolio

	Shares		Value (000)
Common Stocks (98.7%)
Argentina (0.7%)
Globant SA (a)		90,130	$	17,832
Brazil (0.9%)
NU Holdings Ltd., Class A (a)		3,141,942		22,779
Canada (4.3%)
Shopify, Inc., Class A (a)		1,969,679		107,485
China (4.3%)
Meituan, Class B (a)(b)		4,373,100		63,306
Trip.com Group Ltd. ADR (a)		1,319,106		46,129
				109,435
Denmark (5.9%)
DSV AS		799,155		148,915
France (3.1%)
Hermes International		42,239		76,994
India (8.8%)
HDFC Bank Ltd.		7,942,589		145,667
ICICI Bank Ltd. ADR		3,306,280		76,441
				222,108
Italy (3.6%)
Moncler SpA		1,589,179		92,101
Japan (1.3%)
Keyence Corp.		91,500		33,839
Korea, Republic of (4.9%)
Coupang, Inc. (a)		5,375,159		91,378
KakaoBank Corp.		611,700		10,586
NAVER Corp.		144,543		21,611
				123,575
Netherlands (0.5%)
Adyen NV (a)		17,701		13,124
Singapore (1.6%)
Grab Holdings Ltd., Class A (a)		11,710,890		41,457
United States (58.8%)
Adobe, Inc. (a)		215,018		109,638
Amazon.com, Inc. (a)		830,360		105,555
Block, Inc., Class A (a)		832,793		36,859
Crowdstrike Holdings, Inc., Class A (a)		286,104		47,888
Deckers Outdoor Corp. (a)		39,919		20,522
DoorDash, Inc., Class A (a)		834,587		66,325
Endeavor Group Holdings, Inc., Class A		1,069,175		21,277
Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $3,175; acquired 12/22/15)		6,530		—
Mastercard, Inc., Class A		157,765		62,461
MercadoLibre, Inc. (a)		111,978		141,975
Meta Platforms, Inc., Class A (a)		406,499		122,035
Salesforce, Inc. (a)		258,599		52,439
ServiceNow, Inc. (a)		347,726		194,365
Snowflake, Inc., Class A (a)		96,705		14,774
Spotify Technology SA (a)		530,103		81,975
TKO Group Holdings, Inc.		264,738		22,254
Uber Technologies, Inc. (a)		5,359,586		246,487
Visa, Inc., Class A		315,980		72,678
Walt Disney Co. (a)		880,710		71,381
				1,490,888
Total Common Stocks (Cost $1,653,376)				2,500,532
Short-Term Investment (1.3%)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $33,588)		33,588,233		33,588
Total Investments (100.0%) (Cost $1,686,964) (f)(g)(h)				2,534,120
Other Assets in Excess of Liabilities (0.0%) ‡				1,113
Net Assets (100.0%)			$	2,535,233

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Opportunity Portfolio

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.

‡	Amount is less than 0.05%.
(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 and derivative contracts (excluding 144A holdings) at September 30, 2023 amounts to $0 and represents 0.0% of net assets.
(d)	At September 30, 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $55,000 relating to the Fund's investment in the Liquidity Funds.
(f)	The approximate fair value and percentage of net assets, $606,143,000 and 23.9%, 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)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(h)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,050,538,000 and the aggregate gross unrealized depreciation is approximately $203,382,000, resulting in net unrealized appreciation of approximately $847,156,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Software		16.0	%
Broadline Retail		13.4
Ground Transportation		11.3
Banks		10.1
Entertainment		7.7
Textiles, Apparel & Luxury Goods		7.5
Financial Services		7.3
Hotels, Restaurants & Leisure		6.9
Air Freight & Logistics		5.9
Interactive Media & Services		5.7
Information Technology Services		5.6
Other*		2.6
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Global Permanence Portfolio

	Shares		Value (000)
Common Stocks (97.2%)
Brazil (0.1%)
Vale SA		767	$	10
Canada (12.9%)
Canadian National Railway Co.		4,144		449
Constellation Software, Inc.		174		359
FirstService Corp.		65		9
Lumine Group, Inc. (a)		444		7
Topicus.com, Inc. (a)		4,511		298
				1,122
France (14.0%)
Airbus SE		1,624		218
Christian Dior SE		423		311
EssilorLuxottica SA		507		88
Eurofins Scientific SE		7,668		432
Hermes International		5		9
L'Oreal SA		21		9
Remy Cointreau SA		59		7
Safran SA		927		145
				1,219
India (1.5%)
HDFC Bank Ltd. ADR		2,137		126
Italy (0.6%)
Brunello Cucinelli SpA		600		45
Ferrari NV		30		9
				54
Netherlands (1.1%)
ASML Holding NV (Registered)		151		89
Universal Music Group NV		376		10
				99
United Kingdom (14.3%)
Babcock International Group PLC (a)		73,946		372
Rentokil Initial PLC		62,387		463
Victoria PLC (a)		65,575		416
				1,251
United States (52.7%)
Alphabet, Inc., Class C (a)		1,959		258
Amazon.com, Inc. (a)		4,397		559
American Tower Corp. REIT		805		132
Brown & Brown, Inc.		3,555		248
Cloudflare, Inc., Class A (a)		12,354		779
Danaher Corp.		981		244
Dollar General Corp.		1,772		188
Floor & Decor Holdings, Inc., Class A (a)		3,384		306
Gartner, Inc. (a)		388		133
Illumina, Inc. (a)		658		90
Intercontinental Exchange, Inc.		4,252		468
Linde PLC		25		9
MSCI, Inc.		18		9
Procore Technologies, Inc. (a)		2,353		154
Royal Gold, Inc.		1,318		140
Royalty Pharma PLC, Class A		21,669		588
S&P Global, Inc.		359		131
Texas Pacific Land Corp.		88		161
Waste Connections, Inc.		70		10
				4,607
Total Common Stocks (Cost $8,298)				8,488
Investment Company (1.1%)
United States (1.1%)
Grayscale Bitcoin Trust (a) (Cost $78)		5,218		100

	No. of Warrants
Warrant (0.0%)‡
Canada (0.0%)‡
Constellation Software, Inc. expires 3/31/40 (a) (Cost $—)		186	1

	Shares
Short-Term Investment (1.7%)
Investment Company (1.7%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $145)		144,829		145
Total Investments Excluding Purchased Options (100.0%) (Cost $8,521)				8,734
Total Purchased Options Outstanding (0.3%) (Cost $26)				27
Total Investments (100.3%) (Cost $8,547) (c)(d)(e)(f)				8,761
Liabilities in Excess of Other Assets (–0.3%)				(24	)
Net Assets (100.0%)			$	8,737

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.

‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 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, $2,525,000 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.
(d)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e)	Securities are available for collateral in connection with purchased options.
(f)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $751,000 and the aggregate gross unrealized depreciation is approximately $537,000, resulting in net unrealized appreciation of approximately $214,000.
ADR	American Depositary Receipt.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd) 

Global Permanence Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2023:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts	Notional Amount (000)		Value (000)			Premiums Paid (000)			Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.43	Jan–24	1,007,380	$	1,007	$	5		$	5		$	(—	@)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24	2,268,747		2,269		12			10			2
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24	2,624,781		2,625		10			11			(1	)
Goldman Sachs International	USD/CNH	CNH	7.87	Oct–23	8,108		8		—	@		—	@		(—	@)
								$	27		$	26		$	1

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

Portfolio Composition
Classification	Percentage of Total Investments
Other*		32.4	%
Information Technology Services		10.4
Software		9.4
Life Sciences Tools & Services		8.8
Aerospace & Defense		8.4
Capital Markets		7.0
Pharmaceuticals		6.7
Broadline Retail		6.4
Commercial Services & Supplies		5.4
Ground Transportation		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Real Estate Portfolio

	Shares		Value (000)
Common Stocks (99.2%)
Australia (3.7%)
Goodman Group REIT		27,623	$	379
National Storage REIT		215,584		300
Region RE Ltd. REIT		221,991		286
Stockland REIT		139,317		349
				1,314
Belgium (1.7%)
Aedifica SA REIT		3,772		214
Shurgard Self Storage Ltd. REIT		4,104		163
Warehouses De Pauw CVA REIT		8,100		200
				577
Canada (3.6%)
Boardwalk REIT		9,006		443
Chartwell Retirement Residences (Units) (a)		40,239		304
Granite REIT		3,313		176
InterRent REIT		38,379		353
				1,276
France (1.0%)
Carmila SA REIT (b)		14,159		212
Gecina SA REIT		1,437		146
				358
Germany (1.9%)
LEG Immobilien SE (b)		4,631		318
Vonovia SE		14,420		346
				664
Hong Kong (3.8%)
Link REIT		116,460		569
Sun Hung Kai Properties Ltd.		39,867		425
Wharf Real Estate Investment Co. Ltd.		88,075		340
				1,334
Japan (11.1%)
Heiwa Real Estate, Inc. REIT		160		157
Hulic Co. Ltd.		32,800		294
Invincible Investment Corp. REIT		1,206		498
Japan Hotel REIT Investment Corp.		525		274
Japan Metropolitan Fund Invest REIT		239		155
Japan Real Estate Investment Corp. REIT		78		304
Mitsubishi Estate Co. Ltd.		20,900		273
Mitsui Fudosan Co. Ltd.		45,000		991
Mitsui Fudosan Logistics Park, Inc. REIT		55		173
Nippon Building Fund, Inc. REIT		58		235
Nippon Prologis REIT, Inc. REIT		126		235
Nomura Real Estate Master Fund, Inc. REIT		258		289
				3,878
Netherlands (0.4%)
CTP NV		10,085		144
Singapore (2.9%)
CapitaLand Integrated Commercial Trust REIT		188,800		255
Frasers Centrepoint Trust REIT		160,000		256
Frasers Logistics & Commercial Trust REIT		359,300		281
Mapletree Pan Asia Commercial Trust REIT		211,000		220
				1,012
Spain (0.8%)
Merlin Properties Socimi SA REIT		31,937		269
Sweden (1.4%)
Castellum AB		28,545		289
Pandox AB		18,642		198
				487
Switzerland (0.6%)
PSP Swiss Property AG (Registered)		1,838		217
United Kingdom (3.8%)
Impact Healthcare PLC REIT		130,941		132
LondonMetric Property PLC REIT		98,791		206
Segro PLC REIT		61,929		542
UNITE Group PLC REIT		30,256		330
Workspace Group PLC REIT		23,363		139
				1,349
United States (62.5%)
Agree Realty Corp. REIT		5,410		299
Alexandria Real Estate Equities, Inc. REIT		1,787		179
American Homes 4 Rent, Class A REIT		36,751		1,238
Americold Realty Trust, Inc. REIT		14,915		454
AvalonBay Communities, Inc. REIT		7,587		1,303
Brixmor Property Group, Inc. REIT		27,702		576
CareTrust REIT, Inc.		17,360		356
Digital Realty Trust, Inc. REIT		10,098		1,222
Equinix, Inc. REIT		2,826		2,052
Essex Property Trust, Inc. REIT		4,345		921
Extra Space Storage, Inc. REIT		2,924		355
Hilton Worldwide Holdings, Inc.		1,255		188
Host Hotels & Resorts, Inc. REIT		25,502		410
Iron Mountain, Inc. REIT		3,312		197
Kite Realty Group Trust REIT		26,651		571
Mid-America Apartment Communities, Inc. REIT		4,734		609
NETSTREIT Corp. REIT		10,924		170
Prologis, Inc. REIT		27,463		3,082
Public Storage REIT		4,844		1,276
Realty Income Corp. REIT		17,652		882
Rexford Industrial Realty, Inc. REIT		7,032		347
Simon Property Group, Inc. REIT		9,703		1,048
Sun Communities, Inc. REIT		4,393		520
Urban Edge Properties REIT		11,621		177
Ventas, Inc. REIT		7,015		296
VICI Properties, Inc. REIT		32,709		952
Welltower, Inc. REIT		27,563		2,258
				21,938
Total Common Stocks (Cost $32,556)				34,817
Short-Term Investment (0.7%)
Investment Company (0.7%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (c) (Cost $261)		260,787		261
Total Investments (99.9%) (Cost $32,817) (d)(e)(f)				35,078
Other Assets in Excess of Liabilities (0.1%)				25
Net Assets (100.0%)			$	35,103

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Global Real Estate Portfolio

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 nine months ended September 30, 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, $11,603,000 and 33.1%, 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(f)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,652,000 and the aggregate gross unrealized depreciation is approximately $2,391,000, resulting in net unrealized appreciation of approximately $2,261,000.
CVA	Certificaten Van Aandelen.
REIT	Real Estate Investment Trust.

Portfolio Composition
Classification	Percentage of Total Investments
Residential		18.2	%
Industrial		16.3
Diversified		13.7
Other*		13.6
Retail		12.8
Health Care		10.1
Data Centers		9.3
Self Storage		6.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Sustain Portfolio

	Shares		Value (000)
Common Stocks (98.4%)
Canada (3.4%)
Constellation Software, Inc.		1,628	$	3,361
France (1.4%)
L'Oreal SA		3,362		1,393
Germany (7.0%)
Deutsche Boerse AG		11,373		1,964
SAP SE		38,178		4,942
				6,906
Hong Kong (1.8%)
AIA Group Ltd.		217,400		1,758
Netherlands (0.4%)
Universal Music Group NV		13,372		349
Sweden (1.5%)
Atlas Copco AB, Class A		108,930		1,463
Taiwan (2.5%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		27,939		2,428
United Kingdom (7.6%)
Experian PLC		27,681		906
Prudential PLC		71,187		765
Reckitt Benckiser Group PLC		50,081		3,532
RELX PLC (LSE)		65,066		2,195
				7,398
United States (72.8%)
Abbott Laboratories		28,400		2,751
Accenture PLC, Class A		20,160		6,191
Adobe, Inc. (a)		698		356
Alphabet, Inc., Class A (a)		23,446		3,068
Amphenol Corp., Class A		14,449		1,214
Aon PLC, Class A		7,881		2,555
Arthur J Gallagher & Co.		8,802		2,006
Automatic Data Processing, Inc.		9,325		2,243
Becton Dickinson & Co.		14,097		3,645
Broadridge Financial Solutions, Inc.		6,648		1,190
CDW Corp.		8,531		1,721
Coca-Cola Co.		23,405		1,310
Danaher Corp.		15,170		3,764
Equifax, Inc.		8,737		1,600
FactSet Research Systems, Inc.		1,483		649
Intercontinental Exchange, Inc.		31,038		3,415
IQVIA Holdings, Inc. (a)		15,380		3,026
Jack Henry & Associates, Inc.		3,608		545
Microsoft Corp.		18,045		5,698
Moody's Corp.		2,500		790
NIKE, Inc., Class B		8,411		804
Otis Worldwide Corp.		21,002		1,687
PayPal Holdings, Inc. (a)		27,539		1,610
Procter & Gamble Co.		13,137		1,916
Revvity, Inc.		8,283		917
Roper Technologies, Inc.		4,459		2,159
Steris PLC		6,055		1,329
Texas Instruments, Inc.		12,646		2,011
Thermo Fisher Scientific, Inc.		9,709		4,914
Visa, Inc., Class A		23,705		5,452
Zoetis, Inc.		4,766		830
				71,366
Total Common Stocks (Cost $83,228)				96,422

	No. of Warrants
Warrant (0.0%)‡
Canada (0.0%)‡
Constellation Software, Inc. expires 3/31/40 (a) (Cost $—)		1,639	9

	Shares
Short-Term Investment (1.5%)
Investment Company (1.5%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $1,504)		1,504,495		1,504
Total Investments (99.9%) (Cost $84,732) (c)(d)(e)				97,935
Other Assets in Excess of Liabilities (0.1%)				109
Net Assets (100.0%)			$	98,044

‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Funds.
(c)	The approximate fair value and percentage of net assets, $19,267,000 and 19.7%, 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,081,000 and the aggregate gross unrealized depreciation is approximately $1,878,000, resulting in net unrealized appreciation of approximately $13,203,000.

ADR American Depositary Receipt.

LSE London Stock Exchange.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		20.2	%
Software		16.8
Life Sciences Tools & Services		12.8
Professional Services		8.3
Health Care Equipment & Supplies		7.9
Financial Services		7.8
Insurance		7.3
Capital Markets		7.0
Information Technology Services		6.3
Household Products		5.6
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Growth Portfolio

	Shares		Value (000)
Common Stocks (93.5%)
Automobiles (5.4%)
Rivian Automotive, Inc., Class A (a)		579,734	$	14,076
Tesla, Inc. (a)		1,006,848		251,934
				266,010
Biotechnology (1.6%)
Intellia Therapeutics, Inc. (a)		466,979		14,766
Moderna, Inc. (a)		45,229		4,672
ProKidney Corp. (a)(b)		2,756,872		12,626
Roivant Sciences Ltd. (a)		4,043,893		47,233
				79,297
Broadline Retail (4.3%)
Global-e Online Ltd. (Israel) (a)		2,195,281		87,240
MercadoLibre, Inc. (a)		100,790		127,790
				215,030
Capital Markets (0.4%)
Coinbase Global, Inc., Class A (a)		273,197		20,512
Chemicals (0.4%)
Ginkgo Bioworks Holdings, Inc. (a)(b)		11,540,010		20,887
Electronic Equipment, Instruments & Components (0.0%)
Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $18,812; acquired 12/22/15)		38,705		—
Entertainment (4.6%)
ROBLOX Corp., Class A (a)		7,860,768		227,648
Financial Services (5.0%)
Adyen NV (Netherlands) (a)		172,090		127,593
Affirm Holdings, Inc. (a)		5,757,957		122,472
				250,065
Ground Transportation (9.3%)
Grab Holdings Ltd., Class A (Singapore) (a)		25,641,350		90,770
Uber Technologies, Inc. (a)		8,036,376		369,593
				460,363
Health Care Providers & Services (3.6%)
Agilon health, Inc. (a)		10,206,657		181,270
Health Care Technology (0.5%)
Doximity, Inc., Class A (a)		1,217,199		25,829
Hotels, Restaurants & Leisure (11.4%)
Airbnb, Inc., Class A (a)		1,895,397		260,067
DoorDash, Inc., Class A (a)		3,864,246		307,092
				567,159
Information Technology Services (20.4%)
Cloudflare, Inc., Class A (a)		5,753,115		362,676
Shopify, Inc., Class A (Canada) (a)		6,221,284		339,496
Snowflake, Inc., Class A (a)		2,049,505		313,103
				1,015,275
Leisure Products (0.5%)
Peloton Interactive, Inc., Class A (a)		5,206,259		26,292
Life Sciences Tools & Services (0.5%)
10X Genomics, Inc., Class A (a)		536,568		22,133
Media (7.4%)
Trade Desk, Inc., Class A (a)		4,683,279		365,998
Pharmaceuticals (4.6%)
Royalty Pharma PLC, Class A		8,460,174		229,609
Software (9.9%)
Aurora Innovation, Inc. (a)		19,446,658		45,700
Bill Holdings, Inc. (a)		2,322,364		252,139
Gitlab, Inc., Class A (a)		1,541,452		69,705
Procore Technologies, Inc. (a)		852,035		55,655
Samsara, Inc., Class A (a)		2,773,062		69,909
				493,108
Specialty Retail (3.7%)
Carvana Co. (a)		3,251,979		136,518
Wayfair, Inc., Class A (a)		801,511		48,548
				185,066
Total Common Stocks (Cost $5,171,872)				4,651,551
Preferred Stocks (3.1%)
Financial Services (0.3%)
Stripe, Inc., Series H (a)(c)(d) (acquisition cost — $12,876; acquired 3/17/23)		639,525		14,549
Software (2.8%)
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $136,746; acquired 8/31/21)		1,860,888		136,775
Total Preferred Stocks (Cost $149,622)				151,324
Investment Company (1.6%)
Grayscale Bitcoin Trust (a) (Cost $164,178)		4,253,055		81,616
Short-Term Investments (2.7%)
Investment Company (2.4%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $118,350)		118,350,538		118,350
Securities held as Collateral on Loaned Securities (0.3%)
Investment Company (0.3%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e)		13,283,580		13,284

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (0.0%) ‡
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $919; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $937)	$	918	$	918
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $2,014; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $2,053)		2,013		2,013
				2,931
Total Securities held as Collateral on Loaned Securities (Cost $16,215)				16,215
Total Short-Term Investments (Cost $134,565)				134,565
Total Investments Excluding Purchased Options (100.9%) (Cost $5,620,237)				5,019,056
Total Purchased Options Outstanding (0.3%) (Cost $15,507)				16,162
Total Investments (101.2%) (Cost $5,635,744) Including $18,919 of Securities Loaned (f)(g)(h)(i)				5,035,218
Liabilities in Excess of Other Assets (–1.2%)				(58,793	)
Net Assets (100.0%)			$	4,976,425

‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $18,919,000 and $20,822,000 respectively. The Fund received cash collateral of approximately $16,215,000, 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 remaining collateral of approximately $4,607,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2023 amounts to approximately $151,324,000 and represents 3.1% of net assets.
(d)	At September 30, 2023, the Fund held fair valued securities at approximately $151,324,000, representing 3.1% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein)'s Directors.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $100,000 relating to the Fund's investment in the Liquidity Funds.
(f)	The approximate fair value and percentage of net assets, $127,593,000 and 2.6%, 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)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(h)	Securities are available for collateral in connection with purchased options.
(i)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $900,758,000 and the aggregate gross unrealized depreciation is approximately $1,501,284,000, resulting in net unrealized depreciation of approximately $600,526,000.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2023:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)			Premiums Paid (000)		Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.43	Jan–24		1,032,347,082	$	1,032,347	$	4,718		$	4,859	$	(141	)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24		1,232,952,555		1,232,953		6,386			5,216		1,170
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24		1,297,584,118		1,297,584		5,058			5,373		(315	)
Goldman Sachs International	USD/CNH	CNH	7.87	Oct–23		12,162,956		12,163		—	@		59		(59	)
									$	16,162		$	15,507	$	655

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

Portfolio Composition*

Classification	Percentage of Total Investments
Other**		28.7	%
Information Technology Services		20.3
Software		12.6
Hotels, Restaurants & Leisure		11.3
Ground Transportation		9.2
Media		7.3
Automobiles		5.3
Financial Services		5.3
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments

Inception Portfolio

	Shares		Value (000)
Common Stocks (95.9%)
Automobile Components (0.2%)
XPEL, Inc. (a)		13,143	$	1,013
Beverages (0.2%)
Celsius Holdings, Inc. (a)		5,927		1,017
Biotechnology (2.9%)
Arbutus Biopharma Corp. (a)(b)		752,760		1,528
Beam Therapeutics, Inc. (a)		46,403		1,116
Intellia Therapeutics, Inc. (a)		68,516		2,167
ProKidney Corp. (a)(b)		232,330		1,064
Roivant Sciences Ltd. (a)		496,662		5,801
				11,676
Broadline Retail (7.4%)
Global-e Online Ltd. (Israel) (a)		762,683		30,309
Chemicals (0.7%)
Ginkgo Bioworks Holdings, Inc. (a)(b)		1,567,683		2,838
Consumer Staples Distribution & Retail (0.2%)
Maplebear, Inc. (a)(b)		25,546		758
Diversified Consumer Services (1.1%)
Duolingo, Inc. (a)		25,891		4,295
Financial Services (7.3%)
Affirm Holdings, Inc. (a)		1,406,245		29,911
Ground Transportation (1.7%)
Grab Holdings Ltd., Class A (Singapore) (a)		1,967,865		6,966
Health Care Equipment & Supplies (0.5%)
Inspire Medical Systems, Inc. (a)		5,068		1,005
Outset Medical, Inc. (a)		89,314		972
				1,977
Health Care Providers & Services (5.8%)
Agilon health, Inc. (a)		1,212,270		21,530
Guardant Health, Inc. (a)		31,210		925
Privia Health Group, Inc. (a)		46,970		1,080
				23,535
Health Care Technology (2.5%)
Doximity, Inc., Class A (a)		444,693		9,436
Schrodinger, Inc. (a)		33,209		939
				10,375
Hotels, Restaurants & Leisure (0.5%)
Cava Group, Inc. (a)(b)		31,774		973
Soho House & Co., Inc., Class A (a)(b)		145,883		1,011
				1,984
Household Durables (4.1%)
Cricut, Inc., Class A (b)		713,787		6,631
Victoria PLC (United Kingdom) (a)		1,611,055		10,219
				16,850
Information Technology Services (12.6%)
Cloudflare, Inc., Class A (a)		533,563		33,636
Fastly, Inc., Class A (a)		936,335		17,949
				51,585
Interactive Media & Services (1.7%)
Eventbrite, Inc., Class A (a)		699,728		6,899
Leisure Products (5.1%)
Peloton Interactive, Inc., Class A (a)		4,122,560		20,819
Life Sciences Tools & Services (4.2%)
10X Genomics, Inc., Class A (a)		220,719		9,105
MaxCyte, Inc. (a)		319,323		996
SomaLogic, Inc. (a)		941,569		2,250
Standard BioTools, Inc. (a)(b)		1,692,328		4,908
				17,259
Media (0.3%)
Cardlytics, Inc. N (a)		64,003		1,056
Metals & Mining (0.2%)
MP Materials Corp. (a)		46,636		891
Passenger Airlines (0.6%)
Joby Aviation, Inc. (a)(b)		400,405		2,583
Personal Care Products (0.8%)
Oddity Tech Ltd., Class A (Israel) (a)(b)		116,256		3,296
Pharmaceuticals (0.4%)
ATAI Life Sciences NV (a)(b)		570,330		736
GH Research PLC (a)(b)		96,918		974
				1,710
Real Estate Management & Development (0.7%)
Opendoor Technologies, Inc. (a)		628,449		1,659
Redfin Corp. (a)		177,468		1,249
				2,908
Software (23.8%)
Aurora Innovation, Inc. (a)		2,291,755		5,386
Bill Holdings, Inc. (a)		194,106		21,074
Confluent, Inc., Class A (a)		133,324		3,948
Gitlab, Inc., Class A (a)		419,207		18,957
MicroStrategy, Inc., Class A (a)		7,819		2,567
Procore Technologies, Inc. (a)		322,587		21,071
Samsara, Inc., Class A (a)		973,717		24,547
				97,550
Specialty Retail (7.5%)
BARK, Inc. (a)(b)		842,611		1,011
Carvana Co. (a)		470,270		19,742
Wayfair, Inc., Class A (a)		166,944		10,112
				30,865
Textiles, Apparel & Luxury Goods (2.9%)
Figs, Inc., Class A (a)		313,010		1,847
On Holding AG, Class A (Switzerland) (a)		354,566		9,864
				11,711
Total Common Stocks (Cost $383,171)				392,636
Preferred Stocks (2.3%)
Health Care Technology (1.4%)
Included Health, Inc., Series B (a)(c)(d) (acquisition cost — $3,362; acquired 7/03/14)		3,269,139		5,590
Software (0.9%)
Lookout, Inc., Series F (a)(c)(d) (acquisition cost — $13,476; acquired 6/17/14)		1,179,743		3,846
Total Preferred Stocks (Cost $16,838)				9,436
Investment Company (1.4%)
Grayscale Bitcoin Trust (a) (Cost $7,295)		285,472		5,478

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Inception Portfolio

	No. of Warrants		Value (000)
Warrants (0.0%)‡
Internet & Direct Marketing Retail (0.0%)‡
BARK, Inc., expires 5/1/26 (a)		209,825	$	27
Life Sciences Tools & Services (0.0%)‡
SomaLogic, Inc., expires 8/31/26 (a)		61,142		14
Total Warrants (Cost $1,304)				41

	Shares
Short-Term Investments (3.2%)
Investment Company (0.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (e) (Cost $613)		612,582	613
Securities held as Collateral on Loaned Securities (3.1%)
Investment Company (2.5%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e)		10,311,144	10,311

	Face Amount (000)
Repurchase Agreements (0.6%)
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $713; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $727)	$	713		713
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $1,562; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $1,594)		1,562		1,562
				2,275
Total Securities held as Collateral on Loaned Securities (Cost $12,586)				12,586
Total Short-Term Investments (Cost $13,199)				13,199
Total Investments Excluding Purchased Options (102.8%) (Cost $421,807)				420,790
Total Purchased Options Outstanding (0.3%) (Cost $1,250)				1,292
Total Investments (103.1%) (Cost $423,057) Including $14,150 of Securities Loaned (f)(g)(h)				422,082
Liabilities in Excess of Other Assets (–3.1%)				(12,757	)
Net Assets (100.0%)			$	409,325

(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $14,150,000 and $14,762,000 respectively. The Fund received cash collateral of approximately $12,586,000, 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 remaining collateral of approximately $2,176,000 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 and derivative contracts (excluding 144A holdings) at September 30, 2023 amounts to approximately $9,436,000 and represents 2.3% of net assets.
(d)	At September 30, 2023, the Fund held fair valued securities valued at $9,436,000, representing 2.3% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $13,000 relating to the Fund's investment in the Liquidity Funds.
(f)	The approximate fair value and percentage of net assets, $10,219,000 and 2.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(h)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $64,757,000 and the aggregate gross unrealized depreciation is approximately $65,732,000, resulting in net unrealized depreciation of approximately $975,000.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Inception Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2023:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts	Notional Amount (000)		Value (000)			Premiums Paid (000)		Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.43	Jan–24	76,565,662	$	76,566	$	350		$	360	$	(10	)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24	90,850,215		90,850		470			385		85
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24	120,919,525		120,920		472			500		(28	)
Goldman Sachs International	USD/CNH	CNH	7.87	Oct–23	914,411		914		—	@		5		(5	)
								$	1,292		$	1,250	$	42

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

Portfolio Composition*
Classification	Percentage of Total Investments
Other**		29.4	%
Software		24.8
Information Technology Services		12.6
Specialty Retail		7.6
Broadline Retail		7.4
Financial Services		7.3
Health Care Providers & Services		5.8
Leisure Products		5.1
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

International Advantage Portfolio

	Shares		Value (000)
Common Stocks (94.9%)
Canada (12.2%)
Brookfield Corp.		2,162,666	$	67,626
Brookfield Infrastructure Partners LP		2,180,496		64,107
Canada Goose Holdings, Inc. (a)(b)(c)		4,552,503		66,740
Canadian Pacific Kansas City Ltd.		1,102,312		81,936
Shopify, Inc., Class A (c)		1,675,558		91,435
				371,844
Denmark (8.6%)
DSV AS		1,410,790		262,888
France (11.1%)
Hermes International		114,293		208,336
LVMH Moet Hennessy Louis Vuitton SE		82,069		61,948
Pernod Ricard SA		409,963		68,255
				338,539
Germany (2.8%)
Adidas AG		300,546		52,718
Puma SE		509,788		31,522
				84,240
Hong Kong (2.3%)
AIA Group Ltd.		8,581,700		69,401
India (8.1%)
HDFC Bank Ltd.		11,152,234		204,531
Titan Co. Ltd.		1,080,910		40,888
				245,419
Italy (9.9%)
Davide Campari-Milano NV		9,811,268		115,501
Moncler SpA		3,205,712		185,787
				301,288
Japan (4.7%)
Keyence Corp.		383,200		141,717
Netherlands (6.9%)
Adyen NV (c)		81,389		60,344
ASML Holding NV		251,118		147,846
				208,190
Sweden (3.0%)
Evolution AB		758,345		76,524
Vitrolife AB		1,188,512		15,923
				92,447
Switzerland (9.1%)
Chocoladefabriken Lindt & Spruengli AG (Registered)		504		55,186
Cie Financiere Richemont SA (Registered)		244,223		29,742
Kuehne & Nagel International AG (Registered)		259,504		73,733
Straumann Holding AG (Registered)		922,879		117,463
				276,124
Taiwan (3.2%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		1,119,396		97,276
United Kingdom (4.0%)
Diageo PLC		1,844,434		68,001
Rightmove PLC		7,831,091		53,441
				121,442
United States (9.0%)
MercadoLibre, Inc. (c)		134,688		170,768
Spotify Technology SA (c)		672,442		103,987
				274,755
Total Common Stocks (Cost $2,482,371)				2,885,570
Short-Term Investments (5.0%)
Investment Company (4.6%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $138,912)		138,911,638		138,912
Securities held as Collateral on Loaned Securities (0.4%)
Investment Company (0.3%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d)		10,957,736		10,958

	Face Amount (000)
Repurchase Agreements (0.1%)
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $757; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $773)	$	757		757
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $1,661; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $1,693)		1,660		1,660
				2,417
Total Securities held as Collateral on Loaned Securities (Cost $13,375)				13,375
Total Short-Term Investments (Cost $152,287)				152,287
Total Investments (99.9%) (Cost $2,634,658) Including $12,858 of Securities Loaned (e)(f)(g)				3,037,857
Other Assets in Excess of Liabilities (0.1%)				4,329
Net Assets (100.0%)			$	3,042,186

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)	For the nine months ended September 30, 2023, the cost of purchase and proceeds from sale of Canada Goose Holdings, Inc., Common Stock, and its affiliated broker-dealers, which may be deemed affiliates of the Adviser/Administrator and Distributor under the Investment Company Act of 1940, were approximately $5,769,000 and $2,033,000. respectively, including net realized loss of approximately $2,304,000.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $12,858,000 and $13,376,000 respectively. The Fund received cash collateral of approximately $13,376,000, 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)	Non-income producing security.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $201,000 relating to the Fund's investment in the Liquidity Funds.
(e)	The approximate fair value and percentage of net assets, $2,141,695,000 and 70.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(f)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(g)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $666,540,000 and the aggregate gross unrealized depreciation is approximately $263,341,000, resulting in net unrealized appreciation of approximately $403,199,000.
ADR	American Depositary Receipt.

Portfolio Composition*
Classification	Percentage of Total Investments
Other**		40.0	%
Textiles, Apparel & Luxury Goods		22.4
Air Freight & Logistics		8.7
Beverages		8.3
Semiconductors & Semiconductor Equipment		8.1
Banks		6.8
Broadline Retail		5.7
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

International Equity Portfolio

	Shares		Value (000)
Common Stocks (98.2%)
Australia (1.2%)
Aristocrat Leisure Ltd.		588,664	$	15,380
Belgium (0.5%)
KBC Group NV		97,050		6,042
Canada (6.2%)
Barrick Gold Corp. (LSE)		1,773,617		25,764
Constellation Software, Inc.		18,454		38,098
Tourmaline Oil Corp.		288,981		14,542
				78,404
China (0.7%)
Minth Group Ltd. (a)		3,378,000		8,682
Denmark (3.2%)
Carlsberg AS Series B		176,797		22,291
Tryg AS		990,296		18,122
				40,413
Finland (1.4%)
Kone Oyj, Class B		421,468		17,761
France (15.8%)
AXA SA		849,070		25,191
L'Oreal SA		33,661		13,950
Legrand SA		287,272		26,396
LVMH Moet Hennessy Louis Vuitton SE		28,630		21,611
Pernod Ricard SA		125,146		20,836
Safran SA		178,161		27,920
Sanofi		221,581		23,792
Thales SA		155,193		21,811
Worldline SA (b)		667,133		18,727
				200,234
Germany (15.7%)
Adidas AG		74,981		13,152
Deutsche Boerse AG		137,928		23,820
Deutsche Post AG (Registered)		674,191		27,356
Infineon Technologies AG		542,708		17,975
Knorr-Bremse AG		257,761		16,341
Merck KGaA		64,062		10,680
MTU Aero Engines AG		97,408		17,641
QIAGEN NV (b)		751,429		30,320
SAP SE		318,067		41,171
				198,456
Hong Kong (1.8%)
AIA Group Ltd.		2,784,200		22,516
Italy (1.7%)
Moncler SpA		377,089		21,854
Japan (3.2%)
Hoya Corp.		126,600		12,966
Keyence Corp.		17,400		6,435
Shiseido Co. Ltd.		365,000		12,791
SMC Corp.		19,600		8,786
				40,978
Korea, Republic of (3.3%)
Samsung Electronics Co. Ltd.		526,678		26,626
SK Hynix, Inc.		178,064		15,076
				41,702
Netherlands (5.1%)
Heineken NV		430,560		37,959
Universal Music Group NV		1,010,885		26,380
				64,339
Singapore (1.8%)
DBS Group Holdings Ltd.		940,500		23,098
Sweden (6.5%)
Atlas Copco AB, Class A		1,271,816		17,081
Boliden AB (b)		298,824		8,575
Epiroc AB, Class A		892,314		16,943
Hexagon AB, Class B		1,723,052		14,665
Svenska Handelsbanken AB, Class A		2,833,946		25,216
				82,480
Switzerland (5.1%)
Alcon, Inc.		105,121		8,112
Novartis AG (Registered)		160,079		16,349
Partners Group Holding AG		3,255		3,654
Roche Holding AG (Genusschein)		83,550		22,809
UBS Group AG (Registered)		581,573		14,325
				65,249
Taiwan (2.5%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		371,063		32,245
United Kingdom (22.5%)
Anglo American PLC		308,425		8,469
Associated British Foods PLC		807,847		20,296
AstraZeneca PLC		205,357		27,699
BP PLC		2,348,890		15,141
British American Tobacco PLC		824,132		25,877
Experian PLC		308,753		10,099
Halma PLC		708,693		16,697
Hiscox Ltd.		1,353,172		16,545
Legal & General Group PLC		3,833,502		10,344
Prudential PLC		1,791,320		19,255
Reckitt Benckiser Group PLC		482,774		34,046
RELX PLC (Euronext NV)		476,236		16,099
RELX PLC (LSE)		419,760		14,163
Rightmove PLC		1,461,160		9,971
Shell PLC		1,295,893		41,072
				285,773
Total Common Stocks (Cost $988,879)				1,245,606

	No. of Warrants
Warrant (0.0%)‡
Canada (0.0%)‡
Constellation Software, Inc. expires 3/31/40 (b) (Cost $—)		18,454	94

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

International Equity Portfolio

	Shares		Value (000)
Short-Term Investment (1.2%)
Investment Company (1.2%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $15,230)		15,229,949	$	15,230
Total Investments (99.4%) (Cost $1,004,109) (d)(e)(f)				1,260,930
Other Assets in Excess of Liabilities (0.6%)				7,577
Net Assets (100.0%)			$	1,268,507

‡	Amount is less than 0.05%.
(a)	Security trades on the Hong Kong exchange.
(b)	Non-income producing security.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $31,000 relating to the Fund's investment in the Liquidity Funds.
(d)	The approximate fair value and percentage of net assets, $1,134,957,000 and 89.5%, 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.
(e)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(f)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $300,160,000 and the aggregate gross unrealized depreciation is approximately $43,339,000, resulting in net unrealized appreciation of approximately $256,821,000.
ADR	American Depositary Receipt.
Euronext NV	Euronext Amsterdam Stock Market.
LSE	London Stock Exchange.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		48.2	%
Insurance		8.8
Pharmaceuticals		8.0
Beverages		6.5
Software		6.3
Machinery		6.0
Oil, Gas & Consumable Fuels		5.7
Aerospace & Defense		5.3
Semiconductors & Semiconductor Equipment		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

International Opportunity Portfolio

	Shares		Value (000)
Common Stocks (97.8%)
Argentina (2.4%)
Globant SA (a)		127,052	$	25,137
Brazil (2.4%)
NU Holdings Ltd., Class A (a)		3,400,491		24,653
Canada (6.1%)
Canada Goose Holdings, Inc. (a)(b)		1,108,819		16,255
Shopify, Inc., Class A (a)		885,439		48,319
				64,574
China (11.1%)
Kweichow Moutai Co. Ltd., Class A		102,600		25,446
Meituan, Class B (a)(c)		2,692,020		38,970
Tencent Holdings Ltd. (c)		394,200		15,281
Trip.com Group Ltd. ADR (a)		1,076,132		37,632
				117,329
Denmark (7.9%)
DSV AS		443,709		82,681
France (4.7%)
Hermes International		27,279		49,725
Germany (0.8%)
HelloFresh SE (a)		289,408		8,600
India (14.4%)
HDFC Bank Ltd.		4,091,127		75,031
ICICI Bank Ltd. ADR		2,442,917		56,480
Titan Co. Ltd.		523,278		19,794
				151,305
Italy (4.7%)
Moncler SpA		850,596		49,296
Japan (2.9%)
Keyence Corp.		81,700		30,215
Korea, Republic of (9.1%)
Coupang, Inc. (a)		3,156,891		53,667
KakaoBank Corp. (b)		1,121,494		19,409
NAVER Corp.		154,348		23,077
				96,153
Netherlands (4.9%)
Adyen NV (a)		27,257		20,209
ASML Holding NV		53,475		31,484
				51,693
Norway (0.5%)
AutoStore Holdings Ltd. (a)(b)		3,495,203		4,913
Singapore (3.2%)
Grab Holdings Ltd., Class A (a)		8,113,412		28,722
Sea Ltd. ADR (a)		113,297		4,979
				33,701
Sweden (3.9%)
Evolution AB		336,864		33,992
Vitrolife AB		541,365		7,253
				41,245
Switzerland (1.3%)
On Holding AG, Class A (a)		504,633		14,039
Taiwan (2.8%)
Taiwan Semiconductor Manufacturing Co. Ltd.		1,834,000		29,906
United Kingdom (1.7%)
Deliveroo PLC (a)		7,252,025		10,549
Fevertree Drinks PLC		475,353		6,937
				17,486
United States (13.0%)
MercadoLibre, Inc. (a)		64,356		81,596
Spotify Technology SA (a)		357,864		55,340
				136,936
Total Common Stocks (Cost $909,187)				1,029,587
Short-Term Investments (3.2%)
Investment Company (1.8%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $19,200)		19,200,203		19,200
Securities held as Collateral on Loaned Securities (1.4%)
Investment Company (1.1%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d)		11,876,820		11,877

	Face Amount (000)
Repurchase Agreements (0.3%)
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $821; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $838)	$	821		821
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $1,800; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $1,836)		1,800		1,800
				2,621
Total Securities held as Collateral on Loaned Securities (Cost $14,498)				14,498
Total Short-Term Investments (Cost $33,698)				33,698
Total Investments (101.0%) (Cost $942,885) Including $27,891 of Securities Loaned (e)(f)(g)				1,063,285
Liabilities in Excess of Other Assets (–1.0%)				(10,096	)
Net Assets (100.0%)			$	1,053,189

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

International Opportunity Portfolio

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

(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $27,891,000 and $29,148,000 respectively. The Fund received cash collateral of approximately $14,497,000, 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 remaining collateral of approximately $14,651,000 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 - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $34,000 relating to the Fund's investment in the Liquidity Funds.
(e)	The approximate fair value and percentage of net assets, $582,768,000 and 55.3%, 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.
(f)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(g)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $252,257,000 and the aggregate gross unrealized depreciation is approximately $131,857,000, resulting in net unrealized appreciation of approximately $120,400,000.
ADR	American Depositary Receipt.

Portfolio Composition*
Classification	Percentage of Total Investments
Other**		18.1	%
Banks		16.7
Textiles, Apparel & Luxury Goods		14.2
Broadline Retail		12.9
Hotels, Restaurants & Leisure		11.5
Air Freight & Logistics		7.9
Information Technology Services		7.0
Semiconductors & Semiconductor Equipment		5.9
Entertainment		5.8
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

International Resilience Portfolio

	Shares		Value (000)
Common Stocks (95.8%)
Australia (1.7%)
Aristocrat Leisure Ltd.		991	$	26
Canada (4.0%)
Constellation Software, Inc.		30		62
Denmark (2.5%)
Carlsberg AS Series B		307		39
Finland (1.4%)
Kone Oyj, Class B		532		22
France (15.3%)
L'Oreal SA		125		52
Legrand SA		521		48
LVMH Moet Hennessy Louis Vuitton SE		48		36
Pernod Ricard SA		257		43
Sanofi		218		23
Worldline SA (a)		1,172		33
				235
Germany (15.9%)
Adidas AG		123		22
Deutsche Boerse AG		302		52
Infineon Technologies AG		741		25
Merck KGaA		121		20
QIAGEN NV (a)		1,242		50
SAP SE		582		75
				244
Hong Kong (1.7%)
AIA Group Ltd.		3,200		26
Italy (2.4%)
Moncler SpA		635		37
Japan (5.1%)
Hoya Corp.		300		31
Keyence Corp.		100		37
Shiseido Co. Ltd.		300		10
				78
Netherlands (6.6%)
Heineken NV		659		58
Universal Music Group NV		1,652		43
				101
Sweden (6.5%)
Atlas Copco AB, Class A		2,705		36
Epiroc AB, Class A		1,499		29
Hexagon AB, Class B		4,157		35
				100
Switzerland (3.2%)
Alcon, Inc.		349		27
Roche Holding AG (Genusschein)		86		23
				50
Taiwan (3.3%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		569		50
United Kingdom (16.5%)
AstraZeneca PLC		328		44
Experian PLC		1,106		36
Halma PLC		1,274		30
Prudential PLC		1,394		15
Reckitt Benckiser Group PLC		740		52
RELX PLC (LSE)		1,684		57
Rightmove PLC		2,699		19
				253
United States (9.7%)
Danaher Corp.		134		33
Procter & Gamble Co.		223		33
Thermo Fisher Scientific, Inc.		85		43
Visa, Inc., Class A		174		40
				149
Total Common Stocks (Cost $1,461)				1,472

	No. of Warrants
Warrant (0.0%)‡
Canada (0.0%) ‡
Constellation Software, Inc. expires 3/31/40 (a) (Cost $—)		31	—	@

	Shares
Short-Term Investment (1.2%)
Investment Company (1.2%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $18)		18,133		18
Total Investments (97.0%) (Cost $1,479) (c)(d)(e)				1,490
Other Assets in Excess of Liabilities (3.0%)				46
Net Assets (100.0%)			$	1,536

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

International Resilience Portfolio

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

@	Value is less than $500.
‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 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, $1,211,000 and 78.8%, 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.
(d)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $96,000 and the aggregate gross unrealized depreciation is approximately $85,000, resulting in net unrealized appreciation of approximately $11,000.
ADR	American Depositary Receipt.
LSE	London Stock Exchange.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		29.5	%
Beverages		9.4
Software		9.3
Life Sciences Tools & Services		8.5
Pharmaceuticals		7.4
Electronic Equipment, Instruments & Components		6.8
Textiles, Apparel & Luxury Goods		6.4
Professional Services		6.2
Machinery		5.8
Household Products		5.7
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.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Multi-Asset Real Return Portfolio

	Shares		Value (000)
Common Stocks (5.4%)
Australia (0.3%)
Capricorn Metals Ltd. (a)		1,025	$	3
Evolution Mining Ltd.		5,007		10
Gold Road Resources Ltd.		2,941		3
Newcrest Mining Ltd.		1,753		28
Northern Star Resources Ltd.		3,137		21
Perseus Mining Ltd.		3,731		4
Regis Resources Ltd. (a)		2,060		2
Silver Lake Resources Ltd. (a)		2,465		1
West African Resources Ltd. (a)		2,714		1
				73
Austria (0.0%)‡
OMV AG		96		5
Canada (1.0%)
Agnico Eagle Mines Ltd.		919		42
Alamos Gold, Inc., Class A		1,105		12
Aya Gold & Silver, Inc. (a)		284		2
B2Gold Corp.		3,015		9
Barrick Gold Corp.		3,161		46
Centerra Gold, Inc.		621		3
Dundee Precious Metals, Inc.		534		3
Eldorado Gold Corp. (a)		535		5
Endeavour Silver Corp. (a)		531		1
Equinox Gold Corp. (a)		883		4
First Majestic Silver Corp.		723		4
Fortuna Silver Mines, Inc. (a)(b)		852		2
Franco-Nevada Corp.		340		45
IAMGOLD Corp. (a)		1,404		3
K92 Mining, Inc. (a)		659		3
Kinross Gold Corp.		3,598		16
New Gold, Inc. (a)		1,961		2
OceanaGold Corp.		1,956		4
Osisko Gold Royalties Ltd.		519		6
Pan American Silver Corp.		1,041		15
Sandstorm Gold Ltd.		840		4
SilverCrest Metals, Inc. (a)(b)		412		2
SSR Mining, Inc.		565		7
Torex Gold Resources, Inc. (a)		243		3
Wesdome Gold Mines Ltd. (a)		404		2
Wheaton Precious Metals Corp.		782		32
				277
China (0.1%)
Zhaojin Mining Industry Co. Ltd. (c)		7,121		10
Zijin Mining Group Co. Ltd., H Shares (c)		15,654		24
				34
Finland (0.0%)‡
Neste Oyj		278		9
France (0.4%)
TotalEnergies SE		1,634		107
Italy (0.1%)
Eni SpA		1,647		26
Tenaris SA		311		5
				31
Norway (0.1%)
Aker BP ASA		209		6
Equinor ASA		630		20
				26
Peru (0.0%)‡
Cia de Minas Buenaventura SAA ADR		710		6
Portugal (0.0%)‡
Galp Energia SGPS SA		330		5
South Africa (0.1%)
DRDGOLD Ltd. ADR		248		2
Gold Fields Ltd. ADR		2,563		28
Harmony Gold Mining Co. Ltd. ADR		1,746		6
				36
Spain (0.1%)
Repsol SA		908		15
United Kingdom (0.9%)
Anglogold Ashanti PLC		1,186		19
BP PLC		11,945		77
Centamin PLC		3,190		3
Endeavour Mining PLC		695		14
Shell PLC		4,651		147
				260
United States (2.3%)
APA Corp.		98		4
Baker Hughes Co.		313		11
Cheniere Energy, Inc.		70		12
Chesapeake Energy Corp.		37		3
Chevron Corp.		571		96
Coeur Mining, Inc. (a)		858		2
ConocoPhillips		383		46
Coterra Energy, Inc.		247		7
Devon Energy Corp.		189		9
Diamondback Energy, Inc.		52		8
EOG Resources, Inc.		180		23
EQT Corp.		104		4
Exxon Mobil Corp.		1,272		149
Halliburton Co.		275		11
Hecla Mining Co.		1,747		7
Hess Corp.		85		13
HF Sinclair Corp.		47		3
Kinder Morgan, Inc.		632		10
Marathon Oil Corp.		194		5
Marathon Petroleum Corp.		143		22
Newmont Corp. (TSX)		1,443		53
Occidental Petroleum Corp.		226		15
ONEOK, Inc.		140		9
Ovintiv, Inc.		76		4
Phillips 66		145		17
Pioneer Natural Resources Co.		71		16
Royal Gold, Inc.		185		20
Schlumberger NV		437		25
Targa Resources Corp.		67		6
Texas Pacific Land Corp.		2		4

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Multi-Asset Real Return Portfolio

 

	Shares		Value (000)
Valero Energy Corp.		118	$	17
Williams Cos., Inc.		379		13
				644
Total Common Stocks (Cost $1,510)				1,528

	Face Amount (000)
U.S. Treasury Securities (66.0%)
United States (66.0%)
U.S. Treasury Bill, 5.41%, 11/30/23 (d)	$	12,197	12,091
U.S. Treasury Inflation-Indexed Bonds,
0.13%, 10/15/24—7/15/26		471	447
0.25%, 1/15/25		106	102
0.38%, 7/15/25		117	112
0.63%, 1/15/26		99	93
1.13%, 1/15/33		6,344	5,733
2.00%, 1/15/26		48	47
2.38%, 1/15/25		75	74
Total U.S. Treasury Securities (Cost $19,056)			18,699

	Shares
Short-Term Investments (24.8%)
Investment Company (24.8%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (e) (Cost $7,019)		7,019,215	7,019
Securities held as Collateral on Loaned Securities (0.0%)‡
Investment Company (0.0%)‡
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e)		3,697	4

	Face Amount (000)
Repurchase Agreements (0.0%)‡
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $—@; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $—@)	$	—	@		—	@
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $1; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $1)		1			1
					1
Total Securities held as Collateral on Loaned Securities (Cost $5)					5
Total Short-Term Investments (Cost $7,024)					7,024
Total Investments (96.2%) (Cost $27,590) Including $4 of Securities Loaned (f)(g)(h)(i)					27,251
Other Assets in Excess of Liabilities (3.8%)					1,070
Net Assets (100.0%)				$	28,321

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

@	Value is less than $500.
‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $4,000 and $5,000 respectively. The Fund received cash collateral of approximately $5,000, 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)	Security trades on the Hong Kong exchange.
(d)	Rate shown is the yield to maturity at September 30, 2023.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $10,000 relating to the Fund's investment in the Liquidity Funds.
(f)	The approximate fair value and percentage of net assets, $532,000 and 1.9%, 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)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(h)	Securities are available for collateral in connection with foreign currency forward exchange contracts, futures contracts and swap agreements.
(i)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $485,000 and the aggregate gross unrealized depreciation is approximately $972,000, resulting in net unrealized depreciation of approximately $487,000.
ADR	American Depositary Receipt.
TSX	Toronto Stock Exchange.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Multi-Asset Real Return Portfolio

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2023:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
BNP Paribas SA	EUR	81	$	87	12/14/23	$	1
Citibank NA	JPY	90	$	1	12/14/23		—	@
Citibank NA	$	2	CHF	2	12/14/23		(—	@)
Goldman Sachs International	EUR	5	$	5	12/14/23		—	@
Goldman Sachs International	JPY	5,670	$	39	12/14/23		1
Goldman Sachs International	$	10	CHF	9	12/14/23		(—	@)
JPMorgan Chase Bank NA	GBP	9	$	12	12/14/23		—	@
JPMorgan Chase Bank NA	$	1	CAD	1	12/14/23		(—	@)
						$	2

Futures Contracts:

The Fund had the following futures contracts open at September 30, 2023:

	Number of Contracts	Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
ICE Brent Crude Oil Index (United States)	6	Oct-23	$	6		$	553		$	111
100 OZ Gold Index (United States)	21	Dec-23		2			3,919			(146	)
SFE 10 yr. Australian Bond (Australia)	60	Dec-23	AUD	6,000			4,319			(115	)
U.S. Treasury 10 yr. Ultra Note (United States)	26	Dec-23	$	2,600			2,901			(81	)
Short:
TSE Japanese 10 yr. Bond index (Japan)	6	Dec-23	JPY	(600,000	)		(5,820	)		40
									$	(191	)

Interest Rate Swap Agreements:

The Fund had the following interest rate swap agreements open at September 30, 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 Received (000)			Unrealized Appreciation (Depreciation) (000)
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Pay	(2.92	)%	Semi-Annual/ Quarterly	3/3/32	USD	1,972	$	23		$	—		$	23
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Pay	(2.59	)	Semi-Annual/ Quarterly	7/12/33		9,549		35			—			35
Morgan Stanley & Co. LLC*	Euro-stat Eurozone HICP ex Tobacco Index	Pay	(2.4	)	Semi-Annual/ Quarterly	3/15/33	EUR	7,252		155			—			155
Morgan Stanley & Co. LLC*	Euro-stat Eurozone HICP ex Tobacco Index	Pay	2.46		Semi-Annual/ Quarterly	3/15/28		7,197		(83	)		—			(83	)
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Pay	2.59		Semi-Annual/ Quarterly	3/13/28	USD	2,433		(5	)		(—	@)		(5	)
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Pay	3.28		Semi-Annual/ Quarterly	3/3/27		5,195		(37	)		—			(37	)
									$	88		$	(—	@)	$	88

Total Return Swap Agreement:

The Fund had the following total return swap agreement open at September 30, 2023:

Swap Counterparty

Index

Pay/ Receive Total Return of Reference Index

Floating Rate

Payment Frequency

Maturity Date

Notional Amount (000)

Value (000)

Upfront Payment Paid (000)

Unrealized Depreciation (000)

BNP Paribas SA

S&P GSCI Total Return Index

Pay

SOFR + 0.12%

Quarterly

7/19/24

$

(721

)

$

(47

)

$

—

@

$

(47

)

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

Portfolio Composition*
Classification	Percentage of Total Investments
U.S. Treasury Securities	68.6	%
Short-Term Investments	25.8
Other**	5.6
Total Investments	100.0	%***

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 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 $17,512,000 and net unrealized depreciation of approximately $191,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $2,000. Also does not include open swap agreements with net unrealized appreciation of approximately $41,000.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Next Gen Emerging Markets Portfolio

	Shares		Value (000)
Common Stocks (97.8%)
Bangladesh (2.4%)
BRAC Bank Ltd.		2,417,092	$	785
Brazil (1.0%)
Locaweb Servicos de Internet SA		261,031		332
Indonesia (14.0%)
Bank Mandiri Persero Tbk PT		4,288,300		1,669
Champ Resto Indonesia Tbk PT		4,702,300		401
Cisarua Mountain Dairy PT TBK		2,416,600		620
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		20,323,400		776
Medikaloka Hermina Tbk PT		13,123,400		1,112
				4,578
Kazakhstan (10.1%)
Halyk Savings Bank of Kazakhstan JSC GDR		24,329		325
Kaspi.KZ JSC GDR (Registered)		13,907		1,342
NAC Kazatomprom JSC GDR		36,564		1,613
				3,280
Kenya (2.9%)
Safaricom PLC		9,365,242		930
Pakistan (3.0%)
Systems Ltd.		715,003		975
Philippines (9.1%)
Bank of the Philippine Islands		449,220		889
BDO Unibank, Inc.		343,340		859
Century Pacific Food, Inc.		2,483,700		1,230
				2,978
Poland (16.0%)
11 bit studios SA (a)		10,028		1,640
Grupa Kety SA		6,738		1,015
LPP SA		294		872
Text SA		51,010		1,695
				5,222
Singapore (1.9%)
Delfi Ltd.		670,800		622
South Africa (2.4%)
Anglo American PLC		28,811		797
United Kingdom (3.0%)
Airtel Africa PLC		644,957		986
United States (9.8%)
EPAM Systems, Inc. (a)		3,710		948
Grid Dynamics Holdings, Inc. (a)		83,966		1,023
MercadoLibre, Inc. (a)		960		1,217
				3,188
Vietnam (22.2%)
Bank for Foreign Trade of Vietnam JSC (a)		234,657		843
Binh Minh Plastics JSC		105,100		371
FPT Corp.		690,830		2,634
Mobile World Investment Corp.		652,388		1,409
Phu Nhuan Jewelry JSC		247,700		802
Vietnam Dairy Products JSC		380,292		1,160
				7,219
Total Common Stocks (Cost $27,890)				31,892
Short-Term Investment (2.9%)
Investment Company (2.9%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (b) (Cost $935)		935,238		935
Total Investments (100.7%) (Cost $28,825) (c)(d)(e)				32,827
Liabilities in Excess of Other Assets (–0.7%)				(232	)
Net Assets (100.0%)			$	32,595

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

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(c)	The approximate fair value and percentage of net assets, $27,586,000 and 84.6%, 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.
(d)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,394,000 and the aggregate gross unrealized depreciation is approximately $2,392,000, resulting in net unrealized appreciation of approximately $4,002,000.
GDR	Global Depositary Receipt.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		27.9	%
Information Technology Services		18.0
Banks		16.4
Food Products		11.1
Wireless Telecommunication Services		5.8
Metals & Mining		5.5
Software		5.2
Textiles, Apparel & Luxury Goods		5.1
Entertainment		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Passport Overseas Equity Portfolio

	Shares		Value (000)
Common Stocks (98.9%)
Argentina (3.1%)
Despegar.com Corp. (a)(b)		707,438	$	5,129
Brazil (1.9%)
Itau Unibanco Holding SA (Preference) ADR		372,299		1,999
Vale SA		89,697		1,206
				3,205
Canada (4.6%)
Agnico Eagle Mines Ltd.		36,511		1,659
Canadian National Railway Co. (a)		27,062		2,932
First Quantum Minerals Ltd.		52,016		1,229
Teck Resources Ltd., Class B		23,894		1,029
Tourmaline Oil Corp.		17,370		874
				7,723
China (6.9%)
Alibaba Group Holding Ltd. ADR (b)		79,831		6,925
China Resources Beer Holdings Co. Ltd. (c)		130,000		710
Tencent Holdings Ltd. (c)		49,800		1,930
Tencent Holdings Ltd. ADR (a)		50,084		1,937
				11,502
Denmark (1.9%)
Novo Nordisk AS, Class B		34,014		3,097
France (8.6%)
Air Liquide SA		7,756		1,306
Airbus SE		24,825		3,323
Hermes International		340		620
L'Oreal SA		3,130		1,297
Legrand SA		5,410		497
LVMH Moet Hennessy Louis Vuitton SE		896		676
Pernod Ricard SA		5,534		922
Sanofi		20,836		2,237
Technip Energies NV		43,015		1,068
TotalEnergies SE		25,517		1,678
Verallia SA		21,270		842
				14,466
Germany (11.5%)
Bayer AG (Registered)		133,417		6,407
CTS Eventim AG & Co. KGaA		17,063		968
Infineon Technologies AG		47,306		1,567
Jungheinrich AG (Preference)		27,185		813
KION Group AG		37,120		1,420
Linde PLC		11,745		4,370
Rheinmetall AG		5,939		1,528
Siemens Healthineers AG		43,179		2,184
				19,257
India (5.0%)
Apollo Hospitals Enterprise Ltd.		18,656		1,152
HDFC Bank Ltd. ADR		47,503		2,803
ICICI Bank Ltd.		107,392		1,231
ICICI Prudential Life Insurance Co. Ltd.		118,294		805
Jio Financial Services Ltd. (b)		41,078		114
Reliance Industries Ltd.		41,078		1,157
State Bank of India		158,745		1,140
				8,402
Ireland (1.6%)
Ryanair Holdings PLC ADR (b)		27,334		2,657
Israel (0.6%)
CyberArk Software Ltd. (b)		5,700		933
Japan (7.7%)
FANUC Corp.		21,750		566
Hoya Corp.		6,200		635
Keyence Corp.		5,600		2,071
Nikon Corp.		187,800		1,978
Shimano, Inc.		3,650		489
Shiseido Co. Ltd.		7,600		266
SMC Corp.		1,805		809
Sony Group Corp.		30,493		2,494
Sony Group Corp. ADR		22,101		1,821
Tokyo Electron Ltd.		10,200		1,393
Unicharm Corp.		11,100		392
				12,914
Korea, Republic of (4.2%)
Samsung Electronics Co. Ltd.		114,545		5,791
SK Hynix, Inc.		15,056		1,274
				7,065
Netherlands (3.6%)
Akzo Nobel NV		11,091		800
ASML Holding NV		4,026		2,371
Universal Music Group NV		70,366		1,836
Wolters Kluwer NV		8,625		1,044
				6,051
Norway (2.4%)
Adevinta ASA (b)		399,469		3,935
Singapore (2.2%)
Sea Ltd. ADR (b)		83,911		3,688
South Africa (2.7%)
Impala Platinum Holdings Ltd. (a)		163,883		854
Sibanye Stillwater Ltd. (a)		191,769		294
Sibanye Stillwater Ltd. ADR (a)		184,300		1,137
Thungela Resources Ltd. (a)		245,623		2,238
				4,523
Spain (0.3%)
Amadeus IT Group SA		9,448		571
Switzerland (2.3%)
Nestle SA (Registered)		33,964		3,845
Taiwan (3.1%)
Taiwan Semiconductor Manufacturing Co. Ltd.		201,000		3,277
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		22,069		1,918
				5,195
United Kingdom (17.6%)
Anglo American PLC		60,799		1,670
AstraZeneca PLC		35,149		4,741
Diageo PLC		63,527		2,342
Experian PLC		61,841		2,023
Glencore PLC		1,167,847		6,650
Shell PLC		174,951		5,545
Unilever PLC		38,099		1,886

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Passport Overseas Equity Portfolio

	Shares		Value (000)
Unilever PLC ADR		33,864	$	1,673
Unilever PLC CVA		59,997		2,968
				29,498
United States (7.1%)
Farfetch Ltd., Class A (a)(b)		222,194		465
Medtronic PLC		22,860		1,791
MercadoLibre, Inc. (b)		2,084		2,642
Newmont Corp. (NYSE)		23,513		868
Newmont Corp. (TSX)		67,941		2,511
Schlumberger NV		22,674		1,322
Vertex Pharmaceuticals, Inc. (b)		6,361		2,212
				11,811
Total Common Stocks (Cost $147,714)				165,467
Preferred Stock (0.8%)
United States (0.8%)
Neurogenesis, Inc., Series A (b)(d)(e) (acquisition cost — $1,250; acquired 12/16/21)		32,692		1,250
Short-Term Investments (2.4%)
Investment Company (0.8%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $1,275)		1,275,435		1,275
Securities held as Collateral on Loaned Securities (1.6%)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f)		2,264,593		2,264

	Face Amount (000)
Repurchase Agreements (0.3%)
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $157; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $160)	$	157		157
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $343; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $350)		343		343
				500
Total Securities held as Collateral on Loaned Securities (Cost $2,764)				2,764
Total Short-Term Investments (Cost $4,039)				4,039
Total Investments (102.1%) (Cost $153,003) Including $7,824 of Securities Loaned (g)(h)(i)(j)				170,756
Liabilities in Excess of Other Assets (–2.1%)				(3,482	)
Net Assets (100.0%)			$	167,274

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

(a)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $7,824,000 and $8,048,000 respectively. The Fund received cash collateral of approximately $2,764,000, 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 $5,284,000 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)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2023 amounts to approximately $1,250,000 and represents 0.8% of net assets.
(e)	At September 30, 2023, the Fund held a fair valued security valued at approximately $1,250,000, representing 0.8% 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Funds.
(g)	The approximate fair value and percentage of net assets, $111,150,000 and 66.4%, 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.
(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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(i)	Securities are available for collateral in connection with open foreign currency forward exchange contracts.
(j)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $37,624,000 and the aggregate gross unrealized depreciation is approximately $19,815,000, resulting in net unrealized appreciation of approximately $17,809,000.
ADR	American Depositary Receipt.
CVA	Certificaten Van Aandelen.
NYSE	New York Stock Exchange.
TSX	Toronto Stock Exchange.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Passport Overseas Equity Portfolio

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2023:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (000)
Barclays Bank PLC	EUR	1,479	$	1,592	12/14/23	$	22
Citibank NA	EUR	1,593	$	1,714	12/14/23		24
Goldman Sachs International	EUR	633	$	682	12/14/23		10
						$	56

EUR — Euro

Portfolio Composition*
Classification	Percentage of Total Investments
Other**		59.3	%
Metals & Mining		11.4
Pharmaceuticals		9.8
Semiconductors & Semiconductor Equipment		7.0
Oil, Gas & Consumable Fuels		6.8
Broadline Retail		5.7
Total Investments		100.0	%***

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 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 appreciation of approximately $56,000.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Permanence Portfolio

	Shares		Value (000)
Common Stocks (96.0%)
Aerospace & Defense (2.8%)
Axon Enterprise, Inc. (a)		24	$	5
Babcock International Group PLC (United Kingdom) (a)		21,258		107
HEICO Corp., Class A		35		4
TransDigm Group, Inc. (a)		5		4
				120
Broadline Retail (6.3%)
Amazon.com, Inc. (a)		2,150		273
Capital Markets (6.9%)
Intercontinental Exchange, Inc.		2,063		227
MSCI, Inc.		9		5
S&P Global, Inc.		174		64
				296
Chemicals (0.2%)
Ecolab, Inc.		26		5
Sherwin-Williams Co.		17		4
				9
Commercial Services & Supplies (4.1%)
Cintas Corp.		10		5
Copart, Inc. (a)		106		5
Rentokil Initial PLC (United Kingdom)		21,854		162
Rollins, Inc.		116		4
				176
Construction Materials (0.1%)
Martin Marietta Materials, Inc.		11		5
Consumer Staples Distribution & Retail (2.9%)
Dollar General Corp.		1,199		127
Distributors (1.6%)
Pool Corp.		195		69
Diversified Consumer Services (0.1%)
Service Corp. International		73		4
Diversified REITs (1.5%)
American Tower Corp. REIT		393		65
Entertainment (1.1%)
Netflix, Inc. (a)		72		27
Walt Disney Co. (a)		265		22
				49
Financial Services (1.4%)
Toast, Inc., Class A (a)		3,214		60
Food Products (0.1%)
McCormick & Co., Inc.		55		4
Ground Transportation (3.4%)
Union Pacific Corp.		724		147
Health Care Equipment & Supplies (0.1%)
Intuitive Surgical, Inc. (a)		16		5
Health Care Technology (0.9%)
Veeva Systems, Inc., Class A (a)		203		41
Hotels, Restaurants & Leisure (0.3%)
Domino's Pizza, Inc.		12		5
McDonald's Corp.		17		4
Starbucks Corp.		48		4
				13
Household Durables (4.4%)
NVR, Inc. (a)		7		42
Victoria PLC (United Kingdom) (a)		23,113		146
				188
Information Technology Services (10.5%)
Cloudflare, Inc., Class A (a)		6,133		386
Gartner, Inc. (a)		191		66
				452
Insurance (2.8%)
Brown & Brown, Inc.		1,733		121
Interactive Media & Services (4.1%)
Alphabet, Inc., Class C (a)		1,349		178
Life Sciences Tools & Services (9.2%)
Danaher Corp.		706		175
Eurofins Scientific SE (France)		2,687		152
Illumina, Inc. (a)		482		66
Thermo Fisher Scientific, Inc.		8		4
				397
Metals & Mining (1.6%)
Royal Gold, Inc.		639		68
Oil, Gas & Consumable Fuels (1.8%)
Texas Pacific Land Corp.		42		77
Personal Care Products (0.1%)
Estee Lauder Cos., Inc., Class A		31		4
Pharmaceuticals (5.1%)
Royalty Pharma PLC, Class A (United Kingdom)		7,900		215
Zoetis, Inc.		24		4
				219
Semiconductors & Semiconductor Equipment (1.0%)
ASML Holding NV (Registered) (Netherlands)		74		44
Software (9.5%)
Cadence Design Systems, Inc. (a)		21		5
Constellation Software, Inc. (Canada)		58		120
Lumine Group, Inc. (Canada) (a)		300		4
Procore Technologies, Inc. (a)		1,144		75
Roper Technologies, Inc.		10		5
ServiceNow, Inc. (a)		77		43
Synopsys, Inc. (a)		11		5
Topicus.com, Inc. (Canada) (a)		1,570		104
Tyler Technologies, Inc. (a)		127		49
				410
Specialty Retail (8.3%)
AutoZone, Inc. (a)		9		23
Floor & Decor Holdings, Inc., Class A (a)		2,266		205
Home Depot, Inc.		224		68
Tractor Supply Co.		306		62
				358
Textiles, Apparel & Luxury Goods (2.5%)
Christian Dior SE (France)		147		108
Trading Companies & Distributors (1.3%)
Fastenal Co.		81		4
Watsco, Inc.		132		50
				54
Total Common Stocks (Cost $3,996)				4,141

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Permanence Portfolio

	Shares		Value (000)
Investment Company (1.2%)
Grayscale Bitcoin Trust (a) (Cost $54)		2,814	$	54

	No. of Warrants
Warrant (0.0%)‡
Software (0.0%)‡
Constellation Software, Inc., expires 3/31/40 (a) (Cost $—)		58	—	@

	Shares
Short-Term Investment (3.0%)
Investment Company (3.0%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $128)		128,358		128
Total Investments Excluding Purchased Options (100.2%) (Cost $4,178)				4,323
Total Purchased Options Outstanding (0.3%) (Cost $13)				14
Total Investments (100.5%) (Cost $4,191) (c)(d)(e)(f)				4,337
Liabilities in Excess of Other Assets (–0.5%)				(23	)
Net Assets (100.0%)			$	4,314

‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 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, $675,000 and 15.6%, 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.
(d)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e)	Securities are available for collateral in connection with purchased options.
(f)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $443,000 and the aggregate gross unrealized depreciation is approximately $297,000, resulting in net unrealized appreciation of approximately $146,000.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Permanence Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2023:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)			Premiums Paid (000)			Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.43	Jan–24		765,238	$	765	$	3		$	3		$	(—	@)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24		1,105,323		1,105		6			5			1
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24		1,263,287		1,263		5			5			(—	@)
Goldman Sachs International	USD/CNH	CNH	7.87	Oct–23		6,257		6		—	@		—	@		(—	@)
									$	14		$	13		$	1

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

Portfolio Composition

Classification	Percentage of Total Investments
Other*		44.7	%
Information Technology Services		10.4
Software		9.4
Life Sciences Tools & Services		9.2
Specialty Retail		8.2
Capital Markets		6.8
Broadline Retail		6.3
Pharmaceuticals		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

US Core Portfolio

	Shares		Value (000)
Common Stocks (100.1%)
Banks (4.0%)
JPMorgan Chase & Co.		55,736	$	8,083
Broadline Retail (3.3%)
Amazon.com, Inc. (a)		52,726		6,702
Building Products (1.4%)
Fortune Brands Innovations, Inc.		46,295		2,878
Capital Markets (4.2%)
Ameriprise Financial, Inc.		25,609		8,443
Commercial Services & Supplies (2.4%)
Waste Management, Inc.		32,359		4,933
Consumer Staples Distribution & Retail (4.5%)
Costco Wholesale Corp.		16,123		9,109
Containers & Packaging (0.6%)
Graphic Packaging Holding Co.		55,036		1,226
Distributors (0.9%)
Pool Corp.		5,094		1,814
Electric Utilities (2.1%)
NextEra Energy, Inc.		75,507		4,326
Entertainment (0.4%)
Netflix, Inc. (a)		2,015		761
Financial Services (4.7%)
Jack Henry & Associates, Inc.		15,457		2,336
Mastercard, Inc., Class A		17,986		7,121
				9,457
Health Care Equipment & Supplies (1.3%)
Edwards Lifesciences Corp. (a)		38,146		2,643
Hotels, Restaurants & Leisure (5.0%)
McDonald's Corp.		28,404		7,482
MGM Resorts International		71,050		2,612
				10,094
Household Durables (1.3%)
Lennar Corp., Class A		22,745		2,553
Insurance (5.9%)
Brown & Brown, Inc.		93,481		6,529
Progressive Corp.		38,443		5,355
				11,884
Interactive Media & Services (8.5%)
Alphabet, Inc., Class A (a)		131,831		17,251
Life Sciences Tools & Services (4.4%)
Danaher Corp.		11,224		2,785
West Pharmaceutical Services, Inc.		16,423		6,162
				8,947
Metals & Mining (1.8%)
Nucor Corp.		22,989		3,594
Oil, Gas & Consumable Fuels (4.3%)
Chevron Corp.		27,935		4,710
Valero Energy Corp.		28,697		4,067
				8,777
Semiconductors & Semiconductor Equipment (8.6%)
Applied Materials, Inc.		52,350		7,248
Lam Research Corp.		3,796		2,379
NVIDIA Corp.		17,679		7,690
				17,317
Software (11.5%)
Microsoft Corp.		63,686		20,109
Tyler Technologies, Inc. (a)		8,468		3,270
				23,379
Specialty Retail (5.5%)
Home Depot, Inc.		13,619		4,115
TJX Cos., Inc.		80,158		7,124
				11,239
Tech Hardware, Storage & Peripherals (8.5%)
Apple, Inc.		101,102		17,310
Textiles, Apparel & Luxury Goods (1.9%)
Lululemon Athletica, Inc. (a)		10,111		3,899
Trading Companies & Distributors (3.1%)
United Rentals, Inc.		13,946		6,200
Total Investments (100.1%) (Cost $172,229) (b)(c)				202,819
Liabilities in Excess of Other Assets (–0.1%)				(283	)
Net Assets (100.0%)			$	202,536

(a)	Non-income producing security.
(b)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(c)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $33,956,000 and the aggregate gross unrealized depreciation is approximately $3,366,000, resulting in net unrealized appreciation of approximately $30,590,000.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		46.6	%
Software		11.5
Semiconductors & Semiconductor Equipment		8.5
Tech Hardware, Storage & Peripherals		8.5
Interactive Media & Services		8.5
Insurance		5.9
Specialty Retail		5.5
Hotels, Restaurants & Leisure		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

U.S. Focus Real Estate Portfolio

	Shares		Value (000)
Common Stocks (97.4%)
Apartments (9.5%)
AvalonBay Communities, Inc. REIT		1,080	$	186
Essex Property Trust, Inc. REIT		949		201
				387
Data Centers (14.0%)
Digital Realty Trust, Inc. REIT		2,035		246
Equinix, Inc. REIT		448		326
				572
Free Standing (5.3%)
Agree Realty Corp. REIT		1,450		80
NETSTREIT Corp. REIT		3,897		61
Realty Income Corp. REIT		1,546		77
				218
Gaming (4.5%)
VICI Properties, Inc. REIT		6,280		183
Health Care (11.4%)
CareTrust REIT, Inc.		3,915		81
Welltower, Inc. REIT		4,665		382
				463
Industrial (15.2%)
Americold Realty Trust, Inc. REIT		3,349		102
Prologis, Inc. REIT		3,910		439
Rexford Industrial Realty, Inc. REIT		1,613		79
				620
Infrastructure (8.6%)
American Tower Corp. REIT		2,123		349
Lodging/Resorts (1.1%)
Hilton Worldwide Holdings, Inc.		287		43
Regional Malls (3.9%)
Simon Property Group, Inc. REIT		1,463		158
Self Storage (6.4%)
Public Storage REIT		988		260
Shopping Centers (5.3%)
Brixmor Property Group, Inc. REIT		5,107		106
Kite Realty Group Trust REIT		5,164		111
				217
Single Family Homes (6.9%)
American Homes 4 Rent Class A REIT		8,405		283
Specialty (2.9%)
Iron Mountain, Inc. REIT		2,002		119
Timber (2.4%)
Rayonier, Inc. REIT		3,381		96
Total Common Stocks (Cost $4,253)				3,968
Short-Term Investment (0.9%)
Investment Company (0.9%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (a) (Cost $38)		38,158		38
Total Investments (98.3%) (Cost $4,291) (b)(c)				4,006
Other Assets in Excess of Liabilities (1.7%)				70
Net Assets (100.0%)			$	4,076

(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 nine months ended September 30, 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(c)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $57,000 and the aggregate gross unrealized depreciation is approximately $342,000, resulting in net unrealized depreciation of approximately $285,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		15.9	%
Industrial		15.5
Data Centers		14.3
Health Care		11.5
Apartments		9.7
Infrastructure		8.7
Single Family Homes		7.1
Self Storage		6.5
Free Standing		5.4
Shopping Centers		5.4
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

U.S. Real Estate Portfolio

	Shares		Value (000)
Common Stocks (98.6%)
Apartments (12.2%)
AvalonBay Communities, Inc. REIT		9,927	$	1,705
Essex Property Trust, Inc. REIT		4,576		971
Mid-America Apartment Communities, Inc. REIT		5,468		703
				3,379
Data Centers (14.7%)
Digital Realty Trust, Inc. REIT		12,977		1,570
Equinix, Inc. REIT		3,442		2,500
				4,070
Free Standing (6.2%)
Agree Realty Corp. REIT		8,996		497
NETSTREIT Corp. REIT		17,211		268
Realty Income Corp. REIT		19,335		966
				1,731
Gaming (4.8%)
VICI Properties, Inc. REIT		45,767		1,332
Health Care (11.2%)
CareTrust REIT, Inc.		23,723		486
Ventas, Inc. REIT		10,360		437
Welltower, Inc. REIT		26,551		2,175
				3,098
Industrial (17.7%)
Americold Realty Trust, Inc. REIT		19,985		608
Prologis, Inc. REIT		34,496		3,871
Rexford Industrial Realty, Inc. REIT		8,514		420
				4,899
Lodging/Resorts (2.6%)
Hilton Worldwide Holdings, Inc.		1,190		179
Host Hotels & Resorts, Inc. REIT		33,211		533
				712
Manufactured Homes (2.4%)
Sun Communities, Inc. REIT		5,640		667
Office (1.1%)
Alexandria Real Estate Equities, Inc. REIT		3,036		304
Regional Malls (4.2%)
Simon Property Group, Inc. REIT		10,769		1,163
Self Storage (7.4%)
Extra Space Storage, Inc. REIT		4,061		494
Public Storage REIT		5,931		1,563
				2,057
Shopping Centers (6.1%)
Brixmor Property Group, Inc. REIT		36,232		753
Kite Realty Group Trust REIT		35,148		753
Urban Edge Properties REIT		11,731		179
				1,685
Single Family Homes (4.9%)
American Homes 4 Rent Class A REIT		39,943		1,346
Specialty (3.1%)
Iron Mountain, Inc. REIT		14,388		855
Total Common Stocks (Cost $28,186)				27,298
Short-Term Investment (0.9%)
Investment Company (0.9%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (a) (Cost $260)		260,496		260
Total Investments (99.5%) (Cost $28,446) (b)(c)				27,558
Other Assets in Excess of Liabilities (0.5%)				125
Net Assets (100.0%)			$	27,683

(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 nine months ended September 30, 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(c)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,129,000 and the aggregate gross unrealized depreciation is approximately $2,017,000, resulting in net unrealized depreciation of approximately $888,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		24.0	%
Industrial		17.8
Data Centers		14.8
Apartments		12.3
Health Care		11.2
Self Storage		7.5
Free Standing		6.3
Shopping Centers		6.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Vitality Portfolio

	Shares		Value (000)
Common Stocks (90.3%)
Biotechnology (26.1%)
4D Molecular Therapeutics, Inc. (a)		1,273	$	16
Alnylam Pharmaceuticals, Inc. (a)		419		74
Altimmune, Inc. (a)		1,044		3
Argenx SE ADR (Belgium) (a)		245		121
Ascendis Pharma AS ADR (Denmark) (a)		261		25
Beam Therapeutics, Inc. (a)		1,368		33
Exact Sciences Corp. (a)		1,207		82
Fate Therapeutics, Inc. N (a)		1,572		3
Intellia Therapeutics, Inc. (a)		1,593		50
Moderna, Inc. (a)		372		39
Relay Therapeutics, Inc. N (a)		1,230		10
Vertex Pharmaceuticals, Inc. (a)		276		96
				552
Health Care Equipment & Supplies (12.3%)
Align Technology, Inc. (a)		210		64
IDEXX Laboratories, Inc. (a)		94		41
Inspire Medical Systems, Inc. (a)		324		64
Intuitive Surgical, Inc. (a)		306		90
				259
Health Care Providers & Services (9.1%)
Agilon health, Inc. (a)		2,814		50
Guardant Health, Inc. (a)		892		26
UnitedHealth Group, Inc.		232		117
				193
Health Care Technology (5.3%)
Doximity, Inc., Class A (a)		1,353		29
Schrodinger, Inc. (a)		1,098		31
Veeva Systems, Inc., Class A (a)		259		53
				113
Life Sciences Tools & Services (23.3%)
10X Genomics, Inc., Class A (a)		1,763		73
AbCellera Biologics, Inc. Canada N (Canada) (a)(b)		3,223		15
Evotec SE ADR (Germany) (a)		3,481		34
Illumina, Inc. (a)		289		40
MaxCyte, Inc. (a)		14,540		45
SomaLogic, Inc. (a)		29,999		72
Stevanato Group SpA Italy N (Italy)		1,793		53
Thermo Fisher Scientific, Inc.		213		108
West Pharmaceutical Services, Inc.		143		53
				493
Pharmaceuticals (13.3%)
ATAI Life Sciences NV (a)(b)		8,904		11
Eli Lilly & Co.		294		158
GH Research PLC (a)		958		10
Royalty Pharma PLC, Class A		1,579		43
Zoetis, Inc.		340		59
				281
Specialty Retail (0.9%)
Chewy, Inc., Class A (a)		1,010		18
Total Common Stocks (Cost $2,599)				1,909
Short-Term Investments (6.3%)
Investment Company (5.0%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $107)		107,046		107
Securities held as Collateral on Loaned Securities (1.3%)
Investment Company (1.1%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c)		21,857		22

	Face Amount (000)
Repurchase Agreements (0.2%)
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $2; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $2)		2		2
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $3; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $3)		3		3
				5
Total Securities held as Collateral on Loaned Securities (Cost $27)				27
Total Short-Term Investments (Cost $134)				134
Total Investments (96.6%) (Cost $2,733) Including $26 of Securities Loaned (d)(e)				2,043
Other Assets in Excess of Liabilities (3.4%)				72
Net Assets (100.0%)			$	2,115

(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $26,000 and $29,000 respectively. The Fund received cash collateral of approximately $27,000, 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 $2,000 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. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $172,000 and the aggregate gross unrealized depreciation is approximately $862,000, resulting in net unrealized depreciation of approximately $690,000.
ADR	American Depositary Receipt.

Portfolio Composition*  

Classification	Percentage of Total Investments
Biotechnology		27.4	%
Life Sciences Tools & Services		24.5
Pharmaceuticals		13.9
Health Care Equipment & Supplies		12.8
Health Care Providers & Services		9.6
Health Care Technology		5.6
Short-Term Investments		5.3
Other**		0.9
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments

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.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

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.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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
Automobiles	$	10,696	$	—	$	—	$	10,696
Broadline Retail		14,408		—		—		14,408
Capital Markets		3,156		—		—		3,156
Entertainment		9,430		—		—		9,430
Financial Services		3,866		7,555		—		11,421
Ground Transportation		15,481		—		—		15,481
Health Care Equipment & Supplies		1,107		—		—		1,107
Health Care Technology		3,081		—		—		3,081
Hotels, Restaurants & Leisure		25,095		—		—		25,095
Information Technology Services		44,515		—		—		44,515
Interactive Media & Services		12,279		—		—		12,279
Life Sciences Tools & Services		5,225		—		—		5,225
Media		15,518		—		—		15,518
Pharmaceuticals		9,614		—		—		9,614
Software		13,074		—		—		13,074
Specialty Retail		6,156		—		—		6,156
Total Common Stocks		192,701		7,555		—		200,256
Investment Company		3,349		—		—		3,349
Call Options Purchased		—		713		—		713
Short-Term Investment
Investment Company		1,317		—		—		1,317
Total Assets	$	197,367	$	8,268	$	—	$	205,635

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	19		$	—	$	—	$	19
Capital Markets		65			—		—		65
Electronic Equipment, Instruments & Components		44			—		—		44
Financial Services		79			—		—		79
Health Care Equipment & Supplies		77			—		—		77
Household Products		28			—		—		28
Information Technology Services		61			—		—		61
Insurance		48			—		—		48
Interactive Media & Services		37			—		—		37
Life Sciences Tools & Services		139			—		—		139
Machinery		31			—		—		31
Pharmaceuticals		17			—		—		17
Professional Services		74			—		—		74
Semiconductors & Semiconductor Equipment		35			—		—		35
Software		138			—		—		138
Textiles, Apparel & Luxury Goods		14			—		—		14
Tobacco		41			—		—		41
Total Common Stocks		947			—		—		947
Warrant		—	@		—		—		—	@
Short-Term Investment
Investment Company		18			—		—		18
Total Assets	$	965		$	—	$	—	$	965

@ Value is less than $500.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	11,179	$	28,619	$	—	$	39,798
Beverages		—		18,131		—		18,131
Broadline Retail		10,495		—		—		10,495
Chemicals		—		1,068		—		1,068
Construction Materials		—		1,527		—		1,527
Consumer Finance		3,973		—		—		3,973
Entertainment		1,888		—		—		1,888
Food Products		—		6,179		—		6,179
Ground Transportation		6,632		—		—		6,632
Health Care Equipment & Supplies		—		2,843		—		2,843
Hotels, Restaurants & Leisure		8,171		21,426		—		29,597
Household Durables		—		2,275		—		2,275
Insurance		—		4,085		—		4,085
Interactive Media & Services		—		18,014		—		18,014
Real Estate Management & Development		7,691		3,009		—		10,700
Semiconductors & Semiconductor Equipment		—		7,931		—		7,931
Textiles, Apparel & Luxury Goods		—		9,414		—		9,414
Total Common Stocks		50,029		124,521		—		174,550
Short-Term Investment
Investment Company		3,579		—		—		3,579
Total Assets	$	53,608	$	124,521	$	—	$	178,129

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	—		$	135	$	—	$	135
Air Freight & Logistics		—			103		—		103
Automobile Components		2			—		—		2
Automobiles		106			—		—		106
Banks		172			16		—		188
Beverages		26			57		—		83
Biotechnology		96			3		—		99
Broadline Retail		724			1		—		725
Capital Markets		73			1		—		74
Chemicals		41			17		—		58
Commercial Services & Supplies		1			47		—		48
Construction Materials		—			1		—		1
Consumer Finance		3			—		—		3
Consumer Staples Distribution & Retail		82			2		—		84
Containers & Packaging		2			16		—		18
Distributors		3			—		—		3
Diversified Consumer Services		8			—		—		8
Diversified REITs		21			—		—		21
Electronic Equipment, Instruments & Components		—			37		—		37
Entertainment		276			1		—		277
Financial Services		327			145		—		472
Food Products		—			3		—		3
Ground Transportation		454			—		—		454
Health Care Equipment & Supplies		11			23		—		34
Health Care Providers & Services		164			—		—		164
Health Care Technology		37			—		—		37
Hotels, Restaurants & Leisure		318			90		—		408
Household Durables		144			176		—		320
Information Technology Services		1,963			—		—		1,963
Insurance		27			10		—		37
Interactive Media & Services		160			35		—		195
Leisure Products		70			—		—		70
Life Sciences Tools & Services		86			89		—		175
Machinery		—			2		—		2
Marine Transportation		—			12		—		12
Media		178			—		—		178
Metals & Mining		17			1		—		18
Multi-Utilities		5			—		—		5
Oil, Gas & Consumable Fuels		44			—		—		44
Passenger Airlines		5			—		—		5
Personal Care Products		6			1		—		7
Pharmaceuticals		235			5		—		240
Real Estate Management & Development		12			3		—		15
Semiconductors & Semiconductor Equipment		13			37		—		50
Software		915			—		—		915
Specialty Retail		347			—		—		347
Textiles, Apparel & Luxury Goods		52			210		—		262
Trading Companies & Distributors		2			—		—		2
Transportation Infrastructure		1			—		—		1
Total Common Stocks		7,229			1,279		—		8,508
Preferred Stocks
Financial Services		—			—		3		3
Software		—			—		45		45
Total Preferred Stocks		—			—		48		48
Investment Company		110			—		—		110
Warrants		—	@		—		—		—	@
Call Options Purchased		—			19		—		19
Short-Term Investment
Investment Company		90			—		—		90
Total Assets	$	7,429		$	1,298	$	48	$	8,775

@   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 Stocks (000)
Beginning Balance	$	33
Purchases		3
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		12
Realized gains (losses)		—
Ending Balance	$	48
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023	$	12

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 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 September 30, 2023 (000)		Valuation Technique	Unobservable Input	Amount*		Impact to Valuation from an Increase in Input**
Preferred Stocks	$	48	Market Transaction Method	Precedent Transaction		$73.50	Increase
			Discounted Cash Flow	Weighted Average Cost of Capital		16.5%	Decrease
				Perpetual Growth Rate		3.5%	Increase
			Market Comparable Companies	Enterprise Value/Revenue		2.5x	Increase
				Discount for Lack of Marketability		14.0%	Decrease

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	3,702	$	5,403	$	—	$	9,105
Beverages		—		2,768		—		2,768
Broadline Retail		5,798		—		—		5,798
Capital Markets		—		745		—		745
Chemicals		—		646		—		646
Construction Materials		—		352		—		352
Consumer Finance		592		—		—		592
Entertainment		413		—		—		413
Food Products		—		586		—		586
Ground Transportation		1,443		—		—		1,443
Health Care Equipment & Supplies		—		420		—		420
Hotels, Restaurants & Leisure		1,509		3,949		—		5,458
Household Durables		—		307		—		307
Information Technology Services		1,430		—		—		1,430
Interactive Media & Services		—		3,263		—		3,263
Real Estate Management & Development		1,364		457		—		1,821
Semiconductors & Semiconductor Equipment		—		1,783		—		1,783
Textiles, Apparel & Luxury Goods		—		1,873		—		1,873
Transportation Infrastructure		538		—		—		538
Total Common Stocks		16,789		22,552		—		39,341
Short-Term Investment
Investment Company		287		—		—		287
Total Assets	$	17,076	$	22,552	$	—	$	39,628

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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 ex China
Assets:
Common Stocks
Air Freight & Logistics	$	—		$	39	$	—	$	39
Automobiles		—			280		—		280
Banks		212			1,042		—		1,254
Beverages		94			—		—		94
Broadline Retail		23			—		—		23
Capital Markets		—			86		—		86
Chemicals		—			75		—		75
Construction & Engineering		—			69		—		69
Consumer Finance		—			96		—		96
Consumer Staples Distribution & Retail		129			100		—		229
Containers & Packaging		—			91		—		91
Electrical Equipment		—			49		—		49
Electronic Equipment, Instruments & Components		—			104		—		104
Financial Services		—			80		—		80
Food Products		92			102		—		194
Ground Transportation		68			—		—		68
Health Care Providers & Services		—			185		—		185
Hotels, Restaurants & Leisure		47			—		—		47
Information Technology Services		54			85		—		139
Insurance		67			121		—		188
Machinery		—			30		—		30
Metals & Mining		—			419		—		419
Oil, Gas & Consumable Fuels		—			402		—		402
Paper & Forest Products		—			129		—		129
Real Estate Management & Development		—			65		—		65
Semiconductors & Semiconductor Equipment		202			556		—		758
Specialty Retail		—			65		—		65
Tech Hardware, Storage & Peripherals		—			379		—		379
Textiles, Apparel & Luxury Goods		—			113		—		113
Transportation Infrastructure		27			—		—		27
Total Common Stocks		1,015			4,762		—		5,777
Rights		—	@		—		—		—	@
Total Assets	$	1,015		$	4,762	$	—	$	5,777

@ Value is less than $500.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	—	$	22,044	$	—	$	22,044
Banks		18,136		27,319		—		45,455
Broadline Retail		18,862		—		—		18,862
Capital Markets		—		5,342		—		5,342
Chemicals		—		14,454		—		14,454
Consumer Finance		—		19,127		—		19,127
Consumer Staples Distribution & Retail		—		10,745		—		10,745
Electrical Equipment		5,323		22,294		—		27,617
Electronic Equipment, Instruments & Components		—		3,666		—		3,666
Ground Transportation		8,545		—		—		8,545
Information Technology Services		22,144		—		—		22,144
Machinery		—		2,778		—		2,778
Personal Care Products		—		8,849		—		8,849
Pharmaceuticals		—		1,875		—		1,875
Professional Services		1,977		—		—		1,977
Semiconductors & Semiconductor Equipment		—		15,538		—		15,538
Specialty Retail		—		11,393		—		11,393
Textiles, Apparel & Luxury Goods		—		37,593		—		37,593
Total Common Stocks		74,987		203,017		—		278,004
Rights		17		—		—		17
Total Assets	$	75,004	$	203,017	$	—	$	278,021

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	—		$	2,972	$	—	$	2,972
Automobiles		—			24,606		—		24,606
Banks		9,057			89,136		—		98,193
Beverages		—			11,309		—		11,309
Broadline Retail		1,184			8,796		—		9,980
Capital Markets		—			8,962		—		8,962
Chemicals		—			4,054		—		4,054
Construction & Engineering		—			5,006		—		5,006
Consumer Finance		—			5,699		—		5,699
Consumer Staples Distribution & Retail		10,516			4,598		—		15,114
Electrical Equipment		2,229			8,039		—		10,268
Electronic Equipment, Instruments & Components		—			7,247		—		7,247
Financial Services		—			5,674		—		5,674
Food Products		8,100			13,458		—		21,558
Ground Transportation		6,357			—		—		6,357
Health Care Providers & Services		—			7,686		—		7,686
Hotels, Restaurants & Leisure		2,470			2,713		—		5,183
Industrial Conglomerates		—			5,351		—		5,351
Information Technology Services		2,806			5,902		—		8,708
Insurance		4,681			9,535		—		14,216
Interactive Media & Services		—			14,222		—		14,222
Machinery		—			3,113		—		3,113
Metals & Mining		—			26,180		—		26,180
Oil, Gas & Consumable Fuels		—			30,214		—		30,214
Paper & Forest Products		—			7,966		—		7,966
Personal Care Products		—			2,823		—		2,823
Pharmaceuticals		—			3,059		—		3,059
Real Estate Management & Development		—			4,799		—		4,799
Semiconductors & Semiconductor Equipment		9,446			44,959		—		54,405
Specialty Retail		—			5,974		—		5,974
Tech Hardware, Storage & Peripherals		—			26,134		—		26,134
Textiles, Apparel & Luxury Goods		—			16,931		—		16,931
Transportation Infrastructure		4,586			—		—		4,586
Total Common Stocks		61,432			417,117		—		478,549
Rights		13			—		—		13
Short-Term Investment
Investment Company		6,261			—		—		6,261
Total Assets		67,706			417,117		—		484,823
Liabilities:
Futures Contract		(103	)		—		—		(103	)
Total	$	67,603		$	417,117	$	—	$	484,720

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	7,871	$	—	$	—	$	7,871
Banks		8,798		—		—		8,798
Capital Markets		4,881		—		—		4,881
Commercial Services & Supplies		4,246		—		—		4,246
Construction Materials		6,584		—		—		6,584
Consumer Staples Distribution & Retail		5,755		—		—		5,755
Distributors		705		—		—		705
Electric Utilities		3,784		—		—		3,784
Entertainment		7,288		—		—		7,288
Financial Services		4,868		—		—		4,868
Interactive Media & Services		3,821		—		—		3,821
Life Sciences Tools & Services		1,241		—		—		1,241
Semiconductors & Semiconductor Equipment		8,272		—		—		8,272
Software		9,797		—		—		9,797
Textiles, Apparel & Luxury Goods		7,042		—		—		7,042
Trading Companies & Distributors		10,322		—		—		10,322
Total Common Stocks		95,275		—		—		95,275
Short-Term Investment
Investment Company		1,528		—		—		1,528
Total Assets	$	96,803	$	—	$	—	$	96,803

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	1,288	$	—	$	—	$	1,288
Banks		1,441		—		—		1,441
Beverages		128		—		—		128
Broadline Retail		393		—		—		393
Building Products		266		—		—		266
Capital Markets		832		—		—		832
Chemicals		418		—		—		418
Commercial Services & Supplies		55		—		—		55
Construction Materials		1,279		—		—		1,279
Consumer Staples Distribution & Retail		168		—		—		168
Distributors		68		—		—		68
Diversified Telecommunication Services		393		—		—		393
Electric Utilities		433		—		—		433
Entertainment		768		—		—		768
Financial Services		663		—		—		663
Health Care Equipment & Supplies		59		—		—		59
Health Care Technology		133		—		—		133
Hotels, Restaurants & Leisure		1,046		—		—		1,046
Household Durables		129		—		—		129
Insurance		478		—		—		478
Interactive Media & Services		683		—		—		683
Life Sciences Tools & Services		692		—		—		692
Metals & Mining		122		—		—		122
Oil, Gas & Consumable Fuels		1,073		—		—		1,073
Passenger Airlines		250		—		—		250
Professional Services		284		—		—		284
Residential REITs		60		—		—		60
Semiconductors & Semiconductor Equipment		1,151		—		—		1,151
Software		1,661		—		—		1,661
Specialty Retail		500		—		—		500
Tech Hardware, Storage & Peripherals		1,562		—		—		1,562
Textiles, Apparel & Luxury Goods		654		978		—		1,632
Trading Companies & Distributors		1,159		—		—		1,159
Total Common Stocks		20,289		978		—		21,267
Short-Term Investment
Investment Company		359		—		—		359
Total Assets	$	20,648	$	978	$	—	$	21,626

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	—	$	2,245	$	—	$	2,245
Beverages		806		1,026		—		1,832
Biotechnology		1,208		—		—		1,208
Broadline Retail		3,002		—		—		3,002
Chemicals		872		550		—		1,422
Consumer Staples Distribution & Retail		2,071		—		—		2,071
Containers & Packaging		—		615		—		615
Diversified REITs		227		—		—		227
Entertainment		1,340		—		—		1,340
Financial Services		1,947		1,030		—		2,977
Ground Transportation		1,793		—		—		1,793
Hotels, Restaurants & Leisure		639		734		—		1,373
Household Durables		3,592		2,601		—		6,193
Information Technology Services		2,006		—		—		2,006
Interactive Media & Services		1,981		—		—		1,981
Life Sciences Tools & Services		—		1,562		—		1,562
Oil, Gas & Consumable Fuels		894		—		—		894
Pharmaceuticals		1,731		—		—		1,731
Software		5,843		—		—		5,843
Specialty Retail		5,372		—		—		5,372
Total Common Stocks		35,324		10,363		—		45,687
Short-Term Investments
Investment Company		1,654		—		—		1,654
Repurchase Agreements		—		316		—		316
Total Short-Term Investments		1,654		316		—		1,970
Total Assets	$	36,978	$	10,679	$	—	$	47,657

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	388	$	—	$	—	$	388
Diversified		—		458		—		458
Health Care		333		24		—		357
Industrial		363		181		—		544
Industrial/Office Mixed		—		67		—		67
Infrastructure REITs		205		—		—		205
Lodging/Resorts		39		96		—		135
Office		—		38		—		38
Residential		463		116		—		579
Retail		388		28		—		416
Self Storage		151		47		—		198
Specialty		179		—		—		179
Timber REIT		52		—		—		52
Total Common Stocks		2,561		1,055		—		3,616
Short-Term Investment
Investment Company		20		—		—		20
Total Assets	$	2,581	$	1,055	$	—	$	3,636

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	56,719	$	143,448	$	—	$	200,167
Capital Markets		163,496		—		—		163,496
Electronic Equipment, Instruments & Components		55,088		—		—		55,088
Entertainment		—		8,795		—		8,795
Financial Services		165,428		—		—		165,428
Health Care Equipment & Supplies		239,131		—		—		239,131
Household Products		74,211		152,873		—		227,084
Information Technology Services		163,479		—		—		163,479
Insurance		130,403		—		—		130,403
Life Sciences Tools & Services		257,974		—		—		257,974
Machinery		46,097		—		—		46,097
Personal Care Products		—		53,190		—		53,190
Pharmaceuticals		27,838		—		—		27,838
Professional Services		157,577		131,176		—		288,753
Software		274,826		153,138		—		427,964
Textiles, Apparel & Luxury Goods		21,384		52,841		—		74,225
Tobacco		180,414		—		—		180,414
Total Common Stocks		2,014,065		695,461		—		2,709,526
Short-Term Investment
Investment Company		41,518		—		—		41,518
Total Assets	$	2,055,583	$	695,461	$	—	$	2,751,044

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	2,841	$	7,744	$	—	$	10,585
Communications		22,220		10,763		—		32,983
Diversified		13,119		18,760		—		31,879
Electricity Transmission & Distribution		21,916		12,270		—		34,186
Oil & Gas Storage & Transportation		71,288		10,774		—		82,062
Others		13,282		534		—		13,816
Toll Roads		—		6,511		—		6,511
Water		5,244		3,399		—		8,643
Total Common Stocks		149,910		70,755		—		220,665
Short-Term Investments
Investment Company		19,776		—		—		19,776
Repurchase Agreements		—		664		—		664
Total Short-Term Investments		19,776		664		—		20,440
Total Assets	$	169,686	$	71,419	$	—	$	241,105

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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
Automobiles	$	3,750	$	—	$	—	$	3,750
Banks		403		—		—		403
Biotechnology		1,559		—		—		1,559
Broadline Retail		12,905		—		—		12,905
Chemicals		289		—		—		289
Entertainment		2,854		—		—		2,854
Financial Services		2,589		3,842		—		6,431
Ground Transportation		8,282		—		—		8,282
Health Care Providers & Services		2,913		—		—		2,913
Hotels, Restaurants & Leisure		6,139		—		—		6,139
Information Technology Services		14,405		—		—		14,405
Leisure Products		409		—		—		409
Media		3,993		—		—		3,993
Pharmaceuticals		3,773		—		—		3,773
Software		4,322		—		—		4,322
Specialty Retail		2,299		—		—		2,299
Total Common Stocks		70,884		3,842		—		74,726
Preferred Stock
Software		—		—		21		21
Investment Company		1,179		—		—		1,179
Call Options Purchased		—		271		—		271
Short-Term Investment
Investment Company		675		—		—		675
Total Assets	$	72,738	$	4,113	$	21	$	76,872

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		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		(9	)
Realized gains (losses)		—
Ending Balance	$	21
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023	$	(9	)

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 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 September 30, 2023 (000)		Valuation Technique	Unobservable Input	Amount*		Impact to Valuation from an Increase in Input**
Preferred Stock	$	21	Discounted Cash Flow	Weighted Average Cost of Capital		15.5%	Decrease
				Perpetual Growth Rate		3.5%	Increase
			Market Comparable Companies	Enterprise Value/Revenue		6.9x	Increase
				Discount for Lack of Marketability		16.0%	Decrease
			Comparable Transactions	Enterprise Value/Revenue		9.3x	Increase

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	—	$	148,915	$	—		$	148,915
Banks		99,220		156,253		—			255,473
Broadline Retail		338,908		—		—			338,908
Electronic Equipment, Instruments & Components		—		33,839		—	†		33,839	†
Entertainment		196,887		—		—			196,887
Financial Services		171,998		13,124		—			185,122
Ground Transportation		287,944		—		—			287,944
Hotels, Restaurants & Leisure		112,454		63,306		—			175,760
Information Technology Services		140,091		—		—			140,091
Interactive Media & Services		122,035		21,611		—			143,646
Software		404,330		—		—			404,330
Textiles, Apparel & Luxury Goods		20,522		169,095		—			189,617
Total Common Stocks		1,894,389		606,143		—	†		2,500,532	†
Short-Term Investment
Investment Company		33,588		—		—			33,588
Total Assets	$	1,927,977	$	606,143	$	—	†	$	2,534,120	†

† 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		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		—
Realized gains (losses)		—
Ending Balance	$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023	$	—

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	—	$	735	$	—	$	735
Automobiles		9		—		—		9
Banks		126		—		—		126
Beverages		—		7		—		7
Broadline Retail		559		—		—		559
Capital Markets		608		—		—		608
Chemicals		9		—		—		9
Commercial Services & Supplies		10		463		—		473
Consumer Staples Distribution & Retail		188		—		—		188
Diversified REITs		132		—		—		132
Entertainment		—		10		—		10
Ground Transportation		449		—		—		449
Health Care Equipment & Supplies		—		88		—		88
Household Durables		—		416		—		416
Information Technology Services		912		—		—		912
Insurance		248		—		—		248
Interactive Media & Services		258		—		—		258
Life Sciences Tools & Services		334		432		—		766
Metals & Mining		140		10		—		150
Oil, Gas & Consumable Fuels		161		—		—		161
Personal Care Products		—		9		—		9
Pharmaceuticals		588		—		—		588
Real Estate Management & Development		9		—		—		9
Semiconductors & Semiconductor Equipment		89		—		—		89
Software		818		—		—		818
Specialty Retail		306		—		—		306
Textiles, Apparel & Luxury Goods		—		365		—		365
Total Common Stocks		5,953		2,535		—		8,488
Investment Company		100		—		—		100
Warrant		1		—		—		1
Call Options Purchased		—		27		—		27
Short-Term Investment
Investment Company		145		—		—		145
Total Assets	$	6,199	$	2,562	$	—	$	8,761

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	3,274	$	—	$	—	$	3,274
Diversified		—		4,803		—		4,803
Health Care		3,214		346		—		3,560
Industrial		4,059		1,673		—		5,732
Industrial/Office Mixed		—		776		—		776
Lodging/Resorts		598		970		—		1,568
Office		179		824		—		1,003
Residential		5,387		994		—		6,381
Retail		3,723		754		—		4,477
Self Storage		1,631		463		—		2,094
Specialty		1,149		—		—		1,149
Total Common Stocks		23,214		11,603		—		34,817
Short-Term Investment
Investment Company		261		—		—		261
Total Assets	$	23,475	$	11,603	$	—	$	35,078

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	1,310	$	—	$	—	$	1,310
Capital Markets		4,854		1,964		—		6,818
Electronic Equipment, Instruments & Components		2,935		—		—		2,935
Entertainment		—		349		—		349
Financial Services		7,607		—		—		7,607
Health Care Equipment & Supplies		7,725		—		—		7,725
Household Products		1,916		3,532		—		5,448
Information Technology Services		6,191		—		—		6,191
Insurance		4,561		2,523		—		7,084
Interactive Media & Services		3,068		—		—		3,068
Life Sciences Tools & Services		12,621		—		—		12,621
Machinery		1,687		1,463		—		3,150
Personal Care Products		—		1,393		—		1,393
Pharmaceuticals		830		—		—		830
Professional Services		5,033		3,101		—		8,134
Semiconductors & Semiconductor Equipment		4,439		—		—		4,439
Software		11,574		4,942		—		16,516
Textiles, Apparel & Luxury Goods		804		—		—		804
Total Common Stocks		77,155		19,267		—		96,422
Warrant		9		—		—		9
Short-Term Investment
Investment Company		1,504		—		—		1,504
Total Assets	$	78,668	$	19,267	$	—	$	97,935

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	266,010	$	—	$	—		$	266,010
Biotechnology		79,297		—		—			79,297
Broadline Retail		215,030		—		—			215,030
Capital Markets		20,512		—		—			20,512
Chemicals		20,887		—		—			20,887
Electronic Equipment, Instruments & Components		—		—		—	†		—	†
Entertainment		227,648		—		—			227,648
Financial Services		122,472		127,593		—			250,065
Ground Transportation		460,363		—		—			460,363
Health Care Providers & Services		181,270		—		—			181,270
Health Care Technology		25,829		—		—			25,829
Hotels, Restaurants & Leisure		567,159		—		—			567,159
Information Technology Services		1,015,275		—		—			1,015,275
Leisure Products		26,292		—		—			26,292
Life Sciences Tools & Services		22,133		—		—			22,133
Media		365,998		—		—			365,998
Pharmaceuticals		229,609		—		—			229,609
Software		493,108		—		—			493,108
Specialty Retail		185,066		—		—			185,066
Total Common Stocks		4,523,958		127,593		—	†		4,651,551	†
Preferred Stocks
Financial Services		—		—		14,549			14,549
Software		—		—		136,775			136,775
Total Preferred Stocks		—		—		151,324			151,324
Investment Company	$	81,616	$	—	$	—		$	81,616
Call Options Purchased		—		16,162		—			16,162
Short-Term Investments
Investment Company		131,634		—		—			131,634
Repurchase Agreements		—		2,931		—			2,931
Total Short-Term Investments		131,634		2,931		—			134,565
Total Assets	$	4,737,208	$	146,686	$	151,324	†	$	5,035,218	†

† Includes a security valued at zero.

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

Growth	Common Stock (000)			Preferred Stocks (000)
Beginning Balance	$	—	†	$	102,367
Purchases		—			12,876
Sales		—			—
Transfers in		—			—
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		—			36,081
Realized gains (losses)		—			—
Ending Balance	$	—	†	$	151,324
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023	$	—		$	36,081

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2023. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

Growth	Fair Value at September 30, 2023 (000)		Valuation Technique	Unobservable Input	Amount*		Impact to Valuation from an Increase in Input**
Preferred Stocks	$	151,324	Market Transaction Method	Precedent Transaction		$73.50	Increase
			Discounted Cash Flow	Weighted Average Cost of Capital		16.5%	Decrease
				Perpetual Growth Rate		3.5%	Increase
			Market Comparable Companies	Enterprise Value/Revenue		2.5x	Increase
				Discount for Lack of Marketability		14.0%	Decrease

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	1,013	$	—	$	—	$	1,013
Beverages		1,017		—		—		1,017
Biotechnology		11,676		—		—		11,676
Broadline Retail		30,309		—		—		30,309
Chemicals		2,838		—		—		2,838
Consumer Staples Distribution & Retail		758		—		—		758
Diversified Consumer Services		4,295		—		—		4,295
Financial Services		29,911		—		—		29,911
Ground Transportation		6,966		—		—		6,966
Health Care Equipment & Supplies		1,977		—		—		1,977
Health Care Providers & Services		23,535		—		—		23,535
Health Care Technology		10,375		—		—		10,375
Hotels, Restaurants & Leisure		1,984		—		—		1,984
Household Durables		6,631		10,219		—		16,850
Information Technology Services		51,585		—		—		51,585
Interactive Media & Services		6,899		—		—		6,899
Leisure Products		20,819		—		—		20,819
Life Sciences Tools & Services		17,259		—		—		17,259
Media		1,056		—		—		1,056
Metals & Mining		891		—		—		891
Passenger Airlines		2,583		—		—		2,583
Personal Care Products		3,296		—		—		3,296
Pharmaceuticals		1,710		—		—		1,710
Real Estate Management & Development		2,908		—		—		2,908
Software		97,550		—		—		97,550
Specialty Retail		30,865		—		—		30,865
Textiles, Apparel & Luxury Goods		11,711		—		—		11,711
Total Common Stocks		382,417		10,219		—		392,636
Preferred Stocks
Health Care Technology		—		—		5,590		5,590
Software		—		—		3,846		3,846
Total Preferred Stocks		—		—		9,436		9,436
Investment Company		5,478		—		—		5,478
Warrants		41		—		—		41
Call Options Purchased	$	—	$	1,292	$	—	$	1,292
Short-Term Investments
Investment Company		10,924		—		—		10,924
Repurchase Agreements		—		2,275		—		2,275
Total Short-Term Investments		10,924		2,275		—		13,199
Total Assets	$	398,860	$	13,786	$	9,436	$	422,082

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		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		(2,484	)
Realized gains (losses)		—
Ending Balance	$	9,436
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023	$	(2,484	)

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2023. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

Inception	Fair Value at September 30, 2023 (000)		Valuation Technique	Unobservable Input	Amount or Range/ Weighted Average*	Impact to Valuation from an Increase in Input**
Preferred Stocks	$	9,436	Discounted Cash Flow	Weighted Average Cost of Capital	12.5%-15.5%/14.3%	Decrease
				Perpetual Growth Rate	3.0%-4.0%/3.5%	Increase
			Market Comparable Companies	Enterprise Value/Revenue	1.1x-12.6x/3.9x	Increase
				Discount for Lack of Marketability	16.0%-18.0%/17.2%	Decrease
			Comparable Transactions	Enterprise Value/Revenue	1.7x-15.2x/6.0x	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.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	—	$	262,888	$	—	$	262,888
Banks		—		204,531		—		204,531
Beverages		—		251,757		—		251,757
Biotechnology		—		15,923		—		15,923
Broadline Retail		170,768		—		—		170,768
Capital Markets		67,626		—		—		67,626
Electronic Equipment, Instruments & Components		—		141,717		—		141,717
Entertainment		103,987		—		—		103,987
Financial Services		—		60,344		—		60,344
Food Products		—		55,186		—		55,186
Ground Transportation		81,936		—		—		81,936
Health Care Equipment & Supplies		—		117,463		—		117,463
Hotels, Restaurants & Leisure		—		76,524		—		76,524
Information Technology Services		91,435		—		—		91,435
Insurance		—		69,401		—		69,401
Interactive Media & Services		—		53,441		—		53,441
Marine Transportation		—		73,733		—		73,733
Multi-Utilities		64,107		—		—		64,107
Semiconductors & Semiconductor Equipment		97,276		147,846		—		245,122
Textiles, Apparel & Luxury Goods		66,740		610,941		—		677,681
Total Common Stocks		743,875		2,141,695		—		2,885,570
Short-Term Investments
Investment Company		149,870		—		—		149,870
Repurchase Agreements		—		2,417		—		2,417
Total Short-Term Investments		149,870		2,417		—		152,287
Total Assets	$	893,745	$	2,144,112	$	—	$	3,037,857

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	—	$	67,372	$	—	$	67,372
Air Freight & Logistics		—		27,356		—		27,356
Automobile Components		—		8,682		—		8,682
Banks		—		54,356		—		54,356
Beverages		—		81,086		—		81,086
Capital Markets		—		41,799		—		41,799
Electrical Equipment		—		26,396		—		26,396
Electronic Equipment, Instruments & Components		—		37,797		—		37,797
Entertainment		—		26,380		—		26,380
Financial Services		—		18,727		—		18,727
Food Products		—		20,296		—		20,296
Health Care Equipment & Supplies		—		21,078		—		21,078
Hotels, Restaurants & Leisure		—		15,380		—		15,380
Household Products		—		34,046		—		34,046
Insurance		—		111,973		—		111,973
Interactive Media & Services		—		9,971		—		9,971
Life Sciences Tools & Services		—		30,320		—		30,320
Machinery		—		76,912		—		76,912
Metals & Mining		25,764		17,044		—		42,808
Oil, Gas & Consumable Fuels		14,542		56,213		—		70,755
Personal Care Products		—		26,741		—		26,741
Pharmaceuticals		—		101,329		—		101,329
Professional Services		—		40,361		—		40,361
Semiconductors & Semiconductor Equipment		32,245		33,051		—		65,296
Software		38,098		41,171		—		79,269
Tech Hardware, Storage & Peripherals		—		26,626		—		26,626
Textiles, Apparel & Luxury Goods		—		56,617		—		56,617
Tobacco		—		25,877		—		25,877
Total Common Stocks		110,649		1,134,957		—		1,245,606
Warrant		94		—		—		94
Short-Term Investment
Investment Company		15,230		—		—		15,230
Total Assets	$	125,973	$	1,134,957	$	—	$	1,260,930

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	—	$	82,681	$	—	$	82,681
Banks		81,133		94,440		—		175,573
Beverages		—		32,383		—		32,383
Biotechnology		—		7,253		—		7,253
Broadline Retail		135,263		—		—		135,263
Consumer Staples Distribution & Retail		—		8,600		—		8,600
Electronic Equipment, Instruments & Components		—		30,215		—		30,215
Entertainment		60,319		—		—		60,319
Financial Services		—		20,209		—		20,209
Ground Transportation		28,722		—		—		28,722
Hotels, Restaurants & Leisure		37,632		83,511		—		121,143
Information Technology Services		73,456		—		—		73,456
Interactive Media & Services		—		38,358		—		38,358
Machinery		—		4,913		—		4,913
Semiconductors & Semiconductor Equipment		—		61,390		—		61,390
Textiles, Apparel & Luxury Goods		30,294		118,815		—		149,109
Total Common Stocks		446,819		582,768		—		1,029,587
Short-Term Investments
Investment Company		31,077		—		—		31,077
Repurchase Agreements		—		2,621		—		2,621
Total Short-Term Investments		31,077		2,621		—		33,698
Total Assets	$	477,896	$	585,389	$	—	$	1,063,285

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	—		$	140	$	—	$	140
Capital Markets		—			52		—		52
Electrical Equipment		—			48		—		48
Electronic Equipment, Instruments & Components		—			102		—		102
Entertainment		—			43		—		43
Financial Services		40			33		—		73
Health Care Equipment & Supplies		—			58		—		58
Hotels, Restaurants & Leisure		—			26		—		26
Household Products		33			52		—		85
Insurance		—			41		—		41
Interactive Media & Services		—			19		—		19
Life Sciences Tools & Services		76			50		—		126
Machinery		—			87		—		87
Personal Care Products		—			62		—		62
Pharmaceuticals		—			110		—		110
Professional Services		—			93		—		93
Semiconductors & Semiconductor Equipment		50			25		—		75
Software		62			75		—		137
Textiles, Apparel & Luxury Goods		—			95		—		95
Total Common Stocks		261			1,211		—		1,472
Warrant		—	@		—		—		—	@
Short-Term Investment
Investment Company		18			—		—		18
Total Assets	$	279		$	1,211	$	—	$	1,490

@ Value is less than $500.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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
Energy Equipment & Services	$	47		$	5		$	—	$	52
Metals & Mining		434			110			—		544
Oil, Gas & Consumable Fuels		515			417			—		932
Total Common Stocks		996			532			—		1,528
U.S. Treasury Securities		—			18,699			—		18,699
Short-Term Investments
Investment Company		7,023			—			—		7,023
Repurchase Agreements		—			1			—		1
Total Short-Term Investments		7,023			1			—		7,024
Foreign Currency Forward Exchange Contracts		—			2			—		2
Futures Contracts		151			—			—		151
Interest Rate Swap Agreements		—			213			—		213
Total Assets		8,170			19,447			—		27,617
Liabilities:
Foreign Currency Forward Exchange Contracts		—			—	@		—		—	@
Futures Contracts		(342	)		—			—		(342	)
Interest Rate Swap Agreements		—			(125	)		—		(125	)
Total Return Swap Agreement		—			(47	)		—		(47	)
Total Liabilities		(342	)		(172	)		—		(514	)
Total	$	7,828		$	19,275		$	—	$	27,103

@ Value is less than $500.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	785	$	4,585	$	—	$	5,370
Broadline Retail		1,217		—		—		1,217
Building Products		—		371		—		371
Consumer Finance		—		1,342		—		1,342
Entertainment		—		1,640		—		1,640
Food Products		—		3,632		—		3,632
Health Care Providers & Services		—		1,112		—		1,112
Hotels, Restaurants & Leisure		—		401		—		401
Information Technology Services		1,971		3,941		—		5,912
Metals & Mining		—		1,812		—		1,812
Oil, Gas & Consumable Fuels		—		1,613		—		1,613
Personal Care Products		—		776		—		776
Software		—		1,695		—		1,695
Specialty Retail		—		1,409		—		1,409
Textiles, Apparel & Luxury Goods		—		1,674		—		1,674
Wireless Telecommunication Services		—		1,916		—		1,916
Total Common Stocks		3,973		27,919		—		31,892
Short-Term Investment
Investment Company		935		—		—		935
Total Assets	$	4,908	$	27,919	$	—	$	32,827

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

Investment Type	Level 1 Unadjusted Quoted Prices (000)		Level 2 Other Significant Observable Inputs (000)		Level 3 Significant Unobservable Inputs (000)		Total (000)
Passport Overseas Equity
Assets:
Common Stocks
Aerospace & Defense	$	—	$	4,851	$	—	$	4,851
Banks		4,802		2,371		—		7,173
Beverages		—		3,974		—		3,974
Biotechnology		2,212		—		—		2,212
Broadline Retail		9,567		—		—		9,567
Chemicals		—		6,476		—		6,476
Containers & Packaging		—		842		—		842
Electrical Equipment		—		497		—		497
Electronic Equipment, Instruments & Components		—		2,071		—		2,071
Energy Equipment & Services		1,322		1,068		—		2,390
Entertainment		3,688		2,804		—		6,492
Financial Services		—		114		—		114
Food Products		—		3,845		—		3,845
Ground Transportation		2,932		—		—		2,932
Health Care Equipment & Supplies		1,791		2,819		—		4,610
Health Care Providers & Services		—		1,152		—		1,152
Hotels, Restaurants & Leisure		5,129		571		—		5,700
Household Durables		1,821		4,472		—		6,293
Household Products		—		392		—		392
Insurance		—		805		—		805
Interactive Media & Services		1,937		5,865		—		7,802
Leisure Products		—		489		—		489
Machinery		—		3,608		—		3,608
Metals & Mining		8,433		10,674		—		19,107
Oil, Gas & Consumable Fuels		874		10,618		—		11,492
Passenger Airlines		2,657		—		—		2,657
Personal Care Products		1,673		6,417		—		8,090
Pharmaceuticals		—		16,482		—		16,482
Professional Services		—		3,067		—		3,067
Semiconductors & Semiconductor Equipment		1,918		9,882		—		11,800
Software		933		—		—		933
Specialty Retail		465		—		—		465
Tech Hardware, Storage & Peripherals		—		5,791		—		5,791
Textiles, Apparel & Luxury Goods		—		1,296		—		1,296
Total Common Stocks		52,154		113,313		—		165,467
Preferred Stock
Biotechnology		—		—		1,250		1,250
Short-Term Investments
Investment Company		3,539		—		—		3,539
Repurchase Agreements		—		500		—		500
Total Short-Term Investments		3,539		500		—		4,039
Foreign Currency Forward Exchange Contracts		—		56		—		56
Total Assets	$	55,693	$	113,869	$	1,250	$	170,812

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

Passport Overseas Equity	Preferred Stock (000)
Beginning Balance	$	1,174
Purchases		—
Sales		—
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 September 30, 2023	$	76

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2023:

Passport Overseas Equity	Fair Value at September 30, 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.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	14		$	107	$	—	$	121
Broadline Retail		273			—		—		273
Capital Markets		296			—		—		296
Chemicals		8			—		—		8
Commercial Services & Supplies		14			162		—		176
Construction Materials		5			—		—		5
Consumer Staples Distribution & Retail		127			—		—		127
Distributors		69			—		—		69
Diversified Consumer Services		4			—		—		4
Diversified REITs		65			—		—		65
Entertainment		48			—		—		48
Financial Services		60			—		—		60
Food Products		4			—		—		4
Ground Transportation		147			—		—		147
Health Care Equipment & Supplies		5			—		—		5
Health Care Technology		41			—		—		41
Hotels, Restaurants & Leisure		13			—		—		13
Household Durables		42			147		—		189
Information Technology Services		453			—		—		453
Insurance		121			—		—		121
Interactive Media & Services		178			—		—		178
Life Sciences Tools & Services		245			151		—		396
Metals & Mining		68			—		—		68
Oil, Gas & Consumable Fuels		77			—		—		77
Personal Care Products		5			—		—		5
Pharmaceuticals		218			—		—		218
Semiconductors & Semiconductor Equipment		44			—		—		44
Software		410			—		—		410
Specialty Retail		358			—		—		358
Textiles, Apparel & Luxury Goods		—			108		—		108
Trading Companies & Distributors		54			—		—		54
Total Common Stocks		3,466			675		—		4,141
Investment Company		54			—		—		54
Warrant		—	@		—		—		—	@
Call Options Purchased		—			14		—		14
Short-Term Investment
Investment Company		128			—		—		128
Total Assets	$	3,648		$	689	$	—	$	4,337

@ Value is less than $500.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	8,083	$	—	$	—	$	8,083
Broadline Retail		6,702		—		—		6,702
Building Products		2,878		—		—		2,878
Capital Markets		8,443		—		—		8,443
Commercial Services & Supplies		4,933		—		—		4,933
Consumer Staples Distribution & Retail		9,109		—		—		9,109
Containers & Packaging		1,226		—		—		1,226
Distributors		1,814		—		—		1,814
Electric Utilities		4,326		—		—		4,326
Entertainment		761		—		—		761
Financial Services		9,457		—		—		9,457
Health Care Equipment & Supplies		2,643		—		—		2,643
Hotels, Restaurants & Leisure		10,094		—		—		10,094
Household Durables		2,553		—		—		2,553
Insurance		11,884		—		—		11,884
Interactive Media & Services		17,251		—		—		17,251
Life Sciences Tools & Services		8,947		—		—		8,947
Metals & Mining		3,594		—		—		3,594
Oil, Gas & Consumable Fuels		8,777		—		—		8,777
Semiconductors & Semiconductor Equipment		17,317		—		—		17,317
Software		23,379		—		—		23,379
Specialty Retail		11,239		—		—		11,239
Tech Hardware, Storage & Peripherals		17,310		—		—		17,310
Textiles, Apparel & Luxury Goods		3,899		—		—		3,899
Trading Companies & Distributors		6,200		—		—		6,200
Total Assets	$	202,819	$	—	$	—	$	202,819

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	387	$	—	$	—	$	387
Data Centers		572		—		—		572
Free Standing		218		—		—		218
Gaming		183		—		—		183
Health Care		463		—		—		463
Industrial		620		—		—		620
Infrastructure		349		—		—		349
Lodging/Resorts		43		—		—		43
Regional Malls		158		—		—		158
Self Storage		260		—		—		260
Shopping Centers		217		—		—		217
Single Family Homes		283		—		—		283
Specialty		119		—		—		119
Timber		96		—		—		96
Total Common Stocks		3,968		—		—		3,968
Short-Term Investment
Investment Company		38		—		—		38
Total Assets	$	4,006	$	—	$	—	$	4,006

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	3,379	$	—	$	—	$	3,379
Data Centers		4,070		—		—		4,070
Free Standing		1,731		—		—		1,731
Gaming		1,332		—		—		1,332
Health Care		3,098		—		—		3,098
Industrial		4,899		—		—		4,899
Lodging/Resorts		712		—		—		712
Manufactured Homes		667		—		—		667
Office		304		—		—		304
Regional Malls		1,163		—		—		1,163
Self Storage		2,057		—		—		2,057
Shopping Centers		1,685		—		—		1,685
Single Family Homes		1,346		—		—		1,346
Specialty		855		—		—		855
Total Common Stocks		27,298		—		—		27,298
Short-Term Investment
Investment Company		260		—		—		260
Total Assets	$	27,558	$	—	$	—	$	27,558

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 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	$	552	$	—	$	—	$	552
Health Care Equipment & Supplies		259		—		—		259
Health Care Providers & Services		193		—		—		193
Health Care Technology		113		—		—		113
Life Sciences Tools & Services		493		—		—		493
Pharmaceuticals		281		—		—		281
Specialty Retail		18		—		—		18
Total Common Stocks		1,909		—		—		1,909
Short-Term Investments
Investment Company		129		—		—		129
Repurchase Agreements		—		5		—		5
Total Short-Term Investments		129		5		—		134
Total Assets	$	2,038	$	5	$	—	$	2,043

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