Morgan Stanley Institutional Fund, Inc.  

First Quarter Report − March 31, 2024 (unaudited) 

Consolidated Portfolio of Investments  

Advantage Portfolio

		Value
	Shares	(000)
Common Stocks (95.6%)
Automobiles (4.6%)
Tesla, Inc. (a)	52,963	$	9,310
Biotechnology (1.0%)
Roivant Sciences Ltd. (a)	192,320		2,027
Broadline Retail (5.1%)
Amazon.com, Inc. (a)	29,480		5,318
MercadoLibre, Inc. (a)	3,393		5,130
			10,448
Capital Markets (1.9%)
Intercontinental Exchange, Inc.	27,539		3,785
Entertainment (4.3%)
ROBLOX Corp., Class A (a)	228,158		8,711
Financial Services (5.4%)
Adyen NV (Netherlands) (a)	5,868		9,912
Block, Inc., Class A (a)	12,657		1,070
			10,982
Ground Transportation (9.0%)
Uber Technologies, Inc. (a)	197,873		15,234
Union Pacific Corp.	12,431		3,057
			18,291
Health Care Technology (1.7%)
Veeva Systems, Inc., Class A (a)	14,618		3,387
Hotels, Restaurants & Leisure (13.9%)
Airbnb, Inc., Class A (a)	59,091		9,748
DoorDash, Inc., Class A (a)	135,532		18,665
			28,413
Information Technology Services (21.3%)
Cloudflare, Inc., Class A (a)	191,086		18,503
Shopify, Inc., Class A (Canada) (a)	174,141		13,438
Snowflake, Inc., Class A (a)	71,354		11,531
			43,472
Interactive Media & Services (2.0%)
Meta Platforms, Inc., Class A	2,092		1,016
ZoomInfo Technologies, Inc., Class A (a)	186,612		2,991
			4,007
Life Sciences Tools & Services (3.0%)
Danaher Corp.	12,154		3,035
Illumina, Inc. (a)	22,526		3,093
			6,128
Media (5.7%)
Trade Desk, Inc., Class A (a)	133,409		11,663
Pharmaceuticals (4.4%)
Royalty Pharma PLC, Class A	295,886		8,986
Software (8.5%)
Bill Holdings, Inc. (a)	49,980		3,435
Crowdstrike Holdings, Inc., Class A (a)	9,292		2,979
MicroStrategy, Inc., Class A (a)	4,508		7,684
Procore Technologies, Inc. (a)	38,535		3,166
			17,264
Specialized REITs (1.4%)
American Tower Corp. REIT	14,862		2,937
Specialty Retail (2.4%)
Chewy, Inc., Class A (a)	68,143		1,084
Floor & Decor Holdings, Inc., Class A (a)	29,644		3,843
			4,927
Total Common Stocks (Cost $144,406)			194,738
Investment Company (2.7%)
Grayscale Bitcoin Trust (a) (Cost $1,682)	87,659		5,538
Short-Term Investment (1.7%)
Investment Company (1.7%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $3,408)	3,407,830		3,408
Total Investments Excluding Purchased Options (100.0%) (Cost $149,496)			203,684
Total Purchased Options Outstanding (0.2%) (Cost $878)			419
Total Investments (100.2%) (Cost $150,374) (c)(d)(e)(f)			204,103
Liabilities in Excess of Other Assets (–0.2%)			(362	)
Net Assets (100.0%)		$	203,741

(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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Liquidity Fund.
(c)	The approximate fair value and percentage of net assets, $9,912,000 and 4.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(d)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(e)	Securities are available for collateral in connection with purchased options.
(f)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $62,535,000 and the aggregate gross unrealized depreciation is approximately $8,806,000, resulting in net unrealized appreciation of approximately $53,729,000.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.  

First Quarter Report − March 31, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont’d) 

Advantage Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2024:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24		56,717,357	$	56,717	$	14	$	240	$	(226	)
Goldman Sachs & Co. LLC	USD/CNH	CNH	7.68	Jan–25		51,817,605		51,818		182		196		(14	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25		48,537,600		48,538		190		206		(16	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24		57,077,746		57,078		33		236		(203	)
									$	419	$	878	$	(459	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition

Classification	Percentage of Total Investments
Other*		31.2	%
Information Technology Services		21.3
Hotels, Restaurants & Leisure		13.9
Ground Transportation		9.0
Software		8.4
Media		5.7
Financial Services		5.4
Broadline Retail		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

American Resilience Portfolio

	Shares		Value (000)
Common Stocks (93.8%)
Beverages (4.3%)
Coca-Cola Co.		528	$	32
Constellation Brands, Inc., Class A		68		19
				51
Capital Markets (7.0%)
FactSet Research Systems, Inc.		28		13
Intercontinental Exchange, Inc.		374		51
Moody’s Corp.		48		19
				83
Commercial Services & Supplies (0.4%)
Veralto Corp.		54		5
Electronic Equipment, Instruments & Components (3.0%)
Amphenol Corp., Class A		52		6
CDW Corp.		116		30
				36
Financial Services (6.0%)
Jack Henry & Associates, Inc.		37		6
Visa, Inc., Class A		236		66
				72
Health Care Equipment & Supplies (7.9%)
Abbott Laboratories		261		30
Becton Dickinson & Co.		147		36
Hologic, Inc. (a)		120		9
Steris PLC		85		19
				94
Health Care Providers & Services (3.4%)
UnitedHealth Group, Inc.		81		40
Household Products (3.4%)
Procter & Gamble Co.		244		40
Information Technology Services (5.5%)
Accenture PLC, Class A		188		65
Insurance (5.4%)
Aon PLC, Class A		133		45
Arthur J Gallagher & Co.		81		20
				65
Interactive Media & Services (3.6%)
Alphabet, Inc., Class A (a)		286		43
Life Sciences Tools & Services (11.8%)
Danaher Corp.		117		29
IQVIA Holdings, Inc. (a)		168		43
Revvity, Inc.		242		25
Thermo Fisher Scientific, Inc.		76		44
				141
Machinery (3.2%)
Otis Worldwide Corp.		387		38
Pharmaceuticals (1.3%)
Zoetis, Inc.		97		16
Professional Services (8.1%)
Automatic Data Processing, Inc.		151		38
Broadridge Financial Solutions, Inc.		149		30
Equifax, Inc.		104		28
				96
Semiconductors & Semiconductor Equipment (3.6%)
Texas Instruments, Inc.		246		43
Software (14.1%)
Constellation Software, Inc. (Canada)		16		44
Microsoft Corp.		209		88
Roper Technologies, Inc.		64		36
				168
Tobacco (1.8%)
Philip Morris International, Inc.		245		22
Total Common Stocks (Cost $953)				1,118

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

	Shares
Short-Term Investment (2.0%)
Investment Company (2.0%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $24)		23,745		24
Total Investments (95.8%) (Cost $977) (c)(d)				1,142
Other Assets in Excess of Liabilities (4.2%)				50
Net Assets (100.0%)			$	1,192

(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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(c)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(d)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $167,000 and the aggregate gross unrealized depreciation is approximately $2,000, resulting in net unrealized appreciation of approximately $165,000.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		31.4	%
Software		14.7
Life Sciences Tools & Services		12.4
Professional Services		8.4
Health Care Equipment & Supplies		8.2
Capital Markets		7.3
Financial Services		6.3
Information Technology Services		5.7
Insurance		5.6
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2024 (unaudited) 

Consolidated Portfolio of Investments 

Asia Opportunity Portfolio

	Shares		Value (000)
Common Stocks (96.2%)
China (47.5%)
China Resources Mixc Lifestyle Services Ltd. (a)		455,800	$	1,444
Full Truck Alliance Co. Ltd. ADR (b)		194,418		1,414
Greentown Service Group Co. Ltd. (a)		1,506,000		576
Haidilao International Holding Ltd. (a)		2,820,000		6,381
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		724,786		2,791
KE Holdings, Inc. ADR		371,965		5,107
Kuaishou Technology (a)(b)		485,200		3,054
Kweichow Moutai Co. Ltd., Class A		25,794		6,080
Meituan, Class B (a)(b)		523,920		6,467
PDD Holdings, Inc. ADR (b)		21,790		2,533
Qifu Technology, Inc. ADR		204,666		3,772
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		60,300		2,337
Shenzhou International Group Holdings Ltd. (a)		355,400		3,374
Tencent Holdings Ltd. (a)		144,200		5,617
Trip.com Group Ltd. ADR (b)		175,752		7,714
Wuliangye Yibin Co. Ltd., Class A		125,400		2,659
				61,320
Hong Kong (2.1%)
AIA Group Ltd.		398,500		2,680
India (26.1%)
Axis Bank Ltd.		376,774		4,749
HDFC Bank Ltd.		399,591		6,968
ICICI Bank Ltd. ADR		325,007		8,583
Indian Hotels Co. Ltd.		133,922		951
MakeMyTrip Ltd. (b)		31,263		2,221
Titan Co. Ltd.		116,517		5,326
Zomato Ltd. (b)		2,204,826		4,833
				33,631
Korea, Republic of (12.2%)
Coupang, Inc. (b)		397,794		7,077
KakaoBank Corp.		212,189		4,431
NAVER Corp.		29,928		4,158
				15,666
Singapore (3.6%)
Grab Holdings Ltd., Class A (b)		1,479,175		4,645
Taiwan (4.7%)
Silergy Corp.		120,000		1,228
Taiwan Semiconductor Manufacturing Co. Ltd.		204,000		4,887
				6,115
Total Common Stocks (Cost $111,797)				124,057
Short-Term Investment (4.6%)
Investment Company (4.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (c) (Cost $5,895)		5,895,271		5,895
Total Investments (100.8%) (Cost $117,692) (d)(e)(f)				129,952
Liabilities in Excess of Other Assets (–0.8%)				(971	)
Net Assets (100.0%)			$	128,981

(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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $80,991,000 and 62.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $25,054,000 and the aggregate gross unrealized depreciation is approximately $12,794,000, resulting in net unrealized appreciation of approximately $12,260,000.
ADR	American Depositary Receipt.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		22.9	%
Hotels, Restaurants & Leisure		21.9
Banks		19.1
Interactive Media & Services		9.9
Broadline Retail		7.4
Beverages		6.7
Textiles, Apparel & Luxury Goods		6.7
Real Estate Management & Development		5.4
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2024 (unaudited) 

Consolidated Portfolio of Investments

Counterpoint Global Portfolio

	Shares		Value (000)
Common Stocks (91.1%)
Argentina (0.0%)‡
Globant SA (a)		13	$	3
Belgium (0.0%)‡
Argenx SE ADR (a)		4		2
Brazil (0.3%)
B3 SA - Brasil Bolsa Balcao		313		1
NU Holdings Ltd., Class A (a)		2,541		30
Vale SA		87		1
				32
Canada (2.9%)
Brookfield Corp.		191		8
Brookfield Infrastructure Partners LP		175		5
Cameco Corp.		3		—@
Canada Goose Holdings, Inc. (a)		387		5
Canadian National Railway Co.		403		53
Canadian Pacific Kansas City Ltd.		142		13
Constellation Software, Inc.		4		11
FirstService Corp.		8		1
Lumine Group, Inc. (a)		56		2
Shopify, Inc., Class A (a)		2,752		212
Topicus.com, Inc.		122		11
				321
China (1.1%)
China Resources Mixc Lifestyle Services Ltd. (b)		400		1
Full Truck Alliance Co. Ltd. ADR (a)		221		2
Greentown Service Group Co. Ltd. (b)		2,000		1
Haidilao International Holding Ltd. (b)		3,000		7
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		700		3
KE Holdings, Inc. ADR		389		5
Kuaishou Technology (a)(b)		500		3
Meituan, Class B (a)(b)		3,520		43
PDD Holdings, Inc. ADR (a)		25		3
Qifu Technology, Inc. ADR		199		4
Shenzhou International Group Holdings Ltd. (b)		400		4
Tencent Holdings Ltd. (b)		200		8
Trip.com Group Ltd. ADR (a)		810		35
Wuliangye Yibin Co. Ltd., Class A		100		2
				121
Denmark (0.8%)
DSV AS		466		76
Novo Nordisk AS, Class B		70		9
				85
France (3.2%)
Accor SA		67		3
Airbus SE		223		41
Christian Dior SE		46		39
EssilorLuxottica SA		24		5
Eurofins Scientific SE		2,247		143
Hermes International		30		77
L’Oreal SA		18		9
LVMH Moet Hennessy Louis Vuitton SE		9		8
Pernod Ricard SA		9		1
Remy Cointreau SA		40		4
Safran SA		75		17
				347
Germany (0.4%)
Delivery Hero SE (a)		1,342		38
Hong Kong (0.1%)
AIA Group Ltd.		1,000		7
India (1.3%)
Axis Bank Ltd.		570		7
HDFC Bank Ltd. ADR		1,002		56
ICICI Bank Ltd. ADR		2,377		63
Indian Hotels Co. Ltd.		152		1
MakeMyTrip Ltd. (a)		36		2
Titan Co. Ltd.		260		12
Zomato Ltd. (a)		2,549		6
				147
Israel (2.6%)
Global-e Online Ltd. (a)		6,479		236
Oddity Tech Ltd., Class A (a)		126		5
Wix.com Ltd. (a)		285		39
				280
Italy (0.8%)
Brunello Cucinelli SpA		62		7
Davide Campari-Milano NV		523		5
Ferrari NV		3		2
Moncler SpA		981		73
				87
Japan (0.3%)
Sansan, Inc. (a)		2,900		33
Korea, Republic of (1.4%)
Coupang, Inc. (a)		7,086		126
KakaoBank Corp.		487		10
NAVER Corp.		93		13
				149
Netherlands (2.7%)
Adyen NV (a)		155		262
ASML Holding NV		26		25
ASML Holding NV (Registered)		12		12
Universal Music Group NV		45		1
				300
Poland (0.0%)‡
Allegro.eu SA (a)		346		3
Singapore (1.5%)
Grab Holdings Ltd., Class A (a)		35,293		111
Sea Ltd. ADR (a)		1,064		57
				168
Sweden (0.1%)
Evolution AB		125		15
Vitrolife AB		48		1
				16
Switzerland (1.4%)
Cie Financiere Richemont SA, Class A (Registered)		31		5
On Holding AG, Class A (a)		3,548		126
Straumann Holding AG (Registered)		109		17
				148

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

Counterpoint Global Portfolio

	Shares		Value (000)
Taiwan (0.0%)‡
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		20	$	3
United Kingdom (4.0%)
Babcock International Group PLC		18,843		124
Burford Capital Ltd.		1,549		24
Deliveroo PLC (a)		1,910		3
London Stock Exchange Group PLC		103		12
Rentokil Initial PLC		9,565		57
Rightmove PLC		1,006		7
Victoria PLC (a)		62,304		208
				435
United States (66.2%)
10X Genomics, Inc., Class A (a)		716		27
Adobe, Inc. (a)		54		27
Affirm Holdings, Inc. (a)		4,432		165
Agilon Health, Inc. (a)		39,947		244
Airbnb, Inc., Class A (a)		523		86
Alnylam Pharmaceuticals, Inc. (a)		3		—@
Altimmune, Inc. (a)		283		3
Amazon.com, Inc. (a)		511		92
American Tower Corp. REIT		269		53
Appfolio, Inc., Class A (a)		1		—@
Appian Corp., Class A (a)		2,625		105
Arbutus Biopharma Corp. (a)		94,550		244
ATAI Life Sciences NV (a)		852		2
Aurora Innovation, Inc. (a)		47,764		135
Axon Enterprise, Inc. (a)		1		—@
Beam Therapeutics, Inc. (a)		67		2
Bill Holdings, Inc. (a)		1,517		104
Bio-Rad Laboratories, Inc., Class A (a)		70		24
Birkenstock Holding PLC (a)		710		34
Block, Inc., Class A (a)		280		24
Brown & Brown, Inc.		64		6
Cadence Design Systems, Inc. (a)		1		—@
Cardlytics, Inc. (a)		10,562		153
Carvana Co. (a)		5,513		485
Cava Group, Inc. (a)		12		1
Celsius Holdings, Inc. (a)		13		1
Chewy, Inc., Class A (a)		34		1
Cloudflare, Inc., Class A (a)		10,670		1,033
Coinbase Global, Inc., Class A (a)		5		1
Confluent, Inc., Class A (a)		98		3
Copart, Inc. (a)		1		—@
Cricut, Inc., Class A		15,418		73
Crowdstrike Holdings, Inc., Class A (a)		75		24
Danaher Corp.		164		41
Deckers Outdoor Corp. (a)		13		12
Dexcom, Inc. (a)		17		2
Dlocal Ltd. (a)		1,512		22
Dollar General Corp.		196		31
DoorDash, Inc., Class A (a)		1,596		220
Doximity, Inc., Class A (a)		1,022		28
Duolingo, Inc. (a)		9		2
Ecolab, Inc.		1		—@
Endeavor Group Holdings, Inc., Class A		371		10
Fastenal Co.		1		—@
Fastly, Inc., Class A (a)		7,577		98
Figs, Inc., Class A (a)		650		3
Floor & Decor Holdings, Inc., Class A (a)		1,074		139
Gartner, Inc. (a)		1		1
General Electric Co.		2		—@
GH Research PLC (a)		145		2
Ginkgo Bioworks Holdings, Inc. (a)		7,412		9
Gitlab, Inc., Class A (a)		166		10
Guidewire Software, Inc. (a)		2		—@
HCA Healthcare, Inc.		192		64
HEICO Corp., Class A		1		—@
Home Depot, Inc.		1		—@
HubSpot, Inc. (a)		105		66
Illumina, Inc. (a)		15		2
Inspire Medical Systems, Inc. (a)		9		2
Intellia Therapeutics, Inc. (a)		182		5
Interactive Brokers Group, Inc., Class A		407		46
Intercontinental Exchange, Inc.		456		63
Intuitive Surgical, Inc. (a)		1		—@
IonQ, Inc. (a)		338		3
Joby Aviation, Inc. (a)		524		3
Klaviyo, Inc., Class A (a)		87		2
Linde PLC		3		1
Lithia Motors, Inc., Class A		209		63
Maplebear, Inc. (a)		784		29
Mastercard, Inc., Class A		52		25
MaxCyte, Inc. (a)		1,604		7
McCormick & Co., Inc.		4		—@
McDonald’s Corp.		1		—@
MercadoLibre, Inc. (a)		130		197
Meta Platforms, Inc., Class A		133		65
MicroStrategy, Inc., Class A (a)		319		544
Moderna, Inc. (a)		1		—@
Mohawk Industries, Inc. (a)		125		16
MongoDB, Inc. (a)		25		9
MP Materials Corp. (a)		70		1
MSCI, Inc.		2		1
Netflix, Inc. (a)		1		1
Opendoor Technologies, Inc. (a)		1,034		3
Outset Medical, Inc. (a)		131		—@
Peloton Interactive, Inc., Class A (a)		9,617		41
Penumbra, Inc. (a)		14		3
Pool Corp.		1		—@
Privia Health Group, Inc. (a)		72		1
Procore Technologies, Inc. (a)		1,079		89
ProKidney Corp. (a)		1,851		3

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

Counterpoint Global Portfolio

	Shares		Value (000)
United States (cont’d)
Recursion Pharmaceuticals, Inc., Class A (a)		115	$	1
Redfin Corp. (a)		482		3
RH (a)		12		4
Rivian Automotive, Inc., Class A (a)		8		—@
ROBLOX Corp., Class A (a)		4,156		159
Roivant Sciences Ltd. (a)		7,731		82
Rollins, Inc.		1		—@
Royal Gold, Inc.		198		24
Royalty Pharma PLC, Class A		7,506		228
S&P Global, Inc.		26		11
Salesforce, Inc.		73		22
Samsara, Inc., Class A (a)		2,345		89
Schrodinger, Inc. (a)		50		1
Service Corp. International		1		—@
ServiceNow, Inc. (a)		108		82
Sherwin-Williams Co.		1		—@
SilverSun Technologies, Inc.		116		2
Snowflake, Inc., Class A (a)		556		90
Spotify Technology SA (a)		218		58
Standard BioTools, Inc. (a)		3,508		10
Starbucks Corp.		1		—@
Tesla, Inc. (a)		2,579		453
Texas Pacific Land Corp.		48		28
TKO Group Holdings, Inc.		136		12
Toast, Inc., Class A (a)		2,625		65
Tractor Supply Co.		1		—@
Trade Desk, Inc., Class A (a)		1,653		145
Tyler Technologies, Inc. (a)		1		—@
Uber Technologies, Inc. (a)		1,813		140
Union Pacific Corp.		17		4
Veeva Systems, Inc., Class A (a)		10		2
Veralto Corp.		36		3
Viking Therapeutics, Inc. (a)		18		2
Visa, Inc., Class A		104		29
Walt Disney Co.		291		36
Waste Connections, Inc.		8		1
Watsco, Inc.		1		—@
Wayfair, Inc., Class A (a)		600		41
XOMA Corp. (a)		10,863		261
Zoetis, Inc.		1		—@
ZoomInfo Technologies, Inc., Class A (a)		93		2
Zscaler, Inc. (a)		34		7
				7,234
Total Common Stocks (Cost $7,177)				9,959
Preferred Stocks (0.4%)
United States (0.4%)
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $44; acquired 8/31/21)		594		42
Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $1; acquired 9/15/23)		19		1
Stripe, Inc., Series I (a)(c)(d) (acquisition cost — $3; acquired 3/17/23)		123		3
Total Preferred Stocks (Cost $48)				46
Investment Company (2.3%)
United States (2.3%)
Grayscale Bitcoin Trust (a) (Cost $106)		3,934		248

	No. of Warrants
Warrants (0.0%)‡
Canada (0.0%)
Constellation Software, Inc. expires 3/31/40 (a)		18	—
United States (0.0%)‡
Ginkgo Bioworks Holdings, Inc. expires 8/01/26 (a)		261	—@
SomaLogic, Inc. expires 8/31/26 (a)		96	—
			—@
Total Warrants (Cost $1)			—@

	Shares
Short-Term Investment (5.1%)
Investment Company (5.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) (Cost $552)		551,594	$	552
Total Investments Excluding Purchased Options (98.9%) (Cost $7,884)				10,805
Total Purchased Options Outstanding (0.1%) (Cost $26)				15
Total Investments (99.0%) (Cost $7,910) (f)(g)(h)(i)				10,820
Other Assets in Excess of Liabilities (1.0%)				110
Net Assets (100.0%)			$	10,930

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2024 (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 March 31, 2024 amounts to approximately $46,000 and represents 0.4% of net assets.

(d)	At March 31, 2024, the Fund held fair valued securities valued at approximately $46,000, representing 0.4% of net assets. These securities have been fair valued using significant unobservable inputs 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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(f)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, 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, $1,480,000 and 13.5%, 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 March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,338,000 and the aggregate gross unrealized depreciation is approximately $428,000, resulting in net unrealized appreciation of approximately $2,910,000.
ADR	American Depositary Receipt.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

Counterpoint Global Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2024:

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	7.57	May–24	1,505,000	$	1,505	$	1	$	6	$	(5	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.69	Jan–25	1,845,972		1,846		6		6		—@
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25	1,744,664		1,745		7		8		(1	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24	1,505,060		1,505		1		6		(5	)
								$	15	$	26	$	(11	)

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

Portfolio Composition    

Classification	Percentage of Total Investments
Other*		43.9	%
Information Technology Services		13.8
Software		13.1
Specialty Retail		6.8
Broadline Retail		6.1
Financial Services		5.6
Biotechnology		5.6
Investment Company		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2024 (unaudited) 

Consolidated Portfolio of Investments 

Developing Opportunity Portfolio

	Shares		Value (000)
Common Stocks (97.5%)
Argentina (2.2%)
Globant SA (a)		3,771	$	761
Brazil (5.6%)
B3 SA - Brasil Bolsa Balcao		142,008		340
NU Holdings Ltd., Class A (a)		138,347		1,650
				1,990
China (37.4%)
China Resources Mixc Lifestyle Services Ltd. (b)		126,200		400
Full Truck Alliance Co. Ltd. ADR (a)		53,806		391
Haidilao International Holding Ltd. (b)		550,000		1,245
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		133,700		515
KE Holdings, Inc. ADR		78,098		1,072
Kuaishou Technology (a)(b)		91,900		579
Kweichow Moutai Co. Ltd., Class A		6,289		1,482
Meituan, Class B (a)(b)		147,780		1,824
PDD Holdings, Inc. ADR (a)		6,030		701
Qifu Technology, Inc. ADR		36,140		666
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		10,500		407
Shenzhou International Group Holdings Ltd. (b)		73,200		695
Tencent Holdings Ltd. (b)		27,800		1,083
Trip.com Group Ltd. ADR (a)		38,321		1,682
Wuliangye Yibin Co. Ltd., Class A		24,300		515
				13,257
India (23.8%)
Axis Bank Ltd.		100,960		1,273
HDFC Bank Ltd.		98,866		1,724
ICICI Bank Ltd. ADR		81,412		2,150
Indian Hotels Co. Ltd.		37,064		263
MakeMyTrip Ltd. (a)		7,518		534
Titan Co. Ltd.		27,612		1,262
Zomato Ltd. (a)		570,614		1,251
				8,457
Korea, Republic of (11.2%)
Coupang, Inc. (a)		112,461		2,001
KakaoBank Corp.		42,386		885
NAVER Corp.		7,942		1,103
				3,989
Poland (1.3%)
Allegro.eu SA (a)		56,744		470
Singapore (3.4%)
Grab Holdings Ltd., Class A (a)		380,767		1,196
Taiwan (4.8%)
Silergy Corp.		33,000		338
Taiwan Semiconductor Manufacturing Co. Ltd.		57,000		1,365
				1,703
United States (7.8%)
MercadoLibre, Inc. (a)		1,833		2,771
Total Common Stocks (Cost $30,342)				34,594
Short-Term Investment (1.6%)
Investment Company (1.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (c) (Cost $586)		586,362		586
Total Investments (99.1%) (Cost $30,928) (d)(e)(f)				35,180
Other Assets in Excess of Liabilities (0.9%)				316
Net Assets (100.0%)			$	35,496

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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $18,679,000 and 52.6%, 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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,236,000 and the aggregate gross unrealized depreciation is approximately $1,984,000, resulting in net unrealized appreciation of approximately $4,252,000.
ADR	American Depositary Receipt.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		22.9	%
Banks		21.8
Hotels, Restaurants & Leisure		19.3
Broadline Retail		16.9
Interactive Media & Services		7.8
Beverages		5.7
Textiles, Apparel & Luxury Goods		5.6
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2024 (unaudited) 

Portfolio of Investments 

Emerging Markets ex China Portfolio

	Shares		Value (000)
Common Stocks (97.0%)
Brazil (7.5%)
Banco BTG Pactual SA (Units) (a)		13,862	$	102
Itau Unibanco Holding SA (Preference)		12,241		84
Localiza Rent a Car SA		8,330		91
Raia Drogasil SA		18,297		100
Santos Brasil Participacoes SA		24,906		66
WEG SA		10,817		82
				525
Chile (0.7%)
SMU SA		266,509		46
India (28.9%)
Axis Bank Ltd.		2,435		31
Bajaj Auto Ltd.		1,300		143
Bajaj Finance Ltd.		1,024		89
Delhivery Ltd. (b)		7,787		42
HDFC Asset Management Co. Ltd.		847		38
HDFC Bank Ltd.		11,868		207
Hindalco Industries Ltd.		14,710		99
ICICI Bank Ltd.		14,170		187
Infosys Ltd.		4,928		89
Infosys Ltd. ADR		3,149		56
Larsen & Toubro Ltd.		1,915		87
Macrotech Developers Ltd.		6,752		92
Mahindra & Mahindra Ltd.		6,931		160
MakeMyTrip Ltd. (b)		952		68
Max Healthcare Institute Ltd.		9,017		89
Pidilite Industries Ltd.		1,858		67
Reliance Industries Ltd.		6,384		228
Star Health & Allied Insurance Co. Ltd. (b)		8,897		58
State Bank of India		17,247		156
United Breweries Ltd.		1,566		33
				2,019
Indonesia (5.2%)
Bank Central Asia Tbk. PT		132,600		84
Bank Mandiri Persero Tbk. PT		249,600		114
Bank Rakyat Indonesia Persero Tbk. PT		303,200		116
Cisarua Mountain Dairy Tbk. PT		169,700		52
				366
Korea, Republic of (13.6%)
DB Insurance Co. Ltd.		354		25
Hyundai Marine & Fire Insurance Co. Ltd.		980		22
Hyundai Motor Co.		192		35
KB Financial Group, Inc.		2,004		105
Kia Corp.		692		57
Korea Zinc Co. Ltd.		145		49
Samsung Electronics Co. Ltd.		7,281		438
SK Hynix, Inc.		1,642		218
				949
Malaysia (0.6%)
Frontken Corp. Bhd.		47,400		39
Mexico (7.0%)
Gruma SAB de CV, Class B		5,401		102
Grupo Financiero Banorte SAB de CV Series O		6,966		74
Qualitas Controladora SAB de CV		8,877		103
Regional SAB de CV		9,786		97
Wal-Mart de Mexico SAB de CV		28,306		114
				490
Poland (3.6%)
Allegro.eu SA (b)		8,122		67
Grupa Kety SA		635		121
Powszechny Zaklad Ubezpieczen SA		5,304		65
				253
Saudi Arabia (1.6%)
Bupa Arabia for Cooperative Insurance Co.		1,603		113
South Africa (4.1%)
Anglo American PLC		3,642		90
AVI Ltd.		14,619		70
Capitec Bank Holdings Ltd.		877		97
OUTsurance Group Ltd.		13,939		31
				288
Sweden (0.9%)
Medicover AB		4,953		64
Switzerland (1.2%)
SIG Group AG (b)		3,707		82
Taiwan (17.9%)
Advantech Co. Ltd.		3,000		38
Airtac International Group		1,000		35
Chailease Holding Co. Ltd.		14,220		76
CTBC Financial Holding Co. Ltd.		29,000		29
Delta Electronics, Inc.		3,000		32
E Ink Holdings, Inc.		4,000		29
Hon Hai Precision Industry Co. Ltd.		4,000		19
Taiwan Semiconductor Manufacturing Co. Ltd.		33,000		791
Unimicron Technology Corp.		15,000		89
United Microelectronics Corp.		72,000		117
				1,255
Thailand (2.0%)
Central Retail Corp. PCL		21,400		21
CP ALL PCL		13,400		20
Kasikornbank PCL		12,200		42
Tisco Financial Group PCL		21,100		57
				140
United Kingdom (2.2%)
Antofagasta PLC		4,708		121
Mondi PLC		1,815		32
				153
Total Common Stocks (Cost $5,345)				6,782
Short-Term Investment (2.4%)
Investment Company (2.4%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (c) (Cost $166)		166,447		166
Total Investments (99.4%) (Cost $5,511) (d)(e)(f)				6,948
Other Assets in Excess of Liabilities (0.6%)				44
Net Assets (100.0%)			$	6,992

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2024 (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.

(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 Securities Portfolio - (the “Liquidity Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $6,079,000 and 86.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,573,000 and the aggregate gross unrealized depreciation is approximately $136,000, resulting in net unrealized appreciation of approximately $1,437,000.
ADR	American Depositary Receipt.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		37.1	%
Banks		21.3
Semiconductors & Semiconductor Equipment		16.2
Metals & Mining		6.9
Tech Hardware, Storage & Peripherals		6.8
Insurance		6.0
Automobiles		5.7
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2024 (unaudited) 

Portfolio of Investments 

Emerging Markets Leaders Portfolio

	Shares		Value (000)
Common Stocks (98.5%)
Argentina (4.3%)
Globant SA (a)		53,203	$	10,742
Brazil (15.1%)
Localiza Rent a Car SA		883,986		9,637
NU Holdings Ltd., Class A (a)		1,732,332		20,667
Raia Drogasil SA		1,234,702		6,738
WEG SA		17,310		132
				37,174
China (6.0%)
Shenzhou International Group Holdings Ltd. (b)		1,562,600		14,834
India (43.5%)
Aarti Industries Ltd.		1,289,799		10,308
Aarti Pharmalabs Ltd.		256,024		1,335
Astral Ltd.		240,445		5,751
AU Small Finance Bank Ltd.		367,443		2,500
Avenue Supermarts Ltd. (a)		214,223		11,643
Bajaj Finance Ltd.		140,984		12,310
Cholamandalam Investment & Finance Co. Ltd.		7,537		105
GMR Airports Infrastructure Ltd. (a)		5,828,403		5,719
HDFC Bank Ltd.		140,384		2,448
ICICI Bank Ltd.		865,631		11,412
KEI Industries Ltd.		250,316		10,431
Laurus Labs Ltd.		26,130		123
Oberoi Realty Ltd.		148,661		2,639
Timken India Ltd.		77,789		2,674
Titan Co. Ltd.		151,060		6,905
Trent Ltd.		255,866		12,145
TVS Motor Co. Ltd.		343,386		8,888
				107,336
Korea, Republic of (3.9%)
SK Hynix, Inc.		72,994		9,670
Mexico (5.4%)
Becle SAB de CV		521,156		1,227
Fomento Economico Mexicano SAB de CV ADR		27,168		3,539
Gruma SAB de CV, Class B		68,573		1,287
Grupo Aeroportuario del Sureste SAB de CV ADR		3,928		1,252
Grupo Aeroportuario del Sureste SAB de CV, Class B		42,785		1,354
Grupo Financiero Banorte SAB de CV Series O		435,290		4,623
				13,282
Taiwan (12.8%)
Taiwan Semiconductor Manufacturing Co. Ltd.		730,000		17,488
Unimicron Technology Corp.		1,226,000		7,289
Voltronic Power Technology Corp.		131,334		6,774
				31,551
United States (7.5%)
MercadoLibre, Inc. (a)		12,182		18,419
Total Common Stocks (Cost $170,939)				243,008
Short-Term Investment (2.1%)
Investment Company (2.1%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (c) (Cost $5,227)		5,227,063		5,227
Total Investments (100.6%) (Cost $176,166) (d)(e)(f)				248,235
Liabilities in Excess of Other Assets (–0.6%)				(1,374	)
Net Assets (100.0%)			$	246,861

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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $3,000 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $171,882,000 and 69.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $73,423,000 and the aggregate gross unrealized depreciation is approximately $1,354,000, resulting in net unrealized appreciation of approximately $72,069,000.
ADR	American Depositary Receipt.

Portfolio Composition 

Classification	Percentage of Total Investments
Other*		36.6	%
Banks		16.8
Semiconductors & Semiconductor Equipment		11.0
Textiles, Apparel & Luxury Goods		8.8
Broadline Retail		7.4
Consumer Staples Distribution & Retail		7.4
Electrical Equipment		7.0
Consumer Finance		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2024 (unaudited) 

Portfolio of Investments 

Emerging Markets Portfolio

	Shares		Value (000)
Common Stocks (98.3%)
Brazil (6.8%)
Banco BTG Pactual SA (Units) (a)		653,574	$	4,747
Itau Unibanco Holding SA (Preference)		747,566		5,163
Localiza Rent a Car SA		610,985		6,661
NU Holdings Ltd., Class A (b)		277,147		3,306
Petroleo Brasileiro SA (Preference)		529,064		3,941
Raia Drogasil SA		977,744		5,336
WEG SA		735,712		5,604
				34,758
China (20.7%)
Alibaba Group Holding Ltd. (c)		1,087,600		9,835
Baidu, Inc. ADR (b)		15,508		1,633
BYD Co. Ltd., H Shares (c)(d)		237,500		6,081
China Construction Bank Corp., H Shares (c)		14,599,120		8,810
China Mengniu Dairy Co. Ltd. (b)(c)		1,332,000		2,867
China Merchants Bank Co. Ltd., H Shares (c)		1,344,500		5,329
China Resources Beer Holdings Co. Ltd. (c)		562,000		2,595
China Tourism Group Duty Free Corp. Ltd. (c)(d)		117,600		1,174
JD.com, Inc., Class A (c)		95,373		1,308
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		461,259		2,952
KE Holdings, Inc. ADR		79,198		1,087
Kweichow Moutai Co. Ltd., Class A		19,149		4,514
Li Auto, Inc., Class A (b)(c)		69,800		1,060
Li Ning Co. Ltd. (c)		498,500		1,330
Meituan, Class B (b)(c)		174,490		2,154
NARI Technology Co. Ltd., Class A		904,400		3,019
NetEase, Inc. (c)		175,600		3,639
Ping An Insurance Group Co. of China Ltd., Class H (c)		437,500		1,858
Postal Savings Bank of China Co. Ltd. (c)		7,928,000		4,150
Proya Cosmetics Co. Ltd., Class A		184,528		2,384
Shenzhen Inovance Technology Co. Ltd., Class A		389,000		3,243
Shenzhou International Group Holdings Ltd. (c)		609,700		5,788
Sungrow Power Supply Co. Ltd., Class A		233,595		3,338
Tencent Holdings Ltd. (c)		483,200		18,821
Trip.com Group Ltd. ADR (b)		100,009		4,389
Yum China Holdings, Inc.		51,151		2,035
				105,393
Hong Kong (0.6%)
AIA Group Ltd.		457,000		3,074
India (23.2%)
Axis Bank Ltd.		277,288		3,495
Bajaj Auto Ltd.		67,226		7,396
Bajaj Finance Ltd.		55,384		4,836
Delhivery Ltd. (b)		578,630		3,108
HDFC Asset Management Co. Ltd.		96,073		4,333
HDFC Bank Ltd.		434,966		7,585
Hindalco Industries Ltd.		635,354		4,290
Hitachi Energy India Ltd.		33,736		2,826
ICICI Bank Ltd.		957,298		12,621
Infosys Ltd.		343,465		6,185
Infosys Ltd. ADR		125,760		2,255
Larsen & Toubro Ltd.		127,627		5,772
Macrotech Developers Ltd.		311,154		4,252
Mahindra & Mahindra Ltd.		448,176		10,353
MakeMyTrip Ltd. (b)		39,808		2,828
Max Healthcare Institute Ltd.		418,214		4,125
Pidilite Industries Ltd.		120,043		4,342
Reliance Industries Ltd.		365,990		13,087
Star Health & Allied Insurance Co. Ltd. (b)		414,719		2,712
State Bank of India		974,483		8,825
United Breweries Ltd.		139,408		2,905
				118,131
Indonesia (3.9%)
Bank Central Asia Tbk. PT		8,351,800		5,311
Bank Mandiri Persero Tbk. PT		13,250,400		6,029
Bank Rakyat Indonesia Persero Tbk. PT		14,525,900		5,555
Cisarua Mountain Dairy Tbk. PT		8,862,100		2,738
				19,633
Korea, Republic of (10.7%)
DB Insurance Co. Ltd.		27,288		1,952
Hyundai Marine & Fire Insurance Co. Ltd.		75,680		1,733
Hyundai Motor Co.		13,227		2,327
KB Financial Group, Inc.		74,619		3,899
Kia Corp.		45,397		3,773
Korea Zinc Co. Ltd.		8,379		2,828
Samsung Electronics Co. Ltd.		428,664		25,762
SK Hynix, Inc.		90,738		12,021
				54,295
Mexico (5.6%)
Gruma SAB de CV, Class B		432,846		8,126
Grupo Financiero Banorte SAB de CV Series O		615,194		6,534
Qualitas Controladora SAB de CV		582,156		6,764
Wal-Mart de Mexico SAB de CV		1,709,929		6,905
				28,329
Poland (1.9%)
Allegro.eu SA (b)		603,399		4,997
Powszechny Zaklad Ubezpieczen SA		401,706		4,906
				9,903
Saudi Arabia (1.8%)
Alinma Bank		426,803		4,987
Bupa Arabia for Cooperative Insurance Co.		62,958		4,431
				9,418
South Africa (4.1%)
Anglo American PLC		321,200		7,909
AVI Ltd.		719,319		3,469
Bidvest Group Ltd. (d)		341,975		4,383
Capitec Bank Holdings Ltd.		48,153		5,326
				21,087
Taiwan (15.6%)
Advantech Co. Ltd.		210,000		2,672
Airtac International Group		94,448		3,274
Chailease Holding Co. Ltd.		939,480		5,034
CTBC Financial Holding Co. Ltd.		1,270,000		1,285
Delta Electronics, Inc.		142,000		1,520
E Ink Holdings, Inc.		360,000		2,555

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2024 (unaudited) 

Portfolio of Investments (cont’d) 

Emerging Markets Portfolio

	Shares		Value (000)
Taiwan (cont’d)
Hon Hai Precision Industry Co. Ltd.		270,000	$	1,297
Taiwan Semiconductor Manufacturing Co. Ltd.		1,917,205		45,929
Unimicron Technology Corp.		898,000		5,339
United Microelectronics Corp.		3,978,000		6,461
Voltronic Power Technology Corp.		37,000		1,908
Wiwynn Corp.		34,000		2,328
				79,602
Thailand (1.7%)
Central Retail Corp. PCL		1,107,900		1,094
CP ALL PCL		691,400		1,034
Kasikornbank PCL		945,200		3,216
Tisco Financial Group PCL		1,309,300		3,563
				8,907
United Arab Emirates (0.5%)
Americana Restaurants International PLC		2,739,746		2,477
United Kingdom (1.2%)
Antofagasta PLC		242,758		6,235
Total Common Stocks (Cost $392,047)				501,242
Short-Term Investments (3.3%)
Investment Company (3.1%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (e) (Cost $15,757)		15,756,533		15,757
Securities held as Collateral on Loaned Securities (0.2%)
Investment Company (0.2%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (e) (Cost $914)		913,820		914
Total Short-Term Investments (Cost $16,671)				16,671
Total Investments (101.6%) (Cost $408,718) Including $10,487 of Securities Loaned (f)(g)(h)				517,913
Liabilities in Excess of Other Assets (–1.6%)				(7,955	)
Net Assets (100.0%)			$	509,958

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)	Security trades on the Hong Kong exchange.
(d)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $10,487,000 and $10,994,000 respectively. The Fund received cash collateral of approximately $914,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $10,080,000 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.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the “Liquidity Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $4,000 relating to the Fund’s investment in the Liquidity Fund.
(f)	The approximate fair value and percentage of net assets, $450,960,000 and 88.4%, 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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(h)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $137,269,000 and the aggregate gross unrealized depreciation is approximately $28,074,000, resulting in net unrealized appreciation of approximately $109,195,000.
ADR	American Depositary Receipt.

Portfolio Composition*
Classification	Percentage of Total Investments
Other**		49.9	%
Banks		20.3
Semiconductors & Semiconductor Equipment		12.5
Automobiles		6.0
Tech Hardware, Storage & Peripherals		6.0
Insurance		5.3
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments 

Global Concentrated Portfolio

	Shares		Value (000)
Common Stocks (97.7%)
China (5.4%)
NetEase, Inc. ADR		73,553	$	7,611
Tencent Holdings Ltd. ADR		19,063		744
				8,355
France (2.7%)
LVMH Moet Hennessy Louis Vuitton SE ADR		23,315		4,221
Ireland (7.7%)
CRH PLC ADR		137,518		11,862
Italy (6.1%)
Ferrari NV		21,417		9,336
Japan (5.2%)
Mitsui & Co. Ltd. ADR		8,432		7,909
Taiwan (5.0%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		56,545		7,693
United States (65.6%)
Ameriprise Financial, Inc.		17,546		7,693
Costco Wholesale Corp.		11,395		8,348
Danaher Corp.		5,288		1,321
JPMorgan Chase & Co.		38,445		7,701
LPL Financial Holdings, Inc.		28,607		7,558
Mastercard, Inc., Class A		18,463		8,891
Microsoft Corp.		35,034		14,740
Netflix, Inc. (a)		9,533		5,790
NextEra Energy, Inc.		30,701		1,962
NVIDIA Corp.		15,105		13,648
Progressive Corp.		45,999		9,514
United Rentals, Inc.		10,867		7,836
Waste Management, Inc.		26,692		5,689
				100,691
Total Common Stocks (Cost $105,040)				150,067
Short-Term Investment (2.6%)
Investment Company (2.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $3,939)		3,939,334		3,939
Total Investments (100.3%) (Cost $108,979) (c)(d)				154,006
Liabilities in Excess of Other Assets (–0.3%)				(502	)
Net Assets (100.0%)			$	153,504

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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund.
(c)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(d)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $45,099,000 and the aggregate gross unrealized depreciation is approximately $72,000, resulting in net unrealized appreciation of approximately $45,027,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Semiconductors & Semiconductor Equipment		13.9	%
Other*		11.6
Trading Companies & Distributors		10.2
Capital Markets		9.9
Software		9.6
Entertainment		8.6
Construction Materials		7.7
Insurance		6.2
Automobiles		6.1
Financial Services		5.8
Consumer Staples Distribution & Retail		5.4
Banks		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

Global Core Portfolio

	Shares		Value (000)
Common Stocks (99.3%)
China (4.2%)
NetEase, Inc. ADR		7,634	$	790
Tencent Holdings Ltd. ADR		11,224		438
				1,228
France (2.2%)
LVMH Moet Hennessy Louis Vuitton SE		693		624
India (0.8%)
HDFC Bank Ltd. ADR		3,991		223
Ireland (8.5%)
CRH PLC ADR		24,059		2,075
Ryanair Holdings PLC ADR		2,710		395
				2,470
Italy (6.1%)
Ferrari NV		4,019		1,752
Japan (4.1%)
Mitsui & Co. Ltd. ADR		878		824
Nippon Telegraph & Telephone Corp. ADR		12,209		364
				1,188
Taiwan (3.6%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		7,640		1,039
United Kingdom (0.4%)
Experian PLC ADR		2,945		128
United States (69.4%)
Alphabet, Inc., Class A (a)		5,608		846
Amazon.com, Inc. (a)		6,509		1,174
Ameriprise Financial, Inc.		3,010		1,320
Apple, Inc.		7,420		1,272
Applied Materials, Inc.		1,168		241
Brown & Brown, Inc.		6,152		539
Chevron Corp.		2,152		339
Danaher Corp.		1,569		392
Eli Lilly & Co.		119		93
Fortune Brands Innovations, Inc.		6,213		526
Jack Henry & Associates, Inc.		2,762		480
JPMorgan Chase & Co.		7,351		1,472
Lam Research Corp.		94		91
Lennar Corp., Class A		1,220		210
Linde PLC		1,185		550
LPL Financial Holdings, Inc.		1,420		375
Lululemon Athletica, Inc. (a)		1,202		470
Masterbrand, Inc. (a)		3,869		72
Mastercard, Inc., Class A		1,808		871
McDonald’s Corp.		1,063		300
MGM Resorts International (a)		2,449		116
Microsoft Corp.		5,608		2,359
Netflix, Inc. (a)		673		409
NextEra Energy, Inc.		4,732		302
Nucor Corp.		845		167
NVIDIA Corp.		1,441		1,302
Progressive Corp.		3,888		804
Target Corp.		1,281		227
TJX Cos., Inc.		9,637		977
Tyler Technologies, Inc. (a)		178		76
United Rentals, Inc.		1,197		863
Valero Energy Corp.		3,756		641
Veeva Systems, Inc., Class A (a)		470		109
Waste Management, Inc.		392		84
				20,069
Total Common Stocks (Cost $17,972)				28,721
Short-Term Investment (1.0%)
Investment Company (1.0%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $299)		299,012		299
Total Investments (100.3%) (Cost $18,271) (c)(d)(e)				29,020
Liabilities in Excess of Other Assets (–0.3%)				(85	)
Net Assets (100.0%)			$	28,935

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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(c)	The approximate fair value and percentage of net assets, $624,000 and 2.2%, 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.
(d)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,752,000 and the aggregate gross unrealized depreciation is approximately $3,000, resulting in net unrealized appreciation of approximately $10,749,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		51.8	%
Semiconductors & Semiconductor Equipment		9.2
Software		8.4
Construction Materials		7.1
Automobiles		6.0
Banks		5.9
Capital Markets		5.8
Trading Companies & Distributors		5.8
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

Global Endurance Portfolio

	Shares		Value (000)
Common Stocks (100.0%)
France (5.0%)
Eurofins Scientific SE		34,543	$	2,200
Germany (2.4%)
Delivery Hero SE (a)		37,679		1,077
Israel (7.4%)
Global-e Online Ltd. (a)		58,565		2,129
Wix.com Ltd. (a)		8,323		1,144
				3,273
Japan (2.6%)
Sansan, Inc. (a)		97,800		1,124
Korea, Republic of (1.5%)
Coupang, Inc. (a)		37,572		668
Netherlands (2.5%)
Adyen NV (a)		654		1,105
Singapore (2.4%)
Sea Ltd. ADR (a)		19,520		1,049
United Kingdom (14.5%)
Babcock International Group PLC		341,080		2,239
Burford Capital Ltd.		43,200		677
Victoria PLC (a)(b)		1,040,282		3,475
				6,391
United States (61.7%)
Appian Corp., Class A (a)		77,908		3,112
Arbutus Biopharma Corp. (a)		194,827		503
Bill Holdings, Inc. (a)		22,832		1,569
Bio-Rad Laboratories, Inc., Class A (a)		1,959		678
Carvana Co. (a)		20,440		1,797
Cricut, Inc., Class A		397,582		1,893
Fastly, Inc., Class A (a)		153,828		1,995
Floor & Decor Holdings, Inc., Class A (a)		17,278		2,240
HCA Healthcare, Inc.		5,389		1,797
HubSpot, Inc. (a)		2,945		1,845
Interactive Brokers Group, Inc., Class A		10,890		1,217
Lithia Motors, Inc., Class A		6,165		1,855
Mohawk Industries, Inc. (a)		3,509		459
ROBLOX Corp., Class A (a)		35,265		1,346
Roivant Sciences Ltd. (a)		59,758		630
Royalty Pharma PLC, Class A		54,437		1,653
Toast, Inc., Class A (a)		68,312		1,702
Wayfair, Inc., Class A (a)		14,134		959
				27,250
Total Common Stocks (Cost $46,382)				44,137
Short-Term Investments (2.5%)
Investment Company (1.9%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (c) (Cost $835)		835,018		835
Securities held as Collateral on Loaned Securities (0.6%)
Investment Company (0.5%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (c) (Cost $232)		232,368		232

	Face Amount (000)
Repurchase Agreements (0.1%)
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $18; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $18)	$	18		18
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $9; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $9)		9		9
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $32; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $33)		32		32
				59
Total Securities held as Collateral on Loaned Securities (Cost $291)				291
Total Short-Term Investments (Cost $1,126)				1,126
Total Investments (102.5%) (Cost $47,508) Including $2,733 of Securities Loaned (d)(e)(f)				45,263
Liabilities in Excess of Other Assets (–2.5%)				(1,117	)
Net Assets (100.0%)			$	44,146

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments (cont’d)

Global Endurance 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 March 31, 2024, were approximately $2,733,000 and $2,583,000 respectively. The Fund received cash collateral of approximately $291,000, 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 $2,292,000 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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $11,897,000 and 26.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.

(e)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,050,000 and the aggregate gross unrealized depreciation is approximately $9,295,000, resulting in net unrealized depreciation of approximately $2,245,000.
ADR	American Depositary Receipt.

Portfolio Composition*

Classification	Percentage of Total Investments
Other**		17.2	%
Software		17.0
Specialty Retail		15.2
Household Durables		13.0
Financial Services		7.7
Information Technology Services		7.0
Life Sciences Tools & Services		6.4
Broadline Retail		6.2
Entertainment		5.3
Aerospace & Defense		5.0
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Portfolio of Investments

Global Focus Real Estate Portfolio

	Shares		Value (000)
Common Stocks (98.1%)
Australia (6.1%)
Charter Hall Group REIT		4,779	$	43
Goodman Group REIT		6,571		145
National Storage REIT		21,892		34
Stockland REIT		14,024		44
				266
Canada (3.7%)
Boardwalk REIT		1,471		85
Chartwell Retirement Residences (Units) (a)		8,129		74
				159
France (1.9%)
Carmila SA REIT (b)		1,772		31
Unibail-Rodamco-Westfield REIT (b)		663		53
				84
Germany (2.5%)
Vonovia SE		3,657		108
Hong Kong (1.0%)
Link REIT		10,580		45
Japan (10.0%)
Comforia Residential, Inc. REIT		17		37
Invincible Investment Corp. REIT		188		84
Mitsui Fudosan Co. Ltd.		13,500		146
Mitsui Fudosan Logistics Park, Inc. REIT		14		42
Nippon Building Fund, Inc. REIT		10		40
Sumitomo Realty & Development Co. Ltd.		2,300		86
				435
Netherlands (1.5%)
CTP NV		3,572		64
Singapore (0.9%)
Mapletree Industrial Trust REIT		23,100		40
Spain (0.8%)
Merlin Properties Socimi SA REIT		3,240		35
Sweden (1.4%)
Castellum AB (b)		2,974		39
Pandox AB		1,377		23
				62
United Kingdom (3.8%)
Hammerson PLC REIT		93,395		35
Segro PLC REIT		8,398		96
UNITE Group PLC REIT		2,585		32
				163
United States (64.5%)
Alexandria Real Estate Equities, Inc. REIT		503		65
American Homes 4 Rent, Class A REIT		2,903		107
American Tower Corp. REIT		1,312		259
AvalonBay Communities, Inc. REIT		806		150
CareTrust REIT, Inc.		2,611		64
Digital Realty Trust, Inc. REIT		1,077		155
EastGroup Properties, Inc. REIT		594		107
Equinix, Inc. REIT		333		275
Essential Properties Realty Trust, Inc. REIT		4,963		132
Federal Realty Investment Trust REIT		813		83
Hilton Worldwide Holdings, Inc.		200		43
Iron Mountain, Inc. REIT		1,186		95
Lamar Advertising Co., Class A REIT		724		86
Mid-America Apartment Communities, Inc. REIT		642		84
PotlatchDeltic Corp. REIT		455		21
Prologis, Inc. REIT		983		128
Public Storage REIT		516		150
Rexford Industrial Realty, Inc. REIT		2,067		104
Ryman Hospitality Properties, Inc. REIT		445		51
Simon Property Group, Inc. REIT		954		149
Sun Communities, Inc. REIT		628		81
Urban Edge Properties REIT		2,521		44
VICI Properties, Inc. REIT		2,992		89
Welltower, Inc. REIT		2,951		276
				2,798
Total Common Stocks (Cost $3,858)				4,259
Short-Term Investment (0.3%)
Investment Company (0.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 5.16% (c) (Cost $12)		11,912		12
Total Investments (98.4%) (Cost $3,870) (d)(e)(f)				4,271
Other Assets in Excess of Liabilities (1.6%)				70
Net Assets (100.0%)			$	4,341

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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $1,302,000 and 30.0%, 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.
(e)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $450,000 and the aggregate gross unrealized depreciation is approximately $49,000, resulting in net unrealized appreciation of approximately $401,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Residential		16.0	%
Diversified		13.7
Other*		13.2
Industrial		12.6
Retail		12.3
Data Centers		10.1
Health Care		9.7
Specialty		6.3
Telecommunications REITs		6.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

Global Franchise Portfolio

	Shares		Value (000)
Common Stocks (98.8%)
France (5.7%)
L’Oreal SA		120,186	$	56,917
LVMH Moet Hennessy Louis Vuitton SE		51,333		46,189
Pernod Ricard SA		403,744		65,360
				168,466
Germany (6.8%)
SAP SE		1,045,446		203,568
Italy (0.3%)
Davide Campari-Milano NV		787,764		7,917
Netherlands (2.8%)
Heineken NV		628,635		60,605
Universal Music Group NV		773,467		23,243
				83,848
United Kingdom (9.5%)
Experian PLC		1,206,842		52,586
Haleon PLC		5,068,125		21,239
Reckitt Benckiser Group PLC		1,731,558		98,707
RELX PLC (Euronext NV)		535,803		23,209
RELX PLC (LSE)		2,056,528		88,689
				284,430
United States (73.7%)
Abbott Laboratories		867,302		98,578
Accenture PLC, Class A		479,629		166,244
Aon PLC, Class A		297,413		99,253
Arthur J Gallagher & Co.		230,137		57,543
Automatic Data Processing, Inc.		314,934		78,652
Becton Dickinson & Co.		419,640		103,840
Broadridge Financial Solutions, Inc.		210,185		43,058
CDW Corp.		255,727		65,410
Coca-Cola Co.		1,410,372		86,287
Constellation Brands, Inc., Class A		135,031		36,696
Danaher Corp.		307,928		76,896
Equifax, Inc.		242,055		64,755
FactSet Research Systems, Inc.		40,511		18,408
Hologic, Inc. (a)		172,026		13,411
Intercontinental Exchange, Inc.		939,455		129,109
Jack Henry & Associates, Inc.		85,758		14,899
Microsoft Corp.		578,910		243,559
Moody’s Corp.		108,576		42,674
Otis Worldwide Corp.		536,600		53,268
Philip Morris International, Inc.		888,152		81,372
Procter & Gamble Co.		475,927		77,219
Roper Technologies, Inc.		139,820		78,417
Steris PLC		170,616		38,358
Thermo Fisher Scientific, Inc.		182,792		106,240
UnitedHealth Group, Inc.		214,923		106,322
Veralto Corp.		149,509		13,255
Visa, Inc., Class A		615,994		171,912
Zoetis, Inc.		150,169		25,410
				2,191,045
Total Common Stocks (Cost $1,877,075)				2,939,274
Short-Term Investment (1.7%)
Investment Company (1.7%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $49,584)		49,583,707		49,584
Total Investments (100.5%) (Cost $1,926,659) (c)(d)(e)				2,988,858
Liabilities in Excess of Other Assets (–0.5%)				(15,340	)
Net Assets (100.0%)			$	2,973,518

(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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $24,000 relating to the Fund’s investment in the Liquidity Fund.
(c)	The approximate fair value and percentage of net assets, $748,229,000 and 25.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(d)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,092,483,000 and the aggregate gross unrealized depreciation is approximately $30,284,000, resulting in net unrealized appreciation of approximately $1,062,199,000.

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

Portfolio Composition

Classification	Percentage of Total Investments
Other*		18.2	%
Software		17.5
Professional Services		11.7
Beverages		8.6
Health Care Equipment & Supplies		8.5
Capital Markets		6.3
Financial Services		6.3
Life Sciences Tools & Services		6.2
Household Products		5.9
Information Technology Services		5.6
Insurance		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

Global Infrastructure Portfolio

	Shares		Value (000)
Common Stocks (99.9%)
Australia (2.1%)
Transurban Group (Units) (a)		612,216	$	5,311
Brazil (0.0%)‡
Rumo SA		26,696		118
Canada (22.2%)
Canadian National Railway Co. (b)		2,872		379
Enbridge, Inc.		350,998		12,684
Fortis, Inc.		104,305		4,121
GFL Environmental, Inc.		472,107		16,288
Keyera Corp.		133,560		3,440
Pembina Pipeline Corp.		264,288		9,328
TC Energy Corp. (b)		237,816		9,558
				55,798
China (0.4%)
China Resources Gas Group Ltd. (c)		283,100		903
France (4.3%)
Aeroports de Paris		4,010		550
Getlink SE		88,352		1,504
Vinci SA		68,523		8,794
				10,848
Hong Kong (0.7%)
Power Assets Holdings Ltd.		295,000		1,728
Italy (3.1%)
Infrastrutture Wireless Italiane SpA		281,040		3,190
Snam SpA		445,637		2,104
Terna — Rete Elettrica Nazionale		316,866		2,619
				7,913
Japan (0.9%)
Central Japan Railway Co.		85,900		2,133
Mexico (2.8%)
Grupo Aeroportuario del Pacifico SAB de CV, Class B		371,395		6,052
Grupo Aeroportuario del Sureste SAB de CV, Class B		29,679		939
				6,991
New Zealand (0.4%)
Auckland International Airport Ltd.		194,979		973
Spain (7.7%)
Aena SME SA		25,676		5,057
Cellnex Telecom SA (d)		185,402		6,559
Ferrovial SE		135,333		5,358
Iberdrola SA		188,181		2,337
				19,311
Switzerland (0.7%)
Flughafen Zurich AG (Registered)		8,085		1,836
United Kingdom (6.8%)
National Grid PLC		875,211		11,793
Pennon Group PLC		130,428		1,065
Severn Trent PLC		91,082		2,842
United Utilities Group PLC		108,749		1,413
				17,113
United States (47.8%)
American Electric Power Co., Inc.		23,551		2,028
American Tower Corp. REIT		84,330		16,663
American Water Works Co., Inc.		28,142		3,439
Atmos Energy Corp.		41,609		4,946
CenterPoint Energy, Inc.		190,738		5,434
Cheniere Energy, Inc.		41,734		6,731
CMS Energy Corp.		96,524		5,824
Crown Castle, Inc. REIT		57,527		6,088
CSX Corp.		16,569		614
Edison International		70,638		4,996
Essential Utilities, Inc.		31,244		1,158
Eversource Energy		46,473		2,778
Exelon Corp.		146,198		5,493
Kinder Morgan, Inc.		84,020		1,541
NiSource, Inc.		188,151		5,204
ONEOK, Inc.		151,431		12,140
PG&E Corp.		320,235		5,367
PPL Corp.		56,666		1,560
SBA Communications Corp. REIT		19,563		4,239
Sempra		116,297		8,354
Southern Co.		25,988		1,864
Targa Resources Corp.		80,253		8,988
Waste Connections, Inc.		1,576		271
Williams Cos., Inc.		63,380		2,470
Xcel Energy, Inc.		42,527		2,286
				120,476
Total Common Stocks (Cost $217,815)				251,452
Short-Term Investment (0.3%)
Investment Company (0.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 5.16% (e) (Cost $838)		838,129		838
Total Investments (100.2%) (Cost $218,653) Including $9,915 of Securities Loaned (f)(g)(h)				252,290
Liabilities in Excess of Other Assets (–0.2%)				(441	)
Net Assets (100.0%)			$	251,849

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (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.

‡	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)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $9,915,000 and $10,290,000, respectively. The Fund received non-cash collateral of approximately $10,290,000 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.
(c)	Security trades on the Hong Kong exchange.
(d)	Non-income producing security.

(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the “Liquidity Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Liquidity Fund.
(f)	The approximate fair value and percentage of net assets, $75,060,000 and 29.8%, 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.
(g)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(h)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $38,027,000 and the aggregate gross unrealized depreciation is approximately $4,390,000, resulting in net unrealized appreciation of approximately $33,637,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Oil & Gas Storage & Transportation		35.1	%
Electricity Transmission & Distribution		14.7
Communications		14.6
Others		11.8
Diversified		9.5
Other*		8.2
Airports		6.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments

Global Insight Portfolio

	Shares		Value (000)
Common Stocks (95.2%)
Brazil (0.6%)
NU Holdings Ltd., Class A (a)		36,103	$	431
Canada (6.5%)
Shopify, Inc., Class A (a)		64,309		4,963
Israel (4.9%)
Global-e Online Ltd. (a)		103,270		3,754
Korea, Republic of (3.5%)
Coupang, Inc. (a)		151,367		2,693
Netherlands (8.0%)
Adyen NV (a)		3,579		6,045
Singapore (6.0%)
Grab Holdings Ltd., Class A (a)		1,113,890		3,497
Sea Ltd. ADR (a)		20,457		1,099
				4,596
United States (65.7%)
Affirm Holdings, Inc. (a)		91,741		3,418
Agilon Health, Inc. (a)		212,858		1,298
Airbnb, Inc., Class A (a)		16,226		2,677
Arbutus Biopharma Corp. (a)		131,441		339
Aurora Innovation, Inc. (a)		361,144		1,018
Cardlytics, Inc. (a)		18,916		274
Carvana Co. (a)		43,875		3,857
Cloudflare, Inc., Class A (a)		70,824		6,858
Dlocal Ltd. (a)		73,000		1,073
DoorDash, Inc., Class A (a)		26,959		3,713
Ginkgo Bioworks Holdings, Inc. (a)		141,030		164
MercadoLibre, Inc. (a)		3,119		4,716
MicroStrategy, Inc., Class A (a)		2,327		3,967
Peloton Interactive, Inc., Class A (a)		66,783		286
ProKidney Corp. (a)(b)		41,461		68
ROBLOX Corp., Class A (a)		67,079		2,561
Roivant Sciences Ltd. (a)		107,078		1,129
Royalty Pharma PLC, Class A		109,763		3,334
Snowflake, Inc., Class A (a)		16,159		2,611
Spotify Technology SA (a)		407		107
Tesla, Inc. (a)		19,754		3,473
Trade Desk, Inc., Class A (a)		34,686		3,032
XOMA Corp. (a)		1,710		41
				50,014
Total Common Stocks (Cost $51,189)				72,496
Preferred Stock (0.1%)
United States (0.1%)
Lookout, Inc., Series F (a)(c)(d) (acquisition cost — $73; acquired 6/17/14)		6,374		17
Investment Company (2.7%)
United States (2.7%)
Grayscale Bitcoin Trust (a) (Cost $546)		32,517		2,054
Short-Term Investment (2.3%)
Investment Company (2.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) (Cost $1,770)		1,770,074		1,770
Total Investments Excluding Purchased Options (100.3%) (Cost $53,578)				76,337
Total Purchased Options Outstanding (0.2%) (Cost $326)				155
Total Investments (100.5%) (Cost $53,904) Including $68 of Securities Loaned (f)(g)(h)(i)				76,492
Liabilities in Excess of Other Assets (–0.5%)				(352	)
Net Assets (100.0%)			$	76,140

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

(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $68,000 and $73,000, respectively. The Fund received non-cash collateral of approximately $73,000 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.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2024 amounts to approximately $17,000 and represents less than 0.05% of net assets.
(d)	At March 31, 2024, the Fund held a fair valued security at approximately $17,000, representing less than 0.05% of net assets. This security has been fair valued using significant unobservable inputs 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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund.
(f)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, 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, $6,045,000 and 7.9%, 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.
(i)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $28,320,000 and the aggregate gross unrealized depreciation is approximately $5,732,000, resulting in net unrealized appreciation of approximately $22,588,000.
ADR	American Depositary Receipt.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Insight Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2024:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24	21,463,987	$	21,464	$	5	$	91	$	(86	)
Goldman Sachs & Co. LLC	USD/CNH	CNH	7.69	Jan–25	19,293,018		19,293		68		73		(5	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25	17,900,646		17,901		70		76		(6	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24	20,862,233		20,862		12		86		(74	)
								$	155	$	326	$	(171	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition   

Classification	Percentage of Total Investments
Other*		32.8	%
Information Technology Services		18.9
Broadline Retail		14.6
Financial Services		13.8
Hotels, Restaurants & Leisure		8.4
Software		6.5
Specialty Retail		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments

Global Opportunity Portfolio

	Shares		Value (000)
Common Stocks (96.4%)
Brazil (1.3%)
NU Holdings Ltd., Class A (a)		3,405,729	$	40,630
Canada (4.4%)
Shopify, Inc., Class A (a)		1,759,356		135,770
China (5.0%)
Meituan, Class B (a)(b)		7,261,000		89,630
Trip.com Group Ltd. ADR (a)		1,496,464		65,680
				155,310
Denmark (4.1%)
DSV AS		781,126		126,976
France (3.4%)
Hermes International		41,240		105,400
India (6.1%)
HDFC Bank Ltd.		5,015,971		87,467
ICICI Bank Ltd. ADR		3,820,372		100,896
				188,363
Italy (3.7%)
Moncler SpA		1,551,117		115,746
Japan (1.3%)
Keyence Corp.		89,400		41,505
Korea, Republic of (4.1%)
Coupang, Inc. (a)		5,247,951		93,361
KakaoBank Corp.		611,700		12,776
NAVER Corp.		141,114		19,605
				125,742
Netherlands (0.9%)
Adyen NV (a)		17,244		29,127
Singapore (1.2%)
Grab Holdings Ltd., Class A (a)		11,462,196		35,991
Switzerland (1.1%)
On Holding AG, Class A (a)		985,642		34,872
United States (59.8%)
Adobe, Inc. (a)		157,447		79,448
Amazon.com, Inc. (a)		810,709		146,236
Block, Inc., Class A (a)		813,084		68,771
Crowdstrike Holdings, Inc., Class A (a)		212,374		68,085
Deckers Outdoor Corp. (a)		39,506		37,185
DoorDash, Inc., Class A (a)		948,162		130,581
Endeavor Group Holdings, Inc., Class A		1,049,766		27,010
Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $3,175; acquired 12/22/15)		6,530		—
Mastercard, Inc., Class A		154,032		74,177
MercadoLibre, Inc. (a)		99,799		150,892
Meta Platforms, Inc., Class A		380,422		184,725
Salesforce, Inc.		217,068		65,377
ServiceNow, Inc. (a)		308,643		235,309
Spotify Technology SA (a)		342,129		90,288
TKO Group Holdings, Inc.		401,831		34,722
Uber Technologies, Inc. (a)		3,489,618		268,666
Visa, Inc., Class A		308,502		86,097
Walt Disney Co.		859,867		105,213
				1,852,782
Total Common Stocks (Cost $1,524,151)				2,988,214
Short-Term Investment (3.9%)
Investment Company (3.9%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) (Cost $119,058)		119,058,134		119,058
Total Investments (100.3%) (Cost $1,643,209) (f)(g)(h)				3,107,272
Liabilities in Excess of Other Assets (–0.3%)				(8,383	)
Net Assets (100.0%)			$	3,098,889

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

(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2024 amounts to $0 and represents 0.0% of net assets.
(d)	At March 31, 2024, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs 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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $34,000 relating to the Fund’s investment in the Liquidity Fund.
(f)	The approximate fair value and percentage of net assets, $628,232,000 and 20.3%, 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.
(g)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(h)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,543,906,000 and the aggregate gross unrealized depreciation is approximately $79,843,000, resulting in net unrealized appreciation of approximately $1,464,063,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Software		14.5	%
Other*		13.6
Broadline Retail		12.5
Ground Transportation		9.8
Textiles, Apparel & Luxury Goods		9.4
Hotels, Restaurants & Leisure		9.2
Financial Services		8.3
Entertainment		8.3
Banks		7.8
Interactive Media & Services		6.6
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments

Global Permanence Portfolio

	Shares		Value (000)
Common Stocks (94.8%)
Brazil (0.1%)
Vale SA		370	$	4
Canada (7.2%)
Canadian National Railway Co.		1,667		220
Constellation Software, Inc.		16		44
FirstService Corp.		33		5
Lumine Group, Inc. (a)		223		6
Topicus.com, Inc.		504		45
				320
France (15.0%)
Airbus SE		896		165
Christian Dior SE		185		155
EssilorLuxottica SA		100		23
Eurofins Scientific SE		3,528		225
Hermes International		2		5
L’Oreal SA		12		6
Remy Cointreau SA		170		17
Safran SA		311		70
				666
India (0.5%)
HDFC Bank Ltd. ADR		395		22
Italy (0.8%)
Brunello Cucinelli SpA		262		30
Ferrari NV		14		6
				36
Netherlands (1.1%)
ASML Holding NV (Registered)		46		44
Universal Music Group NV		190		6
				50
Switzerland (4.2%)
On Holding AG, Class A (a)		5,331		189
United Kingdom (12.6%)
Babcock International Group PLC		27,449		180
Rentokil Initial PLC		39,299		233
Victoria PLC (a)		44,203		148
				561
United States (53.3%)
Amazon.com, Inc. (a)		876		158
American Tower Corp. REIT		1,038		205
Birkenstock Holding PLC (a)		2,397		113
Brown & Brown, Inc.		252		22
Celsius Holdings, Inc. (a)		50		4
Cloudflare, Inc., Class A (a)		4,309		417
Danaher Corp.		623		156
Dollar General Corp.		775		121
Floor & Decor Holdings, Inc., Class A (a)		1,732		225
Intercontinental Exchange, Inc.		1,756		241
Linde PLC		12		6
MSCI, Inc.		8		4
Procore Technologies, Inc. (a)		1,938		159
Royal Gold, Inc.		797		97
Royalty Pharma PLC, Class A		8,946		272
S&P Global, Inc.		104		44
Texas Pacific Land Corp.		191		111
Veralto Corp.		144		13
Waste Connections, Inc.		35		6
				2,374
Total Common Stocks (Cost $3,635)				4,222
Investment Company (2.6%)
United States (2.6%)
Grayscale Bitcoin Trust (a) (Cost $21)		1,835		116

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

	Shares
Short-Term Investment (0.2%)
Investment Company (0.2%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $8)		7,958		8
Total Investments Excluding Purchased Options (97.6%) (Cost $3,664)				4,346
Total Purchased Options Outstanding (0.3%) (Cost $31)				12
Total Investments (97.9%) (Cost $3,695) (c)(d)(e)(f)				4,358
Other Assets in Excess of Liabilities (2.1%)				94
Net Assets (100.0%)			$	4,452

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

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(c)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(d)	Securities are available for collateral in connection with purchased options.
(e)	The approximate fair value and percentage of net assets, $1,263,000 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.
(f)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $863,000 and the aggregate gross unrealized depreciation is approximately $200,000, resulting in net unrealized appreciation of approximately $663,000.
ADR	American Depositary Receipt.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Permanence Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2024:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24	2,268,747	$	2,269	$	1	$	10	$	(9	)
Goldman Sachs & Co. LLC	USD/CNH	CNH	7.69	Jan–25	1,578,869		1,579		6		6		(—@	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25	1,045,683		1,046		4		4		(—@	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24	2,624,782		2,625		1		11		(10	)
								$	12	$	31	$	(19	)

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

Portfolio Composition  

Classification	Percentage of Total Investments
Other*		25.8	%
Textiles, Apparel & Luxury Goods		11.3
Information Technology Services		9.6
Aerospace & Defense		9.6
Life Sciences Tools & Services		8.7
Capital Markets		6.7
Pharmaceuticals		6.3
Software		5.9
Commercial Services & Supplies		5.8
Specialty Retail		5.2
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.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

Global Real Estate Portfolio

	Shares		Value (000)
Common Stocks (99.5%)
Australia (6.7%)
Goodman Group REIT		70,510	$	1,553
National Storage REIT		144,675		226
Region Group REIT		214,066		333
Stockland REIT		147,097		465
				2,577
Belgium (1.7%)
Aedifica SA REIT		2,454		151
Montea NV REIT		3,222		290
Shurgard Self Storage Ltd. REIT		4,633		206
				647
Canada (2.9%)
Boardwalk REIT		6,750		389
Chartwell Retirement Residences (Units) (a)		42,615		389
InterRent REIT		34,837		349
				1,127
France (2.0%)
Carmila SA REIT (b)		12,273		213
Gecina SA REIT		1,231		126
Unibail-Rodamco-Westfield REIT (b)		5,414		436
				775
Germany (2.5%)
LEG Immobilien SE (b)		4,491		386
Vonovia SE		20,067		593
				979
Hong Kong (2.1%)
Link REIT		67,829		292
Sun Hung Kai Properties Ltd.		36,367		351
Wharf Real Estate Investment Co. Ltd.		52,075		170
				813
Japan (10.5%)
Comforia Residential, Inc. REIT		69		149
Heiwa Real Estate, Inc. REIT		170		160
Hulic Co. Ltd.		17,900		184
Invincible Investment Corp. REIT		1,091		490
Japan Hotel REIT Investment Corp.		505		265
Japan Metropolitan Fund Invest REIT		209		130
Japan Real Estate Investment Corp. REIT		29		103
Mitsubishi Estate Co. Ltd.		10,700		195
Mitsui Fudosan Co. Ltd.		94,600		1,020
Mitsui Fudosan Logistics Park, Inc. REIT		48		144
Nippon Building Fund, Inc. REIT		81		324
Nippon Prologis, Inc. REIT		112		200
Sumitomo Realty & Development Co. Ltd.		19,000		708
				4,072
Netherlands (0.6%)
CTP NV		14,015		250
Singapore (1.7%)
CapitaLand Integrated Commercial Trust REIT		170,400		250
Frasers Centrepoint Trust REIT		165,500		268
Mapletree Industrial Trust REIT		82,200		143
				661
Spain (0.7%)
Merlin Properties Socimi SA REIT		23,783		256
Sweden (1.4%)
Castellum AB (b)		26,453		348
Pandox AB		10,869		182
				530
Switzerland (0.4%)
PSP Swiss Property AG (Registered)		1,119		147
United Kingdom (4.4%)
Hammerson PLC REIT		341,066		129
Impact Healthcare PLC REIT		120,375		128
LondonMetric Property PLC REIT		80,262		206
Segro PLC REIT		57,828		659
Sirius Real Estate Ltd. REIT		133,538		165
UNITE Group PLC REIT		21,296		263
Workspace Group PLC REIT		22,016		143
				1,693
United States (61.9%)
Agree Realty Corp. REIT		8,232		470
Alexandria Real Estate Equities, Inc. REIT		4,881		629
American Homes 4 Rent, Class A REIT		28,457		1,047
American Tower Corp. REIT		935		185
Americold Realty Trust, Inc. REIT		13,384		334
AvalonBay Communities, Inc. REIT		6,689		1,241
CareTrust REIT, Inc.		20,642		503
Digital Realty Trust, Inc. REIT		10,072		1,451
EastGroup Properties, Inc. REIT		2,432		437
Equinix, Inc. REIT		2,916		2,407
Essential Properties Realty Trust, Inc. REIT		10,219		272
Essex Property Trust, Inc. REIT		2,703		662
Extra Space Storage, Inc. REIT		2,322		341
Federal Realty Investment Trust REIT		4,606		470
Hilton Worldwide Holdings, Inc.		1,845		394
Iron Mountain, Inc. REIT		7,203		578
Kilroy Realty Corp. REIT		5,154		188
Kimco Realty Corp. REIT		21,764		427
Kite Realty Group Trust REIT		12,800		277
Lamar Advertising Co., Class A REIT		1,668		199
Mid-America Apartment Communities, Inc. REIT		5,518		726
Prologis, Inc. REIT		16,969		2,210
Public Storage REIT		4,500		1,305
Realty Income Corp. REIT		12,499		676
Rexford Industrial Realty, Inc. REIT		12,860		647
Ryman Hospitality Properties, Inc. REIT		4,045		468
Simon Property Group, Inc. REIT		8,195		1,282
Sun Communities, Inc. REIT		4,741		610
Urban Edge Properties REIT		13,804		238
VICI Properties, Inc. REIT		30,085		896
Welltower, Inc. REIT		25,494		2,382
				23,952
Total Common Stocks (Cost $32,184)				38,479

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments (cont’d)

Global Real Estate Portfolio

	Shares		Value (000)
Short-Term Investment (0.9%)
Investment Company (0.9%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 5.16% (c) (Cost $368)		368,178	$	368
Total Investments (100.4%) (Cost $32,552) (d)(e)(f)				38,847
Liabilities in Excess of Other Assets (–0.4%)				(161	)
Net Assets (100.0%)			$	38,686

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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $13,400,000 and 34.6%, 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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,295,000 and the aggregate gross unrealized depreciation is approximately $1,000,000, resulting in net unrealized appreciation of approximately $6,295,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Residential		16.5	%
Other*		16.2
Diversified		15.5
Retail		14.1
Industrial		13.3
Data Centers		9.9
Health Care		9.1
Self Storage		5.4
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

Global Sustain Portfolio

	Shares		Value (000)
Common Stocks (98.8%)
Canada (3.2%)
Constellation Software, Inc.		1,292	$	3,529
France (1.4%)
L’Oreal SA		3,220		1,525
Germany (7.7%)
Deutsche Boerse AG		9,409		1,927
SAP SE		33,471		6,517
				8,444
Hong Kong (1.9%)
AIA Group Ltd.		316,400		2,128
Netherlands (0.9%)
Universal Music Group NV		31,084		934
Sweden (1.3%)
Atlas Copco AB, Class A		86,031		1,453
Taiwan (2.3%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		18,591		2,530
United Kingdom (7.4%)
Experian PLC		29,358		1,279
Haleon PLC		204,932		859
Reckitt Benckiser Group PLC		43,990		2,508
RELX PLC (LSE)		82,161		3,543
				8,189
United States (72.7%)
Abbott Laboratories		27,039		3,073
Accenture PLC, Class A		14,718		5,101
Alphabet, Inc., Class A (a)		22,355		3,374
Aon PLC, Class A		10,914		3,642
Arthur J Gallagher & Co.		8,398		2,100
Automatic Data Processing, Inc.		10,078		2,517
Becton Dickinson & Co.		13,920		3,445
Broadridge Financial Solutions, Inc.		8,769		1,796
CDW Corp.		8,124		2,078
Coca-Cola Co.		48,753		2,983
Danaher Corp.		9,967		2,489
Equifax, Inc.		8,253		2,208
FactSet Research Systems, Inc.		1,628		740
Hologic, Inc. (a)		6,953		542
Intercontinental Exchange, Inc.		29,554		4,062
IQVIA Holdings, Inc. (a)		14,731		3,725
Jack Henry & Associates, Inc.		3,439		597
Microsoft Corp.		16,757		7,050
Moody’s Corp.		2,380		935
Otis Worldwide Corp.		17,444		1,732
Procter & Gamble Co.		20,188		3,276
Revvity, Inc.		18,927		1,987
Roper Technologies, Inc.		4,244		2,380
Steris PLC		5,735		1,289
Texas Instruments, Inc.		15,658		2,728
Thermo Fisher Scientific, Inc.		6,587		3,828
UnitedHealth Group, Inc.		7,245		3,584
Veralto Corp.		4,350		386
Visa, Inc., Class A		20,427		5,701
Zoetis, Inc.		4,567		773
				80,121
Total Common Stocks (Cost $81,010)				108,853

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

	Shares
Short-Term Investment (1.2%)
Investment Company (1.2%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $1,385)		1,385,185		1,385
Total Investments (100.0%) (Cost $82,395) (c)(d)(e)				110,238
Liabilities in Excess of Other Assets (–0.0%)‡				(49	)
Net Assets (100.0%)			$	110,189

‡	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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund.
(c)	The approximate fair value and percentage of net assets, $22,673,000 and 20.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(d)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $29,391,000 and the aggregate gross unrealized depreciation is approximately $1,548,000, resulting in net unrealized appreciation of approximately $27,843,000.
ADR	American Depositary Receipt.
LSE	London Stock Exchange.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		28.5	%
Software		17.7
Life Sciences Tools & Services		10.9
Professional Services		10.2
Health Care Equipment & Supplies		7.6
Insurance		7.1
Capital Markets		7.0
Financial Services		5.7
Household Products		5.3
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments

Growth Portfolio

	Shares		Value (000)
Common Stocks (87.4%)
Automobiles (4.7%)
Rivian Automotive, Inc., Class A (a)		554,580	$	6,073
Tesla, Inc. (a)		1,456,332		256,008
				262,081
Biotechnology (0.9%)
Intellia Therapeutics, Inc. (a)		176,141		4,846
Moderna, Inc. (a)		45,229		4,819
ProKidney Corp. (a)(b)		2,368,537		3,884
Roivant Sciences Ltd. (a)		3,789,733		39,944
				53,493
Broadline Retail (3.8%)
Global-e Online Ltd. (Israel) (a)		2,390,744		86,904
MercadoLibre, Inc. (a)		83,525		126,286
				213,190
Capital Markets (1.7%)
Coinbase Global, Inc., Class A (a)		281,641		74,669
Intercontinental Exchange, Inc.		153,356		21,031
				95,700
Chemicals (0.2%)
Ginkgo Bioworks Holdings, Inc. (a)(b)		10,806,276		12,535
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 (4.2%)
ROBLOX Corp., Class A (a)		6,122,770		233,767
Financial Services (7.8%)
Adyen NV (Netherlands) (a)		115,206		194,599
Affirm Holdings, Inc. (a)		6,472,863		241,179
				435,778
Ground Transportation (6.9%)
Uber Technologies, Inc. (a)		5,022,008		386,644
Health Care Providers & Services (0.9%)
Agilon Health, Inc. (a)		8,051,980		49,117
Health Care Technology (0.5%)
Doximity, Inc., Class A (a)		1,085,238		29,204
Hotels, Restaurants & Leisure (12.8%)
Airbnb, Inc., Class A (a)		1,571,285		259,199
DoorDash, Inc., Class A (a)		3,347,467		461,013
				720,212
Information Technology Services (20.2%)
Cloudflare, Inc., Class A (a)		5,186,042		502,165
Shopify, Inc., Class A (Canada) (a)		4,492,679		346,700
Snowflake, Inc., Class A (a)		1,775,417		286,907
				1,135,772
Leisure Products (0.3%)
Peloton Interactive, Inc., Class A (a)		4,641,832		19,890
Life Sciences Tools & Services (0.4%)
10X Genomics, Inc., Class A (a)		538,917		20,226
Media (6.0%)
Trade Desk, Inc., Class A (a)		3,829,283		334,756
Pharmaceuticals (4.0%)
Royalty Pharma PLC, Class A		7,427,443		225,572
Software (7.2%)
Aurora Innovation, Inc. (a)		12,762,232		35,990
Bill Holdings, Inc. (a)		1,298,473		89,231
MicroStrategy, Inc., Class A (a)		119,130		203,064
Samsara, Inc., Class A (a)		2,002,312		75,667
				403,952
Specialty Retail (4.9%)
Carvana Co. (a)		3,144,166		276,404
Total Common Stocks (Cost $3,776,822)				4,908,293
Preferred Stocks (2.6%)
Financial Services (0.3%)
Stripe, Inc., Series I (a)(c)(d) (acquisition cost — $12,876; acquired 3/17/23)		639,525		16,628
Software (2.3%)
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $136,746; acquired 8/31/21)		1,860,888		131,546
Total Preferred Stocks (Cost $149,622)				148,174
Investment Company (2.6%)
Grayscale Bitcoin Trust (a) (Cost $69,046)		2,331,240		147,264
Short-Term Investments (8.2%)
Investment Company (7.9%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) (Cost $445,718)		445,718,180		445,718
Securities held as Collateral on Loaned Securities (0.3%)
Investment Company (0.2%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e)		14,032,991		14,033

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Growth Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (0.1%)
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $1,080; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $1,101)	$	1,080	$	1,080
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $520; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $529)		519		519
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $1,944; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $1,983)		1,943		1,943
				3,542
Total Securities held as Collateral on Loaned Securities (Cost $17,575)				17,575
Total Short-Term Investments (Cost $463,293)				463,293
Total Investments Excluding Purchased Options (100.8%) (Cost $4,458,783)				5,667,024
Total Purchased Options Outstanding (0.2%) (Cost $19,135)				8,982
Total Investments (101.0%) (Cost $4,477,918) Including $16,399 of Securities Loaned (f)(g)(h)(i)				5,676,006
Liabilities in Excess of Other Assets (–1.0%)				(58,831	)
Net Assets (100.0%)			$	5,617,175

(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $16,399,000 and $17,630,000 respectively. The Fund received cash collateral of approximately $17,575,000, 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 $55,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2024 amounts to approximately $148,174,000 and represents 2.6% of net assets.
(d)	At March 31, 2024, the Fund held fair valued securities at approximately $148,174,000, representing 2.6% of net assets. These securities have been fair valued using significant unobservable inputs 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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $135,000 relating to the Fund’s investment in the Liquidity Fund.
(f)	The approximate fair value and percentage of net assets, $194,599,000 and 3.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(h)	Securities are available for collateral in connection with purchased options.
(i)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,796,818,000 and the aggregate gross unrealized depreciation is approximately $598,730,000, resulting in net unrealized appreciation of approximately $1,198,088,000.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Growth Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2024:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24		1,232,952,555	$	1,232,953	$	313	$	5,216	$	(4,903	)
Goldman Sachs International	USD/CNH	CNH	7.68	Jan–25		1,367,722,139		1,367,722		4,816		5,175		(359	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25		794,067,491		794,067		3,102		3,371		(269	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24		1,297,584,118		1,297,584		751		5,373		(4,622	)
									$	8,982	$	19,135	$	(10,153	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition*  

Classification	Percentage of Total Investments
Other**		29.0	%
Information Technology Services		20.1
Hotels, Restaurants & Leisure		12.8
Software		9.5
Financial Services		8.0
Short-Term Investments		7.9
Ground Transportation		6.8
Media		5.9
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments

Inception Portfolio

	Shares		Value (000)
Common Stocks (94.5%)
Biotechnology (3.8%)
Altimmune, Inc. (a)		183,600	$	1,869
Arbutus Biopharma Corp. (a)		730,625		1,885
Beam Therapeutics, Inc. (a)		43,520		1,438
Intellia Therapeutics, Inc. (a)		61,734		1,698
ProKidney Corp. (a)(b)		232,330		381
Recursion Pharmaceuticals, Inc., Class A (a)(b)		74,570		743
Roivant Sciences Ltd. (a)		614,357		6,475
Viking Therapeutics, Inc. (a)		11,777		966
XOMA Corp. (a)(b)		20,112		484
				15,939
Broadline Retail (5.5%)
Global-e Online Ltd. (Israel) (a)		638,405		23,206
Chemicals (0.4%)
Ginkgo Bioworks Holdings, Inc. (a)(b)		1,361,764		1,580
Consumer Staples Distribution & Retail (4.6%)
Maplebear, Inc. (a)		522,465		19,483
Diversified Consumer Services (0.3%)
Duolingo, Inc. (a)		5,629		1,242
Financial Services (6.1%)
Affirm Holdings, Inc. (a)		691,110		25,751
Ground Transportation (1.5%)
Grab Holdings Ltd., Class A (Singapore) (a)		2,011,911		6,317
Health Care Equipment & Supplies (0.3%)
Inspire Medical Systems, Inc. (a)		5,918		1,271
Outset Medical, Inc. (a)		84,778		188
				1,459
Health Care Providers & Services (3.4%)
Agilon Health, Inc. (a)		2,183,228		13,318
Privia Health Group, Inc. (a)		46,941		919
				14,237
Health Care Technology (2.6%)
Doximity, Inc., Class A (a)		372,231		10,017
Schrodinger, Inc. (a)		32,163		868
				10,885
Hotels, Restaurants & Leisure (0.1%)
Cava Group, Inc. (a)		7,860		551
Household Durables (1.4%)
Victoria PLC (United Kingdom) (a)		1,722,070		5,753
Information Technology Services (11.6%)
Cloudflare, Inc., Class A (a)		400,605		38,790
Fastly, Inc., Class A (a)		789,379		10,238
				49,028
Leisure Products (3.5%)
Peloton Interactive, Inc., Class A (a)		3,450,786		14,787
Life Sciences Tools & Services (4.8%)
10X Genomics, Inc., Class A (a)		259,427		9,737
MaxCyte, Inc. (a)		1,040,149		4,358
Standard BioTools, Inc. (a)		2,275,282		6,166
				20,261
Media (1.1%)
Cardlytics, Inc. (a)		320,348		4,642
Metals & Mining (0.1%)
MP Materials Corp. (a)(b)		45,168		646
Passenger Airlines (0.4%)
Joby Aviation, Inc. (a)		339,739		1,821
Personal Care Products (1.0%)
Oddity Tech Ltd., Class A (Israel) (a)(b)		97,456		4,234
Pharmaceuticals (0.5%)
ATAI Life Sciences NV (a)(b)		552,374		1,088
GH Research PLC (a)(b)		93,867		1,001
				2,089
Real Estate Management & Development (1.0%)
Opendoor Technologies, Inc. (a)		667,437		2,022
Redfin Corp. (a)		314,705		2,093
				4,115
Software (24.1%)
Aurora Innovation, Inc. (a)		1,918,313		5,410
Bill Holdings, Inc. (a)		225,303		15,483
Confluent, Inc., Class A (a)		63,419		1,935
Gitlab, Inc., Class A (a)		107,395		6,263
MicroStrategy, Inc., Class A (a)		12,366		21,078
Procore Technologies, Inc. (a)		239,744		19,700
Samsara, Inc., Class A (a)		815,049		30,801
SilverSun Technologies, Inc.		80,192		1,058
				101,728
Specialty Retail (10.1%)
Carvana Co. (a)		402,618		35,394
RH (a)		7,556		2,631
Wayfair, Inc., Class A (a)		67,129		4,557
				42,582
Tech Hardware, Storage & Peripherals (0.5%)
IonQ, Inc. (a)(b)		215,409		2,152
Textiles, Apparel & Luxury Goods (5.8%)
Figs, Inc., Class A (a)		425,520		2,119
On Holding AG, Class A (Switzerland) (a)		631,550		22,344
				24,463
Total Common Stocks (Cost $325,122)				398,951
Preferred Stocks (2.0%)
Health Care Technology (1.2%)
Grand Rounds, Inc., Series B (a)(c)(d) (acquisition cost — $3,362; acquired 7/03/14)		3,269,139		5,198
Software (0.8%)
Lookout, Inc., Series F (a)(c)(d) (acquisition cost — $13,476; acquired 6/17/14)		1,179,743		3,209
Total Preferred Stocks (Cost $16,838)				8,407
Investment Company (2.6%)
Grayscale Bitcoin Trust (a) (Cost $3,459)		174,761		11,039

	No. of Warrants
Warrants (0.0%)
Life Sciences Tools & Services (0.0%)
SomaLogic, Inc. expires 8/31/26 (a) (Cost $203)		61,142	—

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Inception Portfolio

	Shares		Value (000)
Short-Term Investments (2.4%)
Investment Company (0.5%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) (Cost $2,104)		2,103,599	$	2,104
Securities held as Collateral on Loaned Securities (1.9%)
Investment Company (1.5%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e)		6,536,967		6,537

	Face Amount (000)
Repurchase Agreements (0.4%)
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $503; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $513)	$	503		503
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $242; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $246)		242		242
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $906; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $924)		905		905
				1,650
Total Securities held as Collateral on Loaned Securities (Cost $8,187)				8,187
Total Short-Term Investments (Cost $10,291)				10,291
Total Investments Excluding Purchased Options (101.5%) (Cost $355,913)				428,688
Total Purchased Options Outstanding (0.2%) (Cost $1,740)				885
Total Investments (101.7%) (Cost $357,653) Including $8,120 of Securities Loaned (f)(g)(h)				429,573
Liabilities in Excess of Other Assets (–1.7%)				(7,322	)
Net Assets (100.0%)			$	422,251

(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $8,120,000 and $8,313,000 respectively. The Fund received cash collateral of approximately $8,187,000, 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 $126,000 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 March 31, 2024 amounts to approximately $8,407,000 and represents 2.0% of net assets.
(d)	At March 31, 2024, the Fund held fair valued securities valued at $8,407,000, representing 2.0% of net assets. These securities have been fair valued using significant unobservable inputs 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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $6,000 relating to the Fund’s investment in the Liquidity Fund.
(f)	The approximate fair value and percentage of net assets, $5,753,000 and 1.4%, 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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(h)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $136,702,000 and the aggregate gross unrealized depreciation is approximately $64,782,000, resulting in net unrealized appreciation of approximately $71,920,000.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Inception Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2024:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24		90,850,215	$	90,850	$	23	$	384	$	(361	)
Goldman Sachs International	USD/CNH	CNH	7.68	Jan–25		111,519,585		111,520		393		422		(29	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25		102,122,764		102,123		399		433		(35	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24		120,919,525		120,920		70		501		(431	)
									$	885	$	1,740	$	(856	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition*
Classification	Percentage of Total Investments
Other**		35.8	%
Software		25.0
Information Technology Services		11.7
Specialty Retail		10.1
Financial Services		6.1
Textiles, Apparel & Luxury Goods		5.8
Broadline Retail		5.5
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments

International Advantage Portfolio

	Shares		Value (000)
Common Stocks (96.4%)
Canada (14.0%)
Brookfield Corp.		2,307,333	$	96,608
Brookfield Infrastructure Partners LP		2,014,354		62,868
Canada Goose Holdings, Inc. (a)(b)(c)		3,947,166		47,603
Canadian Pacific Kansas City Ltd. (b)		1,459,093		128,648
Shopify, Inc., Class A (c)		1,596,713		123,218
				458,945
Denmark (8.6%)
DSV AS		1,385,816		225,271
Novo Nordisk AS, Class B		435,173		55,821
				281,092
France (12.7%)
Hermes International		113,330		289,646
L’Oreal SA		104,818		49,639
LVMH Moet Hennessy Louis Vuitton SE		87,589		78,812
				418,097
Hong Kong (1.9%)
AIA Group Ltd.		9,136,900		61,460
India (6.9%)
HDFC Bank Ltd.		4,841,838		84,430
ICICI Bank Ltd. ADR		3,577,557		94,483
Titan Co. Ltd.		1,080,910		49,411
				228,324
Italy (8.5%)
Davide Campari-Milano NV		4,232,030		42,532
Moncler SpA		3,178,708		237,197
				279,729
Japan (5.0%)
Keyence Corp.		353,200		163,977
Netherlands (10.1%)
Adyen NV (c)		73,011		123,325
ASML Holding NV		214,199		207,658
				330,983
Sweden (3.1%)
Evolution AB		808,142		100,374
Switzerland (7.5%)
Chocoladefabriken Lindt & Spruengli AG (Registered)		447		53,926
Cie Financiere Richemont SA, Class A (Registered)		260,594		39,673
Straumann Holding AG (Registered)		959,091		153,030
				246,629
Taiwan (4.0%)
Taiwan Semiconductor Manufacturing Co. Ltd.		5,507,000		131,927
United Kingdom (4.4%)
London Stock Exchange Group PLC		721,798		86,366
Rightmove PLC		8,344,313		57,836
				144,202
United States (9.7%)
Birkenstock Holding PLC (b)(c)		1,020,864		48,236
MercadoLibre, Inc. (c)		100,585		152,081
Spotify Technology SA (c)		454,416		119,920
				320,237
Total Common Stocks (Cost $2,294,624)				3,165,976
Short-Term Investments (4.8%)
Investment Company (3.7%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (d) (Cost $121,750)		121,749,893		121,750
Securities held as Collateral on Loaned Securities (1.1%)
Investment Company (0.9%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (d)		30,554,693		30,555

	Face Amount (000)
Repurchase Agreements (0.2%)
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $2,352; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $2,397)	$	2,350		2,350
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $1,132; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $1,152)		1,131		1,131
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $4,233; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $4,317)		4,231		4,231
				7,712
Total Securities held as Collateral on Loaned Securities (Cost $38,267)				38,267
Total Short-Term Investments (Cost $160,017)				160,017
Total Investments (101.2%) (Cost $2,454,641) Including $52,394 of Securities Loaned (e)(f)(g)				3,325,993
Liabilities in Excess of Other Assets (–1.2%)				(40,814	)
Net Assets (100.0%)			$	3,285,179

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

International Advantage 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)	For the three months ended March 31, 2024, 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, was approximately $459,000, including net realized loss of approximately $545,000.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $52,394,000 and $52,784,000 respectively. The Fund received cash collateral of approximately $38,267,000, 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 $14,517,000 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)	Non-income producing security.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $39,000 relating to the Fund’s investment in the Liquidity Fund.
(e)	The approximate fair value and percentage of net assets, $2,292,311,000 and 69.8%, 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.
(f)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(g)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $977,275,000 and the aggregate gross unrealized depreciation is approximately $105,923,000, resulting in net unrealized appreciation of approximately $871,352,000.
ADR	American Depositary Receipt.

Portfolio Composition*
Classification	Percentage of Total Investments
Other**		42.8	%
Textiles, Apparel & Luxury Goods		24.0
Semiconductors & Semiconductor Equipment		10.3
Air Freight & Logistics		6.9
Capital Markets		5.6
Banks		5.4
Electronic Equipment, Instruments & Components		5.0
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

International Equity Portfolio

	Shares		Value (000)
Common Stocks (98.1%)
Australia (1.1%)
Aristocrat Leisure Ltd.		535,901	$	15,006
Belgium (1.5%)
KBC Group NV		268,465		20,127
Canada (6.6%)
Barrick Gold Corp. (LSE)		2,048,325		34,069
Constellation Software, Inc.		14,784		40,383
Tourmaline Oil Corp.		295,268		13,805
				88,257
China (0.6%)
Tsingtao Brewery Co. Ltd., Class H (a)		1,130,000		7,777
Denmark (4.1%)
Carlsberg AS Series B		238,179		32,618
Tryg AS		1,054,758		21,743
				54,361
Finland (2.0%)
Kone OYJ, Class B		561,234		26,146
France (11.4%)
AXA SA		347,164		13,038
Legrand SA		277,758		29,414
L’Oreal SA		30,994		14,678
LVMH Moet Hennessy Louis Vuitton SE		24,096		21,681
Pernod Ricard SA		131,600		21,304
Safran SA		134,146		30,380
Sanofi SA		217,338		21,144
				151,639
Germany (13.6%)
Deutsche Boerse AG		110,972		22,726
Deutsche Post AG (Registered)		468,269		20,181
Infineon Technologies AG		769,481		26,167
Knorr-Bremse AG		232,830		17,610
Merck KGaA		76,774		13,538
QIAGEN NV (b)		761,952		32,564
SAP SE		245,980		47,897
				180,683
Hong Kong (1.7%)
AIA Group Ltd. (a)		3,413,000		22,958
Italy (2.8%)
Davide Campari-Milano NV		1,105,429		11,110
Moncler SpA		349,253		26,061
				37,171
Japan (3.9%)
Hoya Corp.		116,400		14,558
Keyence Corp.		16,100		7,475
Kyocera Corp.		878,600		11,783
SMC Corp.		18,100		10,211
Sony Group Corp.		101,000		8,671
				52,698
Korea, Republic of (2.2%)
Samsung Electronics Co. Ltd.		487,798		29,315
Netherlands (4.8%)
Heineken NV		352,234		33,958
Universal Music Group NV		980,862		29,475
				63,433
Singapore (1.7%)
DBS Group Holdings Ltd.		866,100		23,114
Sweden (6.3%)
Atlas Copco AB, Class A		975,393		16,473
Boliden AB		322,685		8,960
Epiroc AB, Class A		821,702		15,426
Evolution AB		128,107		15,911
Hexagon AB, Class B		2,200,088		26,007
Svenska Handelsbanken AB, Class A		64,465		652
				83,429
Switzerland (4.1%)
Alcon, Inc.		97,359		8,052
Novartis AG (Registered)		147,412		14,278
Roche Holding AG (Genusschein)		90,134		23,013
UBS Group AG (Registered) (b)		319,242		9,830
				55,173
Taiwan (1.7%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		169,069		23,002
United Kingdom (28.0%)
Anglo American PLC		680,104		16,760
Associated British Foods PLC		576,928		18,203
AstraZeneca PLC		248,968		33,447
BP PLC		4,886,144		30,653
British American Tobacco PLC		699,921		21,243
Experian PLC		395,363		17,227
Haleon PLC		6,640,359		27,828
Halma PLC		837,419		25,006
Hiscox Ltd.		1,468,856		23,011
Legal & General Group PLC		1,803,881		5,795
NatWest Group PLC		6,450,307		21,604
Prudential PLC		1,656,078		15,532
Reckitt Benckiser Group PLC		410,097		23,378
RELX PLC (Euronext NV)		439,857		19,053
RELX PLC (LSE)		387,696		16,720
Rightmove PLC		2,325,803		16,121
Shell PLC		1,120,908		37,191
St. James’s Place PLC		628,377		3,686
				372,458
Total Common Stocks (Cost $947,463)				1,306,747

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments (cont’d)

International Equity Portfolio

	Shares		Value (000)
Short-Term Investment (1.6%)
Investment Company (1.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (c) (Cost $21,281)		21,280,902	$	21,281
Total Investments (99.7%) (Cost $968,744) (d)(e)(f)				1,328,028
Other Assets in Excess of Liabilities (0.3%)				4,174
Net Assets (100.0%)			$	1,332,202

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

(a)	Security trades on the Hong Kong exchange.
(b)	Non-income producing security.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $10,000 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $1,195,488,000 and 89.7%, 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.
(e)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $369,550,000 and the aggregate gross unrealized depreciation is approximately $10,266,000, resulting in net unrealized appreciation of approximately $359,284,000.
ADR	American Depositary Receipt.
Euronext NV	Euronext Amsterdam Stock Market.
LSE	London Stock Exchange.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		51.8	%
Beverages		8.1
Pharmaceuticals		7.9
Insurance		7.6
Software		6.6
Machinery		6.5
Oil, Gas & Consumable Fuels		6.1
Electronic Equipment, Instruments & Components		5.4
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments

International Opportunity Portfolio

	Shares		Value (000)
Common Stocks (98.4%)
Argentina (1.2%)
Globant SA (a)		60,122	$	12,139
Brazil (4.0%)
NU Holdings Ltd., Class A (a)		3,427,693		40,892
Canada (6.6%)
Canada Goose Holdings, Inc. (a)(b)		582,425		7,024
Canadian Pacific Kansas City Ltd.		180,275		15,895
Shopify, Inc., Class A (a)		575,555		44,415
				67,334
China (12.1%)
Kweichow Moutai Co. Ltd., Class A		108,631		25,607
Meituan, Class B (a)(c)		3,551,520		43,840
Tencent Holdings Ltd. (c)		333,200		12,978
Trip.com Group Ltd. ADR (a)		945,231		41,486
				123,911
Denmark (5.6%)
DSV AS		355,986		57,867
France (5.1%)
Hermes International		20,544		52,506
India (11.5%)
Axis Bank Ltd.		1,394,681		17,578
HDFC Bank Ltd.		2,044,722		35,655
ICICI Bank Ltd. ADR		1,579,038		41,702
Titan Co. Ltd.		507,415		23,195
				118,130
Italy (5.2%)
Moncler SpA		717,765		53,560
Japan (5.2%)
Keyence Corp.		69,100		32,080
Sanrio Co. Ltd.		1,083,600		20,853
				52,933
Korea, Republic of (8.6%)
Coupang, Inc. (a)		2,662,038		47,358
KakaoBank Corp.		1,167,589		24,386
NAVER Corp.		121,445		16,872
				88,616
Netherlands (6.8%)
Adyen NV (a)		21,194		35,799
ASML Holding NV		34,756		33,695
				69,494
Singapore (2.1%)
Grab Holdings Ltd., Class A (a)		6,834,892		21,462
Sweden (3.3%)
Evolution AB		238,961		29,680
Vitrolife AB		200,213		3,758
				33,438
Switzerland (3.7%)
On Holding AG, Class A (a)		1,068,933		37,819
Taiwan (2.9%)
Taiwan Semiconductor Manufacturing Co. Ltd.		1,225,000		29,346
United Kingdom (2.2%)
Deliveroo PLC (a)		5,411,303		8,086
London Stock Exchange Group PLC		125,775		15,050
				23,136
United States (12.3%)
Birkenstock Holding PLC (a)		276,605		13,070
MercadoLibre, Inc. (a)		45,640		69,006
Spotify Technology SA (a)		165,973		43,800
				125,876
Total Common Stocks (Cost $736,350)				1,008,459
Short-Term Investments (1.5%)
Investment Company (0.9%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (d) (Cost $8,797)		8,796,639		8,797
Securities held as Collateral on Loaned Securities (0.6%)
Investment Company (0.5%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (d) (Cost $4,775)		4,775,193		4,775

	Face Amount (000)
Repurchase Agreements (0.1%)
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $367; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $375)	$	367		367
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $177; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $180)		177		177
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $661; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $675)		661		661
				1,205
Total Securities held as Collateral on Loaned Securities (Cost $5,980)				5,980
Total Short-Term Investments (Cost $14,777)				14,777
Total Investments (99.9%) (Cost $751,127) Including $7,100 of Securities Loaned (e)(f)(g)				1,023,236
Other Assets in Excess of Liabilities (0.1%)				1,428
Net Assets (100.0%)			$	1,024,664

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (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 March 31, 2024, were approximately $7,100,000 and $7,065,000 respectively. The Fund received cash collateral of approximately $5,980,000, 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 $1,085,000 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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $6,000 relating to the Fund’s investment in the Liquidity Fund.
(e)	The approximate fair value and percentage of net assets, $572,391,000 and 55.9%, 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.
(f)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(g)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $338,804,000 and the aggregate gross unrealized depreciation is approximately $66,695,000, resulting in net unrealized appreciation of approximately $272,109,000.
ADR	American Depositary Receipt.

Portfolio Composition*
Classification	Percentage of Total Investments
Other**		24.9	%
Textiles, Apparel & Luxury Goods		18.4
Banks		15.7
Hotels, Restaurants & Leisure		12.1
Broadline Retail		11.4
Semiconductors & Semiconductor Equipment		6.2
Air Freight & Logistics		5.7
Information Technology Services		5.6
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

International Resilience Portfolio

	Shares		Value (000)
Common Stocks (95.7%)
Australia (1.5%)
Aristocrat Leisure Ltd.		973	$	27
Canada (3.8%)
Constellation Software, Inc.		24		66
Denmark (2.8%)
Carlsberg AS Series B		361		49
Finland (2.2%)
Kone OYJ, Class B		813		38
France (11.7%)
Legrand SA		482		51
L’Oreal SA		112		53
LVMH Moet Hennessy Louis Vuitton SE		40		36
Pernod Ricard SA		277		45
Sanofi SA		219		21
				206
Germany (15.8%)
Deutsche Boerse AG		300		62
Infineon Technologies AG		1,123		38
Merck KGaA		165		29
QIAGEN NV (a)		1,242		53
SAP SE		493		96
				278
Hong Kong (2.2%)
AIA Group Ltd.		5,600		38
Italy (4.0%)
Davide Campari-Milano NV		2,255		23
Moncler SpA		636		47
				70
Japan (4.8%)
Hoya Corp.		300		38
Keyence Corp.		100		46
				84
Netherlands (5.7%)
Heineken NV		486		47
Universal Music Group NV		1,788		54
				101
Sweden (7.4%)
Atlas Copco AB, Class A		2,691		45
Epiroc AB, Class A		1,482		28
Hexagon AB, Class B		4,807		57
				130
Switzerland (3.3%)
Alcon, Inc.		350		29
Roche Holding AG (Genusschein)		115		29
				58
Taiwan (2.4%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		305		42
United Kingdom (19.5%)
AstraZeneca PLC		365		49
Experian PLC		1,146		50
Haleon PLC		12,634		53
Halma PLC		1,579		47
Reckitt Benckiser Group PLC		696		39
RELX PLC (LSE)		1,595		69
Rightmove PLC		5,041		35
				342
United States (8.6%)
Danaher Corp.		113		28
Procter & Gamble Co.		222		36
Thermo Fisher Scientific, Inc.		69		40
Visa, Inc., Class A		172		48
				152
Total Common Stocks (Cost $1,451)				1,681

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

	Shares
Short-Term Investment (0.8%)
Investment Company (0.8%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $13)		12,945		13
Total Investments (96.5%) (Cost $1,464) (c)(d)(e)				1,694
Other Assets in Excess of Liabilities (3.5%)				62
Net Assets (100.0%)			$	1,756

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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(c)	The approximate fair value and percentage of net assets, $1,421,000 and 81.0%, 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.
(d)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $282,000 and the aggregate gross unrealized depreciation is approximately $52,000, resulting in net unrealized appreciation of approximately $230,000.
ADR	American Depositary Receipt.
LSE	London Stock Exchange.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		37.3	%
Beverages		9.7
Software		9.6
Electronic Equipment, Instruments & Components		8.9
Pharmaceuticals		7.6
Life Sciences Tools & Services		7.1
Professional Services		7.0
Machinery		6.5
Personal Care Products		6.3
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments

Multi-Asset Real Return Portfolio

	Shares		Value (000)
Common Stocks (3.7%)
Austria (0.0%)‡
OMV AG		83	$	4
Finland (0.0%)‡
Neste OYJ		241		7
France (0.4%)
TotalEnergies SE		1,415		97
Italy (0.1%)
Eni SpA		1,425		23
Tenaris SA		269		5
				28
Norway (0.1%)
Aker BP ASA		181		4
Equinor ASA		545		15
				19
Portugal (0.0%)‡
Galp Energia SGPS SA		285		5
Spain (0.1%)
Repsol SA		786		13
United Kingdom (0.8%)
BP PLC		10,340		65
Shell PLC		4,026		133
				198
United States (2.2%)
APA Corp.		87		3
Baker Hughes Co.		278		9
Cheniere Energy, Inc.		63		10
Chesapeake Energy Corp.		33		3
Chevron Corp.		507		80
ConocoPhillips		340		43
Coterra Energy, Inc.		220		6
Devon Energy Corp.		168		8
Diamondback Energy, Inc.		46		9
EOG Resources, Inc.		160		21
EQT Corp.		93		3
Exxon Mobil Corp.		1,130		131
Halliburton Co.		245		10
Hess Corp.		75		11
HF Sinclair Corp.		42		3
Kinder Morgan, Inc.		562		10
Marathon Oil Corp.		172		5
Marathon Petroleum Corp.		127		26
Occidental Petroleum Corp.		201		13
ONEOK, Inc.		124		10
Ovintiv, Inc.		67		4
Phillips 66		129		21
Pioneer Natural Resources Co.		64		17
Schlumberger NV		389		21
Targa Resources Corp.		59		7
Texas Pacific Land Corp.		6		4
Valero Energy Corp.		104		18
Williams Cos., Inc.		337		13
				519
Total Common Stocks (Cost $760)				890

	Face Amount (000)
U.S. Treasury Securities(60.3%)
United States (60.3%)
U.S. Treasury Bill, 5.57%, 4/25/24 (a)	$	13,729	13,681
U.S. Treasury Inflation-Indexed Bonds,
0.13%, 4/15/25 - 10/15/26		392	378
0.38%, 7/15/25 - 1/15/27		168	162
0.63%, 1/15/26		82	80
2.00%, 1/15/26		48	48
2.38%, 1/15/27		40	40
Total U.S. Treasury Securities (Cost $14,390)			14,389

	Shares
Short-Term Investment (27.7%)
Investment Company (27.7%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class 5.16% (b) (Cost $6,615)		6,615,335		6,615
Total Investments (91.7%) (Cost $21,765) (c)(d)(e)(f)				21,894
Other Assets in Excess of Liabilities (8.3%)				1,981
Net Assets (100.0%)			$	23,875

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)	Rate shown is the yield to maturity at March 31, 2024.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the “Liquidity Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Liquidity Fund.
(c)	The approximate fair value and percentage of net assets, $371,000 and 1.6%, 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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(e)	Securities are available for collateral in connection with foreign currency forward exchange contracts, futures contracts and swap agreements.
(f)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $507,000 and the aggregate gross unrealized depreciation is approximately $136,000, resulting in net unrealized appreciation of approximately $371,000.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (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 March 31, 2024:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
BNP Paribas SA	GBP	10	$	13	6/20/24	$	—@
Citibank NA	GBP	12	$	16	6/20/24		—@
Goldman Sachs International	$	—@	CHF	—@	6/20/24		(—@	)
Goldman Sachs International	$	16	EUR	15	6/20/24		(—@	)
Goldman Sachs International	$	1	SEK	10	6/20/24		(—@	)
JPMorgan Chase Bank NA	GBP	1	$	1	6/20/24		—@
JPMorgan Chase Bank NA	$	—@	CHF	—@	6/20/24		(—@	)
JPMorgan Chase Bank NA	$	9	JPY	1,361	6/20/24		(—@	)
						$	(—@	)

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2024:

	Number of Contracts	Expiration Date	Notional Amount (000)		Value (000)		Unrealized Appreciation (000)
Long:
ICE Brent Crude Oil Index (United States)	21	Oct-24	$	21	$	1,731	$	128
U.S. Treasury Ultra Long Bond (United States)	76	Jun-24		7,600		9,804		135
							$	263

Centrally Cleared Interest Rate Swap Agreements:

The Fund had the following centrally cleared interest rate swap agreements open at March 31, 2024:

Swap Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Fixed Rate			Payment Frequency Paid/ Received	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
Morgan Stanley & Co. LLC	US CPI All Urban Consumers Index	Receive		2.61	%	Maturity/ Maturity	10/10/53	$	3,968	$	(105	)	$	—	$	(105	)
Morgan Stanley & Co. LLC	US CPI All Urban Consumers Index	Receive		2.45		Maturity/ Maturity	12/18/33		7,073		45			—		45
Morgan Stanley & Co. LLC	US CPI All Urban Consumers Index	Receive		2.43		Maturity/ Maturity	1/9/54		5,432		64			—		64
Morgan Stanley & Co. LLC	US CPI All Urban Consumers Index	Receive		2.35		Maturity/ Maturity	12/18/28		5,881		(25	)		—		(25	)
										$	(21	)	$	—	$	(21	)

@		Value is less than $500.
CHF	—	Swiss Franc
EUR	—	Euro
GBP	—	British Pound
JPY	—	Japanese Yen
SEK	—	Swedish Krona

Portfolio Composition
Classification	Percentage of Total Investments
U.S. Treasury Securities		65.7	%
Short-Term Investments		30.2
Other*		4.1
Total Investments		100.0	%**

*	Industries and/or investment types representing less than 5% of total investments.
**	Does not include open futures contracts with a value of approximately $11,535,000 and total unrealized appreciation of approximately $263,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation less than $500. Also does not include open swap agreements with net unrealized depreciation of approximately $21,000.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited) 

Portfolio of Investments

Next Gen Emerging Markets Portfolio

	Shares		Value (000)
Common Stocks (95.2%)
Argentina (2.1%)
Despegar.com Corp. (a)		57,563	$	689
Bangladesh (4.8%)
BRAC Bank PLC		2,414,947		887
Square Pharmaceuticals PLC		350,814		695
				1,582
Egypt (2.0%)
Commercial International Bank - Egypt (CIB) GDR		413,937		661
Indonesia (15.3%)
Bank Mandiri Persero Tbk. PT		3,333,800		1,517
Champ Resto Indonesia Tbk. PT		4,702,300		326
Cisarua Mountain Dairy Tbk. PT		2,416,600		747
Map Aktif Adiperkasa PT		11,248,300		741
Medikaloka Hermina Tbk. PT		12,943,800		959
Selamat Sempurna Tbk. PT		2,848,600		354
Sumber Alfaria Trijaya Tbk. PT		1,931,700		355
				4,999
Kazakhstan (11.1%)
Halyk Savings Bank of Kazakhstan JSC GDR		48,227		858
Kaspi.KZ JSC ADR		13,090		1,684
NAC Kazatomprom JSC GDR		27,027		1,092
				3,634
Kenya (2.8%)
Safaricom PLC		6,876,711		908
Pakistan (4.3%)
Meezan Bank Ltd.		528,946		402
Systems Ltd.		715,003		999
				1,401
Philippines (9.5%)
Bank of the Philippine Islands		361,410		760
BDO Unibank, Inc.		343,340		943
Century Pacific Food, Inc.		1,959,200		1,394
				3,097
Poland (6.8%)
11 bit studios SA (a)		7,554		1,009
Grupa Kety SA		4,686		892
Text SA		14,501		327
				2,228
Turkey (1.0%)
Logo Yazilim Sanayi Ve Ticaret AS		129,893		315
United Arab Emirates (1.6%)
Emaar Properties PJSC		230,885		512
United Kingdom (1.2%)
TBC Bank Group PLC		10,139		411
United States (9.2%)
EPAM Systems, Inc. (a)		3,491		964
Grid Dynamics Holdings, Inc. (a)		71,862		883
MercadoLibre, Inc. (a)		765		1,157
				3,004
Vietnam (23.5%)
Bank for Foreign Trade of Vietnam JSC (a)		277,257		1,070
Binh Minh Plastics JSC		125,800		573
FPT Corp.		598,530		3,025
Mobile World Investment Corp.		370,288		762
Phu Nhuan Jewelry JSC		310,400		1,309
Vietnam Dairy Products JSC		346,092		945
				7,684
Total Common Stocks (Cost $24,596)				31,125
Short-Term Investment (4.0%)
Investment Company (4.0%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (b) (Cost $1,316)		1,316,198		1,316
Total Investments (99.2%) (Cost $25,912) (c)(d)(e)				32,441
Other Assets in Excess of Liabilities (0.8%)				258
Net Assets (100.0%)			$	32,699

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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(c)	The approximate fair value and percentage of net assets, $25,748,000 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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,821,000 and the aggregate gross unrealized depreciation is approximately $1,292,000, resulting in net unrealized appreciation of approximately $6,529,000.
ADR	American Depositary Receipt.
GDR	Global Depositary Receipt.
PJSC	Public Joint Stock Company.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		44.2	%
Banks		23.0
Information Technology Services		18.1
Food Products		9.5
Consumer Finance		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited) 

Portfolio of Investments

Passport Overseas Equity Portfolio

	Shares		Value (000)
Common Stocks (99.0%)
Argentina (6.0%)
Despegar.com Corp. (a)		795,453	$	9,514
Brazil (1.6%)
Itau Unibanco Holding SA (Preference) ADR		353,687		2,451
Canada (4.6%)
Agnico Eagle Mines Ltd.		18,826		1,123
Canadian National Railway Co. (b)		26,429		3,481
First Quantum Minerals Ltd.		75,435		811
Teck Resources Ltd., Class B		22,537		1,032
Tourmaline Oil Corp.		17,229		805
				7,252
China (4.9%)
Alibaba Group Holding Ltd. ADR		79,831		5,776
Tencent Holdings Ltd. (c)		49,800		1,940
				7,716
Denmark (2.5%)
Novo Nordisk AS, Class B		30,981		3,974
France (11.5%)
Air Liquide SA		7,756		1,614
Airbus SE		23,428		4,316
Capgemini SE		7,866		1,810
Hermes International		336		859
L’Oreal SA		2,965		1,404
LVMH Moet Hennessy Louis Vuitton SE		1,873		1,685
Pernod Ricard SA		9,190		1,488
Sanofi SA		19,701		1,917
TotalEnergies SE		24,267		1,669
Verallia SA		35,612		1,384
				18,146
Germany (6.9%)
Linde PLC		11,005		5,093
Rheinmetall AG		5,856		3,293
Siemens AG (Registered)		12,911		2,465
				10,851
India (5.4%)
Apollo Hospitals Enterprise Ltd.		18,435		1,407
HDFC Bank Ltd. ADR		52,453		2,936
ICICI Bank Ltd.		100,578		1,326
Reliance Industries Ltd.		41,078		1,469
State Bank of India		145,889		1,321
				8,459
Ireland (1.7%)
Ryanair Holdings PLC ADR		18,488		2,692
Israel (1.1%)
CyberArk Software Ltd. (a)		6,700		1,780
Japan (9.0%)
FANUC Corp.		21,750		607
Hoya Corp.		5,900		738
Keyence Corp.		7,300		3,389
Nikon Corp. (b)		183,800		1,860
SMC Corp.		1,805		1,018
Sony Group Corp.		29,293		2,512
Sony Group Corp. ADR (b)		17,742		1,521
Tokyo Electron Ltd.		10,100		2,631
				14,276
Korea, Republic of (6.6%)
Hanwha Aerospace Co. Ltd.		10,945		1,688
Samsung Electronics Co. Ltd.		113,200		6,803
SK Hynix, Inc.		14,704		1,948
				10,439
Netherlands (4.5%)
ASML Holding NV		3,754		3,639
Universal Music Group NV		69,479		2,088
Wolters Kluwer NV		8,554		1,340
				7,067
Norway (1.0%)
Var Energi ASA		501,004		1,660
Singapore (2.8%)
Sea Ltd. ADR (a)		81,383		4,371
South Africa (3.6%)
Anglo American Platinum Ltd. (b)		40,646		1,649
Impala Platinum Holdings Ltd.		160,203		662
Northam Platinum Holdings Ltd.		128,516		766
Sibanye Stillwater Ltd.		183,225		209
Sibanye Stillwater Ltd. ADR (b)		179,556		846
Thungela Resources Ltd. (b)		244,892		1,561
				5,693
Switzerland (1.8%)
Nestle SA (Registered)		27,186		2,889
Taiwan (4.5%)
Taiwan Semiconductor Manufacturing Co. Ltd.		201,000		4,815
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		17,167		2,336
				7,151
United Kingdom (15.8%)
Anglo American PLC		71,035		1,750
AstraZeneca PLC		33,325		4,477
Diageo PLC		62,003		2,294
Experian PLC		57,812		2,519
Glencore PLC		1,109,725		6,090
Shell PLC		59,345		1,969
Unilever PLC		32,525		1,633
Unilever PLC ADR		28,801		1,446
Unilever PLC CVA		56,188		2,821
				24,999
United States (3.2%)
MercadoLibre, Inc. (a)		1,684		2,546
Vertex Pharmaceuticals, Inc. (a)		5,893		2,463
				5,009
Total Common Stocks (Cost $113,596)				156,389
Preferred Stock (0.8%)
United States (0.8%)
Neurogenesis, Inc., Series A (a)(d)(e) (acquisition cost — $1,250; acquired 12/16/21)		32,692		1,250

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited) 

Portfolio of Investments (cont’d)

Passport Overseas Equity Portfolio

	Shares		Value (000)
Short-Term Investments (0.5%)
Securities held as Collateral on Loaned Securities (0.5%)
Investment Company (0.4%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (f)		676,282	$	676

	Face Amount (000)
Repurchase Agreements (0.1%)
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $52; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $53)	$	52		52
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $25; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $25)		25		25
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $94; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $96)		94		94
				171
Total Securities held as Collateral on Loaned Securities (Cost $847)				847
Total Investments (100.3%) (Cost $115,693) Including $8,443 of Securities Loaned (g)(h)(i)(j)				158,486
Liabilities in Excess of Other Assets (–0.3%)				(435	)
Net Assets (100.0%)			$	158,051

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

(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $8,443,000 and $8,789,000 respectively. The Fund received cash collateral of approximately $847,000, 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 $7,942,000 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)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2024 amounts to approximately $1,250,000 and represents 0.8% of net assets.
(e)	At March 31, 2024, 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 using significant unobservable inputs 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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(g)	The approximate fair value and percentage of net assets, $108,459,000 and 68.6%, 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.
(h)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(i)	Securities are available for collateral in connection with open futures contracts.
(j)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $52,202,000 and the aggregate gross unrealized depreciation is approximately $9,247,000, resulting in net unrealized appreciation of approximately $42,955,000.
ADR	American Depositary Receipt.
CVA	Certificaten Van Aandelen.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited) 

Portfolio of Investments (cont’d)

Passport Overseas Equity Portfolio

Futures Contract:

The Fund had the following futures contract open at March 31, 2024:

	Number of Contracts	Expiration Date	Notional Amount (000)			Value (000)		Unrealized Appreciation (000)
Long:
STOXX Europe Small 200 Index (Germany)	302	Jun-24	EUR	15	$	5,496	$	162

EUR — Euro

Portfolio Composition*
Classification	Percentage of Total Investments
Other**		46.0	%
Semiconductors & Semiconductor Equipment		9.8
Metals & Mining		9.5
Pharmaceuticals		6.6
Hotels, Restaurants & Leisure		6.0
Aerospace & Defense		5.9
Oil, Gas & Consumable Fuels		5.8
Broadline Retail		5.3
Banks		5.1
Total Investments		100.0	%***

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024.
**	Industries and/or investment types representing less than 5% of total investments.
***	Does not include an open futures contract with a value of approximately $5,496,000 and unrealized appreciation of approximately $162,000.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited) 

Consolidated Portfolio of Investments

Permanence Portfolio

	Shares		Value (000)
Common Stocks (93.7%)
Aerospace & Defense (5.7%)
Airbus SE (France)		674	$	124
Axon Enterprise, Inc. (a)		21		7
Babcock International Group PLC (United Kingdom)		19,129		126
HEICO Corp., Class A		33		5
TransDigm Group, Inc.		5		6
				268
Beverages (0.1%)
Celsius Holdings, Inc. (a)		53		4
Broadline Retail (3.6%)
Amazon.com, Inc. (a)		930		168
Capital Markets (6.5%)
Intercontinental Exchange, Inc.		1,857		255
MSCI, Inc.		8		5
S&P Global, Inc.		109		46
				306
Chemicals (0.2%)
Ecolab, Inc.		24		5
Sherwin-Williams Co.		16		6
				11
Commercial Services & Supplies (4.1%)
Cintas Corp.		9		6
Copart, Inc. (a)		99		5
Rentokil Initial PLC (United Kingdom)		26,371		157
Rollins, Inc.		108		5
Veralto Corp.		212		19
				192
Construction Materials (0.1%)
Martin Marietta Materials, Inc.		10		6
Consumer Staples Distribution & Retail (3.6%)
Dollar General Corp.		1,079		168
Distributors (0.5%)
Pool Corp.		54		22
Diversified Consumer Services (0.1%)
Service Corp. International		68		5
Entertainment (1.1%)
Netflix, Inc. (a)		64		39
Walt Disney Co.		115		14
				53
Food Products (0.5%)
McCormick & Co., Inc.		341		26
Ground Transportation (4.8%)
Union Pacific Corp.		913		225
Health Care Equipment & Supplies (0.1%)
Intuitive Surgical, Inc. (a)		15		6
Health Care Technology (1.1%)
Veeva Systems, Inc., Class A (a)		224		52
Hotels, Restaurants & Leisure (0.3%)
Domino’s Pizza, Inc.		11		5
McDonald’s Corp.		16		5
Starbucks Corp.		45		4
				14
Household Durables (3.2%)
NVR, Inc. (a)		6		48
Victoria PLC (United Kingdom) (a)		30,206		101
				149
Industrial Conglomerates (0.6%)
General Electric Co.		153		27
Information Technology Services (9.7%)
Cloudflare, Inc., Class A (a)		4,485		435
Gartner, Inc. (a)		48		23
				458
Insurance (0.5%)
Brown & Brown, Inc.		263		23
Life Sciences Tools & Services (9.4%)
Danaher Corp.		895		224
Eurofins Scientific SE (France)		2,693		172
Illumina, Inc. (a)		324		44
Thermo Fisher Scientific, Inc.		7		4
				444
Metals & Mining (2.1%)
Royal Gold, Inc.		814		99
Oil, Gas & Consumable Fuels (2.7%)
Cameco Corp. (Canada)		283		12
Texas Pacific Land Corp.		199		115
				127
Personal Care Products (0.5%)
Oddity Tech Ltd., Class A (Israel) (a)		500		22
Pharmaceuticals (5.0%)
Royalty Pharma PLC, Class A		7,567		230
Zoetis, Inc.		22		4
				234
Semiconductors & Semiconductor Equipment (1.0%)
ASML Holding NV (Registered) (Netherlands)		48		47
Software (7.0%)
Appfolio, Inc., Class A (a)		102		25
Cadence Design Systems, Inc. (a)		20		6
Guidewire Software, Inc. (a)		200		23
Lumine Group, Inc. (Canada) (a)		269		7
Procore Technologies, Inc. (a)		2,826		232
Roper Technologies, Inc.		9		5
Synopsys, Inc. (a)		10		6
Tyler Technologies, Inc. (a)		55		24
				328
Specialized REITs (4.6%)
American Tower Corp. REIT		1,093		216
Specialty Retail (7.8%)
AutoZone, Inc. (a)		8		25
Floor & Decor Holdings, Inc., Class A (a)		2,268		294
Home Depot, Inc.		60		23
Tractor Supply Co.		88		23
				365
Textiles, Apparel & Luxury Goods (6.6%)
Christian Dior SE (France)		132		111
On Holding AG, Class A (Switzerland) (a)		5,619		199
				310

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

Permanence Portfolio

	Shares		Value (000)
Trading Companies & Distributors (0.6%)
Fastenal Co.		76	$	6
Watsco, Inc.		50		21
				27
Total Common Stocks (Cost $3,728)				4,402
Investment Company (2.6%)
Grayscale Bitcoin Trust (a) (Cost $24)		1,921		121

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

	Shares
Short-Term Investment (1.5%)
Investment Company (1.5%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $69)		69,121		69
Total Investments Excluding Purchased Options (97.8%) (Cost $3,821)				4,592
Total Purchased Options Outstanding (0.2%) (Cost $19)				9
Total Investments (98.0%) (Cost $3,840) (c)(d)(e)(f)				4,601
Other Assets in Excess of Liabilities (2.0%)				94
Net Assets (100.0%)			$	4,695

(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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(c)	The approximate fair value and percentage of net assets, $789,000 and 16.9%, 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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(e)	Securities are available for collateral in connection with purchased options.
(f)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $942,000 and the aggregate gross unrealized depreciation is approximately $181,000, resulting in net unrealized appreciation of approximately $761,000.

REIT Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

Permanence Portfolio

Call Options Purchased:  

The Fund had the following call options purchased open at March 31, 2024:                  

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24		1,105,323	$	1,105	$	—@	$	5	$	(5	)
Goldman Sachs International	USD/CNH	CNH	7.69	Jan–25		1,103,570		1,104		4		4		(—@	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25		1,081,829		1,082		4		5		(1	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24		1,263,287		1,263		1		5		(4	)
									$	9	$	19	$	(10	)

@ Value is less than $500.

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition
Classification	Percentage of Total Investments
Other*		41.2	%
Information Technology Services		10.0
Life Sciences Tools & Services		9.7
Specialty Retail		7.9
Software		6.9
Textiles, Apparel & Luxury Goods		6.8
Capital Markets		6.6
Aerospace & Defense		5.8
Pharmaceuticals		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

US Core Portfolio

	Shares		Value (000)
Common Stocks (99.4%)
Banks (5.1%)
JPMorgan Chase & Co.		68,701	$	13,761
Broadline Retail (4.7%)
Amazon.com, Inc. (a)		69,566		12,548
Building Products (1.4%)
Fortune Brands Innovations, Inc.		44,003		3,726
Capital Markets (6.2%)
Ameriprise Financial, Inc.		27,356		11,994
LPL Financial Holdings, Inc.		17,316		4,575
				16,569
Commercial Services & Supplies (2.6%)
Waste Management, Inc.		33,059		7,046
Consumer Staples Distribution & Retail (4.9%)
Costco Wholesale Corp.		14,468		10,600
Target Corp.		14,318		2,537
				13,137
Electric Utilities (1.0%)
NextEra Energy, Inc.		41,080		2,625
Entertainment (2.2%)
Netflix, Inc. (a)		9,670		5,873
Financial Services (6.1%)
Jack Henry & Associates, Inc.		34,708		6,030
Mastercard, Inc., Class A		21,289		10,252
				16,282
Hotels, Restaurants & Leisure (1.8%)
McDonald’s Corp.		16,942		4,777
Household Durables (1.5%)
Lennar Corp., Class A		23,164		3,984
Insurance (7.7%)
Brown & Brown, Inc.		105,698		9,253
Progressive Corp.		55,098		11,395
				20,648
Interactive Media & Services (7.2%)
Alphabet, Inc., Class A (a)		127,587		19,257
Life Sciences Tools & Services (2.1%)
Danaher Corp.		11,469		2,864
West Pharmaceutical Services, Inc.		7,348		2,908
				5,772
Metals & Mining (1.3%)
Nucor Corp.		18,141		3,590
Oil, Gas & Consumable Fuels (3.2%)
Chevron Corp.		23,402		3,692
Valero Energy Corp.		29,535		5,041
				8,733
Pharmaceuticals (0.6%)
Eli Lilly & Co.		2,075		1,614
Semiconductors & Semiconductor Equipment (12.2%)
Applied Materials, Inc.		39,131		8,070
Lam Research Corp.		4,584		4,454
NVIDIA Corp.		22,414		20,252
				32,776
Software (11.5%)
Microsoft Corp.		64,543		27,154
Tyler Technologies, Inc. (a)		8,621		3,664
				30,818
Specialty Retail (5.1%)
Home Depot, Inc.		10,870		4,170
TJX Cos., Inc.		93,928		9,526
				13,696
Tech Hardware, Storage & Peripherals (5.7%)
Apple, Inc.		89,056		15,271
Textiles, Apparel & Luxury Goods (2.2%)
Lululemon Athletica, Inc. (a)		14,843		5,798
Trading Companies & Distributors (3.1%)
United Rentals, Inc.		11,694		8,433
Total Common Stocks (Cost $180,408)				266,734
Short-Term Investment (1.3%)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) (Cost $3,422)		3,421,725		3,422
Total Investments (100.7%) (Cost $183,830) (c)(d)				270,156
Liabilities in Excess of Other Assets (–0.7%)				(1,812	)
Net Assets (100.0%)			$	268,344

(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 Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund.
(c)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(d)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $86,552,000 and the aggregate gross unrealized depreciation is approximately $226,000, resulting in net unrealized appreciation of approximately $86,326,000.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		33.8	%
Semiconductors & Semiconductor Equipment		12.1
Software		11.4
Insurance		7.6
Interactive Media & Services		7.1
Capital Markets		6.1
Financial Services		6.0
Tech Hardware, Storage & Peripherals		5.7
Banks		5.1
Specialty Retail		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

U.S. Focus Real Estate Portfolio

	Shares		Value (000)
Common Stocks (98.1%)
Apartments (7.8%)
AvalonBay Communities, Inc. REIT		1,208	$	224
Mid-America Apartment Communities, Inc. REIT		1,022		135
				359
Data Centers (13.7%)
Digital Realty Trust, Inc. REIT		1,503		216
Equinix, Inc. REIT		500		413
				629
Free Standing (4.1%)
Essential Properties Realty Trust, Inc. REIT		7,046		188
Gaming (3.4%)
VICI Properties, Inc. REIT		5,244		156
Health Care (13.5%)
CareTrust REIT, Inc.		6,505		159
Chartwell Retirement Residences (Units) (Canada) (a)		6,184		56
Welltower, Inc. REIT		4,355		407
				622
Industrial (11.5%)
EastGroup Properties, Inc. REIT		740		133
Prologis, Inc. REIT		2,053		268
Rexford Industrial Realty, Inc. REIT		2,610		131
				532
Lodging/Resorts (3.4%)
Hilton Worldwide Holdings, Inc.		369		79
Ryman Hospitality Properties, Inc. REIT		666		77
				156
Manufactured Homes (2.9%)
Sun Communities, Inc. REIT		1,024		132
Office (2.2%)
Alexandria Real Estate Equities, Inc. REIT		800		103
Regional Malls (6.6%)
Macerich Co. REIT		1,973		34
Simon Property Group, Inc. REIT		1,729		270
				304
Self Storage (4.9%)
Public Storage REIT		783		227
Shopping Centers (4.4%)
Federal Realty Investment Trust REIT		1,100		112
Urban Edge Properties REIT		5,331		92
				204
Single Family Homes (3.9%)
American Homes 4 Rent Class A REIT		4,884		180
Specialty (6.4%)
Iron Mountain, Inc. REIT		2,105		169
Lamar Advertising Co. Class A REIT		1,048		125
				294
Telecommunications REITs (8.4%)
American Tower Corp. REIT		1,967		389
Timberland REITs (1.0%)
PotlatchDeltic Corp. REIT		963		45
Total Common Stocks (Cost $4,183)				4,520
Short-Term Investment (0.2%)
Investment Company (0.2%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 5.16% (b) (Cost $12)		12,149		12
Total Investments (98.3%) (Cost $4,195) (c)(d)				4,532
Other Assets in Excess of Liabilities (1.7%)				77
Net Assets (100.0%)			$	4,609

(a)	Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the “Liquidity Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(c)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(d)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $362,000 and the aggregate gross unrealized depreciation is approximately $25,000, resulting in net unrealized appreciation of approximately $337,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		26.0	%
Data Centers		13.9
Health Care		13.7
Industrial		11.7
Telecommunications REITs		8.6
Apartments		7.9
Regional Malls		6.7
Specialty		6.5
Self Storage		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

U.S. Real Estate Portfolio

	Shares		Value (000)
Common Stocks (98.3%)
Apartments (10.7%)
AvalonBay Communities, Inc. REIT		7,133	$	1,324
Essex Property Trust, Inc. REIT		3,704		907
Mid-America Apartment Communities, Inc. REIT		5,969		785
				3,016
Data Centers (14.8%)
Digital Realty Trust, Inc. REIT		11,094		1,598
Equinix, Inc. REIT		3,123		2,577
				4,175
Free Standing (5.7%)
Agree Realty Corp. REIT		9,924		567
Essential Properties Realty Trust, Inc. REIT		10,689		285
NETSTREIT Corp. REIT		10,971		201
Realty Income Corp. REIT		10,389		562
				1,615
Gaming (3.7%)
VICI Properties, Inc. REIT		34,606		1,031
Health Care (10.8%)
CareTrust REIT, Inc.		23,983		585
Ventas, Inc. REIT		6,021		262
Welltower, Inc. REIT		23,526		2,198
				3,045
Industrial (15.0%)
Americold Realty Trust, Inc. REIT		13,380		333
EastGroup Properties, Inc. REIT		3,288		591
Prologis, Inc. REIT		19,602		2,553
Rexford Industrial Realty, Inc. REIT		14,920		751
				4,228
Lodging/Resorts (3.6%)
Hilton Worldwide Holdings, Inc.		1,125		240
Host Hotels & Resorts, Inc. REIT		23,665		489
Ryman Hospitality Properties, Inc. REIT		2,418		280
				1,009
Manufactured Homes (2.9%)
Sun Communities, Inc. REIT		6,401		823
Office (3.6%)
Alexandria Real Estate Equities, Inc. REIT		5,738		739
Kilroy Realty Corp. REIT		7,678		280
				1,019
Regional Malls (4.9%)
Simon Property Group, Inc. REIT		8,859		1,386
Self Storage (6.5%)
Extra Space Storage, Inc. REIT		2,099		308
Public Storage REIT		5,284		1,533
				1,841
Shopping Centers (5.6%)
Federal Realty Investment Trust REIT		4,123		421
Kimco Realty Corp. REIT		28,572		560
Kite Realty Group Trust REIT		15,940		346
Urban Edge Properties REIT		14,771		255
				1,582
Single Family Homes (4.4%)
American Homes 4 Rent Class A REIT		34,038		1,252
Specialty (5.4%)
Iron Mountain, Inc. REIT		12,270		984
Lamar Advertising Co. Class A REIT		4,418		528
				1,512
Telecommunications REITs (0.7%)
American Tower Corp. REIT		1,036		205
Total Common Stocks (Cost $24,897)				27,739
Short-Term Investment (1.1%)
Investment Company (1.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 5.16% (a) (Cost $304)		303,948		304
Total Investments (99.4%) (Cost $25,201) (b)(c)				28,043
Other Assets in Excess of Liabilities (0.6%)				164
Net Assets (100.0%)			$	28,207

(a)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the “Liquidity Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(b)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(c)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,631,000 and the aggregate gross unrealized depreciation is approximately $789,000, resulting in net unrealized appreciation of approximately $2,842,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		25.0	%
Industrial		15.1
Data Centers		14.9
Health Care		10.9
Apartments		10.7
Self Storage		6.6
Free Standing		5.8
Shopping Centers		5.6
Specialty		5.4
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

Vitality Portfolio

	Shares		Value (000)
Common Stocks (91.5%)
Biotechnology (27.6%)
4D Molecular Therapeutics, Inc. (a)		1,273	$	41
Alnylam Pharmaceuticals, Inc. (a)		419		63
Altimmune, Inc. (a)(b)		4,159		42
Argenx SE ADR (Belgium) (a)		279		110
Ascendis Pharma AS ADR (Denmark) (a)		261		39
Beam Therapeutics, Inc. (a)		1,368		45
Exact Sciences Corp. (a)		1,207		83
Fate Therapeutics, Inc. (a)		1,572		12
Intellia Therapeutics, Inc. (a)		1,593		44
Moderna, Inc. (a)		372		40
Relay Therapeutics, Inc. (a)		1,230		10
Vertex Pharmaceuticals, Inc. (a)		276		115
				644
Health Care Equipment & Supplies (13.3%)
Align Technology, Inc. (a)		210		69
IDEXX Laboratories, Inc. (a)		94		51
Inspire Medical Systems, Inc. (a)		324		70
Intuitive Surgical, Inc. (a)		306		122
				312
Health Care Providers & Services (6.8%)
Agilon Health, Inc. (a)		7,354		45
UnitedHealth Group, Inc.		232		115
				160
Health Care Technology (5.4%)
Doximity, Inc., Class A (a)		1,353		36
Schrodinger, Inc. (a)		1,098		30
Veeva Systems, Inc., Class A (a)		259		60
				126
Life Sciences Tools & Services (22.2%)
10X Genomics, Inc., Class A (a)		2,049		77
AbCellera Biologics, Inc. (Canada) (a)(b)		3,223		15
Illumina, Inc. (a)		289		40
MaxCyte, Inc. (a)		14,540		61
Standard BioTools, Inc. (a)		33,298		90
Stevanato Group SpA (Italy)		1,793		57
Thermo Fisher Scientific, Inc.		213		124
West Pharmaceutical Services, Inc.		143		56
				520
Pharmaceuticals (15.5%)
ATAI Life Sciences NV (a)		8,904		18
Eli Lilly & Co.		294		229
GH Research PLC (a)		958		10
Royalty Pharma PLC, Class A		1,579		48
Zoetis, Inc.		340		57
				362
Specialty Retail (0.7%)
Chewy, Inc., Class A (a)		1,010		16
Total Common Stocks (Cost $2,509)				2,140
Short-Term Investments (8.2%)
Investment Company (5.9%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (c) (Cost $137)		137,447		137
Securities held as Collateral on Loaned Securities (2.3%)
Investment Company (1.8%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (c)		42,942		43

	Face Amount (000)
Repurchase Agreements (0.5%)
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $3; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $3)		3		3
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $2; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $2)		2		2
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $6; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $6)		6		6
				11
Total Securities held as Collateral on Loaned Securities (Cost $54)				54
Total Short-Term Investments (Cost $191)				191
Total Investments (99.7%) (Cost $2,700) Including $57 of Securities Loaned (d)(e)				2,331
Other Assets in Excess of Liabilities (0.3%)				6
Net Assets (100.0%)			$	2,337

(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $57,000 and $54,000 respectively. The Fund received cash collateral of approximately $54,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(d)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $313,000 and the aggregate gross unrealized depreciation is approximately $682,000, resulting in net unrealized depreciation of approximately $369,000.
ADR	American Depositary Receipt.

Portfolio Composition*

Classification	Percentage of Total Investments
Biotechnology		28.3	%
Life Sciences Tools & Services		22.8
Pharmaceuticals		15.9
Health Care Equipment & Supplies		13.7
Health Care Providers & Services		7.0
Short-Term Investments		6.1
Health Care Technology		5.5
Other**		0.7
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the 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 reputable 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 reputable 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 reputable 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 reputable 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. Each business day, the Fund uses a third-party pricing service approved by the Directors to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (8) foreign exchange transactions (“spot contracts”) and foreign exchange forward contracts (“forward contracts”) are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (9) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	9,310	$	—	$	—	$	9,310
Biotechnology		2,027		—		—		2,027
Broadline Retail		10,448		—		—		10,448
Capital Markets		3,785		—		—		3,785
Entertainment		8,711		—		—		8,711
Financial Services		1,070		9,912		—		10,982
Ground Transportation		18,291		—		—		18,291
Health Care Technology		3,387		—		—		3,387
Hotels, Restaurants & Leisure		28,413		—		—		28,413
Information Technology Services		43,472		—		—		43,472
Interactive Media & Services		4,007		—		—		4,007
Life Sciences Tools & Services		6,128		—		—		6,128
Media		11,663		—		—		11,663
Pharmaceuticals		8,986		—		—		8,986
Software		17,264		—		—		17,264
Specialized REITs		2,937		—		—		2,937
Specialty Retail		4,927		—		—		4,927
Total Common Stocks		184,826		9,912		—		194,738
Investment Company		5,538		—		—		5,538
Call Options Purchased		—		419		—		419
Short-Term Investment
Investment Company		3,408		—		—		3,408
Total Assets	$	193,772	$	10,331	$	—	$	204,103

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	1,118	(1)	$	—		$	—	$	1,118
Warrants		—			—	†		—		—	†
Short-Term Investment
Investment Company		24			—			—		24
Total Assets	$	1,142		$	—	†	$	—	$	1,142	†

(1)	The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
†	Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	8,583	$	16,148	$	—	$	24,731
Beverages		—		8,739		—		8,739
Broadline Retail		9,610		—		—		9,610
Consumer Finance		3,772		—		—		3,772
Food Products		—		2,791		—		2,791
Ground Transportation		6,059		—		—		6,059
Health Care Equipment & Supplies		—		2,337		—		2,337
Hotels, Restaurants & Leisure		9,935		18,632		—		28,567
Insurance		—		2,680		—		2,680
Interactive Media & Services		—		12,829		—		12,829
Real Estate Management & Development		5,107		2,020		—		7,127
Semiconductors & Semiconductor Equipment		—		6,115		—		6,115
Textiles, Apparel & Luxury Goods		—		8,700		—		8,700
Total Common Stocks		43,066		80,991		—		124,057
Short-Term Investment
Investment Company		5,895		—		—		5,895
Total Assets	$	48,961	$	80,991	$	—	$	129,952

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	—@	$	182	$	—	$	182
Air Freight & Logistics		—		76		—		76
Automobiles		455		—		—		455
Banks		149		17		—		166
Beverages		1		12		—		13
Biotechnology		605		1		—		606
Broadline Retail		654		3		—		657
Capital Markets		131		12		—		143
Chemicals		10		—		—		10
Commercial Services & Supplies		4		57		—		61
Consumer Finance		4		—		—		4
Consumer Staples Distribution & Retail		60		—		—		60
Distributors		—@		—		—		—@
Diversified Consumer Services		2		—		—		2
Entertainment		333		1		—		334
Financial Services		330		286		—		616
Food Products		—@		3		—		3
Ground Transportation		323		—		—		323
Health Care Equipment & Supplies		7		22		—		29
Health Care Providers & Services		309		—		—		309
Health Care Technology		31		—		—		31
Hotels, Restaurants & Leisure		344		116		—		460
Household Durables		89		208		—		297
Industrial Conglomerates		—@		—		—		—@
Information Technology Services		1,485		—		—		1,485
Insurance		6		7		—		13
Interactive Media & Services		67		31		—		98
Leisure Products		41		—		—		41
Life Sciences Tools & Services		111		143		—		254
Media		298		—		—		298
Metals & Mining		26		—		—		26
Multi-Utilities		5		—		—		5
Oil, Gas & Consumable Fuels		28		—		—		28
Passenger Airlines		3		—		—		3
Personal Care Products		5		9		—		14
Pharmaceuticals		232		9		—		241
Real Estate Management & Development		12		2		—		14
Semiconductors & Semiconductor Equipment		15		25		—		40
Software		1,335		33		—		1,368
Specialized REITs		53		—		—		53
Specialty Retail		733		—		—		733
Tech Hardware, Storage & Peripherals		3		—		—		3
Textiles, Apparel & Luxury Goods		180		225		—		405
Trading Companies & Distributors		—@		—		—		—@
Total Common Stocks		8,479		1,480		—		9,959
Preferred Stocks
Financial Services		—		—		3		3
Software		—		—		43		43
Total Preferred Stocks		—		—		46		46

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Investment Company		248			—			—		248
Warrants		—@	†		—	†		—		—@	†
Call Options Purchased		—			15			—		15
Short-Term Investment
Investment Company		552			—			—		552
Total Assets	$	9,279	†	$	1,495	†	$	46	$	10,820	†

@ Value is less than $500.

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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	$	46
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		—
Realized gains (losses)		—
Ending Balance	$	46
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	—

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2024. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

Counterpoint Global	Fair Value at March 31, 2024 (000)	Valuation Technique	Unobservable Input	Amount or Range/ Weighted Average*	Impact to Valuation from an Increase in Input**
Preferred Stocks	$46	Market Transaction Method	Precedent Transaction	$26.00-$73.50/$67.62	Increase
		Discounted Cash Flow	Weighted Average Cost of Capital	15.5%	Decrease
			Perpetual Growth Rate	3.5%	Increase
		Market Comparable Companies	Enterprise Value/Revenue	14.8x	Increase
			Discount for Lack of Marketability	13.0%	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.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	3,800	$	3,882	$	—	$	7,682
Beverages		—		1,997		—		1,997
Broadline Retail		5,473		470		—		5,943
Capital Markets		340		—		—		340
Consumer Finance		666		—		—		666
Food Products		—		515		—		515
Ground Transportation		1,587		—		—		1,587
Health Care Equipment & Supplies		—		407		—		407
Hotels, Restaurants & Leisure		2,216		4,583		—		6,799
Information Technology Services		761		—		—		761
Interactive Media & Services		—		2,765		—		2,765
Real Estate Management & Development		1,072		400		—		1,472
Semiconductors & Semiconductor Equipment		—		1,703		—		1,703
Textiles, Apparel & Luxury Goods		—		1,957		—		1,957
Total Common Stocks		15,915		18,679		—		34,594
Short-Term Investment
Investment Company		586		—		—		586
Total Assets	$	16,501	$	18,679	$	—	$	35,180

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	—	$	42	$	—	$	42
Automobiles		—		395		—		395
Banks		84		1,396		—		1,480
Beverages		—		33		—		33
Broadline Retail		—		88		—		88
Capital Markets		102		38		—		140
Chemicals		—		67		—		67
Commercial Services & Supplies		—		39		—		39
Construction & Engineering		—		87		—		87
Consumer Finance		—		89		—		89
Consumer Staples Distribution & Retail		100		180		—		280
Containers & Packaging		—		82		—		82
Electrical Equipment		82		—		—		82
Electronic Equipment, Instruments & Components		19		150		—		169
Financial Services		—		76		—		76
Food Products		—		224		—		224
Ground Transportation		91		—		—		91
Health Care Providers & Services		—		153		—		153
Hotels, Restaurants & Leisure		68		—		—		68
Information Technology Services		56		89		—		145
Insurance		—		417		—		417
Machinery		—		35		—		35
Metals & Mining		—		480		—		480
Oil, Gas & Consumable Fuels		—		228		—		228
Paper & Forest Products		—		32		—		32
Real Estate Management & Development		—		92		—		92
Semiconductors & Semiconductor Equipment		—		1,126		—		1,126
Tech Hardware, Storage & Peripherals		—		476		—		476
Transportation Infrastructure		66		—		—		66
Total Common Stocks		668		6,114		—		6,782
Short-Term Investment
Investment Company		166		—		—		166
Total Assets	$	834	$	6,114	$	—	$	6,948

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited) 

Notes to the Portfolio of Investments (cont’d) 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	—	$	8,888	$	—	$	8,888
Banks		20,667		20,983		—		41,650
Beverages		3,539		1,227		—		4,766
Broadline Retail		18,419		—		—		18,419
Building Products		—		5,751		—		5,751
Chemicals		—		10,308		—		10,308
Consumer Finance		—		12,415		—		12,415
Consumer Staples Distribution & Retail		6,738		11,643		—		18,381
Electrical Equipment		132		17,205		—		17,337
Electronic Equipment, Instruments & Components		—		7,289		—		7,289
Food Products		—		1,287		—		1,287
Ground Transportation		9,637		—		—		9,637
Information Technology Services		10,742		—		—		10,742
Machinery		—		2,674		—		2,674
Pharmaceuticals		—		1,458		—		1,458
Real Estate Management & Development		—		2,639		—		2,639
Semiconductors & Semiconductor Equipment		—		27,158		—		27,158
Specialty Retail		—		12,145		—		12,145
Textiles, Apparel & Luxury Goods		—		21,739		—		21,739
Transportation Infrastructure		1,252		7,073		—		8,325
Total Common Stocks		71,126		171,882		—		243,008
Short-Term Investment
Investment Company		5,227		—		—		5,227
Total Assets	$	76,353	$	171,882	$	—	$	248,235

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited) 

Notes to the Portfolio of Investments (cont’d) 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	—	$	3,108	$	—	$	3,108
Automobiles		—		30,990		—		30,990
Banks		8,469		96,520		—		104,989
Beverages		—		10,014		—		10,014
Broadline Retail		—		17,234		—		17,234
Capital Markets		4,747		4,333		—		9,080
Chemicals		—		4,342		—		4,342
Construction & Engineering		—		5,772		—		5,772
Consumer Finance		—		4,836		—		4,836
Consumer Staples Distribution & Retail		5,336		7,939		—		13,275
Electrical Equipment		5,604		11,091		—		16,695
Electronic Equipment, Instruments & Components		1,297		9,414		—		10,711
Entertainment		—		3,639		—		3,639
Financial Services		—		5,034		—		5,034
Food Products		—		17,200		—		17,200
Ground Transportation		6,661		—		—		6,661
Health Care Providers & Services		—		4,125		—		4,125
Hotels, Restaurants & Leisure		9,252		4,631		—		13,883
Industrial Conglomerates		—		4,383		—		4,383
Information Technology Services		2,255		6,185		—		8,440
Insurance		—		27,430		—		27,430
Interactive Media & Services		1,633		18,821		—		20,454
Machinery		—		6,517		—		6,517
Metals & Mining		—		21,262		—		21,262
Oil, Gas & Consumable Fuels		3,941		13,087		—		17,028
Personal Care Products		—		2,384		—		2,384
Pharmaceuticals		—		2,952		—		2,952
Real Estate Management & Development		1,087		4,252		—		5,339
Semiconductors & Semiconductor Equipment		—		64,411		—		64,411
Specialty Retail		—		1,174		—		1,174
Tech Hardware, Storage & Peripherals		—		30,762		—		30,762
Textiles, Apparel & Luxury Goods		—		7,118		—		7,118
Total Common Stocks		50,282		450,960		—		501,242
Short-Term Investments
Investment Company		16,671		—		—		16,671
Total Assets	$	66,953	$	450,960	$	—	$	517,913

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited) 

Notes to the Portfolio of Investments (cont’d) 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	9,336	$	—	$	—	$	9,336
Banks		7,701		—		—		7,701
Capital Markets		15,251		—		—		15,251
Commercial Services & Supplies		5,689		—		—		5,689
Construction Materials		11,862		—		—		11,862
Consumer Staples Distribution & Retail		8,348		—		—		8,348
Electric Utilities		1,962		—		—		1,962
Entertainment		13,401		—		—		13,401
Financial Services		8,891		—		—		8,891
Insurance		9,514		—		—		9,514
Interactive Media & Services		744		—		—		744
Life Sciences Tools & Services		1,321		—		—		1,321
Semiconductors & Semiconductor Equipment		21,341		—		—		21,341
Software		14,740		—		—		14,740
Textiles, Apparel & Luxury Goods		4,221		—		—		4,221
Trading Companies & Distributors		15,745		—		—		15,745
Total Common Stocks		150,067		—		—		150,067
Short-Term Investment
Investment Company		3,939		—		—		3,939
Total Assets	$	154,006	$	—	$	—	$	154,006

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited) 

Notes to the Portfolio of Investments (cont’d) 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	1,752	$	—	$	—	$	1,752
Banks		1,695		—		—		1,695
Broadline Retail		1,174		—		—		1,174
Building Products		598		—		—		598
Capital Markets		1,695		—		—		1,695
Chemicals		550		—		—		550
Commercial Services & Supplies		84		—		—		84
Construction Materials		2,075		—		—		2,075
Consumer Staples Distribution & Retail		227		—		—		227
Diversified Telecommunication Services		364		—		—		364
Electric Utilities		302		—		—		302
Entertainment		1,199		—		—		1,199
Financial Services		1,351		—		—		1,351
Health Care Technology		109		—		—		109
Hotels, Restaurants & Leisure		416		—		—		416
Household Durables		210		—		—		210
Insurance		1,343		—		—		1,343
Interactive Media & Services		1,284		—		—		1,284
Life Sciences Tools & Services		392		—		—		392
Metals & Mining		167		—		—		167
Oil, Gas & Consumable Fuels		980		—		—		980
Passenger Airlines		395		—		—		395
Pharmaceuticals		93		—		—		93
Professional Services		128		—		—		128
Semiconductors & Semiconductor Equipment		2,673		—		—		2,673
Software		2,435		—		—		2,435
Specialty Retail		977		—		—		977
Tech Hardware, Storage & Peripherals		1,272		—		—		1,272
Textiles, Apparel & Luxury Goods		470		624		—		1,094
Trading Companies & Distributors		1,687		—		—		1,687
Total Common Stocks		28,097		624		—		28,721
Short-Term Investment
Investment Company		299		—		—		299
Total Assets	$	28,396	$	624	$	—	$	29,020

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited) 

Notes to the Portfolio of Investments (cont’d) 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	—	$	2,239	$	—	$	2,239
Biotechnology		1,133		—		—		1,133
Broadline Retail		2,797		—		—		2,797
Capital Markets		1,217		—		—		1,217
Entertainment		2,395		—		—		2,395
Financial Services		1,702		1,782		—		3,484
Health Care Providers & Services		1,797		—		—		1,797
Hotels, Restaurants & Leisure		—		1,077		—		1,077
Household Durables		2,352		3,475		—		5,827
Information Technology Services		3,139		—		—		3,139
Life Sciences Tools & Services		678		2,200		—		2,878
Pharmaceuticals		1,653		—		—		1,653
Software		6,526		1,124		—		7,650
Specialty Retail		6,851		—		—		6,851
Total Common Stocks		32,240		11,897		—		44,137
Short-Term Investments
Investment Company		1,067		—		—		1,067
Repurchase Agreements		—		59		—		59
Total Short-Term Investments		1,067		59		—		1,126
Total Assets	$	33,307	$	11,956	$	—	$	45,263

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited) 

Notes to the Portfolio of Investments (cont’d) 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	430	$	—	$	—	$	430
Diversified		—		584		—		584
Health Care		414		—		—		414
Industrial		339		202		—		541
Industrial/Office Mixed		—		39		—		39
Lodging/Resorts		94		107		—		201
Office		65		40		—		105
Residential		507		177		—		684
Retail		408		119		—		527
Self Storage		150		34		—		184
Specialty		270		—		—		270
Telecommunications REITs		259		—		—		259
Timberland REITs		21		—		—		21
Total Common Stocks		2,957		1,302		—		4,259
Short-Term Investment
Investment Company		12		—		—		12
Total Assets	$	2,969	$	1,302	$	—	$	4,271

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited) 

Notes to the Portfolio of Investments (cont’d) 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	122,983	$	133,882	$	—	$	256,865
Capital Markets		190,191		—		—		190,191
Commercial Services & Supplies		13,255		—		—		13,255
Electronic Equipment, Instruments & Components		65,410		—		—		65,410
Entertainment		—		23,243		—		23,243
Financial Services		186,811		—		—		186,811
Health Care Equipment & Supplies		254,187		—		—		254,187
Health Care Providers & Services		106,322		—		—		106,322
Household Products		77,219		98,707		—		175,926
Information Technology Services		166,244		—		—		166,244
Insurance		156,796		—		—		156,796
Life Sciences Tools & Services		183,136		—		—		183,136
Machinery		53,268		—		—		53,268
Personal Care Products		—		78,156		—		78,156
Pharmaceuticals		25,410		—		—		25,410
Professional Services		186,465		164,484		—		350,949
Software		321,976		203,568		—		525,544
Textiles, Apparel & Luxury Goods		—		46,189		—		46,189
Tobacco		81,372		—		—		81,372
Total Common Stocks		2,191,045		748,229		—		2,939,274
Short-Term Investment
Investment Company		49,584		—		—		49,584
Total Assets	$	2,240,629	$	748,229	$	—	$	2,988,858

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited) 

Notes to the Portfolio of Investments (cont’d) 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	—	$	15,407	$	—	$	15,407
Communications		26,990		9,749		—		36,739
Diversified		7,462		16,489		—		23,951
Electricity Transmission & Distribution		22,755		14,412		—		37,167
Oil & Gas Storage & Transportation		85,384		3,007		—		88,391
Others		28,093		1,728		—		29,821
Railroads		1,111		2,133		—		3,244
Toll Roads		—		6,815		—		6,815
Water		4,597		5,320		—		9,917
Total Common Stocks		176,392		75,060		—		251,452
Short-Term Investment
Investment Company		838		—		—		838
Total Assets	$	177,230	$	75,060	$	—	$	252,290

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited) 

Notes to the Portfolio of Investments (cont’d) 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	3,473	$	—	$	—	$	3,473
Banks		431		—		—		431
Biotechnology		1,577		—		—		1,577
Broadline Retail		11,163		—		—		11,163
Chemicals		164		—		—		164
Entertainment		3,767		—		—		3,767
Financial Services		4,491		6,045		—		10,536
Ground Transportation		3,497		—		—		3,497
Health Care Providers & Services		1,298		—		—		1,298
Hotels, Restaurants & Leisure		6,390		—		—		6,390
Information Technology Services		14,432		—		—		14,432
Leisure Products		286		—		—		286
Media		3,306		—		—		3,306
Pharmaceuticals		3,334		—		—		3,334
Software		4,985		—		—		4,985
Specialty Retail		3,857		—		—		3,857
Total Common Stocks		66,451		6,045		—		72,496
Preferred Stock
Software		—		—		17		17
Investment Company		2,054		—		—		2,054
Call Options Purchased		—		155		—		155
Short-Term Investment
Investment Company		1,770		—		—		1,770
Total Assets	$	70,275	$	6,200	$	17	$	76,492

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited) 

Notes to the Portfolio of Investments (cont’d) 

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	$	19
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		(2	)
Realized gains (losses)		—
Ending Balance	$	17
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	(2	)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2024. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

Global Insight	Fair Value at March 31, 2024 (000)	Valuation Technique	Unobservable Input	Amount*	Impact to Valuation from an Increase in Input**
Preferred Stock	$17	Discounted Cash Flow	Weighted Average Cost of Capital	17.0%	Decrease
			Perpetual Growth Rate	3.5%	Increase
		Market Comparable Companies	Enterprise Value/Revenue	7.8x	Increase
			Discount for Lack of Marketability	11.0%	Decrease
		Comparable Transactions	Enterprise Value/Revenue	8.7x	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.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	—	$	126,976	$	—		$	126,976
Banks		141,526		100,243		—			241,769
Broadline Retail		390,489		—		—			390,489
Electronic Equipment, Instruments & Components		—		41,505		—	†		41,505	†
Entertainment		257,233		—		—			257,233
Financial Services		229,045		29,127		—			258,172
Ground Transportation		304,657		—		—			304,657
Hotels, Restaurants & Leisure		196,261		89,630		—			285,891
Information Technology Services		135,770		—		—			135,770
Interactive Media & Services		184,725		19,605		—			204,330
Software		448,219		—		—			448,219
Textiles, Apparel & Luxury Goods		72,057		221,146		—			293,203
Total Common Stocks		2,359,982		628,232		—	†		2,988,214	†
Short-Term Investment
Investment Company		119,058		—		—			119,058
Total Assets	$	2,479,040	$	628,232	$	—	†	$	3,107,272	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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 March 31, 2024	$	—

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	—	$	415		$	—	$	415
Automobiles		6		—			—		6
Banks		22		—			—		22
Beverages		4		17			—		21
Broadline Retail		158		—			—		158
Capital Markets		289		—			—		289
Chemicals		6		—			—		6
Commercial Services & Supplies		19		233			—		252
Consumer Staples Distribution & Retail		121		—			—		121
Entertainment		—		6			—		6
Ground Transportation		220		—			—		220
Health Care Equipment & Supplies		—		23			—		23
Household Durables		—		148			—		148
Information Technology Services		417		—			—		417
Insurance		22		—			—		22
Life Sciences Tools & Services		156		225			—		381
Metals & Mining		101		—			—		101
Oil, Gas & Consumable Fuels		111		—			—		111
Personal Care Products		—		6			—		6
Pharmaceuticals		272		—			—		272
Real Estate Management & Development		5		—			—		5
Semiconductors & Semiconductor Equipment		44		—			—		44
Software		254		—			—		254
Specialized REITs		205		—			—		205
Specialty Retail		225		—			—		225
Textiles, Apparel & Luxury Goods		302		190			—		492
Total Common Stocks		2,959		1,263			—		4,222
Investment Company		116		—			—		116
Warrants		—		—	†		—		—	†
Call Options Purchased		—		12			—		12
Short-Term Investment
Investment Company		8		—			—		8
Total Assets	$	3,083	$	1,275	†	$	—	$	4,358	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	3,858	$	—	$	—	$	3,858
Diversified		—		6,024		—		6,024
Health Care		3,274		279		—		3,553
Industrial		3,628		1,543		—		5,171
Industrial/Office Mixed		—		719		—		719
Lodging/Resorts		862		937		—		1,799
Office		817		696		—		1,513
Residential		5,024		1,391		—		6,415
Retail		4,112		1,379		—		5,491
Self Storage		1,646		432		—		2,078
Specialty		1,673		—		—		1,673
Telecommunications REITs		185		—		—		185
Total Common Stocks		25,079		13,400		—		38,479
Short-Term Investment
Investment Company		368		—		—		368
Total Assets	$	25,447	$	13,400	$	—	$	38,847

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	2,983	$	—		$	—	$	2,983
Capital Markets		5,737		1,927			—		7,664
Commercial Services & Supplies		386		—			—		386
Electronic Equipment, Instruments & Components		2,078		—			—		2,078
Entertainment		—		934			—		934
Financial Services		6,298		—			—		6,298
Health Care Equipment & Supplies		8,349		—			—		8,349
Health Care Providers & Services		3,584		—			—		3,584
Household Products		3,276		2,508			—		5,784
Information Technology Services		5,101		—			—		5,101
Insurance		5,742		2,128			—		7,870
Interactive Media & Services		3,374		—			—		3,374
Life Sciences Tools & Services		12,029		—			—		12,029
Machinery		1,732		1,453			—		3,185
Personal Care Products		—		2,384			—		2,384
Pharmaceuticals		773		—			—		773
Professional Services		6,521		4,822			—		11,343
Semiconductors & Semiconductor Equipment		5,258		—			—		5,258
Software		12,959		6,517			—		19,476
Total Common Stocks		86,180		22,673			—		108,853
Warrants		—		—	†		—		—	†
Short-Term Investment
Investment Company		1,385		—			—		1,385
Total Assets	$	87,565	$	22,673	†	$	—	$	110,238	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	262,081	$	—	$	—		$	262,081
Biotechnology		53,493		—		—			53,493
Broadline Retail		213,190		—		—			213,190
Capital Markets		95,700		—		—			95,700
Chemicals		12,535		—		—			12,535
Electronic Equipment, Instruments & Components		—		—		—	†		—	†
Entertainment		233,767		—		—			233,767
Financial Services		241,179		194,599		—			435,778
Ground Transportation		386,644		—		—			386,644
Health Care Providers & Services		49,117		—		—			49,117
Health Care Technology		29,204		—		—			29,204
Hotels, Restaurants & Leisure		720,212		—		—			720,212
Information Technology Services		1,135,772		—		—			1,135,772
Leisure Products		19,890		—		—			19,890
Life Sciences Tools & Services		20,226		—		—			20,226
Media		334,756		—		—			334,756
Pharmaceuticals		225,572		—		—			225,572
Software		403,952		—		—			403,952
Specialty Retail		276,404		—		—			276,404
Total Common Stocks		4,713,694		194,599		—	†		4,908,293	†
Preferred Stocks
Financial Services		—		—		16,628			16,628
Software		—		—		131,546			131,546
Total Preferred Stocks		—		—		148,174			148,174
Investment Company		147,264		—		—			147,264
Call Options Purchased		—		8,982		—			8,982
Short-Term Investments
Investment Company		459,751		—		—			459,751
Repurchase Agreements		—		3,542		—			3,542
Total Short-Term Investments		459,751		3,542		—			463,293
Total Assets	$	5,320,709	$	207,123	$	148,174	†	$	5,676,006	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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	$	—	†	$	145,889
Purchases		—			—
Sales		—			—
Transfers in		—			—
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		—			2,285
Realized gains (losses)		—			—
Ending Balance	$	—	†	$	148,174
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	—		$	2,285

† Includes a security valued at zero.

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2024. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

Growth	Fair Value at March 31, 2024 (000)	Valuation Technique	Unobservable Input	Amount or Range/ Weighted Average*	Impact to Valuation from an Increase in Input**
Preferred Stocks	$148,174	Market Transaction Method	Precedent Transaction	$26.00-$73.50/$65.68	Increase
		Discounted Cash Flow	Weighted Average Cost of Capital	15.5%	Decrease
			Perpetual Growth Rate	3.5%	Increase
		Market Comparable Companies	Enterprise Value/Revenue	14.8x	Increase
			Discount for Lack of Marketability	13.0%	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.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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
Biotechnology	$	15,939	$	—		$	—	$	15,939
Broadline Retail		23,206		—			—		23,206
Chemicals		1,580		—			—		1,580
Consumer Staples Distribution & Retail		19,483		—			—		19,483
Diversified Consumer Services		1,242		—			—		1,242
Financial Services		25,751		—			—		25,751
Ground Transportation		6,317		—			—		6,317
Health Care Equipment & Supplies		1,459		—			—		1,459
Health Care Providers & Services		14,237		—			—		14,237
Health Care Technology		10,885		—			—		10,885
Hotels, Restaurants & Leisure		551		—			—		551
Household Durables		—		5,753			—		5,753
Information Technology Services		49,028		—			—		49,028
Leisure Products		14,787		—			—		14,787
Life Sciences Tools & Services		20,261		—			—		20,261
Media		4,642		—			—		4,642
Metals & Mining		646		—			—		646
Passenger Airlines		1,821		—			—		1,821
Personal Care Products		4,234		—			—		4,234
Pharmaceuticals		2,089		—			—		2,089
Real Estate Management & Development		4,115		—			—		4,115
Software		101,728		—			—		101,728
Specialty Retail		42,582		—			—		42,582
Tech Hardware, Storage & Peripherals		2,152		—			—		2,152
Textiles, Apparel & Luxury Goods		24,463		—			—		24,463
Total Common Stocks		393,198		5,753			—		398,951
Preferred Stocks
Health Care Technology		—		—			5,198		5,198
Software		—		—			3,209		3,209
Total Preferred Stocks		—		—			8,407		8,407
Investment Company		11,039		—			—		11,039
Warrants		—		—	†		—		—	†
Call Options Purchased		—		885			—		885
Short-Term Investments
Investment Company		8,641		—			—		8,641
Repurchase Agreements		—		1,650			—		1,650
Total Short-Term Investments		8,641		1,650			—		10,291
Total Assets	$	412,878	$	8,288	†	$	8,407	$	429,573	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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	$	8,692
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		(285	)
Realized gains (losses)		—
Ending Balance	$	8,407
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	(285	)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2024. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

Inception	Fair Value at March 31, 2024 (000)	Valuation Technique	Unobservable Input	Amount or Range/ Weighted Average*	Impact to Valuation from an Increase in Input**
Preferred Stocks	$8,407	Discounted Cash Flow	Weighted Average Cost of Capital	14.0%-18.0%/15.8%	Decrease
			Perpetual Growth Rate	3.0%-4.0%/3.5%	Increase
		Market Comparable Companies	Enterprise Value/Revenue	1.1x-19.2x/3.9x	Increase
			Discount for Lack of Marketability	11.0%-18.0%/15.3%	Decrease
		Comparable Transactions	Enterprise Value/Revenue	1.7x-15.2x/5.7x	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.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	—	$	225,271	$	—	$	225,271
Banks		94,483		84,430		—		178,913
Beverages		—		42,532		—		42,532
Broadline Retail		152,081		—		—		152,081
Capital Markets		96,608		86,366		—		182,974
Electronic Equipment, Instruments & Components		—		163,977		—		163,977
Entertainment		119,920		—		—		119,920
Financial Services		—		123,325		—		123,325
Food Products		—		53,926		—		53,926
Ground Transportation		128,648		—		—		128,648
Health Care Equipment & Supplies		—		153,030		—		153,030
Hotels, Restaurants & Leisure		—		100,374		—		100,374
Information Technology Services		123,218		—		—		123,218
Insurance		—		61,460		—		61,460
Interactive Media & Services		—		57,836		—		57,836
Multi-Utilities		62,868		—		—		62,868
Personal Care Products		—		49,639		—		49,639
Pharmaceuticals		—		55,821		—		55,821
Semiconductors & Semiconductor Equipment		—		339,585		—		339,585
Textiles, Apparel & Luxury Goods		95,839		694,739		—		790,578
Total Common Stocks		873,665		2,292,311		—		3,165,976
Short-Term Investments
Investment Company		152,305		—		—		152,305
Repurchase Agreements		—		7,712		—		7,712
Total Short-Term Investments		152,305		7,712		—		160,017
Total Assets	$	1,025,970	$	2,300,023	$	—	$	3,325,993

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	—	$	30,380		$	—	$	30,380
Air Freight & Logistics		—		20,181			—		20,181
Banks		—		65,497			—		65,497
Beverages		—		106,767			—		106,767
Capital Markets		—		36,242			—		36,242
Electrical Equipment		—		29,414			—		29,414
Electronic Equipment, Instruments & Components		—		70,271			—		70,271
Entertainment		—		29,475			—		29,475
Food Products		—		18,203			—		18,203
Health Care Equipment & Supplies		—		22,610			—		22,610
Hotels, Restaurants & Leisure		—		30,917			—		30,917
Household Durables		—		8,671			—		8,671
Household Products		—		23,378			—		23,378
Insurance		—		102,077			—		102,077
Interactive Media & Services		—		16,121			—		16,121
Life Sciences Tools & Services		—		32,564			—		32,564
Machinery		—		85,866			—		85,866
Metals & Mining		34,069		25,720			—		59,789
Oil, Gas & Consumable Fuels		13,805		67,844			—		81,649
Personal Care Products		—		42,506			—		42,506
Pharmaceuticals		—		105,420			—		105,420
Professional Services		—		53,000			—		53,000
Semiconductors & Semiconductor Equipment		23,002		26,167			—		49,169
Software		40,383		47,897			—		88,280
Tech Hardware, Storage & Peripherals		—		29,315			—		29,315
Textiles, Apparel & Luxury Goods		—		47,742			—		47,742
Tobacco		—		21,243			—		21,243
Total Common Stocks		111,259		1,195,488			—		1,306,747
Warrants		—		—	†		—		—	†
Short-Term Investment
Investment Company		21,281		—			—		21,281
Total Assets	$	132,540	$	1,195,488	†	$	—	$	1,328,028	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	—	$	57,867	$	—	$	57,867
Banks		82,594		77,619		—		160,213
Beverages		—		25,607		—		25,607
Biotechnology		—		3,758		—		3,758
Broadline Retail		116,364		—		—		116,364
Capital Markets		—		15,050		—		15,050
Electronic Equipment, Instruments & Components		—		32,080		—		32,080
Entertainment		43,800		—		—		43,800
Financial Services		—		35,799		—		35,799
Ground Transportation		37,357		—		—		37,357
Hotels, Restaurants & Leisure		41,486		81,606		—		123,092
Information Technology Services		56,554		—		—		56,554
Interactive Media & Services		—		29,850		—		29,850
Semiconductors & Semiconductor Equipment		—		63,041		—		63,041
Specialty Retail		—		20,853		—		20,853
Textiles, Apparel & Luxury Goods		57,913		129,261		—		187,174
Total Common Stocks		436,068		572,391		—		1,008,459
Short-Term Investments
Investment Company		13,572		—		—		13,572
Repurchase Agreements		—		1,205		—		1,205
Total Short-Term Investments		13,572		1,205		—		14,777
Total Assets	$	449,640	$	573,596	$	—	$	1,023,236

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	—	$	164		$	—	$	164
Capital Markets		—		62			—		62
Electrical Equipment		—		51			—		51
Electronic Equipment, Instruments & Components		—		150			—		150
Entertainment		—		54			—		54
Financial Services		48		—			—		48
Health Care Equipment & Supplies		—		67			—		67
Hotels, Restaurants & Leisure		—		27			—		27
Household Products		36		39			—		75
Insurance		—		38			—		38
Interactive Media & Services		—		35			—		35
Life Sciences Tools & Services		68		53			—		121
Machinery		—		111			—		111
Personal Care Products		—		106			—		106
Pharmaceuticals		—		128			—		128
Professional Services		—		119			—		119
Semiconductors & Semiconductor Equipment		42		38			—		80
Software		66		96			—		162
Textiles, Apparel & Luxury Goods		—		83			—		83
Total Common Stocks		260		1,421			—		1,681
Warrants		—		—	†		—		—	†
Short-Term Investment
Investment Company		13		—			—		13
Total Assets	$	273	$	1,421	†	$	—	$	1,694	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	40	$	5		$	—	$	45
Oil, Gas & Consumable Fuels		479		366			—		845
Total Common Stocks		519		371			—		890
U.S. Treasury Securities		—		14,389			—		14,389
Short-Term Investment
Investment Company		6,615		—			—		6,615
Foreign Currency Forward Exchange Contracts		—		—@			—		—@
Futures Contracts		263		—			—		263
Centrally Cleared Interest Rate Swap Agreements		—		109			—		109
Total Assets		7,397		14,869			—		22,266
Liabilities:
Foreign Currency Forward Exchange Contracts		—		(—@	)		—		(—@	)
Centrally Cleared Interest Rate Swap Agreements		—		(130	)		—		(130	)
Total Liabilities		—		(130	)		—		(130	)
Total	$	7,397	$	14,739		$	—	$	22,136

@ Value is less than $500.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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
Automobile Components	$	—	$	354	$	—	$	354
Banks		—		7,509		—		7,509
Broadline Retail		1,157		—		—		1,157
Building Products		—		573		—		573
Consumer Finance		120		1,564		—		1,684
Consumer Staples Distribution & Retail		—		355		—		355
Entertainment		—		1,009		—		1,009
Food Products		—		3,086		—		3,086
Health Care Providers & Services		—		959		—		959
Hotels, Restaurants & Leisure		689		326		—		1,015
Information Technology Services		1,847		4,024		—		5,871
Metals & Mining		—		892		—		892
Oil, Gas & Consumable Fuels		—		1,092		—		1,092
Pharmaceuticals		—		695		—		695
Real Estate Management & Development		—		512		—		512
Software		—		642		—		642
Specialty Retail		—		1,503		—		1,503
Textiles, Apparel & Luxury Goods		—		1,309		—		1,309
Wireless Telecommunication Services		—		908		—		908
Total Common Stocks		3,813		27,312		—		31,125
Short-Term Investment
Investment Company		1,316		—		—		1,316
Total Assets	$	5,129	$	27,312	$	—	$	32,441

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	—	$	9,297	$	—	$	9,297
Banks		5,387		2,647		—		8,034
Beverages		—		3,782		—		3,782
Biotechnology		2,463		—		—		2,463
Broadline Retail		8,322		—		—		8,322
Chemicals		—		6,707		—		6,707
Containers & Packaging		—		1,384		—		1,384
Electronic Equipment, Instruments & Components		—		3,389		—		3,389
Entertainment		4,371		2,088		—		6,459
Food Products		—		2,889		—		2,889
Ground Transportation		3,481		—		—		3,481
Health Care Equipment & Supplies		—		738		—		738
Health Care Providers & Services		—		1,407		—		1,407
Hotels, Restaurants & Leisure		9,514		—		—		9,514
Household Durables		1,521		4,372		—		5,893
Industrial Conglomerates		—		2,465		—		2,465
Information Technology Services		—		1,810		—		1,810
Interactive Media & Services		—		1,940		—		1,940
Machinery		—		1,625		—		1,625
Metals & Mining		3,812		11,126		—		14,938
Oil, Gas & Consumable Fuels		805		8,328		—		9,133
Passenger Airlines		2,692		—		—		2,692
Personal Care Products		1,446		5,858		—		7,304
Pharmaceuticals		—		10,368		—		10,368
Professional Services		—		3,859		—		3,859
Semiconductors & Semiconductor Equipment		2,336		13,033		—		15,369
Software		1,780		—		—		1,780
Tech Hardware, Storage & Peripherals		—		6,803		—		6,803
Textiles, Apparel & Luxury Goods		—		2,544		—		2,544
Total Common Stocks		47,930		108,459		—		156,389
Preferred Stock
Biotechnology		—		—		1,250		1,250
Short-Term Investments
Investment Company		676		—		—		676
Repurchase Agreements		—		171		—		171
Total Short-Term Investments		676		171		—		847
Futures Contract		162		—		—		162
Total Assets	$	48,768	$	108,630	$	1,250	$	158,648

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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	$	1,250
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		—
Realized gains (losses)		—
Ending Balance	$	1,250
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	—

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2024:

Passport Overseas Equity	Fair Value at March 31, 2024 (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

* 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.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	18	$	249		$	—	$	267
Beverages		4		—			—		4
Broadline Retail		168		—			—		168
Capital Markets		305		—			—		305
Chemicals		12		—			—		12
Commercial Services & Supplies		36		157			—		193
Construction Materials		6		—			—		6
Consumer Staples Distribution & Retail		168		—			—		168
Distributors		22		—			—		22
Diversified Consumer Services		5		—			—		5
Entertainment		53		—			—		53
Food Products		26		—			—		26
Ground Transportation		225		—			—		225
Health Care Equipment & Supplies		6		—			—		6
Health Care Technology		52		—			—		52
Hotels, Restaurants & Leisure		14		—			—		14
Household Durables		49		101			—		150
Industrial Conglomerates		27		—			—		27
Information Technology Services		458		—			—		458
Insurance		23		—			—		23
Life Sciences Tools & Services		272		171			—		443
Metals & Mining		99		—			—		99
Oil, Gas & Consumable Fuels		127		—			—		127
Personal Care Products		22		—			—		22
Pharmaceuticals		234		—			—		234
Semiconductors & Semiconductor Equipment		47		—			—		47
Software		327		—			—		327
Specialized REITs		216		—			—		216
Specialty Retail		365		—			—		365
Textiles, Apparel & Luxury Goods		199		111			—		310
Trading Companies & Distributors		28		—			—		28
Total Common Stocks		3,613		789			—		4,402
Investment Company		121		—			—		121
Warrants		—		—	†		—		—	†
Call Options Purchased		—		9			—		9
Short-Term Investment
Investment Company		69		—			—		69
Total Assets	$	3,803	$	798	†	$	—	$	4,601	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	266,734	(1)	$	—	$	—	$	266,734
Short-Term Investment
Investment Company		3,422			—		—		3,422
Total Assets	$	270,156		$	—	$	—	$	270,156

(1) The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	4,520	(1)	$	—	$	—	$	4,520
Short-Term Investment
Investment Company		12			—		—		12
Total Assets	$	4,532		$	—	$	—	$	4,532

(1) The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	27,739	(1)	$	—	$	—	$	27,739
Short-Term Investment
Investment Company		304			—		—		304
Total Assets	$	28,043		$	—	$	—	$	28,043

(1) The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:

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	$	2,140	(1)	$	—	$	—	$	2,140
Short-Term Investments
Investment Company		180			—		—		180
Repurchase Agreements		—			11		—		11
Total Short-Term Investments		180			11		—		191
Total Assets	$	2,320		$	11	$	—	$	2,331

(1) The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

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