Morgan Stanley Institutional Fund NPORTP US Core Portfolio (Sep 2024 report)

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated Portfolio of Investments

Advantage Portfolio

	Shares		Value (000)
Common Stocks (96.4%)
Automobiles (7.6%)
Tesla, Inc. (a)		46,287	$	12,110

Biotechnology (1.1%)
Roivant Sciences Ltd. (a)		153,943		1,777

Broadline Retail (7.3%)
Amazon.com, Inc. (a)		38,104		7,100
MercadoLibre, Inc. (a)		2,142		4,395
				11,495
Capital Markets (4.6%)
Intercontinental Exchange, Inc.		45,081		7,242

Entertainment (5.2%)
ROBLOX Corp., Class A (a)		186,587		8,258

Financial Services (4.7%)
Adyen NV (Netherlands) (a)		4,234		6,629
Block, Inc., Class A (a)		11,700		785
				7,414
Ground Transportation (4.8%)
Uber Technologies, Inc. (a)		50,884		3,824
Union Pacific Corp.		15,255		3,760
				7,584
Hotels, Restaurants & Leisure (13.1%)
Airbnb, Inc., Class A (a)		49,048		6,220
DoorDash, Inc., Class A (a)		101,778		14,526
				20,746
Information Technology Services (19.7%)
Cloudflare, Inc., Class A (a)		172,439		13,949
Shopify, Inc., Class A (Canada) (a)		138,915		11,133
Snowflake, Inc., Class A (a)		53,721		6,170
				31,252
Life Sciences Tools & Services (2.7%)
Danaher Corp.		15,328		4,261

Media (7.4%)
Trade Desk, Inc., Class A (a)		106,421		11,669

Pharmaceuticals (4.4%)
Royalty Pharma PLC, Class A		246,678		6,979

Software (9.0%)
Bill Holdings, Inc. (a)		46,310		2,443
Crowdstrike Holdings, Inc., Class A (a)		8,363		2,346
MicroStrategy, Inc., Class A (a)		41,721		7,034
Procore Technologies, Inc. (a)		40,345		2,490
				14,313
Specialized REITs (3.1%)
American Tower Corp. REIT		20,852		4,849

Specialty Retail (1.7%)
Floor & Decor Holdings, Inc., Class A (a)		21,644		2,688
Total Common Stocks (Cost $108,883)				152,637

Investment Company (2.5%)
iShares Bitcoin Trust ETF (a) (Cost $4,283)		110,682		3,999

Short-Term Investment (1.3%)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (b) (Cost $2,067)		2,066,855		2,067
Total Investments Excluding Purchased Options (100.2%) (Cost $115,233)				158,703
Total Purchased Options Outstanding (0.1%) (Cost $560)				142
Total Investments (100.3%) (Cost $115,793) (c)(d)(e)(f)				158,845
Liabilities in Excess of Other Assets (–0.3%)				(402	)
Net Assets (100.0%)			$	158,443

(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 nine months ended September 30, 2024, advisory fees paid were reduced by approximately $4,000 relating to the Fund’s investment in the Liquidity Fund.

(c)	The approximate fair value and percentage of net assets, $6,629,000 and 4.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.

(d)

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.

(e)	Securities are available for collateral in connection with purchased options.

(f)

At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $50,345,000 and the aggregate gross unrealized depreciation is approximately $7,293,000, resulting in net unrealized appreciation of approximately $43,052,000.

ETF	Exchange Traded Fund.

REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Advantage Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2024:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.66	Sep–25		19,367,044	$	19,367	$	57	$	80	$	(23	)
Goldman Sachs International	USD/CNH	CNH	7.68	Jan–25		51,817,605		51,818		15		196		(181	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.77	Jul–25		17,819,117		17,819		37		78		(41	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25		48,537,601		48,538		33		206		(173	)
									$	142	$	560	$	(418	)

CNH

—

Chinese Yuan Renminbi Offshore

USD

—

United States Dollar

Portfolio Composition

Classification	Percentage of Total Investments
Other*		30.9	%
Information Technology Services		19.7
Hotels, Restaurants & Leisure		13.1
Software		9.0
Automobiles		7.6
Media		7.3
Broadline Retail		7.2
Entertainment		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Portfolio of Investments

American Resilience Portfolio

	Shares		Value (000)
Common Stocks (94.9%)
Beverages (5.3%)
Coca-Cola Co.		547	$	39
Constellation Brands, Inc., Class A		139		36
				75
Capital Markets (9.0%)
CME Group, Inc.		164		36
FactSet Research Systems, Inc.		40		19
Intercontinental Exchange, Inc.		335		54
S&P Global, Inc.		35		18
				127
Electronic Equipment, Instruments & Components (1.9%)
CDW Corp.		114		26

Financial Services (5.8%)
Jack Henry & Associates, Inc.		41		7
Visa, Inc., Class A		271		75
				82
Health Care Equipment & Supplies (8.4%)
Abbott Laboratories		290		33
Becton Dickinson & Co.		163		39
Hologic, Inc. (a)		286		23
Steris PLC		94		23
				118
Health Care Providers & Services (3.4%)
UnitedHealth Group, Inc.		82		48

Hotels, Restaurants & Leisure (3.0%)
Booking Holdings, Inc.		10		42

Household Products (2.8%)
Procter & Gamble Co.		231		40

Information Technology Services (4.3%)
Accenture PLC, Class A		173		61

Insurance (6.0%)
Aon PLC, Class A		147		51
Arthur J Gallagher & Co.		119		33
				84
Interactive Media & Services (4.3%)
Alphabet, Inc., Class A		363		60

Life Sciences Tools & Services (8.0%)
IQVIA Holdings, Inc. (a)		147		35
Revvity, Inc.		268		34
Thermo Fisher Scientific, Inc.		71		44
				113
Machinery (3.2%)
Otis Worldwide Corp.		429		45

Pharmaceuticals (1.9%)
Zoetis, Inc.		133		26

Professional Services (7.5%)
Automatic Data Processing, Inc.		167		46
Broadridge Financial Solutions, Inc.		165		36
Equifax, Inc.		82		24
				106
Semiconductors & Semiconductor Equipment (4.0%)
Texas Instruments, Inc.		273		56

Software (12.5%)
Constellation Software, Inc. (Canada)		12		39
Microsoft Corp.		226		97
Roper Technologies, Inc.		71		40
				176
Specialty Retail (2.0%)
AutoZone, Inc. (a)		9		28

Tobacco (1.6%)
Philip Morris International, Inc.		177		22
Total Common Stocks (Cost $1,114)				1,335

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

	Shares
Short-Term Investment (1.3%)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (b) (Cost $19)		18,889		19
Total Investments (96.2%) (Cost $1,133) (c)(d)				1,354
Other Assets in Excess of Liabilities (3.8%)				53
Net Assets (100.0%)			$	1,407

(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 nine months ended September 30, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.

(c)

(d)

At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $222,000 and the aggregate gross unrealized depreciation is approximately $1,000, resulting in net unrealized appreciation of approximately $221,000.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		34.8	%
Software		13.1
Capital Markets		9.3
Health Care Equipment & Supplies		8.7
Life Sciences Tools & Services		8.3
Professional Services		7.9
Insurance		6.3
Financial Services		6.0
Beverages		5.6
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated Portfolio of Investments

Asia Opportunity Portfolio

	Shares		Value (000)
Common Stocks (100.1%)
China (49.7%)
China Resources Mixc Lifestyle Services Ltd. (a)		422,600	$	1,859
Full Truck Alliance Co. Ltd. ADR		562,376		5,067
Greentown Service Group Co. Ltd. (a)		1,418,000		841
Haidilao International Holding Ltd. (a)		2,604,000		6,232
KE Holdings, Inc. ADR		220,827		4,397
Kuaishou Technology (a)(b)		446,500		3,068
Kweichow Moutai Co. Ltd., Class A		28,694		7,031
Meituan, Class B (a)(b)		420,620		8,932
PDD Holdings, Inc. ADR (b)		33,228		4,479
Qifu Technology, Inc. ADR		162,002		4,829
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		55,900		2,305
Tencent Holdings Ltd. (a)		114,300		6,356
Trip.com Group Ltd. ADR (b)		168,754		10,029
Wuliangye Yibin Co. Ltd., Class A		116,200		2,659
				68,084
Hong Kong (3.0%)
AIA Group Ltd.		463,500		4,048

India (26.9%)
Axis Bank Ltd.		328,797		4,834
HDFC Bank Ltd.		339,538		6,992
ICICI Bank Ltd. ADR		307,853		9,189
Indian Hotels Co. Ltd.		124,774		1,020
MakeMyTrip Ltd. (b)		29,743		2,765
Titan Co. Ltd.		118,867		5,421
Zomato Ltd. (b)		2,032,154		6,614
				36,835
Korea, Republic of (12.3%)
Coupang, Inc. (b)		370,416		9,094
KakaoBank Corp.		229,744		3,705
NAVER Corp.		27,551		3,549
Webtoon Entertainment, Inc. (b)		49,765		569
				16,917
Singapore (3.5%)
Grab Holdings Ltd., Class A (b)		1,278,764		4,859

Taiwan (4.7%)
Taiwan Semiconductor Manufacturing Co. Ltd.		213,000		6,423
Total Investments (100.1%) (Cost $99,447) (c)(d)(e)				137,166
Liabilities in Excess of Other Assets (–0.1%)				(161	)
Net Assets (100.0%)			$	137,005

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 approximate fair value and percentage of net assets, $81,889,000 and 59.8%, 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)

(e)

At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $45,511,000 and the aggregate gross unrealized depreciation is approximately $7,792,000, resulting in net unrealized appreciation of approximately $37,719,000.

ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Hotels, Restaurants & Leisure		26.0	%
Banks		18.0
Other*		16.9
Broadline Retail		9.9
Interactive Media & Services		9.8
Ground Transportation		7.2
Beverages		7.0
Real Estate Management & Development		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated Portfolio of Investments

Developing Opportunity Portfolio

	Shares		Value (000)
Common Stocks (97.0%)
Brazil (7.3%)
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		60,034	$	996
NU Holdings Ltd., Class A (a)		117,921		1,610
				2,606
China (38.2%)
China Resources Mixc Lifestyle Services Ltd. (b)		107,600		473
Full Truck Alliance Co. Ltd. ADR		101,576		915
Haidilao International Holding Ltd. (b)		469,000		1,122
KE Holdings, Inc. ADR		44,670		889
Kuaishou Technology (a)(b)		78,300		538
Kweichow Moutai Co. Ltd., Class A		5,689		1,394
Meituan, Class B (a)(b)		107,380		2,280
PDD Holdings, Inc. ADR (a)		6,001		809
Qifu Technology, Inc. ADR		30,273		903
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		9,000		371
Tencent Holdings Ltd. (b)		22,800		1,268
Trip.com Group Ltd. ADR (a)		36,557		2,173
Wuliangye Yibin Co. Ltd., Class A		20,700		474
				13,609
India (24.2%)
Axis Bank Ltd.		86,054		1,265
HDFC Bank Ltd.		78,245		1,612
ICICI Bank Ltd. ADR		69,392		2,071
Indian Hotels Co. Ltd.		31,785		260
MakeMyTrip Ltd. (a)		7,187		668
Titan Co. Ltd.		25,628		1,169
Zomato Ltd. (a)		486,368		1,583
				8,628
Korea, Republic of (11.1%)
Coupang, Inc. (a)		92,649		2,274
KakaoBank Corp.		42,386		684
NAVER Corp.		6,770		872
Webtoon Entertainment, Inc. (a)		12,336		141
				3,971
Poland (1.2%)
Allegro.eu SA (a)		48,366		437

Singapore (2.9%)
Grab Holdings Ltd., Class A (a)		272,111		1,034

Taiwan (4.6%)
Taiwan Semiconductor Manufacturing Co. Ltd.		55,000		1,659

United States (7.5%)
MercadoLibre, Inc. (a)		1,296		2,659
Total Common Stocks (Cost $23,880)				34,603

Short-Term Investment (3.8%)
Investment Company (3.8%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (c) (Cost $1,348)		1,348,446		1,348
Total Investments (100.8%) (Cost $25,228) (d)(e)(f)				35,951
Liabilities in Excess of Other Assets (–0.8%)				(291	)
Net Assets (100.0%)			$	35,660

(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 nine months ended September 30, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund.

(d)

(e)	The approximate fair value and percentage of net assets, $17,461,000 and 49.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.

(f)

At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $11,916,000 and the aggregate gross unrealized depreciation is approximately $1,193,000, resulting in net unrealized appreciation of approximately $10,723,000.

ADR	American Depositary Receipt.

Portfolio Composition

	Percentage of
Classification	Total Investments
Hotels, Restaurants & Leisure		22.5	%
Other*		21.6
Banks		20.2
Broadline Retail		17.2
Interactive Media & Services		7.8
Ground Transportation		5.5
Beverages		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Portfolio of Investments

Emerging Markets ex China Portfolio

			Value
	Shares		(000)
Common Stocks (99.3%)
Brazil (6.8%)
Itau Unibanco Holding SA (Preference)		12,241	$	81
Localiza Rent a Car SA		8,416		63
NU Holdings Ltd., Class A (a)		3,128		43
Raia Drogasil SA		18,297		86
Rede D'Or Sao Luiz SA		12,052		69
Vale SA		4,833		56
WEG SA		10,817		108
				506
Egypt (0.8%)
Commercial International Bank - Egypt (CIB)		35,158		61

India (31.5%)
Axis Bank Ltd.		2,435		36
Bajaj Auto Ltd.		952		140
Bajaj Finance Ltd.		1,024		94
CG Power & Industrial Solutions Ltd.		9,236		84
Delhivery Ltd. (a)		7,787		39
HDFC Asset Management Co. Ltd.		847		43
HDFC Bank Ltd.		11,868		244
Hindalco Industries Ltd.		14,710		133
ICICI Bank Ltd.		14,170		215
Infosys Ltd.		4,928		110
Infosys Ltd. ADR		3,149		70
Larsen & Toubro Ltd.		1,915		84
Macrotech Developers Ltd.		6,752		99
Mahindra & Mahindra Ltd.		5,707		211
MakeMyTrip Ltd. (a)		952		89
Max Healthcare Institute Ltd.		9,017		106
Pidilite Industries Ltd.		1,858		75
Reliance Industries Ltd.		6,384		225
Star Health & Allied Insurance Co. Ltd. (a)		8,897		64
State Bank of India		17,247		162
United Breweries Ltd.		1,566		41
				2,364
Indonesia (5.2%)
Bank Central Asia Tbk. PT		132,600		90
Bank Mandiri Persero Tbk. PT		201,000		93
Bank Rakyat Indonesia Persero Tbk. PT		250,000		82
Bank Syariah Indonesia Tbk. PT		220,000		44
Cisarua Mountain Dairy Tbk. PT		169,700		63
Indosat Tbk. PT		27,400		20
				392
Korea, Republic of (11.0%)
DB Insurance Co. Ltd.		354		30
HYBE Co. Ltd.		111		14
Hyundai Marine & Fire Insurance Co. Ltd.		980		25
Hyundai Motor Co.		192		36
Kangwon Land, Inc.		977		13
KB Financial Group, Inc.		2,004		124
Kia Corp.		692		53
Korea Zinc Co. Ltd.		145		76
KT&G Corp.		473		39
NAVER Corp.		260		33
Samsung Electronics Co. Ltd.		6,185		289
Samsung Life Insurance Co. Ltd.		105		7
SK Hynix, Inc.		603		81
SK Square Co. Ltd. (a)		70		4
				824
Malaysia (1.7%)
CIMB Group Holdings Bhd.		31,200		61
Frontken Corp. Bhd.		47,400		42
Malayan Banking Bhd.		8,500		22
				125
Mexico (3.8%)
Gruma SAB de CV, Class B		5,401		100
Grupo Financiero Banorte SAB de CV Series O		6,966		49
Qualitas Controladora SAB de CV		8,877		70
Wal-Mart de Mexico SAB de CV		22,529		68
				287
Poland (3.6%)
Allegro.eu SA (a)		8,122		73
Grupa Kety SA		635		136
Powszechny Zaklad Ubezpieczen SA		5,304		58
				267
Saudi Arabia (1.2%)
Bupa Arabia for Cooperative Insurance Co.		1,603		89

South Africa (6.2%)
AVI Ltd.		14,619		93
Capitec Bank Holdings Ltd.		877		154
Clicks Group Ltd.		2,797		64
OUTsurance Group Ltd.		21,371		72
Standard Bank Group Ltd.		5,787		81
				464
Sweden (1.2%)
Medicover AB		4,953		93

Switzerland (1.1%)
SIG Group AG (a)		3,707		83

Taiwan (22.6%)
Advantech Co. Ltd.		3,000		30
Airtac International Group		1,000		29
Delta Electronics, Inc.		5,000		60
E Ink Holdings, Inc.		6,000		56
Fubon Financial Holding Co. Ltd.		24,150		69
Hon Hai Precision Industry Co. Ltd.		26,000		153
Taiwan Semiconductor Manufacturing Co. Ltd.		35,000		1,055
Unimicron Technology Corp.		15,000		68
United Microelectronics Corp.		72,000		121
Wiwynn Corp.		1,000		54
				1,695
Thailand (0.8%)
Tisco Financial Group PCL		21,100		63

United Kingdom (1.8%)
Anglo American PLC		186		6
Antofagasta PLC		4,708		127
				133
Total Common Stocks (Cost $5,617)				7,446

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets ex China Portfolio

			Value
	Shares		(000)
Short-Term Investment (1.1%)
Investment Company (1.1%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.85% (b) (Cost $80)		80,038	$	80
Total Investments (100.4%) (Cost $5,697) (c)(d)(e)				7,526
Liabilities in Excess of Other Assets (–0.4%)				(31	)
Net Assets (100.0%)			$	7,495

(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 nine months ended September 30, 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 nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.

(d)

The approximate fair value and percentage of net assets, $6,433,000 and 85.8%, 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)

At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,953,000 and the aggregate gross unrealized depreciation is approximately $124,000, resulting in net unrealized appreciation of approximately $1,829,000.

ADR

American Depositary Receipt.

Portfolio Composition

	Percentage of
Classification	Total Investments
Other*		36.3	%
Banks		22.7
Semiconductors & Semiconductor Equipment		16.7
Metals & Mining		7.1
Insurance		6.4
Automobiles		5.8
Tech Hardware, Storage & Peripherals		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Portfolio of Investments

Emerging Markets Leaders Portfolio

			Value
	Shares		(000)
Common Stocks (100.6%)
Argentina (3.9%)
Globant SA (a)		47,634	$	9,438

Brazil (14.8%)
Localiza Rent a Car SA		1,360,468		10,239
NU Holdings Ltd., Class A (a)		1,054,401		14,393
Raia Drogasil SA		1,184,684		5,543
WEG SA		523,368		5,225
				35,400
India (51.7%)
Aarti Industries Ltd.		1,099,222		7,647
Aarti Pharmalabs Ltd.		226,829		1,723
Ambuja Cements Ltd.		458,961		3,461
Astral Ltd.		302,183		7,180
AU Small Finance Bank Ltd.		14,425		127
Avenue Supermarts Ltd. (a)		193,150		11,745
Bajaj Finance Ltd.		1,483		136
Bharti Airtel Ltd.		375,163		7,648
Cholamandalam Investment & Finance Co. Ltd.		6,519		125
Divi's Laboratories Ltd.		39,116		2,541
GMR Airports Infrastructure Ltd. (a)		4,196,825		4,711
HDFC Bank Ltd.		368,847		7,596
ICICI Bank Ltd.		688,544		10,449
KEI Industries Ltd.		216,720		11,098
Laurus Labs Ltd.		22,863		127
Oberoi Realty Ltd.		187,575		4,233
Poly Medicure Ltd.		30,052		830
SRF Ltd.		6,024		180
Techno Electric & Engineering Co. Ltd.		143,449		2,739
Timken India Ltd.		68,724		3,084
Titan Co. Ltd.		142,753		6,510
Trent Ltd.		152,954		13,838
TVS Motor Co. Ltd.		300,539		10,184
Varun Beverages Ltd.		819,620		5,930
				123,842
Mexico (2.6%)
Fomento Economico Mexicano SAB de CV ADR		33,924		3,349
Grupo Financiero Banorte SAB de CV Series O		394,513		2,795
				6,144
Taiwan (18.3%)
E Ink Holdings, Inc.		693,000		6,424
Taiwan Semiconductor Manufacturing Co. Ltd.		772,000		23,279
Unimicron Technology Corp.		1,453,000		6,598
Voltronic Power Technology Corp.		116,334		7,436
				43,737
United States (9.3%)
MercadoLibre, Inc. (a)		10,885		22,336
Total Common Stocks (Cost $166,215)				240,897

Short-Term Investment (1.5%)
Investment Company (1.5%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.85% (b) (Cost $3,628)		3,628,382		3,628
Total Investments (102.1%) (Cost $169,843) (c)(d)(e)				244,525
Liabilities in Excess of Other Assets (–2.1%)				(5,026	)
Net Assets (100.0%)			$	239,499

(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 nine months ended September 30, 2024, advisory fees paid were reduced by approximately $7,000 relating to the Fund's investment in the Liquidity Fund.

(c)

The approximate fair value and percentage of net assets, $161,649,000 and 67.5%, 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)

(e)

At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $82,358,000 and the aggregate gross unrealized depreciation is approximately $7,676,000, resulting in net unrealized appreciation of approximately $74,682,000.

ADR

American Depositary Receipt.

Portfolio Composition

	Percentage of
Classification	Total Investments
Other*		39.1	%
Banks		14.5
Electrical Equipment		9.7
Semiconductors & Semiconductor Equipment		9.5
Broadline Retail		9.1
Consumer Staples Distribution & Retail		7.1
Specialty Retail		5.7
Electronic Equipment, Instruments & Components		5.3
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Portfolio of Investments

Emerging Markets Portfolio

			Value
	Shares		(000)
Common Stocks (99.9%)
Brazil (7.8%)
Itau Unibanco Holding SA (Preference)		1,383,696	$	9,172
Localiza Rent a Car SA		741,490		5,581
NU Holdings Ltd., Class A (a)		258,748		3,532
Raia Drogasil SA		1,260,459		5,898
Rede D'Or Sao Luiz SA		434,376		2,466
Vale SA		315,271		3,675
WEG SA		1,229,383		12,274
				42,598
China (20.8%)
Alibaba Group Holding Ltd. (b)		1,212,800		16,117
Baidu, Inc. ADR (a)		15,508		1,633
Bank of Ningbo Co. Ltd., Class A		647,100		2,343
BYD Co. Ltd., H Shares (b)		233,500		8,331
China Construction Bank Corp., H Shares (b)		14,407,120		10,743
China Merchants Bank Co. Ltd., H Shares (b)		1,325,000		6,421
China Resources Beer Holdings Co. Ltd. (b)		392,000		1,679
JD.com, Inc., Class A (b)		95,373		1,913
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		444,759		3,275
KE Holdings, Inc. ADR		74,406		1,481
Kweichow Moutai Co. Ltd., Class A		18,649		4,570
Meituan, Class B (a)(b)		174,490		3,705
NARI Technology Co. Ltd., Class A		904,400		3,527
NetEase, Inc. (b)		175,600		3,280
Ping An Insurance Group Co. of China Ltd., Class H (b)		437,500		2,747
Postal Savings Bank of China Co. Ltd., Class H (b)		3,599,000		2,127
Proya Cosmetics Co. Ltd., Class A		142,228		2,217
Shenzhen Inovance Technology Co. Ltd., Class A		389,000		3,428
Tencent Holdings Ltd. (b)		476,200		26,479
Trip.com Group Ltd. ADR (a)		98,425		5,849
Yum China Holdings, Inc.		51,151		2,303
				114,168
India (26.5%)
Axis Bank Ltd.		277,288		4,077
Bajaj Auto Ltd.		66,307		9,762
Bajaj Finance Ltd.		55,384		5,089
CG Power & Industrial Solutions Ltd.		236,220		2,138
Coforge Ltd.		10,989		920
Delhivery Ltd. (a)		578,630		2,933
HDFC Asset Management Co. Ltd.		96,073		4,926
HDFC Bank Ltd.		429,299		8,841
Hindalco Industries Ltd.		606,002		5,478
Hitachi Energy India Ltd.		27,880		4,834
ICICI Bank Ltd.		942,242		14,299
IDFC First Bank Ltd. (a)		1,494,729		1,326
Infosys Ltd.		343,465		7,672
Infosys Ltd. ADR (c)		118,351		2,636
Larsen & Toubro Ltd.		127,627		5,597
Macrotech Developers Ltd.		311,154		4,582
Mahindra & Mahindra Ltd.		443,502		16,369
MakeMyTrip Ltd. (a)		38,532		3,582
Max Healthcare Institute Ltd.		418,214		4,912
Pidilite Industries Ltd.		117,633		4,720
Reliance Industries Ltd.		358,746		12,622
Samvardhana Motherson International Ltd.		1,173,869		2,957
Star Health & Allied Insurance Co. Ltd. (a)		414,719		3,003
State Bank of India		958,242		8,997
United Breweries Ltd.		135,520		3,516
				145,788
Indonesia (3.2%)
Bank Central Asia Tbk. PT		8,599,600		5,866
Bank Mandiri Persero Tbk. PT		9,930,500		4,568
Bank Rakyat Indonesia Persero Tbk. PT		11,159,800		3,650
Cisarua Mountain Dairy Tbk. PT		8,862,100		3,309
				17,393
Korea, Republic of (8.4%)
DB Insurance Co. Ltd.		27,288		2,345
HYBE Co. Ltd.		8,246		1,063
Hyundai Marine & Fire Insurance Co. Ltd.		75,680		1,906
Hyundai Motor Co.		13,227		2,463
Kangwon Land, Inc.		70,190		908
KB Financial Group, Inc.		74,619		4,604
Kia Corp.		45,397		3,457
Korea Zinc Co. Ltd.		8,167		4,278
KT&G Corp.		33,983		2,817
NAVER Corp.		19,335		2,491
Samsung Electronics Co. Ltd.		293,081		13,698
Samsung Life Insurance Co. Ltd.		7,525		538
SK Hynix, Inc.		39,177		5,243
SK Square Co. Ltd. (a)		4,990		308
				46,119
Malaysia (1.3%)
CIMB Group Holdings Bhd.		1,956,000		3,828
Malayan Banking Bhd.		1,414,100		3,594
				7,422
Mexico (3.8%)
Gruma SAB de CV, Class B		432,846		8,021
Grupo Financiero Banorte SAB de CV Series O		615,194		4,358
Qualitas Controladora SAB de CV		572,515		4,478
Wal-Mart de Mexico SAB de CV		1,284,009		3,874
				20,731
Poland (2.2%)
Allegro.eu SA (a)		758,804		6,861
Powszechny Zaklad Ubezpieczen SA		501,800		5,485
				12,346
Saudi Arabia (1.4%)
Alinma Bank		533,503		4,060
Bupa Arabia for Cooperative Insurance Co.		61,588		3,403
				7,463
South Africa (4.2%)
AVI Ltd.		620,305		3,941
Capitec Bank Holdings Ltd.		47,065		8,276
Clicks Group Ltd.		197,353		4,532
Standard Bank Group Ltd.		456,913		6,398
				23,147

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Portfolio

			Value
	Shares		(000)
Taiwan (17.9%)
Advantech Co. Ltd.		210,000	$	2,128
Airtac International Group		94,448		2,705
Delta Electronics, Inc.		264,000		3,150
E Ink Holdings, Inc.		531,000		4,922
Fubon Financial Holding Co. Ltd.		1,199,100		3,414
Hon Hai Precision Industry Co. Ltd.		1,584,000		9,326
Taiwan Semiconductor Manufacturing Co. Ltd.		1,896,205		57,178
Unimicron Technology Corp.		898,000		4,078
United Microelectronics Corp.		3,928,000		6,621
Wiwynn Corp.		70,000		3,794
Wiwynn Corp. GDR (a)		16,722		904
				98,220
Thailand (0.7%)
Tisco Financial Group PCL		1,212,900		3,637

United Arab Emirates (0.5%)
Americana Restaurants International PLC - Foreign Co.		4,090,106		2,990

United Kingdom (1.2%)
Antofagasta PLC		237,879		6,412
Total Common Stocks (Cost $384,496)				548,434

Short-Term Investments (2.0%)
Investment Company (1.9%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.85% (d) (Cost $10,401)		10,401,115		10,401

Securities held as Collateral on Loaned Securities (0.1%)
Investment Company (0.1%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.85% (d) (Cost $538)		537,947		538
Total Short-Term Investments (Cost $10,939)				10,939
Total Investments (101.9%) (Cost $395,435) including $521 of Securities Loaned (e)(f)(g)				559,373
Liabilities in Excess of Other Assets (–1.9%)				(10,362	)
Net Assets (100.0%)			$	549,011

(a)

Non-income producing security.

(b)

Security trades on the Hong Kong exchange.

(c)

All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2024, were approximately $521,000 and $538,000, respectively. The Fund received cash collateral of approximately $538,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds Government 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.

(d)

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 nine months ended September 30, 2024, advisory fees paid were reduced by approximately $10,000 relating to the Fund's investment in the Liquidity Fund.

(e)

The approximate fair value and percentage of net assets, $466,717,000 and 85.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.

(f)

(g)

At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $180,262,000 and the aggregate gross unrealized depreciation is approximately $16,324,000, resulting in net unrealized appreciation of approximately $163,938,000.

ADR

American Depositary Receipt.

GDR

Global Depositary Receipt.

Portfolio Composition*

	Percentage of
Classification	Total Investments
Other**		52.6	%
Banks		22.3
Semiconductors & Semiconductor Equipment		12.4
Automobiles		7.2
Interactive Media & Services		5.5
Total Investments		100.0	%

Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2024.

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments

Global Concentrated Portfolio

	Shares		Value (000)
Common Stocks (98.9%)
Denmark (4.4%)
Novo Nordisk AS ADR		78,753	$	9,377

France (1.0%)
LVMH Moet Hennessy Louis Vuitton SE ADR		13,140		2,019

Italy (6.3%)
Ferrari NV		28,250		13,281

Japan (4.1%)
Mitsui & Co. Ltd. ADR		19,343		8,591

Taiwan (5.6%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		68,110		11,829

United States (77.5%)
Ameriprise Financial, Inc.		23,241		10,919
Costco Wholesale Corp.		14,501		12,855
CRH PLC		162,943		15,111
Eli Lilly & Co.		12,107		10,726
JPMorgan Chase & Co.		49,663		10,472
Linde PLC		9,415		4,490
LPL Financial Holdings, Inc.		24,193		5,628
Mastercard, Inc., Class A		11,141		5,501
Microsoft Corp.		37,140		15,981
Netflix, Inc. (a)		14,463		10,258
NextEra Energy, Inc.		72,454		6,125
NVIDIA Corp.		161,878		19,658
Progressive Corp.		61,060		15,495
United Rentals, Inc.		14,193		11,493
Waste Management, Inc.		41,382		8,591
				163,303
Total Common Stocks (Cost $151,301)				208,400

Short-Term Investment (1.2%)
Investment Company (1.2%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (b) (Cost $2,480)		2,480,407		2,480
Total Investments (100.1%) (Cost $153,781) (c)(d)				210,880
Liabilities in Excess of Other Assets (–0.1%)				(194	)
Net Assets (100.0%)			$	210,686

(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 nine months ended September 30, 2024, advisory fees paid were reduced by approximately $3,000 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 nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(d)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $59,033,000 and the aggregate gross unrealized depreciation is approximately $1,934,000, resulting in net unrealized appreciation of approximately $57,099,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		18.7	%
Semiconductors & Semiconductor Equipment		14.9
Pharmaceuticals		9.5
Trading Companies & Distributors		9.5
Capital Markets		7.9
Software		7.6
Insurance		7.3
Construction Materials		7.2
Automobiles		6.3
Consumer Staples Distribution & Retail		6.1
Banks		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments

Global Core Portfolio

	Shares		Value (000)
Common Stocks (98.9%)
China (2.9%)
NetEase, Inc. ADR		3,237	$	303
Tencent Holdings Ltd. ADR		12,706		704
				1,007
Denmark (2.5%)
Novo Nordisk AS ADR		7,458		888

France (1.3%)
LVMH Moet Hennessy Louis Vuitton SE		605		464

India (0.6%)
HDFC Bank Ltd. ADR		3,244		203

Ireland (0.5%)
Ryanair Holdings PLC ADR		3,775		171

Italy (6.1%)
Ferrari NV		4,568		2,147

Japan (4.0%)
Mitsui & Co. Ltd. ADR		1,991		884
Nippon Telegraph & Telephone Corp. ADR		13,954		357
Sumitomo Mitsui Financial Group, Inc. ADR		12,928		163
				1,404
Taiwan (4.0%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		8,216		1,427

United Kingdom (0.5%)
Experian PLC ADR		3,290		173

United States (76.5%)
Alphabet, Inc., Class A		6,990		1,159
Amazon.com, Inc. (a)		7,385		1,376
Ameriprise Financial, Inc.		3,787		1,779
Apple, Inc.		7,886		1,838
Applied Materials, Inc.		1,312		265
Brown & Brown, Inc.		8,478		878
Chevron Corp.		2,394		353
Costco Wholesale Corp.		283		251
CRH PLC		26,330		2,442
Danaher Corp.		314		87
Eli Lilly & Co.		754		668
Fortune Brands Innovations, Inc.		2,313		207
Jack Henry & Associates, Inc.		1,545		273
JPMorgan Chase & Co.		8,314		1,753
Lennar Corp., Class A		1,367		256
Linde PLC		1,359		648
LPL Financial Holdings, Inc.		1,792		417
Lululemon Athletica, Inc. (a)		296		80
Masterbrand, Inc. (a)		4,247		79
Mastercard, Inc., Class A		1,338		661
McDonald’s Corp.		484		147
Microsoft Corp.		5,327		2,292
Netflix, Inc. (a)		1,206		855
NextEra Energy, Inc.		5,249		444
Nucor Corp.		492		74
NVIDIA Corp.		16,343		1,985
Progressive Corp.		4,769		1,210
Target Corp.		444		69
TJX Cos., Inc.		10,938		1,286
Tyler Technologies, Inc. (a)		718		419
Uber Technologies, Inc. (a)		5,888		443
United Rentals, Inc.		1,267		1,026
Valero Energy Corp.		4,265		576
Waste Management, Inc.		2,911		604
				26,900
Total Common Stocks (Cost $22,793)				34,784

Short-Term Investment (1.0%)
Investment Company (1.0%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (b) (Cost $352)		351,924		352
Total Investments (99.9%) (Cost $23,145) (c)(d)(e)				35,136
Other Assets in Excess of Liabilities (0.1%)				47
Net Assets (100.0%)			$	35,183

(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 nine months ended September 30, 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, $464,000 and 1.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(d)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(e)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $12,173,000 and the aggregate gross unrealized depreciation is approximately $182,000, resulting in net unrealized appreciation of approximately $11,991,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		34.4	%
Semiconductors & Semiconductor Equipment		10.6
Software		7.7
Construction Materials		7.0
Capital Markets		6.3
Automobiles		6.1
Banks		6.1
Insurance		5.9
Trading Companies & Distributors		5.4
Interactive Media & Services		5.3
Tech Hardware, Storage & Peripherals		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments

Global Endurance Portfolio

	Shares		Value (000)
Common Stocks (96.3%)
France (3.5%)
Eurofins Scientific SE		23,290	$	1,477

Germany (4.4%)
Delivery Hero SE (a)		45,670		1,848

Israel (4.6%)
Global-e Online Ltd. (a)		50,110		1,926

Japan (2.7%)
Sansan, Inc. (a)		74,500		1,121

Sweden (1.9%)
Evolution AB		8,033		791

United Kingdom (14.6%)
Babcock International Group PLC		281,780		1,780
Burford Capital Ltd.		81,783		1,085
Victoria PLC (a)(b)		1,788,972		3,221
				6,086
United States (64.6%)
Appian Corp., Class A (a)		118,811		4,056
Arbutus Biopharma Corp. (a)		246,152		948
Avadel Pharmaceuticals PLC (a)		100,497		1,318
Bill Holdings, Inc. (a)		32,064		1,692
Fastly, Inc., Class A (a)		267,487		2,025
Floor & Decor Holdings, Inc., Class A (a)		9,948		1,235
GXO Logistics, Inc. (a)		10,668		555
HCA Healthcare, Inc.		3,101		1,260
Immunovant, Inc. (a)		42,080		1,200
Lithia Motors, Inc., Class A		5,151		1,636
Procore Technologies, Inc. (a)		11,666		720
QXO, Inc.		36,303		572
Roivant Sciences Ltd. (a)		68,072		786
Royalty Pharma PLC, Class A		35,479		1,004
SharkNinja, Inc.		14,832		1,613
Talen Energy Corp. (a)		10,762		1,918
Tesla, Inc. (a)		10,632		2,782
Vistra Corp.		14,012		1,661
				26,981
Total Common Stocks (Cost $40,604)				40,230

Investment Company (1.7%)
United States (1.7%)
KraneShares CSI China Internet ETF (b) (Cost $710)		20,568		700

Short-Term Investments (5.8%)
Investment Company (0.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (c) (Cost $251)		251,406		251

Securities held as Collateral on Loaned Securities (5.2%)
Investment Company (4.2%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (c)		1,731,907		1,732

	Face Amount (000)
Repurchase Agreements (1.0%)
Citigroup, Inc., (4.88%, dated 9/30/24, due 10/1/24; proceeds $206; fully collateralized by U.S. Government obligations; 2.88% - 4.75% due 5/15/43 - 11/15/43; valued at $210)		206		206
Merrill Lynch & Co., Inc., (4.86%, dated 9/30/24, due 10/1/24; proceeds $231; fully collateralized by U.S. Government obligations; 0.75% - 3.50% due 9/30/26 - 2/15/45; valued at $236)		231		231
				437
Total Securities held as Collateral on Loaned Securities (Cost $2,169)				2,169
Total Short-Term Investments (Cost $2,420)				2,420
Total Investments (103.8%) (Cost $43,734) including $3,153 of Securities Loaned (d)(e)(f)				43,350
Liabilities in Excess of Other Assets (–3.8%)				(1,599	)
Net Assets (100.0%)			$	41,751

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

Global Endurance Portfolio

(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2024, were approximately $3,153,000 and $3,402,000, respectively. The Fund received cash collateral of approximately $2,169,000, 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 $1,233,000 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 nine months ended September 30, 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, $10,532,000 and 25.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(f)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,496,000 and the aggregate gross unrealized depreciation is approximately $6,880,000, resulting in net unrealized depreciation of approximately $384,000.
ETF	Exchange Traded Fund.

Portfolio Composition*

Classification	Percentage of Total Investments
Other**		26.9	%
Software		19.8
Household Durables		11.7
Independent Power & Renewable Electricity Producers		8.7
Biotechnology		7.1
Specialty Retail		7.0
Automobiles		6.8
Hotels, Restaurants & Leisure		6.4
Pharmaceuticals		5.6
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2024 (unaudited)

Portfolio of Investments

Global Focus Real Estate Portfolio

	Shares		Value (000)
Common Stocks (98.2%)
Australia (5.8%)
Charter Hall Group REIT		4,571	$	50
Goodman Group REIT		5,977		153
National Storage REIT		21,795		38
Stockland REIT		13,932		50
				291
Canada (2.0%)
Boardwalk REIT		794		50
Chartwell Retirement Residences (Units) (a)		4,391		51
				101
France (3.2%)
Carmila SA REIT		1,426		28
Covivio SA REIT		793		48
Klepierre SA REIT		1,304		43
Unibail-Rodamco-Westfield REIT		432		38
				157
Germany (1.5%)
Vonovia SE		2,076		76

Hong Kong (2.0%)
Link REIT		9,280		47
Sun Hung Kai Properties Ltd.		5,000		54
				101
Japan (7.8%)
Comforia Residential, Inc. REIT		20		45
Invincible Investment Corp. REIT		159		69
Mitsui Fudosan Co. Ltd.		11,400		108
Mitsui Fudosan Logistics Park, Inc. REIT		14		41
Nippon Building Fund, Inc. REIT		80		73
Sumitomo Realty & Development Co. Ltd.		1,500		51
				387
Netherlands (1.5%)
CTP NV		4,074		74

Singapore (1.8%)
Frasers Centrepoint Trust REIT		23,500		42
Suntec Real Estate Investment Trust REIT		46,800		48
				90
Spain (1.5%)
Merlin Properties Socimi SA REIT		6,076		77

Sweden (2.0%)
Castellum AB (b)		2,494		37
Fastighets AB Balder, Class B (b)		3,002		26
Pandox AB		1,756		35
				98
United Kingdom (2.6%)
Segro PLC REIT		4,667		55
UNITE Group PLC REIT		3,783		48
Workspace Group PLC REIT		3,414		29
				132
United States (66.5%)
Agree Realty Corp. REIT		2,558		193
American Homes 4 Rent, Class A REIT		2,166		83
American Tower Corp. REIT		1,890		439
AvalonBay Communities, Inc. REIT		1,013		228
BXP, Inc. REIT		593		48
CareTrust REIT, Inc.		1,994		62
Digital Realty Trust, Inc. REIT		841		136
EastGroup Properties, Inc. REIT		450		84
Equinix, Inc. REIT		308		273
Federal Realty Investment Trust REIT		616		71
Host Hotels & Resorts, Inc. REIT		2,276		40
Iron Mountain, Inc. REIT		839		100
Kilroy Realty Corp. REIT		1,354		52
Lamar Advertising Co., Class A REIT		393		53
Lineage, Inc. REIT		523		41
Mid-America Apartment Communities, Inc. REIT		706		112
PACS Group, Inc. (b)		1,222		49
Prologis, Inc. REIT		939		119
Public Storage REIT		589		214
Realty Income Corp. REIT		1,513		96
Retail Opportunity Investments Corp. REIT		1,499		24
Rexford Industrial Realty, Inc. REIT		1,697		85
Simon Property Group, Inc. REIT		593		100
Urban Edge Properties REIT		2,265		48
Ventas, Inc. REIT		1,526		98
VICI Properties, Inc. REIT		3,241		108
Welltower, Inc. REIT		2,081		266
Weyerhaeuser Co. REIT		2,928		99
				3,321
Total Common Stocks (Cost $4,063)				4,905

Short-Term Investment (0.4%)
Investment Company (0.4%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 4.78% (c) (Cost $21)		20,531		21
Total Investments (98.6%) (Cost $4,084) (d)(e)(f)				4,926
Other Assets in Excess of Liabilities (1.4%)				71
Net Assets (100.0%)			$	4,997

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

Global Focus Real Estate Portfolio

(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 nine months ended September 30, 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, $1,483,000 and 29.7%, 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 nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(f)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $870,000 and the aggregate gross unrealized depreciation is approximately $28,000, resulting in net unrealized appreciation of approximately $842,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Diversified		14.5	%
Retail		13.9
Residential		13.0
Health Care		10.7
Other*		10.2
Industrial		10.1
Telecommunications REITs		8.9
Data Centers		8.3
Specialty		5.3
Self Storage		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments

Global Franchise Portfolio

	Shares		Value (000)
Common Stocks (97.8%)
France (7.6%)
L’Oreal SA		214,418	$	96,174
LVMH Moet Hennessy Louis Vuitton SE		79,654		61,085
Pernod Ricard SA		417,382		63,147
				220,406
Germany (6.9%)
SAP SE		882,793		201,924

Italy (0.2%)
Davide Campari-Milano NV		714,598		6,057

Netherlands (0.5%)
Universal Music Group NV		549,184		14,367

United Kingdom (9.2%)
Experian PLC		906,978		47,770
Haleon PLC		11,649,280		60,955
Reckitt Benckiser Group PLC		1,104,439		67,574
RELX PLC (Euronext NV)		406,565		19,152
RELX PLC (LSE)		1,552,252		73,292
				268,743
United States (73.4%)
Abbott Laboratories		787,034		89,730
Accenture PLC, Class A		326,057		115,255
Alphabet, Inc., Class A		434,968		72,139
Aon PLC, Class A		295,149		102,119
Arthur J Gallagher & Co.		271,793		76,474
Automatic Data Processing, Inc.		285,591		79,032
AutoZone, Inc. (a)		13,648		42,992
Becton Dickinson & Co.		380,658		91,777
Booking Holdings, Inc.		16,990		71,564
Broadridge Financial Solutions, Inc.		190,664		40,998
CDW Corp.		210,844		47,714
CME Group, Inc.		339,127		74,828
Coca-Cola Co.		1,155,707		83,049
Constellation Brands, Inc., Class A		276,184		71,170
Equifax, Inc.		130,050		38,216
FactSet Research Systems, Inc.		59,792		27,495
Hologic, Inc. (a)		540,805		44,054
Intercontinental Exchange, Inc.		576,773		92,653
Jack Henry & Associates, Inc.		77,732		13,723
Microsoft Corp.		516,395		222,205
Otis Worldwide Corp.		487,657		50,687
Philip Morris International, Inc.		295,759		35,905
Procter & Gamble Co.		375,411		65,021
Roper Technologies, Inc.		126,834		70,576
S&P Global, Inc.		62,749		32,417
Steris PLC		154,764		37,536
Thermo Fisher Scientific, Inc.		119,675		74,027
UnitedHealth Group, Inc.		159,160		93,058
Visa, Inc., Class A		584,119		160,604
Zoetis, Inc.		140,676		27,485
				2,144,503
Total Common Stocks (Cost $1,824,563)				2,856,000

Short-Term Investment (1.4%)
Investment Company (1.4%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (b) (Cost $41,658)		41,658,476		41,658
Total Investments (99.2%) (Cost $1,866,221) (c)(d)(e)				2,897,658
Other Assets in Excess of Liabilities (0.8%)				22,622
Net Assets (100.0%)			$	2,920,280

(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 nine months ended September 30, 2024, advisory fees paid were reduced by approximately $65,000 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 nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(d)	The approximate fair value and percentage of net assets, $711,497,000 and 24.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,044,210,000 and the aggregate gross unrealized depreciation is approximately $12,773,000, resulting in net unrealized appreciation of approximately $1,031,437,000.

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

Portfolio Composition

Classification	Percentage of Total Investments
Other*	30.3	%
Software	17.1
Professional Services	10.3
Health Care Equipment & Supplies	9.1
Capital Markets	7.9
Beverages	7.8
Insurance	6.1
Financial Services	6.0
Personal Care Products	5.4
Total Investments	100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Portfolio of Investments

Global Infrastructure Portfolio

	Shares		Value (000)
Common Stocks (99.0%)
Australia (0.8%)
Transurban Group (Units) (a)		226,029	$	2,042

Brazil (0.2%)
Rumo SA		134,083		492

Canada (16.8%)
Enbridge, Inc.		288,286		11,711
GFL Environmental, Inc.		221,268		8,824
Keyera Corp. (b)		132,211		4,122
Pembina Pipeline Corp.		207,114		8,538
TC Energy Corp. (b)		229,748		10,921
				44,116
China (0.5%)
China Resources Gas Group Ltd. (c)		343,200		1,374

France (2.8%)
Getlink SE		88,352		1,576
Vinci SA		50,744		5,932
				7,508
Hong Kong (1.0%)
CK Infrastructure Holdings Ltd.		211,500		1,439
Power Assets Holdings Ltd.		181,500		1,157
				2,596
Italy (2.3%)
Infrastrutture Wireless Italiane SpA		78,745		968
Snam SpA		445,637		2,270
Terna — Rete Elettrica Nazionale		302,162		2,722
				5,960
Japan (0.6%)
Tokyo Gas Co. Ltd.		63,600		1,481

Mexico (2.4%)
Grupo Aeroportuario del Pacifico SAB de CV, Class B		359,420		6,229

Portugal (0.1%)
EDP Renovaveis SA		15,734		275

Spain (8.3%)
Aena SME SA		16,076		3,532
Cellnex Telecom SA		220,492		8,939
Ferrovial SE		109,090		4,688
Iberdrola SA		174,730		2,701
Redeia Corp. SA		99,679		1,938
				21,798
Switzerland (0.7%)
Flughafen Zurich AG (Registered)		8,003		1,925

United Kingdom (10.0%)
National Grid PLC		1,417,362		19,593
Severn Trent PLC		95,814		3,392
United Utilities Group PLC		230,959		3,238
				26,223
United States (52.5%)
American Electric Power Co., Inc.		17,691		1,815
American Tower Corp. REIT		80,591		18,742
American Water Works Co., Inc.		25,242		3,691
Atmos Energy Corp.		41,609		5,772
CenterPoint Energy, Inc.		94,072		2,768
Cheniere Energy, Inc.		39,923		7,180
CMS Energy Corp.		107,888		7,620
Crown Castle, Inc. REIT		57,804		6,857
Duke Energy Corp.		15,862		1,829
Edison International		69,977		6,094
Equinix, Inc. REIT		2,789		2,476
Essential Utilities, Inc.		31,244		1,205
Eversource Energy		70,827		4,820
Exelon Corp.		144,721		5,868
Kinder Morgan, Inc.		227,742		5,031
NiSource, Inc.		192,125		6,657
ONEOK, Inc.		108,081		9,849
PG&E Corp.		323,869		6,403
PPL Corp.		105,547		3,491
SBA Communications Corp. REIT		16,096		3,874
Sempra		116,297		9,726
Southern Co.		22,929		2,068
Targa Resources Corp.		52,055		7,705
Williams Cos., Inc.		48,384		2,209
Xcel Energy, Inc.		63,871		4,171
				137,921
Total Common Stocks (Cost $203,281)				259,940

Short-Term Investments (1.1%)
Investment Company (1.0%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 4.78% (d) (Cost $2,629)		2,628,610		2,629

Securities held as Collateral on Loaned Securities (0.1%)
Investment Company (0.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (d)		284,696		285

	Face Amount (000)
Repurchase Agreements (0.0%)‡
Citigroup, Inc., (4.88%, dated 9/30/24, due 10/1/24; proceeds $33; fully collateralized by U.S. Government obligations; 2.88% - 4.75% due 5/15/43 - 11/15/43; valued at $35)	$	33		33
Merrill Lynch & Co., Inc., (4.86%, dated 9/30/24, due 10/1/24; proceeds $38; fully collateralized by U.S. Government obligations; 0.75% - 3.50% due 9/30/26 - 2/15/45; valued at $39)		38		38
				71
Total Securities held as Collateral on Loaned Securities (Cost $356)				356
Total Short-Term Investments (Cost $2,985)				2,985
Total Investments (100.1%) (Cost $206,266) including $14,281 of Securities Loaned (e)(f)(g)				262,925
Liabilities in Excess of Other Assets (–0.1%)				(196	)
Net Assets (100.0%)			$	262,729

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

Global Infrastructure Portfolio

‡	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 September 30, 2024, were approximately $14,281,000 and $14,808,000, respectively. The Fund received cash collateral of approximately $356,000, 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 $14,452,000 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)

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - (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 nine months ended September 30, 2024, advisory fees paid were reduced by approximately $5,000 relating to the Fund’s investment in the Liquidity Fund.

(e)	The approximate fair value and percentage of net assets, $71,182,000 and 27.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.

(f)

(g)

At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $57,042,000 and the aggregate gross unrealized depreciation is approximately $383,000, resulting in net unrealized appreciation of approximately $56,659,000.

REIT	Real Estate Investment Trust.

Portfolio Composition*

Classification	Percentage of Total Investments
Oil & Gas Storage & Transportation		36.0	%
Electricity Transmission & Distribution		18.1
Communications		15.9
Other**		11.4
Others		11.2
Diversified		7.4
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2024.

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated Portfolio of Investments

Global Insight Portfolio

	Shares		Value (000)
Common Stocks (96.3%)
Brazil (0.4%)
NU Holdings Ltd., Class A (a)		19,488	$	266

Canada (6.5%)
Shopify, Inc., Class A (a)		48,447		3,883

Germany (0.8%)
Delivery Hero SE (a)		12,253		496

Israel (4.9%)
Global-e Online Ltd. (a)		75,694		2,910

Korea, Republic of (2.7%)
Coupang, Inc. (a)		64,621		1,586

Netherlands (7.0%)
Adyen NV (a)		2,654		4,155

Singapore (3.3%)
Grab Holdings Ltd., Class A (a)		431,560		1,640
Sea Ltd. ADR (a)		3,512		331
				1,971
United States (70.7%)
Affirm Holdings, Inc. (a)		92,451		3,774
Agilon Health, Inc. (a)		160,354		630
Airbnb, Inc., Class A (a)		13,818		1,752
Arbutus Biopharma Corp. (a)		206,641		795
Aurora Innovation, Inc. (a)		365,640		2,165
Carvana Co. (a)		11,976		2,085
Cloudflare, Inc., Class A (a)		56,470		4,568
DoorDash, Inc., Class A (a)		19,926		2,844
Intellia Therapeutics, Inc. (a)		5,152		106
MercadoLibre, Inc. (a)		2,349		4,819
MicroStrategy, Inc., Class A (a)		18,604		3,137
Opendoor Technologies, Inc. (a)		54,186		108
Peloton Interactive, Inc., Class A (a)		55,505		260
ProKidney Corp. (a)		45,690		88
Rivian Automotive, Inc., Class A (a)		11,691		131
ROBLOX Corp., Class A (a)		50,533		2,237
Roivant Sciences Ltd. (a)		80,666		931
Royalty Pharma PLC, Class A		91,830		2,598
Samsara, Inc., Class A (a)		42,127		2,027
Tesla, Inc. (a)		16,410		4,293
Trade Desk, Inc., Class A (a)		25,701		2,818
XOMA Royalty Corp. (a)		1,421		38
				42,204
Total Common Stocks (Cost $36,241)				57,471

Preferred Stock (0.0%)‡
United States (0.0%)‡
Lookout, Inc., Series F (a)(b)(c) (acquisition cost — $73; acquired 6/17/14)		6,374		20

Investment Company (2.4%)
United States (2.4%)
iShares Bitcoin Trust ETF, (a) (Cost $1,519)		39,263		1,419

Short-Term Investment (1.0%)
Investment Company (1.0%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (d) (Cost $623)		622,619		623
Total Investments Excluding Purchased Options (99.7%) (Cost $38,456)				59,533
Total Purchased Options Outstanding (0.1%) (Cost $209)				53
Total Investments (99.8%) (Cost $38,665) (e)(f)(g)(h)				59,586
Other Assets in Excess of Liabilities (0.2%)				92
Net Assets (100.0%)			$	59,678

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Insight Portfolio

‡	Amount is less than 0.05%.

(a)	Non-income producing security.

(b)

Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contracts (excluding 144A holdings) at September 30, 2024 amounts to approximately $20,000 and represents less than 0.05% of net assets.

(c)

At September 30, 2024, the Fund held a fair valued security valued at approximately $20,000, 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.

(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. 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 nine months ended September 30, 2024, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Liquidity Fund.

(e)	The approximate fair value and percentage of net assets, $4,651,000 and 7.8%, 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)

(g)	Securities are available for collateral in connection with purchased options.
(h)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $23,894,000 and the aggregate gross unrealized depreciation is approximately $2,973,000, resulting in net unrealized appreciation of approximately $20,921,000.

ADR	American Depositary Receipt.
ETF	Exchange Traded Fund.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Insight Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2024:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.66	Sep–25		7,437,834	$	7,438	$	22	$	31	$	(9	)
Goldman Sachs International	USD/CNH	CNH	7.69	Jan–25		19,293,018		19,293		6		73		(67	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.77	Jul–25		6,763,419		6,763		13		29		(16	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25		17,900,646		17,901		12		76		(64	)
									$	53	$	209	$	(156	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition

Classification	Percentage of Total Investments
Other*		28.6	%
Broadline Retail		15.7
Information Technology Services		14.2
Financial Services		13.3
Software		12.3
Hotels, Restaurants & Leisure		8.5
Automobiles		7.4
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated portfolio of investments

Global Opportunity Portfolio

	Shares		Value (000)
Common Stocks (99.9%)
Brazil (1.4%)
NU Holdings Ltd., Class A (a)		3,083,860	$	42,095

Canada (3.6%)
Shopify, Inc., Class A (a)		1,345,755		107,849

China (5.2%)
Meituan, Class B (a)(b)		3,761,900		79,885
Trip.com Group Ltd. ADR (a)		1,286,714		76,470
				156,355
Denmark (5.1%)
DSV AS		747,796		153,904

France (5.7%)
Hermes International SCA		39,504		97,273
Schneider Electric SE		280,988		74,070
				171,343
India (6.5%)
HDFC Bank Ltd.		4,234,066		87,198
ICICI Bank Ltd. ADR		3,543,633		105,777
				192,975
Italy (3.2%)
Moncler SpA		1,483,171		94,295

Japan (1.2%)
Keyence Corp.		76,600		36,712

Korea, Republic of (3.8%)
Coupang, Inc. (a)		4,203,256		103,190
KakaoBank Corp.		611,700		9,865
				113,055
Netherlands (1.6%)
ASML Holding NV		56,922		47,351

Singapore (0.8%)
Grab Holdings Ltd., Class A (a)		6,217,671		23,627

Sweden (3.4%)
Spotify Technology SA (a)		277,777		102,369

Switzerland (1.4%)
On Holding AG, Class A (a)		822,359		41,241

Taiwan (1.7%)
Taiwan Semiconductor Manufacturing Co. Ltd.		1,686,000		50,840

United Kingdom (1.6%)
London Stock Exchange Group PLC		341,232		46,718

United States (53.7%)
Airbnb, Inc., Class A (a)		549,813		69,722
Amazon.com, Inc. (a)		692,688		129,068
Block, Inc., Class A (a)		733,591		49,246
Crowdstrike Holdings, Inc., Class A (a)		191,340		53,665
Deckers Outdoor Corp. (a)		196,605		31,349
DoorDash, Inc., Class A (a)		853,604		121,835
Endeavor Group Holdings, Inc., Class A		756,995		21,620
Liberty Media Corp.-Liberty Formula One, Class C (a)		354,904		27,480
Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $3,175; acquired 12/22/15)		6,530		—
Mastercard, Inc., Class A		161,658		79,827
MercadoLibre, Inc. (a)		75,753		155,442
Meta Platforms, Inc., Class A		360,283		206,240
Salesforce, Inc.		158,613		43,414
ServiceNow, Inc. (a)		228,448		204,322
TKO Group Holdings, Inc. (a)		364,054		45,037
Uber Technologies, Inc. (a)		3,091,284		232,341
Visa, Inc., Class A		319,869		87,948
Walt Disney Co.		458,382		44,092
				1,602,648
Total Investments (99.9%) (Cost $1,416,225) (e)(f)(g)				2,983,377
Other Assets in Excess of Liabilities (0.1%)				2,095
Net Assets (100.0%)			$	2,985,472

(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 security (excluding 144A holdings) at September 30, 2024 amounts to $0 and represents 0.0% of net assets.

(d)

At September 30, 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 approximate fair value and percentage of net assets, $778,111,000 and 26.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.

(f)

(g)

At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,613,771,000 and the aggregate gross unrealized depreciation is approximately $46,619,000, resulting in net unrealized appreciation of approximately $1,567,152,000.

ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Broadline Retail		13.0	%
Other*		12.2
Hotels, Restaurants & Leisure		11.6
Software		10.1
Textiles, Apparel & Luxury Goods		8.9
Ground Transportation		8.6
Banks		8.2
Entertainment		8.0
Financial Services		7.3
Interactive Media & Services		6.9
Air Freight & Logistics		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated Portfolio of Investments

Global Permanence Portfolio

	Shares		Value (000)
Common Stocks (95.5%)
Brazil (0.1%)
Vale SA		370	$	4

Canada (7.3%)
Cameco Corp.		890		42
Canadian National Railway Co.		1,594		187
Constellation Software, Inc.		13		42
FirstService Corp.		33		6
Topicus.com, Inc.		240		23
				300
France (15.3%)
Airbus SE		1,025		150
Christian Dior SE		185		134
EssilorLuxottica SA		102		24
Eurofins Scientific SE		3,747		238
Hermes International SCA		2		5
L’Oreal SA		12		5
Remy Cointreau SA		42		3
Safran SA		311		73
				632
Germany (3.1%)
Birkenstock Holding PLC (a)		2,562		126

India (0.6%)
HDFC Bank Ltd. ADR		395		25

Italy (0.3%)
Brunello Cucinelli SpA		40		4
Ferrari NV		14		7
				11
Netherlands (0.9%)
ASML Holding NV (Registered)		38		32
Universal Music Group NV		190		5
				37
United Kingdom (10.7%)
Babcock International Group PLC		27,449		173
Rentokil Initial PLC		38,535		189
Victoria PLC (a)		44,347		80
				442
United States (57.2%)
Amazon.com, Inc. (a)		601		112
American Tower Corp. REIT		840		195
Brown & Brown, Inc.		40		4
Celsius Holdings, Inc. (a)		1,906		60
Cloudflare, Inc., Class A (a)		4,797		387
Danaher Corp.		586		163
Dollar General Corp.		775		66
Floor & Decor Holdings, Inc., Class A (a)		1,515		188
Intercontinental Exchange, Inc.		1,400		225
Landbridge Co. LLC (a)		1,556		61
Linde PLC		12		6
MSCI, Inc.		129		75
Procore Technologies, Inc. (a)		1,710		105
Royal Gold, Inc.		864		121
Royalty Pharma PLC, Class A		9,994		283
S&P Global, Inc.		104		54
Texas Pacific Land Corp.		191		169
Vail Resorts, Inc.		355		62
Veralto Corp.		144		16
Waste Connections, Inc.		35		6
				2,358
Total Common Stocks (Cost $3,633)				3,935

Investment Company (2.5%)
United States (2.5%)
iShares Bitcoin Trust ETF, (a) (Cost $110)		2,863		104

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

	Shares
Short-Term Investment (1.4%)
Investment Company (1.4%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (b) (Cost $60)		59,603		60
Total Investments Excluding Purchased Options (99.4%) (Cost $3,803)				4,099
Total Purchased Options Outstanding (0.1%) (Cost $15)				4
Total Investments (99.5%) (Cost $3,818) (c)(d)(e)(f)				4,103
Other Assets in Excess of Liabilities (0.5%)				20
Net Assets (100.0%)			$	4,123

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Permanence Portfolio

(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 nine months ended September 30, 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, $1,083,000 and 26.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.

(d)

(e)	Securities are available for collateral in connection with purchased options.

(f)

At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $683,000 and the aggregate gross unrealized depreciation is approximately $398,000, resulting in net unrealized appreciation of approximately $285,000.

ADR	American Depositary Receipt.
ETF	Exchange Traded Fund.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Permanence Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2024:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.66	Sep–25		522,551	$	523	$	2	$	3	$	(1	)
Goldman Sachs International	USD/CNH	CNH	7.69	Jan–25		1,578,869		1,579		—@		6		(6	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.77	Jul–25		478,198		478		1		2		(1	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25		1,045,683		1,046		1		4		(3	)
									$	4	$	15	$	(11	)

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

Portfolio Composition

Classification	Percentage of Total Investments
Other*		38.7	%
Life Sciences Tools & Services		9.8
Aerospace & Defense		9.7
Information Technology Services		9.4
Capital Markets		8.6
Pharmaceuticals		6.9
Textiles, Apparel & Luxury Goods		6.6
Oil, Gas & Consumable Fuels		5.2
Commercial Services & Supplies		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments

Global Real Estate Portfolio

	Shares		Value (000)
Common Stocks (99.0%)
Australia (6.2%)
Charter Hall Group REIT		20,294	$	223
Goodman Group REIT		52,299		1,334
National Storage REIT		131,994		231
NEXTDC Ltd. (a)		13,015		157
Scentre Group REIT		134,851		339
Stockland REIT		98,055		354
				2,638
Belgium (0.8%)
Montea NV REIT		2,897		241
Shurgard Self Storage Ltd. REIT		2,167		101
				342
Canada (2.2%)
Boardwalk REIT		5,277		334
Chartwell Retirement Residences (Units)(b)		35,717		412
InterRent REIT		20,272		190
				936
France (2.1%)
Carmila SA REIT		11,806		235
Covivio SA REIT		1,711		104
Klepierre SA REIT		5,541		181
Unibail-Rodamco-Westfield REIT		4,026		353
				873
Germany (2.5%)
LEG Immobilien SE		4,020		421
Vonovia SE		17,061		623
				1,044
Hong Kong (2.1%)
Link REIT		71,029		354
Sun Hung Kai Properties Ltd.		37,867		410
Swire Properties Ltd.		66,200		135
				899
Japan (8.0%)
Comforia Residential, Inc. REIT		113		255
Heiwa Real Estate, Inc. REIT		164		148
Invincible Investment Corp. REIT		777		337
Japan Hotel REIT Investment Corp.		529		264
Japan Prime Realty Investment Corp. REIT		85		206
Mitsubishi Estate Co. Ltd.		4,100		65
Mitsui Fudosan Co. Ltd.		94,800		893
Mitsui Fudosan Logistics Park, Inc. REIT		52		154
Nippon Building Fund, Inc. REIT		395		362
Nippon Prologis, Inc. REIT		107		183
Sumitomo Realty & Development Co. Ltd.		16,100		545
				3,412
Netherlands (0.7%)
CTP NV		17,215		314

Singapore (2.5%)
CapitaLand Integrated Commercial Trust REIT		209,555		344
Frasers Centrepoint Trust REIT		185,100		331
Mapletree Industrial Trust REIT		83,000		157
Suntec Real Estate Investment Trust REIT		232,900		241
				1,073
Spain (1.4%)
Cellnex Telecom SA		5,394		219
Merlin Properties Socimi SA REIT		29,073		368
				587
Sweden (1.8%)
Castellum AB (a)		21,560		316
Fastighets AB Balder, Class B (a)		26,826		236
Pandox AB		10,869		217
				769
United Kingdom (4.4%)
Derwent London PLC REIT		6,688		215
Impact Healthcare PLC REIT		111,230		137
LondonMetric Property PLC REIT		77,678		214
Segro PLC REIT		48,876		573
Sirius Real Estate Ltd. REIT		158,607		207
UNITE Group PLC REIT		25,281		318
Workspace Group PLC REIT		20,529		178
				1,842
United States (64.3%)
Agree Realty Corp. REIT		13,745		1,035
American Homes 4 Rent, Class A REIT		21,601		829
American Tower Corp. REIT		1,637		381
Americold Realty Trust, Inc. REIT		9,754		276
AvalonBay Communities, Inc. REIT		7,875		1,774
BXP, Inc. REIT		7,238		582
CareTrust REIT, Inc.		17,922		553
Digital Realty Trust, Inc. REIT		8,352		1,352
EastGroup Properties, Inc. REIT		2,238		418
Equinix, Inc. REIT		2,647		2,350
Essential Properties Realty Trust, Inc. REIT		9,726		332
Extra Space Storage, Inc. REIT		6,376		1,149
Federal Realty Investment Trust REIT		4,100		471
Healthpeak Properties, Inc. REIT		23,089		528
Host Hotels & Resorts, Inc. REIT		19,197		338
Iron Mountain, Inc. REIT		7,216		857
Kilroy Realty Corp. REIT		8,391		325
Kite Realty Group Trust REIT		11,467		305
Lineage, Inc. REIT		3,463		271
Mid-America Apartment Communities, Inc. REIT		6,235		991
PACS Group, Inc. (a)		7,826		313
Prologis, Inc. REIT		14,501		1,831
Public Storage REIT		4,443		1,617
Realty Income Corp. REIT		17,142		1,087
Retail Opportunity Investments Corp. REIT		10,510		165
Rexford Industrial Realty, Inc. REIT		12,056		607
Simon Property Group, Inc. REIT		6,346		1,073
Sun Communities, Inc. REIT		4,135		559
Tanger, Inc. REIT		6,612		219
Urban Edge Properties REIT		12,005		257
Ventas, Inc. REIT		11,852		760
VICI Properties, Inc. REIT		34,175		1,138
Welltower, Inc. REIT		19,972		2,556
				27,299
Total Common Stocks (Cost $31,501)				42,028

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

Global Real Estate Portfolio

	No. of Rights		Value (000)
Rights (0.0%)‡
Belgium (0.0%)‡
Montea NV, expires 10/3/2024 (a) (Cost $—)		2,897	$	3

	Shares
Short-Term Investment (1.1%)
Investment Company (1.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 4.78% (c) (Cost $446)		445,859		446
Total Investments (100.1%) (Cost $31,947) (d)(e)(f)				42,477
Liabilities in Excess of Other Assets (–0.1%)				(37	)
Net Assets (100.0%)			$	42,440

‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - 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 nine months ended September 30, 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, $13,793,000 and 32.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(f)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,771,000 and the aggregate gross unrealized depreciation is approximately $241,000, resulting in net unrealized appreciation of approximately $10,530,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Retail		15.0	%
Residential		14.8
Diversified		14.4
Health Care		12.4
Industrial		11.5
Other*		10.3
Data Centers		9.1
Self Storage		7.3
Specialty		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments

Global Stars Portfolio
(formerly Global Sustain Portfolio)

	Shares		Value (000)
Common Stocks (98.0%)
Australia (4.0%)
CSL Ltd.		8,284	$	1,637
Xero Ltd. (a)		10,903		1,127
				2,764
Canada (3.2%)
Constellation Software, Inc.		695		2,261

China (6.3%)
Kweichow Moutai Co. Ltd., Class A		4,900		1,201
Tencent Holdings Ltd. (b)		26,500		1,473
Zhejiang Dingli Machinery Co. Ltd., Class A		199,500		1,679
				4,353
Denmark (1.5%)
DSV AS		4,986		1,026

Germany (7.5%)
SAP SE		22,811		5,218

Switzerland (2.4%)
On Holding AG, Class A (a)		33,386		1,674

Taiwan (2.8%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		11,284		1,960

United Kingdom (7.5%)
Experian PLC		41,733		2,198
Halma PLC		47,755		1,670
RELX PLC (LSE)		28,410		1,341
				5,209
United States (62.8%)
Adobe, Inc. (a)		2,460		1,274
Alphabet, Inc., Class A		22,039		3,655
Aon PLC, Class A		5,367		1,857
Arthur J Gallagher & Co.		7,657		2,154
Automatic Data Processing, Inc.		4,920		1,362
Booking Holdings, Inc.		550		2,317
Broadridge Financial Solutions, Inc.		8,123		1,747
IDEXX Laboratories, Inc. (a)		1,988		1,004
Intercontinental Exchange, Inc.		14,785		2,375
IQVIA Holdings, Inc. (a)		7,817		1,852
Mastercard, Inc., Class A		4,096		2,023
Microsoft Corp.		8,604		3,702
Netflix, Inc. (a)		2,382		1,690
Old Dominion Freight Line, Inc.		5,468		1,086
S&P Global, Inc.		3,628		1,874
Salesforce, Inc.		6,716		1,838
Thermo Fisher Scientific, Inc.		3,157		1,953
Tradeweb Markets, Inc., Class A		18,434		2,280
Uber Technologies, Inc. (a)		20,201		1,518
UnitedHealth Group, Inc.		3,482		2,036
Visa, Inc., Class A		9,446		2,597
Zoetis, Inc.		7,652		1,495
				43,689
Total Common Stocks (Cost $51,107)				68,154

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

	Shares
Short-Term Investment (1.4%)
Investment Company (1.4%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (c) (Cost $978)		978,444		978
Total Investments (99.4%) (Cost $52,085) (d)(e)(f)				69,132
Other Assets in Excess of Liabilities (0.6%)				397
Net Assets (100.0%)			$	69,529

(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 nine months ended September 30, 2024, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $18,570,000 and 26.7%, 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 nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(f)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $17,132,000 and the aggregate gross unrealized depreciation is approximately $85,000, resulting in net unrealized appreciation of approximately $17,047,000.
ADR	American Depositary Receipt.
LSE	London Stock Exchange.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		33.2	%
Software		22.4
Professional Services		9.6
Capital Markets		9.4
Interactive Media & Services		7.4
Financial Services		6.7
Insurance		5.8
Life Sciences Tools & Services		5.5
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments

Growth Portfolio

	Shares		Value (000)
Common Stocks (93.9%)
Automobiles (7.6%)
Rivian Automotive, Inc., Class A (a)		734,044	$	8,236
Tesla, Inc. (a)		1,022,511		267,520
				275,756
Biotechnology (1.2%)
ProKidney Corp. (a)(b)		2,923,850		5,614
Roivant Sciences Ltd. (a)		3,440,744		39,706
				45,320
Broadline Retail (5.2%)
Global-e Online Ltd. (Israel) (a)		2,380,272		91,498
MercadoLibre, Inc. (a)		47,370		97,201
				188,699
Capital Markets (1.2%)
Coinbase Global, Inc., Class A (a)		140,818		25,090
Intercontinental Exchange, Inc.		109,655		17,615
				42,705
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 (4.7%)
ROBLOX Corp., Class A (a)		3,898,896		172,565

Financial Services (10.3%)
Adyen NV (Netherlands) (a)		92,811		145,306
Affirm Holdings, Inc. (a)		5,680,470		231,877
				377,183
Ground Transportation (1.4%)
Uber Technologies, Inc. (a)		683,681		51,385

Health Care Providers & Services (0.8%)
Agilon Health, Inc. (a)		7,700,163		30,262

Health Care Technology (0.7%)
Doximity, Inc., Class A (a)		590,775		25,740

Hotels, Restaurants & Leisure (12.3%)
Airbnb, Inc., Class A (a)		1,092,029		138,480
DoorDash, Inc., Class A (a)		2,160,725		308,401
				446,881
Information Technology Services (18.6%)
Cloudflare, Inc., Class A (a)		3,702,158		299,467
Shopify, Inc., Class A (Canada) (a)		3,035,408		243,258
Snowflake, Inc., Class A (a)		1,184,693		136,074
				678,799
Leisure Products (0.5%)
Peloton Interactive, Inc., Class A (a)		3,480,846		16,290

Life Sciences Tools & Services (0.4%)
10X Genomics, Inc., Class A (a)		624,692		14,106

Media (7.4%)
Trade Desk, Inc., Class A (a)		2,454,914		269,181

Pharmaceuticals (4.4%)
Royalty Pharma PLC, Class A		5,702,843		161,333

Software (12.0%)
Aurora Innovation, Inc. (a)		15,010,394		88,862
Bill Holdings, Inc. (a)		1,022,233		53,933
MicroStrategy, Inc., Class A (a)		1,136,793		191,663
Samsara, Inc., Class A (a)		2,150,958		103,504
				437,962
Specialized REITs (0.3%)
American Tower Corp. REIT		52,448		12,197

Specialty Retail (4.9%)
Carvana Co. (a)		1,014,908		176,706
Total Common Stocks (Cost $2,397,282)				3,423,070

Preferred Stocks (3.0%)
Financial Services (0.5%)
Stripe, Inc., Series I (a)(c)(d) (acquisition cost — $12,876; acquired 3/17/23)		639,525		17,593

Software (2.5%)
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $102,163; acquired 8/31/21)		1,390,269		92,884
Total Preferred Stocks (Cost $115,039)				110,477

Investment Company (2.4%)
iShares Bitcoin Trust ETF (a) (Cost $93,921)		2,427,251		87,697

Short-Term Investments (1.1%)
Investment Company (1.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (e) (Cost $38,968)		38,968,266		38,968

Securities held as Collateral on Loaned Securities (0.0%)‡
Investment Company (0.0%)‡
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (e)		1,331,447		1,332

	Face Amount (000)
Repurchase Agreements (0.0%)‡
Citigroup, Inc., (4.88%, dated 9/30/24, due 10/1/24; proceeds $158; fully collateralized by U.S. Government obligations; 2.88% - 4.75% due 5/15/43 - 11/15/43; valued at $162)	$	158		158
Merrill Lynch & Co., Inc., (4.86%, dated 9/30/24, due 10/1/24; proceeds $178; fully collateralized by U.S. Government obligations; 0.75% - 3.50% due 9/30/26 - 2/15/45; valued at $181)		178		178
				336
Total Securities held as Collateral on Loaned Securities (Cost $1,668)				1,668
Total Short-Term Investments (Cost $40,636)				40,636
Total Investments Excluding Purchased Options (100.4%) (Cost $2,646,878)				3,661,880
Total Purchased Options Outstanding (0.1%) (Cost $12,037)				3,012
Total Investments (100.5%) (Cost $2,658,915) including $1,601 of Securities Loaned (f)(g)(h)(i)				3,664,892
Liabilities in Excess of Other Assets (–0.5%)				(17,921	)
Net Assets (100.0%)			$	3,646,971

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Growth Portfolio

‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2024, were approximately $1,601,000 and $1,668,000, respectively. The Fund received cash collateral of approximately $1,668,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2024 amounts to approximately $110,477,000 and represents 3.0% of net assets.
(d)	At September 30, 2024, the Fund held fair valued securities at approximately $110,477,000, representing 3.0% 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 nine months ended September 30, 2024, advisory fees paid were reduced by approximately $195,000 relating to the Fund’s investment in the Liquidity Fund.
(f)	The approximate fair value and percentage of net assets, $145,306,000 and 4.0%, 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.
(g)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(h)	Securities are available for collateral in connection with purchased options.
(i)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,389,979,000 and the aggregate gross unrealized depreciation is approximately $384,002,000, resulting in net unrealized appreciation of approximately $1,005,977,000.
ETF	Exchange Traded Fund.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Growth Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2024:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.66	Sep–25		429,969,490	$	429,969	$	1,271	$	1,783	$	(512	)
Goldman Sachs International	USD/CNH	CNH	7.68	Jan–25		1,367,722,139		1,367,722		405		5,175		(4,770	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.77	Jul–25		392,396,616		392,397		805		1,708		(903	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25		794,067,491		794,067		531		3,371		(2,840	)
									$	3,012	$	12,037	$	(9,025	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition*

Classification	Percentage of Total Investments
Other**		23.8	%
Information Technology Services		18.6
Software		14.5
Hotels, Restaurants & Leisure		12.2
Financial Services		10.8
Automobiles		7.5
Media		7.4
Broadline Retail		5.2
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments

Inception Portfolio

	Shares		Value (000)
Common Stocks (95.0%)
Biotechnology (5.9%)
Altimmune, Inc. (a)(b)		101,540	$	623
Arbutus Biopharma Corp. (b)		2,202,644		8,480
Beam Therapeutics, Inc. (b)		29,843		731
Intellia Therapeutics, Inc. (b)		59,847		1,230
ProKidney Corp. (a)(b)		275,498		529
Recursion Pharmaceuticals, Inc., Class A (a)(b)		74,570		491
Roivant Sciences Ltd. (b)		469,377		5,417
XOMA Royalty Corp. (b)		20,112		533
				18,034
Broadline Retail (7.6%)
Global-e Online Ltd. (Israel) (b)		602,116		23,145

Chemicals (0.1%)
Ginkgo Bioworks Holdings, Inc. (a)(b)		28,362		231

Financial Services (9.9%)
Affirm Holdings, Inc. (b)		556,702		22,725
Burford Capital Ltd.		567,284		7,522
				30,247
Health Care Equipment & Supplies (0.3%)
Inspire Medical Systems, Inc. (b)		3,681		777
Outset Medical, Inc. (b)		196,183		133
				910
Health Care Providers & Services (3.5%)
Agilon Health, Inc. (b)		2,728,017		10,721

Health Care Technology (4.0%)
Doximity, Inc., Class A (b)		269,362		11,736
Schrodinger, Inc. (b)		36,276		673
				12,409
Household Durables (1.0%)
Victoria PLC (United Kingdom) (b)		1,771,637		3,190

Information Technology Services (11.8%)
Cloudflare, Inc., Class A (b)		328,488		26,571
Fastly, Inc., Class A (b)		1,254,267		9,495
				36,066
Interactive Media & Services (4.8%)
ZoomInfo Technologies, Inc., Class A (b)		1,425,830		14,715

Leisure Products (5.6%)
Peloton Interactive, Inc., Class A (b)		3,644,198		17,055

Life Sciences Tools & Services (5.5%)
10X Genomics, Inc., Class A (b)		242,747		5,481
MaxCyte, Inc. (b)		1,160,845		4,516
Standard BioTools, Inc. (b)		3,549,878		6,851
				16,848
Media (0.5%)
Ibotta, Inc., Class A (b)		22,744		1,401

Metals & Mining (0.2%)
MP Materials Corp. (a)(b)		42,898		757

Passenger Airlines (0.5%)
Joby Aviation, Inc. (a)(b)		287,598		1,447

Personal Care Products (3.2%)
Oddity Tech Ltd., Class A (Israel) (a)(b)		243,345		9,826

Pharmaceuticals (0.4%)
ATAI Life Sciences NV (a)(b)		511,994		594
GH Research PLC (a)(b)		74,570		499
				1,093
Real Estate Management & Development (2.5%)
Landbridge Co. LLC (a)(b)		77,459		3,030
Opendoor Technologies, Inc. (b)		622,633		1,246
Redfin Corp. (b)		266,407		3,338
				7,614
Software (21.2%)
Appian Corp., Class A (b)		462,994		15,807
Aurora Innovation, Inc. (b)		2,052,097		12,148
Bill Holdings, Inc. (b)		297,431		15,693
Klaviyo, Inc., Class A (b)		135,595		4,797
MicroStrategy, Inc., Class A (b)		97,347		16,413
				64,858
Specialty Retail (4.5%)
Beyond, Inc. (b)		37,577		379
RH (b)		6,397		2,139
Wayfair, Inc., Class A (b)		201,599		11,326
				13,844
Tech Hardware, Storage & Peripherals (1.4%)
IonQ, Inc. (a)(b)		497,132		4,345

Textiles, Apparel & Luxury Goods (0.6%)
Figs, Inc., Class A (b)		263,670		1,803
Total Common Stocks (Cost $293,326)				290,559

Preferred Stocks (2.6%)
Health Care Technology (1.4%)
Included Health, Inc., Series B (b)(c)(d) (acquisition cost — $3,362; acquired 7/03/14)		3,269,139		4,184

Software (1.2%)
Lookout, Inc., Series F (b)(c)(d) (acquisition cost — $13,476; acquired 6/17/14)		1,179,743		3,610
Total Preferred Stocks (Cost $16,838)				7,794

Investment Company (2.7%)
iShares Bitcoin Trust ETF (b) (Cost $8,904)		230,106		8,314

	No. of Warrants
Warrants (0.0%)
Life Sciences Tools & Services (0.0%)
SomaLogic, Inc. expires 8/31/26 (b) (Cost $204)		61,142	—

	Shares
Short-Term Investments (3.1%)
Investment Company (0.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (e) (Cost $1,741)		1,741,031	1,741

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Inception Portfolio

	Shares		Value (000)
Short-Term Investments (cont’d)
Securities held as Collateral on Loaned Securities (2.5%)
Investment Company (2.0%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (e)		6,251,978	$	6,252

	Face Amount (000)
Repurchase Agreements (0.5%)
Citigroup, Inc., (4.88%, dated 9/30/24, due 10/1/24; proceeds $744; fully collateralized by U.S. Government obligations; 2.88% - 4.75% due 5/15/43 - 11/15/43; valued at $759)	$	744		744
Merrill Lynch & Co., Inc., (4.86%, dated 9/30/24, due 10/1/24; proceeds $834; fully collateralized by U.S. Government obligations; 0.75% - 3.50% due 9/30/26 - 2/15/45; valued at $850)		834		834
				1,578
Total Securities held as Collateral on Loaned Securities (Cost $7,830)				7,830
Total Short-Term Investments (Cost $9,571)				9,571
Total Investments Excluding Purchased Options (103.4%) (Cost $328,843)				316,238
Total Purchased Options Outstanding (0.1%) (Cost $1,176)				290
Total Investments (103.5%) (Cost $330,019) including $8,636 of Securities Loaned (f)(g)(h)(i)				316,528
Liabilities in Excess of Other Assets (–3.5%)				(10,649	)
Net Assets (100.0%)			$	305,879

(a)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2024, were approximately $8,636,000 and $9,536,000, respectively. The Fund received cash collateral of approximately $7,830,000, 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 $1,706,000 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.
(b)	Non-income producing security.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contracts (excluding 144A holdings) at September 30, 2024 amounts to approximately $7,794,000 and represents 2.5% of net assets.
(d)	At September 30, 2024, the Fund held fair valued securities valued at approximately $7,794,000, representing 2.5% 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 nine months ended September 30, 2024, advisory fees paid were reduced by approximately $11,000 relating to the Fund’s investment in the Liquidity Fund.
(f)	The approximate fair value and percentage of net assets, $3,190,000 and 1.0%, 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.
(g)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(h)	Securities are available for collateral in connection with purchased options.
(i)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $60,540,000 and the aggregate gross unrealized depreciation is approximately $74,031,000, resulting in net unrealized depreciation of approximately $13,491,000.

ETF	Exchange Traded Fund.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Inception Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2024:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.66	Sep–25		37,545,145	$	37,545	$	111	$	156	$	(45	)
Goldman Sachs International	USD/CNH	CNH	7.68	Jan–25		111,519,585		111,520		33		422		(389	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.77	Jul–25		37,836,821		37,837		78		165		(87	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25		102,122,764		102,123		68		433		(365	)
									$	290	$	1,176	$	(886	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition*

Classification	Percentage of Total Investments
Other**	26.6	%
Software	22.2
Information Technology Services	11.7
Financial Services	9.8
Broadline Retail	7.5
Biotechnology	5.8
Leisure Products	5.5
Life Sciences Tools & Services	5.5
Health Care Technology	5.4
Total Investments	100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments

International Advantage Portfolio

	Shares		Value (000)
Common Stocks (98.8%)
Brazil (1.4%)
NU Holdings Ltd., Class A (a)		3,148,426	$	42,976

Canada (12.5%)
Brookfield Corp.		1,206,493		64,125
Brookfield Infrastructure Partners LP		1,356,871		47,545
Canada Goose Holdings, Inc. (a)(b)(c)		3,127,796		39,191
Canadian Pacific Kansas City Ltd.		1,314,223		112,401
Shopify, Inc., Class A (a)		1,437,441		115,197
				378,459
Denmark (9.5%)
DSV AS		1,168,115		240,410
Novo Nordisk AS, Class B		392,183		46,517
				286,927
France (19.0%)
Hermes International SCA		102,162		251,559
L’Oreal SA		186,541		83,671
LVMH Moet Hennessy Louis Vuitton SE		110,314		84,597
Schneider Electric SE		585,796		154,420
				574,247
Germany (1.2%)
Birkenstock Holding PLC (a)		701,444		34,574

Hong Kong (2.9%)
AIA Group Ltd.		10,060,500		87,857

India (7.8%)
HDFC Bank Ltd.		4,371,227		90,022
ICICI Bank Ltd. ADR		3,292,517		98,282
Titan Co. Ltd.		1,023,046		46,657
				234,961
Italy (6.0%)
Moncler SpA		2,865,254		182,163

Japan (4.5%)
Keyence Corp.		279,800		134,098

Netherlands (5.7%)
Adyen NV (a)		30,069		47,077
ASML Holding NV		150,330		125,053
				172,130
Sweden (6.0%)
Evolution AB		423,716		41,674
Spotify Technology SA (a)		376,651		138,807
				180,481
Switzerland (6.2%)
Chocoladefabriken Lindt & Spruengli AG (Registered)		317		40,376
Cie Financiere Richemont SA, Class A (Registered)		274,742		43,630
Straumann Holding AG (Registered)		637,418		104,266
				188,272
Taiwan (4.8%)
Taiwan Semiconductor Manufacturing Co. Ltd.		4,750,000		143,232

United Kingdom (4.5%)
London Stock Exchange Group PLC		651,439		89,189
Rightmove PLC		5,686,275		47,006
				136,195
United States (6.8%)
Liberty Media Corp.-Liberty Formula One, Class C (a)		763,787		59,140
MercadoLibre, Inc. (a)		71,633		146,988
				206,128
Total Common Stocks (Cost $2,040,380)				2,982,700

Short-Term Investments (1.4%)
Investment Company (1.4%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (d) (Cost $40,570)		40,570,092		40,570
Securities held as Collateral on Loaned Securities (0.0%)‡
Investment Company (0.0%)‡
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (d)		795,706		796

	Face Amount (000)
Repurchase Agreements (0.0%)‡
Citigroup, Inc., (4.88%, dated 9/30/24, due 10/1/24; proceeds $94; fully collateralized by U.S. Government obligations; 2.88% - 4.75% due 5/15/43 - 11/15/43; valued at $97)	$	94		94
Merrill Lynch & Co., Inc., (4.86%, dated 9/30/24, due 10/1/24; proceeds $106; fully collateralized by U.S. Government obligations; 0.75% - 3.50% due 9/30/26 - 2/15/45; valued at $108)		106		106
				200
Total Securities held as Collateral on Loaned Securities (Cost $996)				996
Total Short-Term Investments (Cost $41,566)				41,566
Total Investments (100.2%) (Cost $2,081,946) including $13,502 of Securities Loaned (e)(f)(g)				3,024,266
Liabilities in Excess of Other Assets (–0.2%)				(5,529	)
Net Assets (100.0%)			$	3,018,737

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

International Advantage Portfolio

‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	For the nine months ended September 30, 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 $9,580,000, including net realized loss of approximately $15,843,000.
(c)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2024, were approximately $13,502,000 and $14,008,000, respectively. The Fund received cash collateral of approximately $996,000, 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 $13,012,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity 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 nine months ended September 30, 2024, advisory fees paid were reduced by approximately $89,000 relating to the Fund’s investment in the Liquidity Fund.
(e)	The approximate fair value and percentage of net assets, $2,083,474,000 and 69.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(f)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(g)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $998,572,000 and the aggregate gross unrealized depreciation is approximately $56,252,000, resulting in net unrealized appreciation of approximately $942,320,000.
ADR	American Depositary Receipt.

Portfolio Composition*

Classification	Percentage of Total Investments
Other**	36.2	%
Textiles, Apparel & Luxury Goods	22.6
Semiconductors & Semiconductor Equipment	8.9
Air Freight & Logistics	8.0
Banks	7.6
Entertainment	6.5
Electrical Equipment	5.1
Capital Markets	5.1
Total Investments	100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments

International Equity Portfolio

	Shares		Value (000)
Common Stocks (98.1%)
Australia (1.4%)
Aristocrat Leisure Ltd.		416,093	$	16,800

Belgium (1.5%)
KBC Group NV		233,146		18,549

Canada (5.1%)
Agnico Eagle Mines Ltd.		241,700		19,471
Constellation Software, Inc.		9,122		29,677
Tourmaline Oil Corp.		278,068		12,914
				62,062
China (4.7%)
ANTA Sports Products Ltd. (a)		1,337,000		15,827
Tencent Holdings Ltd. (a)		343,200		19,083
Tsingtao Brewery Co. Ltd., Class H (a)		2,880,000		22,326
				57,236
Denmark (2.1%)
Tryg AS		1,042,689		24,727

Finland (2.4%)
Kone OYJ, Class B		491,372		29,395

France (14.9%)
AXA SA		324,373		12,487
Capgemini SE		111,297		24,029
Legrand SA		231,914		26,718
L’Oreal SA		59,304		26,600
LVMH Moet Hennessy Louis Vuitton SE		30,166		23,134
Pernod Ricard SA		146,222		22,122
Safran SA		89,426		21,044
Sanofi SA		204,119		23,502
				179,636
Germany (12.8%)
Deutsche Boerse AG		78,892		18,521
DHL Group (Registered)		390,876		17,436
Infineon Technologies AG		760,000		26,682
Merck KGaA		111,026		19,599
QIAGEN NV(b)		633,829		28,652
SAP SE		191,052		43,700
				154,590
Hong Kong (2.5%)
AIA Group Ltd. (a)		3,416,400		29,835

Italy (2.9%)
Davide Campari-Milano NV		3,022,906		25,624
Moncler SpA		155,224		9,868
				35,492
Japan (6.8%)
Hoya Corp.		53,400		7,396
Keyence Corp.		47,900		22,957
Kyocera Corp.		733,400		8,571
SMC Corp.		53,100		23,747
Sony Group Corp.		1,019,000		19,797
				82,468
Korea, Republic of (1.4%)
Samsung Electronics Co. Ltd.		362,061		16,922

Netherlands (3.2%)
Heineken NV		190,481		16,909
Universal Music Group NV		820,586		21,467
				38,376
Singapore (1.7%)
DBS Group Holdings Ltd.		669,510		19,827

Sweden (5.3%)
Boliden AB		269,180		9,136
Epiroc AB, Class A		685,414		14,846
Evolution AB		155,939		15,337
Hexagon AB, Class B		2,250,789		24,243
				63,562
Switzerland (3.2%)
Novartis AG (Registered)		123,051		14,168
Roche Holding AG (Genusschein)		51,495		16,479
UBS Group AG (Registered) (b)		265,825		8,226
				38,873
Taiwan (1.2%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		80,928		14,055

United Kingdom (25.0%)
Anglo American PLC		628,723		20,437
Associated British Foods PLC		609,316		19,043
AstraZeneca PLC		182,738		28,468
BP PLC		1,677,536		8,749
Experian PLC		281,820		14,843
Haleon PLC		5,608,487		29,346
Halma PLC		799,011		27,938
Hiscox Ltd.		1,084,732		16,615
London Stock Exchange Group PLC		113,526		15,543
NatWest Group PLC		2,669,057		12,356
Prudential PLC		1,382,734		12,828
Reckitt Benckiser Group PLC		292,488		17,896
RELX PLC (Euronext NV)		255,840		12,052
RELX PLC (LSE)		172,905		8,164
Rightmove PLC		2,084,689		17,233
Shell PLC		665,907		21,603
St. James’s Place PLC		1,831,809		17,996
				301,110
Total Common Stocks (Cost $843,843)				1,183,515

	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.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

International Equity Portfolio

	Shares		Value (000)
Short-Term Investment (1.8%)
Investment Company (1.8%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (c) (Cost $21,717)		21,716,810	$	21,717
Total Investments (99.9%) (Cost $865,560) (d)(e)(f)				1,205,232
Other Assets in Excess of Liabilities (0.1%)				1,707
Net Assets (100.0%)			$	1,206,939

(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 nine months ended September 30, 2024, advisory fees paid were reduced by approximately $25,000 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $1,107,398,000 and 91.8%, 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 nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(f)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $350,983,000 and the aggregate gross unrealized depreciation is approximately $11,311,000, resulting in net unrealized appreciation of approximately $339,672,000.
ADR	American Depositary Receipt.
Euronext NV	Euronext Amsterdam Stock Market.
LSE	London Stock Exchange.

Portfolio Composition

Classification	Percentage of Total Investments
Other*	52.6	%
Pharmaceuticals	8.5
Insurance	8.1
Beverages	7.2
Electronic Equipment, Instruments & Components	6.9
Software	6.1
Machinery	5.6
Capital Markets	5.0
Total Investments	100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated Portfolio of Investments

International Opportunity Portfolio

			Value
	Shares		(000)
Common Stocks (110.3%)
Brazil (5.6%)
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		820,623	$	13,618
NU Holdings Ltd., Class A (a)		2,236,443		30,527
				44,145
Canada (5.1%)
Canadian Pacific Kansas City Ltd.		117,824		10,077
Shopify, Inc., Class A (a)		376,075		30,139
				40,216
China (15.7%)
Kweichow Moutai Co. Ltd., Class A		86,531		21,204
Meituan, Class B (a)(b)		1,861,520		39,530
PDD Holdings, Inc. ADR (a)		92,545		12,476
Tencent Holdings Ltd. (b)		265,300		14,752
Trip.com Group Ltd. ADR (a)		594,917		35,356
				123,318
Denmark (7.2%)
DSV AS		275,107		56,620

France (13.6%)
Hermes International SCA		16,361		40,286
L’Oreal SA		31,732		14,233
LVMH Moet Hennessy Louis Vuitton SE		18,064		13,853
Schneider Electric SE		146,988		38,747
				107,119
India (15.1%)
Axis Bank Ltd.		1,110,652		16,329
HDFC Bank Ltd.		1,628,310		33,534
ICICI Bank Ltd. ADR		1,044,818		31,188
Titan Co. Ltd.		454,341		20,720
Zomato Ltd. (a)		5,320,202		17,317
				119,088
Italy (4.6%)
Moncler SpA		571,591		36,340

Japan (6.1%)
Keyence Corp.		48,200		23,100
Sanrio Co. Ltd.		863,000		24,872
				47,972
Korea, Republic of (6.9%)
Coupang, Inc. (a)		1,444,699		35,467
KakaoBank Corp.		1,167,589		18,830
				54,297
Netherlands (5.5%)
Adyen NV (a)		8,948		14,009
ASML Holding NV		35,641		29,648
				43,657
Singapore (1.7%)
Grab Holdings Ltd., Class A (a)		3,480,338		13,225

Sweden (3.7%)
Spotify Technology SA (a)		79,701		29,372

Switzerland (3.3%)
On Holding AG, Class A (a)		515,883		25,872

Taiwan (4.4%)
Taiwan Semiconductor Manufacturing Co. Ltd.		1,142,000		34,436

United Kingdom (3.5%)
London Stock Exchange Group PLC		202,555		27,732

United States (8.3%)
Liberty Media Corp.-Liberty Formula One, Class C (a)		198,094		15,339
MercadoLibre, Inc. (a)		24,562		50,400
				65,739
Total Investments (110.3%) (Cost $561,090) (c)(d)(e)				869,148
Liabilities in Excess of Other Assets (–10.3%)				(81,036	)
Net Assets (100.0%)			$	788,112

(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	The approximate fair value and percentage of net assets, $536,092,000 and 68.0%, 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 nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(e)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $341,851,000 and the aggregate gross unrealized depreciation is approximately $33,793,000, resulting in net unrealized appreciation of approximately $308,058,000.
ADR	American Depositary Receipt.

Portfolio Composition

	Percentage of
Classification	Total Investments
Other*		28.3	%
Textiles, Apparel & Luxury Goods		15.8
Banks		15.0
Broadline Retail		11.3
Hotels, Restaurants & Leisure		10.6
Semiconductors & Semiconductor Equipment		7.4
Air Freight & Logistics		6.5
Entertainment		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Portfolio of Investments

International Resilience Portfolio

			Value
	Shares		(000)
Common Stocks (96.0%)
Australia (2.0%)
Aristocrat Leisure Ltd.		990	$	40

Canada (3.0%)
Constellation Software, Inc.		19		62

Finland (2.9%)
Kone OYJ, Class B		997		60

France (17.9%)
Capgemini SE		243		53
Legrand SA		518		60
L’Oreal SA		166		74
LVMH Moet Hennessy Louis Vuitton SE		67		51
Pernod Ricard SA		365		55
Safran SA		196		46
Sanofi SA		235		27
				366
Germany (15.8%)
Deutsche Boerse AG		257		60
Infineon Technologies AG		1,313		46
Merck KGaA		229		41
QIAGEN NV (a)		1,332		60
SAP SE		504		115
				322
Hong Kong (2.8%)
AIA Group Ltd.		6,600		58

Italy (3.5%)
Davide Campari-Milano NV		6,206		52
Moncler SpA		310		20
				72
Japan (3.7%)
Hoya Corp.		200		28
Keyence Corp.		100		48
				76
Netherlands (3.9%)
Heineken NV		327		29
Universal Music Group NV		1,919		50
				79
Sweden (4.7%)
Epiroc AB, Class A		1,591		35
Hexagon AB, Class B		5,690		61
				96
Switzerland (2.7%)
Alcon, Inc.		201		20
Roche Holding AG (Genusschein)		112		36
				56
Taiwan (2.4%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		275		48

United Kingdom (21.2%)
AstraZeneca PLC		352		55
Experian PLC		1,096		58
Haleon PLC		13,309		70
Halma PLC		1,953		68
London Stock Exchange Group PLC		325		44
Reckitt Benckiser Group PLC		525		32
RELX PLC (LSE)		1,343		63
Rightmove PLC		5,027		42
				432
United States (9.5%)
Aon PLC, Class A		143		49
Procter & Gamble Co.		238		41
Thermo Fisher Scientific, Inc.		69		43
Visa, Inc., Class A		219		60
				193
Total Common Stocks (Cost $1,607)				1,960

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

	Shares
Short-Term Investment (0.9%)
Investment Company (0.9%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (b) (Cost $18)		17,727		18
Total Investments (96.9%) (Cost $1,625) (c)(d)(e)				1,978
Other Assets in Excess of Liabilities (3.1%)				64
Net Assets (100.0%)			$	2,042

(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 nine months ended September 30, 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, $1,657,000 and 81.1%, 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 nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(e)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $384,000 and the aggregate gross unrealized depreciation is approximately $31,000, resulting in net unrealized appreciation of approximately $353,000.
ADR	American Depositary Receipt.
LSE	London Stock Exchange.

Portfolio Composition

	Percentage of
Classification	Total Investments
Other*		37.8	%
Electronic Equipment, Instruments & Components		9.0
Software		9.0
Pharmaceuticals		8.0
Personal Care Products		7.3
Beverages		6.9
Professional Services		6.1
Insurance		5.4
Capital Markets		5.3
Life Sciences Tools & Services		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated Portfolio of Investments

Multi-Asset Real Return Portfolio

			Value
	Shares		(000)
Common Stocks (19.3%)
Australia (1.5%)
Ampol Ltd.		108	$	2
BHP Group Ltd.		3,338		104
BlueScope Steel Ltd.		293		4
Capricorn Metals Ltd. (a)		855		3
Emerald Resources NL (a)		1,380		4
Evolution Mining Ltd.		4,460		14
Fortescue Ltd.		1,115		16
Genesis Minerals Ltd. (a)		2,606		4
Gold Road Resources Ltd.		2,580		3
James Hardie Industries PLC (a)		290		11
Mineral Resources Ltd.		116		4
Northern Star Resources Ltd.		3,067		34
Orica Ltd.		317		4
Perseus Mining Ltd.		3,140		6
Pilbara Minerals Ltd. (a)(b)		1,882		4
Ramelius Resources Ltd.		2,577		4
Regis Resources Ltd. (a)		1,684		2
Rio Tinto Ltd.		245		22
Santos Ltd.		1,477		7
South32 Ltd.		2,983		8
Vault Minerals Ltd. (a)		14,916		3
West African Resources Ltd. (a)		2,360		3
Westgold Resources Ltd.		1,045		2
Woodside Energy Group Ltd.		864		15
				283
Austria (0.0%)‡
OMV AG		68		3
Voestalpine AG		77		2
				5
Belgium (0.0%)‡
Syensqo SA		49		4
Umicore SA		138		2
				6
Canada (3.5%)
Agnico Eagle Mines Ltd. (NYSE)		711		57
Agnico Eagle Mines Ltd. (TSX)		328		26
Alamos Gold, Inc., Class A		886		18
ARC Resources Ltd.		269		5
Aya Gold & Silver, Inc. (a)		268		3
B2Gold Corp.		2,833		9
Barrick Gold Corp. (NYSE)		2,609		52
Barrick Gold Corp. (LSE)		1,158		23
Calibre Mining Corp. (a)		1,624		3
Cameco Corp.		194		9
Canadian Natural Resources Ltd.		963		32
CCL Industries, Inc., Class B		98		6
Cenovus Energy, Inc.		637		11
Centerra Gold, Inc.		470		3
Dundee Precious Metals, Inc.		410		4
Eldorado Gold Corp. (a)		449		8
Enbridge, Inc.		966		39
Equinox Gold Corp. (a)		707		4
First Majestic Silver Corp.		630		4
First Quantum Minerals Ltd. (a)		467		6
Fortuna Mining Corp. (a)		672		3
Franco-Nevada Corp. (NYSE)		275		34
Franco-Nevada Corp. (TSX)		127		16
IAMGOLD Corp. (a)		1,090		6
Imperial Oil Ltd. (b)		84		6
Ivanhoe Mines Ltd., Class A (a)(b)		418		6
K92 Mining, Inc. (a)		522		3
Keyera Corp. (b)		105		3
Kinross Gold Corp. (NYSE)		2,702		25
Kinross Gold Corp. (TSX)		808		8
Lundin Mining Corp.		434		5
MAG Silver Corp. (a)		226		3
MEG Energy Corp.		125		2
New Gold, Inc. (a)		1,519		4
Nutrien Ltd. (b)		326		16
OceanaGold Corp.		1,537		4
Osisko Gold Royalties Ltd. (b)		410		8
Pan American Silver Corp. (NYSE)		796		17
Pan American Silver Corp. (TSX)		240		5
Parkland Corp.		64		2
Pembina Pipeline Corp.		263		11
Sandstorm Gold Ltd.		654		4
SilverCrest Metals, Inc. (a)		324		3
SSR Mining, Inc.		446		3
Suncor Energy, Inc.		582		21
TC Energy Corp. (b)		473		22
Teck Resources Ltd., Class B		304		16
Torex Gold Resources, Inc. (a)		194		4
Tourmaline Oil Corp.		151		7
Wesdome Gold Mines Ltd. (a)		332		3
West Fraser Timber Co. Ltd. (b)		37		4
Wheaton Precious Metals Corp. (NYSE)		650		40
Wheaton Precious Metals Corp. (TSX)		298		18
				654
China (0.2%)
Zhaojin Mining Industry Co. Ltd., H Shares (c)		6,383		11
Zijin Mining Group Co. Ltd., H Shares (c)		11,773		26
				37
Denmark (0.1%)
Novozymes AS Series B		246		18

Finland (0.1%)
Neste OYJ (b)		193		3
Stora Enso OYJ, Class R		386		5
UPM-Kymmene OYJ		353		12
				20
France (0.8%)
Air Liquide SA		380		73
ArcelorMittal SA		337		9
Arkema SA		39		4
TotalEnergies SE		989		64
				150

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Multi-Asset Real Return Portfolio

			Value
	Shares		(000)
Common Stocks (cont’d)
Germany (0.3%)
BASF SE		589	$	31
Covestro AG (a)		125		8
Evonik Industries AG		155		4
Heidelberg Materials AG		85		9
Symrise AG		87		12
				64
Ireland (0.2%)
CRH PLC		458		42

Israel (0.0%)‡
ICL Group Ltd.		505		2

Italy (0.1%)
Eni SpA (b)		1,001		15
Tenaris SA		216		4
				19
Japan (0.7%)
Asahi Kasei Corp.		827		6
ENEOS Holdings, Inc.		1,311		7
Idemitsu Kosan Co. Ltd.		441		3
Inpex Corp.		442		6
JFE Holdings, Inc.		380		5
Mitsubishi Chemical Group Corp.		844		6
Mitsui Chemicals, Inc.		112		3
Nippon Paint Holdings Co. Ltd.		625		5
Nippon Sanso Holdings Corp.		115		4
Nippon Steel Corp.		564		13
Nissan Chemical Corp.		82		3
Nitto Denko Corp.		475		8
Shin-Etsu Chemical Co. Ltd.		1,188		50
Sumitomo Metal Mining Co. Ltd.		163		5
Toray Industries, Inc.		914		5
				129
Netherlands (0.2%)
Akzo Nobel NV		112		8
DSM-Firmenich AG		122		17
OCI NV		70		2
				27
Norway (0.1%)
Aker BP ASA		144		3
Equinor ASA		410		10
Norsk Hydro ASA		873		6
Yara International ASA		109		3
				22
Peru (0.1
Cia de Minas Buenaventura SAA ADR		555		8

Portugal (0.0%)‡
Galp Energia SGPS SA		212		4

South Africa (0.2%)
DRDGOLD Ltd. ADR (b)		195		2
Gold Fields Ltd. ADR (b)		1,617		25
Harmony Gold Mining Co. Ltd. ADR (b)		1,383		14
				41
Spain (0.0%)‡
Repsol SA		556		7

Sweden (0.1%)
Boliden AB		180		6
Holmen AB, Class B		50		2
Svenska Cellulosa AB SCA, Class B		399		6
				14
Switzerland (0.6%)
Clariant AG (Registered) (a)		142		2
EMS-Chemie Holding AG (Registered)		5		4
Givaudan SA (Registered)		6		33
Holcim AG (a)		344		34
SIG Group AG (a)		201		5
Sika AG (Registered)		101		33
				111
United Kingdom (1.7%)
Anglo American PLC		837		27
Anglogold Ashanti PLC		938		25
Antofagasta PLC		260		7
BP PLC		7,813		41
Centamin PLC		2,630		5
Croda International PLC		87		5
Endeavour Mining PLC (LSE)		121		3
Endeavour Mining PLC (TSX)		546		13
Glencore PLC		6,823		39
Mondi PLC		291		5
Rio Tinto PLC		741		53
Shell PLC		2,967		96
				319
United States (8.8%)
Air Products & Chemicals, Inc.		147		44
Albemarle Corp.		78		7
Amcor PLC		953		11
APA Corp.		169		4
Avery Dennison Corp.		53		12
Baker Hughes Co.		457		17
Ball Corp.		209		14
Celanese Corp.		68		9
CF Industries Holdings, Inc.		126		11
Cheniere Energy, Inc.		108		19
Chesapeake Energy Corp.		50		4
Chevron Corp.		814		120
Cleveland-Cliffs, Inc. (a)		333		4
Coeur Mining, Inc. (a)		852		6
ConocoPhillips		539		57
Corteva, Inc.		464		27
Coterra Energy, Inc.		344		8
Crown Holdings, Inc.		79		8
Devon Energy Corp.		292		11
Diamondback Energy, Inc.		78		14
Dow, Inc.		462		25
DuPont de Nemours, Inc.		284		25
Eastman Chemical Co.		78		9
Ecolab, Inc.		170		43

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Multi-Asset Real Return Portfolio

			Value
	Shares		(000)
Common Stocks (cont’d)
United States (cont’d)
EOG Resources, Inc.		266	$	33
EQT Corp.		178		7
Exxon Mobil Corp.		2,064		242
FMC Corp.		82		5
Freeport-McMoRan, Inc.		944		47
Halliburton Co.		406		12
Hecla Mining Co.		1,384		9
Hess Corp.		125		17
HF Sinclair Corp.		72		3
International Flavors & Fragrances, Inc.		169		18
International Paper Co.		216		11
Kinder Morgan, Inc.		912		20
Linde PLC		320		153
LyondellBasell Industries NV, Class A		171		16
Marathon Oil Corp.		266		7
Marathon Petroleum Corp.		173		28
Martin Marietta Materials, Inc.		41		22
Mosaic Co.		216		6
Newmont Corp. (TSX)		2,405		129
Nucor Corp.		162		24
Occidental Petroleum Corp.		299		15
ONEOK, Inc.		264		24
Ovintiv, Inc.		118		5
Packaging Corp. of America		59		13
Phillips 66		200		26
PPG Industries, Inc.		156		21
Reliance, Inc.		38		11
Royal Gold, Inc.		144		20
RPM International, Inc.		85		10
Schlumberger NV		649		27
Sherwin-Williams Co.		160		61
Smurfit WestRock PLC		340		17
Steel Dynamics, Inc.		102		13
Targa Resources Corp.		96		14
Texas Pacific Land Corp.		8		7
Valero Energy Corp.		155		21
Vulcan Materials Co.		87		22
Westlake Corp.		26		4
Williams Cos., Inc.		554		25
				1,674
Total Common Stocks (Cost $3,367)				3,656

	Face
	Amount
	(000)
U.S. Treasury Security(65.7%)
United States (65.7%)
U.S. Treasury Inflation-Indexed Notes, 1.88%, 7/15/34 (Cost $12,527)	$	12,183	12,486

	Shares
Short-Term Investments (14.7%)
Investment Company (14.4%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class 4.78% (d) (Cost $2,736)		2,736,179	2,736

Securities held as Collateral on Loaned Securities (0.3%)
Investment Company (0.2%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class 4.88% (d)	50,043	50

	Face
	Amount
	(000)
Repurchase Agreements (0.1%)
Citigroup, Inc., (4.88%, dated 9/30/24, due 10/1/24; proceeds $6; fully collateralized by U.S. Government obligations; 2.88% - 4.75% due 5/15/43 - 11/15/43; valued at $6)	$	6		6
Merrill Lynch & Co., Inc., (4.86%, dated 9/30/24, due 10/1/24; proceeds $7; fully collateralized by U.S. Government obligations; 0.75% - 3.50% due 9/30/26 - 2/15/45; valued at $7)		7		7
				13
Total Securities held as Collateral on Loaned Securities (Cost $63)				63
Total Short-Term Investments (Cost $2,799)				2,799
Total Investments (99.7%) (Cost $18,693) including $127 of Securities Loaned (e)(f)(g)(h)				18,941
Other Assets in Excess of Liabilities (0.3%)				66
Net Assets (100.0%)			$	19,007

‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2024, were approximately $127,000 and $135,000, respectively. The Fund received cash collateral of approximately $63,000, 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 $72,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security trades on the Hong Kong exchange.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - (the “Liquidity 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 nine months ended September 30, 2024, advisory fees paid were reduced by approximately $7,000 relating to the Fund’s investment in the Liquidity Fund.
(e)	Securities are available for collateral in connection with foreign currency forward exchange contracts, futures contract and swap agreement.
(f)	The approximate fair value and percentage of net assets, $1,234,000 and 6.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(h)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $374,000 and the aggregate gross unrealized depreciation is approximately $231,000, resulting in net unrealized appreciation of approximately $143,000.
ADR	American Depositary Receipt.
LSE	London Stock Exchange.
NYSE	New York Stock Exchange.
TSX	Toronto Stock Exchange.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 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 September 30, 2024:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
BNP Paribas SA	GBP	10	$	13	12/19/24	$	(—@	)
Citibank NA	GBP	12	$	16	12/19/24		(1	)
Goldman Sachs International	$	—@	CHF	—@	12/19/24		(—@	)
Goldman Sachs International	$	16	EUR	15	12/19/24		—@
Goldman Sachs International	$	1	SEK	10	12/19/24		—@
JPMorgan Chase Bank NA	GBP	1	$	1	12/19/24		(—@	)
JPMorgan Chase Bank NA	$	—@	CHF	—@	12/19/24		(—@	)
JPMorgan Chase Bank NA	$	10	JPY	1,361	12/19/24		(—@	)
						$	(1	)

Futures Contract:

The Fund had the following futures contract open at September 30, 2024:

	Number of Contracts		Expiration Date	Notional Amount (000)		Value (000)		Unrealized Depreciation (000)
Long:
COMEX Gold 100 OZ (United States)		9	Dec-24	$	1	$	2,393	$	(22	)

Total Return Swap Agreement:

The Fund had the following total return swap agreement open at September 30, 2024:

Swap Counterparty

Index

Pay/ Receive Total Return of Reference Index

Floating Rate

Payment Frequency

Maturity Date

Notional Amount (000)

Value
(000)

Upfront Payment Paid (000)

Unrealized Depreciation
(000)

Goldman Sachs & Co. LLC

S&P GSCI Total Return Index

Pay

USB3MTA + 0.10%

Maturity

4/16/25

854

(82

)

—

(82

)

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

Portfolio Composition*

	Percentage of
Classification	Total Investments
U.S. Treasury Security		66.1	%
Short-Term Investments		14.5
Metals & Mining		6.7
Other**		6.4
Oil, Gas & Consumable Fuels		6.3
Total Investments		100.0	%***

Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 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 $2,393,000 and unrealized depreciation of approximately $22,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $1,000. Also does not include an open swap agreement with unrealized depreciation of approximately $82,000.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Portfolio of Investments

Next Gen Emerging Markets Portfolio

			Value
	Shares		(000)
Common Stocks (97.6%)
Argentina (2.0%)
Despegar.com Corp. (a)		36,227	$	449

Bangladesh (4.2%)
BRAC Bank PLC		745,855		337
Square Pharmaceuticals PLC		324,469		620
				957
Egypt (4.3%)
Commercial International Bank - Egypt (CIB) GDR		566,133		962

Indonesia (16.4%)
Bank Mandiri Persero Tbk. PT		658,300		303
Champ Resto Indonesia Tbk. PT (a)		2,674,900		178
Cisarua Mountain Dairy Tbk. PT		1,818,200		679
Map Aktif Adiperkasa PT		11,430,800		710
Medikaloka Hermina Tbk. PT		9,478,600		955
Selamat Sempurna Tbk. PT		2,447,900		329
Sumber Alfaria Trijaya Tbk. PT		2,718,300		569
				3,723
Kazakhstan (8.7%)
Halyk Savings Bank of Kazakhstan JSC GDR		37,065		652
Kaspi.KZ JSC ADR		5,378		570
NAC Kazatomprom JSC GDR		20,484		748
				1,970
Kenya (1.7%)
Safaricom PLC		3,207,641		372

Mexico (1.0%)
Vista Energy SAB de CV ADR (a)		4,961		219

Nigeria (1.1%)
Guaranty Trust Holding Co. PLC		8,831,203		255

Pakistan (4.9%)
Meezan Bank Ltd.		669,246		554
Systems Ltd.		380,682		556
				1,110
Philippines (7.9%)
Bank of the Philippine Islands		208,240		505
BDO Unibank, Inc.		162,330		460
Century Pacific Food, Inc.		1,225,900		832
				1,797
Poland (3.3%)
Grupa Kety SA		2,608		559
Text SA		10,100		193
				752
Slovenia (3.6%)
Nova Ljubljanska Banka DD GDR		30,609		814

South Africa (2.1%)
Standard Bank Group Ltd.		34,073		477

Turkey (2.7%)
Coca-Cola Icecek AS		145,920		243
Logo Yazilim Sanayi Ve Ticaret AS		142,204		378
				621
United Arab Emirates (2.1%)
Emaar Properties PJSC		203,973		484

United Kingdom (1.4%)
Airtel Africa PLC		205,690		315

United States (7.6%)
EPAM Systems, Inc. (a)		1,639		326
Grid Dynamics Holdings, Inc. (a)		21,873		306
MercadoLibre, Inc. (a)		533		1,094
				1,726
Vietnam (22.6%)
Bank for Foreign Trade of Vietnam JSC (a)		185,457		695
Binh Minh Plastics JSC		108,900		526
FPT Corp.		297,014		1,626
Mobile World Investment Corp.		253,488		702
Phu Nhuan Jewelry JSC		216,200		894
Vietnam Dairy Products JSC		237,992		678
				5,121
Total Common Stocks (Cost $17,102)				22,124

Short-Term Investment (1.6%)
Investment Company (1.6%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.85% (b) (Cost $360)		360,099		360
Total Investments (99.2%) (Cost $17,462) (c)(d)(e)				22,484
Other Assets in Excess of Liabilities (0.8%)				179
Net Assets (100.0%)			$	22,663

(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 nine months ended September 30, 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, $19,159,000 and 84.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(d)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(e)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,515,000 and the aggregate gross unrealized depreciation is approximately $493,000, resulting in net unrealized appreciation of approximately $5,022,000.
ADR	American Depositary Receipt.
GDR	Global Depositary Receipt.
PJSC	Public Joint Stock Company.

Portfolio Composition

	Percentage of
Classification	Total Investments
Other*		44.8	%
Banks		26.7
Information Technology Services		12.5
Food Products		9.7
Specialty Retail		6.3
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Portfolio of Investments

Passport Overseas Equity Portfolio

			Value
	Shares		(000)
Common Stocks (98.5%)
Argentina (3.4%)
Despegar.com Corp. (a)		423,162	$	5,247

Canada (5.1%)
Agnico Eagle Mines Ltd.		18,826		1,517
Bank of Nova Scotia		21,913		1,194
Canadian Imperial Bank of Commerce		19,511		1,197
Canadian Natural Resources Ltd.		21,963		729
Constellation Software, Inc.		261		849
Royal Bank of Canada		12,871		1,606
Tourmaline Oil Corp.		17,229		800
				7,892
China (6.8%)
Alibaba Group Holding Ltd. ADR		73,071		7,754
Tencent Holdings Ltd. (b)		49,800		2,769
				10,523
Denmark (2.2%)
Novo Nordisk AS, Class B		28,479		3,378

France (10.8%)
Air Liquide SA		8,531		1,648
Airbus SE		23,428		3,429
Capgemini SE		7,866		1,698
Hermes International SCA		336		827
L'Oreal SA		2,965		1,330
LVMH Moet Hennessy Louis Vuitton SE		1,873		1,436
Pernod Ricard SA		9,190		1,391
Sanofi SA		19,701		2,268
TotalEnergies SE		24,267		1,576
Verallia SA		35,612		1,042
				16,645
Germany (6.9%)
Linde PLC		11,005		5,250
Rheinmetall AG		5,153		2,801
Siemens AG (Registered)		12,911		2,612
				10,663
India (6.0%)
Apollo Hospitals Enterprise Ltd.		18,435		1,584
HDFC Bank Ltd. ADR		52,453		3,282
ICICI Bank Ltd.		100,578		1,526
Reliance Industries Ltd.		41,078		1,445
State Bank of India		145,889		1,370
				9,207
Ireland (3.1%)
AIB Group PLC		461,383		2,643
Ryanair Holdings PLC ADR		46,220		2,088
				4,731
Israel (1.3%)
CyberArk Software Ltd. (a)		6,700		1,954
Japan (8.6%)
FANUC Corp.		21,750		639
Hoya Corp.		5,900		817
Keyence Corp.		6,500		3,115
Nikon Corp. (c)		183,800		1,904
SMC Corp.		1,805		807
Sony Group Corp.		146,465		2,846
Sony Group Corp. ADR (c)		17,742		1,713
Tokyo Electron Ltd.		8,000		1,427
				13,268
Korea, Republic of (5.7%)
Hanwha Aerospace Co. Ltd.		9,853		2,245
Hanwha Industrial Solutions Co. Ltd. (a)		10,914		278
Samsung Electronics Co. Ltd.		113,200		5,291
SK Hynix, Inc.		7,352		984
				8,798
Netherlands (3.6%)
ASML Holding NV		2,841		2,363
Universal Music Group NV (c)		69,479		1,818
Wolters Kluwer NV		8,554		1,443
				5,624
Norway (1.0%)
Var Energi ASA		501,004		1,548

Singapore (3.1%)
Sea Ltd. ADR (a)		51,097		4,817

South Africa (3.1%)
Anglo American Platinum Ltd.		40,646		1,462
Impala Platinum Holdings Ltd. (a)		160,203		898
Northam Platinum Holdings Ltd. (c)		128,516		812
Thungela Resources Ltd. (c)		244,892		1,546
				4,718
Switzerland (0.7%)
Nestle SA (Registered)		10,898		1,095

Taiwan (4.5%)
Taiwan Semiconductor Manufacturing Co. Ltd.		201,000		6,061
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		5,467		950
				7,011
United Kingdom (18.7%)
Anglo American PLC		46,722		1,519
AstraZeneca PLC		32,727		5,098
BAE Systems PLC		95,170		1,580
Diageo PLC		62,003		2,166
Experian PLC		57,812		3,045
Glencore PLC		1,041,383		5,964
Shell PLC		59,345		1,925
Unilever PLC		32,525		2,111
Unilever PLC ADR		28,801		1,871
Unilever PLC CVA		56,188		3,643
				28,922
United States (3.9%)
MercadoLibre, Inc. (a)		1,578		3,238
Vertex Pharmaceuticals, Inc. (a)		5,893		2,741
				5,979
Total Common Stocks (Cost $101,661)				152,020

Preferred Stock (0.9%)
United States (0.9%)
Neurogenesis, Inc., Series A (a)(d)(e) (acquisition cost — $1,250; acquired 12/16/21)		32,692		1,375

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Passport Overseas Equity Portfolio

			Value
	Shares		(000)
Short-Term Investments (3.0%)
Investment Company (1.8%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (f) (Cost $2,766)		2,765,874	$	2,766
Securities held as Collateral on Loaned Securities (1.2%)
Investment Company (1.0%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (f)		1,467,878		1,468

	Face
	Amount
	(000)
Repurchase Agreements (0.2%)
Citigroup, Inc., (4.88%, dated 9/30/24, due 10/1/24; proceeds $174; fully collateralized by U.S. Government obligations; 2.88% - 4.75% due 5/15/43 - 11/15/43; valued at $178)	$	174		174
Merrill Lynch & Co., Inc., (4.86%, dated 9/30/24, due 10/1/24; proceeds $196; fully collateralized by U.S. Government obligations; 0.75% - 3.50% due 9/30/26 - 2/15/45; valued at $200)		196		196
				370
Total Securities held as Collateral on Loaned Securities (Cost $1,838)				1,838
Total Short-Term Investments (Cost $4,604)				4,604
Total Investments (102.4%) (Cost $107,515) including $6,181 of Securities Loaned (g)(h)(i)(j)				157,999
Liabilities in Excess of Other Assets (–2.4%)				(3,735	)
Net Assets (100.0%)			$	154,264

(a)

Non-income producing security.

(b)

Security trades on the Hong Kong exchange.

(c)

All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2024, were approximately $6,181,000 and $6,553,000, respectively. The Fund received cash collateral of approximately $1,838,000, 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 $4,715,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

(d)

Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2024 amounts to approximately $1,375,000 and represents 0.9% of net assets.

(e)

At September 30, 2024, the Fund held a fair valued security valued at approximately $1,375,000, representing 0.9% 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 nine months ended September 30, 2024, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Fund.

(g)

The approximate fair value and percentage of net assets, $108,195,000 and 70.1%, 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.

(h)

(i)

Securities are available for collateral in connection with open futures contracts.

(j)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $55,779,000 and the aggregate gross unrealized depreciation is approximately $4,725,000, resulting in net unrealized appreciation of approximately $51,054,000.
ADR	American Depositary Receipt.
CVA	Certificaten Van Aandelen.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Passport Overseas Equity Portfolio

Futures Contracts:

The Fund had the following futures contracts open at September 30, 2024:

	Number of Contracts	Expiration Date	Notional Amount (000)		Value (000)		Unrealized Appreciation (000)
Long:
Hang Seng Index (Hong Kong)	46	Oct-24	HKD	2	$	6,295	$	467
Stoxx Europe Small 200 Index (Germany)	261	Dec-24	EUR	13		5,070		103
							$	570

EUR	—	Euro
HKD	—	Hong Kong Dollar

Portfolio Composition*

	Percentage of
Classification	Total Investments
Other**		44.2	%
Banks		8.2
Metals & Mining		7.8
Semiconductors & Semiconductor Equipment		7.5
Broadline Retail		7.0
Pharmaceuticals		6.9
Aerospace & Defense		6.6
Oil, Gas & Consumable Fuels		6.1
Personal Care Products		5.7
Total Investments		100.0	%***

Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2024.

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

***

Does not include open futures contracts with a value of approximately $11,365,000 and unrealized appreciation of approximately $570,000.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated Portfolio of Investments

Permanence Portfolio

			Value
	Shares		(000)
Common Stocks (95.8%)
Aerospace & Defense (6.3%)
Airbus SE (France)		791	$	116
Axon Enterprise, Inc. (a)		21		8
Babcock International Group PLC (United Kingdom)		19,129		121
General Electric Co.		153		29
HEICO Corp., Class A		33		7
TransDigm Group, Inc.		5		7
				288
Beverages (1.4%)
Celsius Holdings, Inc. (a)		2,082		65

Broadline Retail (3.8%)
Amazon.com, Inc. (a)		930		173

Capital Markets (9.4%)
Intercontinental Exchange, Inc.		1,857		298
MSCI, Inc.		137		80
S&P Global, Inc.		109		57
				435
Chemicals (0.3%)
Ecolab, Inc.		24		6
Sherwin-Williams Co.		16		6
				12
Commercial Services & Supplies (3.9%)
Cintas Corp.		36		7
Copart, Inc. (a)		99		5
Rentokil Initial PLC (United Kingdom)		28,388		139
Rollins, Inc.		108		6
Veralto Corp.		212		24
				181
Construction Materials (0.1%)
Martin Marietta Materials, Inc.		10		5

Consumer Staples Distribution & Retail (2.0%)
Dollar General Corp.		1,079		91

Distributors (0.1%)
Pool Corp.		12		5

Diversified Consumer Services (0.1%)
Service Corp. International		68		5

Entertainment (0.8%)
Netflix, Inc. (a)		19		13
Walt Disney Co.		257		25
				38
Food Products (1.1%)
McCormick & Co., Inc.		615		51

Ground Transportation (4.9%)
Union Pacific Corp.		913		225

Health Care Equipment & Supplies (0.1%)
Intuitive Surgical, Inc. (a)		15		7

Health Care Technology (0.5%)
Veeva Systems, Inc., Class A (a)		106		22

Hotels, Restaurants & Leisure (3.9%)
Domino's Pizza, Inc.		11		5
McDonald's Corp.		159		49
Starbucks Corp.		588		57
Vail Resorts, Inc.		385		67
				178
Household Durables (3.1%)
NVR, Inc. (a)		9		88
Victoria PLC (United Kingdom) (a)		30,206		55
				143
Information Technology Services (9.0%)
Cloudflare, Inc., Class A (a)		5,083		411
Gartner, Inc. (a)		10		5
				416
Insurance (0.1%)
Brown & Brown, Inc.		44		5

Life Sciences Tools & Services (9.7%)
Danaher Corp.		841		234
Eurofins Scientific SE (France)		2,877		183
Illumina, Inc. (a)		186		24
Thermo Fisher Scientific, Inc.		7		4
				445
Metals & Mining (2.8%)
Royal Gold, Inc.		908		127

Oil, Gas & Consumable Fuels (4.8%)
Cameco Corp. (Canada)		935		45
Texas Pacific Land Corp.		199		176
				221
Personal Care Products (0.5%)
Oddity Tech Ltd., Class A (Israel) (a)		600		24

Pharmaceuticals (5.0%)
Royalty Pharma PLC, Class A		8,036		228
Zoetis, Inc.		22		4
				232
Real Estate Management & Development (1.5%)
Landbridge Co. LLC (a)		1,720		67

Semiconductors & Semiconductor Equipment (0.7%)
ASML Holding NV (Registered) (Netherlands)		41		34

Software (4.7%)
Appfolio, Inc., Class A (a)		102		24
Cadence Design Systems, Inc. (a)		20		5
Guidewire Software, Inc. (a)		40		7
Procore Technologies, Inc. (a)		2,660		164
Roper Technologies, Inc.		9		5
Synopsys, Inc. (a)		10		5
Tyler Technologies, Inc. (a)		11		7
				217
Specialized REITs (5.6%)
American Tower Corp. REIT		1,111		258

Specialty Retail (7.3%)
AutoZone, Inc. (a)		8		25
Floor & Decor Holdings, Inc., Class A (a)		2,266		282
Home Depot, Inc.		60		24
Tractor Supply Co.		17		5
				336
Textiles, Apparel & Luxury Goods (2.1%)
Christian Dior SE (France)		132		96

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Permanence Portfolio

			Value
	Shares		(000)
Trading Companies & Distributors (0.2%)
Fastenal Co.		76	$	6
Watsco, Inc.		9		4
				10
Total Common Stocks (Cost $3,908)				4,412
Investment Company (2.4%)
iShares Bitcoin Trust ETF (a) (Cost $116)		3,001		108

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

	Shares
Short-Term Investment (0.6%)
Investment Company (0.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (b) (Cost $29)		29,190		29
Total Investments Excluding Purchased Options (98.8%) (Cost $4,053)				4,549
Total Purchased Options Outstanding (0.1%) (Cost $14)				4
Total Investments (98.9%) (Cost $4,067) (c)(d)(e)(f)				4,553
Other Assets in Excess of Liabilities (1.1%)				51
Net Assets (100.0%)			$	4,604

(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 nine months ended September 30, 2024, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund.

(c)

(d)

Securities are available for collateral in connection with purchased options.

(e)

The approximate fair value and percentage of net assets, $708,000 and 15.4%, 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 September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $881,000 and the aggregate gross unrealized depreciation is approximately $395,000, resulting in net unrealized appreciation of approximately $486,000.
ETF	Exchange Traded Fund.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Permanence Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2024:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.66	Sep–25		565,030	$	565	$	2	$	3	$	(1	)
Goldman Sachs International	USD/CNH	CNH	7.69	Jan–25		1,103,570		1,104		—@		4		(4	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.77	Jul–25		517,348		517		1		2		(1	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25		1,081,829		1,082		1		5		(4	)
									$	4	$	14	$	(10	)

Value is less than $500.

CNH

—

Chinese Yuan Renminbi Offshore

USD

—

United States Dollar

Portfolio Composition

	Percentage of
Classification	Total Investments
Other*		47.0	%
Life Sciences Tools & Services		9.8
Capital Markets		9.6
Information Technology Services		9.1
Specialty Retail		7.4
Aerospace & Defense		6.3
Specialized REITs		5.7
Pharmaceuticals		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

portfolio of investments

US Core Portfolio

	Shares		Value (000)
Common Stocks (99.0%)
Banks (4.9%)
JPMorgan Chase & Co.		81,564	$	17,199

Broadline Retail (5.2%)
Amazon.com, Inc. (a)		96,350		17,953

Capital Markets (5.6%)
Ameriprise Financial, Inc.		33,843		15,900
LPL Financial Holdings, Inc.		16,060		3,736
				19,636
Commercial Services & Supplies (4.1%)
Waste Management, Inc.		69,148		14,355

Construction Materials (1.5%)
CRH PLC		55,884		5,183

Consumer Staples Distribution & Retail (5.3%)
Costco Wholesale Corp.		17,986		15,945
Target Corp.		17,094		2,664
				18,609
Electric Utilities (2.0%)
NextEra Energy, Inc.		82,709		6,991

Entertainment (2.8%)
Netflix, Inc. (a)		13,789		9,780

Financial Services (3.6%)
Jack Henry & Associates, Inc.		16,435		2,901
Mastercard, Inc., Class A		19,748		9,752
				12,653
Ground Transportation (0.8%)
Uber Technologies, Inc. (a)		36,678		2,757

Hotels, Restaurants & Leisure (1.5%)
McDonald’s Corp.		16,850		5,131

Household Durables (1.0%)
Lennar Corp., Class A		19,408		3,639

Insurance (8.9%)
Brown & Brown, Inc.		140,154		14,520
Progressive Corp.		65,502		16,622
				31,142
Interactive Media & Services (6.4%)
Alphabet, Inc., Class A		134,346		22,281

Life Sciences Tools & Services (0.6%)
Danaher Corp.		7,296		2,028

Metals & Mining (0.6%)
Nucor Corp.		13,699		2,060

Oil, Gas & Consumable Fuels (3.1%)
Chevron Corp.		27,172		4,002
Valero Energy Corp.		49,516		6,686
				10,688
Pharmaceuticals (4.0%)
Eli Lilly & Co.		15,883		14,071

Semiconductors & Semiconductor Equipment (11.6%)
Applied Materials, Inc.		41,192		8,323
Lam Research Corp.		1,112		907
NVIDIA Corp.		256,880		31,195
				40,425
Software (10.7%)
Microsoft Corp.		64,728		27,852
Tyler Technologies, Inc. (a)		16,424		9,587
				37,439
Specialty Retail (4.5%)
Home Depot, Inc.		4,264		1,728
TJX Cos., Inc.		119,915		14,095
				15,823
Tech Hardware, Storage & Peripherals (7.1%)
Apple, Inc.		106,209		24,747

Textiles, Apparel & Luxury Goods (0.2%)
Lululemon Athletica, Inc. (a)		2,489		675

Trading Companies & Distributors (3.0%)
United Rentals, Inc.		13,058		10,573
Total Common Stocks (Cost $233,902)				345,838

Short-Term Investment (1.1%)
Investment Company (1.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (b) (Cost $3,747)		3,746,708		3,747
Total Investments (100.1%) (Cost $237,649) (c)(d)				349,585
Liabilities in Excess of Other Assets (–0.1%)				(501	)
Net Assets (100.0%)			$	349,084

(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 nine months ended September 30, 2024, advisory fees paid were reduced by approximately $4,000 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 nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(d)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $112,010,000 and the aggregate gross unrealized depreciation is approximately $74,000, resulting in net unrealized appreciation of approximately $111,936,000.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		39.3	%
Semiconductors & Semiconductor Equipment		11.6
Software		10.7
Insurance		8.9
Tech Hardware, Storage & Peripherals		7.1
Interactive Media & Services		6.4
Capital Markets		5.6
Consumer Staples Distribution & Retail		5.3
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.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments

U.S. Focus Real Estate Portfolio

	Shares		Value (000)
Common Stocks (98.2%)
Apartments (8.7%)
AvalonBay Communities, Inc. REIT		1,375	$	310
Mid-America Apartment Communities, Inc. REIT		989		157
				467
Data Centers (12.1%)
Digital Realty Trust, Inc. REIT		1,336		216
Equinix, Inc. REIT		485		431
				647
Free Standing (9.0%)
Agree Realty Corp. REIT		2,917		219
Essential Properties Realty Trust, Inc. REIT		3,161		108
Realty Income Corp. REIT		2,458		156
				483
Gaming (3.2%)
VICI Properties, Inc. REIT		5,210		173

Health Care (14.0%)
CareTrust REIT, Inc.		3,592		111
PACS Group, Inc. (a)		1,664		66
Ventas, Inc. REIT		2,306		148
Welltower, Inc. REIT		3,317		425
				750
Industrial (9.4%)
EastGroup Properties, Inc. REIT		621		116
Lineage, Inc. REIT		854		67
Prologis, Inc. REIT		1,611		203
Rexford Industrial Realty, Inc. REIT		2,295		116
				502
Lodging/Resorts (1.2%)
Host Hotels & Resorts, Inc. REIT		3,789		67

Office (1.6%)
Kilroy Realty Corp. REIT		2,225		86

Regional Malls (4.0%)
Macerich Co. REIT		3,016		55
Simon Property Group, Inc. REIT		939		159
				214
Self Storage (6.4%)
Public Storage REIT		937		341

Shopping Centers (4.1%)
Federal Realty Investment Trust REIT		816		94
Retail Opportunity Investments Corp. REIT		1,643		26
Urban Edge Properties REIT		4,694		100
				220
Single Family Homes (2.8%)
American Homes 4 Rent Class A REIT		3,879		149

Specialty (4.4%)
Iron Mountain, Inc. REIT		1,362		162
Lamar Advertising Co. Class A REIT		578		77
				239
Telecommunications REITs (13.7%)
American Tower Corp. REIT		2,083		485
SBA Communications Corp. REIT		1,040		250
				735
Timberland REITs (3.6%)
Weyerhaeuser Co. REIT		5,777		196
Total Common Stocks (Cost $4,408)				5,269

Short-Term Investment (0.5%)
Investment Company (0.5%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 4.78% (b) (Cost $25)		25,172		25
Total Investments (98.7%) (Cost $4,433) (c)(d)				5,294
Other Assets in Excess of Liabilities (1.3%)				72
Net Assets (100.0%)			$	5,366

(a)	Non-income producing security.
(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 nine months ended September 30, 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 nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(d)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $872,000 and the aggregate gross unrealized depreciation is approximately $11,000, resulting in net unrealized appreciation of approximately $861,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		25.9	%
Health Care		14.2
Telecommunications REITs		13.9
Data Centers		12.2
Industrial		9.5
Free Standing		9.1
Apartments		8.8
Self Storage		6.4
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments

U.S. Real Estate Portfolio

	Shares		Value (000)
Common Stocks (98.6%)
Apartments (8.2%)
AvalonBay Communities, Inc. REIT		7,156	$	1,612
Mid-America Apartment Communities, Inc. REIT		4,921		782
				2,394
Data Centers (13.8%)
Digital Realty Trust, Inc. REIT		8,445		1,366
Equinix, Inc. REIT		2,966		2,633
				3,999
Free Standing (9.4%)
Agree Realty Corp. REIT		13,553		1,021
Essential Properties Realty Trust, Inc. REIT		8,895		304
Realty Income Corp. REIT		22,174		1,406
				2,731
Gaming (3.9%)
VICI Properties, Inc. REIT		33,944		1,131

Health Care (15.9%)
CareTrust REIT, Inc.		18,680		576
Healthpeak Properties, Inc. REIT		22,356		511
PACS Group, Inc. (a)		7,149		286
Ventas, Inc. REIT		11,362		729
Welltower, Inc. REIT		19,712		2,524
				4,626
Industrial (13.0%)
Americold Realty Trust, Inc. REIT		9,309		263
EastGroup Properties, Inc. REIT		2,925		546
Lineage, Inc. REIT		3,171		249
Prologis, Inc. REIT		16,706		2,110
Rexford Industrial Realty, Inc. REIT		12,005		604
				3,772
Lodging/Resorts (1.3%)
Host Hotels & Resorts, Inc. REIT		20,967		369

Manufactured Homes (1.8%)
Sun Communities, Inc. REIT		3,927		531

Office (3.3%)
BXP, Inc. REIT		7,269		585
Kilroy Realty Corp. REIT		9,649		373
				958
Regional Malls (4.1%)
Simon Property Group, Inc. REIT		6,962		1,177

Self Storage (9.6%)
Extra Space Storage, Inc. REIT		7,263		1,309
Public Storage REIT		4,024		1,464
				2,773
Shopping Centers (5.2%)
Federal Realty Investment Trust REIT		3,448		396
Kite Realty Group Trust REIT		10,721		285
Retail Opportunity Investments Corp. REIT		9,060		143
Tanger, Inc. REIT		12,034		399
Urban Edge Properties REIT		13,622		291
				1,514
Single Family Homes (2.8%)
American Homes 4 Rent Class A REIT		21,514		826

Specialty (4.9%)
Iron Mountain, Inc. REIT		8,055		957
Lamar Advertising Co. Class A REIT		3,404		455
				1,412
Telecommunications REITs (1.4%)
American Tower Corp. REIT		1,716		399
Total Common Stocks (Cost $22,319)				28,612

Short-Term Investment (1.0%)
Investment Company (1.0%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 4.78% (b) (Cost $301)		301,063		301
Total Investments (99.6%) (Cost $22,620) (c)(d)				28,913
Other Assets in Excess of Liabilities (0.4%)				109
Net Assets (100.0%)			$	29,022

(a)	Non-income producing security.
(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 nine months ended September 30, 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 nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(d)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,403,000 and the aggregate gross unrealized depreciation is approximately $110,000, resulting in net unrealized appreciation of approximately $6,293,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		24.6	%
Health Care		16.0
Data Centers		13.8
Industrial		13.1
Self Storage		9.6
Free Standing		9.4
Apartments		8.3
Shopping Centers		5.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments

Vitality Portfolio

	Shares		Value (000)
Common Stocks (96.6%)
Biotechnology (33.4%)
4D Molecular Therapeutics, Inc. (a)		1,824	$	20
Alnylam Pharmaceuticals, Inc. (a)		419		115
Altimmune, Inc. (a)(b)		2,479		15
Argenx SE ADR (Belgium) (a)		279		151
Ascendis Pharma AS ADR (Denmark) (a)		500		75
Beam Therapeutics, Inc. (a)		1,368		34
Biohaven Ltd. (a)		406		20
Cabaletta Bio, Inc. (a)		1,551		7
Exact Sciences Corp. (a)		2,200		150
Intellia Therapeutics, Inc. (a)		2,525		52
Relay Therapeutics, Inc. (a)		2,495		18
Vertex Pharmaceuticals, Inc. (a)		248		115
				772
Health Care Equipment & Supplies (14.1%)
Align Technology, Inc. (a)		288		73
IDEXX Laboratories, Inc. (a)		94		48
Inspire Medical Systems, Inc. (a)		397		84
Intuitive Surgical, Inc. (a)		245		120
				325
Health Care Providers & Services (7.2%)
Agilon Health, Inc. (a)		7,354		29
UnitedHealth Group, Inc.		232		136
				165
Health Care Technology (6.9%)
Doximity, Inc., Class A (a)		1,353		59
Schrodinger, Inc. (a)		2,488		46
Veeva Systems, Inc., Class A (a)		259		54
				159
Life Sciences Tools & Services (19.3%)
10X Genomics, Inc., Class A (a)		3,698		83
AbCellera Biologics, Inc. (Canada) (a)(b)		5,132		13
Illumina, Inc. (a)		289		38
MaxCyte, Inc. (a)		14,540		57
Standard BioTools, Inc. (a)		33,298		64
Stevanato Group SpA (Italy)		1,793		36
Thermo Fisher Scientific, Inc.		181		112
West Pharmaceutical Services, Inc.		143		43
				446
Pharmaceuticals (15.7%)
ATAI Life Sciences NV (a)(b)		14,030		16
Eli Lilly & Co.		233		206
Enliven Therapeutics, Inc. (a)(b)		408		10
Royalty Pharma PLC, Class A		1,579		45
Structure Therapeutics, Inc. ADR (China) (a)(b)		433		19
Zoetis, Inc.		340		67
				363
Total Common Stocks (Cost $2,498)				2,230

Short-Term Investments (5.7%)
Investment Company (2.4%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (c) (Cost $54)		54,152		54

Securities held as Collateral on Loaned Securities (3.3%)
Investment Company (2.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (c)		61,479		61

	Face Amount (000)
Repurchase Agreements (0.7%)
Citigroup, Inc., (4.88%, dated 9/30/24, due 10/1/24; proceeds $8; fully collateralized by U.S. Government obligations; 2.88% - 4.75% due 5/15/43 - 11/15/43; valued at $8)	$	8		8
Merrill Lynch & Co., Inc., (4.86%, dated 9/30/24, due 10/1/24; proceeds $8; fully collateralized by U.S. Government obligations; 0.75% - 3.50% due 9/30/26 - 2/15/45; valued at $8)		8		8
				16
Total Securities held as Collateral on Loaned Securities (Cost $77)				77
Total Short-Term Investments (Cost $131)				131
Total Investments (102.3%) (Cost $2,629) including $74 of Securities Loaned (d)(e)				2,361
Liabilities in Excess of Other Assets (–2.3%)				(53	)
Net Assets (100.0%)			$	2,308

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

Vitality Portfolio

(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2024, were approximately $74,000 and $77,000, respectively. The Fund received cash collateral of approximately $77,000, 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 nine months ended September 30, 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 nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(e)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $387,000 and the aggregate gross unrealized depreciation is approximately $655,000, resulting in net unrealized depreciation of approximately $268,000.
ADR	American Depositary Receipt.

Portfolio Composition*

Classification	Percentage of Total Investments
Biotechnology		33.8	%
Life Sciences Tools & Services		19.5
Pharmaceuticals		15.9
Health Care Equipment & Supplies		14.2
Health Care Providers & Services		7.2
Health Care Technology		7.0
Other**		2.4
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 the pricing service/vendor or exchange 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.

Third Quarter Report — September 30, 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 paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below:

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

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

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

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	12,110	$	—	$	—	$	12,110
Biotechnology		1,777		—		—		1,777
Broadline Retail		11,495		—		—		11,495
Capital Markets		7,242		—		—		7,242
Entertainment		8,258		—		—		8,258
Financial Services		785		6,629		—		7,414
Ground Transportation		7,584		—		—		7,584
Hotels, Restaurants & Leisure		20,746		—		—		20,746
Information Technology Services		31,252		—		—		31,252
Life Sciences Tools & Services		4,261		—		—		4,261
Media		11,669		—		—		11,669
Pharmaceuticals		6,979		—		—		6,979
Software		14,313		—		—		14,313
Specialized REITs		4,849		—		—		4,849
Specialty Retail		2,688		—		—		2,688
Total Common Stocks		146,008		6,629		—		152,637
Investment Company		3,999		—		—		3,999
Call Options Purchased		—		142		—		142
Short-Term Investment
Investment Company		2,067		—		—		2,067
Total Assets	$	152,074	$	6,771	$	—	$	158,845

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	1,335	⁽¹⁾	$	—		$	—	$	1,335
Warrants		—			—	†		—		—	†
Short-Term Investment
Investment Company		19			—			—		19
Total Assets	$	1,354		$	—	†	$	—	$	1,354	†

(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.

Third Quarter Report — September 30, 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 September 30, 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	$	9,189	$	15,531	$	—	$	24,720
Beverages		—		9,690		—		9,690
Broadline Retail		13,573		—		—		13,573
Consumer Finance		4,829		—		—		4,829
Ground Transportation		9,926		—		—		9,926
Health Care Equipment & Supplies		—		2,305		—		2,305
Hotels, Restaurants & Leisure		12,794		22,798		—		35,592
Insurance		—		4,048		—		4,048
Interactive Media & Services		569		12,973		—		13,542
Real Estate Management & Development		4,397		2,700		—		7,097
Semiconductors & Semiconductor Equipment		—		6,423		—		6,423
Textiles, Apparel & Luxury Goods		—		5,421		—		5,421
Total Assets	$	55,277	$	81,889	$	—	$	137,166

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	3,681	$	3,561	$	—	$	7,242
Beverages		—		1,868		—		1,868
Broadline Retail		5,742		437		—		6,179
Consumer Finance		903		—		—		903
Ground Transportation		1,949		—		—		1,949
Health Care Equipment & Supplies		—		371		—		371
Hotels, Restaurants & Leisure		2,841		5,245		—		8,086
Interactive Media & Services		141		2,678		—		2,819
Real Estate Management & Development		889		473		—		1,362
Semiconductors & Semiconductor Equipment		—		1,659		—		1,659
Textiles, Apparel & Luxury Goods		—		1,169		—		1,169
Water Utilities		996		—		—		996
Total Common Stocks		17,142		17,461		—		34,603
Short-Term Investment
Investment Company		1,348		—		—		1,348
Total Assets	$	18,490	$	17,461	$	—	$	35,951

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	—	$	39	$	—	$	39
Automobiles		—		440		—		440
Banks		234		1,471		—		1,705
Beverages		—		41		—		41
Broadline Retail		—		73		—		73
Capital Markets		—		43		—		43
Chemicals		—		75		—		75
Commercial Services & Supplies		—		42		—		42
Construction & Engineering		—		84		—		84
Consumer Finance		—		94		—		94
Consumer Staples Distribution & Retail		154		64		—		218
Containers & Packaging		—		83		—		83
Electrical Equipment		108		84		—		192
Electronic Equipment, Instruments & Components		—		337		—		337
Entertainment		—		14		—		14
Food Products		100		156		—		256
Ground Transportation		63		—		—		63
Health Care Providers & Services		69		199		—		268
Hotels, Restaurants & Leisure		89		13		—		102
Industrial Conglomerates		—		4		—		4
Information Technology Services		70		110		—		180
Insurance		70		414		—		484
Interactive Media & Services		—		33		—		33
Machinery		—		29		—		29
Metals & Mining		56		478		—		534
Oil, Gas & Consumable Fuels		—		225		—		225
Real Estate Management & Development		—		99		—		99
Semiconductors & Semiconductor Equipment		—		1,257		—		1,257
Tech Hardware, Storage & Peripherals		—		373		—		373
Tobacco		—		39		—		39
Wireless Telecommunication Services		—		20		—		20
Total Common Stocks		1,013		6,433		—		7,446
Short-Term Investment
Investment Company		80		—		—		80
Total Assets	$	1,093	$	6,433	$	—	$	7,526

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	—	$	10,184	$	—	$	10,184
Banks		17,188		18,172		—		35,360
Beverages		9,279		—		—		9,279
Broadline Retail		22,336		—		—		22,336
Building Products		—		7,180		—		7,180
Chemicals		—		7,827		—		7,827
Construction & Engineering		—		2,739		—		2,739
Construction Materials		—		3,461		—		3,461
Consumer Finance		—		261		—		261
Consumer Staples Distribution & Retail		5,543		11,745		—		17,288
Electrical Equipment		5,225		18,534		—		23,759
Electronic Equipment, Instruments & Components		—		13,022		—		13,022
Ground Transportation		10,239		—		—		10,239
Health Care Equipment & Supplies		—		830		—		830
Information Technology Services		9,438		—		—		9,438
Life Sciences Tools & Services		—		2,541		—		2,541
Machinery		—		3,084		—		3,084
Pharmaceuticals		—		1,850		—		1,850
Real Estate Management & Development		—		4,233		—		4,233
Semiconductors & Semiconductor Equipment		—		23,279		—		23,279
Specialty Retail		—		13,838		—		13,838
Textiles, Apparel & Luxury Goods		—		6,510		—		6,510
Transportation Infrastructure		—		4,711		—		4,711
Wireless Telecommunication Services		—		7,648		—		7,648
Total Common Stocks		79,248		161,649		—		240,897
Short-Term Investment
Investment Company		3,628		—		—		3,628
Total Assets	$	82,876	$	161,649	$	—	$	244,525

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	—	$	2,933	$	—	$	2,933
Automobile Components		—		2,957		—		2,957
Automobiles		—		40,382		—		40,382
Banks		17,062		107,655		—		124,717
Beverages		—		9,765		—		9,765
Broadline Retail		—		24,891		—		24,891
Capital Markets		—		4,926		—		4,926
Chemicals		—		4,720		—		4,720
Construction & Engineering		—		5,597		—		5,597
Consumer Finance		—		5,089		—		5,089
Consumer Staples Distribution & Retail		9,772		4,532		—		14,304
Electrical Equipment		12,274		10,499		—		22,773
Electronic Equipment, Instruments & Components		—		21,476		—		21,476
Entertainment		—		4,343		—		4,343
Food Products		8,021		7,250		—		15,271
Ground Transportation		5,581		—		—		5,581
Health Care Providers & Services		2,466		4,912		—		7,378
Hotels, Restaurants & Leisure		11,734		7,603		—		19,337
Industrial Conglomerates		—		308		—		308
Information Technology Services		2,636		8,592		—		11,228
Insurance		4,478		22,841		—		27,319
Interactive Media & Services		1,633		28,970		—		30,603
Machinery		—		6,133		—		6,133
Metals & Mining		3,675		16,168		—		19,843
Oil, Gas & Consumable Fuels		—		12,622		—		12,622
Personal Care Products		—		2,217		—		2,217
Pharmaceuticals		—		3,275		—		3,275
Real Estate Management & Development		1,481		4,582		—		6,063
Semiconductors & Semiconductor Equipment		—		69,042		—		69,042
Tech Hardware, Storage & Peripherals		904		19,620		—		20,524
Tobacco		—		2,817		—		2,817
Total Common Stocks		81,717		466,717		—		548,434
Short-Term Investments
Investment Company		10,939		—		—		10,939
Total Assets	$	92,656	$	466,717	$	—	$	559,373

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	13,281	$	—	$	—	$	13,281
Banks		10,472		—		—		10,472
Capital Markets		16,547		—		—		16,547
Chemicals		4,490		—		—		4,490
Commercial Services & Supplies		8,591		—		—		8,591
Construction Materials		15,111		—		—		15,111
Consumer Staples Distribution & Retail		12,855		—		—		12,855
Electric Utilities		6,125		—		—		6,125
Entertainment		10,258		—		—		10,258
Financial Services		5,501		—		—		5,501
Insurance		15,495		—		—		15,495
Pharmaceuticals		20,103		—		—		20,103
Semiconductors & Semiconductor Equipment		31,487		—		—		31,487
Software		15,981		—		—		15,981
Textiles, Apparel & Luxury Goods		2,019		—		—		2,019
Trading Companies & Distributors		20,084		—		—		20,084
Total Common Stocks		208,400		—		—		208,400
Short-Term Investment
Investment Company		2,480		—		—		2,480
Total Assets	$	210,880	$	—	$	—	$	210,880

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	2,147	$	—	$	—	$	2,147
Banks		2,119		—		—		2,119
Broadline Retail		1,376		—		—		1,376
Building Products		286		—		—		286
Capital Markets		2,196		—		—		2,196
Chemicals		648		—		—		648
Commercial Services & Supplies		604		—		—		604
Construction Materials		2,442		—		—		2,442
Consumer Staples Distribution & Retail		320		—		—		320
Diversified Telecommunication Services		357		—		—		357
Electric Utilities		444		—		—		444
Entertainment		1,158		—		—		1,158
Financial Services		934		—		—		934
Ground Transportation		443		—		—		443
Hotels, Restaurants & Leisure		147		—		—		147
Household Durables		256		—		—		256
Insurance		2,088		—		—		2,088
Interactive Media & Services		1,863		—		—		1,863
Life Sciences Tools & Services		87		—		—		87
Metals & Mining		74		—		—		74
Oil, Gas & Consumable Fuels		929		—		—		929
Passenger Airlines		171		—		—		171
Pharmaceuticals		1,556		—		—		1,556
Professional Services		173		—		—		173
Semiconductors & Semiconductor Equipment		3,677		—		—		3,677
Software		2,711		—		—		2,711
Specialty Retail		1,286		—		—		1,286
Tech Hardware, Storage & Peripherals		1,838		—		—		1,838
Textiles, Apparel & Luxury Goods		80		464		—		544
Trading Companies & Distributors		1,910		—		—		1,910
Total Common Stocks		34,320		464		—		34,784
Short-Term Investment
Investment Company		352		—		—		352
Total Assets	$	34,672	$	464	$	—	$	35,136

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	—	$	1,780	$	—	$	1,780
Air Freight & Logistics		555		—		—		555
Automobiles		2,782		—		—		2,782
Biotechnology		2,934		—		—		2,934
Broadline Retail		1,926		—		—		1,926
Financial Services		—		1,085		—		1,085
Health Care Providers & Services		1,260		—		—		1,260
Hotels, Restaurants & Leisure		791		1,848		—		2,639
Household Durables		1,613		3,221		—		4,834
Independent Power & Renewable Electricity Producers		3,579		—		—		3,579
Information Technology Services		2,025		—		—		2,025
Life Sciences Tools & Services		—		1,477		—		1,477
Pharmaceuticals		2,322		—		—		2,322
Software		7,040		1,121		—		8,161
Specialty Retail		2,871		—		—		2,871
Total Common Stocks		29,698		10,532		—		40,230
Investment Company		700		—		—		700
Short-Term Investments
Investment Company		1,983		—		—		1,983
Repurchase Agreements		—		437		—		437
Total Short-Term Investments		1,983		437		—		2,420
Total Assets	$	32,381	$	10,969	$	—	$	43,350

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	409	$	—	$	—	$	409
Diversified		—		712		—		712
Health Care		526		—		—		526
Industrial		329		170		—		499
Industrial/Office Mixed		—		37		—		37
Lodging/Resorts		40		104		—		144
Office		100		102		—		202
Residential		473		169		—		642
Retail		532		151		—		683
Self Storage		214		38		—		252
Specialty		261		—		—		261
Telecommunications REITs		439		—		—		439
Timberland REITs		99		—		—		99
Total Common Stocks		3,422		1,483		—		4,905
Short-Term Investment
Investment Company		21		—		—		21
Total Assets	$	3,443	$	1,483	$	—	$	4,926

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	154,219	$	69,204	$	—	$	223,423
Capital Markets		227,393		—		—		227,393
Electronic Equipment, Instruments & Components		47,714		—		—		47,714
Entertainment		—		14,367		—		14,367
Financial Services		174,327		—		—		174,327
Health Care Equipment & Supplies		263,097		—		—		263,097
Health Care Providers & Services		93,058		—		—		93,058
Hotels, Restaurants & Leisure		71,564		—		—		71,564
Household Products		65,021		67,574		—		132,595
Information Technology Services		115,255		—		—		115,255
Insurance		178,593		—		—		178,593
Interactive Media & Services		72,139		—		—		72,139
Life Sciences Tools & Services		74,027		—		—		74,027
Machinery		50,687		—		—		50,687
Personal Care Products		—		157,129		—		157,129
Pharmaceuticals		27,485		—		—		27,485
Professional Services		158,246		140,214		—		298,460
Software		292,781		201,924		—		494,705
Specialty Retail		42,992		—		—		42,992
Textiles, Apparel & Luxury Goods		—		61,085		—		61,085
Tobacco		35,905		—		—		35,905
Total Common Stocks		2,144,503		711,497		—		2,856,000
Short-Term Investment
Investment Company		41,658		—		—		41,658
Total Assets	$	2,186,161	$	711,497	$	—	$	2,897,658

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	6,229	$	5,457	$	—	$	11,686
Communications		31,949		9,907		—		41,856
Diversified		4,583		14,760		—		19,343
Electricity Transmission & Distribution		23,185		24,253		—		47,438
Oil & Gas Storage & Transportation		89,421		5,125		—		94,546
Others		28,003		1,432		—		29,435
Railroad		492		—		—		492
Toll Roads		—		3,618		—		3,618
Water		4,896		6,630		—		11,526
Total Common Stocks		188,758		71,182		—		259,940
Short-Term Investments
Investment Company		2,914		—		—		2,914
Repurchase Agreements		—		71		—		71
Total Short-Term Investments		2,914		71		—		2,985
Total Assets	$	191,672	$	71,253	$	—	$	262,925

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	4,424	$	—	$	—	$	4,424
Banks		266		—		—		266
Biotechnology		1,958		—		—		1,958
Broadline Retail		9,315		—		—		9,315
Entertainment		2,568		—		—		2,568
Financial Services		3,774		4,155		—		7,929
Ground Transportation		1,640		—		—		1,640
Health Care Providers & Services		630		—		—		630
Hotels, Restaurants & Leisure		4,596		496		—		5,092
Information Technology Services		8,451		—		—		8,451
Leisure Products		260		—		—		260
Media		2,818		—		—		2,818
Pharmaceuticals		2,598		—		—		2,598
Real Estate Management & Development		108		—		—		108
Software		7,329		—		—		7,329
Specialty Retail		2,085		—		—		2,085
Total Common Stocks		52,820		4,651		—		57,471
Preferred Stock
Software		—		—		20		20
Investment Company		1,419		—		—		1,419
Call Options Purchased		—		53		—		53
Short-Term Investment
Investment Company		623		—		—		623
Total Assets	$	54,862	$	4,704	$	20	$	59,586

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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:

	Preferred
	Stock
Global Insight	(000)
Beginning Balance	$	19
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		1
Realized gains (losses)		—
Ending Balance	$	20
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024	$	1

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 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 September 30, 2024 (000)	Valuation Technique	Unobservable Input	Amount*	Impact to Valuation from an Increase in Input**
Preferred Stock	$20	Discounted Cash Flow	Weighted Average Cost of Capital	16.5%	Decrease
			Perpetual Growth Rate	3.5%	Increase
		Market Comparable Companies	Enterprise Value/Revenue	6.8x	Increase
			Discount for Lack of Marketability	6.0%	Decrease
		Comparable Transactions	Enterprise Value/Revenue	6.3x	Increase

Amount is indicative of the weighted average.

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

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 2024:

			Level 2
	Level 1		Other		Level 3
	Unadjusted		significant		Significant
	quoted		observable		unobservable
	prices		inputs		inputs			Total
Investment Type	(000)		(000)		(000)			(000)
Global Opportunity
Assets:
Common Stocks
Air Freight & Logistics	$	—	$	153,904	$	—		$	153,904
Banks		147,872		97,063		—			244,935
Broadline Retail		387,700		—		—			387,700
Capital Markets		—		46,718		—			46,718
Electrical Equipment		—		74,070		—			74,070
Electronic Equipment, Instruments & Components		—		36,712		—	†		36,712	†
Entertainment		240,598		—		—			240,598
Financial Services		217,021		—		—			217,021
Ground Transportation		255,968		—		—			255,968
Hotels, Restaurants & Leisure		268,027		79,885		—			347,912
Information Technology Services		107,849		—		—			107,849
Interactive Media & Services		206,240		—		—			206,240
Semiconductors & Semiconductor Equipment		—		98,191		—			98,191
Software		301,401		—		—			301,401
Textiles, Apparel & Luxury Goods		72,590		191,568		—			264,158
Total Assets	$	2,205,266	$	778,111	$	—	†	$	2,983,377	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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:

	Common
	Stock
Global Opportunity	(000)
Beginning Balance	$	—	†
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		—
Realized gains (losses)		—
Ending Balance	$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024	$	—

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	—	$	396		$	—	$	396
Automobiles		7		—			—		7
Banks		25		—			—		25
Beverages		60		3			—		63
Broadline Retail		112		—			—		112
Capital Markets		354		—			—		354
Chemicals		6		—			—		6
Commercial Services & Supplies		22		189			—		211
Consumer Staples Distribution & Retail		66		—			—		66
Entertainment		—		5			—		5
Ground Transportation		187		—			—		187
Health Care Equipment & Supplies		—		24			—		24
Hotels, Restaurants & Leisure		62		—			—		62
Household Durables		—		80			—		80
Information Technology Services		387		—			—		387
Insurance		4		—			—		4
Life Sciences Tools & Services		163		238			—		401
Metals & Mining		125		—			—		125
Oil, Gas & Consumable Fuels		211		—			—		211
Personal Care Products		—		5			—		5
Pharmaceuticals		283		—			—		283
Real Estate Management & Development		67		—			—		67
Semiconductors & Semiconductor Equipment		32		—			—		32
Software		170		—			—		170
Specialized REITs		195		—			—		195
Specialty Retail		188		—			—		188
Textiles, Apparel & Luxury Goods		126		143			—		269
Total Common Stocks		2,852		1,083			—		3,935
Investment Company		104		—			—		104
Warrants		—		—	†		—		—	†
Call Options Purchased		—		4			—		4
Short-Term Investment
Investment Company		60		—			—		60
Total Assets	$	3,016	$	1,087	†	$	—	$	4,103	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	3,702	$	157	$	—	$	3,859
Diversified		—		6,125		—		6,125
Health Care		5,122		137		—		5,259
Industrial		3,403		1,465		—		4,868
Industrial/Office Mixed		—		523		—		523
Lodging/Resorts		338		818		—		1,156
Office		907		961		—		1,868
Residential		4,677		1,617		—		6,294
Retail		4,944		1,439		—		6,383
Self Storage		2,766		332		—		3,098
Specialty		1,995		219		—		2,214
Telecommunications REITs		381		—		—		381
Total Common Stocks		28,235		13,793		—		42,028
Rights		—		3		—		3
Short-Term Investment
Investment Company		446		—		—		446
Total Assets	$	28,681	$	13,796	$	—	$	42,477

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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 Stars
Assets:
Common Stocks
Air Freight & Logistics	$	—	$	1,026		$	—	$	1,026
Beverages		—		1,201			—		1,201
Biotechnology		—		1,637			—		1,637
Capital Markets		6,529		—			—		6,529
Electronic Equipment, Instruments & Components		—		1,670			—		1,670
Entertainment		1,690		—			—		1,690
Financial Services		4,620		—			—		4,620
Ground Transportation		2,604		—			—		2,604
Health Care Equipment & Supplies		1,004		—			—		1,004
Health Care Providers & Services		2,036		—			—		2,036
Hotels, Restaurants & Leisure		2,317		—			—		2,317
Insurance		4,011		—			—		4,011
Interactive Media & Services		3,655		1,473			—		5,128
Life Sciences Tools & Services		3,805		—			—		3,805
Machinery		—		1,679			—		1,679
Pharmaceuticals		1,495		—			—		1,495
Professional Services		3,109		3,539			—		6,648
Semiconductors & Semiconductor Equipment		1,960		—			—		1,960
Software		9,075		6,345			—		15,420
Textiles, Apparel & Luxury Goods		1,674		—			—		1,674
Total Common Stocks		49,584		18,570			—		68,154
Warrants		—		—	†		—		—	†
Short-Term Investment
Investment Company		978		—			—		978
Total Assets	$	50,562	$	18,570	†	$	—	$	69,132	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	275,756	$	—	$	—		$	275,756
Biotechnology		45,320		—		—			45,320
Broadline Retail		188,699		—		—			188,699
Capital Markets		42,705		—		—			42,705
Electronic Equipment, Instruments & Components		—		—		—	†		—	†
Entertainment		172,565		—		—			172,565
Financial Services		231,877		145,306		—			377,183
Ground Transportation		51,385		—		—			51,385
Health Care Providers & Services		30,262		—		—			30,262
Health Care Technology		25,740		—		—			25,740
Hotels, Restaurants & Leisure		446,881		—		—			446,881
Information Technology Services		678,799		—		—			678,799
Leisure Products		16,290		—		—			16,290
Life Sciences Tools & Services		14,106		—		—			14,106
Media		269,181		—		—			269,181
Pharmaceuticals		161,333		—		—			161,333
Software		437,962		—		—			437,962
Specialized REITs		12,197		—		—			12,197
Specialty Retail		176,706		—		—			176,706
Total Common Stocks		3,277,764		145,306		—	†		3,423,070	†
Preferred Stocks
Financial Services		—		—		17,593			17,593
Software		—		—		92,884			92,884
Total Preferred Stocks		—		—		110,477			110,477
Investment Company		87,697		—		—			87,697
Call Options Purchased		—		3,012		—			3,012
Short-Term Investments
Investment Company		40,300		—		—			40,300
Repurchase Agreements		—		336		—			336
Total Short-Term Investments		40,300		336		—			40,636
Total Assets	$	3,405,761	$	148,654	$	110,477	†	$	3,664,892	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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		—			(33,268	)
Transfers in		—			—
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		—			(829	)
Realized gains (losses)		—			(1,315	)
Ending Balance	$	—	†	$	110,477
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024	$	—		$	(829	)

† Includes a security valued at zero.

Growth

Fair Value at
September 30, 2024
(000)

Valuation
Technique

Unobservable
Input

Amount or Range/
Weighted Average*

Impact to
Valuation from an
Increase in Input**

Preferred Stocks

$110,477

Market Transaction Method

Precedent Transaction

$27.51-$73.50/$66.18

Increase

Discounted Cash Flow

Weighted Average Cost of Capital

12.5%-15.5%/14.3%

Decrease

Perpetual Growth Rate

3.0%-4.0%/3.5%

Increase

Market Comparable Companies

Enterprise Value/Revenue

1.3x-16.5x/8.7x

Increase

Discount for Lack of Marketability

11.0%-12.0%/11.8%

Decrease

Amount is indicative of the weighted average.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	18,034	$	—		$	—	$	18,034
Broadline Retail		23,145		—			—		23,145
Chemicals		231		—			—		231
Financial Services		30,247		—			—		30,247
Health Care Equipment & Supplies		910		—			—		910
Health Care Providers & Services		10,721		—			—		10,721
Health Care Technology		12,409		—			—		12,409
Household Durables		—		3,190			—		3,190
Information Technology Services		36,066		—			—		36,066
Interactive Media & Services		14,715		—			—		14,715
Leisure Products		17,055		—			—		17,055
Life Sciences Tools & Services		16,848		—			—		16,848
Media		1,401		—			—		1,401
Metals & Mining		757		—			—		757
Passenger Airlines		1,447		—			—		1,447
Personal Care Products		9,826		—			—		9,826
Pharmaceuticals		1,093		—			—		1,093
Real Estate Management & Development		7,614		—			—		7,614
Software		64,858		—			—		64,858
Specialty Retail		13,844		—			—		13,844
Tech Hardware, Storage & Peripherals		4,345		—			—		4,345
Textiles, Apparel & Luxury Goods		1,803		—			—		1,803
Total Common Stocks		287,369		3,190			—		290,559
Preferred Stocks
Health Care Technology		—		—			4,184		4,184
Software		—		—			3,610		3,610
Total Preferred Stocks		—		—			7,794		7,794
Investment Company		8,314		—			—		8,314
Warrants		—		—	†		—		—	†
Call Options Purchased		—		290			—		290
Short-Term Investments
Investment Company		7,993		—			—		7,993
Repurchase Agreements		—		1,578			—		1,578
Total Short-Term Investments		7,993		1,578			—		9,571
Total Assets	$	303,676	$	5,058	†	$	7,794	$	316,528	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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)		(898	)
Realized gains (losses)		—
Ending Balance	$	7,794
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024	$	(898	)

Inception

Fair Value at
September 30, 2024
(000)

Valuation
Technique

Unobservable
Input

Range/
Weighted Average

Impact to
Valuation from an
Increase in Input*

Preferred Stocks

$7,794

Discounted Cash Flow

Weighted Average Cost of Capital

14.5%-17.0%/15.7%

Decrease

Perpetual Growth Rate

3.0%-4.0%/3.5%

Increase

Market Comparable Companies

Enterprise Value/Revenue

0.6x-16.6x/3.6x

Increase

Discount for Lack of Marketability

6.0%-19.0%/13.0%

Decrease

Comparable Transactions

Enterprise Value/Revenue

1.6x-15.2x/4.5x

Increase

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	—	$	240,410	$	—	$	240,410
Banks		141,258		90,022		—		231,280
Broadline Retail		146,988		—		—		146,988
Capital Markets		64,125		89,189		—		153,314
Electrical Equipment		—		154,420		—		154,420
Electronic Equipment, Instruments & Components		—		134,098		—		134,098
Entertainment		197,947		—		—		197,947
Financial Services		—		47,077		—		47,077
Food Products		—		40,376		—		40,376
Ground Transportation		112,401		—		—		112,401
Health Care Equipment & Supplies		—		104,266		—		104,266
Hotels, Restaurants & Leisure		—		41,674		—		41,674
Information Technology Services		115,197		—		—		115,197
Insurance		—		87,857		—		87,857
Interactive Media & Services		—		47,006		—		47,006
Multi-Utilities		47,545		—		—		47,545
Personal Care Products		—		83,671		—		83,671
Pharmaceuticals		—		46,517		—		46,517
Semiconductors & Semiconductor Equipment		—		268,285		—		268,285
Textiles, Apparel & Luxury Goods		73,765		608,606		—		682,371
Total Common Stocks		899,226		2,083,474		—		2,982,700
Short-Term Investments
Investment Company		41,366		—		—		41,366
Repurchase Agreements		—		200		—		200
Total Short-Term Investments		41,366		200		—		41,566
Total Assets	$	940,592	$	2,083,674	$	—	$	3,024,266

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	—	$	21,044		$	—	$	21,044
Air Freight & Logistics		—		17,436			—		17,436
Banks		—		50,732			—		50,732
Beverages		—		86,981			—		86,981
Capital Markets		—		60,286			—		60,286
Electrical Equipment		—		26,718			—		26,718
Electronic Equipment, Instruments & Components		—		83,709			—		83,709
Entertainment		—		21,467			—		21,467
Food Products		—		19,043			—		19,043
Health Care Equipment & Supplies		—		7,396			—		7,396
Hotels, Restaurants & Leisure		—		32,137			—		32,137
Household Durables		—		19,797			—		19,797
Household Products		—		17,896			—		17,896
Information Technology Services		—		24,029			—		24,029
Insurance		—		96,492			—		96,492
Interactive Media & Services		—		36,316			—		36,316
Life Sciences Tools & Services		—		28,652			—		28,652
Machinery		—		67,988			—		67,988
Metals & Mining		19,471		29,573			—		49,044
Oil, Gas & Consumable Fuels		12,914		30,352			—		43,266
Personal Care Products		—		55,946			—		55,946
Pharmaceuticals		—		102,216			—		102,216
Professional Services		—		35,059			—		35,059
Semiconductors & Semiconductor Equipment		14,055		26,682			—		40,737
Software		29,677		43,700			—		73,377
Tech Hardware, Storage & Peripherals		—		16,922			—		16,922
Textiles, Apparel & Luxury Goods		—		48,829			—		48,829
Total Common Stocks		76,117		1,107,398			—		1,183,515
Warrants		—		—	†		—		—	†
Short-Term Investment
Investment Company		21,717		—			—		21,717
Total Assets	$	97,834	$	1,107,398	†	$	—	$	1,205,232	†

†

Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	—	$	56,620	$	—	$	56,620
Banks		61,715		68,693		—		130,408
Beverages		—		21,204		—		21,204
Broadline Retail		98,343		—		—		98,343
Capital Markets		—		27,732		—		27,732
Electrical Equipment		—		38,747		—		38,747
Electronic Equipment, Instruments & Components		—		23,100		—		23,100
Entertainment		44,711		—		—		44,711
Financial Services		—		14,009		—		14,009
Ground Transportation		23,302		—		—		23,302
Hotels, Restaurants & Leisure		35,356		56,847		—		92,203
Information Technology Services		30,139		—		—		30,139
Interactive Media & Services		—		14,752		—		14,752
Personal Care Products		—		14,233		—		14,233
Semiconductors & Semiconductor Equipment		—		64,084		—		64,084
Specialty Retail		—		24,872		—		24,872
Textiles, Apparel & Luxury Goods		25,872		111,199		—		137,071
Water Utilities		13,618		—		—		13,618
Total Assets	$	333,056	$	536,092	$	—	$	869,148

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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
Aerospace & Defense	$	—	$	46		$	—	$	46
Beverages		—		136			—		136
Capital Markets		—		104			—		104
Electrical Equipment		—		60			—		60
Electronic Equipment, Instruments & Components		—		177			—		177
Entertainment		—		50			—		50
Financial Services		60		—			—		60
Health Care Equipment & Supplies		—		48			—		48
Hotels, Restaurants & Leisure		—		40			—		40
Household Products		41		32			—		73
Information Technology Services		—		53			—		53
Insurance		49		58			—		107
Interactive Media & Services		—		42			—		42
Life Sciences Tools & Services		43		60			—		103
Machinery		—		95			—		95
Personal Care Products		—		144			—		144
Pharmaceuticals		—		159			—		159
Professional Services		—		121			—		121
Semiconductors & Semiconductor Equipment		48		46			—		94
Software		62		115			—		177
Textiles, Apparel & Luxury Goods		—		71			—		71
Total Common Stocks		303		1,657			—		1,960
Warrants		—		—	†		—		—	†
Short-Term Investment
Investment Company		18		—			—		18
Total Assets	$	321	$	1,657	†	$	—	$	1,978	†

†

Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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
Chemicals	$	510		$	359		$	—	$	869
Construction Materials		44			96			—		140
Containers & Packaging		92			5			—		97
Energy Equipment & Services		56			4			—		60
Metals & Mining		811			458			—		1,269
Oil, Gas & Consumable Fuels		901			286			—		1,187
Paper & Forest Products		4			30			—		34
Total Common Stocks		2,418			1,238			—		3,656
U.S. Treasury Security		—			12,486			—		12,486
Short-Term Investments
Investment Company		2,786			—			—		2,786
Repurchase Agreements		—			13			—		13
Total Short-Term Investments		2,786			13			—		2,799
Foreign Currency Forward Exchange Contracts		—			—@			—		—@
Total Assets		5,204			13,737			—		18,941
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(1	)		—		(1	)
Future Contract		(22	)		—			—		(22	)
Total Return Swap Agreement		—			(82	)		—		(82	)
Total Liabilities		(22	)		(83	)		—		(105	)
Total	$	5,182		$	13,654		$	—	$	18,836

Value is less than $500.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	—	$	329	$	—	$	329
Banks		—		6,014		—		6,014
Beverages		—		243		—		243
Broadline Retail		1,094		—		—		1,094
Building Products		—		526		—		526
Consumer Finance		—		570		—		570
Consumer Staples Distribution & Retail		—		569		—		569
Food Products		—		2,189		—		2,189
Health Care Providers & Services		—		955		—		955
Hotels, Restaurants & Leisure		449		178		—		627
Information Technology Services		632		2,182		—		2,814
Metals & Mining		—		559		—		559
Oil, Gas & Consumable Fuels		219		748		—		967
Pharmaceuticals		—		620		—		620
Real Estate Management & Development		—		484		—		484
Software		—		571		—		571
Specialty Retail		—		1,412		—		1,412
Textiles, Apparel & Luxury Goods		—		894		—		894
Wireless Telecommunication Services		—		687		—		687
Total Common Stocks		2,394		19,730		—		22,124
Short-Term Investment
Investment Company		360		—		—		360
Total Assets	$	2,754	$	19,730	$	—	$	22,484

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	278	$	10,055	$	—	$	10,333
Banks		7,279		5,539		—		12,818
Beverages		—		3,557		—		3,557
Biotechnology		2,741		—		—		2,741
Broadline Retail		10,992		—		—		10,992
Chemicals		—		6,898		—		6,898
Containers & Packaging		—		1,042		—		1,042
Electronic Equipment, Instruments & Components		—		3,115		—		3,115
Entertainment		4,817		1,818		—		6,635
Food Products		—		1,095		—		1,095
Health Care Equipment & Supplies		—		817		—		817
Health Care Providers & Services		—		1,584		—		1,584
Hotels, Restaurants & Leisure		5,247		—		—		5,247
Household Durables		1,713		4,750		—		6,463
Industrial Conglomerates		—		2,612		—		2,612
Information Technology Services		—		1,698		—		1,698
Interactive Media & Services		—		2,769		—		2,769
Machinery		—		1,446		—		1,446
Metals & Mining		1,517		10,655		—		12,172
Oil, Gas & Consumable Fuels		1,529		8,040		—		9,569
Passenger Airlines		2,088		—		—		2,088
Personal Care Products		1,871		7,084		—		8,955
Pharmaceuticals		—		10,744		—		10,744
Professional Services		—		4,488		—		4,488
Semiconductors & Semiconductor Equipment		950		10,835		—		11,785
Software		2,803		—		—		2,803
Tech Hardware, Storage & Peripherals		—		5,291		—		5,291
Textiles, Apparel & Luxury Goods		—		2,263		—		2,263
Total Common Stocks		43,825		108,195		—		152,020
Preferred Stock
Biotechnology		—		—		1,375		1,375
Short-Term Investments
Investment Company		4,234		—		—		4,234
Repurchase Agreements		—		370		—		370
Total Short-Term Investments		4,234		370		—		4,604
Futures Contracts		570		—		—		570
Total Assets	$	48,629	$	108,565	$	1,375	$	158,569

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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)		125
Realized gains (losses)		—
Ending Balance	$	1,375
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024	$	125

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2024:

Passport Overseas Equity

Fair Value at
September 30, 2024
(000)

Valuation
Technique

Unobservable
Input

Amount

Impact to
Valuation from an
Increase in Input*

Preferred Stock

$1,375

Market Transaction Method

Precedent Transaction

$42.06

Increase

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	51	$	237		$	—	$	288
Beverages		65		—			—		65
Broadline Retail		173		—			—		173
Capital Markets		434		—			—		434
Chemicals		12		—			—		12
Commercial Services & Supplies		43		139			—		182
Construction Materials		5		—			—		5
Consumer Staples Distribution & Retail		91		—			—		91
Distributors		5		—			—		5
Diversified Consumer Services		5		—			—		5
Entertainment		39		—			—		39
Food Products		51		—			—		51
Ground Transportation		225		—			—		225
Health Care Equipment & Supplies		7		—			—		7
Health Care Technology		22		—			—		22
Hotels, Restaurants & Leisure		178		—			—		178
Household Durables		88		54			—		142
Information Technology Services		416		—			—		416
Insurance		5		—			—		5
Life Sciences Tools & Services		262		182			—		444
Metals & Mining		128		—			—		128
Oil, Gas & Consumable Fuels		221		—			—		221
Personal Care Products		24		—			—		24
Pharmaceuticals		231		—			—		231
Real Estate Management & Development		67		—			—		67
Semiconductors & Semiconductor Equipment		34		—			—		34
Software		218		—			—		218
Specialized REITs		258		—			—		258
Specialty Retail		335		—			—		335
Textiles, Apparel & Luxury Goods		—		96			—		96
Trading Companies & Distributors		11		—			—		11
Total Common Stocks		3,704		708			—		4,412
Investment Company		108		—			—		108
Warrants		—		—	†		—		—	†
Call Options Purchased		—		4			—		4
Short-Term Investment
Investment Company		29		—			—		29
Total Assets	$	3,841	$	712	†	$	—	$	4,553	†

†	Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 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 September 30, 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	$	345,838	⁽¹⁾	$	—	$	—	$	345,838
Short-Term Investment
Investment Company		3,747			—		—		3,747
Total Assets	$	349,585		$	—	$	—	$	349,585

(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.

Third Quarter Report — September 30, 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 September 30, 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	$	5,269	⁽¹⁾	$	—	$	—	$	5,269
Short-Term Investment
Investment Company		25			—		—		25
Total Assets	$	5,294		$	—	$	—	$	5,294

(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.

Third Quarter Report — September 30, 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 September 30, 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	$	28,612	⁽¹⁾	$	—	$	—	$	28,612
Short-Term Investment
Investment Company		301			—		—		301
Total Assets	$	28,913		$	—	$	—	$	28,913

(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.

Third Quarter Report — September 30, 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 September 30, 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	$	2,230	⁽¹⁾	$	—	$	—	$	2,230
Short-Term Investments
Investment Company		115			—		—		115
Repurchase Agreements		—			16		—		16
Total Short-Term Investments		115			16		—		131
Total Assets	$	2,345		$	16	$	—	$	2,361

(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.

Morgan Stanley Institutional Fund NPORT-PUS Core Portfolio (Sep 2024 report)