Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $5,634,000 and $5,951,000, respectively. The Fund received cash collateral of approximately $2,205,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $3,746,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments.  The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security trades on the Hong Kong exchange.
(d)	Amount is less than 0.05%.
(e)	At March 31, 2022, the Fund held a fair valued security at approximately $1,174,000, representing 0.5% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(f)	The Fund invests in Morgan Stanley China A Share Fund, Inc., a closed-end management investment company advised by an affiliate of the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Morgan Stanley China A Share Fund, Inc. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $3,000 relating to the Fund’s investment in the Morgan Stanley China A Share Fund, Inc.
(g)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(h)	Securities are available for collateral in connection with open foreign currency forward exchange contracts and purchased options.
(i)	The approximate fair value and percentage of net assets, $142,945,000 and 63.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.

Morgan Stanley Institutional Fund, Inc.

Active International Allocation Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

(j)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(k)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $71,217,000 and the aggregate gross unrealized depreciation is approximately $14,470,000, resulting in net unrealized appreciation of approximately $56,747,000.
@	Value is less than $500.
ADR	American Depositary Receipt.
CVA	Certificaten Van Aandelen.
NYSE	New York Stock Exchange.
TSX	Toronto Stock Exchange.

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

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

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

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Citibank NA	EUR	1,593	$	1,754	6/16/22	$	(13	)
State Street Bank and Trust Co.	$	2,473	GBP	1,894	6/16/22		14
State Street Bank and Trust Co.	$	1,803	JPY	212,626	6/16/22		(53	)
						$	(52	)

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

Portfolio Composition*

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

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

Morgan Stanley Institutional Fund, Inc.

Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(c)	Securities are available for collateral in connection with  purchased options.
(d)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(e)	The approximate fair value and percentage of net assets, $15,319,000 and 2.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(f)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $77,017,000 and the aggregate gross unrealized depreciation is approximately $95,858,000, resulting in net unrealized depreciation of approximately $18,841,000.

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

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

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition

Classification	Percentage of Total Investments
Information Technology Services		26.0	%
Software		18.1
Others*		14.9
Interactive Media & Services		12.1
Internet & Direct Marketing Retail		7.2
Road & Rail		6.2
Semiconductors & Semiconductor Equipment		5.3
Entertainment		5.2
Health Care Technology		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Asia Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Asia Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

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

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $24,632,000 and $26,127,000, respectively. The Fund received cash collateral of approximately $3,937,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The remaining collateral of approximately $22,190,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

Morgan Stanley Institutional Fund, Inc.

Asia Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

(d)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2022 amounts to approximately $1,926,000 and represents 0.6% of net assets.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.
(f)	The approximate fair value and percentage of net assets, $231,580,000 and 68.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in  Notes to the Consolidated Portfolio of Investments.
(g)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(h)	Securities are available for collateral in connection with purchased options.
(i)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $68,709,000 and the aggregate gross unrealized depreciation is approximately $81,007,000, resulting in net unrealized depreciation of approximately $12,298,000.
(j)	Amount is less than 0.05%.
ADR	American Depositary Receipt.

Morgan Stanley Institutional Fund, Inc.

Asia Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

Call Options Purchased:

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

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

CNH  —  Chinese Yuan Renminbi Offshore

USD  —  United States Dollar

Portfolio Composition*

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

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

Morgan Stanley Institutional Fund, Inc.

China Equity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

China Equity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

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

(a)	Security trades on the Hong Kong exchange.
(b)	Non-income producing security.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(d)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(e)	The approximate fair value and percentage of net assets, $7,104,000 and 82.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(f)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $667,000 and the aggregate gross unrealized depreciation is approximately $2,603,000, resulting in net unrealized depreciation of approximately $1,936,000.
ADR	American Depositary Receipt.

Portfolio Composition  

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

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

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)   

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

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

	No. of Warrants
Warrants (0.0%) (c)
United States  (0.0%) (c)
BARK, Inc. expires 5/1/26 (a)		373		1
Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a)		261		—
SomaLogic, Inc. expires 8/31/26 (a)		96		—
Total Warrants (Cost $3)				1
		Shares
Short-Term Investment  (2.8%)
Investment Company  (2.8%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (g) (Cost $483)		482,668		483
Total Investments Excluding Purchased Options (99.6%) (Cost $15,988)				17,097
Total Purchased Options Outstanding (0.0%) (c) (Cost $63)				6
Total Investments (99.6%) (Cost $16,051) (h)(i)(j)(k)				17,103
Other Assets in Excess of Liabilities (0.4%)				71
Net Assets (100.0%)			$	17,174

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

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

*	Amount is less than 0.005%.
(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	Amount is less than 0.05%.
(d)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contracts (excluding 144A holdings) at March 31, 2022 amounts to approximately $106,000 and represents 0.6% of net assets.
(e)	Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(f)	At March 31, 2022, the Fund held a fair valued security and derivative contracts at approximately $35,000, representing 0.2% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(g)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds.
(h)	The approximate fair value and percentage of net assets, $3,340,000 and 19.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(i)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(j)	Securities are available for collateral in connection with securities purchased on a forward commitment basis and purchased options.
(k)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,428,000 and the aggregate gross unrealized depreciation is approximately $2,382,000, resulting in net unrealized appreciation of approximately $1,046,000.
(l)	Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 124 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Senti Biosciences, Inc., and Dynamics Special Purpose Corp., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Dynamics Special Purpose Corp., and Senti Biosciences, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Dynamics Special Purpose Corp., and Senti Biosciences, Inc. The investment is restricted from resale until the settlement date.

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Counterpoint Global Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

Call Options Purchased:

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

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

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

Portfolio Composition*

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

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

Morgan Stanley Institutional Fund, Inc.

Developing Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Developing Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The fund code not found has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2022 amounts to approximately $874,000 and represents 0.5% of net assets.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(e)	Amount is less than 0.05%.
(f)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(g)	Securities are available for collateral in connection with purchased options.
(h)	The approximate fair value and percentage of net assets, $82,960,000 and 51.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(i)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $18,191,000 and the aggregate gross unrealized depreciation is approximately $39,867,000, resulting in net unrealized depreciation of approximately $21,676,000.
ADR	American Depositary Receipt.

Morgan Stanley Institutional Fund, Inc.

Developing Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

Call Options Purchased:

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

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

CNH  —  Chinese Yuan Renminbi Offshore

USD  —  United States Dollar  

Portfolio Composition  

Classification	Percentage of Total Investments
Other*		32.1	%
Banks		24.8
Internet & Direct Marketing Retail		16.5
Interactive Media & Services		9.5
Semiconductors & Semiconductor Equipment		5.9
Hotels, Restaurants & Leisure		5.6
Information Technology Services		5.6
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	At March 31, 2022, the Fund held fair valued securities at $0, representing 0.0% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(d)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $6,635,000 and $7,051,000, respectively. The Fund received non-cash collateral of approximately $7,051,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(f)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

(g)	The approximate fair value and percentage of net assets, $461,593,000 and 74.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(h)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $158,844,000 and the aggregate gross unrealized depreciation is approximately $27,349,000, resulting in net unrealized appreciation of approximately $131,495,000.
ADR	American Depositary Receipt.
GDR	Global Depositary Receipt.

Portfolio Composition

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

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

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

	Face Amount (000)		Value (000)
Fixed Income Securities  (95.5%)
Angola  (1.1%)
Sovereign  (1.1%)
Angolan Government International Bond,
8.00%, 11/26/29	$	320	$	322
Argentina  (0.9%)
Corporate Bond  (0.5%)
Pampa Energia SA,
9.13%, 4/15/29 (a)		150		134
Sovereign  (0.4%)
Argentine Republic Government International Bond,
0.50%, 7/9/30  (b)		127		43
1.00%, 7/9/29		24		8
1.13%, 7/9/35  (b)		232		71
				122
				256
Armenia  (1.5%)
Corporate Bond  (0.9%)
Ardshinbank CJSC Via Dilijan Finance BV,
6.50%, 1/28/25 (a)		270		266
Sovereign  (0.6%)
Republic of Armenia International Bond,
3.95%, 9/26/29		200		170
				436
Bahrain  (0.7%)
Sovereign  (0.7%)
Bahrain Government International Bond,
7.50%, 9/20/47		200		197
Benin  (0.7%)
Sovereign  (0.7%)
Benin Government International Bond,
4.95%, 1/22/35	EUR	230		208
Brazil  (5.4%)
Corporate Bonds  (1.4%)
MARB BondCo PLC,
3.95%, 1/29/31 (a)		200		178
Movida Europe SA,
5.25%, 2/8/31 (a)		200		179
Suzano Austria GmbH,
3.75%, 1/15/31		40		38
				395

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

Sovereign  (4.0%)
Brazil Notas do Tesouro Nacional, Series F,
10.00%, 1/1/23 – 1/1/27	BRL	4,800	975
Brazilian Government International Bond,
3.88%, 6/12/30	$	200	185
			1,160
			1,555
Burkina Faso  (0.6%)
Corporate Bond  (0.6%)
Endeavour Mining PLC,
5.00%, 10/14/26 (a)		200	185
Chile  (3.5%)
Corporate Bonds  (2.0%)
ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par,
4.05%, 4/27/26 (a)	$	200	190
Cencosud SA,
4.38%, 7/17/27		200	204
Kenbourne Invest SA,
4.70%, 1/22/28 (a)		200	176
			570
Sovereign  (1.5%)
Bonos de la Tesoreria de la Republica en pesos,
2.30%, 10/1/28  (a)	CLP	130,000	131
4.50%, 3/1/26		90,000	107
Chile Government International Bond,
3.50%, 1/25/50	$	200	183
			421
			991
China  (5.8%)
Corporate Bonds  (2.0%)
Country Garden Holdings Co., Ltd.,
7.25%, 4/8/26		260	202
Huarong Finance Co. Ltd.,
3.88%, 11/13/29		200	182
Huarong Finance II Co. Ltd.,
4.63%, 6/3/26		200	196
			580
Sovereign  (3.8%)
China Government Bond,
2.68%, 5/21/30	CNY	2,820	438
3.13%, 11/21/29		4,140	665
			1,103
			1,683
Colombia  (4.5%)
Corporate Bonds  (2.5%)
Banco GNB Sudameris SA,
7.50%, 4/16/31 (a)	$	200	187
Canacol Energy Ltd.,
5.75%, 11/24/28 (a)		200	188
Grupo Aval Ltd.,
4.38%, 2/4/30 (a)		200	173
SierraCol Energy Andina LLC,
6.00%, 6/15/28 (a)		200	182
			730

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

Sovereign  (2.0%)
Colombia Government International Bond,
4.13%, 5/15/51		200	151
Colombian TES,
Series B
6.00%, 4/28/28	COP	588,800	132
7.00%, 6/30/32		253,800	56
7.50%, 8/26/26		559,100	139
10.00%, 7/24/24		332,400	90
			568
			1,298
Costa Rica  (0.7%)
Sovereign  (0.7%)
Costa Rica Government International Bond,
7.16%, 3/12/45	$	200	199
Czech Republic  (1.3%)
Sovereign  (1.3%)
Czech Republic Government Bond,
2.75%, 7/23/29	CZK	8,970	380
Dominican Republic  (2.1%)
Sovereign  (2.1%)
Dominican Republic International Bond,
5.30%, 1/21/41  (a)	$	300	261
5.50%, 2/22/29  (a)		150	149
9.75%, 6/5/26  (a)	DOP	10,550	196
			606
Ecuador  (1.1%)
Sovereign  (1.1%)
Ecuador Government International Bond,
0.00%, 7/31/30  (a)	$	20	11
0.50%, 7/31/40  (a)(b)		100	57
0.50%, 7/31/40  (b)		170	98
1.00%, 7/31/35  (a)(b)		103	68
5.00%, 7/31/30  (a)(b)		83	70
			304
Egypt  (3.4%)
Corporate Bond  (1.3%)
African Export-Import Bank (The),
3.99%, 9/21/29 (a)		390	370
Sovereign  (2.1%)
Egypt Government International Bond,
6.38%, 4/11/31  (a)	EUR	230	219
7.50%, 2/16/61  (a)	$	200	159
7.50%, 2/16/61		300	239
			617
			987

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

El Salvador  (0.2%)
Sovereign  (0.2%)
El Salvador Government International Bond,
7.12%, 1/20/50 (a)		150	68
Ghana  (2.4%)
Corporate Bonds  (1.3%)
Kosmos Energy Ltd.,
7.13%, 4/4/26 (a)	$	200	196
Tullow Oil PLC,
7.00%, 3/1/25		200	165
			361
Sovereign  (1.1%)
Ghana Government International Bond,
7.75%, 4/7/29		220	162
8.88%, 5/7/42  (a)		200	141
			303
			664
Honduras  (0.7%)
Sovereign  (0.7%)
Honduras Government International Bond,
6.25%, 1/19/27		200	191
Hungary  (1.0%)
Sovereign  (1.0%)
Hungary Government Bond,
3.00%, 8/21/30	HUF	62,270	151
6.00%, 11/24/23		44,630	134
			285
India  (0.8%)
Corporate Bond  (0.8%)
Greenko Investment Co.,
4.88%, 8/16/23 (a)	$	240	241
Indonesia  (3.5%)
Sovereign  (3.5%)
Indonesia Government International Bond,
4.45%, 4/15/70		230	238
Indonesia Treasury Bond,
6.50%, 6/15/25 – 2/15/31	IDR	4,633,000	329
7.00%, 9/15/30		356,000	25
7.50%, 6/15/35		1,991,000	143
8.38%, 4/15/39		2,360,000	182
8.75%, 5/15/31		1,310,000	103
			1,020

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

Israel  (1.2%)
Corporate Bonds  (1.2%)
Bank Hapoalim BM,
3.26%, 1/21/32 (a)	$	200	185
Energean Israel Finance Ltd.,
4.88%, 3/30/26 (a)		165	160
			345
Ivory Coast  (0.9%)
Sovereign  (0.9%)
Ivory Coast Government International Bond,
4.88%, 1/30/32 (a)	EUR	274	268
Jordan  (0.6%)
Sovereign  (0.6%)
Jordan Government International Bond,
7.38%, 10/10/47 (a)	$	200	183
Kazakhstan  (0.6%)
Sovereign  (0.6%)
Development Bank of Kazakhstan JSC,
10.95%, 5/6/26 (a)	KZT	100,000	173
Lebanon  (0.1%)
Sovereign  (0.1%)
Lebanon Government International Bond,
6.85%, 3/23/27 (c)(d)	$	266	33
Malaysia  (3.1%)
Sovereign  (3.1%)
Malaysia Government Bond,
3.76%, 5/22/40	MYR	950	206
3.96%, 9/15/25		1,043	254
4.18%, 7/15/24		762	186
4.23%, 6/30/31		488	118
4.50%, 4/15/30		559	138
			902
Mexico  (12.7%)
Corporate Bonds  (4.5%)
Alsea SAB de CV,
7.75%, 12/14/26 (a)	$	200	208
Banco Mercantil del Norte SA,
5.88%, 1/24/27 (a)(e)		200	185
Cemex SAB de CV,
5.13%, 8/6/26 (a)(e)		200	197
Financiera Independencia SAB de CV SOFOM ENR,
8.00%, 7/19/24 (a)		250	151
Total Play Telecomunicaciones SA de CV,
7.50%, 11/12/25		200	195
Trust Fibra Uno,
6.39%, 1/15/50 (a)		240	243
Unifin Financiera SAB de CV,
9.88%, 1/28/29 (a)		200	118
			1,297

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

Paraguay  (0.6%)
Corporate Bond  (0.6%)
Frigorifico Concepcion SA,
7.70%, 7/21/28 (a)		200	178
Peru  (2.1%)
Corporate Bonds  (1.3%)
InRetail Consumer,
3.25%, 3/22/28 (a)		200	188
Lima Metro Line 2 Finance Ltd.,
4.35%, 4/5/36 (a)		193	191
			379
Sovereign  (0.8%)
Peru Government Bond,
5.40%, 8/12/34	PEN	259	62
5.94%, 2/12/29		622	164
6.15%, 8/12/32		1	—
			226
			605
Poland  (1.5%)
Sovereign  (1.5%)
Republic of Poland Government Bond,
4.00%, 10/25/23	PLN	455	106
5.75%, 9/23/22		1,370	328
			434
Qatar  (1.0%)
Sovereign  (1.0%)
Qatar Government International Bond,
4.82%, 3/14/49 (a)	$	230	273
Romania  (2.1%)
Sovereign  (2.1%)
Romania Government Bond,
4.75%, 2/24/25 – 10/11/34	RON	1,590	331
Romanian Government International Bond,
1.75%, 7/13/30  (a)	EUR	80	75
3.75%, 2/7/34  (a)		180	186
			592
Russia  (0.2%)
Corporate Bond  (0.1%)
Alfa Bank AO Via Alfa Bond Issuance PLC,
5.95%, 4/15/30 (f)	$	300	30
Sovereign  (0.1%)
Russian Federal Bond - OFZ,
6.90%, 5/23/29  (c)(d)(f)	RUB	37,491	14
7.70%, 3/23/33  (c)(d)(f)		54,377	20
			34
			64

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

Saudi Arabia  (0.7%)
Corporate Bond  (0.7%)
SA Global Sukuk Ltd.,
2.69%, 6/17/31 (a)	$	200	190
Senegal  (1.2%)
Sovereign  (1.2%)
Senegal Government International Bond,
6.25%, 5/23/33 (a)		350	331
Serbia  (0.6%)
Sovereign  (0.6%)
Serbia International Bond,
2.13%, 12/1/30		200	168
South Africa  (5.5%)
Sovereign  (5.5%)
Republic of South Africa Government Bond,
8.25%, 3/31/32	ZAR	3,317	203
8.75%, 1/31/44		1,980	114
9.00%, 1/31/40		21,018	1,258
			1,575
Sri Lanka  (0.8%)
Sovereign  (0.8%)
Sri Lanka Government International Bond,
7.55%, 3/28/30	$	500	236
Supranational  (0.7%)
Banque Ouest Africaine de Developpement,
2.75%, 1/22/33 (a)	EUR	200	205
Tanzania, United Republic of  (0.7%)
Corporate Bond  (0.7%)
HTA Group Ltd.,
7.00%, 12/18/25 (a)	$	200	198
Thailand  (2.1%)
Sovereign  (2.1%)
Thailand Government Bond,
2.13%, 12/17/26	THB	429	13
3.63%, 6/16/23		7,250	226
4.88%, 6/22/29		10,144	358
			597
Togo  (0.7%)
Corporate Bond  (0.7%)
Ecobank Transnational, Inc.,
8.75%, 6/17/31	$	200	189

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

Turkey  (0.6%)
Sovereign  (0.6%)
Turkey Government International Bond,
5.88%, 6/26/31		200	171
Ukraine  (1.5%)
Corporate Bond  (0.3%)
NPC Ukrenergo,
6.88%, 11/9/26 (a)		200	80
Sovereign  (1.2%)
NAK Naftogaz Ukraine via Kondor Finance PLC,
7.13%, 7/19/24	EUR	200	72
Ukraine Government International Bond,
6.75%, 6/20/26	$	340	158
6.88%, 5/21/29		250	106
			336
			416
United Arab Emirates  (2.1%)
Corporate Bonds  (1.4%)
DP World Salaam,
6.00%, 1/10/25 (e)		200	207
Galaxy Pipeline Assets Bidco Ltd.,
3.25%, 9/30/40 (a)		230	209
			416
Sovereign  (0.7%)
Abu Dhabi Government International Bond,
3.13%, 4/16/30		200	205
			621
Uzbekistan  (0.6%)
Sovereign  (0.6%)
Republic of Uzbekistan International Bond,
3.70%, 11/25/30 (a)		200	175
Venezuela  (0.4%)
Sovereign  (0.4%)
Petroleos de Venezuela SA,
6.00%, 11/15/26 (c)(d)		1,582	117
Zambia  (1.7%)
Sovereign  (1.7%)
Zambia Goverment Bond,
13.00%, 12/27/31	ZMW	990	30
Zambia Government Bond,
11.00%, 1/25/26		3,680	144
13.00%, 1/25/31		5,290	166
Zambia Government International Bond,
5.38%, 9/20/22	$	200	139
			479
Total Fixed Income Securities (Cost $32,498)			27,481

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

	Face Amount (000)
Egypt  (1.5%)
Sovereign  (1.5%)
Egypt Treasury Bills,
12.85%, 10/25/22	EGP	5,475		280
12.95%, 9/13/22		2,825		147
Total Sovereign (Cost $449)				427
U.S. Treasury Security  (0.1%)
U.S. Treasury Bill,
0.06%, 7/14/22 (j) (Cost $30)	$	30		30
Total Short-Term Investments (Cost $861)				839
Total Investments (98.4%) (Cost $33,359)  (k)(l)(m)				28,324
Other Assets in Excess of Liabilities (1.6%)				453
Net Assets (100.0%)			$	28,777

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

(a) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(b) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2022. Maturity date disclosed is the ultimate maturity date.

(c) Non-income producing security; bond in default.

(d) Issuer in bankruptcy.

(e) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2022.

(f) At March 31, 2022, the Fund held fair valued securities at approximately $64,000, representing 0.2% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.

(g) Amount is less than 0.05%.

(h) Perpetual maturity date. Date disclosed is the last expiration date.

(i) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.

(j) Rate shown is the yield to maturity at March 31, 2022.

(k) Securities are available for collateral in connection with open foreign currency forward exchange contracts.

(l) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.

(m) At March 31, 2022, , the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $668,000 and the aggregate gross unrealized depreciation is approximately $5,802,000, resulting in net unrealized depreciation of approximately $5,134,000.

OFZ Obilgatsyi Federal’novo Zaima (Russian Federal Loan Obligation).

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Fixed Income Opportunities Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

Foreign Currency Forward Exchange Contracts:

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

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Bank of America NA	EUR	120	$	133	5/20/22	$	—@
Bank of America NA	EUR	180	$	198	5/20/22		(2	)
Bank of America NA	$	423	EUR	380	5/20/22		(2	)
Bank of America NA	$	156	EUR	140	5/20/22		(1	)
Barclays Bank PLC	$	515	EUR	470	5/20/22		5
BNP Paribas SA	RUB	12,300	$	98	4/11/22		(52	)
BNP Paribas SA	$	87	RUB	10,400	4/11/22		41
BNP Paribas SA	EUR	2,130	$	2,424	5/20/22		64
BNP Paribas SA	$	426	PLN	1,700	5/20/22		(23	)
BNP Paribas SA	ZAR	12,530	$	818	5/20/22		(34	)
Citibank NA	PLN	1,370	$	320	5/20/22		(5	)
Citibank NA	$	150	CZK	3,400	5/20/22		3
Citibank NA	$	186	THB	6,000	5/20/22		(5	)
HSBC Bank PLC	PLN	620	$	145	5/20/22		(1	)
JPMorgan Chase Bank NA	RUB	18,940	$	149	4/11/22		(83	)
JPMorgan Chase Bank NA	MXN	4,850	$	234	5/20/22		(8	)
JPMorgan Chase Bank NA	$	412	CZK	8,960	5/20/22		(8	)
JPMorgan Chase Bank NA	$	364	HUF	115,000	5/20/22		(20	)
Standard Chartered Bank	$	96	RUB	10,600	4/11/22		34
Standard Chartered Bank	CNH	890	$	139	5/20/22		(1	)
UBS AG	IDR	600,000	$	42	5/20/22		—@
Westpac Banking Corp.	CNH	950	$	148	5/20/22		(1	)
Westpac Banking Corp.	$	140	THB	4,650	5/20/22		—@
						$	(99	)

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

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

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

** Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $99,000.

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Leaders Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Leaders Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.
(d)	The approximate fair value and percentage of net assets, $247,273,000 and 68.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(e)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $33,664,000 and the aggregate gross unrealized depreciation is approximately $46,227,000, resulting in net unrealized depreciation of approximately $12,563,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Others*		21.0	%
Semiconductors & Semiconductor Equipment		17.9
Information Technology Services		11.6
Internet & Direct Marketing Retail		9.9
Textiles, Apparel & Luxury Goods		9.1
Banks		8.7
Chemicals		7.6
Consumer Finance		7.4
Short-Term Investments		6.8
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Global Concentrated Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

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

Morgan Stanley Institutional Fund, Inc.

Global Concentrated Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(c)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(d)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $13,069,000 and the aggregate gross unrealized depreciation is approximately $2,790,000, resulting in net unrealized appreciation of approximately $10,279,000.
ADR	American Depositary Receipt.
ETF	Exchange Traded Fund.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Others*		29.5	%
Banks		17.5
Software		9.2
Textiles, Apparel & Luxury Goods		8.3
Life Sciences Tools & Services		6.5
Automobiles		6.3
Semiconductors & Semiconductor Equipment		6.0
Equity Real Estate Investment Trusts (REITs)		5.9
Trading Companies & Distributors		5.7
Capital Markets		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Global Core Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Global Core Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(c)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(d)	The approximate fair value and percentage of net assets, $935,000 and 4.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments
(e)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,017,000 and the aggregate gross unrealized depreciation is approximately $493,000, resulting in net unrealized appreciation of approximately $4,524,000.
ADR	American Depositary Receipt.
REIT	Real Estate Investment Trust.

Portfolio Composition  

Classification	Percentage of Total Investments
Others*		57.5	%
Banks		12.9
Tech Hardware, Storage & Peripherals		8.6
Textiles, Apparel & Luxury Goods		7.5
Software		7.0
Oil, Gas & Consumable Fuels		6.5
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Global Endurance Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Global Endurance Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

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

(a)	Non-income producing security.
(b)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted derivative contract (excluding 144A holdings) at March 31, 2022 amounts to approximately $(30,000) and represents (0.1)% of net assets.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by  less than $500 relating to the Fund's investment in the Liquidity Funds.
(d)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(e)	The approximate fair value and percentage of net assets, $10,308,000 and 17.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(f)	At March 31, 2022, the Fund held a fair valued derivative contract at approximately $(30,000), representing (0.1)% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(g)	Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 19,748 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between ProKidney, LP., and Social Capital Suvretta Holdings Corp.III, a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Social Capital Suvretta Holdings Corp.III and ProKidney, LP., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Social Capital Suvretta Holdings Corp.III and ProKidney, LP. The investment is restricted from resale until the settlement date.
(h)	At March 31, 2022 the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $838,000 and the aggregate gross unrealized depreciation is approximately $23,857,000, resulting in net unrealized depreciation of approximately $23,019,000.
(i)	Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.
(j)	Securities are available for collateral in connection with securities purchased on a forward commitment basis.
PIPE	Private Investment in Public Equity.
SPAC	Special Purpose Acquisition Company.

Portfolio Composition

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

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

Morgan Stanley Institutional Fund, Inc.

Global Focus Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Global Focus Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d) 

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

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

(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds.
(d)	The approximate fair value and percentage of net assets, $1,379,000 and 27.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.

Morgan Stanley Institutional Fund, Inc.

Global Focus Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d) 

(e)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $278,000 and the aggregate gross unrealized depreciation is approximately $228,000, resulting in net unrealized appreciation of approximately $50,000.
ADR	American Depositary Receipt.
REIT	Real Estate Investment Trust.

Portfolio Composition

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

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

Morgan Stanley Institutional Fund, Inc.

Global Franchise Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Global Franchise Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

(a)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $9,000 relating to the Fund’s investment in the Liquidity Funds.
(b)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(c)	The approximate fair value and percentage of net assets, $812,797,000 and 22.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(d)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,003,971,000 and the aggregate gross unrealized depreciation is approximately $36,081,000, resulting in net unrealized appreciation of approximately $967,890,000.
Euronext N.V.	Euronext Amsterdam Stock Market.
LSE	London Stock Exchange.

Portfolio Composition

Classification	Percentage of Total Investments
Others*		17.7	%
Information Technology Services		17.6
Software		13.7
Health Care Equipment & Supplies		12.1
Life Sciences Tools & Services		9.9
Household Products		9.7
Tobacco		8.1
Beverages		6.1
Capital Markets		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Global Infrastructure Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Global Infrastructure Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d) 

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

Morgan Stanley Institutional Fund, Inc.

Global Infrastructure Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d) 

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

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

(a)	Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $7,421,000 and $7,880,000, respectively. The Fund received cash collateral of approximately $7,880,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security trades on the Hong Kong exchange.
(d)	Non-income producing security.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Funds.
(f)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(g)	The approximate fair value and percentage of net assets, $106,494,000 and 33.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(h)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for the book purposes. The aggregate gross unrealized appreciation is approximately $67,967,000 and the aggregate gross unrealized depreciation is approximately $15,452,000, resulting in net unrealized appreciation of approximately $52,515,000.
REIT	Real Estate Investment Trust.

Portfolio Composition*

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

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

Morgan Stanley Institutional Fund, Inc.

Global Insight Portfolio 

Consolidated Portfolio of Investments 

First Quarter Report 

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Global Insight Portfolio 

Consolidated Portfolio of Investments 

First Quarter Report 

March 31, 2022 (unaudited) (cont’d)

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

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

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

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

Morgan Stanley Institutional Fund, Inc.

Global Insight Portfolio 

Consolidated Portfolio of Investments 

First Quarter Report 

March 31, 2022 (unaudited) (cont’d)

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

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

(a)	Non-income producing security.
(b)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contract (excluding 144A holdings) at March 31, 2022 amounts to approximately $1,137,000 and represents 0.7% of net assets.
(c)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $3,151,000 and $3,393,000, respectively. The Fund received cash collateral of approximately $3,393,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d)	Amount is less than 0.05%.
(e)	At March 31, 2022, the Fund held a fair valued security and derivative contract at approximately $(69,000), representing less than (0.05)% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(f)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Funds.
(g)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(h)	The approximate fair value and percentage of net assets, $15,769,000 and 9.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(i)	Securities are available for collateral in connection with securities purchased on a forward commitment basis and purchased options.
(j)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $14,839,000 and the aggregate gross unrealized depreciation is approximately $57,931,000, resulting in net unrealized depreciation of approximately $43,092,000.
(k)	Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 67,622 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between ProKidney, LP, and Social Capital Suvretta Holdings Corp.III, a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Social Capital Suvretta Holdings Corp.III, and ProKidney, LP, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Social Capital Suvretta Holdings Corp.III, and ProKidney, LP. The investment is restricted from resale until the settlement date.
(l)	Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.
ADR	American Depositary Receipt.
PIPE	Private Investment in Public Equity.
SPAC	Special Purpose Acquisition Company.

Morgan Stanley Institutional Fund, Inc.

Global Insight Portfolio 

Consolidated Portfolio of Investments 

First Quarter Report 

March 31, 2022 (unaudited) (cont’d)

Call Options Purchased:

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

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

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition*  

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

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

Morgan Stanley Institutional Fund, Inc.

Global Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Global Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2022 amounts to approximately $20,258,000 and represents 0.4% of net assets.
(d)	At March 31, 2022, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $18,000 relating to the Fund's investment in the Liquidity Funds.
(f)	Amount is less than 0.05%.

Morgan Stanley Institutional Fund, Inc.

Global Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

(g)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(h)	Securities are available for collateral in connection with purchased options.
(i)	The approximate fair value and percentage of net assets, $1,308,739,000 and 25.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(j)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,685,684,000 and the aggregate gross unrealized depreciation is approximately $367,673,000, resulting in net unrealized appreciation of approximately $1,318,011,000.
ADR	American Depositary Receipt.

Morgan Stanley Institutional Fund, Inc.

Global Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

Call Options Purchased:

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

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

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition

Classification	Percentage of Total Investments
Internet & Direct Marketing Retail		18.6	%
Information Technology Services		17.3
Software		12.8
Banks		9.2
Others*		9.0
Entertainment		7.5
Road & Rail		7.3
Textiles, Apparel & Luxury Goods		6.5
Interactive Media & Services		6.1
Air Freight & Logistics		5.7
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Global Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Global Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by less than $500 relating to the Fund investment in the Liquidity Funds.
(c)	The approximate fair value and percentage of net assets, $1,245,000 and 24.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note to the Consolidated Portfolio of Investments.
(d)	The fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the fund did not engage in any cross-trade transactions.
(e)	Securities are available for collateral in connection with purchased options.
(f)	At March 31, 2022, the aggregate cost for federal income tax purposes is approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $588,000 and the aggregate gross unrealized depreciation is approximately $103,000, resulting in net unrealized appreciation of approximately $485,000.
ADR	American Depositary Receipt.

Morgan Stanley Institutional Fund, Inc.

Global Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

Call Options Purchased:

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

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

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

Portfolio Composition

Classification	Percentage of Total Investments
Others*		47.0	%
Software		16.0
Textiles, Apparel & Luxury Goods		10.9
Commercial Services & Supplies		7.5
Semiconductors & Semiconductor Equipment		7.0
Internet & Direct Marketing Retail		6.5
Road & Rail		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Global Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Global Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Global Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

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

Morgan Stanley Institutional Fund, Inc.

Global Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $421,000 and $467,000, respectively. The Fund received cash collateral of approximately $303,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $164,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d)	At March 31, 2022, the Fund held fair valued securities at approximately $119,000, representing 0.2% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(e)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2022 amounts to $76,000 and represents 0.1% of net assets.
(f)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(g)	Amount is less than 0.05%.
(h)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(i)	The approximate fair value and percentage of net assets, $23,111,000 and 35.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(j)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,740,000 and the aggregate gross unrealized depreciation is approximately $1,220,000, resulting in net unrealized appreciation of approximately $14,520,000.
ADR	American Depositary Receipt.
CVA	Certificaten Van Aandelen.
REIT	Real Estate Investment Trust.

Portfolio Composition*

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

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

Morgan Stanley Institutional Fund, Inc.

Global Sustain Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Global Sustain Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(c)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(d)	The approximate fair value and percentage of net assets, $18,620,000 and 19.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(e)	At March 31, 2022 the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,499,000 and the aggregate gross unrealized depreciation is approximately $2,496,000, resulting in net unrealized appreciation of approximately $13,003,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Others*		30.5	%
Information Technology Services		15.8
Software		15.2
Health Care Equipment & Supplies		14.9
Life Sciences Tools & Services		10.1
Household Products		7.5
Capital Markets		6.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Growth Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Growth Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Growth Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

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

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

Morgan Stanley Institutional Fund, Inc.

Growth Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

(g)	At March 31, 2022, the aggregate cost for federal income tax purposes is approximates the aggregate cost for the book puposes. The aggregate gross unrealized appreciation is approximately $2,465,845,000 and the aggregate gross unrealized depreciation is approximately $1,607,604,000, resulting in net unrealized appreciation of approximately $858,241,000.
(h)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(i)	The approximate fair value and percentage of net assets, $205,324,000 and 1.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(j)	Securities are available for collateral in connection with securities purchased on a forward commitment basis and purchased options.
(k)	Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 3,865,953 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between ProKidney, LP, and Social Capital Suvretta Holdings Corp. III. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Social Capital Suvretta Holdings Corp. III, and ProKidney, LP, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Social Capital Suvretta Holdings Corp. III, and ProKidney, LP. The investment is restricted from resale until the settlement date.
(l)	Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.

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

Morgan Stanley Institutional Fund, Inc.

Growth Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
Goldman Sachs International	USD/CNH	CNH	7.27	Nov - 22		4,217,855,933	$	4,217,856	$	4,703	$	20,248	$	(15,545	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.28	Jul - 22		4,097,984,739		4,097,985		992		19,092		(18,100	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.31	Aug - 22		1,916,631,520		1,916,632		573		13,018		(12,445	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.38	Jul - 22		1,193,724,935		1,193,725		258		6,333		(6,075	)
									$	6,526	$	58,691	$	(52,165	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition*

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

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

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

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

(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $57,515,000 and $60,172,000 respectively. The Fund received cash collateral of approximately $53,316,000, which was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $6,856,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contracts (excluding 144A holdings) at March 31, 2022 amounts to approximately $25,504,000 and represents 3.0% of net assets.
(d)	Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(e)	At March 31, 2022, the Fund held fair valued securities and derivative contracts at approximately $12,806,000, representing 1.5% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(f)	Amount is less than 0.05%.
(g)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.
(h)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $55,534,000 and the aggregate gross unrealized depreciation is approximately $285,338,000, resulting in net unrealized depreciation of approximately $229,804,000.

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

(i)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(j)	The approximate fair value and percentage of net assets, $21,217,000 and 2.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(k)	Securities are available for collateral in connection with securities purchased on a forward commitment basis and purchased options.
(l)	Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.
(m)	Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 70,441 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Senti Biosciences, Inc., and Dynamics Special Purpose Corp. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Dynamics Special Purpose Corp. and Senti Biosciences, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Dynamics Special Purpose Corp., and Senti Biosciences, Inc. The investment is restricted from resale until the settlement date.
(n)	Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to Purchase 332,167 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between ProKidney, LP, and Social Capital Suvretta Holdings Corp. III. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Social Capital Suvretta Holdings Corp. III and ProKidney, LP, is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Social Capital Suvretta Holdings Corp. III and ProKidney, LP. The investment is restricted from resale until the settlement date.

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

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition*

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

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

Morgan Stanley Institutional Fund, Inc.

International Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

International Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

Morgan Stanley Institutional Fund, Inc.

International Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

(a)	Non-income producing security.
(b)	For the three months ended March 31, 2022, the cost of purchase and proceeds from sale of Canada Goose Holdings, Inc., Common Stock, and its affiliated broker-dealers, which may be deemed affiliates of the Adviser/Administrator and Distributor under the Investment Company Act of 1940, were approximately $36,737,000 and $7,865,000. respectively, including net realized loss of approximately $2,705,000.
(c)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $14,559,000 and $15,197,000, respectively. The Fund received cash collateral of approximately $5,866,000, which was subsequently invested in Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. At March 31, 2022, there was uninvested cash collateral of less than $500, which is not reflected in the Consolidated Portfolio of Investments. The remaining collateral of approximately $9,331,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and elated rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted derivative contract (excluding 144A holdings) at March 31, 2022 amounts to approximately $13,472,000 and represents 0.3% of net assets.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $58,000 relating to the Fund's investment in the Liquidity Funds.
(f)	Amount is less than 0.05%.
(g)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(h)	The approximate fair value and percentage of net assets, $3,756,710,000 and 69.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(i)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,034,596,000 and the aggregate gross unrealized depreciation is approximately $500,470,000, resulting in net unrealized appreciation of approximately $534,126,000.
ADR	American Depositary Receipt.

Morgan Stanley Institutional Fund, Inc.

International Advantage Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

CNH      — Chinese Yuan Renminbi Offshore

USD      — United States Dollar.

Portfolio Composition*

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

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2022.

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

Morgan Stanley Institutional Fund, Inc.

International Equity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

International Equity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

International Equity Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

(a)	Security trades on the Hong Kong exchange.
(b)	Non-income producing security.
(c)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $7,063,000 and $7,433,000 respectively. The Fund received non-cash collateral of approximately $7,433,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge, and accordingly are not reflected in the Portfolio of Investment. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $5,000 relating to the Fund’s investment in the Liquidity Funds.
(e)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $529,476,000 and the aggregate gross unrealized depreciation is approximately $115,293,000, resulting in net unrealized appreciation of approximately $414,183,000.
(g)	The approximate fair value and percentage of net assets, $1,689,245,000 and 89.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
ADR	American Depositary Receipt.
Euronext N.V.	Euronext Amsterdam Stock Market.
LSE	London Stock Exchange.

Portfolio Composition*

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

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2022.

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

Morgan Stanley Institutional Fund, Inc.

International Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

International Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

International Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

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

(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $48,290,000 and $50,123,000, respectively. The Fund received cash collateral of approximately $10,468,000, which was subsequently invested in Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. At March 31, 2022, there was uninvested cash collateral of less than $500, which is not reflected in the Consolidated Portfolio of Investments. The remaining collateral of approximately $39,655,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and elated rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted derivative contract (excluding 144A holdings) at March 31, 2022 amounts to approximately $12,832,000 and represents 0.5% of net assets
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $9,000 relating to the Fund's investment in the Liquidity Funds.
(f)	Amount is less than 0.05%.
(g)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(h)	The approximate fair value and percentage of net assets, $1,661,359,000 and 59.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.

Morgan Stanley Institutional Fund, Inc.

International Opportunity Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

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

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition*

Classification	Percentage of Total Investments
Others**		22.8	%
Internet & Direct Marketing Retail		16.4
Textiles, Apparel & Luxury Goods		14.5
Banks		13.1
Information Technology Services		10.1
Air Freight & Logistics		6.6
Interactive Media & Services		5.7
Entertainment		5.7
Semiconductors & Semiconductor Equipment		5.1
Total Investments		100.0	%

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2022.

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

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

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

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

(a)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $51,000 and $53,000, respectively. The Fund received cash collateral of approximately $11,000 which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $42,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(b)	Non-income producing security.
(c)	Security trades on the Hong Kong exchange.
(d)	Amount is less than 0.05%.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.
(f)	Securities are available for collateral in connection with open foreign currency forward exchange contracts, futures contracts and swap agreements.
(g)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(h)	The approximate fair value and percentage of net assets, $1,226,000 and 3.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

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

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

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

Interest Rate Swap Agreements:
The Fund had the following interest rate swap agreements open at March 31, 2022:  

Swap Counterparty	Floating Rate  Index	Pay/Receive  Floating Rate	Fixed Rate			Payment Frequency Paid/ Received	Maturity  Date	Notional  Amount  (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Receive		2.66	%	Semi-Annual/Quarterly	2/16/32	$	3,500	$	150		$	—	$	$150
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Pay		2.91		Semi-Annual/Quarterly	2/16/27		3,505		(103	)		—		(103	)
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Pay		3.28		Semi-Annual/Quarterly	3/3/27		7,995		(112	)		—		(112	)
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Receive		2.92		Semi-Annual/Quarterly	3/3/32		7,995		178			—		178
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Pay		2.91		Semi-Annual/Quarterly	12/15/26		4,713		(223	)		—		(223	)
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Receive		2.68		Semi-Annual/Quarterly	12/15/31		4,713		296			—		296
Morgan Stanley & Co. LLC*	US CPI All Urban Consumers Index	Receive		2.54		Semi-Annual/Quarterly	9/2/31		6,486		507			—		507
								$	38,907	$	693		$	—	$	693

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

Portfolio Composition*

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

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

Morgan Stanley Institutional Fund, Inc.

Next Gen Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Next Gen Emerging Markets Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

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

(a)	Non-income producing security.
(b)	At March 31, 2022, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Directors.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(d)	The approximate fair value and percentage of net assets, $29,566,000 and 48.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(e)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $13,491,000 and the aggregate gross unrealized depreciation is approximately $5,367,000, resulting in net unrealized appreciation of approximately $8,124,000.
ADR	American Depositary Receipt.
GDR	Global Depositary Receipt.

Portfolio Composition  

Classification	Percentage of Total Investments
Information Technology Services		18.3	%
Others*		14.8
Metals & Mining		12.3
Software		11.1
Banks		10.9
Entertainment		7.0
Specialty Retail		7.0
Food Products		6.6
Internet & Direct Marketing Retail		6.6
Wireless Telecommunication Services		5.4
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

Morgan Stanley Institutional Fund, Inc.

Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(c)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(d)	Securities are available for collateral in connection with purchased options.
(e)	At March 31, 2022, the aggregate cost for federal income tax purposes is approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $583,000 and the aggregate gross unrealized depreciation is approximately $129,000, resulting in net unrealized appreciation of approximately $454,000.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.

Permanence Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

Call Options Purchased:

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

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

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

Portfolio Composition

Classification	Percentage of Total Investments
Others*		59.0	%
Software		20.2
Aerospace & Defense		9.1
Internet & Direct Marketing Retail		6.6
Semiconductors & Semiconductor Equipment		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

US Core Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

US Core Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d) 

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

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(c)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(d)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $21,958,000 and the aggregate gross unrealized depreciation is approximately $3,173,000, resulting in net unrealized appreciation of approximately $18,785,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Others*		37.8	%
Banks		11.0
Tech Hardware, Storage & Peripherals		9.2
Software		8.6
Interactive Media & Services		7.1
Life Sciences Tools & Services		7.1
Hotels, Restaurants & Leisure		7.1
Oil, Gas & Consumable Fuels		6.5
Insurance		5.6
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

U.S. Focus Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

U.S. Focus Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d) 

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

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(c)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(d)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $471,000 and the aggregate gross unrealized depreciation is approximately $69,000, resulting in net unrealized appreciation of approximately $402,000.
ADR	American Depositary Receipt.
REIT	Real Estate Investment Trust.

Portfolio Composition 

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

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

Morgan Stanley Institutional Fund, Inc.

U.S. Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

U.S. Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

(a)	Non-income producing security.
(b)	At March 31, 2022, the Fund held a fair valued security at approximately $324,000, representing 0.7% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(c)	Restricted security valued at fair value and not registered under the Securities Act of 1933. Exeter Industrial Value Fund, LP was acquired between 11/07 - 4/11 and has a current cost basis of $0. At March 31, 2022, this security had an aggregate market value of approximately $324,000, representing 0.7% of net assets.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(e)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,590,000 and the aggregate gross unrealized depreciation is approximately $993,000, resulting in net unrealized appreciation of approximately $6,597,000.
ADR	American Depositary Receipt.
REIT	Real Estate Investment Trust.

Portfolio Composition

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

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

Morgan Stanley Institutional Fund, Inc.

Vitality Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited)

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

Morgan Stanley Institutional Fund, Inc.

Vitality Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

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

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

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

(a)

Non-income producing security.

(b)

All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $110,000 and $115,000, respectively. The Fund received cash collateral of approximately $109,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $6,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments.  The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

Morgan Stanley Institutional Fund, Inc.

Vitality Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2022 (unaudited) (cont’d)

(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(d)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $33,000 and the aggregate gross unrealized depreciation is approximately $566,000, resulting in net unrealized depreciation of approximately $533,000.
ADR	American Depositary Receipt.

Portfolio Composition

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

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

Morgan Stanley Institutional Fund, Inc.

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

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

Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service/vendor approved by the Company's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited (“MSIM Limited”) and Morgan Stanley Investment Management Company (“MSIM Company”) (together, the “Sub-Advisers”), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security’s fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a broker or dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (6) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a broker/dealer or valued by a pricing service/vendor; (7) when market quotations are not readily available, including circumstances under which the Adviser or Sub-Advisers determine that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange (“NYSE”). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (8) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; (9) PIPE investments may be valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; and (10) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.

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

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

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

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

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

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

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Active International Allocation
Assets:
Common Stocks
Aerospace & Defense	$	—	$	3,239		$	—	$	3,239
Banks		5,802		2,413			—		8,215
Beverages		—		6,106			—		6,106
Biotechnology		2,640		—			—		2,640
Chemicals		1,029		7,234			—		8,263
Electrical Equipment		—		607			—		607
Electronic Equipment, Instruments & Components		—		2,597			—		2,597
Energy Equipment & Services		1,910		—			—		1,910
Entertainment		7,525		3,045			—		10,570
Food Products		—		2,933			—		2,933
Health Care Equipment & Supplies		3,415		7,676			—		11,091
Health Care Providers & Services		—		1,319			—		1,319
Hotels, Restaurants & Leisure		6,149		—			—		6,149
Household Durables		2,525		7,962			—		10,487
Household Products		—		463			—		463
Information Technology Services		—		4,872			—		4,872
Insurance		—		4,066			—		4,066
Interactive Media & Services		2,677		3,853			—		6,530
Internet & Direct Marketing Retail		12,346		2,195			—		14,541
Leisure Products		—		973			—		973
Life Sciences Tools & Services		1,244		—			—		1,244
Machinery		—		5,169			—		5,169
Metals & Mining		22,649		15,612			—		38,261
Oil, Gas & Consumable Fuels		2,992		8,562			—		11,554
Personal Products		1,478		6,539			—		8,017
Pharmaceuticals		—		19,195			—		19,195
Professional Services		—		4,429			—		4,429
Real Estate Management & Development		1,020		—			—@		1,020
Road & Rail		1,399		—			—		1,399
Semiconductors & Semiconductor Equipment		2,465		10,818			—		13,283
Software		—		1,988			—		1,988
Tech Hardware, Storage & Peripherals		—		5,809			—		5,809
Textiles, Apparel & Luxury Goods		—		3,271			—		3,271
Total Common Stocks		79,265		142,945			—@		222,210
Preferred Stock
Biotechnology		—		—			1,174		1,174
Investment Company		752		—			—		752
Call Options Purchased		—		287			—		287
Short-Term Investments
Investment Company		2,678		—			—		2,678
Repurchase Agreements		—		119			—		119
Total Short-Term Investments		2,678		119			—		2,797
Foreign Currency Forward Exchange Contract		—		14			—		14
Total Assets		82,695		143,365			1,174		227,234
Liabilities:
Foreign Currency Forward Exchange Contracts		—		(66	)		—		(66	)
Total	$	82,695	$	143,299		$	1,174	$	227,168

@ Value is less than $500.

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

Active International Allocation	Common Stock (000)		Preferred Stock (000)
Beginning Balance	$	—@	$	1,250
Purchases		—		—
Sales		—		—
Amortization of discount		—		—
Transfers in		—		—
Transfers out		—		—
Corporate actions		—		—
Change in unrealized appreciation (depreciation)		—@		(76	)
Realized gains (losses)		—		—
Ending Balance	$	—@	$	1,174
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2022	$	—@	$	(76	)

@ Value is less than $500.

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

Active International Allocation	Fair Value at March 31, 2022 (000)		Valuation Technique	Unobservable Input	Amount*		Impact to Valuation from an Increase in Input**
Preferred Stock	$	1,174	Market Transaction Method	Precedent Transaction	$	38.24	Increase

*   Amount is indicative of the weighted average.

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

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

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

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

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

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

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

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

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

† Includes one or more security which is valued at zero.

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

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

@ Amount is less than $500.

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

Counterpoint Global	Fair Value at March 31, 2022 (000)			Valuation Technique	Unobservable Input	Amount*	Impact to Valuation from an Increase in Input**
Preferred Stock	$	41		Discounted Cash Flow	Weighted Average Cost of Capital	12.0%	Decrease
					Perpetual Growth Rate	3.5%	Increase
				Market Comparable Companies	Enterprise Value/Revenue	31.0X	Increase
					Discount for Lack of Marketability	11.0%	Decrease
PIPE	$	(6	)	Market Implied	Discount for Lack of Marketability and Transaction Risk	12.0% - 14.0% / 13.9%	Decrease

*   Amount is indicative of the weighted average.

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

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Developing Opportunity
Assets:
Common Stocks
Banks	$	16,317	$	23,780	$	—	$	40,097
Beverages		—		6,660		—		6,660
Capital Markets		3,305		—		—		3,305
Chemicals		—		1,908		—		1,908
Construction Materials		—		3,294		—		3,294
Consumer Finance		1,945		—		—		1,945
Diversified Consumer Services		—		582		—		582
Entertainment		5,046		—		—		5,046
Food Products		—		5,332		—		5,332
Hotels, Restaurants & Leisure		5,491		3,590		—		9,081
Household Durables		—		1,386		—		1,386
Information Technology Services		9,006		—		—		9,006
Interactive Media & Services		—		15,318		—		15,318
Internet & Direct Marketing Retail		18,302		8,434		—		26,736
Multi-Line Retail		5,479		—		—		5,479
Real Estate Management & Development		3,772		1,494		—		5,266
Road & Rail		3,378		—		—		3,378
Semiconductors & Semiconductor Equipment		—		9,513		—		9,513
Textiles, Apparel & Luxury Goods		—		2,543		—		2,543
Transportation Infrastructure		2,181		—		—		2,181
Total Common Stocks		74,222		83,834		—		158,056
Investment Company		1,857		—		—		1,857
Call Options Purchased		—		37		—		37
Short-Term Investment
Investment Company		1,674		—		—		1,674
Total Assets	$	77,753	$	83,871	$	—	$	161,624

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

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

† Includes one or more securities valued at zero.

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

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

† Includes one or more securities valued at zero.

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

Emerging Markets	Fair Value at March 31, 2022 (000)		Valuation Technique	Unobservable Input	Amount*		Impact to Valuation from an Increase in Input**
Common Stocks	$	0	Market Implied	Expected Recovery Value	$	0.00	Increase

*   Amount is indicative of the weighted average.

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

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Emerging Markets Fixed Income Opportunities
Assets:
Fixed Income Securities
Corporate Bonds	$	—	$	8,336		$	30	$	8,366
Sovereign		—		18,876			34		18,910
Supranational		—		205			—		205
Total Fixed Income Securities		—		27,417			64		27,481
Warrant		—		4			—		4
Short-Term Investments
Investment Company		382		—			—		382
Sovereign		—		427			—		427
U.S. Treasury Security		—		30			—		30
Total Short-Term Investments		382		457			—		839
Foreign Currency Forward Exchange Contracts		—		147			—		147
Total Assets		382		28,025			64		28,471
Liabilities:
Foreign Currency Forward Exchange Contracts		—		(246	)		—		(246	)
Total	$	382	$	27,779		$	64	$	28,225

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

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

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

Emerging Markets Fixed Income Opportunities	Fair Value at March 31, 2022 (000)		Valuation Technique	Unobservable Input	Amount*		Impact to Valuation from an Increase in Input**
Corporate Bond	$	30	Market Implied	Expected Recovery Value	$	10.00	Increase
Sovereign	$	34	Market Implied	Expected Recovery Value	$	0.04	Increase

*   Amount is indicative of the weighted average.

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

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Emerging Markets Leaders
Assets:
Common Stocks
Automobiles	$	—	$	5,063	$	—	$	5,063
Banks		—		33,780		—		33,780
Beverages		—		9,871		—		9,871
Capital Markets		—		7,200		—		7,200
Chemicals		—		29,498		—		29,498
Consumer Finance		—		28,827		—		28,827
Diversified Financial Services		—		1,009		—		1,009
Electrical Equipment		—		15,651		—		15,651
Entertainment		13,393		—		—		13,393
Household Durables		—		5,614		—		5,614
Information Technology Services		37,372		7,819		—		45,191
Internet & Direct Marketing Retail		26,344		11,953		—		38,297
Personal Products		—		12,033		—		12,033
Semiconductors & Semiconductor Equipment		24,673		44,870		—		69,543
Software		1,122		10,411		—		11,533
Textiles, Apparel & Luxury Goods		11,833		23,674		—		35,507
Total Common Stocks		114,737		247,273		—		362,010
Short-Term Investment
Investment Company		26,467		—		—		26,467
Total Assets	$	141,204	$	247,273	$	—	$	388,477

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

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

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

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

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

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

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

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

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

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

*   Amount is indicative of the weighted average.

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

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

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

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

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

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

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

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

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

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

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

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

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

*   Amount is indicative of the weighted average.

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

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

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

† Includes a security valued at zero.

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

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

† Includes a security valued at zero.

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

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

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

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

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

Global Real Estate	Common Stocks (000)
Beginning Balance	$	167
Purchases		—
Sales		—
Amortization of discount		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		(48	)
Realized gains (losses)		—
Ending Balance	$	119
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2022	$	(48	)

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

Global Real Estate	Fair Value at March 31, 2022 (000)		Valuation Technique	Unobservable Input	Amount*		Impact to Valuation from an Increase in Input**
Common Stocks	$	119	Reported Capital balance, adjustments for NAV practical expedient; including adjustments for subsequent Capital Calls, Return of Capital and Significant Market Changes between last Capital Statement and Valuation Date	Adjusted Capital Balance
			Market Transaction Method	Transaction Valuation	$	0.003	Increase

*   Amount is indicative of the weighted average.

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

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Global Sustain
Assets:
Common Stocks
Beverages	$	937	$	—	$	—	$	937
Capital Markets		3,945		1,909		—		5,854
Electronic Equipment, Instruments & Components		1,721		—		—		1,721
Health Care Equipment & Supplies		14,513		—		—		14,513
Household Products		2,442		4,920		—		7,362
Industrial Conglomerates		1,997		—		—		1,997
Information Technology Services		15,441		—		—		15,441
Insurance		—		3,270		—		3,270
Interactive Media & Services		3,165		—		—		3,165
Life Sciences Tools & Services		9,883		—		—		9,883
Machinery		3,268		743		—		4,011
Personal Products		1,101		1,469		—		2,570
Pharmaceuticals		970		—		—		970
Professional Services		577		2,027		—		2,604
Semiconductors & Semiconductor Equipment		4,181		—		—		4,181
Software		10,571		4,282		—		14,853
Textiles, Apparel & Luxury Goods		1,555		—		—		1,555
Total Common Stocks		76,267		18,620		—		94,887
Short-Term Investment
Investment Company		2,773		—		—		2,773
Total Assets	$	79,040	$	18,620	$	—	$	97,660

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

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

† Includes a security valued at zero.

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

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

† Includes a security valued at zero.

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

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

*   Amount is indicative of the weighted average.

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

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

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

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

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

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

Inception	Fair Value at March 31, 2022 (000)			Valuation Technique	Unobservable Input	Amount or Range/ Weighted Average*	Impact to Valuation from an Increase in Input**
Preferred Stocks	$	13,397		Discounted Cash Flow	Weighted Average Cost of Capital	12.0% - 14.5% / 13.3%	Decrease
					Perpetual Growth Rate	3.0% - 4.0% / 3.5%	Increase
				Market Comparable Companies	Enterprise Value/Revenue	0.5x - 26.1x / 6.9x	Increase
					Discount for Lack of Marketability	12.0% - 13.0% / 12.5%	Decrease
				Comparable Transactions	Enterprise Value/Revenue	3.8x	Increase
PIPE	$	(591	)	Market Implied	Discount for Lack of Marketability and Transaction Risk	12.0% -14.0% / 13.6%	Decrease

*   Amount is indicative of the weighted average.

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

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
International Advantage
Assets:
Common Stocks
Air Freight & Logistics	$	—	$	411,485	$	—	$	411,485
Banks		—		314,920		—		314,920
Beverages		—		319,815		—		319,815
Biotechnology		—		55,570		—		55,570
Capital Markets		254,724		—		—		254,724
Chemicals		—		116,755		—		116,755
Electronic Equipment, Instruments & Components		—		212,469		—		212,469
Food & Staples Retailing		—		89,462		—		89,462
Food Products				205,000		—		205,000
Health Care Equipment & Supplies		—		149,951		—		149,951
Hotels, Restaurants & Leisure		—		78,803		—		78,803
Household Products		—		63,700		—		63,700
Information Technology Services		110,355		158,790		—		269,145
Insurance		—		107,874		—		107,874
Interactive Media & Services		—		130,918		—		130,918
Internet & Direct Marketing Retail		170,911		13,472		—		184,383
Machinery		—		54,773		—		54,773
Marine		—		122,325		—		122,325
Multi-Utilities		222,237		—		—		222,237
Road & Rail		49,618		—		—		49,618
Semiconductors & Semiconductor Equipment		248,811		299,830		—		548,641
Textiles, Apparel & Luxury Goods		150,657		864,270		—		1,014,927
Total Common Stocks		1,207,313		3,770,182		—		4,977,495
Investment Company		40,848		—		—		40,848
Call Options Purchased		—		252		—		252
Short-Term Investments
Investment Company		392,839		—		—		392,839
Repurchase Agreements		—		316		—		316
Total Short-Term Investments		392,839		316		—		393,155
Total Assets	$	1,641,000	$	3,770,750	$	—	$	5,411,750

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

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

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

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

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

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

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

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

† Includes a security valued at zero.

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

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

† Includes a security valued at zero.

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

Next Gen Emerging Markets	Fair Value at March 31, 2022 (000)		Valuation Technique	Unobservable Input	Amount*		Impact to Valuation from an Increase in Input**
Common Stock	$	0	Market Implied	Expected Recovery Value	$	0.00		Increase

*   Amount is indicative of the weighted average.

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

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Permanence
Assets:
Common Stocks
Aerospace & Defense	$	344	$	—	$	—	$	344
Capital Markets		109		—		—		109
Chemicals		34		—		—		34
Commercial Services & Supplies		161		—		—		161
Construction Materials		53		—		—		53
Containers & Packaging		17		—		—		17
Distributors		52		—		—		52
Diversified Consumer Services		57		—		—		57
Entertainment		85		—		—		85
Equity Real Estate Investment Trusts		39		—		—		39
Food & Staples Retailing		145		—		—		145
Food Products		112		—		—		112
Health Care Equipment & Supplies		141		—		—		141
Health Care Providers & Services		52		—		—		52
Health Care Technology		120		—		—		120
Hotels, Restaurants & Leisure		147		—		—		147
Household Durables		49		—		—		49
Industrial Conglomerates		38		—		—		38
Insurance		138		—		—		138
Internet & Direct Marketing Retail		248		—		—		248
Life Sciences Tools & Services		124		—		—		124
Metals & Mining		54		—		—		54
Oil, Gas & Consumable Fuels		60		—		—		60
Pharmaceuticals		111		—		—		111
Professional Services		41		—		—		41
Semiconductors & Semiconductor Equipment		192		—		—		192
Software		762		—		—		762
Specialty Retail		118		—		—		118
Trading Companies & Distributors		39		—		—		39
Total Common Stocks		3,642		—		—		3,642
Investment Company		39		—		—		39
Call Options Purchased		—		2		—		2
Short-Term Investment
Investment Company		88		—		—		88
Total Assets	$	3,769	$	2	$	—	$	3,771

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

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

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
U.S. Focus Real Estate
Assets:
Common Stocks
Apartments	$	693	$	—	$	—	$	693
Data Centers		323		—		—		323
Free Standing		306		—		—		306
Health Care		698		—		—		698
Industrial		776		—		—		776
Lodging/Resorts		150		—		—		150
Manufactured Homes		215		—		—		215
Office		122		—		—		122
Self Storage		690		—		—		690
Shopping Centers		566		—		—		566
Specialty		874		—		—		874
Total Common Stocks		5,413		—		—		5,413
Short-Term Investment
Investment Company		88		—		—		88
Total Assets	$	5,501	$	—	$	—	$	5,501

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

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

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

U.S. Real Estate	Common Stock (000)
Beginning Balance	$	523
Purchases		—
Sales		—
Amortization of discount		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		(199	)
Realized gains (losses)		—
Ending Balance	$	324
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2022	$	(199	)

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

U.S. Real Estate	Fair Value at March 31, 2022 (000)		Valuation Technique	Unobservable Input
Common Stock	$	324	Reported Capital balance, adjustments for NAV practical expedient; including adjustments for subsequent Capital Calls, Return of Capital and Significant Market Changes between last Capital Statement and Valuation Date	Adjusted Capital Balance

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Vitality
Assets:
Common Stocks
Biotechnology	$	704	$	—	$	—	$	704
Health Care Equipment & Supplies		327		—		—		327
Health Care Providers & Services		273		—		—		273
Health Care Technology		241		—		—		241
Internet & Direct Marketing Retail		44		—		—		44
Life Sciences Tools & Services		549		—		—		549
Pharmaceuticals		262		—		—		262
Total Common Stocks		2400		—		—		2,400
Short-Term Investments
Investment Company		212		—		—		212
Repurchase Agreements		—		6		—		6
Total Short-Term Investments		212		6		—		218
Total Assets	$	2,612	$	6	$	—	$	2,618

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