Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Advantage Portfolio

	Shares		Value (000)
Common Stocks (95.9%)
Automobiles (6.4%)
Tesla, Inc. (a)		45,283	$	11,736
Biotechnology (1.1%)
Roivant Sciences Ltd. (a)		194,472		1,962
Broadline Retail (9.7%)
Amazon.com, Inc. (a)		33,580		6,389
MercadoLibre, Inc. (a)		5,819		11,352
				17,741
Capital Markets (3.0%)
Coinbase Global, Inc., Class A (a)		3,802		655
Intercontinental Exchange, Inc.		27,607		4,762
				5,417
Entertainment (4.8%)
ROBLOX Corp., Class A (a)		150,748		8,787
Financial Services (5.1%)
Adyen NV (Netherlands) (a)		4,825		7,396
Federal National Mortgage Association (a)		286,817		1,812
				9,208
Ground Transportation (2.6%)
Union Pacific Corp.		19,930		4,708
Hotels, Restaurants & Leisure (10.8%)
Airbnb, Inc., Class A (a)		53,210		6,357
DoorDash, Inc., Class A (a)		73,279		13,393
				19,750
Information Technology Services (21.3%)
Cloudflare, Inc., Class A (a)		168,700		19,011
Shopify, Inc., Class A (Canada) (a)		114,407		10,913
Snowflake, Inc., Class A (a)		60,769		8,882
				38,806
Life Sciences Tools & Services (2.6%)
Danaher Corp.		23,418		4,801
Pharmaceuticals (4.8%)
Royalty Pharma PLC, Class A		282,456		8,793
Semiconductors & Semiconductor Equipment (2.5%)
ASML Holding NV (Registered) (Netherlands)		6,804		4,509
Software (10.6%)
Crowdstrike Holdings, Inc., Class A (a)		25,029		8,825
MicroStrategy, Inc., Class A (a)		36,358		10,481
				19,306
Specialized REITs (2.7%)
American Tower Corp. REIT		22,474		4,890
Specialty Retail (2.4%)
Floor & Decor Holdings, Inc., Class A (a)		55,466		4,463
Textiles, Apparel & Luxury Goods (2.8%)
LVMH Moet Hennessy Louis Vuitton SE (France)		8,128		5,033
Trading Companies & Distributors (2.7%)
Core & Main, Inc., Class A (a)		100,155		4,838
Total Common Stocks (Cost $131,274)				174,748
Investment Company (2.8%)
iShares Bitcoin Trust ETF (a) (Cost $4,190)		108,282		5,069
Short-Term Investment (1.2%)
Investment Company (1.2%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (b) (Cost $2,192)		2,191,788		2,192
Total Investments Excluding Purchased Options (99.9%) (Cost $137,656)				182,009
Total Purchased Options Outstanding (0.2%) (Cost $732)				296
Total Investments (100.1%) (Cost $138,388) (c)(d)(e)(f)				182,305
Liabilities in Excess of Other Assets (–0.1%)				(192	)
Net Assets (100.0%)			$	182,113

(a) Non-income producing security.

(b) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $3,000 relating to the Fund’s investment in the Liquidity Fund.

(c) The approximate fair value and percentage of net assets, $12,429,000 and 6.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.

(d) The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, 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, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $48,112,000 and the aggregate gross unrealized depreciation is approximately $4,195,000, resulting in net unrealized appreciation of approximately $43,917,000.

ETF	Exchange Traded Fund.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Advantage Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2025:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts	Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.66	Sep–25	19,367,044	$	19,367	$	28	$	80	$	(52	)
Standard Chartered Bank	USD/CNH	CNH	7.77	Oct–25	36,830,550		36,831		58		160		(102	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.77	Jul–25	17,819,117		17,819		11		78		(67	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.82	Feb–26	50,168,535		50,169		152		207		(55	)
Goldman Sachs International	USD/CNH	CNH	8.02	Dec–25	43,649,426		43,649		47		207		(160	)
								$	296	$	732	$	(436	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition

Classification	Percentage of Total Investments
Other*		36.2	%
Information Technology Services		21.3
Hotels, Restaurants & Leisure		10.8
Software		10.6
Broadline Retail		9.7
Automobiles		6.4
Financial Services		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

American Resilience Portfolio

	Shares		Value (000)
Common Stocks (92.8%)
Beverages (3.0%)
Coca-Cola Co.		581	$	42
Capital Markets (10.3%)
CME Group, Inc.		129		34
FactSet Research Systems, Inc.		48		22
Intercontinental Exchange, Inc.		303		52
S&P Global, Inc.		68		35
				143
Electronic Equipment, Instruments & Components (1.3%)
CDW Corp.		112		18
Financial Services (6.7%)
Jack Henry & Associates, Inc.		79		15
Visa, Inc., Class A		226		79
				94
Health Care Equipment & Supplies (7.3%)
Abbott Laboratories		209		28
Becton Dickinson & Co.		143		33
Hologic, Inc. (a)		282		17
Steris PLC		102		23
				101
Health Care Providers & Services (3.4%)
UnitedHealth Group, Inc.		90		47
Hotels, Restaurants & Leisure (2.9%)
Booking Holdings, Inc.		9		41
Household Products (3.7%)
Procter & Gamble Co.		301		51
Information Technology Services (4.0%)
Accenture PLC, Class A		175		55
Insurance (7.2%)
Aon PLC, Class A		149		59
Arthur J Gallagher & Co.		118		41
				100
Interactive Media & Services (3.4%)
Alphabet, Inc., Class A		312		48
Life Sciences Tools & Services (6.7%)
IQVIA Holdings, Inc. (a)		145		26
Revvity, Inc.		265		28
Thermo Fisher Scientific, Inc.		81		40
				94
Machinery (3.3%)
Otis Worldwide Corp.		445		46
Pharmaceuticals (1.6%)
Zoetis, Inc.		131		22
Professional Services (7.4%)
Automatic Data Processing, Inc.		143		44
Broadridge Financial Solutions, Inc.		163		39
Equifax, Inc.		81		20
				103
Semiconductors & Semiconductor Equipment (3.4%)
Texas Instruments, Inc.		269		48
Software (13.1%)
Constellation Software, Inc. (Canada)		8		25
Microsoft Corp.		226		84
Oracle Corp.		165		23
Roper Technologies, Inc.		86		51
				183
Specialty Retail (2.7%)
AutoZone, Inc. (a)		10		38
Tobacco (1.4%)
Philip Morris International, Inc.		119		19
Total Common Stocks (Cost $1,124)				1,293

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

	Shares
Short-Term Investment (2.0%)
Investment Company (2.0%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $27)		26,622		27
Total Investments (94.8%) (Cost $1,151) (d)(e)				1,320
Other Assets in Excess of Liabilities (5.2%)				73
Net Assets (100.0%)			$	1,393

(a)	Non-income producing security.
(b)	At March 31, 2025, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(d)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $193,000 and the aggregate gross unrealized depreciation is approximately $24,000, resulting in net unrealized appreciation of approximately $169,000.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		38.1	%
Software		13.9
Capital Markets		10.8
Professional Services		7.8
Health Care Equipment & Supplies		7.6
Insurance		7.6
Life Sciences Tools & Services		7.1
Financial Services		7.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Asia Opportunity Portfolio

	Shares		Value (000)
Common Stocks (98.5%)
China (50.7%)
China Resources Mixc Lifestyle Services Ltd. (a)		372,200	$	1,646
Full Truck Alliance Co. Ltd. ADR		496,190		6,336
Greentown Service Group Co. Ltd. (a)		1,262,000		691
Haidilao International Holding Ltd. (a)		2,298,000		5,183
KE Holdings, Inc. ADR		194,838		3,914
Kuaishou Technology (a)(b)		394,000		2,763
Kweichow Moutai Co. Ltd., Class A		25,294		5,448
Meituan, Class B (a)(b)		378,920		7,625
PDD Holdings, Inc. ADR (b)		29,317		3,470
Qifu Technology, Inc. ADR		142,936		6,419
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		49,300		1,591
Tencent Holdings Ltd. (a)		100,800		6,441
Trip.com Group Ltd. ADR		140,085		8,907
Wuliangye Yibin Co. Ltd., Class A		102,600		1,860
				62,294
Hong Kong (2.5%)
AIA Group Ltd.		408,900		3,095
India (25.0%)
Axis Bank Ltd.		290,101		3,721
HDFC Bank Ltd.		299,578		6,386
ICICI Bank Ltd. ADR		272,033		8,575
Indian Hotels Co. Ltd.		109,917		1,007
MakeMyTrip Ltd. (b)		26,242		2,571
Niva Bupa Health Insurance Co. Ltd. (b)		494,849		449
Titan Co. Ltd.		104,878		3,743
Zomato Ltd. (b)		1,792,989		4,212
				30,664
Korea, Republic of (11.8%)
Coupang, Inc. (b)		339,374		7,442
KakaoBank Corp.		229,744		3,469
NAVER Corp.		24,309		3,177
Webtoon Entertainment, Inc. (b)		44,565		342
				14,430
Singapore (4.2%)
Grab Holdings Ltd., Class A (b)		1,128,266		5,111
Taiwan (4.3%)
Taiwan Semiconductor Manufacturing Co. Ltd.		188,000		5,295
Total Common Stocks (Cost $87,666)				120,889
Short-Term Investment (2.0%)
Investment Company (2.0%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $2,466)		2,465,467		2,466
Total Investments (100.5%) (Cost $90,132) (d)(e)(f)				123,355
Liabilities in Excess of Other Assets (–0.5%)				(609	)
Net Assets (100.0%)			$	122,746

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

(a)	Security trades on the Hong Kong exchange.
(b)	Non-income producing security.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $67,802,000 and 55.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $41,343,000 and the aggregate gross unrealized depreciation is approximately $8,120,000, resulting in net unrealized appreciation of approximately $33,223,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Hotels, Restaurants & Leisure		23.9	%
Banks		18.0
Other*		13.5
Interactive Media & Services		10.4
Ground Transportation		9.2
Broadline Retail		8.8
Beverages		5.9
Consumer Finance		5.2
Real Estate Management & Development		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Developing Opportunity Portfolio

	Shares		Value (000)
Common Stocks (95.2%)
Brazil (6.6%)
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		74,571	$	1,333
NU Holdings Ltd., Class A (a)		150,166		1,538
				2,871
China (38.9%)
China Resources Mixc Lifestyle Services Ltd. (b)		136,800		605
Full Truck Alliance Co. Ltd. ADR		127,613		1,630
Haidilao International Holding Ltd. (b)		597,000		1,346
KE Holdings, Inc. ADR		56,121		1,127
Kuaishou Technology (a)(b)		99,700		699
Kweichow Moutai Co. Ltd., Class A		7,089		1,527
Meituan, Class B (a)(b)		133,380		2,684
PDD Holdings, Inc. ADR (a)		7,540		892
Qifu Technology, Inc. ADR		37,987		1,706
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		11,400		368
Tencent Holdings Ltd. (b)		28,300		1,808
Trip.com Group Ltd. ADR		33,924		2,157
Wuliangye Yibin Co. Ltd., Class A		26,400		479
				17,028
India (23.7%)
Axis Bank Ltd.		109,586		1,406
HDFC Bank Ltd.		98,092		2,091
ICICI Bank Ltd. ADR		88,368		2,785
Indian Hotels Co. Ltd.		40,477		371
MakeMyTrip Ltd. (a)		9,391		920
Niva Bupa Health Insurance Co. Ltd. (a)		233,098		211
Titan Co. Ltd.		31,966		1,141
Zomato Ltd. (a)		619,363		1,455
				10,380
Korea, Republic of (9.4%)
Coupang, Inc. (a)		91,389		2,004
KakaoBank Corp.		55,957		845
NAVER Corp.		8,621		1,126
Webtoon Entertainment, Inc. (a)		15,736		121
				4,096
Poland (1.1%)
Allegro.eu SA (a)		61,591		500
Singapore (3.5%)
Grab Holdings Ltd., Class A (a)		341,452		1,547
Taiwan (4.4%)
Taiwan Semiconductor Manufacturing Co. Ltd.		69,000		1,943
United States (7.6%)
MercadoLibre, Inc. (a)		1,712		3,340
Total Common Stocks (Cost $32,650)				41,705
Short-Term Investment (4.3%)
Investment Company (4.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $1,874)		1,873,839		1,874
Total Investments (99.5%) (Cost $34,524) (d)(e)(f)				43,579
Other Assets in Excess of Liabilities (0.5%)				235
Net Assets (100.0%)			$	43,814

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

(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $20,605,000 and 47.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,291,000 and the aggregate gross unrealized depreciation is approximately $1,236,000, resulting in net unrealized appreciation of approximately $9,055,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		28.3	%
Hotels, Restaurants & Leisure		20.6
Banks		19.8
Broadline Retail		15.4
Interactive Media & Services		8.7
Ground Transportation		7.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Emerging Markets ex China Portfolio

	Shares		Value (000)
Common Stocks (98.7%)
Brazil (5.6%)
Itau Unibanco Holding SA (Preference)		13,465	$	74
NU Holdings Ltd., Class A (a)		1,386		14
Raia Drogasil SA		18,297		61
Rede D’Or Sao Luiz SA		19,496		97
Vale SA		4,833		48
WEG SA		10,817		86
				380
Chile (0.5%)
Banco de Chile		260,116		34
Egypt (0.9%)
Commercial International Bank - Egypt (CIB)		35,158		57
India (33.2%)
360 ONE WAM Ltd.		4,331		48
Axis Bank Ltd.		2,435		31
Bajaj Auto Ltd.		687		63
Bajaj Finance Ltd.		891		93
CG Power & Industrial Solutions Ltd.		9,236		69
Colgate-Palmolive India Ltd.		834		23
Delhivery Ltd. (a)		7,787		23
Grasim Industries Ltd.		3,659		111
HDFC Asset Management Co. Ltd.		847		40
HDFC Bank Ltd.		10,260		219
Hindalco Industries Ltd.		6,292		50
Hitachi Energy India Ltd.		356		52
ICICI Bank Ltd.		14,170		223
IDFC First Bank Ltd. (a)		99,782		64
Infosys Ltd.		4,193		77
Infosys Ltd. ADR		3,149		57
Larsen & Toubro Ltd.		1,468		60
Macrotech Developers Ltd.		5,091		71
Mahindra & Mahindra Ltd.		5,707		177
MakeMyTrip Ltd. (a)		365		36
Max Healthcare Institute Ltd.		9,017		115
Pidilite Industries Ltd.		1,858		62
Reliance Industries Ltd.		12,768		190
Samvardhana Motherson International Ltd.		25,452		39
Shriram Finance Ltd.		6,882		52
Star Health & Allied Insurance Co. Ltd. (a)		8,897		37
State Bank of India		13,310		120
United Breweries Ltd.		1,566		36
				2,238
Indonesia (1.4%)
Bank Syariah Indonesia Tbk. PT		220,000		31
Cisarua Mountain Dairy Tbk. PT		169,700		46
Indosat Tbk. PT		229,100		20
				97
Korea, Republic of (10.0%)
HYBE Co. Ltd. (a)		111		18
KB Financial Group, Inc.		2,004		109
Kia Corp.		692		44
KT&G Corp.		473		32
NAVER Corp.		260		34
Samsung Electronics Co. Ltd.		10,230		406
SK Hynix, Inc.		242		32
				675
Malaysia (1.6%)
CIMB Group Holdings Bhd.		31,200		50
Frontken Corp. Bhd.		47,400		40
Malayan Banking Bhd.		8,500		19
				109
Mexico (4.9%)
Gruma SAB de CV, Class B		5,401		97
Grupo Financiero Banorte SAB de CV Series O		12,071		84
Kimberly-Clark de Mexico SAB de CV, Class A		25,889		42
Qualitas Controladora SAB de CV		4,825		42
Wal-Mart de Mexico SAB de CV		22,529		62
				327
Peru (1.1%)
Credicorp Ltd.		397		74
Poland (4.1%)
Allegro.eu SA(a)		8,122		66
Grupa Kety SA		635		136
Powszechny Zaklad Ubezpieczen SA		5,304		77
				279
Saudi Arabia (1.1%)
Bupa Arabia for Cooperative Insurance Co.		1,603		75
South Africa (6.4%)
AVI Ltd.		14,619		71
Capitec Bank Holdings Ltd.		877		149
Clicks Group Ltd.		2,797		52
OUTsurance Group Ltd.		21,371		81
Standard Bank Group Ltd.		5,787		76
				429
Sweden (1.4%)
Medicover AB		4,953		94
Taiwan (24.4%)
Advantech Co. Ltd.		3,000		34
Airtac International Group		1,000		26
Alchip Technologies Ltd.		1,000		84
ASE Technology Holding Co. Ltd.		24,000		106
Delta Electronics, Inc.		5,000		55
Fubon Financial Holding Co. Ltd.		16,150		42
Hon Hai Precision Industry Co. Ltd.		26,000		117
MediaTek, Inc.		1,000		43
Taiwan Semiconductor Manufacturing Co. Ltd.		37,000		1,042
Unimicron Technology Corp.		15,000		43
Wiwynn Corp.		1,000		51
				1,643
United Kingdom (1.5%)
Antofagasta PLC		4,708		103
United States (0.6%)
MercadoLibre, Inc. (a)		19		37
Total Common Stocks (Cost $5,701)				6,651

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments (cont’d)

Emerging Markets ex China Portfolio

	Shares		Value (000)
Short-Term Investment (1.4%)
Investment Company (1.4%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.27% (b) (Cost $94)		93,813	$	94
Total Investments (100.1%) (Cost $5,795) (c)(d)(e)				6,745
Liabilities in Excess of Other Assets (–0.1%)				(7	)
Net Assets (100.0%)			$	6,738

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.

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(c)	The approximate fair value and percentage of net assets, $5,683,000 and 84.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(d)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,267,000 and the aggregate gross unrealized depreciation is approximately $317,000, resulting in net unrealized appreciation of approximately $950,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		41.8	%
Banks		21.2
Semiconductors & Semiconductor Equipment		19.4
Tech Hardware, Storage & Peripherals		7.3
Insurance		5.3
Metals & Mining		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Emerging Markets Leaders Portfolio

	Shares		Value (000)
Common Stocks (94.7%)
Argentina (2.3%)
Globant SA (a)		28,024	$	3,299
Brazil (14.3%)
Banco BTG Pactual SA (Units) (b)		365,869		2,161
Localiza Rent a Car SA		1,198,951		7,057
NU Holdings Ltd., Class A (a)		411,489		4,214
Raia Drogasil SA		1,278,801		4,269
WEG SA		385,529		3,059
				20,760
India (47.7%)
Aarti Pharmalabs Ltd.		33,647		294
Ambuja Cements Ltd.		653,858		4,098
Astral Ltd.		231,534		3,497
Bharti Airtel Ltd.		339,882		6,871
Cholamandalam Investment & Finance Co. Ltd.		5,774		102
Divi’s Laboratories Ltd.		53,246		3,588
Global Health Ltd. (a)		125,865		1,757
HDFC Bank Ltd.		403,812		8,608
HDFC Bank Ltd. ADR		43,508		2,891
ICICI Bank Ltd.		518,540		8,150
KEI Industries Ltd.		167,515		5,641
Oberoi Realty Ltd.		180,323		3,434
Timken India Ltd.		49,164		1,576
Titan Co. Ltd.		122,658		4,377
TVS Motor Co. Ltd.		177,686		5,009
Varun Beverages Ltd.		1,231,462		7,749
Zomato Ltd.(a)		573,586		1,347
				68,989
Korea, Republic of (3.3%)
Coupang, Inc. (a)		220,433		4,834
Mexico (7.6%)
Fomento Economico Mexicano SAB de CV ADR		44,632		4,355
Grupo Financiero Banorte SAB de CV Series O		960,274		6,660
				11,015
Taiwan (14.2%)
E Ink Holdings, Inc.		561,000		4,567
Taiwan Semiconductor Manufacturing Co. Ltd.		405,000		11,406
Voltronic Power Technology Corp.		96,334		4,505
				20,478
United Arab Emirates (0.4%)
Americana Restaurants International PLC - Foreign Co.		1,082,186		626
United States (4.9%)
MercadoLibre, Inc.(a)		3,609		7,041
Total Common Stocks (Cost $121,337)				137,042
Short-Term Investment (5.9%)
Investment Company (5.9%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.27% (c) (Cost $8,513)		8,513,115		8,513
Total Investments (100.6%) (Cost $129,850) (d)(e)(f)				145,555
Liabilities in Excess of Other Assets (–0.6%)				(921	)
Net Assets (100.0%)			$	144,634

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

(a)	Non-income producing security.
(b)	Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $3,000 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $87,202,000 and 60.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $29,097,000 and the aggregate gross unrealized depreciation is approximately $13,392,000, resulting in net unrealized appreciation of approximately $15,705,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		39.9	%
Banks		21.0
Electrical Equipment		9.1
Beverages		8.3
Broadline Retail		8.1
Semiconductors & Semiconductor Equipment		7.8
Investment Companies		5.8
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Emerging Markets Portfolio

	Shares		Value (000)
Common Stocks (100.4%)
Brazil (5.1%)
Itau Unibanco Holding SA (Preference)		1,015,300	$	5,588
NU Holdings Ltd., Class A (a)		126,844		1,299
Raia Drogasil SA		1,247,238		4,164
Rede D’Or Sao Luiz SA		433,074		2,140
Vale SA		307,852		3,059
WEG SA		1,232,808		9,782
				26,032
Chile (0.7%)
Banco de Chile		28,835,568		3,813
China (26.4%)
Alibaba Group Holding Ltd. (b)		1,361,900		22,534
Bank of Jiangsu Co. Ltd., Class A		2,632,800		3,455
BYD Co. Ltd., H Shares (b)		238,500		12,077
China Construction Bank Corp., H Shares (b)		14,723,120		13,047
China Merchants Bank Co. Ltd., H Shares (b)		1,355,500		8,037
JD.com, Inc., Class A (b)		97,823		2,012
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		456,259		3,089
KE Holdings, Inc. ADR		76,519		1,537
Kweichow Moutai Co. Ltd., Class A		12,849		2,768
Meituan, Class B (a)(b)		229,690		4,622
NARI Technology Co. Ltd., Class A		1,114,900		3,368
NetEase, Inc. (b)		175,100		3,597
Ping An Insurance Group Co. of China Ltd., Class H (b)		444,000		2,650
Shenzhen Inovance Technology Co. Ltd., Class A		391,000		3,678
Tencent Holdings Ltd. (b)		513,400		32,804
Trip.com Group Ltd. ADR		128,953		8,199
Xiaomi Corp., Class B (a)(b)		525,200		3,323
Yum China Holdings, Inc.		87,281		4,544
				135,341
India (24.6%)
360 ONE WAM Ltd.		255,841		2,811
Axis Bank Ltd.		398,953		5,118
Bajaj Auto Ltd.		47,271		4,339
Bajaj Finance Ltd.		55,457		5,778
CG Power & Industrial Solutions Ltd.		234,868		1,745
Colgate-Palmolive India Ltd.		48,348		1,350
Grasim Industries Ltd.		148,080		4,510
HDFC Asset Management Co. Ltd.		96,021		4,492
HDFC Bank Ltd.		173,017		3,688
HDFC Bank Ltd. ADR		87,573		5,818
Hindalco Industries Ltd.		347,165		2,755
Hitachi Energy India Ltd.		28,500		4,192
ICICI Bank Ltd. ADR		34,277		1,080
ICICI Bank Ltd.		664,700		10,448
IDFC First Bank Ltd. (a)		6,618,313		4,234
Infosys Ltd. ADR (c)		396,626		7,238
Larsen & Toubro Ltd.		93,559		3,805
Macrotech Developers Ltd.		328,099		4,578
Mahindra & Mahindra Ltd.		235,453		7,308
MakeMyTrip Ltd. (a)		27,727		2,717
Max Healthcare Institute Ltd.		420,953		5,384
Pidilite Industries Ltd.		120,644		4,015
Reliance Industries Ltd.		732,663		10,893
Samvardhana Motherson International Ltd.		1,541,917		2,341
Shriram Finance Ltd.		410,847		3,138
Star Health & Allied Insurance Co. Ltd. (a)		251,318		1,047
State Bank of India		827,334		7,438
United Breweries Ltd.		169,349		3,952
				126,212
Indonesia (0.5%)
Cisarua Mountain Dairy Tbk. PT		8,566,400		2,350
Korea, Republic of (7.7%)
HYBE Co. Ltd. (a)		8,221		1,321
KB Financial Group, Inc.		75,325		4,083
Kia Corp.		45,929		2,905
KT&G Corp.		34,398		2,366
NAVER Corp.		19,196		2,509
Samsung Electronics Co. Ltd.		592,831		23,503
SK Hynix, Inc.		18,771		2,502
				39,189
Malaysia (1.4%)
CIMB Group Holdings Bhd.		2,366,500		3,750
Malayan Banking Bhd.		1,428,900		3,262
				7,012
Mexico (4.6%)
Gruma SAB de CV, Class B		276,332		4,968
Grupo Financiero Banorte SAB de CV Series O		966,517		6,703
Kimberly-Clark de Mexico SAB de CV, Class A		2,717,229		4,452
Qualitas Controladora SAB de CV		113,854		990
Wal-Mart de Mexico SAB de CV		2,235,761		6,180
				23,293
Poland (2.6%)
Allegro.eu SA (a)		749,430		6,079
Powszechny Zaklad Ubezpieczen SA		498,099		7,237
				13,316
Saudi Arabia (1.4%)
Alinma Bank		520,205		4,246
Bupa Arabia for Cooperative Insurance Co.		61,773		2,902
				7,148
South Africa (4.4%)
AVI Ltd.		827,638		4,010
Capitec Bank Holdings Ltd.		46,476		7,905
Clicks Group Ltd.		195,200		3,615
Standard Bank Group Ltd.		553,885		7,237
				22,767
Taiwan (19.0%)
Advantech Co. Ltd.		220,000		2,514
Airtac International Group		98,448		2,500
Alchip Technologies Ltd.		64,000		5,395
ASE Technology Holding Co. Ltd.		861,000		3,784
Chailease Holding Co. Ltd.		729,000		2,578
Delta Electronics, Inc.		267,000		2,953
Fubon Financial Holding Co. Ltd.		1,208,100		3,142
Hon Hai Precision Industry Co. Ltd.		1,608,000		7,253
MediaTek, Inc.		62,000		2,672

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments (cont’d)

Emerging Markets Portfolio

	Shares		Value (000)
Taiwan (cont’d)
Taiwan Semiconductor Manufacturing Co. Ltd.		2,042,205	$	57,514
Unimicron Technology Corp.		900,000		2,564
Wiwynn Corp.		87,722		4,442
				97,311
United Arab Emirates (0.5%)
Americana Restaurants International PLC - Foreign Co.		4,066,693		2,422
United Kingdom (1.0%)
Antofagasta PLC		236,019		5,139
United States (0.5%)
MercadoLibre, Inc. (a)		1,415		2,761
Total Common Stocks (Cost $402,193)				514,106
Short-Term Investments (2.2%)
Investment Company (0.9%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.27% (d) (Cost $4,568)		4,567,792		4,568
Securities held as Collateral on Loaned Securities (1.3%)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.27% (d) (Cost $6,743)		6,742,762		6,743
Total Short-Term Investments (Cost $11,311)				11,311
Total Investments (102.6%) (Cost $413,504) including $6,563 of Securities Loaned (e)(f)(g)				525,417
Liabilities in Excess of Other Assets (–2.6%)				(13,130	)
Net Assets (100.0%)			$	512,287

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, 2025, were approximately $6,563,000 and $6,743,000, respectively. The Fund received cash collateral of approximately $6,743,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $5,000 relating to the Fund’s investment in the Liquidity Fund.
(e)	The approximate fair value and percentage of net assets, $430,887,000 and 84.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(f)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(g)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $134,244,000 and the aggregate gross unrealized depreciation is approximately $22,331,000, resulting in net unrealized appreciation of approximately $111,913,000.
ADR	American Depositary Receipt.

Portfolio Composition*

Classification	Percentage of Total Investments
Other**		40.1	%
Banks		21.3
Semiconductors & Semiconductor Equipment		13.8
Interactive Media & Services		6.8
Tech Hardware, Storage & Peripherals		6.5
Broadline Retail		6.4
Automobiles		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, 2025.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Global Concentrated Portfolio

	Shares		Value (000)
Common Stocks (99.1%)
China (7.3%)
JD.com, Inc. ADR		124,064	$	5,102
Tencent Holdings Ltd. ADR		220,320		14,065
				19,167
Italy (5.7%)
Ferrari NV		35,397		15,146
Japan (7.0%)
Mizuho Financial Group, Inc. ADR		731,707		4,031
Sumitomo Mitsui Financial Group, Inc. ADR (a)		922,883		14,268
				18,299
Taiwan (5.1%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		80,223		13,317
United States (74.0%)
Ameriprise Financial, Inc.		26,814		12,981
CBRE Group, Inc., Class A (b)		112,890		14,764
Costco Wholesale Corp.		17,778		16,814
CRH PLC		198,287		17,443
Eli Lilly & Co.		4,181		3,453
JPMorgan Chase & Co.		53,351		13,087
LPL Financial Holdings, Inc.		34,010		11,126
Mastercard, Inc., Class A		16,227		8,894
Microsoft Corp.		41,085		15,423
Netflix, Inc.(b)		17,016		15,868
NextEra Energy, Inc.		41,904		2,971
NVIDIA Corp.		198,461		21,509
Progressive Corp.		72,377		20,483
United Rentals, Inc.		13,368		8,378
Waste Management, Inc.		48,015		11,116
				194,310
Total Common Stocks (Cost $210,465)				260,239
Short-Term Investments (6.7%)
Investment Company (1.0%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $2,430)		2,430,466		2,430
Securities held as Collateral on Loaned Securities (5.7%)
Investment Company (4.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c)		12,061,231		12,061

	Face Amount (000)
Repurchase Agreements (1.1%)
Merrill Lynch & Co., Inc., (4.20%, dated 3/31/25, due 4/1/25; proceeds $782; fully collateralized by a U.S. Government obligation; 3.75% due 8/15/27; valued at $797)	$	782		782
Merrill Lynch & Co., Inc., (4.36%, dated 3/31/25, due 4/1/25; proceeds $2,154; fully collateralized by U.S. Government obligations; 0.00% - 4.63% due 1/31/26 - 2/15/46; valued at $2,197)		2,154		2,154
				2,936
Total Securities held as Collateral on Loaned Securities (Cost $14,997)				14,997
Total Short-Term Investments (Cost $17,427)				17,427
Total Investments (105.8%) (Cost $227,892) including $14,268 of Securities Loaned (d)(e)				277,666
Liabilities in Excess of Other Assets (–5.8%)				(15,151	)
Net Assets (100.0%)			$	262,515

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, 2025, were approximately $14,268,000 and $14,997,000, respectively. The Fund received cash collateral of approximately $14,997,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - 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.
(b)	Non-income producing security.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Liquidity Fund.
(d)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $50,932,000 and the aggregate gross unrealized depreciation is approximately $1,158,000, resulting in net unrealized appreciation of approximately $49,774,000.
ADR	American Depositary Receipt.

Portfolio Composition*

Classification	Percentage of Total Investments
Other**		16.0	%
Semiconductors & Semiconductor Equipment		13.3
Banks		12.0
Capital Markets		9.2
Insurance		7.8
Construction Materials		6.6
Consumer Staples Distribution & Retail		6.4
Entertainment		6.0
Software		5.9
Automobiles		5.8
Real Estate Management & Development		5.6
Interactive Media & Services		5.4
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2025.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Global Core Portfolio

	Shares		Value (000)
Common Stocks (99.9%)
Canada (0.6%)
Shopify, Inc., Class A (a)		2,198	$	210
China (5.8%)
JD.com, Inc. ADR		12,591		518
NetEase, Inc. ADR		2,424		250
Tencent Holdings Ltd. ADR		21,888		1,397
				2,165
France (2.8%)
Hermes International SCA ADR		2,823		740
LVMH Moet Hennessy Louis Vuitton SE		490		303
				1,043
Germany (1.8%)
Linde PLC		1,475		687
Italy (5.7%)
Ferrari NV		4,954		2,120
Japan (5.9%)
Mitsui & Co. Ltd. ADR		930		353
Mizuho Financial Group, Inc. ADR		52,279		288
Nippon Telegraph & Telephone Corp. ADR		3,161		76
Sumitomo Mitsui Financial Group, Inc. ADR		95,463		1,476
				2,193
Spain (0.4%)
Banco Santander SA ADR		25,687		172
Taiwan (4.0%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		9,009		1,495
United Kingdom (0.4%)
Experian PLC ADR		3,599		167
United States (72.5%)
Alphabet, Inc., Class A		7,144		1,105
Amazon.com, Inc. (a)		8,107		1,542
Ameriprise Financial, Inc.		3,787		1,833
Apple, Inc.		8,651		1,922
Brown & Brown, Inc.		9,557		1,189
CBRE Group, Inc., Class A (a)		8,953		1,171
Chevron Corp.		3,833		641
Costco Wholesale Corp.		311		294
CRH PLC		27,071		2,381
Jack Henry & Associates, Inc.		553		101
JPMorgan Chase & Co.		8,314		2,039
LPL Financial Holdings, Inc.		2,733		894
Lululemon Athletica, Inc. (a)		354		100
Mastercard, Inc., Class A		1,477		810
McDonald’s Corp.		831		260
MercadoLibre, Inc. (a)		302		589
Microsoft Corp.		3,464		1,300
Millrose Properties, Inc. REIT (a)		745		20
Netflix, Inc. (a)		1,336		1,246
NextEra Energy, Inc.		2,539		180
NVIDIA Corp.		18,155		1,968
Progressive Corp.		5,229		1,480
Tesla, Inc. (a)		603		156
TJX Cos., Inc.		12,922		1,574
Tyler Technologies, Inc. (a)		1,159		674
United Rentals, Inc.		1,227		769
Valero Energy Corp.		1,083		143
Waste Management, Inc.		3,227		747
				27,128
Total Common Stocks (Cost $26,477)				37,380
Short-Term Investment (0.6%)
Investment Company (0.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (b) (Cost $226)		226,144		226
Total Investments (100.5%) (Cost $26,703) (c)(d)(e)				37,606
Liabilities in Excess of Other Assets (–0.5%)				(191	)
Net Assets (100.0%)			$	37,415

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

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(c)	The approximate fair value and percentage of net assets, $303,000 and 0.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(d)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $11,122,000 and the aggregate gross unrealized depreciation is approximately $219,000, resulting in net unrealized appreciation of approximately $10,903,000.
ADR	American Depositary Receipt.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		29.4	%
Banks		10.6
Semiconductors & Semiconductor Equipment		9.2
Capital Markets		7.3
Insurance		7.1
Broadline Retail		7.1
Interactive Media & Services		6.6
Construction Materials		6.3
Automobiles		6.0
Software		5.3
Tech Hardware, Storage & Peripherals		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Global Endurance Portfolio

	Shares		Value (000)
Common Stocks (100.6%)
Canada (1.0%)
Colliers International Group, Inc.		2,208	$	268
Germany (3.4%)
Delivery Hero SE (a)		37,014		888
Israel (5.5%)
Global-e Online Ltd. (a)		16,750		597
Teva Pharmaceutical Industries Ltd. ADR (a)		54,919		844
				1,441
Japan (1.9%)
Sansan, Inc. (a)		39,100		505
United Kingdom (28.7%)
Babcock International Group PLC		204,861		1,928
Burford Capital Ltd.		22,947		304
Domino’s Pizza Group PLC		361,579		1,330
Victoria PLC (a)(b)		3,505,235		3,997
				7,559
United States (60.1%)
Appian Corp., Class A (a)		97,455		2,808
Applied Materials, Inc.		5,675		824
Arbutus Biopharma Corp. (a)		402,875		1,406
Avadel Pharmaceuticals PLC (a)		110,966		869
Bill Holdings, Inc. (a)		7,536		346
Biohaven Ltd. (a)		10,097		243
Carvana Co. (a)		4,428		926
Core & Main, Inc., Class A (a)		9,806		474
Core Scientific, Inc. (a)		101,579		735
CoStar Group, Inc. (a)		4,181		331
Floor & Decor Holdings, Inc., Class A (a)		13,137		1,057
GXO Logistics, Inc. (a)		5,099		199
Immunovant, Inc. (a)		32,903		562
Incyte Corp. (a)		3,627		220
Natera, Inc. (a)		2,351		332
QXO, Inc.		27,126		367
Roivant Sciences Ltd. (a)		120,701		1,218
Royalty Pharma PLC, Class A		26,625		829
Sable Offshore Corp. (a)		26,175		664
SharkNinja, Inc. (a)		2,843		237
Sotera Health Co. (a)		74,896		873
Tesla, Inc. (a)		1,254		325
				15,845
Total Investments (100.6%) (Cost $31,089) including $45 of Securities Loaned (c)(d)(e)				26,506
Liabilities in Excess of Other Assets (–0.6%)				(165	)
Net Assets (100.0%)			$	26,341

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

(a)	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, 2025, were approximately $45,000 and $52,000, respectively. The Fund received non-cash collateral of approximately $52,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	The approximate fair value and percentage of net assets, $8,952,000 and 34.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(d)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,540,000 and the aggregate gross unrealized depreciation is approximately $6,123,000, resulting in net unrealized depreciation of approximately $4,583,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		18.2	%
Software		18.0
Household Durables		16.0
Biotechnology		15.0
Pharmaceuticals		9.6
Hotels, Restaurants & Leisure		8.4
Specialty Retail		7.5
Aerospace & Defense		7.3
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Global Franchise Portfolio

	Shares		Value (000)
Common Stocks (98.3%)
France (6.1%)
L’Oreal SA		308,193	$	114,553
LVMH Moet Hennessy Louis Vuitton SE		83,508		51,715
				166,268
Germany (6.9%)
SAP SE		696,267		186,564
United Kingdom (6.9%)
Experian PLC		850,758		39,420
Haleon PLC		10,927,361		55,185
RELX PLC (Euronext NV)		381,364		19,168
RELX PLC (LSE)		1,456,042		73,138
				186,911
United States (78.4%)
Abbott Laboratories		549,162		72,846
Accenture PLC, Class A		326,425		101,858
Alphabet, Inc., Class A		394,357		60,983
Aon PLC, Class A		295,563		117,956
Arthur J Gallagher & Co.		260,470		89,925
Automatic Data Processing, Inc.		250,110		76,416
AutoZone, Inc. (a)		12,175		46,421
Becton Dickinson & Co.		321,291		73,595
Booking Holdings, Inc.		16,810		77,442
Broadridge Financial Solutions, Inc.		178,849		43,364
CDW Corp.		197,772		31,695
CME Group, Inc.		266,236		70,630
Coca-Cola Co.		1,252,612		89,712
Equifax, Inc.		121,991		29,712
FactSet Research Systems, Inc.		66,076		30,041
Hologic, Inc. (a)		507,278		31,335
Intercontinental Exchange, Inc.		508,373		87,694
Jack Henry & Associates, Inc.		152,410		27,830
Microsoft Corp.		519,213		194,907
Oracle Corp.		249,682		34,908
Otis Worldwide Corp.		531,332		54,834
Philip Morris International, Inc.		221,830		35,211
Procter & Gamble Co.		522,052		88,968
Roper Technologies, Inc.		142,052		83,751
S&P Global, Inc.		141,286		71,788
Steris PLC		163,900		37,148
Thermo Fisher Scientific, Inc.		153,204		76,234
UnitedHealth Group, Inc.		169,478		88,764
Visa, Inc., Class A		506,257		177,423
Zoetis, Inc.		131,955		21,726
				2,125,117
Total Common Stocks (Cost $1,708,342)				2,664,860
Short-Term Investment (1.9%)
Investment Company (1.9%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (b) (Cost $51,855)		51,854,955		51,855
Total Investments (100.2%) (Cost $1,760,197) (c)(d)(e)				2,716,715
Liabilities in Excess of Other Assets (–0.2%)				(4,707	)
Net Assets (100.0%)			$	2,712,008

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

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $23,000 relating to the Fund’s investment in the Liquidity Fund.
(c)	The approximate fair value and percentage of net assets, $539,743,000 and 19.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(d)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $978,217,000 and the aggregate gross unrealized depreciation is approximately $21,699,000, resulting in net unrealized appreciation of approximately $956,518,000.
Euronext NV	Euronext Amsterdam Stock Market.
LSE	London Stock Exchange.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		38.5	%
Software		18.5
Professional Services		10.4
Capital Markets		9.5
Health Care Equipment & Supplies		8.0
Insurance		7.6
Financial Services		7.5
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Global Insight Portfolio

	Shares		Value (000)
Common Stocks (93.6%)
Brazil (0.4%)
NU Holdings Ltd., Class A (a)		23,769	$	243
Canada (5.9%)
Shopify, Inc., Class A (a)		34,885		3,328
Israel (4.5%)
Global-e Online Ltd. (a)		71,454		2,547
Korea, Republic of (3.5%)
Coupang, Inc. (a)		88,848		1,948
Netherlands (8.4%)
Adyen NV (a)		1,804		2,765
ASML Holding NV (Registered)		2,909		1,928
				4,693
Singapore (4.0%)
Grab Holdings Ltd., Class A (a)		434,161		1,967
Sea Ltd. ADR (a)		2,043		266
				2,233
United Kingdom (0.2%)
Victoria PLC (a)		70,649		81
United States (66.7%)
Affirm Holdings, Inc. (a)		59,405		2,685
Agilon Health, Inc. (a)		202,707		878
AppLovin Corp., Class A (a)		7,367		1,952
Arbutus Biopharma Corp. (a)		190,825		666
Aurora Innovation, Inc. (a)		491,329		3,304
Cloudflare, Inc., Class A (a)		44,821		5,051
Crowdstrike Holdings, Inc., Class A (a)		3,823		1,348
DoorDash, Inc., Class A (a)		7,500		1,371
Federal National Mortgage Association (a)		87,697		554
Intellia Therapeutics, Inc. (a)		11,554		82
IonQ, Inc. (a)		20,706		457
Landbridge Co. LLC, Class A		19,505		1,403
MercadoLibre, Inc. (a)		1,864		3,636
MicroStrategy, Inc., Class A (a)		10,768		3,104
ProKidney Corp. (a)		41,771		37
ROBLOX Corp., Class A (a)		35,224		2,053
Roivant Sciences Ltd. (a)		57,485		580
Royalty Pharma PLC, Class A		86,432		2,691
Snowflake, Inc., Class A (a)		13,474		1,969
Tesla, Inc. (a)		13,026		3,376
XOMA Royalty Corp. (a)		12,797		255
				37,452
Total Common Stocks (Cost $38,423)				52,525
Preferred Stock (0.0%)‡
United States (0.0%)‡
Lookout, Inc., Series F (a)(b)(c) (acquisition cost — $73; acquired 6/17/14)		6,374		29
Investment Company (2.6%)
United States (2.6%)
iShares Bitcoin Trust ETF (a) (Cost $1,206)		31,164		1,459
Short-Term Investment (3.4%)
Investment Company (3.4%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (d) (Cost $1,906)		1,906,349		1,906
Total Investments Excluding Purchased Options (99.6%) (Cost $41,608 )				55,919
Total Purchased Options Outstanding (0.2%) (Cost $268)				103
Total Investments (99.8%) (Cost $41,876) (e)(f)(g)(h)				56,022
Other Assets in Excess of Liabilities (0.2%)				95
Net Assets (100.0%)			$	56,117

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

‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2025 amounts to approximately $29,000 and represents less than 0.05% of net assets.
(c)	At March 31, 2025, the Fund held a fair valued security valued at approximately $29,000, representing less than 0.05% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund.
(e)	The approximate fair value and percentage of net assets, $2,846,000 and 5.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(f)	Securities are available for collateral in connection with purchased options.
(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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund engaged in cross-trade purchases of approximately $152,000.
(h)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $17,018,000 and the aggregate gross unrealized depreciation is approximately $2,872,000, resulting in net unrealized appreciation of approximately $14,146,000.
ADR	American Depositary Receipt.
ETF	Exchange Traded Fund.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Insight Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2025:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.66	Sep–25		7,437,834	$	7,438	$	11	$	31	$	(20	)
Standard Chartered Bank	USD/CNH	CNH	7.76	Oct–25		13,974,746		13,975		22		61		(39	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.77	Jul–25		6,763,419		6,763		4		29		(25	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.82	Feb–26		15,854,951		15,855		47		65		(18	)
Goldman Sachs & Co. LLC	USD/CNH	CNH	8.02	Dec–25		17,249,729		17,250		19		82		(63	)
									$	103	$	268	$	(165	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition

Classification	Percentage of Total Investments
Other*		33.0	%
Information Technology Services		18.4
Software		17.3
Broadline Retail		14.6
Financial Services		10.7
Automobiles		6.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Global Opportunity Portfolio

	Shares		Value (000)
Common Stocks (99.0%)
Brazil (1.9%)
NU Holdings Ltd., Class A (a)		5,364,390	$	54,931
Canada (2.3%)
Shopify, Inc., Class A (a)		726,707		69,317
China (4.8%)
Meituan, Class B (a)(b)		3,541,800		71,270
Trip.com Group Ltd. ADR		1,130,149		71,855
				143,125
Denmark (4.6%)
DSV AS		704,034		136,147
France (7.3%)
Hermes International SCA		37,192		97,856
Schneider Electric SE		512,411		118,288
				216,144
India (6.6%)
HDFC Bank Ltd.		3,986,284		84,973
ICICI Bank Ltd. ADR		3,543,633		111,695
				196,668
Italy (3.1%)
Moncler SpA		1,513,159		93,206
Japan (1.0%)
Keyence Corp.		72,100		28,350
Korea, Republic of (3.4%)
Coupang, Inc. (a)		4,203,256		92,177
KakaoBank Corp.		611,700		9,238
				101,415
Netherlands (1.5%)
ASML Holding NV		68,417		45,276
Singapore (0.9%)
Grab Holdings Ltd., Class A (a)		5,762,393		26,104
Sweden (5.2%)
Spotify Technology SA (a)		277,777		152,786
Switzerland (0.7%)
On Holding AG, Class A (a)		451,165		19,815
Taiwan (2.3%)
Taiwan Semiconductor Manufacturing Co. Ltd.		2,394,000		67,422
United Kingdom (1.6%)
London Stock Exchange Group PLC		321,233		47,712
United States (51.8%)
Airbnb, Inc., Class A (a)		593,798		70,935
Amazon.com, Inc. (a)		623,419		118,612
Block, Inc., Class A (a)		1,054,537		57,293
Crowdstrike Holdings, Inc., Class A (a)		191,340		67,463
DoorDash, Inc., Class A (a)		853,604		156,013
Liberty Media Corp.-Liberty Formula One, Class C (a)		354,904		31,945
Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $3,175; acquired 12/22/15)		6,530		—
Mastercard, Inc., Class A		161,658		88,608
MercadoLibre, Inc. (a)		80,442		156,932
Meta Platforms, Inc., Class A		360,283		207,653
Salesforce, Inc.		92,083		24,711
ServiceNow, Inc. (a)		201,965		160,792
TKO Group Holdings, Inc.		364,054		55,631
Uber Technologies, Inc. (a)		2,474,825		180,316
Visa, Inc., Class A		319,869		112,101
Walt Disney Co.		458,382		45,242
				1,534,247
Total Common Stocks (Cost $1,454,706)				2,932,665
Short-Term Investment (1.3%)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (e) (Cost $37,827)		37,826,738		37,827
Total Investments (100.3%) (Cost $1,492,533) (f)(g)(h)				2,970,492
Liabilities in Excess of Other Assets (–0.3%)				(9,121	)
Net Assets (100.0%)			$	2,961,371

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 security (excluding 144A holdings) at March 31, 2025 amounts to $0 and represents 0.0% of net assets.
(d)	At March 31, 2025, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $52,000 relating to the Fund’s investment in the Liquidity Fund.
(f)	The approximate fair value and percentage of net assets, $799,738,000 and 27.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(h)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,565,764,000 and the aggregate gross unrealized depreciation is approximately $87,805,000, resulting in net unrealized appreciation of approximately $1,477,959,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		18.6	%
Hotels, Restaurants & Leisure		12.4
Broadline Retail		12.4
Entertainment		9.6
Banks		8.7
Financial Services		8.7
Software		8.5
Textiles, Apparel & Luxury Goods		7.1
Interactive Media & Services		7.0
Ground Transportation		7.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Global Permanence Portfolio

	Shares		Value (000)
Common Stocks (93.8%)
Brazil (0.1%)
Vale SA		342	$	4
Canada (5.9%)
Cameco Corp.		704		29
Canadian National Railway Co.		1,739		170
Constellation Software, Inc.		1		3
FirstService Corp.		19		3
Topicus.com, Inc. (a)		43		4
				209
France (15.1%)
Airbus SE		308		54
Christian Dior SE		80		46
EssilorLuxottica SA		181		52
Eurofins Scientific SE		3,091		165
Hermes International SCA		2		5
L’Oreal SA		155		58
LVMH Moet Hennessy Louis Vuitton SE		249		154
Remy Cointreau SA		43		2
				536
Germany (1.6%)
Birkenstock Holding PLC (a)		1,127		51
Linde PLC		8		4
				55
India (0.3%)
HDFC Bank Ltd. ADR		136		9
Italy (0.2%)
Brunello Cucinelli SpA		33		4
Ferrari NV		9		4
				8
Mexico (1.9%)
Alsea SAB de CV		8,700		18
Grupo Aeroportuario del Sureste SAB de CV ADR		185		51
				69
Netherlands (4.7%)
ASML Holding NV (Registered)		244		162
Universal Music Group NV		149		4
				166
United Kingdom (10.1%)
Babcock International Group PLC		18,335		173
Diageo PLC ADR		508		53
Domino’s Pizza Group PLC		13,947		51
Rentokil Initial PLC		8,077		37
Victoria PLC (a)		38,944		44
				358
United States (53.9%)
Amazon.com, Inc. (a)		424		81
American Tower Corp. REIT		641		139
Brown & Brown, Inc.		34		4
Celsius Holdings, Inc. (a)		4,627		165
Cloudflare, Inc., Class A (a)		3,341		376
Core & Main, Inc., Class A (a)		2,753		133
Danaher Corp.		628		129
Federal National Mortgage Association (a)		5,492		35
Floor & Decor Holdings, Inc., Class A (a)		1,977		159
Intercontinental Exchange, Inc.		782		135
Landbridge Co. LLC, Class A		2,042		147
MSCI, Inc.		14		8
QXO, Inc.		4,347		59
Royal Gold, Inc.		684		112
Royalty Pharma PLC, Class A		6,572		204
S&P Global, Inc.		16		8
Texas Pacific Land Corp.		2		2
Veralto Corp.		80		8
Waste Connections, Inc.		20		4
				1,908
Total Common Stocks (Cost $3,126)				3,322
Investment Company (3.0%)
United States (3.0%)
iShares Bitcoin Trust ETF (a) (Cost $87)		2,266		106

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

	Shares
Short-Term Investment (0.7%)
Investment Company (0.7%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $26)		25,547		26
Total Investments Excluding Purchased Options (97.5%) (Cost $3,239 )				3,454
Total Purchased Options Outstanding (0.2%) (Cost $17)				7
Total Investments (97.7%) (Cost $3,256) (d)(e)(f)(g)				3,461
Other Assets in Excess of Liabilities (2.3%)				82
Net Assets (100.0%)			$	3,543

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, 2025, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $849,000 and 24.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(f)	Securities are available for collateral in connection with purchased options.
(g)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $521,000 and the aggregate gross unrealized depreciation is approximately $316,000, resulting in net unrealized appreciation of approximately $205,000.
ADR	American Depositary Receipt.
ETF	Exchange Traded Fund.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Permanence Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2025:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)			Premiums Paid (000)		Unrealized Depreciation (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.66	Sep–25		522,551	$	523	$	1		$	3	$	(2	)
Standard Chartered Bank	USD/CNH	CNH	7.76	Oct–25		955,310		955		2			4		(2	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.77	Jul–25		478,198		478		—	@		2		(2	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.82	Feb–26		1,014,582		1,015		3			4		(1	)
Goldman Sachs & Co. LLC	USD/CNH	CNH	8.02	Dec–25		891,152		891		1			4		(3	)
									$	7		$	17	$	(10	)

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

Portfolio Composition

Classification	Percentage of Total Investments
Other*		54.1	%
Information Technology Services		10.9
Life Sciences Tools & Services		8.5
Textiles, Apparel & Luxury Goods		7.6
Aerospace & Defense		6.6
Beverages		6.4
Pharmaceuticals		5.9
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Global Stars Portfolio

	Shares		Value (000)
Common Stocks (97.9%)
Australia (1.3%)
Xero Ltd. (a)		6,573	$	642
Canada (4.1%)
Constellation Software, Inc.		412		1,305
Shopify, Inc., Class A (a)		6,760		645
				1,950
China (7.8%)
Kweichow Moutai Co. Ltd., Class A		3,700		797
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		20,300		655
Tencent Holdings Ltd. (b)		16,300		1,042
Zhejiang Dingli Machinery Co. Ltd., Class A		149,400		1,218
				3,712
Denmark (2.3%)
DSV AS		5,583		1,080
Germany (8.0%)
SAP SE		14,217		3,810
Switzerland (5.5%)
Galderma Group AG (a)		12,324		1,302
On Holding AG, Class A (a)		30,170		1,325
				2,627
Taiwan (2.3%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		6,662		1,106
United Kingdom (6.5%)
Experian PLC		26,182		1,213
Halma PLC		35,765		1,200
RELX PLC (LSE)		13,610		684
				3,097
United States (60.1%)
Alphabet, Inc., Class A		12,379		1,914
Aon PLC, Class A		3,715		1,483
Automatic Data Processing, Inc.		2,419		739
Booking Holdings, Inc.		285		1,313
Broadridge Financial Solutions, Inc.		6,336		1,536
Cencora, Inc.		3,636		1,011
Intercontinental Exchange, Inc.		9,175		1,583
Mastercard, Inc., Class A		3,069		1,682
MercadoLibre, Inc. (a)		336		655
Microsoft Corp.		3,643		1,368
MSCI, Inc.		2,148		1,215
Netflix, Inc. (a)		1,448		1,350
Old Dominion Freight Line, Inc.		3,222		533
Ryan Specialty Holdings, Inc.		18,669		1,379
S&P Global, Inc.		2,460		1,250
Salesforce, Inc.		3,562		956
Thermo Fisher Scientific, Inc.		1,605		799
Tradeweb Markets, Inc., Class A		11,628		1,726
Uber Technologies, Inc. (a)		18,875		1,375
UnitedHealth Group, Inc.		2,857		1,496
VeriSign, Inc. (a)		3,358		853
Visa, Inc., Class A		7,076		2,480
				28,696
Total Common Stocks (Cost $37,482)				46,720

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

	Shares
Short-Term Investment (1.7%)
Investment Company (1.7%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (d) (Cost $814)		814,437		814
Total Investments (99.6%) (Cost $38,296) (e)(f)(g)				47,534
Other Assets in Excess of Liabilities (0.4%)				212
Net Assets (100.0%)			$	47,746

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, 2025, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(e)	The approximate fair value and percentage of net assets, $13,643,000 and 28.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(g)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,070,000 and the aggregate gross unrealized depreciation is approximately $832,000, resulting in net unrealized appreciation of approximately $9,238,000.
ADR	American Depositary Receipt.
LSE	London Stock Exchange.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		35.9	%
Software		17.0
Capital Markets		12.1
Professional Services		8.8
Financial Services		8.7
Interactive Media & Services		6.2
Insurance		6.0
Health Care Providers & Services		5.3
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments 

Growth Portfolio

	Shares		Value (000)
Common Stocks (91.0%)
Automobiles (6.9%)
Tesla, Inc. (a)		926,827	$	240,196
Biotechnology (1.1%)
ProKidney Corp. (a)(b)		1,833,417		1,606
Roivant Sciences Ltd. (a)		3,630,181		36,629
				38,235
Broadline Retail (8.7%)
Global-e Online Ltd. (Israel) (a)		2,296,705		81,877
MercadoLibre, Inc. (a)		113,052		220,550
				302,427
Capital Markets (0.4%)
Coinbase Global, Inc., Class A (a)		79,534		13,698
Electronic Equipment, Instruments & Components (0.0%)
Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $18,812; acquired 12/22/15)		38,705		—
Entertainment (4.8%)
ROBLOX Corp., Class A (a)		2,861,981		166,825
Financial Services (8.8%)
Adyen NV (Netherlands) (a)		67,336		103,212
Affirm Holdings, Inc. (a)		3,723,624		168,271
Federal National Mortgage Association (a)		5,446,950		34,425
				305,908
Hotels, Restaurants & Leisure (9.9%)
Airbnb, Inc., Class A (a)		707,610		84,531
DoorDash, Inc., Class A (a)		1,423,869		260,241
				344,772
Information Technology Services (21.2%)
Cloudflare, Inc., Class A (a)		3,355,720		378,156
Shopify, Inc., Class A (Canada) (a)		2,437,669		232,517
Snowflake, Inc., Class A (a)		849,105		124,105
				734,778
Life Sciences Tools & Services (1.1%)
Danaher Corp.		182,487		37,410
Pharmaceuticals (4.8%)
Royalty Pharma PLC, Class A		5,364,765		167,005
Software (22.1%)
AppLovin Corp., Class A (a)		631,499		167,328
Aurora Innovation, Inc. (a)		25,156,679		169,179
Crowdstrike Holdings, Inc., Class A (a)		345,867		121,946
MicroStrategy, Inc., Class A (a)		724,196		208,764
Samsara, Inc., Class A (a)		2,609,784		100,033
				767,250
Specialized REITs (1.2%)
American Tower Corp. REIT		180,996		39,385
Total Common Stocks (Cost $2,301,051)				3,157,889
Preferred Stocks (4.1%)
Financial Services (0.5%)
Stripe, Inc., Series I(a)(c)(d) (acquisition cost — $12,876; acquired 3/17/23)		639,525		17,843
Software (3.6%)
Databricks, Inc., Series H(a)(c)(d) (acquisition cost — $102,163; acquired 8/31/21)		1,390,269		124,081
Total Preferred Stocks (Cost $115,039)				141,924
Investment Company (2.9%)
iShares Bitcoin Trust ETF (a) (Cost $85,132)		2,200,116		102,987
Short-Term Investments (1.9%)
Investment Company (1.9%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (e) (Cost $64,903)		64,903,024		64,903
Securities held as Collateral on Loaned Securities (0.0%)‡
Investment Company (0.0%)‡
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (e)		781,147		781

	Face Amount (000)
Repurchase Agreements (0.0%)‡
Merrill Lynch & Co., Inc., (4.20%, dated 3/31/25, due 4/1/25; proceeds $51; fully collateralized by a U.S. Government obligation; 3.75% due 8/15/27; valued at $52)	$	51		51
Merrill Lynch & Co., Inc., (4.36%, dated 3/31/25, due 4/1/25; proceeds $140; fully collateralized by U.S. Government obligations; 0.00% - 4.63% due 1/31/26 - 2/15/46; valued at $142)		139		139
				190
Total Securities held as Collateral on Loaned Securities (Cost $971)				971
Total Short-Term Investments (Cost $65,874)				65,874
Total Investments Excluding Purchased Options (99.9%) (Cost $2,567,096)				3,468,674
Total Purchased Options Outstanding (0.2%) (Cost $15,962)				6,286
Total Investments (100.1%) (Cost $2,583,058) including $851 of Securities Loaned (f)(g)(h)(i)				3,474,960
Liabilities in Excess of Other Assets (–0.1%)				(4,376	)
Net Assets (100.0%)			$	3,470,584

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

Growth Portfolio

‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2025, were approximately $851,000 and $971,000, respectively. The Fund received cash collateral of approximately $971,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2025 amounts to approximately $141,924,000 and represents 4.1% of net assets.
(d)	At March 31, 2025, the Fund held fair valued securities at approximately $141,924,000, representing 4.1% of net assets. These securities have been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $41,000 relating to the Fund’s investment in the Liquidity Fund.
(f)	The approximate fair value and percentage of net assets, $103,212,000 and 3.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g)	Securities are available for collateral in connection with purchased options.
(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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund engaged in cross-trade sales of approximately $11,391,000 which resulted in total realized loss of approximately $2,640,000.
(i)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,067,106,000 and the aggregate gross unrealized depreciation is approximately $175,204,000, resulting in net unrealized appreciation of approximately $891,902,000.
ETF	Exchange Traded Fund.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

Growth Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2025:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.66	Sep–25		429,969,490	$	429,969	$	616	$	1,783	$	(1,167	)
Standard Chartered Bank	USD/CNH	CNH	7.77	Oct–25		852,322,605		852,323		1,354		3,710		(2,356	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.77	Jul–25		392,396,616		392,397		251		1,708		(1,457	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.82	Feb–26		995,165,827		995,166		3,007		4,109		(1,102	)
Goldman Sachs & Co. LLC	USD/CNH	CNH	8.02	Dec–25		981,418,394		981,418		1,058		4,652		(3,594	)
									$	6,286	$	15,962	$	(9,676	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition*
Classification	Percentage of Total Investments
Software		25.7	%
Information Technology Services		21.2
Other**		18.2
Hotels, Restaurants & Leisure		10.0
Financial Services		9.3
Broadline Retail		8.7
Automobiles		6.9
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2025.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments 

Inception Portfolio

	Shares		Value (000)
Common Stocks (92.0%)
Beverages (7.8%)
Celsius Holdings, Inc. (a)		674,757	$	24,035
Biotechnology (8.8%)
Arbutus Biopharma Corp. (a)		2,126,968		7,423
Beam Therapeutics, Inc. (a)		29,843		583
Biohaven Ltd. (a)		25,660		617
Immunovant, Inc. (a)		41,388		707
Intellia Therapeutics, Inc. (a)		121,237		862
ProKidney Corp. (a)(b)		275,498		241
Recursion Pharmaceuticals, Inc., Class A (a)		74,570		395
Roivant Sciences Ltd. (a)		1,447,543		14,606
XOMA Royalty Corp. (a)		69,311		1,381
				26,815
Broadline Retail (6.4%)
Global-e Online Ltd. (Israel) (a)		548,414		19,551
Chemicals (0.1%)
Ginkgo Bioworks Holdings, Inc. (a)(b)		28,362		162
Financial Services (7.3%)
Affirm Holdings, Inc. (a)		324,930		14,684
Burford Capital Ltd.		584,443		7,720
				22,404
Health Care Equipment & Supplies (1.7%)
Outset Medical, Inc. (a)(b)		18,188		201
Semler Scientific, Inc. (a)(b)		136,705		4,949
				5,150
Health Care Providers & Services (7.4%)
Agilon Health, Inc. (a)		5,262,547		22,787
Health Care Technology (0.2%)
Schrodinger, Inc. (a)		35,482		700
Hotels, Restaurants & Leisure (0.5%)
Sweetgreen, Inc., Class A (a)		63,386		1,586
Household Durables (0.6%)
Victoria PLC (United Kingdom) (a)		1,613,626		1,840
Information Technology Services (9.1%)
Cloudflare, Inc., Class A (a)		246,593		27,789
Leisure Products (4.6%)
Peloton Interactive, Inc., Class A (a)		2,238,913		14,150
Life Sciences Tools & Services (2.0%)
10X Genomics, Inc., Class A (a)		78,320		684
MaxCyte, Inc. (a)		951,451		2,598
Standard BioTools, Inc. (a)		2,680,905		2,895
				6,177
Metals & Mining (0.5%)
MP Materials Corp. (a)		62,090		1,516
Oil, Gas & Consumable Fuels (0.5%)
Sable Offshore Corp. (a)		61,624		1,563
Passenger Airlines (0.5%)
Joby Aviation, Inc. (a)		264,875		1,594
Personal Care Products (5.7%)
Oddity Tech Ltd., Class A (Israel) (a)		405,289		17,533
Pharmaceuticals (0.7%)
ATAI Life Sciences NV (a)(b)		511,994		696
GH Research PLC (a)(b)		74,570		822
Structure Therapeutics, Inc. ADR (China) (a)		31,982		554
				2,072
Real Estate Management & Development (6.3%)
Landbridge Co. LLC, Class A		261,629		18,822
Opendoor Technologies, Inc. (a)		608,891		621
				19,443
Software (12.4%)
Aurora Innovation, Inc. (a)		2,619,514		17,616
MicroStrategy, Inc., Class A (a)		40,822		11,768
QXO, Inc.		634,514		8,591
				37,975
Specialty Retail (2.4%)
Beyond, Inc. (a)		37,577		218
Floor & Decor Holdings, Inc., Class A (a)		54,332		4,372
RH (a)		907		213
Wayfair, Inc., Class A (a)		77,153		2,471
				7,274
Tech Hardware, Storage & Peripherals (2.8%)
IonQ, Inc. (a)		384,256		8,480
Trading Companies & Distributors (3.7%)
Core & Main, Inc., Class A (a)		232,952		11,254
Total Common Stocks (Cost $271,232)				281,850
Preferred Stocks (2.8%)
Health Care Technology (1.1%)
Included Health, Inc., Series B(a)(c)(d) (acquisition cost — $3,362; acquired 7/03/14)		3,269,139		3,335
Software (1.7%)
Lookout, Inc., Series F(a)(c)(d) (acquisition cost — $13,476; acquired 6/17/14)		1,179,743		5,285
Total Preferred Stocks (Cost $16,838)				8,620
Investment Company (3.2%)
iShares Bitcoin Trust ETF (a) (Cost $8,217)		212,347		9,940

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

	Shares
Short-Term Investments (3.8%)
Investment Company (2.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (e) (Cost $7,122)		7,122,153	7,122
Securities held as Collateral on Loaned Securities (1.5%)
Investment Company (1.2%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (e)		3,556,466	3,556

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

Inception Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (0.3%)
Merrill Lynch & Co., Inc., (4.20%, dated 3/31/25, due 4/1/25; proceeds $231; fully collateralized by a U.S. Government obligation; 3.75% due 8/15/27; valued at $235)	$	231	$	231
Merrill Lynch & Co., Inc., (4.36%, dated 3/31/25, due 4/1/25; proceeds $635; fully collateralized by U.S. Government obligations; 0.00% - 4.63% due 1/31/26 - 2/15/46; valued at $648)		635		635
				866
Total Securities held as Collateral on Loaned Securities (Cost $4,422)				4,422
Total Short-Term Investments (Cost $11,544)				11,544
Total Investments Excluding Purchased Options (101.8%) (Cost $308,034)				311,954
Total Purchased Options Outstanding (0.2%) (Cost $1,389)				542
Total Investments (102.0%) (Cost $309,423) including $4,171 of Securities Loaned (f)(g)(h)(i)				312,496
Liabilities in Excess of Other Assets (–2.0%)				(6,083	)
Net Assets (100.0%)			$	306,413

(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, 2025, were approximately $4,171,000 and $4,450,000, respectively. The Fund received cash collateral of approximately $4,422,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The remaining collateral of approximately $28,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contracts (excluding 144A holdings) at March 31, 2025 amounts to approximately $8,620,000 and represents 2.8% of net assets.
(d)	At March 31, 2025, the Fund held fair valued securities valued at approximately $8,620,000, representing 2.8% of net assets. These securities have been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $5,000 relating to the Fund’s investment in the Liquidity Fund.
(f)	The approximate fair value and percentage of net assets, $1,840,000 and 0.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g)	Securities are available for collateral in connection with purchased options.
(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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund engaged in cross-trade purchases of approximately $8,143,000.
(i)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $62,224,000 and the aggregate gross unrealized depreciation is approximately $59,151,000, resulting in net unrealized appreciation of approximately $3,073,000.
ADR	American Depositary Receipt.
ETF	Exchange Traded Fund.

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

Inception Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2025:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.66	Sep–25		37,545,145	$	37,545	$	54	$	156	$	(102	)
Standard Chartered Bank	USD/CNH	CNH	7.77	Oct–25		71,643,928		71,644		114		312		(198	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.77	Jul–25		37,836,821		37,837		24		164		(140	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.82	Feb–26		85,420,861		85,421		258		353		(95	)
Goldman Sachs & Co. LLC	USD/CNH	CNH	8.02	Dec–25		85,292,422		85,292		92		404		(312	)
									$	542	$	1,389	$	(847	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition*
Classification	Percentage of Total Investments
Other**		27.3	%
Software		14.1
Information Technology Services		9.0
Biotechnology		8.7
Beverages		7.8
Health Care Providers & Services		7.4
Financial Services		7.3
Broadline Retail		6.4
Real Estate Management & Development		6.3
Personal Care Products		5.7
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2025.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments 

International Advantage Portfolio

	Shares		Value (000)
Common Stocks (98.6%)
Brazil (1.5%)
NU Holdings Ltd., Class A(a)		3,680,850	$	37,692
Canada (9.4%)
Brookfield Corp.		1,082,961		56,758
Brookfield Infrastructure Partners LP		1,217,942		36,282
Canada Goose Holdings, Inc.(a)(b)(c)		2,807,545		22,320
Canadian Pacific Kansas City Ltd.		1,179,662		82,787
Shopify, Inc., Class A(a)		464,552		44,311
				242,458
Denmark (7.3%)
DSV AS		968,424		187,275
France (22.2%)
EssilorLuxottica SA		158,509		45,677
Hermes International SCA		91,702		241,278
L’Oreal SA		269,756		100,266
LVMH Moet Hennessy Louis Vuitton SE		99,020		61,321
Schneider Electric SE		525,817		121,383
				569,925
Germany (1.1%)
Birkenstock Holding PLC(a)		629,624		28,868
Hong Kong (2.7%)
AIA Group Ltd.		9,030,700		68,361
India (8.2%)
HDFC Bank Ltd.		3,923,662		83,638
ICICI Bank Ltd. ADR		2,955,400		93,154
Titan Co. Ltd.		918,299		32,772
				209,564
Italy (6.2%)
Moncler SpA		2,571,884		158,421
Japan (5.4%)
Keyence Corp.		251,300		98,814
Sanrio Co. Ltd.		868,800		40,195
				139,009
Netherlands (5.1%)
Adyen NV(a)		26,990		41,370
ASML Holding NV		134,939		89,299
				130,669
Sweden (7.2%)
Spotify Technology SA(a)		338,051		185,938
Switzerland (5.8%)
Chocoladefabriken Lindt & Spruengli AG (Registered)		284		37,268
Cie Financiere Richemont SA, Class A (Registered)		246,612		43,050
Straumann Holding AG (Registered)		572,153		69,267
				149,585
Taiwan (4.7%)
Taiwan Semiconductor Manufacturing Co. Ltd.		4,264,000		120,087
United Kingdom (4.5%)
London Stock Exchange Group PLC		584,739		86,849
Rightmove PLC		3,115,938		27,742
				114,591
United States (7.3%)
Liberty Media Corp.-Liberty Formula One, Class C(a)		685,583		61,710
MercadoLibre, Inc.(a)		64,298		125,437
				187,147
Total Common Stocks (Cost $1,731,560)				2,529,590
Short-Term Investments (1.9%)
Investment Company (1.5%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (d) (Cost $38,137)		38,136,509		38,137
Securities held as Collateral on Loaned Securities (0.4%)
Investment Company (0.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (d)		7,492,259		7,492

	Face Amount (000)
Repurchase Agreements (0.1%)
Merrill Lynch & Co., Inc., (4.20%, dated 3/31/25, due 4/1/25; proceeds $486; fully collateralized by a U.S. Government obligation; 3.75% due 8/15/27; valued at $495)	$	486		486
Merrill Lynch & Co., Inc., (4.36%, dated 3/31/25, due 4/1/25; proceeds $1,338; fully collateralized by U.S. Government obligations; 0.00% - 4.63% due 1/31/26 - 2/15/46; valued at $1,365)		1,338		1,338
				1,824
Total Securities held as Collateral on Loaned Securities (Cost $9,316)				9,316
Total Short-Term Investments (Cost $47,453)				47,453
Total Investments (100.5%) (Cost $1,779,013) including $12,341 of Securities Loaned (e)(f)(g)				2,577,043
Liabilities in Excess of Other Assets (–0.5%)				(12,716	)
Net Assets (100.0%)			$	2,564,327

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

International Advantage Portfolio

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

(a)	Non-income producing security.
(b)	For the three months ended March 31, 2025, proceeds from sale of Canada Goose Holdings, Inc., Common Stock, and its affiliated broker-dealers, which may be deemed affiliates of the Adviser/Administrator and Distributor under the Investment Company Act of 1940, was approximately $2,501,000, including net realized loss of approximately $4,751,000.
(c)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2025, were approximately $12,341,000 and $13,195,000, respectively. The Fund received cash collateral of approximately $9,316,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The remaining collateral of approximately $3,879,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $14,000 relating to the Fund’s investment in the Liquidity Fund.
(e)	The approximate fair value and percentage of net assets, $1,754,333,000 and 68.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(f)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(g)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $909,077,000 and the aggregate gross unrealized depreciation is approximately $111,047,000, resulting in net unrealized appreciation of approximately $798,030,000.
ADR	American Depositary Receipt.

Portfolio Composition*
Classification	Percentage of Total Investments
Other**		38.0	%
Textiles, Apparel & Luxury Goods		22.9
Entertainment		9.6
Banks		8.4
Semiconductors & Semiconductor Equipment		8.2
Air Freight & Logistics		7.3
Capital Markets		5.6
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2025.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Portfolio of Investments 

International Equity Portfolio

	Shares		Value (000)
Common Stocks (97.2%)
Australia (0.7%)
Aristocrat Leisure Ltd.		98,842	$	3,997
Belgium (1.0%)
KBC Group NV		62,326		5,681
Canada (4.3%)
Agnico Eagle Mines Ltd.		57,200		6,197
Constellation Software, Inc.		3,485		11,037
Tourmaline Oil Corp.		129,268		6,234
				23,468
China (3.8%)
ANTA Sports Products Ltd.(a)		444,000		4,882
Tencent Holdings Ltd.(a)		91,000		5,815
Tsingtao Brewery Co. Ltd., Class H(a)		1,378,000		9,923
				20,620
Denmark (4.0%)
DSV AS		51,685		9,995
Tryg AS		484,755		11,531
				21,526
Finland (4.4%)
Kone OYJ, Class B		244,200		13,474
Nordea Bank Abp		820,650		10,496
				23,970
France (16.5%)
Capgemini SE		88,329		13,272
Dassault Systemes SE		237,855		9,056
Legrand SA		107,727		11,409
L’Oreal SA		48,811		18,143
LVMH Moet Hennessy Louis Vuitton SE		16,696		10,339
Pernod Ricard SA		67,966		6,715
Safran SA		48,211		12,693
Sanofi SA		71,678		7,936
				89,563
Germany (11.4%)
Deutsche Boerse AG		26,893		7,935
Infineon Technologies AG		336,113		11,204
Merck KGaA		70,507		9,703
Qiagen NV(b)		291,204		11,569
SAP SE		79,061		21,184
				61,595
Hong Kong (2.0%)
AIA Group Ltd.(a)		1,408,000		10,658
Italy (2.6%)
Davide Campari-Milano NV		1,407,279		8,272
Moncler SpA		96,709		5,957
				14,229
Japan (7.3%)
Keyence Corp.		35,500		13,959
Murata Manufacturing Co. Ltd.		474,400		7,318
SMC Corp.		24,500		8,767
Sony Group Corp.		380,700		9,633
				39,677
Korea, Republic of (1.7%)
Samsung Electronics Co. Ltd.		228,052		9,041
Netherlands (5.4%)
ASML Holding NV		18,761		12,415
EXOR NV		88,730		8,058
Universal Music Group NV		323,364		8,929
				29,402
Singapore (1.1%)
DBS Group Holdings Ltd.		167,610		5,756
Spain (1.7%)
Amadeus IT Group SA		117,319		8,985
Sweden (3.1%)
Epiroc AB, Class A		318,385		6,411
Hexagon AB, Class B		948,013		10,134
				16,545
Taiwan (2.3%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		73,885		12,265
United Kingdom (23.9%)
Anglo American PLC		285,392		7,999
Associated British Foods PLC		343,748		8,522
AstraZeneca PLC		93,048		13,664
Experian PLC		130,910		6,066
Haleon PLC		2,324,460		11,739
Halma PLC		374,358		12,560
Hiscox Ltd.		414,741		6,317
London Stock Exchange Group PLC		64,680		9,607
NatWest Group PLC		1,239,811		7,320
Reckitt Benckiser Group PLC		77,506		5,241
RELX PLC (Euronext NV)		89,742		4,511
RELX PLC (LSE)		80,835		4,060
Rightmove PLC		1,351,266		12,031
Shell PLC		309,077		11,250
St. James’s Place PLC		651,760		8,285
				129,172
Total Common Stocks (Cost $393,299)				526,150

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

	Shares
Short-Term Investment (1.6%)
Investment Company (1.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (d) (Cost $8,417)		8,417,173		8,417
Total Investments (98.8%) (Cost $401,716) (e)(f)(g)				534,567
Other Assets in Excess of Liabilities (1.2%)				6,537
Net Assets (100.0%)			$	541,104

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Portfolio of Investments (cont’d)

International Equity Portfolio

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

(a)	Security trades on the Hong Kong exchange.
(b)	Non-income producing security.
(c)	At March 31, 2025, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $4,000 relating to the Fund’s investment in the Liquidity Fund.
(e)	The approximate fair value and percentage of net assets, $490,417,000 and 90.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(g)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $148,867,000 and the aggregate gross unrealized depreciation is approximately $16,016,000, resulting in net unrealized appreciation of approximately $132,851,000.
ADR	American Depositary Receipt.
Euronext NV	Euronext Amsterdam Stock Market.
LSE	London Stock Exchange.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		53.1	%
Electronic Equipment, Instruments & Components		8.2
Pharmaceuticals		8.1
Software		7.7
Semiconductors & Semiconductor Equipment		6.7
Banks		5.6
Machinery		5.3
Insurance		5.3
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments 

International Opportunity Portfolio

	Shares		Value (000)
Common Stocks (97.6%)
Brazil (5.4%)
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		790,916	$	14,137
NU Holdings Ltd., Class A(a)		2,522,627		25,832
				39,969
Canada (3.9%)
Canadian Pacific Kansas City Ltd.		113,559		7,970
Shopify, Inc., Class A(a)		220,195		21,003
				28,973
China (12.9%)
Kweichow Moutai Co. Ltd., Class A		68,431		14,739
Meituan, Class B(a)(b)		1,472,520		29,631
PDD Holdings, Inc. ADR(a)		89,195		10,556
Tencent Holdings Ltd.(b)		209,800		13,406
Trip.com Group Ltd. ADR		426,725		27,131
				95,463
Denmark (5.7%)
DSV AS		217,612		42,082
France (12.2%)
Hermes International SCA		12,942		34,052
L’Oreal SA		31,375		11,662
LVMH Moet Hennessy Louis Vuitton SE		22,342		13,836
Schneider Electric SE		133,709		30,866
				90,416
India (12.5%)
Axis Bank Ltd.		878,539		11,269
HDFC Bank Ltd.		1,288,013		27,456
ICICI Bank Ltd. ADR		1,006,995		31,740
Titan Co. Ltd.		359,389		12,826
Zomato Ltd.(a)		4,208,343		9,886
				93,177
Italy (3.8%)
Moncler SpA		452,135		27,850
Japan (6.6%)
Keyence Corp.		38,200		15,021
Sanrio Co. Ltd.		736,900		34,093
				49,114
Korea, Republic of (6.5%)
Coupang, Inc.(a)		1,392,401		30,536
KakaoBank Corp.		1,167,589		17,632
				48,168
Netherlands (4.0%)
Adyen NV(a)		7,077		10,847
ASML Holding NV		28,192		18,657
				29,504
Singapore (1.8%)
Grab Holdings Ltd., Class A(a)		2,957,920		13,399
Sweden (5.7%)
Spotify Technology SA(a)		76,901		42,298
Switzerland (1.5%)
On Holding AG, Class A(a)		260,741		11,452
Taiwan (3.4%)
Taiwan Semiconductor Manufacturing Co. Ltd.		903,000		25,431
United Kingdom (3.2%)
London Stock Exchange Group PLC		160,224		23,797
United States (8.5%)
Liberty Media Corp.-Liberty Formula One, Class C(a)		190,924		17,185
MercadoLibre, Inc.(a)		23,673		46,183
				63,368
Total Common Stocks (Cost $486,035)				724,461
Short-Term Investment (2.6%)
Investment Company (2.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $19,158)		19,157,857		19,158
Total Investments (100.2%) (Cost $505,193) (d)(e)(f)				743,619
Liabilities in Excess of Other Assets (–0.2%)				(1,256	)
Net Assets (100.0%)			$	742,363

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

(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $9,000 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $425,039,000 and 57.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $283,986,000 and the aggregate gross unrealized depreciation is approximately $45,560,000, resulting in net unrealized appreciation of approximately $238,426,000.
ADR	American Depositary Receipt.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		31.0	%
Banks		15.3
Textiles, Apparel & Luxury Goods		13.4
Broadline Retail		11.7
Hotels, Restaurants & Leisure		9.0
Entertainment		8.0
Semiconductors & Semiconductor Equipment		5.9
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. 

First Quarter Report – March 31, 2025 (unaudited) 

Portfolio of Investments 

International Resilience Portfolio

	Shares		Value (000)
Common Stocks (94.8%)
Australia (1.3%)
Aristocrat Leisure Ltd.		604	$	24
Canada (2.3%)
Constellation Software, Inc.		14		44
Denmark (2.2%)
DSV AS		220		42
Finland (2.9%)
Kone OYJ, Class B		1,009		56
France (18.3%)
Capgemini SE		344		52
Dassault Systemes SE		897		34
Legrand SA		487		51
L’Oreal SA		201		75
LVMH Moet Hennessy Louis Vuitton SE		68		42
Pernod Ricard SA		239		24
Safran SA		208		55
Sanofi SA		163		18
				351
Germany (13.9%)
Deutsche Boerse AG		178		52
Infineon Technologies AG		708		24
Merck KGaA		215		30
Qiagen NV(a)		1,219		48
SAP SE		417		112
				266
Hong Kong (1.5%)
AIA Group Ltd.		3,800		29
Italy (3.3%)
Davide Campari-Milano NV		5,916		35
Moncler SpA		456		28
				63
Japan (4.1%)
Keyence Corp.		200		79
Netherlands (5.1%)
ASML Holding NV		86		57
Universal Music Group NV		1,497		41
				98
Spain (2.0%)
Amadeus IT Group SA		495		38
Sweden (4.2%)
Epiroc AB, Class A		1,494		30
Hexagon AB, Class B		4,711		50
				80
Switzerland (0.9%)
Alcon AG		190		18
Taiwan (2.9%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		337		56
United Kingdom (19.5%)
AstraZeneca PLC		332		49
Experian PLC		963		45
Haleon PLC		12,567		63
Halma PLC		1,685		56
London Stock Exchange Group PLC		401		60
RELX PLC (LSE)		974		49
Rightmove PLC		5,757		51
				373
United States (10.4%)
Aon PLC, Class A		111		44
Procter & Gamble Co.		280		48
Thermo Fisher Scientific, Inc.		70		35
Visa, Inc., Class A		206		72
				199
Total Common Stocks (Cost $1,571)				1,816

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

	Shares
Short-Term Investment (1.6%)
Investment Company (1.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $31)		30,944		31
Total Investments (96.4%) (Cost $1,602) (d)(e)(f)				1,847
Other Assets in Excess of Liabilities (3.6%)				68
Net Assets (100.0%)			$	1,915

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Portfolio of Investments (cont’d)

International Resilience Portfolio

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

(a)	Non-income producing security.
(b)	At March 31, 2025, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $1,517,000 and 79.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $333,000 and the aggregate gross unrealized depreciation is approximately $88,000, resulting in net unrealized appreciation of approximately $245,000.
ADR	American Depositary Receipt.
LSE	London Stock Exchange.

Portfolio Composition
Classification	Percentage of Total Investments
Other*		52.4	%
Software		10.3
Electronic Equipment, Instruments & Components		10.0
Pharmaceuticals		8.7
Semiconductors & Semiconductor Equipment		7.4
Capital Markets		6.1
Professional Services		5.1
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Multi-Asset Real Return Portfolio

	Shares		Value (000)
Common Stocks (21.6%)
Australia (1.6%)
Ampol Ltd.		45	$	1
BHP Group Ltd.		1,480		36
BlueScope Steel Ltd.		136		2
Capricorn Metals Ltd. (a)		481		2
Emerald Resources NL (a)		776		2
Evolution Mining Ltd.		2,511		11
Fortescue Ltd.		495		5
Genesis Minerals Ltd. (a)		1,467		3
Gold Road Resources Ltd.		1,462		3
James Hardie Industries PLC (a)		129		3
Mineral Resources Ltd. (a)		56		1
Northern Star Resources Ltd.		1,634		19
Orica Ltd.		147		1
Perseus Mining Ltd.		1,769		4
Pilbara Minerals Ltd. (a)		873		1
Ramelius Resources Ltd.		1,484		2
Regis Resources Ltd. (a)		948		2
Rio Tinto Ltd.		108		8
Santos Ltd.		620		3
South32 Ltd.		1,323		3
Vault Minerals Ltd. (a)		8,397		2
West African Resources Ltd. (a)		1,329		2
Westgold Resources Ltd.		588		1
Woodside Energy Group Ltd.		378		5
				122
Austria (0.0%)‡
OMV AG		29		2
Voestalpine AG		39		1
				3
Belgium (0.0%)‡
Syensqo SA		22		1
Umicore SA		71		1
				2
Canada (4.7%)
Agnico Eagle Mines Ltd. (NYSE)		401		43
Agnico Eagle Mines Ltd. (TSX)		145		16
Alamos Gold, Inc., Class A		499		13
ARC Resources Ltd.		113		2
Aya Gold & Silver, Inc. (a)		151		1
B2Gold Corp. (b)		1,595		5
Barrick Gold Corp. (NYSE)		1,469		29
Barrick Gold Corp. (LSE) (TSX)		514		10
Calibre Mining Corp. (a)		914		2
Cameco Corp.		85		3
Canadian Natural Resources Ltd.		421		13
CCL Industries, Inc., Class B		44		2
Cenovus Energy, Inc.		278		4
Centerra Gold, Inc.		264		2
Dundee Precious Metals, Inc.		231		3
Eldorado Gold Corp. (a)		253		4
Enbridge, Inc.		422		19
Equinox Gold Corp. (a)		398		3
First Majestic Silver Corp.		354		2
First Quantum Minerals Ltd. (a)		206		3
Fortuna Mining Corp. (a)		378		2
Franco-Nevada Corp. (NYSE)		155		24
Franco-Nevada Corp. (TSX) (b)		55		9
IAMGOLD Corp. (a)		614		4
Imperial Oil Ltd.		35		3
Ivanhoe Mines Ltd., Class A (a)(b)		194		2
K92 Mining, Inc. (a)		295		3
Keyera Corp.		44		1
Kinross Gold Corp. (NYSE)		1,521		19
Kinross Gold Corp. (TSX)		358		4
Lundin Mining Corp. (b)		201		2
MAG Silver Corp. (a)		127		2
MEG Energy Corp. (b)		52		1
New Gold, Inc. (a)		855		3
Nutrien Ltd. (b)		144		7
OceanaGold Corp.		865		3
Osisko Gold Royalties Ltd. (b)		231		5
Pan American Silver Corp. (NYSE)		448		12
Pan American Silver Corp. (TSX)		107		3
Parkland Corp.		28		1
Pembina Pipeline Corp.		115		5
Sandstorm Gold Ltd.		368		3
South Bow Corp. (b)		39		1
SSR Mining, Inc. (a)		251		2
Suncor Energy, Inc.		254		10
TC Energy Corp. (b)		206		10
Teck Resources Ltd., Class B		136		5
Torex Gold Resources, Inc. (a)		108		3
Tourmaline Oil Corp. (b)		67		3
Wesdome Gold Mines Ltd. (a)		187		2
West Fraser Timber Co. Ltd.		17		1
Wheaton Precious Metals Corp. (NYSE)		366		28
Wheaton Precious Metals Corp. (TSX)		133		10
				372
China (0.3%)
Zhaojin Mining Industry Co. Ltd., H Shares (c)		3,594		7
Zijin Mining Group Co. Ltd., H Shares (c)		6,628		15
				22
Denmark (0.1%)
Novozymes AS Series B		109		6
Finland (0.1%)
Neste OYJ		82		1
Stora Enso OYJ, Class R		179		2
UPM-Kymmene OYJ (b)		157		4
				7
France (0.8%)
Air Liquide SA		168		32
ArcelorMittal SA		149		4
Arkema SA		18		1
TotalEnergies SE		432		28
				65

Morgan Stanley Institutional Fund, Inc.

First Quarter Report − March 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Multi-Asset Real Return Portfolio

	Shares		Value (000)
Germany (1.2%)
BASF SE		261	$	13
Covestro AG (a)		55		3
Evonik Industries AG		72		2
Heidelberg Materials AG		37		6
Linde PLC		141		66
Symrise AG		38		4
				94
Ireland (0.2%)
CRH PLC		203		18
Israel (0.0%)‡
ICL Group Ltd.		234		1
Italy (0.1%)
Eni SpA		437		7
Tenaris SA		91		2
				9
Japan (0.6%)
Asahi Kasei Corp.		367		2
ENEOS Holdings, Inc.		572		3
Idemitsu Kosan Co. Ltd.		185		1
Inpex Corp.		194		3
JFE Holdings, Inc. (b)		168		2
Mitsubishi Chemical Group Corp.		393		2
Mitsui Chemicals, Inc.		54		1
Nippon Paint Holdings Co. Ltd.		290		2
Nippon Sanso Holdings Corp.		54		2
Nippon Steel Corp. (b)		249		5
Nissan Chemical Corp.		37		1
Nitto Denko Corp.		210		4
Shin-Etsu Chemical Co. Ltd.		526		15
Sumitomo Metal Mining Co. Ltd.		76		2
Toray Industries, Inc.		405		3
				48
Netherlands (0.1%)
Akzo Nobel NV		50		3
DSM-Firmenich AG		53		5
OCI NV (a)		36		1
				9
Norway (0.1%)
Aker BP ASA		61		1
Equinor ASA		179		5
Norsk Hydro ASA		388		2
Yara International ASA		52		2
				10
Peru (0.1%)
Cia de Minas Buenaventura SAA ADR		312		5
Portugal (0.0%)‡
Galp Energia SGPS SA		89		2
South Africa (0.4%)
DRDGOLD Ltd. ADR		110		2
Gold Fields Ltd. ADR		910		20
Harmony Gold Mining Co. Ltd. ADR (b)		778		11
				33
Spain (0.0%)‡
Repsol SA		243		3
Sweden (0.1%)
Boliden AB		79		3
Holmen AB, Class B (b)		24		1
Svenska Cellulosa AB SCA, Class B (a)(b)		178		2
				6
Switzerland (0.6%)
Clariant AG (Registered) (a)		74		1
EMS-Chemie Holding AG (Registered)		2		1
Givaudan SA (Registered)		3		13
Holcim AG (a)		153		16
SIG Group AG (a)		93		2
Sika AG (Registered) (a)		45		11
				44
United Kingdom (1.9%)
Anglo American PLC		371		10
Anglogold Ashanti PLC (LSE)		176		7
Anglogold Ashanti PLC (NYSE)		528		20
Antofagasta PLC		116		3
BP PLC		3,410		19
Croda International PLC		40		1
Endeavour Mining PLC (LSE)		58		1
Endeavour Mining PLC (TSX)		307		7
Glencore PLC (a)		3,025		11
Mondi PLC		135		2
Rio Tinto PLC		329		20
Shell PLC		1,295		47
				148
United States (8.6%)
Air Products & Chemicals, Inc.		65		19
Albemarle Corp.		34		2
Amcor PLC		422		4
APA Corp.		71		2
Avery Dennison Corp.		23		4
Baker Hughes Co.		200		9
Ball Corp.		93		5
Celanese Corp.		32		2
CF Industries Holdings, Inc.		55		4
Cheniere Energy, Inc.		47		11
Chevron Corp.		355		59
Cleveland-Cliffs, Inc. (a)		155		1
Coeur Mining, Inc. (a)		771		5
ConocoPhillips		266		28
Corteva, Inc.		205		13
Coterra Energy, Inc.		151		4
Crown Holdings, Inc.		35		3
Devon Energy Corp.		127		5
Diamondback Energy, Inc.		33		5
Dow, Inc.		204		7
DuPont de Nemours, Inc.		126		9
Eastman Chemical Co.		34		3
Ecolab, Inc.		75		19
EOG Resources, Inc.		117		15

Morgan Stanley Institutional Fund, Inc.

First Quarter Report − March 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Multi-Asset Real Return Portfolio

	Shares		Value (000)
United States (cont’d)
EQT Corp.		77	$	4
Expand Energy Corp.		22		2
Exxon Mobil Corp.		902		107
FMC Corp.		37		2
Freeport-McMoRan, Inc.		418		16
Halliburton Co.		178		5
Hecla Mining Co.		779		4
Hess Corp.		54		9
HF Sinclair Corp.		30		1
International Flavors & Fragrances, Inc.		75		6
International Paper Co.		96		5
Kinder Morgan, Inc.		398		11
LyondellBasell Industries NV, Class A		76		5
Marathon Petroleum Corp.		75		11
Martin Marietta Materials, Inc.		18		9
Mosaic Co.		96		3
Newmont Corp. (TSX)		1,262		61
Nucor Corp.		72		9
Occidental Petroleum Corp.		131		7
ONEOK, Inc.		116		12
Ovintiv, Inc.		49		2
Packaging Corp. of America		26		5
Phillips 66		86		11
PPG Industries, Inc.		69		8
Reliance, Inc.		17		5
Royal Gold, Inc.		81		13
RPM International, Inc.		37		4
Schlumberger NV		283		12
Sherwin-Williams Co.		72		25
Smurfit WestRock PLC		151		7
Steel Dynamics, Inc.		46		6
Targa Resources Corp.		42		8
Texas Pacific Land Corp.		4		5
Valero Energy Corp.		68		9
Vulcan Materials Co.		38		9
Westlake Corp.		12		1
Williams Cos., Inc.		242		14
				671
Total Common Stocks (Cost $1,528)				1,700

	Face Amount (000)
U.S. Treasury Security (50.0%)
United States (50.0%)
U.S. Treasury Inflation-Indexed Notes, 2.13%, 1/15/35 (Cost $3,897)	$	3,822	3,925

	Shares
Short-Term Investments (26.2%)
Investment Company (25.8%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class 4.21% (d) (Cost $2,028)		2,027,526	2,028
Securities held as Collateral on Loaned Securities (0.4%)
Investment Company (0.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class 4.14% (d)		22,125	22

	Face Amount (000)
Repurchase Agreements (0.1%)
Merrill Lynch & Co., Inc., (4.20%, dated 3/31/25, due 4/1/25; proceeds $1; fully collateralized by a U.S. Government obligation; 3.75% due 8/15/27; valued at $1)	$	1		1
Merrill Lynch & Co., Inc., (4.36%, dated 3/31/25, due 4/1/25; proceeds $4; fully collateralized by U.S. Government obligations; 0.00% - 4.63% due 1/31/26 - 2/15/46; valued at $4)		4		4
				5
Total Securities held as Collateral on Loaned Securities (Cost $27)				27
Total Short-Term Investments (Cost $2,055)				2,055
Total Investments (97.8%) (Cost $7,480) including $66 of Securities Loaned (e)(f)(g)(h)				7,680
Other Assets in Excess of Liabilities (2.2%)				175
Net Assets (100.0%)			$	7,855

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

‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2025, were approximately $66,000 and $69,000, respectively. The Fund received cash collateral of approximately $27,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated 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 Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security trades on the Hong Kong exchange.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund.
(e)	Securities are available for collateral in connection with foreign currency forward exchange contracts, futures contract and swap agreement.
(f)	The approximate fair value and percentage of net assets, $519,000 and 6.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(h)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $477,000 and the aggregate gross unrealized depreciation is approximately $110,000, resulting in net unrealized appreciation of approximately $367,000.
ADR	American Depositary Receipt.
LSE	London Stock Exchange.
NYSE	New York Stock Exchange.
TSX	Toronto Stock Exchange.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report − March 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Multi-Asset Real Return Portfolio

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2025:

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Delivery Date	Unrealized Appreciation (Depreciation) (000)
BNP Paribas SA	GBP	10		$	13		6/18/25	$	—	@
Citibank NA	GBP	12		$	16		6/18/25		—	@
Goldman Sachs International	$	—	@	CHF	—	@	6/18/25		(—	@)
Goldman Sachs International	$	16		EUR	15		6/18/25		(—	@)
Goldman Sachs International	$	1		SEK	10		6/18/25		(—	@)
JPMorgan Chase Bank NA	GBP	1		$	1		6/18/25		—	@
JPMorgan Chase Bank NA	$	—	@	CHF	—	@	6/18/25		(—	@)
JPMorgan Chase Bank NA	$	9		JPY	1,361		6/18/25		(—	@)
								$	(—	@)

Futures Contract:

The Fund had the following futures contract open at March 31, 2025:

	Number of Contracts	Expiration Date	Notional Amount (000)		Value (000)		Unrealized Appreciation (000)
Long:
COMEX Gold 100 OZ (United States)	5	Jun-25	$	1	$	1,575	$	180

Total Return Swap Agreement:

The Fund had the following total return swap agreement open at March 31, 2025:

Swap Counterparty

Index

Pay/ Receive Total Return of Reference Index

Floating Rate

Payment Frequency

Maturity Date

Notional Amount (000)

Value (000)

Upfront Payment Paid (000)

Unrealized Depreciation (000)

Goldman Sachs & Co. LLC

S&P GSCI Total Return Index

Pay

USB3MTA + 0.10%

Maturity

4/16/25

$

367

$

(13

)

$

—

$

(13

)

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

Portfolio Composition*  

Classification	Percentage of Total Investments
U.S. Treasury Security		51.3	%
Short-Term Investments		26.5
Metals & Mining		8.8
Oil, Gas & Consumable Fuels		7.1
Other**		6.3
Total Investments		100.0	%***

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2025.
**	Industries and/or investment types representing less than 5% of total investments.
***	Does not include an open futures contract with a value of approximately $1,575,000 and unrealized appreciation of approximately $180,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of less than $500. Also does not include an open swap agreement with unrealized depreciation of approximately $13,000.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Next Gen Emerging Markets Portfolio

	Shares		Value (000)
Common Stocks (98.7%)
Argentina (2.4%)
Despegar.com Corp. (a)		12,161	$	228
Vista Energy SAB de CV ADR (a)		4,782		223
				451
Australia (1.3%)
Perseus Mining Ltd.		116,575		245
Bangladesh (4.9%)
BRAC Bank PLC		809,499		338
Square Pharmaceuticals PLC		324,469		584
				922
Egypt (5.7%)
Commercial International Bank - Egypt (CIB) GDR		427,596		647
Fawry for Banking & Payment Technology Services SAE (a)		2,263,555		430
				1,077
Germany (0.5%)
Jumia Technologies AG ADR (a)		39,584		85
Indonesia (10.4%)
Cisarua Mountain Dairy Tbk. PT		1,512,600		415
Map Aktif Adiperkasa PT		11,430,800		455
Medikaloka Hermina Tbk. PT		8,760,200		561
Selamat Sempurna Tbk. PT		2,447,900		251
Sumber Alfaria Trijaya Tbk. PT		2,251,800		279
				1,961
Kazakhstan (9.3%)
Halyk Savings Bank of Kazakhstan JSC GDR		25,206		622
Kaspi.KZ JSC ADR		4,963		461
NAC Kazatomprom JSC GDR		20,484		669
				1,752
Kenya (2.4%)
Safaricom PLC		3,207,641		454
Nigeria (2.2%)
Guaranty Trust Holding Co. PLC		9,168,020		412
Pakistan (6.3%)
Meezan Bank Ltd.		514,196		454
Systems Ltd.		380,682		738
				1,192
Peru (3.4%)
Credicorp Ltd.		2,386		444
Southern Copper Corp.		1,997		187
				631
Philippines (9.5%)
Bank of the Philippine Islands		184,920		427
BDO Unibank, Inc.		139,260		373
Century Pacific Food, Inc.		1,225,900		783
International Container Terminal Services, Inc.		31,520		196
				1,779
Slovenia (4.0%)
Nova Ljubljanska Banka DD GDR		24,874		758
South Africa (1.4%)
Standard Bank Group Ltd.		20,691		270
Turkey (0.7%)
Logo Yazilim Sanayi Ve Ticaret AS		41,889		135
United Arab Emirates (3.1%)
Emaar Properties PJSC		160,122		580
United States (8.3%)
EPAM Systems, Inc. (a)		1,594		269
Grid Dynamics Holdings, Inc. (a)		21,352		334
MercadoLibre, Inc. (a)		488		952
				1,555
Vietnam (22.9%)
Bank for Foreign Trade of Vietnam JSC (a)		268,736		674
Binh Minh Plastics JSC		108,900		510
FPT Corp.		297,014		1,413
Mobile World Investment Corp.		253,488		586
Phu Nhuan Jewelry JSC		216,200		706
Vietnam Dairy Products JSC		174,692		415
				4,304
Total Common Stocks (Cost $15,148)				18,563
Short-Term Investment (1.0%)
Investment Company (1.0%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.27% (b) (Cost $192)		192,424		192
Total Investments (99.7%) (Cost $15,340) (c)(d)(e)				18,755
Other Assets in Excess of Liabilities (0.3%)				62
Net Assets (100.0%)			$	18,817

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

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(c)	The approximate fair value and percentage of net assets, $14,950,000 and 79.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(d)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,605,000 and the aggregate gross unrealized depreciation is approximately $1,190,000, resulting in net unrealized appreciation of approximately $3,415,000.
ADR	American Depositary Receipt.
GDR	Global Depositary Receipt.
PJSC	Public Joint Stock Company.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		36.7	%
Banks		28.8
Information Technology Services		14.8
Food Products		8.6
Broadline Retail		5.6
Specialty Retail		5.5
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Passport Overseas Equity Portfolio

	Shares		Value (000)
Common Stocks (90.4%)
Argentina (2.8%)
Despegar.com Corp. (a)		217,462	$	4,086
Canada (8.3%)
Agnico Eagle Mines Ltd.		18,826		2,040
Bank of Nova Scotia		38,856		1,842
Canadian Imperial Bank of Commerce (b)		33,610		1,891
Canadian Natural Resources Ltd.		21,963		676
Constellation Software, Inc.		261		826
Royal Bank of Canada		20,065		2,260
Suncor Energy, Inc.		47,726		1,848
Tourmaline Oil Corp. (b)		17,229		831
				12,214
China (1.7%)
Tencent Holdings Ltd. (c)		38,400		2,454
Denmark (0.7%)
Novo Nordisk AS, Class B		15,457		1,057
Egypt (0.4%)
Commercial International Bank - Egypt (CIB)		405,712		661
France (9.1%)
Air Liquide SA		8,531		1,621
Airbus SE		15,792		2,781
L’Oreal SA		2,965		1,102
Pernod Ricard SA		9,190		908
Sanofi SA		19,701		2,181
Schneider Electric SE		11,433		2,639
TotalEnergies SE		15,957		1,028
Verallia SA		35,612		1,106
				13,366
Germany (7.9%)
Linde PLC		4,266		1,986
Rheinmetall AG		2,012		2,879
SAP SE		14,084		3,774
Siemens AG (Registered)		12,911		2,982
				11,621
India (6.8%)
Apollo Hospitals Enterprise Ltd.		18,435		1,424
HDFC Bank Ltd. ADR		52,453		3,485
ICICI Bank Ltd.		168,630		2,650
Reliance Industries Ltd.		82,156		1,221
State Bank of India		145,889		1,312
				10,092
Indonesia (0.6%)
Bank Central Asia Tbk. PT		1,664,700		851
Ireland (3.2%)
AIB Group PLC		461,383		2,980
Ryanair Holdings PLC ADR		39,700		1,682
				4,662
Israel (1.5%)
CyberArk Software Ltd. (a)		6,700		2,265
Japan (6.2%)
FANUC Corp.		21,750		592
Hoya Corp.		5,900		666
Keyence Corp.		6,500		2,556
Recruit Holdings Co. Ltd.		29,900		1,549
Sony Group Corp.		146,465		3,706
				9,069
Korea, Republic of (5.0%)
Hanwha Aerospace Co. Ltd.		6,821		2,931
Samsung Electronics Co. Ltd.		113,200		4,488
				7,419
Malaysia (1.0%)
CIMB Group Holdings Bhd.		431,100		683
Malayan Banking Bhd.		334,600		764
				1,447
Netherlands (3.5%)
ASML Holding NV		2,841		1,880
Universal Music Group NV		69,479		1,918
Wolters Kluwer NV		8,554		1,332
				5,130
Norway (1.6%)
Var Energi ASA		735,993		2,367
Singapore (1.8%)
Sea Ltd. ADR (a)		20,628		2,692
Slovenia (1.5%)
Nova Ljubljanska Banka DD GDR		74,073		2,258
South Africa (1.7%)
Anglo American Platinum Ltd.		40,646		1,635
Northam Platinum Holdings Ltd.		128,516		920
				2,555
Spain (2.7%)
CaixaBank SA		411,029		3,202
Iberdrola SA		49,921		806
				4,008
Switzerland (3.9%)
Nestle SA (Registered)		10,898		1,101
Novartis AG (Registered)		21,272		2,363
Roche Holding AG (Genusschein)		7,077		2,329
				5,793
Taiwan (5.2%)
Alchip Technologies Ltd.		12,000		1,012
MediaTek, Inc.		22,000		948
Taiwan Semiconductor Manufacturing Co. Ltd.		201,000		5,661
				7,621
United Kingdom (9.2%)
AstraZeneca PLC		22,494		3,303
BAE Systems PLC		52,061		1,051
Glencore PLC (a)		247,966		908
Shell PLC		81,138		2,953
Unilever PLC		32,525		1,938
Unilever PLC CVA		56,188		3,353
				13,506
United States (4.1%)
Eli Lilly & Co.		1,102		910
MercadoLibre, Inc. (a)		1,578		3,078
Vertex Pharmaceuticals, Inc. (a)		4,261		2,066
				6,054
Total Common Stocks (Cost $92,555)				133,248

Morgan Stanley Institutional Fund, Inc.

First Quarter Report − March 31, 2025 (unaudited)

Portfolio of Investments (cont’d)

Passport Overseas Equity Portfolio

	Shares		Value (000)
Preferred Stock (1.0%)
United States (1.0%)
Neurogenesis, Inc., Series A (a)(d)(e) (acquisition cost — $1,250; acquired 12/16/21)		32,692	$	1,375
Short-Term Investment (7.5%)
Investment Company (7.5%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (f) (Cost $11,099)		11,098,765		11,099
Total Investments (98.9%) (Cost $104,904) including $2,670 of Securities Loaned (g)(h)(i)(j)				145,722
Other Assets in Excess of Liabilities (1.1%)				1,664
Net Assets (100.0%)			$	147,386

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, 2025, were approximately $2,670,000 and $2,776,000, respectively. The Fund received non-cash collateral of approximately $2,776,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security trades on the Hong Kong exchange.
(d)	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, 2025 amounts to approximately $1,375,000 and represents 0.9% of net assets.
(e)	At March 31, 2025, the Fund held a fair valued security valued at approximately $1,375,000, representing 0.9% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(f)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $3,000 relating to the Fund’s investment in the Liquidity Fund.
(g)	The approximate fair value and percentage of net assets, $98,123,000 and 66.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(h)	Securities are available for collateral in connection with futures contracts.
(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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(j)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $44,306,000 and the aggregate gross unrealized depreciation is approximately $3,699,000, resulting in net unrealized appreciation of approximately $40,607,000.
ADR	American Depositary Receipt.
CVA	Certificaten Van Aandelen.
GDR	Global Depositary Receipt.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report − March 31, 2025 (unaudited)

Portfolio of Investments (cont’d)

Passport Overseas Equity Portfolio

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2025:

	Number of Contracts	Expiration Date	Notional Amount (000)			Value (000)		Unrealized Depreciation (000)
Long:
FTSE 250 Index (United Kingdom)	69	Jun-25	GBP	—	@	$	3,471	$	(92	)
Hang Seng Index (Hong Kong)	33	Apr-25	HKD	2			4,911		(119	)
								$	(211	)

@	Amount is less than $500
FTSE	Financial Times Stock Exchange.
GBP —	British Pound
HKD —	Hong Kong Dollar

Portfolio Composition  

Classification	Percentage of Total Investments
Other*		46.5	%
Banks		17.0
Pharmaceuticals		8.3
Short-Term Investments		7.6
Oil, Gas & Consumable Fuels		7.5
Aerospace & Defense		6.6
Semiconductors & Semiconductor Equipment		6.5
Total Investments		100.0	%**

*	Industries and/or investment types representing less than 5% of total investments.
**	Does not include open futures contracts with a value of approximately $8,382,000 and net unrealized depreciation of approximately $211,000.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Permanence Portfolio

	Shares		Value (000)
Common Stocks (93.6%)
Aerospace & Defense (0.3%)
Axon Enterprise, Inc. (a)		7	$	4
HEICO Corp., Class A		22		5
TransDigm Group, Inc.		4		5
				14
Beverages (6.8%)
Celsius Holdings, Inc. (a)		8,908		317
Broadline Retail (3.3%)
Amazon.com, Inc. (a)		806		153
Capital Markets (6.0%)
Intercontinental Exchange, Inc.		1,491		257
MSCI, Inc.		19		11
S&P Global, Inc.		23		12
				280
Chemicals (0.2%)
Ecolab, Inc.		19		5
Sherwin-Williams Co.		12		4
				9
Commercial Services & Supplies (0.5%)
Cintas Corp.		21		4
Copart, Inc. (a)		75		4
Rollins, Inc.		93		5
Veralto Corp.		110		11
				24
Construction Materials (0.1%)
Martin Marietta Materials, Inc.		8		4
Distributors (0.1%)
Pool Corp.		12		4
Diversified Consumer Services (0.1%)
Service Corp. International		54		4
Entertainment (0.3%)
Netflix, Inc. (a)		5		5
Walt Disney Co.		101		10
				15
Financial Services (1.0%)
Federal National Mortgage Association (a)		7,271		46
Food Products (2.8%)
Hershey Co.		685		117
McCormick & Co., Inc.		148		12
				129
Ground Transportation (4.8%)
Union Pacific Corp.		942		223
Health Care Equipment & Supplies (0.1%)
Intuitive Surgical, Inc. (a)		9		4
Health Care Technology (0.3%)
Veeva Systems, Inc., Class A (a)		54		13
Hotels, Restaurants & Leisure (1.7%)
Domino’s Pizza, Inc.		28		13
McDonald’s Corp.		40		13
Starbucks Corp.		53		5
Vail Resorts, Inc.		295		47
				78
Household Durables (1.0%)
NVR, Inc. (a)		1		7
Victoria PLC (United Kingdom) (a)		35,776		41
				48
Information Technology Services (11.4%)
Cloudflare, Inc., Class A (a)		4,680		527
Gartner, Inc. (a)		9		4
				531
Insurance (0.1%)
Brown & Brown, Inc.		44		5
Life Sciences Tools & Services (5.1%)
Danaher Corp.		1,085		222
Illumina, Inc. (a)		137		11
Thermo Fisher Scientific, Inc.		7		4
				237
Metals & Mining (3.1%)
Royal Gold, Inc.		885		145
Oil, Gas & Consumable Fuels (0.9%)
Cameco Corp. (Canada)		911		37
Texas Pacific Land Corp.		3		4
				41
Pharmaceuticals (6.0%)
Royalty Pharma PLC, Class A		8,920		278
Zoetis, Inc.		22		3
				281
Real Estate Management & Development (7.1%)
CoStar Group, Inc. (a)		880		70
Landbridge Co. LLC, Class A		3,663		263
				333
Semiconductors & Semiconductor Equipment (4.5%)
ASML Holding NV (Registered) (Netherlands)		320		212
Software (4.8%)
Appfolio, Inc., Class A (a)		19		4
Cadence Design Systems, Inc. (a)		15		4
Guidewire Software, Inc. (a)		23		4
Procore Technologies, Inc. (a)		1,059		70
QXO, Inc.		9,713		132
Roper Technologies, Inc.		8		5
Synopsys, Inc. (a)		8		3
Tyler Technologies, Inc. (a)		8		5
				227
Specialized REITs (5.7%)
American Tower Corp. REIT		1,224		266
Specialty Retail (5.6%)
AutoZone, Inc. (a)		7		27
Floor & Decor Holdings, Inc., Class A (a)		2,739		220
Home Depot, Inc.		30		11
Tractor Supply Co.		85		5
				263
Textiles, Apparel & Luxury Goods (4.7%)
LVMH Moet Hennessy Louis Vuitton SE (France)		352		218
Trading Companies & Distributors (5.2%)
Core & Main, Inc., Class A (a)		4,877		236

Morgan Stanley Institutional Fund, Inc.

First Quarter Report − March 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Permanence Portfolio

	Shares		Value (000)
Fastenal Co.		57	$	4
Watsco, Inc.		9		5
				245
Total Common Stocks (Cost $3,959)				4,369
Investment Company (2.9%)
iShares Bitcoin Trust ETF (a) (Cost $113)		2,924		137

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

	Shares
Short-Term Investment (1.6%)
Investment Company (1.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $77)		77,497		77
Total Investments Excluding Purchased Options (98.1%) (Cost $4,149)				4,583
Total Purchased Options Outstanding (0.2%) (Cost $19)				8
Total Investments (98.3%) (Cost $4,168) (d)(e)(f)				4,591
Other Assets in Excess of Liabilities (1.7%)				79
Net Assets (100.0%)			$	4,670

(a)	Non-income producing security.
(b)	At March 31, 2025, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $259,000 and 5.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e)	Securities are available for collateral in connection with purchased options.
(f)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $711,000 and the aggregate gross unrealized depreciation is approximately $288,000, resulting in net unrealized appreciation of approximately $423,000.
ETF	Exchange Traded Fund.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report − March 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Permanence Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2025:

Counterparty	Description	Strike Price	Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)			Premiums Paid (000)		Unrealized Depreciation (000)
JPMorgan Chase Bank NA	USD/CNH	CNH7.66	Sep–25		565,030	$	565	$	1		$	3	$	(2	)
Standard Chartered Bank	USD/CNH	CNH7.76	Oct–25		1,064,506		1,065		2			5		(3	)
JPMorgan Chase Bank NA	USD/CNH	CNH7.77	Jul–25		517,348		517		—	@		2		(2	)
JPMorgan Chase Bank NA	USD/CNH	CNH7.82	Feb–26		1,202,830		1,203		4			5		(1	)
Goldman Sachs & Co. LLC	USD/CNH	CNH8.02	Dec–25		1,001,958		1,002		1			4		(3	)
								$	8		$	19	$	(11	)

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

Portfolio Composition  

Classification	Percentage of Total Investments
Other*		35.0	%
Information Technology Services		11.6
Real Estate Management & Development		7.3
Beverages		6.9
Pharmaceuticals		6.1
Capital Markets		6.1
Specialized REITs		5.8
Specialty Retail		5.7
Trading Companies & Distributors		5.3
Life Sciences Tools & Services		5.2
Software		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

US Core Portfolio

	Shares		Value (000)
Common Stocks (99.6%)
Automobiles (0.7%)
Tesla, Inc. (a)		9,190	$	2,382
Banks (5.8%)
JPMorgan Chase & Co.		81,564		20,008
Broadline Retail (6.1%)
Amazon.com, Inc. (a)		109,284		20,792
Capital Markets (8.5%)
Ameriprise Financial, Inc.		30,502		14,766
Jefferies Financial Group, Inc.		28,762		1,541
LPL Financial Holdings, Inc.		38,871		12,716
				29,023
Commercial Services & Supplies (4.7%)
Waste Management, Inc.		69,758		16,150
Construction Materials (1.7%)
CRH PLC		65,516		5,763
Consumer Staples Distribution & Retail (5.0%)
Costco Wholesale Corp.		18,139		17,155
Electric Utilities (0.6%)
NextEra Energy, Inc.		27,630		1,959
Entertainment (4.1%)
Netflix, Inc. (a)		14,934		13,926
Financial Services (3.6%)
Jack Henry & Associates, Inc.		4,125		753
Mastercard, Inc., Class A		21,251		11,648
				12,401
Hotels, Restaurants & Leisure (2.8%)
McDonald’s Corp.		30,412		9,500
Household Durables (0.4%)
Lennar Corp., Class A		11,010		1,264
Information Technology Services (0.6%)
Shopify, Inc., Class A (Canada) (a)		22,395		2,136
Insurance (9.7%)
Brown & Brown, Inc.		133,740		16,637
Progressive Corp.		58,838		16,652
				33,289
Interactive Media & Services (5.5%)
Alphabet, Inc., Class A		121,497		18,788
Oil, Gas & Consumable Fuels (2.9%)
Chevron Corp.		44,219		7,397
Valero Energy Corp.		18,410		2,432
				9,829
Pharmaceuticals (1.3%)
Eli Lilly & Co.		5,234		4,323
Real Estate Management & Development (3.5%)
CBRE Group, Inc., Class A (a)		92,950		12,156
Retail REITs (1.1%)
Agree Realty Corp. REIT		47,911		3,698
Semiconductors & Semiconductor Equipment (8.4%)
NVIDIA Corp.		264,929		28,713
Software (8.4%)
Microsoft Corp.		48,958		18,378
Tyler Technologies, Inc. (a)		18,171		10,565
				28,943
Specialized REITs (0.1%)
Millrose Properties, Inc. REIT (a)		10,164		269
Specialty Retail (4.8%)
Home Depot, Inc.		4,240		1,554
TJX Cos., Inc.		122,321		14,899
				16,453
Tech Hardware, Storage & Peripherals (6.9%)
Apple, Inc.		106,415		23,638
Textiles, Apparel & Luxury Goods (0.5%)
Lululemon Athletica, Inc. (a)		6,743		1,909
Trading Companies & Distributors (1.9%)
United Rentals, Inc.		10,385		6,508
Total Common Stocks (Cost $235,646)				340,975
Short-Term Investment (0.7%)
Investment Company (0.7%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (b) (Cost $2,382)		2,381,769		2,382
Total Investments (100.3%) (Cost $238,028) (c)(d)				343,357
Liabilities in Excess of Other Assets (–0.3%)				(915	)
Net Assets (100.0%)			$	342,442

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund.
(c)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(d)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $108,266,000 and the aggregate gross unrealized depreciation is approximately $2,937,000, resulting in net unrealized appreciation of approximately $105,329,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		35.9	%
Insurance		9.7
Capital Markets		8.4
Software		8.4
Semiconductors & Semiconductor Equipment		8.4
Tech Hardware, Storage & Peripherals		6.9
Broadline Retail		6.0
Banks		5.8
Interactive Media & Services		5.5
Consumer Staples Distribution & Retail		5.0
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Vitality Portfolio

	Shares		Value (000)
Common Stocks (95.9%)
Biotechnology (33.7%)
Alnylam Pharmaceuticals, Inc. (a)		335	$	91
Altimmune, Inc. (a)		2,479		12
Argenx SE ADR (Belgium) (a)		241		143
Ascendis Pharma AS ADR (Denmark) (a)		500		78
Beam Therapeutics, Inc. (a)		928		18
Biohaven Ltd. (a)		1,256		30
Exact Sciences Corp. (a)		2,200		95
Intellia Therapeutics, Inc. (a)		2,525		18
Newamsterdam Pharma Co. NV (a)		1,264		26
Relay Therapeutics, Inc. (a)		7,042		18
Vertex Pharmaceuticals, Inc. (a)		202		98
				627
Health Care Equipment & Supplies (12.7%)
Align Technology, Inc. (a)		375		60
IDEXX Laboratories, Inc. (a)		61		26
Inspire Medical Systems, Inc. (a)		397		63
Intuitive Surgical, Inc. (a)		176		87
				236
Health Care Providers & Services (7.8%)
Agilon Health, Inc. (a)		7,354		32
UnitedHealth Group, Inc.		217		113
				145
Health Care Technology (9.0%)
Doximity, Inc., Class A (a)		1,015		59
Schrodinger, Inc. (a)		2,488		49
Veeva Systems, Inc., Class A (a)		259		60
				168
Life Sciences Tools & Services (16.2%)
10X Genomics, Inc., Class A (a)		3,698		32
Illumina, Inc. (a)		289		23
MaxCyte, Inc. (a)		14,540		40
Standard BioTools, Inc. (a)		44,921		48
Stevanato Group SpA (Italy) (b)		1,793		37
Thermo Fisher Scientific, Inc.		181		90
West Pharmaceutical Services, Inc.		143		32
				302
Pharmaceuticals (16.5%)
ATAI Life Sciences NV (a)(b)		14,030		19
Eli Lilly & Co.		203		168
Enliven Therapeutics, Inc. (a)(b)		408		8
Royalty Pharma PLC, Class A		701		22
Structure Therapeutics, Inc. ADR (China) (a)		1,335		23
Zoetis, Inc.		401		66
				306
Total Common Stocks (Cost $2,376)				1,784
Short-Term Investments (3.8%)
Investment Company (0.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $10)		10,264		10
Securities held as Collateral on Loaned Securities (3.2%)
Investment Company (2.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c)		48,110		48

	Face Amount (000)
Repurchase Agreements (0.6%)
Merrill Lynch & Co., Inc., (4.20%, dated 3/31/25, due 4/1/25; proceeds $3; fully collateralized by a U.S. Government obligation; 3.75% due 8/15/27; valued at $3)		3		3
Merrill Lynch & Co., Inc., (4.36%, dated 3/31/25, due 4/1/25; proceeds $9; fully collateralized by U.S. Government obligations; 0.00% - 4.63% due 1/31/26 - 2/15/46; valued at $9)		9		9
				12
Total Securities held as Collateral on Loaned Securities (Cost $60)				60
Total Short-Term Investments (Cost $70)				70
Total Investments (99.7%) (Cost $2,446) including $64 of Securities Loaned (d)(e)				1,854
Other Assets in Excess of Liabilities (0.3%)				6
Net Assets (100.0%)			$	1,860

(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, 2025, were approximately $64,000 and $67,000, respectively. The Fund received cash collateral of approximately $60,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $7,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2025, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(d)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(e)	At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $333,000 and the aggregate gross unrealized depreciation is approximately $925,000, resulting in net unrealized depreciation of approximately $592,000.
ADR	American Depositary Receipt.

Portfolio Composition*

Classification	Percentage of Total Investments
Biotechnology		34.9	%
Pharmaceuticals		17.1
Life Sciences Tools & Services		16.8
Health Care Equipment & Supplies		13.1
Health Care Technology		9.4
Health Care Providers & Services		8.1
Other**		0.6
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2025.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments

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

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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

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

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

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

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Advantage
Assets:
Common Stocks
Automobiles	$	11,736	$	—	$	—	$	11,736
Biotechnology		1,962		—		—		1,962
Broadline Retail		17,741		—		—		17,741
Capital Markets		5,417		—		—		5,417
Entertainment		8,787		—		—		8,787
Financial Services		1,812		7,396		—		9,208
Ground Transportation		4,708		—		—		4,708
Hotels, Restaurants & Leisure		19,750		—		—		19,750
Information Technology Services		38,806		—		—		38,806
Life Sciences Tools & Services		4,801		—		—		4,801
Pharmaceuticals		8,793		—		—		8,793
Semiconductors & Semiconductor Equipment		4,509		—		—		4,509
Software		19,306		—		—		19,306
Specialized REITs		4,890		—		—		4,890
Specialty Retail		4,463		—		—		4,463
Textiles, Apparel & Luxury Goods		—		5,033		—		5,033
Trading Companies & Distributors		4,838		—		—		4,838
Total Common Stocks		162,319		12,429		—		174,748
Investment Company		5,069		—		—		5,069
Call Options Purchased		—		296		—		296
Short-Term Investment
Investment Company		2,192		—		—		2,192
Total Assets	$	169,580	$	12,725	$	—	$	182,305

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
American Resilience
Assets:
Common Stocks	$	1,293	(1)	$	—	$	—		$	1,293
Warrants		—			—		—	†		—	†
Short-Term Investment
Investment Company		27			—		—			27
Total Assets	$	1,320		$	—	$	—	†	$	1,320	†

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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

American Resilience		Warrants (000)
Beginning Balance	$	—	†
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		—
Realized gains (losses)		—
Ending Balance	$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	—

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Asia Opportunity
Assets:
Common Stocks
Banks	$	8,575	$	13,576	$	—	$	22,151
Beverages		—		7,308		—		7,308
Broadline Retail		10,912		—		—		10,912
Consumer Finance		6,419		—		—		6,419
Ground Transportation		11,447		—		—		11,447
Health Care Equipment & Supplies		—		1,591		—		1,591
Hotels, Restaurants & Leisure		11,478		18,027		—		29,505
Insurance		—		3,544		—		3,544
Interactive Media & Services		342		12,381		—		12,723
Real Estate Management & Development		3,914		2,337		—		6,251
Semiconductors & Semiconductor Equipment		—		5,295		—		5,295
Textiles, Apparel & Luxury Goods		—		3,743		—		3,743
Total Common Stocks		53,087		67,802		—		120,889
Short-Term Investment
Investment Company		2,466		—		—		2,466
Total Assets	$	55,553	$	67,802	$	—	$	123,355

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

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	$	4,323	$	4,342	$	—	$	8,665
Beverages		—		2,006		—		2,006
Broadline Retail		6,236		500		—		6,736
Consumer Finance		1,706		—		—		1,706
Ground Transportation		3,177		—		—		3,177
Health Care Equipment & Supplies		—		368		—		368
Hotels, Restaurants & Leisure		3,077		5,856		—		8,933
Insurance		—		211		—		211
Interactive Media & Services		121		3,633		—		3,754
Real Estate Management & Development		1,127		605		—		1,732
Semiconductors & Semiconductor Equipment		—		1,943		—		1,943
Textiles, Apparel & Luxury Goods		—		1,141		—		1,141
Water Utilities		1,333		—		—		1,333
Total Common Stocks		21,100		20,605		—		41,705
Short-Term Investment
Investment Company		1,874		—		—		1,874
Total Assets	$	22,974	$	20,605	$	—	$	43,579

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Emerging Markets ex China
Assets:
Common Stocks
Air Freight & Logistics	$	—	$	23	$	—	$	23
Automobile Components		—		39		—		39
Automobiles		—		284		—		284
Banks		303		1,125		—		1,428
Beverages		—		36		—		36
Broadline Retail		37		66		—		103
Capital Markets		—		88		—		88
Chemicals		—		62		—		62
Commercial Services & Supplies		—		40		—		40
Construction & Engineering		—		60		—		60
Construction Materials		—		111		—		111
Consumer Finance		—		145		—		145
Consumer Staples Distribution & Retail		123		52		—		175
Electrical Equipment		86		121		—		207
Electronic Equipment, Instruments & Components		—		215		—		215
Entertainment		—		18		—		18
Food Products		97		117		—		214
Health Care Providers & Services		97		209		—		306
Hotels, Restaurants & Leisure		36		—		—		36
Household Products		42		—		—		42
Information Technology Services		57		77		—		134
Insurance		42		312		—		354
Interactive Media & Services		—		34		—		34
Machinery		—		26		—		26
Metals & Mining		48		289		—		337
Oil, Gas & Consumable Fuels		—		190		—		190
Personal Care Products		—		23		—		23
Real Estate Management & Development		—		71		—		71
Semiconductors & Semiconductor Equipment		—		1,307		—		1,307
Tech Hardware, Storage & Peripherals		—		491		—		491
Tobacco		—		32		—		32
Wireless Telecommunication Services		—		20		—		20
Total Common Stocks		968		5,683		—		6,651
Short-Term Investment
Investment Company		94		—		—		94
Total Assets	$	1,062	$	5,683	$	—	$	6,745

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

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	$	—	$	5,009	$	—	$	5,009
Banks		13,765		16,758		—		30,523
Beverages		4,355		7,749		—		12,104
Broadline Retail		11,875		—		—		11,875
Building Products		—		3,497		—		3,497
Capital Markets		2,161		—		—		2,161
Construction Materials		—		4,098		—		4,098
Consumer Finance		—		102		—		102
Consumer Staples Distribution & Retail		4,269		—		—		4,269
Electrical Equipment		3,059		10,146		—		13,205
Electronic Equipment, Instruments & Components		—		4,567		—		4,567
Ground Transportation		7,057		—		—		7,057
Health Care Providers & Services		—		1,757		—		1,757
Hotels, Restaurants & Leisure		—		1,973		—		1,973
Information Technology Services		3,299		—		—		3,299
Life Sciences Tools & Services		—		3,588		—		3,588
Machinery		—		1,576		—		1,576
Pharmaceuticals		—		294		—		294
Real Estate Management & Development		—		3,434		—		3,434
Semiconductors & Semiconductor Equipment		—		11,406		—		11,406
Textiles, Apparel & Luxury Goods		—		4,377		—		4,377
Wireless Telecommunication Services		—		6,871		—		6,871
Total Common Stocks		49,840		87,202		—		137,042
Short-Term Investment
Investment Company		8,513		—		—		8,513
Total Assets	$	58,353	$	87,202	$	—	$	145,555

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

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
Automobile Components	$	—	$	2,341	$	—	$	2,341
Automobiles		—		26,629		—		26,629
Banks		20,488		89,761		—		110,249
Beverages		—		6,720		—		6,720
Broadline Retail		2,761		30,625		—		33,386
Capital Markets		—		7,303		—		7,303
Chemicals		—		4,015		—		4,015
Construction & Engineering		—		3,805		—		3,805
Construction Materials		—		4,510		—		4,510
Consumer Finance		—		8,916		—		8,916
Consumer Staples Distribution & Retail		10,344		3,615		—		13,959
Electrical Equipment		9,782		9,305		—		19,087
Electronic Equipment, Instruments & Components		—		12,770		—		12,770
Entertainment		—		4,918		—		4,918
Financial Services		—		2,578		—		2,578
Food Products		4,968		6,360		—		11,328
Health Care Providers & Services		2,140		5,384		—		7,524
Hotels, Restaurants & Leisure		15,460		7,044		—		22,504
Household Products		4,452		—		—		4,452
Information Technology Services		7,238		—		—		7,238
Insurance		990		16,978		—		17,968
Interactive Media & Services		—		35,313		—		35,313
Machinery		—		6,178		—		6,178
Metals & Mining		3,059		7,894		—		10,953
Oil, Gas & Consumable Fuels		—		10,893		—		10,893
Personal Care Products		—		1,350		—		1,350
Pharmaceuticals		—		3,089		—		3,089
Real Estate Management & Development		1,537		4,578		—		6,115
Semiconductors & Semiconductor Equipment		—		71,867		—		71,867
Tech Hardware, Storage & Peripherals		—		33,782		—		33,782
Tobacco		—		2,366		—		2,366
Total Common Stocks		83,219		430,887		—		514,106
Short-Term Investments
Investment Company		11,311		—		—		11,311
Total Assets	$	94,530	$	430,887	$	—	$	525,417

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

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	$	15,146	$	—	$	—	$	15,146
Banks		31,386		—		—		31,386
Broadline Retail		5,102		—		—		5,102
Capital Markets		24,107		—		—		24,107
Commercial Services & Supplies		11,116		—		—		11,116
Construction Materials		17,443		—		—		17,443
Consumer Staples Distribution & Retail		16,814		—		—		16,814
Electric Utilities		2,971		—		—		2,971
Entertainment		15,868		—		—		15,868
Financial Services		8,894		—		—		8,894
Insurance		20,483		—		—		20,483
Interactive Media & Services		14,065		—		—		14,065
Pharmaceuticals		3,453		—		—		3,453
Real Estate Management & Development		14,764		—		—		14,764
Semiconductors & Semiconductor Equipment		34,826		—		—		34,826
Software		15,423		—		—		15,423
Trading Companies & Distributors		8,378		—		—		8,378
Total Common Stocks		260,239		—		—		260,239
Short-Term Investments
Investment Company		14,491		—		—		14,491
Repurchase Agreements		—		2,936		—		2,936
Total Short-Term Investments		14,491		2,936		—		17,427
Total Assets	$	274,730	$	2,936	$	—	$	277,666

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Global Core
Assets:
Common Stocks
Automobiles	$	2,276	$	—	$	—	$	2,276
Banks		3,975		—		—		3,975
Broadline Retail		2,649		—		—		2,649
Capital Markets		2,727		—		—		2,727
Chemicals		687		—		—		687
Commercial Services & Supplies		747		—		—		747
Construction Materials		2,381		—		—		2,381
Consumer Staples Distribution & Retail		294		—		—		294
Diversified Telecommunication Services		76		—		—		76
Electric Utilities		180		—		—		180
Entertainment		1,496		—		—		1,496
Financial Services		911		—		—		911
Hotels, Restaurants & Leisure		260		—		—		260
Information Technology Services		210		—		—		210
Insurance		2,669		—		—		2,669
Interactive Media & Services		2,502		—		—		2,502
Oil, Gas & Consumable Fuels		784		—		—		784
Professional Services		167		—		—		167
Real Estate Management & Development		1,171		—		—		1,171
Semiconductors & Semiconductor Equipment		3,463		—		—		3,463
Software		1,974		—		—		1,974
Specialized REITs		—		20		—		20
Specialty Retail		1,574		—		—		1,574
Tech Hardware, Storage & Peripherals		1,922		—		—		1,922
Textiles, Apparel & Luxury Goods		840		303		—		1,143
Trading Companies & Distributors		1,122		—		—		1,122
Total Common Stocks		37,057		323		—		37,380
Short-Term Investment
Investment Company		226		—		—		226
Total Assets	$	37,283	$	323	$	—	$	37,606

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Global Endurance
Assets:
Common Stocks
Aerospace & Defense	$	—	$	1,928	$	—	$	1,928
Air Freight & Logistics		199		—		—		199
Automobiles		325		—		—		325
Biotechnology		3,981		—		—		3,981
Broadline Retail		597		—		—		597
Financial Services		—		304		—		304
Hotels, Restaurants & Leisure		—		2,218		—		2,218
Household Durables		237		3,997		—		4,234
Life Sciences Tools & Services		873		—		—		873
Oil, Gas & Consumable Fuels		664		—		—		664
Pharmaceuticals		2,542		—		—		2,542
Real Estate Management & Development		599		—		—		599
Semiconductors & Semiconductor Equipment		824		—		—		824
Software		4,256		505		—		4,761
Specialty Retail		1,983		—		—		1,983
Trading Companies & Distributors		474		—		—		474
Total Assets	$	17,554	$	8,952	$	—	$	26,506

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

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	$	89,712	$	—	$	—	$	89,712
Capital Markets		260,153		—		—		260,153
Electronic Equipment, Instruments & Components		31,695		—		—		31,695
Financial Services		205,253		—		—		205,253
Health Care Equipment & Supplies		214,924		—		—		214,924
Health Care Providers & Services		88,764		—		—		88,764
Hotels, Restaurants & Leisure		77,442		—		—		77,442
Household Products		88,968		—		—		88,968
Information Technology Services		101,858		—		—		101,858
Insurance		207,881		—		—		207,881
Interactive Media & Services		60,983		—		—		60,983
Life Sciences Tools & Services		76,234		—		—		76,234
Machinery		54,834		—		—		54,834
Personal Care Products		—		114,553		—		114,553
Pharmaceuticals		21,726		55,185		—		76,911
Professional Services		149,492		131,726		—		281,218
Software		313,566		186,564		—		500,130
Specialty Retail		46,421		—		—		46,421
Textiles, Apparel & Luxury Goods		—		51,715		—		51,715
Tobacco		35,211		—		—		35,211
Total Common Stocks		2,125,117		539,743		—		2,664,860
Short-Term Investment
Investment Company		51,855		—		—		51,855
Total Assets	$	2,176,972	$	539,743	$	—	$	2,716,715

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Global Insight
Assets:
Common Stocks
Automobiles	$	3,376	$	—	$	—	$	3,376
Banks		243		—		—		243
Biotechnology		1,620		—		—		1,620
Broadline Retail		8,131		—		—		8,131
Entertainment		2,319		—		—		2,319
Financial Services		3,239		2,765		—		6,004
Ground Transportation		1,967		—		—		1,967
Health Care Providers & Services		878		—		—		878
Hotels, Restaurants & Leisure		1,371		—		—		1,371
Household Durables		—		81		—		81
Information Technology Services		10,348		—		—		10,348
Pharmaceuticals		2,691		—		—		2,691
Real Estate Management & Development		1,403		—		—		1,403
Semiconductors & Semiconductor Equipment		1,928		—		—		1,928
Software		9,708		—		—		9,708
Tech Hardware, Storage & Peripherals		457		—		—		457
Total Common Stocks		49,679		2,846		—		52,525
Preferred Stock
Software		—		—		29		29
Investment Company		1,459		—		—		1,459
Call Options Purchased		—		103		—		103
Short-Term Investment
Investment Company		1,906		—		—		1,906
Total Assets	$	53,044	$	2,949	$	29	$	56,022

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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

Global Insight	Preferred Stock (000)
Beginning Balance	$	33
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		(4	)
Realized gains (losses)		—
Ending Balance	$	29
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	(4	)

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, 2025. 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, 2025 (000)		Valuation Technique	Unobservable Input	Amount*		Impact to Valuation from an Increase in Input**
Preferred Stock	$	29	Market Transaction Method	Precedent Transaction		$5.15	Increase
			Discounted Cash Flow	Weighted Average Cost of Capital		16.5%	Decrease
				Perpetual Growth Rate		3.5%	Increase
			Market Comparable Companies	Enterprise Value/Revenue		4.3x	Increase
				Discount for Lack of Marketability		7.0%	Decrease

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

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	$	—	$	136,147	$	—		$	136,147
Banks		166,626		94,211		—			260,837
Broadline Retail		367,721		—		—			367,721
Capital Markets		—		47,712		—			47,712
Electrical Equipment		—		118,288		—			118,288
Electronic Equipment, Instruments & Components		—		28,350		—	†		28,350	†
Entertainment		285,604		—		—			285,604
Financial Services		258,002		—		—			258,002
Ground Transportation		206,420		—		—			206,420
Hotels, Restaurants & Leisure		298,803		71,270		—			370,073
Information Technology Services		69,317		—		—			69,317
Interactive Media & Services		207,653		—		—			207,653
Semiconductors & Semiconductor Equipment		—		112,698		—			112,698
Software		252,966		—		—			252,966
Textiles, Apparel & Luxury Goods		19,815		191,062		—			210,877
Total Common Stocks		2,132,927		799,738		—	†		2,932,665	†
Short-Term Investment
Investment Company		37,827		—		—			37,827
Total Assets	$	2,170,754	$	799,738	$	—	†	$	2,970,492	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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

Global Opportunity		Common Stock (000)
Beginning Balance	$	—	†
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		—
Realized gains (losses)		—
Ending Balance	$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	—

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

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	$	—	$	227	$	—		$	227
Automobiles		4		—		—			4
Banks		9		—		—			9
Beverages		218		2		—			220
Broadline Retail		81		—		—			81
Capital Markets		151		—		—			151
Chemicals		4		—		—			4
Commercial Services & Supplies		12		37		—			49
Entertainment		—		4		—			4
Financial Services		35		—		—			35
Ground Transportation		170		—		—			170
Health Care Equipment & Supplies		—		52		—			52
Hotels, Restaurants & Leisure		18		51		—			69
Household Durables		—		44		—			44
Information Technology Services		376		—		—			376
Insurance		4		—		—			4
Life Sciences Tools & Services		129		165		—			294
Metals & Mining		116		—		—			116
Oil, Gas & Consumable Fuels		31		—		—			31
Personal Care Products		—		58		—			58
Pharmaceuticals		204		—		—			204
Real Estate Management & Development		150		—		—			150
Semiconductors & Semiconductor Equipment		162		—		—			162
Software		66		—		—			66
Specialized REITs		139		—		—			139
Specialty Retail		159		—		—			159
Textiles, Apparel & Luxury Goods		51		209		—			260
Trading Companies & Distributors		133		—		—			133
Transportation Infrastructure		51		—		—			51
Total Common Stocks		2,473		849		—			3,322
Investment Company		106		—		—			106
Warrants		—		—		—	†		—	†
Call Options Purchased		—		7		—			7
Short-Term Investment
Investment Company		26		—		—			26
Total Assets	$	2,605	$	856	$	—	†	$	3,461	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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

Global Permanence	Warrants (000)
Beginning Balance	$	—	†
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		—
Realized gains (losses)		—
Ending Balance	$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	—

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
Global Stars
Assets:
Common Stocks
Air Freight & Logistics	$	—	$	1,080	$	—		$	1,080
Beverages		—		797		—			797
Broadline Retail		655		—		—			655
Capital Markets		5,774		—		—			5,774
Electronic Equipment, Instruments & Components		—		1,200		—			1,200
Entertainment		1,350		—		—			1,350
Financial Services		4,162		—		—			4,162
Ground Transportation		1,908		—		—			1,908
Health Care Equipment & Supplies		—		655		—			655
Health Care Providers & Services		2,507		—		—			2,507
Hotels, Restaurants & Leisure		1,313		—		—			1,313
Information Technology Services		1,498		—		—			1,498
Insurance		2,862		—		—			2,862
Interactive Media & Services		1,914		1,042		—			2,956
Life Sciences Tools & Services		799		—		—			799
Machinery		—		1,218		—			1,218
Pharmaceuticals		—		1,302		—			1,302
Professional Services		2,275		1,897		—			4,172
Semiconductors & Semiconductor Equipment		1,106		—		—			1,106
Software		3,629		4,452		—			8,081
Textiles, Apparel & Luxury Goods		1,325		—		—			1,325
Total Common Stocks		33,077		13,643		—			46,720
Warrants		—		—		—	†		—	†
Short-Term Investment
Investment Company		814		—		—			814
Total Assets	$	33,891	$	13,643	$	—	†	$	47,534	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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

Global Stars	Warrants (000)
Beginning Balance	$	—	†
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		—
Realized gains (losses)		—
Ending Balance	$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	—

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

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	$	240,196	$	—	$	—		$	240,196
Biotechnology		38,235		—		—			38,235
Broadline Retail		302,427		—		—			302,427
Capital Markets		13,698		—		—			13,698
Electronic Equipment, Instruments & Components		—		—		—	†		—	†
Entertainment		166,825		—		—			166,825
Financial Services		202,696		103,212		—			305,908
Hotels, Restaurants & Leisure		344,772		—		—			344,772
Information Technology Services		734,778		—		—			734,778
Life Sciences Tools & Services		37,410		—		—			37,410
Pharmaceuticals		167,005		—		—			167,005
Software		767,250		—		—			767,250
Specialized REITs		39,385		—		—			39,385
Total Common Stocks		3,054,677		103,212		—	†		3,157,889	†
Preferred Stocks
Financial Services		—		—		17,843			17,843
Software		—		—		124,081			124,081
Total Preferred Stocks		—		—		141,924			141,924
Investment Company		102,987		—		—			102,987
Call Options Purchased		—		6,286		—			6,286
Short-Term Investments
Investment Company		65,684		—		—			65,684
Repurchase Agreements		—		190		—			190
Total Short-Term Investments		65,684		190		—			65,874
Total Assets	$	3,223,348	$	109,688	$	141,924	†	$	3,474,960	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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

Growth	Common Stock (000)			Preferred Stocks (000)
Beginning Balance	$	—	†	$	146,360
Purchases		—			—
Sales		—			—
Transfers in		—			—
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		—			(4,436	)
Realized gains (losses)		—			—
Ending Balance	$	—	†	$	141,924
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	—		$	(4,436	)

† 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, 2025. 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, 2025 (000)		Valuation Technique	Unobservable Input	Range/ Weighted Average*	Impact to Valuation from an Increase in Input**
Preferred Stocks	$	141,924	Market Transaction Method	Precedent Transaction	$31.59-$92.50/$84.84	Increase
			Discounted Cash Flow	Weighted Average Cost of Capital	13.0%-16.5%/14.2%	Decrease
				Perpetual Growth Rate	3.0%-4.0%/3.5%	Increase
			Market Comparable Companies	Enterprise Value/Revenue	1.0x-18.0x/14.2x	Increase
				Discount for Lack of Marketability	11.0%-15.0%/14.5%	Decrease

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

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
Beverages	$	24,035	$	—	$	—		$	24,035
Biotechnology		26,815		—		—			26,815
Broadline Retail		19,551		—		—			19,551
Chemicals		162		—		—			162
Financial Services		22,404		—		—			22,404
Health Care Equipment & Supplies		5,150		—		—			5,150
Health Care Providers & Services		22,787		—		—			22,787
Health Care Technology		700		—		—			700
Hotels, Restaurants & Leisure		1,586		—		—			1,586
Household Durables		—		1,840		—			1,840
Information Technology Services		27,789		—		—			27,789
Leisure Products		14,150		—		—			14,150
Life Sciences Tools & Services		6,177		—		—			6,177
Metals & Mining		1,516		—		—			1,516
Oil, Gas & Consumable Fuels		1,563		—		—			1,563
Passenger Airlines		1,594		—		—			1,594
Personal Care Products		17,533		—		—			17,533
Pharmaceuticals		2,072		—		—			2,072
Real Estate Management & Development		19,443		—		—			19,443
Software		37,975		—		—			37,975
Specialty Retail		7,274		—		—			7,274
Tech Hardware, Storage & Peripherals		8,480		—		—			8,480
Trading Companies & Distributors		11,254		—		—			11,254
Total Common Stocks		280,010		1,840		—			281,850
Preferred Stocks
Health Care Technology		—		—		3,335			3,335
Software		—		—		5,285			5,285
Total Preferred Stocks		—		—		8,620			8,620
Investment Company		9,940		—		—			9,940
Warrants		—		—		—	†		—	†
Call Options Purchased		—		542		—			542
Short-Term Investments
Investment Company		10,678		—		—			10,678
Repurchase Agreements		—		866		—			866
Total Short-Term Investments		10,678		866		—			11,544
Total Assets	$	300,628	$	3,248	$	8,620	†	$	312,496	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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

Inception	Preferred Stocks (000)			Warrants (000)
Beginning Balance	$	9,942		$	—	†
Purchases		—			—
Sales		—			—
Transfers in		—			—
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		(1,322	)		—
Realized gains (losses)		—			—
Ending Balance	$	8,620		$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	(1,322	)	$	—

† 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, 2025. 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, 2025 (000)		Valuation Technique	Unobservable Input	Amount or Range/ Weighted Average*	Impact to Valuation from an Increase in Input**
Preferred Stocks	$	8,620	Market Transaction Method	Precedent Transaction	$5.15	Increase
			Discounted Cash Flow	Weighted Average Cost of Capital	15.0%-17.0%/16.3%	Decrease
				Perpetual Growth Rate	3.0%-4.0%/3.5%	Increase
			Market Comparable Companies	Enterprise Value/Revenue	0.7x-24.1x/2.9x	Increase
				Discount for Lack of Marketability	7.0%-19.0%/11.6%	Decrease
			Comparable Transactions	Enterprise Value/Revenue	1.5x	Increase

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

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	$	—	$	187,275	$	—	$	187,275
Banks		130,846		83,638		—		214,484
Broadline Retail		125,437		—		—		125,437
Capital Markets		56,758		86,849		—		143,607
Electrical Equipment		—		121,383		—		121,383
Electronic Equipment, Instruments & Components		—		98,814		—		98,814
Entertainment		247,648		—		—		247,648
Financial Services		—		41,370		—		41,370
Food Products		—		37,268		—		37,268
Ground Transportation		82,787		—		—		82,787
Health Care Equipment & Supplies		—		114,944		—		114,944
Information Technology Services		44,311		—		—		44,311
Insurance		—		68,361		—		68,361
Interactive Media & Services		—		27,742		—		27,742
Multi-Utilities		36,282		—		—		36,282
Personal Care Products		—		100,266		—		100,266
Semiconductors & Semiconductor Equipment		—		209,386		—		209,386
Specialty Retail		—		40,195		—		40,195
Textiles, Apparel & Luxury Goods		51,188		536,842		—		588,030
Total Common Stocks		775,257		1,754,333		—		2,529,590
Short-Term Investments
Investment Company		45,629		—		—		45,629
Repurchase Agreements		—		1,824		—		1,824
Total Short-Term Investments		45,629		1,824		—		47,453
Total Assets	$	820,886	$	1,756,157	$	—	$	2,577,043

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

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	$	—	$	12,693	$	—		$	12,693
Air Freight & Logistics		—		9,995		—			9,995
Banks		—		29,253		—			29,253
Beverages		—		24,910		—			24,910
Capital Markets		—		25,827		—			25,827
Electrical Equipment		—		11,409		—			11,409
Electronic Equipment, Instruments & Components		—		43,971		—			43,971
Entertainment		—		8,929		—			8,929
Financial Services		—		8,058		—			8,058
Food Products		—		8,522		—			8,522
Hotels, Restaurants & Leisure		—		12,982		—			12,982
Household Durables		—		9,633		—			9,633
Household Products		—		5,241		—			5,241
Information Technology Services		—		13,272		—			13,272
Insurance		—		28,506		—			28,506
Interactive Media & Services		—		17,846		—			17,846
Life Sciences Tools & Services		—		11,569		—			11,569
Machinery		—		28,652		—			28,652
Metals & Mining		6,197		7,999		—			14,196
Oil, Gas & Consumable Fuels		6,234		11,250		—			17,484
Personal Care Products		—		18,143		—			18,143
Pharmaceuticals		—		43,042		—			43,042
Professional Services		—		14,637		—			14,637
Semiconductors & Semiconductor Equipment		12,265		23,619		—			35,884
Software		11,037		30,240		—			41,277
Tech Hardware, Storage & Peripherals		—		9,041		—			9,041
Textiles, Apparel & Luxury Goods		—		21,178		—			21,178
Total Common Stocks		35,733		490,417		—			526,150
Warrants		—		—		—	†		—	†
Short-Term Investment
Investment Company		8,417		—		—			8,417
Total Assets	$	44,150	$	490,417	$	—	†	$	534,567	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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

International Equity		Warrants (000)
Beginning Balance	$	—	†
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		—
Realized gains (losses)		—
Ending Balance	$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	—

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

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	$	—	$	42,082	$	—	$	42,082
Banks		57,572		56,357		—		113,929
Beverages		—		14,739		—		14,739
Broadline Retail		87,275		—		—		87,275
Capital Markets		—		23,797		—		23,797
Electrical Equipment		—		30,866		—		30,866
Electronic Equipment, Instruments & Components		—		15,021		—		15,021
Entertainment		59,483		—		—		59,483
Financial Services		—		10,847		—		10,847
Ground Transportation		21,369		—		—		21,369
Hotels, Restaurants & Leisure		27,131		39,517		—		66,648
Information Technology Services		21,003		—		—		21,003
Interactive Media & Services		—		13,406		—		13,406
Personal Care Products		—		11,662		—		11,662
Semiconductors & Semiconductor Equipment		—		44,088		—		44,088
Specialty Retail		—		34,093		—		34,093
Textiles, Apparel & Luxury Goods		11,452		88,564		—		100,016
Water Utilities		14,137		—		—		14,137
Total Common Stocks		299,422		425,039		—		724,461
Short-Term Investment
Investment Company		19,158		—		—		19,158
Total Assets	$	318,580	$	425,039	$	—	$	743,619

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
International Resilience
Assets:
Common Stocks
Aerospace & Defense	$	—	$	55	$	—		$	55
Air Freight & Logistics		—		42		—			42
Beverages		—		59		—			59
Capital Markets		—		112		—			112
Electrical Equipment		—		51		—			51
Electronic Equipment, Instruments & Components		—		185		—			185
Entertainment		—		41		—			41
Financial Services		72		—		—			72
Health Care Equipment & Supplies		—		18		—			18
Hotels, Restaurants & Leisure		—		62		—			62
Household Products		48		—		—			48
Information Technology Services		—		52		—			52
Insurance		44		29		—			73
Interactive Media & Services		—		51		—			51
Life Sciences Tools & Services		35		48		—			83
Machinery		—		86		—			86
Personal Care Products		—		75		—			75
Pharmaceuticals		—		160		—			160
Professional Services		—		94		—			94
Semiconductors & Semiconductor Equipment		56		81		—			137
Software		44		146		—			190
Textiles, Apparel & Luxury Goods		—		70		—			70
Total Common Stocks		299		1,517		—			1,816
Warrants		—		—		—	†		—	†
Short-Term Investment
Investment Company		31		—		—			31
Total Assets	$	330	$	1,517	$	—	†	$	1,847	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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

International Resilience	Warrants (000)
Beginning Balance	$	—	†
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		—
Realized gains (losses)		—
Ending Balance	$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	—

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Multi-Asset Real Return
Assets:
Common Stocks
Chemicals	$	205	$	135		$	—	$	340
Construction Materials		18		43			—		61
Containers & Packaging		35		2			—		37
Energy Equipment & Services		26		2			—		28
Metals & Mining		471		202			—		673
Oil, Gas & Consumable Fuels		418		131			—		549
Paper & Forest Products		1		11			—		12
Total Common Stocks		1,174		526			—		1,700
U.S. Treasury Security		—		3,925			—		3,925
Short-Term Investments
Investment Company		2,050		—			—		2,050
Repurchase Agreements		—		5			—		5
Total Short-Term Investments		2,050		5			—		2,055
Foreign Currency Forward Exchange Contracts		—		—	@		—		—	@
Future Contract		180		—			—		180
Total Assets		3,404		4,456			—		7,860
Liabilities:
Foreign Currency Forward Exchange Contracts		—		(—	@)		—		(—	@)
Total Return Swap Agreement		—		(13	)		—		(13	)
Total Liabilities		—		(13	)		—		(13	)
Total	$	3,404	$	4,443		$	—	$	7,847

@ Value is less than $500.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Next Gen Emerging Markets
Assets:
Common Stocks
Automobile Components	$	—	$	251	$	—	$	251
Banks		444		4,975		—		5,419
Broadline Retail		1,037		—		—		1,037
Building Products		—		510		—		510
Consumer Finance		461		—		—		461
Consumer Staples Distribution & Retail		—		279		—		279
Financial Services		430		—		—		430
Food Products		—		1,613		—		1,613
Health Care Providers & Services		—		561		—		561
Hotels, Restaurants & Leisure		228		—		—		228
Information Technology Services		603		2,151		—		2,754
Metals & Mining		187		245		—		432
Oil, Gas & Consumable Fuels		223		669		—		892
Pharmaceuticals		—		584		—		584
Real Estate Management & Development		—		580		—		580
Software		—		135		—		135
Specialty Retail		—		1,041		—		1,041
Textiles, Apparel & Luxury Goods		—		706		—		706
Transportation Infrastructure		—		196		—		196
Wireless Telecommunication Services		—		454		—		454
Total Common Stocks		3,613		14,950		—		18,563
Short-Term Investment
Investment Company		192		—		—		192
Total Assets	$	3,805	$	14,950	$	—	$	18,755

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Passport Overseas Equity
Assets:
Common Stocks
Aerospace & Defense	$	—		$	9,642	$	—	$	9,642
Banks		10,139			14,700		—		24,839
Beverages		—			908		—		908
Biotechnology		2,066			—		—		2,066
Broadline Retail		3,078			—		—		3,078
Chemicals		1,986			1,621		—		3,607
Containers & Packaging		—			1,106		—		1,106
Electric Utilities		—			806		—		806
Electrical Equipment		—			2,639		—		2,639
Electronic Equipment, Instruments & Components		—			2,556		—		2,556
Entertainment		2,692			1,918		—		4,610
Food Products		—			1,101		—		1,101
Health Care Equipment & Supplies		—			666		—		666
Health Care Providers & Services		—			1,424		—		1,424
Hotels, Restaurants & Leisure		4,086			—		—		4,086
Household Durables		—			3,706		—		3,706
Industrial Conglomerates		—			2,982		—		2,982
Interactive Media & Services		—			2,454		—		2,454
Machinery		—			592		—		592
Metals & Mining		2,040			3,463		—		5,503
Oil, Gas & Consumable Fuels		3,355			7,569		—		10,924
Passenger Airlines		1,682			—		—		1,682
Personal Care Products		—			6,393		—		6,393
Pharmaceuticals		910			11,233		—		12,143
Professional Services		—			2,881		—		2,881
Semiconductors & Semiconductor Equipment		—			9,501		—		9,501
Software		3,091			3,774		—		6,865
Tech Hardware, Storage & Peripherals		—			4,488		—		4,488
Total Common Stocks		35,125			98,123		—		133,248
Preferred Stock
Biotechnology		—			—		1,375		1,375
Short-Term Investment
Investment Company		11,099			—		—		11,099
Total Assets		46,224			98,123		1,375		145,722
Liabilities:
Futures Contracts		(211	)		—		—		(211	)
Total	$	46,013		$	98,123	$	1,375	$	145,511

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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

Passport Overseas Equity	Preferred Stock (000)
Beginning Balance	$	1,375
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		—
Realized gains (losses)		—
Ending Balance	$	1,375
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	—

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, 2025:

Passport Overseas Equity	Fair Value at March 31, 2025 (000)		Valuation Technique	Unobservable Input	Amount		Impact to Valuation from an Increase in Input*
Preferred Stock	$	1,375	Market Transaction Method	Precedent Transaction	$	42.06	Increase

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

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	$	15	$	—	$	—		$	15
Beverages		317		—		—			317
Broadline Retail		153		—		—			153
Capital Markets		280		—		—			280
Chemicals		9		—		—			9
Commercial Services & Supplies		24		—		—			24
Construction Materials		4		—		—			4
Distributors		4		—		—			4
Diversified Consumer Services		4		—		—			4
Entertainment		15		—		—			15
Financial Services		46		—		—			46
Food Products		129		—		—			129
Ground Transportation		223		—		—			223
Health Care Equipment & Supplies		4		—		—			4
Health Care Technology		12		—		—			12
Hotels, Restaurants & Leisure		77		—		—			77
Household Durables		7		41		—			48
Information Technology Services		531		—		—			531
Insurance		5		—		—			5
Life Sciences Tools & Services		236		—		—			236
Metals & Mining		145		—		—			145
Oil, Gas & Consumable Fuels		41		—		—			41
Pharmaceuticals		282		—		—			282
Real Estate Management & Development		334		—		—			334
Semiconductors & Semiconductor Equipment		212		—		—			212
Software		227		—		—			227
Specialized REITs		266		—		—			266
Specialty Retail		263		—		—			263
Textiles, Apparel & Luxury Goods		—		218		—			218
Trading Companies & Distributors		245		—		—			245
Total Common Stocks		4,110		259		—			4,369
Investment Company		137		—		—			137
Warrants		—		—		—	†		—	†
Call Options Purchased		—		8		—			8
Short-Term Investment
Investment Company		77		—		—			77
Total Assets	$	4,324	$	267	$	—	†	$	4,591	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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

Permanence	Warrants (000)
Beginning Balance	$	—	†
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		—
Realized gains (losses)		—
Ending Balance	$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	—

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

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
Automobiles	$	2,382	$	—	$	—	$	2,382
Banks		20,008		—		—		20,008
Broadline Retail		20,792		—		—		20,792
Capital Markets		29,023		—		—		29,023
Commercial Services & Supplies		16,150		—		—		16,150
Construction Materials		5,763		—		—		5,763
Consumer Staples Distribution & Retail		17,155		—		—		17,155
Electric Utilities		1,959		—		—		1,959
Entertainment		13,926		—		—		13,926
Financial Services		12,401		—		—		12,401
Hotels, Restaurants & Leisure		9,500		—		—		9,500
Household Durables		1,264		—		—		1,264
Information Technology Services		2,136		—		—		2,136
Insurance		33,289		—		—		33,289
Interactive Media & Services		18,788		—		—		18,788
Oil, Gas & Consumable Fuels		9,829		—		—		9,829
Pharmaceuticals		4,323		—		—		4,323
Real Estate Management & Development		12,156		—		—		12,156
Retail REITs		3,698		—		—		3,698
Semiconductors & Semiconductor Equipment		28,713		—		—		28,713
Software		28,943		—		—		28,943
Specialized REITs		—		269		—		269
Specialty Retail		16,453		—		—		16,453
Tech Hardware, Storage & Peripherals		23,638		—		—		23,638
Textiles, Apparel & Luxury Goods		1,909		—		—		1,909
Trading Companies & Distributors		6,508		—		—		6,508
Total Common Stocks		340,706		269		—		340,975
Short-Term Investment
Investment Company		2,382		—		—		2,382
Total Assets	$	343,088	$	269	$	—	$	343,357

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2025:

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	$	1,784	(1)	$	—	$	—	$	1,784
Short-Term Investments
Investment Company		58			—		—		58
Repurchase Agreements		—			12		—		12
Total Short-Term Investments		58			12		—		70
Total Assets	$	1,842		$	12	$	—	$	1,854

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

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