# EDGAR Filing Document

**Accession Number:** 0000836487
**File Stem:** 0001133228-23-000494
**Filing Date:** 2023-2
**Character Count:** 34634
**Document Hash:** d8c50c72a3014b7e0df82ed70dbd84a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-23-000494.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001133228-23-000494

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY INSTITUTIONAL FUND INC
- **CENTRAL INDEX KEY:** 0000836487
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-23166
- **FILM NUMBER:** 23633350

**BUSINESS ADDRESS:**
- **STREET 1:** 522 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 800-548-7786

**MAIL ADDRESS:**
- **STREET 1:** 522 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY DEAN WITTER INSTITUTIONAL FUND INC
- **DATE OF NAME CHANGE:** 19990329

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY INSTITUTIONAL FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Sustainable Emerging Markets Portfolio (Series ID: S000076838)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000236911 | Class R6     | MSDMX           |
| C000236912 | Class A      | MSDQX           |
| C000236913 | Class C      | MSDOX           |
| C000236914 | Class I      | MSDUX           |

![](sp15707img001.jpg)

Morgan Stanley Institutional Fund, Inc.

**Sustainable Emerging Markets Portfolio**

**Summary Prospectus** **\|** July 13, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Share Class and Ticker Symbols** | **Share Class and Ticker Symbols** | **Share Class and Ticker Symbols** | **Share Class and Ticker Symbols** |
| **Class I** | **Class A** | **Class C** | **Class R6** |
| **MSDUX** | **MSDQX** | **MSDOX** | **MSDMX** |

---

Before you invest, you may want to review the Fund's statutory prospectus ("Prospectus"), which contains more information about the Fund and its risks. You can find the Fund's Prospectus and other information about the Fund, including the Statement of Additional Information ("SAI") and the most recent Annual and Semi-Annual Reports to Shareholders ("Shareholder Reports"), online at https://www.morganstanley.com/im/MSIFSustainableEmergingMarkets. You can also get this information at no cost by calling toll-free 1-866-414-6349 or by sending an e-mail request to orders@mysummaryprospectus.com. The Fund's Prospectus and SAI, both dated July 13, 2022 (as may be supplemented from time to time), are incorporated by reference into this Summary Prospectus.

**Investment Objective**

The Sustainable Emerging Markets Portfolio (the "Fund") seeks long-term capital appreciation.

**Fees and Expenses**

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not reflected in the tables and examples below.

For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share ("NAV") of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any Class A and Class C shares of the Fund already held in Related Accounts (as defined in the section of the Prospectus entitled "Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares") as of the date of the transaction as well as Class A, Class L and Class C shares of any other Morgan Stanley Multi-Class Fund excluding Morgan Stanley Institutional Fund Trust Short Duration Income, Ultra-Short Income and Ultra-Short Municipal Income Portfolios (as defined in the section of the Prospectus entitled "Shareholder Information—Exchange Privilege") and including shares of Morgan Stanley Money Market Funds (as defined in the section of the Prospectus entitled "Shareholder Information—Exchange Privilege") that you acquired in an exchange of Class A, Class L or Class C shares of the Fund or Class A, Class L or Class C shares of another Morgan Stanley Multi-Class Fund excluding Morgan Stanley Institutional Fund Trust Short Duration Income, Ultra-Short Income and Ultra-Short Municipal Income Portfolios already held in Related Accounts as of the date of the transaction, amounts to $50,000 or more. More information about this combined purchase discount and other discounts is available from your authorized financial intermediary, on page 23 of the Prospectus in the section entitled "Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares" and in Appendix A attached to the Prospectus.

Class I shares may be available on brokerage platforms of firms that have agreements with the Fund's principal underwriter permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of the Fund are available in other share classes that have different fees and expenses.

![](sp15707img002.jpg)

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Morgan Stanley Institutional Fund, Inc. Prospectus \| **Fund Summary**

Sustainable Emerging Markets Portfolio (Con't)

**Shareholder Fees** (fees paid directly from your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I** | **Class A** | **Class C** | **Class R6** |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |  | 5.25% |  |  |
| Maximum deferred sales charge (load) (as a percentage based on the lesser of the offering price or NAV at redemption) |  | None<sup>1</sup> | 1.00%<sup>2</sup> |  |
| Redemption Fee (as a percentage of the amount redeemed on redemptions made within 30 days of purchase) | 2.00% | 2.00% | 2.00% | 2.00% |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I** | **Class A** | **Class C** | **Class R6** |
| Advisory Fee | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and/or Shareholder Service (12b-1) Fee |  | 0.25% | 1.00% |  |
| Other Expenses<sup>3</sup> | 0.57% | 0.62% | 0.62% | 0.48% |
| Total Annual Fund Operating Expenses <sup>4</sup> | 1.32% | 1.62% | 2.37% | 1.23% |
| Fee Waiver and/or Expense Reimbursement<sup>4</sup> | 0.33% | 0.27% | 0.27% | 0.28% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>4</sup> | 0.99% | 1.35% | 2.10% | 0.95% |

---

**Example**

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund's operating expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. Please refer to the section of the Prospectus entitled "Shareholder Information—Conversion Features" for more information. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | |
|:---|:---|:---|
| **If You SOLD Your Shares** | **If You SOLD Your Shares** | **If You SOLD Your Shares** |
|  | **1 Year** | **3 Years** |
| Class I | $101 | $386 |
| Class A | $655 | $984 |
| Class C | $313 | $714 |
| Class R6 | $97 | $363 |

---

---

| | | |
|:---|:---|:---|
| **If You HELD Your Shares** | **If You HELD Your Shares** | **If You HELD Your Shares** |
|  | **1 Year** | **3 Years** |
| Class I | $101 | $386 |
| Class A | $655 | $984 |
| Class C | $213 | $714 |
| Class R6 | $97 | $363 |

---

---

| | |
|:---|:---|
| 1 | Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge ("CDSC") of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See "Shareholder Information—How To Redeem Fund Shares" for further information about the CDSC waiver categories. |

---

2 The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See "Shareholder Information—How To Redeem Fund Shares" for a complete discussion of the CDSC.

3 Other Expenses have been estimated for the current fiscal year.

---

| | |
|:---|:---|
| 4 | The Fund's "Adviser," Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.99% for Class I, 1.35% for Class A, 2.10% for Class C and 0.95% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the "Company") acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund's

**2**

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Morgan Stanley Institutional Fund, Inc. Prospectus \| **Fund Summary**

Sustainable Emerging Markets Portfolio (Con't)

performance. Because the Fund had not commenced operations as of the most recent fiscal year end, no portfolio turnover rate is available for the Fund.

**Principal Investment Strategies**

The Adviser and the Fund's "Sub-Adviser," Morgan Stanley Investment Management Company ("MSIM Company"), seek to achieve the Fund's investment objective, under normal circumstances, by investing at least 80% of the Fund's net assets (plus any borrowings for investment purposes) in equity securities of issuers located in emerging market countries that satisfy the Adviser's sustainability and/or environmental, social and governance ("ESG") criteria. This policy may be changed without shareholder approval; however, you would be notified upon 60 days' notice in writing of any changes.

The Adviser's and/or Sub-Adviser's investment approach combines top-down country allocation with bottom-up stock selection. The Adviser and/or Sub-Adviser allocate the Fund's assets among emerging markets based on relative economic, political and social fundamentals, stock valuations and investor sentiment. To seek to manage risk, the Adviser and/or Sub-Adviser emphasize macroeconomic and fundamental research. The Adviser and/or Sub-Adviser generally consider selling an investment when they determine the company no longer satisfies their investment criteria.

In relation to the Fund, "sustainable" means that the Adviser and/or Sub-Adviser consider sustainability and/or integrate ESG into their investment decision-making process. The Adviser and/or Sub-Adviser define sustainability as economic activities that contribute positively to an environmental or social objective. Such economic activities may include themes such as, but are not limited to, climate change, energy transition, sustainable development, sustainable production, circular economy, waste and water management, decent work and economic growth and access and affordability. In integrating ESG, the Adviser and/or Sub-Adviser engages with company management on the financially material risks associated with ESG criteria, which may include, but are not limited to, carbon emissions, resource management, waste management, labor management, health & safety, supply chain, data privacy & security, executive remuneration, board composition and shareholders rights. The Adviser and/or Sub-Adviser believe that incorporating the aforementioned helps build a more complete picture of the quality of company management, and the opportunities and risks facing companies.

The Fund seeks to invest in companies whose product revenues, policies, initiatives, industry leadership, and/or established targets proactively address one or more of the above listed sustainability themes. The Adviser and/or Sub-Adviser support this stock selection process with research and analysis, including direct company engagements and third-party data. For example, the Adviser and/or Sub-Adviser seek to engage directly with company management to gain insights on sustainability alignment and material ESG criteria that may affect long-term financial performance. Although the Adviser and/or Sub-Adviser reference third-party ESG data during the security research process, they generally do not rely on third party ESG data for the purposes of constructing the portfolio. Instead, the Adviser and/or Sub-Adviser typically rely on their own proprietary analysis for security selection and portfolio construction rather than third-party analysis. In addition, the Adviser and/or Sub-Adviser normally integrate sustainability risks into their investment decision-making process, including in the conduct of due diligence and research, portfolio construction, and ongoing portfolio management. "Sustainability risk" means an ESG event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the Fund. Such sustainability risks are integrated into the investment process and risk monitoring to the extent that they represent a potential or actual material risk and/or an opportunity to maximize the long-term risk-adjusted returns.

The Fund seeks to achieve a lower carbon footprint than the MSCI Emerging Markets ex China Index in aggregate at the portfolio level, although the Fund may invest in companies that have fossil fuel exposure. The Adviser and/or Sub-Adviser generally measure the carbon footprint of each portfolio company by calculating the company's weighted average carbon intensity, which is the sum of the company's carbon intensity multiplied by the company's weight within the portfolio. The Adviser and/or Sub-Adviser define carbon intensity for this purpose as tons of carbon dioxide produced by the company per $1 million of the company's revenue.

Although sustainability and ESG criteria are typically considered with respect to the companies or issuers in which the Fund invests, the Adviser and/or Sub-Adviser do not consider sustainability and ESG criteria with respect to every company or issuer in which the Fund invests and sustainability and ESG criteria are not the sole determinants of whether or not an investment can be made or a holding can remain in the Fund's portfolio. As a result, the Fund may, in some cases, invest in companies or issuers that do not have favorable sustainability or ESG characteristics.

Investments shall not include any company whose core business activity, according to the Adviser's and/or Sub-Adviser's methodology, involve the following:<br>a) Thermal coal mining;<br>b) Oil sands;<br>c) Arctic oil & gas;<br>d) Tobacco;<br>e) Alcohol;<br>f) Adult entertainment;<br>g) Gambling; or<br>h) Weapons related: Civilian firearms, Cluster munitions, Controversial weapons and Landmines.

**3**

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Morgan Stanley Institutional Fund, Inc. Prospectus \| **Fund Summary**

Sustainable Emerging Markets Portfolio (Con't)

For the purposes of all the investment restrictions outlined above, a core business activity is one that accounts for 1) more than 10% of the relevant company's revenue as classified by MSCI ESG Business Involvement Screening Research, 2) more than 5% of the relevant company's revenue for oil sands, Arctic oil & gas, adult entertainment, gambling or tobacco or 3) more than 0% of the relevant company's revenue for weapons related. The Adviser and/or Sub-Adviser may, in its discretion, elect to apply additional ESG, controversy, norms-based and/or carbon-related investment restrictions over time, which may result in the exclusion of companies that would not otherwise be excluded under the methodology set forth above, over time that it believes are consistent with the Fund's investment objective.

The Fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to seek to earn income. Derivatives are financial instruments whose value is based on the value of an underlying asset, interest rate, index or financial instrument. The Fund's use of derivatives may involve the purchase and sale of derivative instruments such as futures and other related instruments and techniques. The Fund may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities. Derivative instruments used by the Fund will be counted toward the Fund's 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy.

**Principal Risks**

There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund. The principal risks of investing in the Fund include:

• **Equity Securities.** In general, prices of equity securities are more volatile than those of fixed-income securities. The prices of equity securities
 fluctuate, and sometimes widely fluctuate, in response to activities specific to the issuer of the security as well as factors unrelated
 to the fundamental condition of the issuer, including general market, economic and political conditions.

• **Foreign and Emerging Market Securities.** Investments in foreign markets entail special risks such as currency, political, economic and market risks. There also may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure standards, higher transaction and custody costs, decreased market liquidity and less government and exchange regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets has increased the probability that adverse developments and conditions in one country or region will affect the stability of economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals, changes in international trading patterns, trade barriers and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or liquidity of investments denominated in that currency. Certain foreign investments may become less liquid in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, particularly during periods of market turmoil. When the Fund holds illiquid investments, its portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated with investments in foreign developed countries. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. In addition, the Fund is limited in its ability to exercise its legal rights or enforce a counterparty's legal obligations in certain jurisdictions outside of the United States, in particular, in emerging markets countries. In addition, the Fund's investments in foreign issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments will fluctuate with U.S. dollar exchange rates. To the extent hedged by the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund's securities are not denominated. The use of foreign currency forward exchange contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract. Economic sanctions or other similar measures may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar measures could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell securities, negatively impact the value or liquidity of  the Fund's investments, significantly delay or prevent the settlement of the Fund's securities transactions, force the Fund to sell or otherwise dispose of investments at inopportune times or prices, or impair the Fund's ability to meet its investment objective or invest in accordance with its investment strategies.

**4**

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Morgan Stanley Institutional Fund, Inc. Prospectus \| **Fund Summary**

Sustainable Emerging Markets Portfolio (Con't)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• **China Risk.** Investments in securities of Chinese issuers, including A-shares, involve risks associated with investments in foreign markets as well as special considerations not typically associated with investments in the U.S. securities markets. For example, the Chinese government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership and actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China. In addition, the Chinese government has taken actions that influenced the prices at which certain goods may be sold, encouraged companies to invest or concentrate in particular industries, induced mergers between companies in certain industries and induced private companies to publicly offer their securities. Investments in China involve risk of a total loss due to government action or inaction. Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic conditions of its primary trading partners, such as the United States, Japan and South Korea, would adversely impact the Chinese economy and the Fund's investments. Moreover, a slowdown in other significant economies of the world, such as the United States, the European Union and certain Asian countries, may adversely affect economic growth in China. An economic downturn in China would adversely impact the Fund's investments. In addition, certain securities are, or may in the future, become restricted, and the Fund may be forced to sell such restricted securities and incur a loss as a result.

*Risks of Investing through Stock Connect.* The Fund may invest in A-shares listed and traded through Stock Connect, or on such other stock exchanges in China which participate in Stock Connect from time to time or in the future. Trading through Stock Connect is subject to a number of restrictions that may affect the Fund's investments and returns. Moreover, Stock Connect A-shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with applicable rules. The Stock Connect program is a relatively new program and may be subject to further interpretation and guidance. There can be no assurance as to the program's continued existence or whether future developments regarding the program may restrict or adversely affect the Fund's investments or returns.

• **Liquidity.** The Fund may make investments that are illiquid or restricted or that may become less liquid in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the security at a loss or for less than its fair value.

• **Sustainability and ESG Investment Risk.** The Fund's adherence to its sustainability and/or ESG criteria and application of related analyses and use of exclusionary criteria when selecting investments may impact the Fund's performance, including relative to similar funds that do not adhere to such processes or use such exclusionary criteria, and generally will affect the Fund's exposure to certain companies, industries, sectors, regions, and countries. For example, the Fund, based on the the Fund's use of exclusionary criteria described above, will not invest in companies in industries including thermal coal mining, oil sands, Arctic oil and gas, tobacco, alcohol, adult entertainment, gambling, and weapons. The Fund's adherence to its sustainability and/or ESG criteria and application of related analyses as well as its use of exclusionary criteria may also result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities when it might be otherwise disadvantageous for it to do so, and may limit the investment opportunities available to the Fund. While the Adviser and/or the Sub-Adviser believes its definitions are reasonable, the portfolio decisions it makes may differ from other investors' or investment managers' views. Additionally, the Fund's adherence to its sustainability and/or ESG criteria and application of related analyses in connection with identifying and selecting investments may require subjective analysis based on qualitative assessments and may be difficult if data about a particular company is limited or if the data is inaccurate, incomplete, unavailable or based on estimates. A company's sustainability and/or ESG practices or the Adviser's assessment of such may change over time. The Fund may invest in companies that do not reflect the beliefs and values of any particular investor.

• **Derivatives.** A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect
 correlation between the value of the derivative and the underlying
 asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market
 value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions
 may not be liquid, risks arising from margin requirements and risks arising from mispricing or valuation complexity. Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the
 potential for gain and the risk of loss.

• **Market and Geopolitical Risk.** The value of your investment
in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets
generally, as well as those that affect particular regions, countries, industries, companies or governments. These events may be sudden
and unexpected, and could adversely affect the liquidity of the Fund's investments, which may in turn impact valuation, the Fund's
ability to sell securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain
social, political, economic and other conditions and events (such as war, natural disasters, epidemics and pandemics, terrorism, conflicts
and social unrest) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the
U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for
extended periods). These events may negatively impact broad segments of businesses and populations and have a significant and rapid negative
impact on the performance of the Fund's investments and exacerbate pre-existing risks to the Fund.

Shares of the Fund are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency.

**5**

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Morgan Stanley Institutional Fund, Inc. Prospectus \| **Fund Summary**

Sustainable Emerging Markets Portfolio (Con't)

**Performance Information**

As of the date hereof, the Fund has not yet completed a full calendar year of investment operations. Upon the completion of a full calendar year of investment operations by the Fund, this section will include charts that provide some indication of the risks of an investment in the Fund, by showing the difference in annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to the benchmark index selected for the Fund. Performance information for the Fund will be available online at www.morganstanley.com/im or by calling toll-free (800) 548-7786.

**Fund Management**

**Adviser.** Morgan Stanley Investment Management Inc.

**Sub-Adviser.** Morgan Stanley Investment Management Company.

**Portfolio Managers.** The Fund is managed by members of the Emerging Markets Equity team. Information about the members jointly and primarily responsible for the day-to-day management of the Fund is shown below:

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| | | |
|:---|:---|:---|
| **Name** | **Title with Adviser/**<br>**Sub-Adviser or Affiliate** | **Date Began**<br>**Managing Fund** |
| Eric Carlson | Managing Director of the Adviser | Since Inception |
| Paul Psaila | Managing Director of the Adviser | Since Inception |
| Amay Hattangadi | Managing Director of MSIM Company | Since Inception |

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**Purchase and Sale of Fund Shares**

The minimum initial investment generally is $1 million for Class I shares and $1,000 for each of Class A and Class C shares of the Fund. To purchase Class R6 shares, an investor must meet a minimum initial investment of $5 million or be a defined contribution, defined benefit or other employer sponsored employee benefit plan, in each case provided that the plan trades through an intermediary that combines its clients' assets in a single omnibus account, whether or not such plan is qualified under the Internal Revenue Code of 1986, as amended (the "Code"), and in each case subject to the discretion of the Adviser. The minimum initial investment may be waived for certain investments. For more information, please refer to the section of the Prospectus entitled "Shareholder Information—Minimum Investment Amounts."

Shares of the Fund may be purchased or sold on any day the New York Stock Exchange ("NYSE") is open for business directly from the Fund by mail (c/o DST Asset Manager Solutions, Inc., P.O. Box 219804, Kansas City, MO 64121-9804), by telephone (1-800-548-7786) or by contacting an authorized third-party, such as a broker-dealer or other financial intermediary that has entered into a selling agreement with the Fund's "Distributor," Morgan Stanley Distribution, Inc. (each, a "Financial Intermediary"). In addition, you can sell Fund shares at any time by enrolling in a systematic withdrawal plan. If you sell Class A shares or Class C shares, your net sale proceeds are reduced by the amount of any applicable CDSC. For more information, please refer to the sections of the Prospectus entitled "Shareholder Information—How To Purchase Fund Shares" and "—How To Redeem Fund Shares."

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a Financial Intermediary (such as a bank), the Adviser and/or the Distributor may pay the Financial Intermediary for the sale of Fund shares and related services. These payments, which may be significant in amount, may create a conflict of interest by influencing the Financial Intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your Financial Intermediary's web site for more information.

**6**

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SU-MSIF-64 7/22