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SUPPLEMENT DATED DECEMBER 10, 1997
TO PROSPECTUS DATED MAY 1, 1997
AS PREVIOUSLY SUPPLEMENTED SEPTEMBER 26, 1997
ACTIVE COUNTRY ALLOCATION PORTFOLIO
A PORTFOLIO OF
MORGAN STANLEY INSTITUTIONAL FUND, INC. (THE "FUND")
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
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The Prospectus is being amended and supplemented to reflect a change in
Portfolio Managers. Francine Bovich and Madhav Dhar will no longer serve as
Portfolio Managers. Accordingly, the paragraph under "PORTFOLIO MANAGERS" on
page 16, is hereby deleted and replaced with the following:
ANN D. THIVIERGE AND BARTON M. BIGGS. Ann D. Thivierge is a Principal of
the Adviser. She is a member of the Adviser's asset allocation committee,
primarily representing the Total Fund Management team since its inception in
1991. Prior to joining the Adviser in 1986, she spent two years at Edgewood
Management Company, a privately held investment management firm. Ms. Thivierge
holds a B.A. in International Relations from James Madison College, Michigan
State University, and an M.B.A. in Finance from New York University. Barton M.
Biggs has been Chairman and a director of the Adviser since 1980 and a Managing
Director of Morgan Stanley since 1975. He is also a director and chairman of
various registered investment companies to which the Adviser and certain of its
affiliates provide investment advisory services. Mr. Biggs holds a B.A. from
Yale University and an M.B.A. from New York University. Ms. Thivierge and Mr.
Biggs have shared primary responsibility for managing the Portfolio since June,
1995.
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PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
