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SUPPLEMENT DATED OCTOBER 23, 1998
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED
ON AUGUST 20, 1998
EMERGING MARKETS PORTFOLIO
EMERGING MARKETS DEBT PORTFOLIO
LATIN AMERICAN PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY INSTITUTIONAL FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
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The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Emerging Markets and Emerging Markets Debt
Portfolios. Madhav Dhar no longer serves as Portfolio Manager of the Emerging
Markets Portfolio. Robert L. Meyer and Andy Skov now share primary
responsibility for managing the assets of the Emerging Markets Portfolio. In
addition, Paul Ghaffari no longer serves as Portfolio Manager of the Emerging
Markets Debt Portfolio. Thomas L. Bennett, Stephen F. Esser and Abigail L.
McKenna now share primary responsibility for managing the assets of the Emerging
Markets Debt Portfolio. Accordingly, the sections "EMERGING MARKETS PORTFOLIO,"
"EMERGING MARKETS DEBT PORTFOLIO" and "LATIN AMERICAN PORTFOLIO" on pages 30 and
31 are hereby deleted and replaced with the following:
EMERGING MARKETS PORTFOLIO -- ROBERT L. MEYER AND ANDY SKOV. Robert L.
Meyer joined the Adviser in 1989. He is a Managing Director of the Adviser
and of Morgan Stanley and co-manager of the Adviser's emerging markets group
and head of the Adviser's Latin American team. He was born in Argentina and
graduated from Yale University with a B.A. in Economics and Political
Science. He received a J.D. from Harvard Law School. In addition, he is also
a Chartered Financial Analyst. Andy Skov joined the Adviser in 1994 as a
Portfolio Manager. Currently, he is a Principal of the Adviser and of Morgan
Stanley. Prior to joining the Adviser, he worked in the Latin America group
at Bankers Trust in corporate finance, research and sales; two of those
years he spent in Argentina. He graduated from the University of California
at Berkeley with a B.A. (Phi Beta Kappa) in Political Science and Economic
Development. Mr. Meyer has shared primary responsibility for managing the
Portfolio's assets since September 1997. Mr. Skov has shared primary
responsibility for managing the Portfolio's assets since October 1998.
EMERGING MARKETS DEBT PORTFOLIO -- THOMAS L. BENNETT, STEPHEN F. ESSER
AND ABIGAIL L. MCKENNA. Thomas L. Bennett, a Managing Director of Morgan
Stanley, joined the Adviser in 1996 and has been a portfolio manager with
the Adviser's affiliate, Miller Anderson & Sherrerd, LLP ("MAS") since 1984.
Mr. Bennett assumed responsibility for the MAS-advised MAS Funds' Fixed
Income Portfolio in 1984, the Domestic Fixed Income Portfolio in 1987, the
High Yield Portfolio in 1985, the Fixed Income Portfolio II in 1990, the
Special Purpose Fixed Income and Balanced Portfolios in 1992 and the
Multi-Asset-Class Portfolio in 1994. Mr. Bennett also is the Chairman of the
MAS Funds and has a B.S. in Chemistry and an M.B.A. from the University of
Cincinnati. Stephen F. Esser, a Managing Director of Morgan Stanley, joined
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the Adviser in 1996 and has been a portfolio manager with MAS since 1988. He
assumed responsibility for the MAS-advised MAS Funds' High Yield Portfolio
in 1989. Mr. Esser is a member of the New York Society of Security Analysts
and has a B.S. degree (SUMMA CUM LAUDE; PHI BETA KAPPA) from the University
of Delaware. Abigail McKenna joined the Adviser in 1996 and is a Vice
President of the Adviser and Morgan Stanley. Ms. McKenna focuses primarily
on the trading and management of the emerging markets debt portfolios. Prior
to joining the Adviser, she was a Senior Portfolio Manager at MIMCO from
1995 to 1996 and a Limited Partner at Weiss Peck & Greer from 1991 to 1995,
where she was responsible for the trading and management of Corporate Bond
Portfolios. Ms. McKenna holds a B.A. in International Relations from
Georgetown University and is a Chartered Financial Analyst. Messrs. Bennett
and Esser and Ms. McKenna have shared primary responsibility for managing
the Portfolio's assets since October 1998.
LATIN AMERICAN PORTFOLIO -- ROBERT L. MEYER AND ANDY SKOV. Robert L.
Meyer and Andy Skov share primary responsibility for managing the
Portfolio's assets. Information about Messrs. Meyer and Skov is included
under the Emerging Markets Portfolio above. Mr. Meyer has had primary
responsibility for managing the Portfolio's assets since inception. Mr. Skov
has shared primary responsibility for managing the Portfolio's assets since
May 1997.
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