<PAGE>
SUPPLEMENT DATED MAY 19, 1998
TO PROSPECTUS DATED MAY 1, 1998
EUROPEAN REAL ESTATE PORTFOLIO
ASIAN REAL ESTATE PORTFOLIO
U.S. REAL ESTATE PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY INSTITUTIONAL FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------
The following information is important for any person who purchases shares
of a Portfolio through a bank:
The Portfolios' shares are not obligations, deposits or accounts of,
or endorsed or guaranteed by, any bank or depositary institution, or any
affiliates or correspondents thereof. The Portfolios' shares are not
federally insured by the Federal Deposit Insurance Corporation, the
Federal Reserve Board or any other agency. Shares of the Portfolios
involve investment risks, including the possible loss of principal.
--------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED MAY 19, 1998
TO PROSPECTUS DATED MAY 1, 1998
ASIAN EQUITY PORTFOLIO
JAPANESE EQUITY PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY INSTITUTIONAL FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------
The following information is important for any person who purchases shares
of a Portfolio through a bank:
The Portfolios' shares are not obligations, deposits or accounts of,
or endorsed or guaranteed by, any bank or depositary institution, or any
affiliates or correspondents thereof. The Portfolios' shares are not
federally insured by the Federal Deposit Insurance Corporation, the
Federal Reserve Board or any other agency. Shares of the Portfolios
involve investment risks, including the possible loss of principal.
--------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED MAY 19, 1998
TO PROSPECTUS DATED MAY 1, 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
-------------
The following information is important for any person who purchases shares
of a Portfolio through a bank:
The Portfolios' shares are not obligations, deposits or accounts of,
or endorsed or guaranteed by, any bank or depositary institution, or any
affiliates or correspondents thereof. The Portfolios' shares are not
federally insured by the Federal Deposit Insurance Corporation, the
Federal Reserve Board or any other agency. Shares of the Portfolios
involve investment risks, including the possible loss of principal.
--------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED MAY 19, 1998
TO PROSPECTUS DATED MAY 1, 1998
GLOBAL EQUITY PORTFOLIO
INTERNATIONAL EQUITY PORTFOLIO
INTERNATIONAL SMALL CAP PORTFOLIO
EUROPEAN EQUITY PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY INSTITUTIONAL FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------
The following information is important for any person who purchases shares
of a Portfolio through a bank:
The Portfolios' shares are not obligations, deposits or accounts of,
or endorsed or guaranteed by, any bank or depositary institution, or any
affiliates or correspondents thereof. The Portfolios' shares are not
federally insured by the Federal Deposit Insurance Corporation, the
Federal Reserve Board or any other agency. Shares of the Portfolios
involve investment risks, including the possible loss of principal.
--------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED MAY 19, 1998
TO PROSPECTUS DATED MAY 1, 1998
U.S. EQUITY PLUS PORTFOLIO
A PORTFOLIO OF THE
MORGAN STANLEY INSTITUTIONAL FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------
The following information is important for any person who purchases shares
of the Portfolio through a bank:
The Portfolio's shares are not obligations, deposits or accounts of,
or endorsed or guaranteed by, any bank or depositary institution, or any
affiliates or correspondents thereof. The Portfolio's shares are not
federally insured by the Federal Deposit Insurance Corporation, the
Federal Reserve Board or any other agency. Shares of the Portfolio
involve investment risks, including the possible loss of principal.
--------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED MAY 19, 1998
TO PROSPECTUS DATED MAY 1, 1998
INTERNATIONAL MAGNUM PORTFOLIO
A PORTFOLIO OF THE
MORGAN STANLEY INSTITUTIONAL FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------
The following information is important for any person who purchases shares
of the Portfolio through a bank:
The Portfolio's shares are not obligations, deposits or accounts of,
or endorsed or guaranteed by, any bank or depositary institution, or any
affiliates or correspondents thereof. The Portfolio's shares are not
federally insured by the Federal Deposit Insurance Corporation, the
Federal Reserve Board or any other agency. Shares of the Portfolio
involve investment risks, including the possible loss of principal.
--------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED MAY 19, 1998
TO PROSPECTUS DATED MAY 1, 1998
FIXED INCOME PORTFOLIO
MUNICIPAL BOND PORTFOLIO
MORTGAGE-BACKED SECURITIES PORTFOLIO
MONEY MARKET PORTFOLIO
MUNICIPAL MONEY MARKET PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY INSTITUTIONAL FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------
The following information is important for any person who purchases shares
of a Portfolio through a bank:
The Portfolios' shares are not obligations, deposits or accounts of,
or endorsed or guaranteed by, any bank or depositary institution, or any
affiliates or correspondents thereof. The Portfolios' shares are not
federally insured by the Federal Deposit Insurance Corporation, the
Federal Reserve Board or any other agency. Shares of the Portfolios
involve investment risks, including the possible loss of principal.
--------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED MAY 19, 1998
TO PROSPECTUS DATED MAY 1, 1998
EQUITY GROWTH PORTFOLIO
EMERGING GROWTH PORTFOLIO
AGGRESSIVE EQUITY PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY INSTITUTIONAL FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------
The following information is important for any person who purchases shares
of a Portfolio through a bank:
The Portfolios' shares are not obligations, deposits or accounts of,
or endorsed or guaranteed by, any bank or depositary institution, or any
affiliates or correspondents thereof. The Portfolios' shares are not
federally insured by the Federal Deposit Insurance Corporation, the
Federal Reserve Board or any other agency. Shares of the Portfolios
involve investment risks, including the possible loss of principal.
--------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED MAY 19, 1998
TO PROSPECTUS DATED MAY 1, 1998
SMALL CAP VALUE EQUITY PORTFOLIO
VALUE EQUITY PORTFOLIO
BALANCED PORTFOLIO
GLOBAL FIXED INCOME PORTFOLIO
HIGH YIELD PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY INSTITUTIONAL FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------
The following information is important for any person who purchases shares
of a Portfolio through a bank:
The Portfolios' shares are not obligations, deposits or accounts of,
or endorsed or guaranteed by, any bank or depositary institution, or any
affiliates or correspondents thereof. The Portfolios' shares are not
federally insured by the Federal Deposit Insurance Corporation, the
Federal Reserve Board or any other agency. Shares of the Portfolios
involve investment risks, including the possible loss of principal.
--------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED MAY 19, 1998
TO PROSPECTUS DATED MAY 1, 1998
ACTIVE COUNTRY ALLOCATION PORTFOLIO
A PORTFOLIO OF THE
MORGAN STANLEY INSTITUTIONAL FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------
The following information is important for any person who purchases shares
of the Portfolio through a bank:
The Portfolio's shares are not obligations, deposits or accounts of,
or endorsed or guaranteed by, any bank or depositary institution, or any
affiliates or correspondents thereof. The Portfolio's shares are not
federally insured by the Federal Deposit Insurance Corporation, the
Federal Reserve Board or any other agency. Shares of the Portfolio
involve investment risks, including the possible loss of principal.
--------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED MAY 19, 1998
TO PROSPECTUS DATED MAY 1, 1998
TECHNOLOGY PORTFOLIO
A PORTFOLIO OF THE
MORGAN STANLEY INSTITUTIONAL FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------
The following information is important for any person who purchases shares
of the Portfolio through a bank:
The Portfolio's shares are not obligations, deposits or accounts of,
or endorsed or guaranteed by, any bank or depositary institution, or any
affiliates or correspondents thereof. The Portfolio's shares are not
federally insured by the Federal Deposit Insurance Corporation, the
Federal Reserve Board or any other agency. Shares of the Portfolio
involve investment risks, including the possible loss of principal.
--------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
