# EDGAR Filing Document

**Accession Number:** 0000836487
**File Stem:** 0001104659-25-068591
**Filing Date:** 2025-7
**Character Count:** 3485833
**Document Hash:** 9cedd4357b86de0fdfe31cc85a1ce2c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-068591.hdr.sgml**: 20250717

**ACCESSION NUMBER**: 0001104659-25-068591

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 384

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250717

**DATE AS OF CHANGE**: 20250717

**EFFECTIVENESS DATE**: 20250717

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY INSTITUTIONAL FUND INC
- **CENTRAL INDEX KEY:** 0000836487

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05624
- **FILM NUMBER:** 251129443

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 800-548-7786

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **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

### Passport Overseas Equity Portfolio (Series ID: S000002820)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007736 | CLASS I      | MSACX           |
| C000007737 | CLASS A      | MSIBX           |
| C000113799 | Class L      | MSLLX           |
| C000155887 | Class C      | MSAAX           |
| C000215548 | Class R6     | MAIJX           |
| C000215549 | Class IR     | MAIHX           |

### Inception Portfolio (Series ID: S000002825)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007744 | CLASS I      | MSSGX           |
| C000007745 | CLASS A      | MSSMX           |
| C000104303 | Class L      | MSSLX           |
| C000129402 | Class R6     | MFLLX           |
| C000155889 | Class C      | MSCOX           |

### EMERGING MARKETS PORTFOLIO (Series ID: S000002826)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007746 | CLASS I      | MGEMX           |
| C000007747 | CLASS A      | MMKBX           |
| C000113803 | Class L      | MSELX           |
| C000126912 | Class R6     | MMMPX           |
| C000155890 | Class C      | MSEPX           |
| C000198815 | Class IR     | MRGEX           |

### GROWTH PORTFOLIO (Series ID: S000002828)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007750 | CLASS I      | MSEQX           |
| C000007751 | CLASS A      | MSEGX           |
| C000113805 | Class L      | MSHLX           |
| C000126914 | Class R6     | MGRPX           |
| C000155892 | Class C      | MSGUX           |
| C000198816 | Class IR     | MGHRX           |

### GLOBAL FRANCHISE PORTFOLIO (Series ID: S000002830)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007754 | CLASS I      | MSFAX           |
| C000007755 | CLASS A      | MSFBX           |
| C000113809 | Class L      | MSFLX           |
| C000155893 | Class C      | MSGFX           |
| C000156276 | Class R6     | MGISX           |

### INTERNATIONAL EQUITY PORTFOLIO (Series ID: S000002832)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007758 | CLASS I      | MSIQX           |
| C000007759 | CLASS A      | MIQBX           |
| C000113811 | Class L      | MSQLX           |
| C000126915 | Class R6     | MIQPX           |
| C000155894 | Class C      | MSECX           |

### International Opportunity Portfolio (Series ID: S000027992)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000085087 | Class I      | MIOIX           |
| C000085088 | Class L      | MIOLX           |
| C000085089 | Class A      | MIOPX           |
| C000126918 | Class R6     | MNOPX           |
| C000155897 | Class C      | MSOCX           |
| C000198820 | Class IR     | MRNPX           |

### Advantage Portfolio (Series ID: S000027993)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000085091 | Class I      | MPAIX           |
| C000085092 | Class L      | MAPLX           |
| C000085093 | Class A      | MAPPX           |
| C000126919 | Class R6     | MADSX           |
| C000155898 | Class C      | MSPRX           |

### Global Opportunity Portfolio (Series ID: S000027995)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000085098 | Class I      | MGGIX           |
| C000085099 | Class L      | MGGLX           |
| C000085100 | Class A      | MGGPX           |
| C000126921 | Class R6     | MGTSX           |
| C000155900 | Class C      | MSOPX           |
| C000198822 | Class IR     | MGORX           |

### Global Insight Portfolio (Series ID: S000030616)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000094891 | Class I      | MIGIX           |
| C000094892 | Class L      | MIGLX           |
| C000094893 | Class A      | MIGPX           |
| C000155902 | Class C      | MSPTX           |
| C000228507 | Class R6     | MGZZX           |

### International Advantage Portfolio (Series ID: S000030618)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000094898 | Class I      | MFAIX           |
| C000094899 | Class L      | MSALX           |
| C000094900 | Class A      | MFAPX           |
| C000155904 | Class C      | MSIAX           |
| C000198826 | Class R6     | IDVSX           |

### Next Gen Emerging Markets Portfolio (Series ID: S000037507)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115785 | Class I      | MFMIX           |
| C000115786 | Class A      | MFMPX           |
| C000115788 | Class L      | MFMLX           |
| C000152578 | Class R6     | MSRFX           |
| C000155910 | Class C      | MSFEX           |

### Global Stars Portfolio (Series ID: S000041864)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129960 | Class I      | MGQIX           |
| C000129961 | Class A      | MGQAX           |
| C000129962 | Class L      | MGQLX           |
| C000129963 | Class R6     | MGQSX           |
| C000155911 | Class C      | MSGQX           |

### Emerging Markets Leaders Portfolio (Series ID: S000047473)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000149047 | Class I      | MELIX           |
| C000149048 | Class A      | MELAX           |
| C000149050 | Class R6     | MELSX           |
| C000155912 | Class C      | MEMLX           |
| C000226932 | Class IR     | MSIWX           |

### Asia Opportunity Portfolio (Series ID: S000051832)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000163120 | Class I      | MSAQX           |
| C000163121 | Class A      | MSAUX           |
| C000163122 | Class C      | MSAWX           |
| C000163123 | Class R6     | MSAYX           |

### Global Concentrated Portfolio (Series ID: S000053786)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000169208 | Class I      | MLNIX           |
| C000169209 | Class A      | MLNAX           |
| C000169210 | Class C      | MLNCX           |
| C000169211 | Class R6     | MLNSX           |

### Global Core Portfolio (Series ID: S000053787)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000169212 | Class I      | MLMIX           |
| C000169213 | Class A      | MLMAX           |
| C000169214 | Class C      | MLMCX           |
| C000169215 | Class R6     | MLMSX           |

### US Core Portfolio (Series ID: S000053789)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000169220 | Class I      | MUOIX           |
| C000169221 | Class A      | MUOAX           |
| C000169222 | Class C      | MUOCX           |
| C000169223 | Class R6     | MUOSX           |

### Multi-Asset Real Return Portfolio (Series ID: S000061991)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000200799 | Class I      | MRJIX           |
| C000200800 | Class A      | MRJAX           |
| C000200801 | Class C      | MRJCX           |
| C000200802 | Class R6     | MRJSX           |

### Global Endurance Portfolio (Series ID: S000063049)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000204517 | Class R6     | MSJSX           |
| C000204518 | Class A      | MSJAX           |
| C000204519 | Class C      | MSJCX           |
| C000204520 | Class I      | MSJIX           |

### Global Permanence Portfolio (Series ID: S000065236)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000211165 | Class R6     | MGKQX           |
| C000211166 | Class A      | MGKAX           |
| C000211167 | Class C      | MGKCX           |
| C000211168 | Class I      | MGKIX           |

### Developing Opportunity Portfolio (Series ID: S000067259)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216354 | Class I      | MDOEX           |
| C000216355 | Class A      | MDOAX           |
| C000216356 | Class R6     | MDODX           |
| C000216357 | Class C      | MDOBX           |

### Permanence Portfolio (Series ID: S000068163)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000218314 | Class R6     | MSHPX           |
| C000218315 | Class A      | MSHNX           |
| C000218316 | Class C      | MSHOX           |
| C000218317 | Class I      | MSHMX           |

### Vitality Portfolio (Series ID: S000074797)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000233002 | Class I      | MSVDX           |
| C000233003 | Class A      | MSVEX           |
| C000233004 | Class C      | MSVMX           |
| C000233005 | Class R6     | MSVOX           |

### Emerging Markets ex China 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           |

### American Resilience Portfolio (Series ID: S000076841)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000236923 | Class C      | MSBWX           |
| C000236924 | Class I      | MSBVX           |
| C000236925 | Class R6     | MSBQX           |
| C000236926 | Class A      | MSCUX           |

### International Resilience Portfolio (Series ID: S000076842)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000236927 | Class I      | MSDKX           |
| C000236928 | Class C      | MSDEX           |
| C000236929 | Class R6     | MSCZX           |
| C000236930 | Class A      | MSDFX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-05624

Morgan Stanley Institutional Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

<u>1585 Broadway, New York, New York 10036</u>

(Address of Principal Executive Offices)

John H. Gernon

<u>1585 Broadway, New York, New York 10036</u>

(Name and Address of Agent for Services)

<u>(212) 762-1886</u>

(Registrant's Telephone Number)

<u>December 31</u>

Date of Fiscal Year End

<u>December 31, 2024</u>

Date of Reporting Period

Explanatory Note

The Registrant is filing this amendment to its Form N-CSR for the period ended December 31, 2024, originally filed with the Securities and Exchange Commission on March 6, 2025 ([Accession Number 0001104659-25-021298](https://www.sec.gov/Archives/edgar/data/836487/000110465925021298/tm253866d1_ncsr.htm)). The purpose of this amendment is to include the Registration Cover and Tailored Shareholder Reports.

**Item 1. Reports to Stockholders**

(a) **TABLE OF CONTENTS**

---

| |
|:---|
|  [Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio](#classnamee1a2b2c4-ee02-488e-8699-c125657a7c7a)<br> **[Class A - MAPPX](#classnamee1a2b2c4-ee02-488e-8699-c125657a7c7a)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio](#classname8385c787-95a7-43d5-b16f-8c8da664495f)<br> **[Class C - MSPRX](#classname8385c787-95a7-43d5-b16f-8c8da664495f)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio](#classname160a95f1-6741-4539-a397-b8a194c34f77)<br> **[Class I - MPAIX](#classname160a95f1-6741-4539-a397-b8a194c34f77)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio](#classname1c615710-31e8-4389-8944-10afff7a6248)<br> **[Class L - MAPLX](#classname1c615710-31e8-4389-8944-10afff7a6248)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio](#classname4a7a103f-9180-41f0-872f-4edd417f7180)<br> **[Class R6 - MADSX](#classname4a7a103f-9180-41f0-872f-4edd417f7180)**  |
|  [Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio](#classnamef5f6a594-a7b6-409a-b895-9798a00a6c3a)<br> **[Class A - MSCUX](#classnamef5f6a594-a7b6-409a-b895-9798a00a6c3a)**  |
|  [Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio](#classname1af6a20b-f1c5-45c1-9eab-dfabccf73004)<br> **[Class C - MSBWX](#classname1af6a20b-f1c5-45c1-9eab-dfabccf73004)**  |
|  [Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio](#classnamef89538c2-6bb3-42a1-bccf-e0eb559c5b4e)<br> **[Class I - MSBVX](#classnamef89538c2-6bb3-42a1-bccf-e0eb559c5b4e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio](#classname9a622e3a-a9e0-4356-8a98-b91837f40256)<br> **[Class R6 - MSBQX](#classname9a622e3a-a9e0-4356-8a98-b91837f40256)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio](#classname530e980a-e1a3-4890-bd69-ee65749064ab)<br> **[Class A - MSAUX](#classname530e980a-e1a3-4890-bd69-ee65749064ab)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio](#classname1ec912d1-0d76-48f0-9464-927b05f52fb5)<br> **[Class C - MSAWX](#classname1ec912d1-0d76-48f0-9464-927b05f52fb5)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio](#classname27410729-20fd-4802-a725-bbc23ba7807c)<br> **[Class I - MSAQX](#classname27410729-20fd-4802-a725-bbc23ba7807c)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio](#classname8554651b-fc06-429f-9268-f867b363ade7)<br> **[Class R6 - MSAYX](#classname8554651b-fc06-429f-9268-f867b363ade7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio](#classname554475ff-89c2-4194-a3a4-a1c285f6eeee)<br> **[Class A - MDOAX](#classname554475ff-89c2-4194-a3a4-a1c285f6eeee)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio](#classname9612d539-b80e-4eef-8a04-707ffc48a423)<br> **[Class C - MDOBX](#classname9612d539-b80e-4eef-8a04-707ffc48a423)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio](#classname2fc2c9ee-ca5a-4ffd-863e-77783451995e)<br> **[Class I - MDOEX](#classname2fc2c9ee-ca5a-4ffd-863e-77783451995e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio](#classname3e7ff814-362f-4d44-8071-0dfc28cb22f1)<br> **[Class R6 - MDODX](#classname3e7ff814-362f-4d44-8071-0dfc28cb22f1)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio](#classnameef520538-5a30-41bb-bbdf-2a27b27161fd)<br> **[Class A - MSDQX](#classnameef520538-5a30-41bb-bbdf-2a27b27161fd)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio](#classnamee0c3f116-c903-4349-9925-4047bf3440a5)<br> **[Class C - MSDOX](#classnamee0c3f116-c903-4349-9925-4047bf3440a5)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio](#classname871f0782-8282-4a0c-b22a-2a0f23ff94b5)<br> **[Class I - MSDUX](#classname871f0782-8282-4a0c-b22a-2a0f23ff94b5)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio](#classname5e3f3511-8631-45a3-89cc-1d80d3e3e836)<br> **[Class R6 - MSDMX](#classname5e3f3511-8631-45a3-89cc-1d80d3e3e836)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio](#classname033fe438-0ce6-4010-b691-a8a8c00bff33)<br> **[Class A - MELAX](#classname033fe438-0ce6-4010-b691-a8a8c00bff33)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio](#classnamed2141d3f-478e-4f61-9d90-365fe924c4e2)<br> **[Class C - MEMLX](#classnamed2141d3f-478e-4f61-9d90-365fe924c4e2)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio](#classnameb65509ee-7541-417f-b437-e293aa4fc62a)<br> **[Class I - MELIX](#classnameb65509ee-7541-417f-b437-e293aa4fc62a)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio](#classname95af2ca2-d1c5-431c-8ffc-1f8aa0351ba0)<br> **[Class IR - MSIWX](#classname95af2ca2-d1c5-431c-8ffc-1f8aa0351ba0)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio](#classname4125fdea-6424-4d24-ae92-6be80522fa5a)<br> **[Class R6 - MELSX](#classname4125fdea-6424-4d24-ae92-6be80522fa5a)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classname2c7e6f92-a614-4567-8945-3ba642298ac3)<br> **[Class A - MMKBX](#classname2c7e6f92-a614-4567-8945-3ba642298ac3)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classnamebda324a3-ff0c-4100-99e3-a330884ee361)<br> **[Class C - MSEPX](#classnamebda324a3-ff0c-4100-99e3-a330884ee361)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classnamec1aa87f7-7fbc-4fac-be20-3c3a29dc7206)<br> **[Class I - MGEMX](#classnamec1aa87f7-7fbc-4fac-be20-3c3a29dc7206)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classname628121c1-0455-4f5a-8b88-28f538c2b529)<br> **[Class IR - MRGEX](#classname628121c1-0455-4f5a-8b88-28f538c2b529)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classname56524a8e-672a-4fdd-9593-ca7b9d5e65ff)<br> **[Class L - MSELX](#classname56524a8e-672a-4fdd-9593-ca7b9d5e65ff)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classname12c7b79e-26c2-4596-87f6-41646e6d5773)<br> **[Class R6 - MMMPX](#classname12c7b79e-26c2-4596-87f6-41646e6d5773)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio](#classnamedd525548-5fff-4e43-914b-f8d7392eae13)<br> **[Class A - MLNAX](#classnamedd525548-5fff-4e43-914b-f8d7392eae13)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio](#classname2777471f-84fb-43d9-bf57-74a4eccf684b)<br> **[Class C - MLNCX](#classname2777471f-84fb-43d9-bf57-74a4eccf684b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio](#classname180ce123-3373-4136-b2cc-9d3f2c233b2f)<br> **[Class I - MLNIX](#classname180ce123-3373-4136-b2cc-9d3f2c233b2f)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio](#classname2abfb56a-4b91-4756-85a7-b64b1637d5c1)<br> **[Class R6 - MLNSX](#classname2abfb56a-4b91-4756-85a7-b64b1637d5c1)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio](#classnamebb3dec85-5108-4a81-9f70-428dc3d9f4b1)<br> **[Class A - MLMAX](#classnamebb3dec85-5108-4a81-9f70-428dc3d9f4b1)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio](#classnamec3bb110c-cd1e-4ca8-8d68-88325c92d2f0)<br> **[Class C - MLMCX](#classnamec3bb110c-cd1e-4ca8-8d68-88325c92d2f0)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio](#classname4943ca01-d2d0-4d2a-a67f-72070833d892)<br> **[Class I - MLMIX](#classname4943ca01-d2d0-4d2a-a67f-72070833d892)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio](#classname12efd696-7a38-4cfc-b1ec-60075a97618a)<br> **[Class R6 - MLMSX](#classname12efd696-7a38-4cfc-b1ec-60075a97618a)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio](#classnameeabe5126-dda3-4c6b-bead-e9eca3fbd987)<br> **[Class A - MSJAX](#classnameeabe5126-dda3-4c6b-bead-e9eca3fbd987)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio](#classnamedc33061a-3742-4125-8d04-9dd9d3336933)<br> **[Class C - MSJCX](#classnamedc33061a-3742-4125-8d04-9dd9d3336933)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio](#classname63fc1439-e874-4636-b313-a1785229aefd)<br> **[Class I - MSJIX](#classname63fc1439-e874-4636-b313-a1785229aefd)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio](#classname255562eb-7434-435d-8747-2fb5b19c2250)<br> **[Class R6 - MSJSX](#classname255562eb-7434-435d-8747-2fb5b19c2250)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio](#classnamec59b18ba-7bce-4df0-9a71-f25551a8ac8d)<br> **[Class A - MSFBX](#classnamec59b18ba-7bce-4df0-9a71-f25551a8ac8d)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio](#classnamefd849b33-ec69-4036-bab4-b8210c01b78e)<br> **[Class C - MSGFX](#classnamefd849b33-ec69-4036-bab4-b8210c01b78e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio](#classnamec8820e74-c23d-4c58-a5ab-6cb2298896a5)<br> **[Class I - MSFAX](#classnamec8820e74-c23d-4c58-a5ab-6cb2298896a5)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio](#classnamef82d62ec-72a2-4cf6-8913-8885129a79ba)<br> **[Class L - MSFLX](#classnamef82d62ec-72a2-4cf6-8913-8885129a79ba)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio](#classnameb95a82dc-21d0-47c9-b2f7-959b58ecfc65)<br> **[Class R6 - MGISX](#classnameb95a82dc-21d0-47c9-b2f7-959b58ecfc65)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio](#classnamec97f9573-5c51-441a-9f7d-b2cbcbec1422)<br> **[Class A - MIGPX](#classnamec97f9573-5c51-441a-9f7d-b2cbcbec1422)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio](#classname8c311c36-d877-41dd-8144-972e43ce88fb)<br> **[Class C - MSPTX](#classname8c311c36-d877-41dd-8144-972e43ce88fb)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio](#classname933ebbb0-ee91-4886-b6c7-1832b62ad1aa)<br> **[Class I - MIGIX](#classname933ebbb0-ee91-4886-b6c7-1832b62ad1aa)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio](#classname666cf8c7-47f7-4d17-bf2f-852f8d3abb68)<br> **[Class L - MIGLX](#classname666cf8c7-47f7-4d17-bf2f-852f8d3abb68)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio](#classname093ca5e5-d96b-442b-ba32-74f2432e7608)<br> **[Class R6 - MGZZX](#classname093ca5e5-d96b-442b-ba32-74f2432e7608)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classname315624fc-cd07-47ed-8083-da21d52020f7)<br> **[Class A - MGGPX](#classname315624fc-cd07-47ed-8083-da21d52020f7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classnamed0761a72-29fe-4b0a-81cf-5c78baa89659)<br> **[Class C - MSOPX](#classnamed0761a72-29fe-4b0a-81cf-5c78baa89659)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classname7ace1783-0a30-4be7-8a6d-03408e22f0c2)<br> **[Class I - MGGIX](#classname7ace1783-0a30-4be7-8a6d-03408e22f0c2)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classname873728c7-72ab-484e-b712-323f8a9510f7)<br> **[Class IR - MGORX](#classname873728c7-72ab-484e-b712-323f8a9510f7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classname4d5f4db0-33ee-4632-8abd-8505d79e44f4)<br> **[Class L - MGGLX](#classname4d5f4db0-33ee-4632-8abd-8505d79e44f4)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classname8ac581b5-d8bf-4765-93f2-100bc6a441b8)<br> **[Class R6 - MGTSX](#classname8ac581b5-d8bf-4765-93f2-100bc6a441b8)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio](#classname6727c3ba-555d-43c4-b99b-ff95fe41b580)<br> **[Class A - MGKAX](#classname6727c3ba-555d-43c4-b99b-ff95fe41b580)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio](#classname338bf55b-23a6-4085-b886-17a9fd7ec185)<br> **[Class C - MGKCX](#classname338bf55b-23a6-4085-b886-17a9fd7ec185)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio](#classnamed6a7655f-e590-4dc0-ae0d-4505f627407b)<br> **[Class I - MGKIX](#classnamed6a7655f-e590-4dc0-ae0d-4505f627407b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio](#classname352ad882-9ec2-4dda-8ea6-3e5855a62973)<br> **[Class R6 - MGKQX](#classname352ad882-9ec2-4dda-8ea6-3e5855a62973)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio](#classname88d059e6-0145-48a5-885b-b0c8ab41311f)<br> **[Class A - MGQAX](#classname88d059e6-0145-48a5-885b-b0c8ab41311f)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio](#classname22835858-64e7-4ac9-a7db-713b85468620)<br> **[Class C - MSGQX](#classname22835858-64e7-4ac9-a7db-713b85468620)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio](#classnameeaef59b0-e33e-4a4a-8a4f-91fb530f2f19)<br> **[Class I - MGQIX](#classnameeaef59b0-e33e-4a4a-8a4f-91fb530f2f19)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio](#classname60f833d3-a118-4b5f-a0a2-bbe456e26203)<br> **[Class L - MGQLX](#classname60f833d3-a118-4b5f-a0a2-bbe456e26203)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio](#classname8941d420-7d38-418a-aef4-c556c25ff60c)<br> **[Class R6 - MGQSX](#classname8941d420-7d38-418a-aef4-c556c25ff60c)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classname0d913393-e59f-4963-95fd-3258c0d4577a)<br> **[Class A - MSEGX](#classname0d913393-e59f-4963-95fd-3258c0d4577a)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classname679ee9fb-6e31-4a2d-a112-c5d957441c87)<br> **[Class C - MSGUX](#classname679ee9fb-6e31-4a2d-a112-c5d957441c87)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classname8abadd1e-4993-4e23-a908-ce7967ac5fe0)<br> **[Class I - MSEQX](#classname8abadd1e-4993-4e23-a908-ce7967ac5fe0)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classname241d6f5a-de73-4d39-b0de-372498361399)<br> **[Class IR - MGHRX](#classname241d6f5a-de73-4d39-b0de-372498361399)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classnamee488c914-ed36-4adf-9ae1-20d5224bba10)<br> **[Class L - MSHLX](#classnamee488c914-ed36-4adf-9ae1-20d5224bba10)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classname770348f6-2426-40d8-adf9-0ea8ff3ae248)<br> **[Class R6 - MGRPX](#classname770348f6-2426-40d8-adf9-0ea8ff3ae248)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Inception Portfolio](#classname46791353-cf67-468c-9e03-6309ac8f4c35)<br> **[Class A - MSSMX](#classname46791353-cf67-468c-9e03-6309ac8f4c35)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Inception Portfolio](#classname3c737382-34be-424d-b028-613210734fcd)<br> **[Class C - MSCOX](#classname3c737382-34be-424d-b028-613210734fcd)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Inception Portfolio](#classnameed19b402-43ab-4ccb-afaf-ffe5303dd609)<br> **[Class I - MSSGX](#classnameed19b402-43ab-4ccb-afaf-ffe5303dd609)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Inception Portfolio](#classname826eee6d-dedb-43f9-9c4f-e4c1c580df73)<br> **[Class L - MSSLX](#classname826eee6d-dedb-43f9-9c4f-e4c1c580df73)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Inception Portfolio](#classname0e4aa15e-b21a-4fae-a2b2-784ae5b31bc7)<br> **[Class R6 - MFLLX](#classname0e4aa15e-b21a-4fae-a2b2-784ae5b31bc7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio](#classname93a61c0b-d80c-4e44-af04-0da425c212a3)<br> **[Class A - MFAPX](#classname93a61c0b-d80c-4e44-af04-0da425c212a3)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio](#classname6765f3ff-f947-4c5c-9cef-c3105112c4df)<br> **[Class C - MSIAX](#classname6765f3ff-f947-4c5c-9cef-c3105112c4df)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio](#classname7a775f1f-bbbc-4da2-a64d-35d8be91eb4e)<br> **[Class I - MFAIX](#classname7a775f1f-bbbc-4da2-a64d-35d8be91eb4e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio](#classname04694fc1-b55b-4f33-9fb7-1e62dd75e807)<br> **[Class L - MSALX](#classname04694fc1-b55b-4f33-9fb7-1e62dd75e807)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio](#classname483dfdb9-3867-46c9-8db6-28c4475bf55b)<br> **[Class R6 - IDVSX](#classname483dfdb9-3867-46c9-8db6-28c4475bf55b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio](#classname3d0e1793-005a-4918-9973-ce5e7cc41bb6)<br> **[Class A - MIQBX](#classname3d0e1793-005a-4918-9973-ce5e7cc41bb6)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio](#classname3c2284bf-f367-4b33-b039-3376d338883d)<br> **[Class C - MSECX](#classname3c2284bf-f367-4b33-b039-3376d338883d)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio](#classname7642a08b-b6b0-40e0-aa41-59e6961a846c)<br> **[Class I - MSIQX](#classname7642a08b-b6b0-40e0-aa41-59e6961a846c)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio](#classnamea5654dd7-2e12-4529-8e75-51b7db8a7f84)<br> **[Class L - MSQLX](#classnamea5654dd7-2e12-4529-8e75-51b7db8a7f84)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio](#classname5dad5512-32fc-4c7f-90ad-566c36c7206c)<br> **[Class R6 - MIQPX](#classname5dad5512-32fc-4c7f-90ad-566c36c7206c)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classnamee985b651-6f2d-4009-8cbb-44eec1ac326d)<br> **[Class A - MIOPX](#classnamee985b651-6f2d-4009-8cbb-44eec1ac326d)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classnamedb0ae72f-0673-4591-83a1-4ace9450345e)<br> **[Class C - MSOCX](#classnamedb0ae72f-0673-4591-83a1-4ace9450345e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classname50f3b03c-5991-4678-a15f-e786580e033b)<br> **[Class I - MIOIX](#classname50f3b03c-5991-4678-a15f-e786580e033b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classname44d17726-04b0-4930-a47b-9d01ae7d4e5e)<br> **[Class IR - MRNPX](#classname44d17726-04b0-4930-a47b-9d01ae7d4e5e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classname9c16906d-a9fc-40f1-a1ec-6f87b739d071)<br> **[Class L - MIOLX](#classname9c16906d-a9fc-40f1-a1ec-6f87b739d071)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classname7fd93d2a-3534-4a7a-8dcc-dfe913260ca8)<br> **[Class R6 - MNOPX](#classname7fd93d2a-3534-4a7a-8dcc-dfe913260ca8)**  |
|  [Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio](#classname0c575540-867c-40e5-bef1-2d8312127a5e)<br> **[Class A - MSDFX](#classname0c575540-867c-40e5-bef1-2d8312127a5e)**  |
|  [Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio](#classnameb8b958a4-91f0-4054-acba-4b1e4a5cdf25)<br> **[Class C - MSDEX](#classnameb8b958a4-91f0-4054-acba-4b1e4a5cdf25)**  |
|  [Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio](#classnamee75b7280-a507-4d89-b317-e6300e02c34b)<br> **[Class I - MSDKX](#classnamee75b7280-a507-4d89-b317-e6300e02c34b)**  |
|  [Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio](#classname674bf8c5-fcfe-461b-bd8b-7fd7221390ab)<br> **[Class R6 - MSCZX](#classname674bf8c5-fcfe-461b-bd8b-7fd7221390ab)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio](#classname6071740d-d3ba-48a1-bad7-f5a95d9c5457)<br> **[Class A - MRJAX](#classname6071740d-d3ba-48a1-bad7-f5a95d9c5457)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio](#classnamee9adba0e-ad48-4148-a43b-0d88ec47ea88)<br> **[Class C - MRJCX](#classnamee9adba0e-ad48-4148-a43b-0d88ec47ea88)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio](#classnamea5783f60-07b4-4922-83b5-dd8eff7aacc1)<br> **[Class I - MRJIX](#classnamea5783f60-07b4-4922-83b5-dd8eff7aacc1)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio](#classname507976dc-6986-4e02-8b14-e48d351dd1ea)<br> **[Class R6 - MRJSX](#classname507976dc-6986-4e02-8b14-e48d351dd1ea)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio](#classnamec0e7346c-2c95-42ea-858e-cf7f09792627)<br> **[Class A - MFMPX](#classnamec0e7346c-2c95-42ea-858e-cf7f09792627)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio](#classname17ce3764-f000-459b-8e33-7c7d36fd6cd3)<br> **[Class C - MSFEX](#classname17ce3764-f000-459b-8e33-7c7d36fd6cd3)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio](#classname148374f4-6134-45bb-8de0-a280cb89041b)<br> **[Class I - MFMIX](#classname148374f4-6134-45bb-8de0-a280cb89041b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio](#classnamed3b70cf4-2ac7-4496-8234-405d3ec1068d)<br> **[Class L - MFMLX](#classnamed3b70cf4-2ac7-4496-8234-405d3ec1068d)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio](#classname20a9516f-14ff-4cad-a1a9-7c6400968391)<br> **[Class R6 - MSRFX](#classname20a9516f-14ff-4cad-a1a9-7c6400968391)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classnamefd8da00f-615e-474e-b982-8a0841f4cc72)<br> **[Class A - MSIBX](#classnamefd8da00f-615e-474e-b982-8a0841f4cc72)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classname7ecb6de8-e149-4e60-ad67-324f32b00b62)<br> **[Class C - MSAAX](#classname7ecb6de8-e149-4e60-ad67-324f32b00b62)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classname60809348-cd85-484d-811b-2d746967b340)<br> **[Class I - MSACX](#classname60809348-cd85-484d-811b-2d746967b340)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classnameb412226e-f867-42dc-856d-45780856421b)<br> **[Class IR - MAIHX](#classnameb412226e-f867-42dc-856d-45780856421b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classname3532fbe3-cea7-4077-bfae-99f9e6e4dc50)<br> **[Class L - MSLLX](#classname3532fbe3-cea7-4077-bfae-99f9e6e4dc50)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classname2ab975d7-1044-4f87-a358-5a5f623a33ba)<br> **[Class R6 - MAIJX](#classname2ab975d7-1044-4f87-a358-5a5f623a33ba)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio](#classname5c71a1ff-e548-40fd-81b7-159112fea465)<br> **[Class A - MSHNX](#classname5c71a1ff-e548-40fd-81b7-159112fea465)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio](#classnamec2dec853-7d43-42b6-a12b-8437c8f5187b)<br> **[Class C - MSHOX](#classnamec2dec853-7d43-42b6-a12b-8437c8f5187b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio](#classname2a2a5c0c-d616-4a81-9692-87205806cc91)<br> **[Class I - MSHMX](#classname2a2a5c0c-d616-4a81-9692-87205806cc91)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio](#classnamee68d12d9-bb56-4ea0-a63d-38b925457332)<br> **[Class R6 - MSHPX](#classnamee68d12d9-bb56-4ea0-a63d-38b925457332)**  |
|  [Morgan Stanley Institutional Fund, Inc. - US Core Portfolio](#classname5d7f5292-ea96-4be9-a41a-c08b268b4dba)<br> **[Class A - MUOAX](#classname5d7f5292-ea96-4be9-a41a-c08b268b4dba)**  |
|  [Morgan Stanley Institutional Fund, Inc. - US Core Portfolio](#classnamee6028868-2367-4bff-be2f-7215f25d965d)<br> **[Class C - MUOCX](#classnamee6028868-2367-4bff-be2f-7215f25d965d)**  |
|  [Morgan Stanley Institutional Fund, Inc. - US Core Portfolio](#classnameaf80f9c6-031d-4b90-890c-e2acf9e71e7e)<br> **[Class I - MUOIX](#classnameaf80f9c6-031d-4b90-890c-e2acf9e71e7e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - US Core Portfolio](#classname4116e7b5-f986-4f49-bd67-d143db0b3e4c)<br> **[Class R6 - MUOSX](#classname4116e7b5-f986-4f49-bd67-d143db0b3e4c)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio](#classname632c5eec-6d2b-45ba-9dbc-c596adf4cf5d)<br> **[Class A - MSVEX](#classname632c5eec-6d2b-45ba-9dbc-c596adf4cf5d)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio](#classname5bdcb6f2-7e6b-417e-a1aa-5464aafe2b4a)<br> **[Class C - MSVMX](#classname5bdcb6f2-7e6b-417e-a1aa-5464aafe2b4a)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio](#classnamedd8ea525-f8f4-42ab-aa3f-e64a86b0cffc)<br> **[Class I - MSVDX](#classnamedd8ea525-f8f4-42ab-aa3f-e64a86b0cffc)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio](#classnameef07b647-560f-46d8-bc21-0087f5754fc3)<br> **[Class R6 - MSVOX](#classnameef07b647-560f-46d8-bc21-0087f5754fc3)**  |

---

# Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio

# Class A MAPPX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $138 | 1.17% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Growth Index:

↑ Stock selection in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Average overweight and stock selection in consumer discretionary, led by a food delivery company

↑ No exposure to consumer staples, a sector that underperformed in the index

↓ Stock selection in health care, led lower by a biopharmaceutical royalties acquirer and a next-generation sequencing company (the sequencing company was sold during the period)

↓ Stock selection and average overweight in financials,

↓ Average underweight in information technology, which was one of the stronger performing sectors in the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg075.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with maximum sales charge** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/14** | $9472 | $10000 | $10000 |
| **1/15** | $9580 | $9700 | $9847 |
| **2/15** | $10295 | $10257 | $10503 |
| **3/15** | $10210 | $10095 | $10384 |
| **4/15** | $10170 | $10192 | $10436 |
| **5/15** | $10153 | $10323 | $10583 |
| **6/15** | $10057 | $10123 | $10396 |
| **7/15** | $10749 | $10335 | $10749 |
| **8/15** | $10045 | $9712 | $10096 |
| **9/15** | $9817 | $9471 | $9846 |
| **10/15** | $10634 | $10270 | $10694 |
| **11/15** | $10691 | $10301 | $10724 |
| **12/15** | $10628 | $10138 | $10567 |
| **1/16** | $9967 | $9635 | $9977 |
| **2/16** | $9733 | $9622 | $9973 |
| **3/16** | $10294 | $10275 | $10645 |
| **4/16** | $10375 | $10315 | $10548 |
| **5/16** | $10504 | $10500 | $10753 |
| **6/16** | $10597 | $10527 | $10711 |
| **7/16** | $11109 | $10915 | $11216 |
| **8/16** | $11166 | $10931 | $11160 |
| **9/16** | $11241 | $10933 | $11201 |
| **10/16** | $11040 | $10733 | $10938 |
| **11/16** | $11034 | $11131 | $11176 |
| **12/16** | $10891 | $11351 | $11314 |
| **1/17** | $11389 | $11566 | $11696 |
| **2/17** | $11723 | $12025 | $12182 |
| **3/17** | $11913 | $12039 | $12322 |
| **4/17** | $12392 | $12163 | $12604 |
| **5/17** | $12815 | $12334 | $12932 |
| **6/17** | $12651 | $12411 | $12898 |
| **7/17** | $13005 | $12666 | $13241 |
| **8/17** | $13126 | $12705 | $13483 |
| **9/17** | $13113 | $12967 | $13659 |
| **10/17** | $13703 | $13270 | $14188 |
| **11/17** | $14134 | $13677 | $14619 |
| **12/17** | $14336 | $13829 | $14733 |
| **1/18** | $15471 | $14621 | $15776 |
| **2/18** | $15356 | $14082 | $15363 |
| **3/18** | $15002 | $13724 | $14941 |
| **4/18** | $15172 | $13777 | $14994 |
| **5/18** | $15886 | $14108 | $15651 |
| **6/18** | $16110 | $14195 | $15801 |
| **7/18** | $16112 | $14724 | $16265 |
| **8/18** | $16982 | $15203 | $17155 |
| **9/18** | $17044 | $15290 | $17251 |
| **10/18** | $15628 | $14245 | $15708 |
| **11/18** | $15945 | $14535 | $15875 |
| **12/18** | $14820 | $13223 | $14510 |
| **1/19** | $16349 | $14282 | $15814 |
| **2/19** | $16970 | $14741 | $16380 |
| **3/19** | $17482 | $15027 | $16846 |
| **4/19** | $18341 | $15636 | $17607 |
| **5/19** | $17778 | $14642 | $16495 |
| **6/19** | $18737 | $15674 | $17628 |
| **7/19** | $18983 | $15899 | $18026 |
| **8/19** | $18579 | $15648 | $17888 |
| **9/19** | $18196 | $15940 | $17890 |
| **10/19** | $17901 | $16286 | $18394 |
| **11/19** | $18745 | $16877 | $19210 |
| **12/19** | $18702 | $17386 | $19790 |
| **1/20** | $19769 | $17379 | $20232 |
| **2/20** | $18716 | $15949 | $18854 |
| **3/20** | $16885 | $13979 | $17000 |
| **4/20** | $19886 | $15771 | $19515 |
| **5/20** | $22800 | $16522 | $20825 |
| **6/20** | $24690 | $16850 | $21732 |
| **7/20** | $26875 | $17801 | $23404 |
| **8/20** | $29031 | $19080 | $25819 |
| **9/20** | $28082 | $18355 | $24604 |
| **10/20** | $27508 | $17867 | $23769 |
| **11/20** | $31290 | $19823 | $26203 |
| **12/20** | $32592 | $20585 | $27408 |
| **1/21** | $31948 | $20377 | $27205 |
| **2/21** | $33748 | $20939 | $27199 |
| **3/21** | $31692 | $21856 | $27666 |
| **4/21** | $33313 | $23022 | $29548 |
| **5/21** | $32522 | $23183 | $29140 |
| **6/21** | $35315 | $23724 | $30968 |
| **7/21** | $35260 | $24288 | $31988 |
| **8/21** | $35772 | $25026 | $33184 |
| **9/21** | $33407 | $23863 | $31326 |
| **10/21** | $35105 | $25534 | $34039 |
| **11/21** | $33507 | $25357 | $34247 |
| **12/21** | $31053 | $26494 | $34971 |
| **1/22** | $25364 | $25123 | $31970 |
| **2/22** | $24344 | $24371 | $30612 |
| **3/22** | $23266 | $25276 | $31809 |
| **4/22** | $18732 | $23071 | $27968 |
| **5/22** | $15883 | $23114 | $27318 |
| **6/22** | $14420 | $21206 | $25154 |
| **7/22** | $16393 | $23161 | $28173 |
| **8/22** | $16663 | $22217 | $26861 |
| **9/22** | $14940 | $20170 | $24249 |
| **10/22** | $15681 | $21804 | $25667 |
| **11/22** | $15565 | $23022 | $26836 |
| **12/22** | $14063 | $21696 | $24782 |
| **1/23** | $16274 | $23059 | $26847 |
| **2/23** | $15832 | $22496 | $26528 |
| **3/23** | $16765 | $23322 | $28342 |
| **4/23** | $15906 | $23686 | $28621 |
| **5/23** | $17564 | $23789 | $29926 |
| **6/23** | $18952 | $25361 | $31972 |
| **7/23** | $20204 | $26176 | $33050 |
| **8/23** | $17957 | $25759 | $32753 |
| **9/23** | $16888 | $24531 | $30972 |
| **10/23** | $15685 | $24015 | $30531 |
| **11/23** | $18804 | $26208 | $33859 |
| **12/23** | $20511 | $27399 | $35358 |
| **1/24** | $20106 | $27859 | $36240 |
| **2/24** | $22477 | $29347 | $38713 |
| **3/24** | $22685 | $30291 | $39394 |
| **4/24** | $20511 | $29054 | $37723 |
| **5/24** | $20032 | $30494 | $39981 |
| **6/24** | $20757 | $31589 | $42677 |
| **7/24** | $20941 | $31973 | $41951 |
| **8/24** | $21777 | $32749 | $42825 |
| **9/24** | $22931 | $33448 | $44038 |
| **10/24** | $23901 | $33145 | $43893 |
| **11/24** | $28544 | $35090 | $46740 |
| **12/24** | $27844 | $34254 | $47152 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 35.75% | 8.29% | 11.39% |
| Class A, with 5.25% maximum front end sales charge | 28.59% | 7.12% | 10.78% |
| S&P 500<sup>®</sup> Index | 25.02% | 14.53% | 13.10% |
| Russell 1000<sup>®</sup> Growth Index | 33.36% | 18.96% | 16.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the S&P 500<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $194996435 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $877326 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg119.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.6% |
| Short-Term Investments | 2.3% |
| Industrials | 2.6% |
| Investment Company | 3.0% |
| Health Care | 5.8% |
| Financals | 8.0% |
| Communication Services | 10.7% |
| Information Technology | 31.6% |
| Consumer Discretionary | 34.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Tesla, Inc. | 9.5% |
| Cloudflare, Inc. | 9.4% |
| DoorDash, Inc. | 6.4% |
| Shopify, Inc. | 6.3% |
| ROBLOX Corp. | 5.4% |
| Trade Desk, Inc. | 5.3% |
| MercadoLibre, Inc. | 4.9% |
| Amazon.com, Inc. | 4.9% |
| Snowflake, Inc. | 4.9% |
| Crowdstrike Holdings, Inc. | 3.7% |
| Total | 60.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MAPPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio

# Class C MSPRX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $225 | 1.92% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Growth Index:

↑ Stock selection in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Average overweight and stock selection in consumer discretionary, led by a food delivery company

↑ No exposure to consumer staples, a sector that underperformed in the index

↓ Stock selection in health care, led lower by a biopharmaceutical royalties acquirer and a next-generation sequencing company (the sequencing company was sold during the period)

↓ Stock selection and average overweight in financials,

↓ Average underweight in information technology, which was one of the stronger performing sectors in the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg106.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **4/15** | $10000 | $10000 | $10000 |
| **5/15** | $9978 | $10129 | $10141 |
| **6/15** | $9873 | $9933 | $9962 |
| **7/15** | $10548 | $10141 | $10300 |
| **8/15** | $9851 | $9529 | $9674 |
| **9/15** | $9616 | $9293 | $9435 |
| **10/15** | $10414 | $10077 | $10248 |
| **11/15** | $10465 | $10107 | $10276 |
| **12/15** | $10391 | $9947 | $10125 |
| **1/16** | $9740 | $9454 | $9560 |
| **2/16** | $9505 | $9441 | $9556 |
| **3/16** | $10048 | $10082 | $10201 |
| **4/16** | $10120 | $10121 | $10107 |
| **5/16** | $10240 | $10302 | $10304 |
| **6/16** | $10325 | $10329 | $10263 |
| **7/16** | $10813 | $10710 | $10748 |
| **8/16** | $10868 | $10725 | $10694 |
| **9/16** | $10935 | $10727 | $10733 |
| **10/16** | $10727 | $10531 | $10481 |
| **11/16** | $10721 | $10921 | $10709 |
| **12/16** | $10568 | $11137 | $10842 |
| **1/17** | $11049 | $11348 | $11207 |
| **2/17** | $11363 | $11799 | $11673 |
| **3/17** | $11542 | $11813 | $11808 |
| **4/17** | $12003 | $11934 | $12078 |
| **5/17** | $12404 | $12102 | $12392 |
| **6/17** | $12238 | $12178 | $12359 |
| **7/17** | $12571 | $12428 | $12688 |
| **8/17** | $12682 | $12466 | $12920 |
| **9/17** | $12664 | $12723 | $13088 |
| **10/17** | $13221 | $13020 | $13596 |
| **11/17** | $13630 | $13419 | $14009 |
| **12/17** | $13820 | $13569 | $14118 |
| **1/18** | $14902 | $14345 | $15118 |
| **2/18** | $14783 | $13817 | $14721 |
| **3/18** | $14431 | $13466 | $14317 |
| **4/18** | $14590 | $13517 | $14367 |
| **5/18** | $15267 | $13843 | $14997 |
| **6/18** | $15480 | $13928 | $15142 |
| **7/18** | $15468 | $14446 | $15586 |
| **8/18** | $16292 | $14917 | $16438 |
| **9/18** | $16346 | $15002 | $16530 |
| **10/18** | $14976 | $13977 | $15052 |
| **11/18** | $15272 | $14261 | $15212 |
| **12/18** | $14185 | $12974 | $13904 |
| **1/19** | $15639 | $14013 | $15154 |
| **2/19** | $16225 | $14463 | $15696 |
| **3/19** | $16697 | $14744 | $16143 |
| **4/19** | $17509 | $15341 | $16872 |
| **5/19** | $16959 | $14366 | $15806 |
| **6/19** | $17869 | $15379 | $16892 |
| **7/19** | $18095 | $15600 | $17273 |
| **8/19** | $17693 | $15353 | $17141 |
| **9/19** | $17318 | $15640 | $17143 |
| **10/19** | $17029 | $15979 | $17626 |
| **11/19** | $17820 | $16559 | $18408 |
| **12/19** | $17770 | $17059 | $18964 |
| **1/20** | $18771 | $17052 | $19387 |
| **2/20** | $17763 | $15648 | $18067 |
| **3/20** | $16013 | $13716 | $16290 |
| **4/20** | $18850 | $15474 | $18700 |
| **5/20** | $21601 | $16211 | $19956 |
| **6/20** | $23387 | $16533 | $20825 |
| **7/20** | $25439 | $17465 | $22427 |
| **8/20** | $27462 | $18721 | $24741 |
| **9/20** | $26547 | $18009 | $23577 |
| **10/20** | $25993 | $17531 | $22776 |
| **11/20** | $29543 | $19449 | $25108 |
| **12/20** | $30759 | $20197 | $26263 |
| **1/21** | $30136 | $19993 | $26069 |
| **2/21** | $31809 | $20545 | $26063 |
| **3/21** | $29854 | $21444 | $26511 |
| **4/21** | $31368 | $22589 | $28314 |
| **5/21** | $30607 | $22747 | $27923 |
| **6/21** | $33209 | $23278 | $29675 |
| **7/21** | $33140 | $23831 | $30653 |
| **8/21** | $33604 | $24555 | $31799 |
| **9/21** | $31360 | $23413 | $30018 |
| **10/21** | $32935 | $25054 | $32618 |
| **11/21** | $31421 | $24880 | $32817 |
| **12/21** | $29096 | $25995 | $33511 |
| **1/22** | $23760 | $24650 | $30635 |
| **2/22** | $22786 | $23912 | $29334 |
| **3/22** | $21765 | $24800 | $30481 |
| **4/22** | $17517 | $22637 | $26800 |
| **5/22** | $14835 | $22679 | $26177 |
| **6/22** | $13460 | $20807 | $24104 |
| **7/22** | $15293 | $22725 | $26997 |
| **8/22** | $15541 | $21798 | $25739 |
| **9/22** | $13918 | $19791 | $23237 |
| **10/22** | $14605 | $21393 | $24595 |
| **11/22** | $14491 | $22589 | $25716 |
| **12/22** | $13088 | $21287 | $23747 |
| **1/23** | $15135 | $22625 | $25726 |
| **2/23** | $14713 | $22073 | $25421 |
| **3/23** | $15569 | $22883 | $27158 |
| **4/23** | $14763 | $23240 | $27426 |
| **5/23** | $16302 | $23341 | $28676 |
| **6/23** | $17590 | $24883 | $30637 |
| **7/23** | $18753 | $25683 | $31669 |
| **8/23** | $16667 | $25274 | $31385 |
| **9/23** | $15675 | $24069 | $29678 |
| **10/23** | $14558 | $23563 | $29256 |
| **11/23** | $17454 | $25715 | $32445 |
| **12/23** | $19038 | $26883 | $33882 |
| **1/24** | $18662 | $27335 | $34727 |
| **2/24** | $20862 | $28794 | $37096 |
| **3/24** | $21056 | $29721 | $37749 |
| **4/24** | $19038 | $28507 | $36148 |
| **5/24** | $18594 | $29920 | $38312 |
| **6/24** | $19266 | $30994 | $40895 |
| **7/24** | $19437 | $31371 | $40200 |
| **8/24** | $20212 | $32132 | $41037 |
| **9/24** | $21284 | $32818 | $42200 |
| **10/24** | $22185 | $32521 | $42060 |
| **11/24** | $26494 | $34430 | $44788 |
| **12/24** | $25844 | $33609 | $45183 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/15 (Inception)* |
| Class C, with conversion to Class A after 8 years | 34.81% | 7.51% | 10.32% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 33.81% | 7.51% | 10.32% |
| S&P 500<sup>®</sup> Index | 25.02% | 14.53% | 13.35% |
| Russell 1000<sup>®</sup> Growth Index | 33.36% | 18.96% | 16.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the S&P 500<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $194996435 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $877326 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg152.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.6% |
| Short-Term Investments | 2.3% |
| Industrials | 2.6% |
| Investment Company | 3.0% |
| Health Care | 5.8% |
| Financals | 8.0% |
| Communication Services | 10.7% |
| Information Technology | 31.6% |
| Consumer Discretionary | 34.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Tesla, Inc. | 9.5% |
| Cloudflare, Inc. | 9.4% |
| DoorDash, Inc. | 6.4% |
| Shopify, Inc. | 6.3% |
| ROBLOX Corp. | 5.4% |
| Trade Desk, Inc. | 5.3% |
| MercadoLibre, Inc. | 4.9% |
| Amazon.com, Inc. | 4.9% |
| Snowflake, Inc. | 4.9% |
| Crowdstrike Holdings, Inc. | 3.7% |
| Total | 60.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSPRX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio

# Class I MPAIX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $100 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Growth Index:

↑ Stock selection in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Average overweight and stock selection in consumer discretionary, led by a food delivery company

↑ No exposure to consumer staples, a sector that underperformed in the index

↓ Stock selection in health care, led lower by a biopharmaceutical royalties acquirer and a next-generation sequencing company (the sequencing company was sold during the period)

↓ Stock selection and average overweight in financials,

↓ Average underweight in information technology, which was one of the stronger performing sectors in the period

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg148.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/14** | $1000000 | $1000000 | $1000000 |
| **1/15** | $1011289 | $969981 | $984687 |
| **2/15** | $1087344 | $1025727 | $1050322 |
| **3/15** | $1078431 | $1009506 | $1038376 |
| **4/15** | $1074272 | $1019190 | $1043577 |
| **5/15** | $1073084 | $1032296 | $1058266 |
| **6/15** | $1062983 | $1012313 | $1039623 |
| **7/15** | $1136478 | $1033522 | $1074878 |
| **8/15** | $1062751 | $971166 | $1009602 |
| **9/15** | $1038775 | $947136 | $984626 |
| **10/15** | $1125689 | $1027030 | $1069408 |
| **11/15** | $1132282 | $1030085 | $1072410 |
| **12/15** | $1125630 | $1013838 | $1056673 |
| **1/16** | $1055803 | $963527 | $997681 |
| **2/16** | $1031235 | $962227 | $997256 |
| **3/16** | $1090717 | $1027503 | $1064512 |
| **4/16** | $1099122 | $1031487 | $1054791 |
| **5/16** | $1113992 | $1050010 | $1075275 |
| **6/16** | $1124337 | $1052731 | $1071051 |
| **7/16** | $1178662 | $1091544 | $1121607 |
| **8/16** | $1185235 | $1093076 | $1116035 |
| **9/16** | $1193124 | $1093283 | $1120117 |
| **10/16** | $1172088 | $1073340 | $1093813 |
| **11/16** | $1172088 | $1113091 | $1117613 |
| **12/16** | $1157327 | $1135093 | $1131448 |
| **1/17** | $1210987 | $1156621 | $1169576 |
| **2/17** | $1246098 | $1202546 | $1218155 |
| **3/17** | $1266634 | $1203949 | $1232245 |
| **4/17** | $1318307 | $1216313 | $1260426 |
| **5/17** | $1363354 | $1233430 | $1293201 |
| **6/17** | $1346793 | $1241129 | $1289794 |
| **7/17** | $1383960 | $1266650 | $1324076 |
| **8/17** | $1397946 | $1270527 | $1348348 |
| **9/17** | $1397280 | $1296736 | $1365879 |
| **10/17** | $1459884 | $1326995 | $1418803 |
| **11/17** | $1506505 | $1367694 | $1461906 |
| **12/17** | $1528373 | $1382901 | $1473287 |
| **1/18** | $1650215 | $1462078 | $1577634 |
| **2/18** | $1638102 | $1408190 | $1536267 |
| **3/18** | $1600338 | $1372403 | $1494138 |
| **4/18** | $1619577 | $1377669 | $1499358 |
| **5/18** | $1695817 | $1410846 | $1565077 |
| **6/18** | $1720756 | $1419530 | $1580146 |
| **7/18** | $1720947 | $1472355 | $1626533 |
| **8/18** | $1814343 | $1520333 | $1715466 |
| **9/18** | $1821583 | $1528986 | $1725054 |
| **10/18** | $1670267 | $1424480 | $1570788 |
| **11/18** | $1705724 | $1453508 | $1587472 |
| **12/18** | $1585560 | $1322270 | $1450985 |
| **1/19** | $1749557 | $1428231 | $1581409 |
| **2/19** | $1816063 | $1474089 | $1637991 |
| **3/19** | $1871233 | $1502733 | $1684613 |
| **4/19** | $1963434 | $1563578 | $1760724 |
| **5/19** | $1903730 | $1464216 | $1649493 |
| **6/19** | $2007268 | $1567408 | $1762775 |
| **7/19** | $2034475 | $1589935 | $1802580 |
| **8/19** | $1991397 | $1564750 | $1788774 |
| **9/19** | $1950587 | $1594027 | $1788996 |
| **10/19** | $1920357 | $1628553 | $1839431 |
| **11/19** | $2011046 | $1687668 | $1921034 |
| **12/19** | $2007316 | $1738605 | $1978994 |
| **1/20** | $2122086 | $1737924 | $2023234 |
| **2/20** | $2010397 | $1594859 | $1885449 |
| **3/20** | $1813979 | $1397874 | $1699966 |
| **4/20** | $2136721 | $1577072 | $1951512 |
| **5/20** | $2450220 | $1652185 | $2082526 |
| **6/20** | $2654340 | $1685042 | $2173209 |
| **7/20** | $2890042 | $1780054 | $2340414 |
| **8/20** | $3122663 | $1908005 | $2581926 |
| **9/20** | $3020987 | $1835507 | $2460447 |
| **10/20** | $2960136 | $1786694 | $2376885 |
| **11/20** | $3367608 | $1982273 | $2620259 |
| **12/20** | $3508593 | $2058487 | $2740768 |
| **1/21** | $3440480 | $2037705 | $2720489 |
| **2/21** | $3635087 | $2093895 | $2719859 |
| **3/21** | $3414533 | $2185598 | $2766587 |
| **4/21** | $3589679 | $2302241 | $2954822 |
| **5/21** | $3505349 | $2318321 | $2913953 |
| **6/21** | $3806989 | $2372442 | $3096768 |
| **7/21** | $3802124 | $2428799 | $3198826 |
| **8/21** | $3858884 | $2502648 | $3318426 |
| **9/21** | $3604274 | $2386250 | $3132575 |
| **10/21** | $3788339 | $2553435 | $3403905 |
| **11/21** | $3617248 | $2535743 | $3424717 |
| **12/21** | $3352619 | $2649385 | $3497125 |
| **1/22** | $2740419 | $2512287 | $3196984 |
| **2/22** | $2629564 | $2437066 | $3061197 |
| **3/22** | $2514714 | $2527553 | $3180943 |
| **4/22** | $2025354 | $2307145 | $2796807 |
| **5/22** | $1717755 | $2311378 | $2731788 |
| **6/22** | $1559962 | $2120588 | $2515400 |
| **7/22** | $1773682 | $2316116 | $2817301 |
| **8/22** | $1803643 | $2221660 | $2686059 |
| **9/22** | $1616887 | $2017049 | $2424932 |
| **10/22** | $1697782 | $2180352 | $2566666 |
| **11/22** | $1685797 | $2302198 | $2683621 |
| **12/22** | $1524097 | $2169558 | $2478172 |
| **1/23** | $1763418 | $2305880 | $2684721 |
| **2/23** | $1716813 | $2249619 | $2652836 |
| **3/23** | $1817580 | $2332212 | $2834174 |
| **4/23** | $1725631 | $2368614 | $2862136 |
| **5/23** | $1905751 | $2378910 | $2992588 |
| **6/23** | $2056901 | $2536097 | $3197237 |
| **7/23** | $2192936 | $2617569 | $3304952 |
| **8/23** | $1949837 | $2575893 | $3275277 |
| **9/23** | $1833955 | $2453080 | $3097155 |
| **10/23** | $1704218 | $2401500 | $3053059 |
| **11/23** | $2043046 | $2620818 | $3385876 |
| **12/23** | $2229464 | $2739884 | $3535809 |
| **1/24** | $2185379 | $2785926 | $3623998 |
| **2/24** | $2444853 | $2934682 | $3871252 |
| **3/24** | $2467526 | $3029104 | $3939403 |
| **4/24** | $2231983 | $2905381 | $3772310 |
| **5/24** | $2179081 | $3049444 | $3998140 |
| **6/24** | $2259694 | $3158864 | $4267741 |
| **7/24** | $2281107 | $3197315 | $4195145 |
| **8/24** | $2371797 | $3274872 | $4282521 |
| **9/24** | $2497756 | $3344813 | $4403847 |
| **10/24** | $2604820 | $3314481 | $4389274 |
| **11/24** | $3111173 | $3509044 | $4673964 |
| **12/24** | $3035631 | $3425395 | $4715222 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 36.16% | 8.62% | 11.74% |
| S&P 500<sup>®</sup> Index | 25.02% | 14.53% | 13.10% |
| Russell 1000<sup>®</sup> Growth Index | 33.36% | 18.96% | 16.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the S&P 500<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $194996435 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $877326 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg055.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.6% |
| Short-Term Investments | 2.3% |
| Industrials | 2.6% |
| Investment Company | 3.0% |
| Health Care | 5.8% |
| Financals | 8.0% |
| Communication Services | 10.7% |
| Information Technology | 31.6% |
| Consumer Discretionary | 34.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Tesla, Inc. | 9.5% |
| Cloudflare, Inc. | 9.4% |
| DoorDash, Inc. | 6.4% |
| Shopify, Inc. | 6.3% |
| ROBLOX Corp. | 5.4% |
| Trade Desk, Inc. | 5.3% |
| MercadoLibre, Inc. | 4.9% |
| Amazon.com, Inc. | 4.9% |
| Snowflake, Inc. | 4.9% |
| Crowdstrike Holdings, Inc. | 3.7% |
| Total | 60.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MPAIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio

# Class L MAPLX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $117 | 0.99% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Growth Index:

↑ Stock selection in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Average overweight and stock selection in consumer discretionary, led by a food delivery company

↑ No exposure to consumer staples, a sector that underperformed in the index

↓ Stock selection in health care, led lower by a biopharmaceutical royalties acquirer and a next-generation sequencing company (the sequencing company was sold during the period)

↓ Stock selection and average overweight in financials,

↓ Average underweight in information technology, which was one of the stronger performing sectors in the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg203.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class L** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/14** | $10000 | $10000 | $10000 |
| **1/15** | $10113 | $9700 | $9847 |
| **2/15** | $10874 | $10257 | $10503 |
| **3/15** | $10785 | $10095 | $10384 |
| **4/15** | $10749 | $10192 | $10436 |
| **5/15** | $10731 | $10323 | $10583 |
| **6/15** | $10630 | $10123 | $10396 |
| **7/15** | $11361 | $10335 | $10749 |
| **8/15** | $10624 | $9712 | $10096 |
| **9/15** | $10384 | $9471 | $9846 |
| **10/15** | $11253 | $10270 | $10694 |
| **11/15** | $11313 | $10301 | $10724 |
| **12/15** | $11247 | $10138 | $10567 |
| **1/16** | $10549 | $9635 | $9977 |
| **2/16** | $10303 | $9622 | $9973 |
| **3/16** | $10898 | $10275 | $10645 |
| **4/16** | $10982 | $10315 | $10548 |
| **5/16** | $11124 | $10500 | $10753 |
| **6/16** | $11227 | $10527 | $10711 |
| **7/16** | $11770 | $10915 | $11216 |
| **8/16** | $11836 | $10931 | $11160 |
| **9/16** | $11915 | $10933 | $11201 |
| **10/16** | $11705 | $10733 | $10938 |
| **11/16** | $11705 | $11131 | $11176 |
| **12/16** | $11552 | $11351 | $11314 |
| **1/17** | $12088 | $11566 | $11696 |
| **2/17** | $12439 | $12025 | $12182 |
| **3/17** | $12651 | $12039 | $12322 |
| **4/17** | $13160 | $12163 | $12604 |
| **5/17** | $13610 | $12334 | $12932 |
| **6/17** | $13438 | $12411 | $12898 |
| **7/17** | $13816 | $12666 | $13241 |
| **8/17** | $13949 | $12705 | $13483 |
| **9/17** | $13942 | $12967 | $13659 |
| **10/17** | $14568 | $13270 | $14188 |
| **11/17** | $15027 | $13677 | $14619 |
| **12/17** | $15245 | $13829 | $14733 |
| **1/18** | $16455 | $14621 | $15776 |
| **2/18** | $16341 | $14082 | $15363 |
| **3/18** | $15964 | $13724 | $14941 |
| **4/18** | $16149 | $13777 | $14994 |
| **5/18** | $16910 | $14108 | $15651 |
| **6/18** | $17152 | $14195 | $15801 |
| **7/18** | $17154 | $14724 | $16265 |
| **8/18** | $18087 | $15203 | $17155 |
| **9/18** | $18152 | $15290 | $17251 |
| **10/18** | $16648 | $14245 | $15708 |
| **11/18** | $16988 | $14535 | $15875 |
| **12/18** | $15795 | $13223 | $14510 |
| **1/19** | $17425 | $14282 | $15814 |
| **2/19** | $18090 | $14741 | $16380 |
| **3/19** | $18633 | $15027 | $16846 |
| **4/19** | $19547 | $15636 | $17607 |
| **5/19** | $18951 | $14642 | $16495 |
| **6/19** | $19985 | $15674 | $17628 |
| **7/19** | $20249 | $15899 | $18026 |
| **8/19** | $19819 | $15648 | $17888 |
| **9/19** | $19419 | $15940 | $17890 |
| **10/19** | $19109 | $16286 | $18394 |
| **11/19** | $20008 | $16877 | $19210 |
| **12/19** | $19970 | $17386 | $19790 |
| **1/20** | $21117 | $17379 | $20232 |
| **2/20** | $19993 | $15949 | $18854 |
| **3/20** | $18039 | $13979 | $17000 |
| **4/20** | $21248 | $15771 | $19515 |
| **5/20** | $24364 | $16522 | $20825 |
| **6/20** | $26396 | $16850 | $21732 |
| **7/20** | $28735 | $17801 | $23404 |
| **8/20** | $31044 | $19080 | $25819 |
| **9/20** | $30036 | $18355 | $24604 |
| **10/20** | $29428 | $17867 | $23769 |
| **11/20** | $33476 | $19823 | $26203 |
| **12/20** | $34877 | $20585 | $27408 |
| **1/21** | $34196 | $20377 | $27205 |
| **2/21** | $36125 | $20939 | $27199 |
| **3/21** | $33929 | $21856 | $27666 |
| **4/21** | $35671 | $23022 | $29548 |
| **5/21** | $34836 | $23183 | $29140 |
| **6/21** | $37827 | $23724 | $30968 |
| **7/21** | $37770 | $24288 | $31988 |
| **8/21** | $38329 | $25026 | $33184 |
| **9/21** | $35801 | $23863 | $31326 |
| **10/21** | $37624 | $25534 | $34039 |
| **11/21** | $35922 | $25357 | $34247 |
| **12/21** | $33294 | $26494 | $34971 |
| **1/22** | $27207 | $25123 | $31970 |
| **2/22** | $26107 | $24371 | $30612 |
| **3/22** | $24958 | $25276 | $31809 |
| **4/22** | $20100 | $23071 | $27968 |
| **5/22** | $17042 | $23114 | $27318 |
| **6/22** | $15473 | $21206 | $25154 |
| **7/22** | $17592 | $23161 | $28173 |
| **8/22** | $17891 | $22217 | $26861 |
| **9/22** | $16042 | $20170 | $24249 |
| **10/22** | $16842 | $21804 | $25667 |
| **11/22** | $16722 | $23022 | $26836 |
| **12/22** | $15113 | $21696 | $24782 |
| **1/23** | $17489 | $23059 | $26847 |
| **2/23** | $17021 | $22496 | $26528 |
| **3/23** | $18020 | $23322 | $28342 |
| **4/23** | $17097 | $23686 | $28621 |
| **5/23** | $18879 | $23789 | $29926 |
| **6/23** | $20383 | $25361 | $31972 |
| **7/23** | $21735 | $26176 | $33050 |
| **8/23** | $19321 | $25759 | $32753 |
| **9/23** | $18171 | $24531 | $30972 |
| **10/23** | $16870 | $24015 | $30531 |
| **11/23** | $20231 | $26208 | $33859 |
| **12/23** | $22076 | $27399 | $35358 |
| **1/24** | $21634 | $27859 | $36240 |
| **2/24** | $24199 | $29347 | $38713 |
| **3/24** | $24414 | $30291 | $39394 |
| **4/24** | $22088 | $29054 | $37723 |
| **5/24** | $21570 | $30494 | $39981 |
| **6/24** | $22354 | $31589 | $42677 |
| **7/24** | $22569 | $31973 | $41951 |
| **8/24** | $23466 | $32749 | $42825 |
| **9/24** | $24704 | $33448 | $44038 |
| **10/24** | $25766 | $33145 | $43893 |
| **11/24** | $30770 | $35090 | $46740 |
| **12/24** | $30016 | $34254 | $47152 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 35.97% | 8.49% | 11.62% |
| S&P 500<sup>®</sup> Index | 25.02% | 14.53% | 13.10% |
| Russell 1000<sup>®</sup> Growth Index | 33.36% | 18.96% | 16.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the S&P 500<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $194996435 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $877326 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg135.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.6% |
| Short-Term Investments | 2.3% |
| Industrials | 2.6% |
| Investment Company | 3.0% |
| Health Care | 5.8% |
| Financals | 8.0% |
| Communication Services | 10.7% |
| Information Technology | 31.6% |
| Consumer Discretionary | 34.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Tesla, Inc. | 9.5% |
| Cloudflare, Inc. | 9.4% |
| DoorDash, Inc. | 6.4% |
| Shopify, Inc. | 6.3% |
| ROBLOX Corp. | 5.4% |
| Trade Desk, Inc. | 5.3% |
| MercadoLibre, Inc. | 4.9% |
| Amazon.com, Inc. | 4.9% |
| Snowflake, Inc. | 4.9% |
| Crowdstrike Holdings, Inc. | 3.7% |
| Total | 60.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MAPLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio

# Class R6 MADSX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $96 | 0.81% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Growth Index:

↑ Stock selection in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Average overweight and stock selection in consumer discretionary, led by a food delivery company

↑ No exposure to consumer staples, a sector that underperformed in the index

↓ Stock selection in health care, led lower by a biopharmaceutical royalties acquirer and a next-generation sequencing company (the sequencing company was sold during the period)

↓ Stock selection and average overweight in financials,

↓ Average underweight in information technology, which was one of the stronger performing sectors in the period

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg128.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/14** | $5000000 | $5000000 | $5000000 |
| **1/15** | $5056413 | $4849904 | $4923436 |
| **2/15** | $5436461 | $5128635 | $5251609 |
| **3/15** | $5394893 | $5047528 | $5191882 |
| **4/15** | $5374109 | $5095950 | $5217884 |
| **5/15** | $5365202 | $5161481 | $5291331 |
| **6/15** | $5314727 | $5061564 | $5198115 |
| **7/15** | $5683327 | $5167610 | $5374388 |
| **8/15** | $5314825 | $4855829 | $5048008 |
| **9/15** | $5194986 | $4735678 | $4923131 |
| **10/15** | $5629400 | $5135152 | $5347041 |
| **11/15** | $5662355 | $5150423 | $5362050 |
| **12/15** | $5632340 | $5069192 | $5283363 |
| **1/16** | $5280117 | $4817637 | $4988406 |
| **2/16** | $5157323 | $4811137 | $4986278 |
| **3/16** | $5457844 | $5137516 | $5322559 |
| **4/16** | $5499852 | $5157433 | $5273956 |
| **5/16** | $5570943 | $5250051 | $5376373 |
| **6/16** | $5622645 | $5263654 | $5355257 |
| **7/16** | $5897386 | $5457718 | $5608036 |
| **8/16** | $5930241 | $5465381 | $5580173 |
| **9/16** | $5972952 | $5466414 | $5600586 |
| **10/16** | $5864532 | $5366700 | $5469067 |
| **11/16** | $5864532 | $5565456 | $5588064 |
| **12/16** | $5789373 | $5675463 | $5657239 |
| **1/17** | $6057645 | $5783106 | $5847880 |
| **2/17** | $6236493 | $6012730 | $6090776 |
| **3/17** | $6339164 | $6019744 | $6161224 |
| **4/17** | $6597500 | $6081566 | $6302132 |
| **5/17** | $6822716 | $6167151 | $6466004 |
| **6/17** | $6739916 | $6205643 | $6448969 |
| **7/17** | $6929062 | $6333248 | $6620378 |
| **8/17** | $6995656 | $6352635 | $6741738 |
| **9/17** | $6992326 | $6483678 | $6829394 |
| **10/17** | $7308645 | $6634977 | $7094014 |
| **11/17** | $7541723 | $6838471 | $7309528 |
| **12/17** | $7654609 | $6914505 | $7366434 |
| **1/18** | $8260139 | $7310388 | $7888170 |
| **2/18** | $8203148 | $7040948 | $7681336 |
| **3/18** | $8014365 | $6862015 | $7470689 |
| **4/18** | $8110538 | $6888345 | $7496789 |
| **5/18** | $8491665 | $7054230 | $7825383 |
| **6/18** | $8616333 | $7097648 | $7900730 |
| **7/18** | $8617288 | $7361777 | $8132667 |
| **8/18** | $9087782 | $7601663 | $8577332 |
| **9/18** | $9123974 | $7644931 | $8625271 |
| **10/18** | $8367564 | $7122399 | $7853939 |
| **11/18** | $8541167 | $7267542 | $7937361 |
| **12/18** | $7940527 | $6611349 | $7254926 |
| **1/19** | $8764045 | $7141155 | $7907044 |
| **2/19** | $9096475 | $7370445 | $8189956 |
| **3/19** | $9372240 | $7513666 | $8423067 |
| **4/19** | $9836885 | $7817891 | $8803620 |
| **5/19** | $9538454 | $7321079 | $8247465 |
| **6/19** | $10055986 | $7837041 | $8813874 |
| **7/19** | $10191980 | $7949676 | $9012899 |
| **8/19** | $9976657 | $7823750 | $8943871 |
| **9/19** | $9772666 | $7970136 | $8944981 |
| **10/19** | $9621562 | $8142767 | $9197155 |
| **11/19** | $10074874 | $8438340 | $9605169 |
| **12/19** | $10056145 | $8693027 | $9894968 |
| **1/20** | $10633642 | $8689618 | $10116172 |
| **2/20** | $10071545 | $7974296 | $9427243 |
| **3/20** | $9089801 | $6989368 | $8499832 |
| **4/20** | $10706792 | $7885361 | $9757562 |
| **5/20** | $12277583 | $8260926 | $10412628 |
| **6/20** | $13305528 | $8425212 | $10866046 |
| **7/20** | $14483621 | $8900269 | $11702070 |
| **8/20** | $15650165 | $9540025 | $12909631 |
| **9/20** | $15141968 | $9177536 | $12302234 |
| **10/20** | $14837819 | $8933470 | $11884427 |
| **11/20** | $16882158 | $9911364 | $13101295 |
| **12/20** | $17590829 | $10292437 | $13703838 |
| **1/21** | $17250439 | $10188527 | $13602446 |
| **2/21** | $18227032 | $10469475 | $13599297 |
| **3/21** | $17120767 | $10927992 | $13832936 |
| **4/21** | $18004158 | $11511206 | $14774110 |
| **5/21** | $17582724 | $11591604 | $14569765 |
| **6/21** | $19094214 | $11862208 | $15483840 |
| **7/21** | $19069901 | $12143994 | $15994130 |
| **8/21** | $19357611 | $12513240 | $16592132 |
| **9/21** | $18081151 | $11931252 | $15662877 |
| **10/21** | $19005065 | $12767177 | $17019525 |
| **11/21** | $18145987 | $12678714 | $17123583 |
| **12/21** | $16824456 | $13246924 | $17485624 |
| **1/22** | $13747785 | $12561435 | $15984919 |
| **2/22** | $13194283 | $12185328 | $15305983 |
| **3/22** | $12615849 | $12637763 | $15904717 |
| **4/22** | $10162490 | $11535727 | $13984036 |
| **5/22** | $8616675 | $11556891 | $13658941 |
| **6/22** | $7828807 | $10602942 | $12576998 |
| **7/22** | $8900905 | $11580580 | $14086503 |
| **8/22** | $9050500 | $11108302 | $13430297 |
| **9/22** | $8118025 | $10085243 | $12124661 |
| **10/22** | $8521931 | $10901758 | $12833328 |
| **11/22** | $8462093 | $11510992 | $13418104 |
| **12/22** | $7649346 | $10847792 | $12390859 |
| **1/23** | $8855155 | $11529401 | $13423605 |
| **2/23** | $8616505 | $11248096 | $13264182 |
| **3/23** | $9125205 | $11661061 | $14170870 |
| **4/23** | $8660467 | $11843072 | $14310682 |
| **5/23** | $9571103 | $11894550 | $14962939 |
| **6/23** | $10324733 | $12680485 | $15986187 |
| **7/23** | $11009281 | $13087846 | $16524758 |
| **8/23** | $9790912 | $12879467 | $16376384 |
| **9/23** | $9213129 | $12265401 | $15485773 |
| **10/23** | $8553702 | $12007502 | $15265294 |
| **11/23** | $10261931 | $13104092 | $16929379 |
| **12/23** | $11191408 | $13699419 | $17679045 |
| **1/24** | $10971599 | $13929628 | $18119989 |
| **2/24** | $12277892 | $14673408 | $19356262 |
| **3/24** | $12390936 | $15145519 | $19697014 |
| **4/24** | $11210249 | $14526907 | $18861550 |
| **5/24** | $10946478 | $15247219 | $19990700 |
| **6/24** | $11348414 | $15794322 | $21338705 |
| **7/24** | $11455179 | $15986576 | $20975724 |
| **8/24** | $11913637 | $16374358 | $21412605 |
| **9/24** | $12541662 | $16724067 | $22019235 |
| **10/24** | $13081764 | $16572403 | $21946368 |
| **11/24** | $15625266 | $17545222 | $23369819 |
| **12/24** | $15241306 | $17126975 | $23576108 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 36.19% | 8.67% | 11.79% |
| S&P 500<sup>®</sup> Index | 25.02% | 14.53% | 13.10% |
| Russell 1000<sup>®</sup> Growth Index | 33.36% | 18.96% | 16.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the S&P 500<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $194996435 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $877326 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg213.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.6% |
| Short-Term Investments | 2.3% |
| Industrials | 2.6% |
| Investment Company | 3.0% |
| Health Care | 5.8% |
| Financals | 8.0% |
| Communication Services | 10.7% |
| Information Technology | 31.6% |
| Consumer Discretionary | 34.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Tesla, Inc. | 9.5% |
| Cloudflare, Inc. | 9.4% |
| DoorDash, Inc. | 6.4% |
| Shopify, Inc. | 6.3% |
| ROBLOX Corp. | 5.4% |
| Trade Desk, Inc. | 5.3% |
| MercadoLibre, Inc. | 4.9% |
| Amazon.com, Inc. | 4.9% |
| Snowflake, Inc. | 4.9% |
| Crowdstrike Holdings, Inc. | 3.7% |
| Total | 60.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MADSX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio

# Class A MSCUX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $110 | 1.05% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↓ Stock selection in information technology (IT), financials and health care was the primary detractor

↓ The portfolio's tilt toward software and IT services significantly lagged semiconductors and hardware. The relative performance impact of the "Magnificent Seven" was notable: the Portfolio owned Microsoft and Alphabet, but the Fund's high quality bar and strict valuation discipline precluded it from owning the other five, which detracted significantly.

↓ Stock selection in financials lagged due to the strength of banks' performance in the Index

↓ Consumer staples weakness was primarily down to Constellation Brands, which suffered due to Mexican tariff fears

↑ Financials sector overweight, consumer discretionary sector underweight

↑ Not owning low quality, cyclical sectors, specifically materials, energy and real estate

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg245.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **S&P 500<sup>®</sup> Index** |
| **7/22** | $9479 | $10000 |
| **8/22** | $8995 | $9592 |
| **9/22** | $8085 | $8709 |
| **10/22** | $8540 | $9414 |
| **11/22** | $9175 | $9940 |
| **12/22** | $8825 | $9367 |
| **1/23** | $9289 | $9956 |
| **2/23** | $8844 | $9713 |
| **3/23** | $9308 | $10069 |
| **4/23** | $9431 | $10227 |
| **5/23** | $9289 | $10271 |
| **6/23** | $9924 | $10950 |
| **7/23** | $10161 | $11302 |
| **8/23** | $10152 | $11122 |
| **9/23** | $9640 | $10591 |
| **10/23** | $9308 | $10369 |
| **11/23** | $10114 | $11316 |
| **12/23** | $10519 | $11830 |
| **1/24** | $10643 | $12028 |
| **2/24** | $11035 | $12671 |
| **3/24** | $11112 | $13078 |
| **4/24** | $10557 | $12544 |
| **5/24** | $10825 | $13166 |
| **6/24** | $10988 | $13639 |
| **7/24** | $11476 | $13805 |
| **8/24** | $11811 | $14139 |
| **9/24** | $11926 | $14441 |
| **10/24** | $11610 | $14311 |
| **11/24** | $12040 | $15151 |
| **12/24** | $11593 | $14789 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 7/29/22 (Inception)* |
| Class A | 10.21% | 8.66% |
| Class A, with 5.25% maximum front end sales charge | 4.41% | 6.28% |
| S&P 500<sup>®</sup> Index | 25.02% | 17.52% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1369354 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg240.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.5% |
| Communication Services | 5.2% |
| Consumer Discretionary | 5.5% |
| Industrials | 10.7% |
| Consumer Staples | 10.8% |
| Health Care | 21.0% |
| Information Technology | 22.3% |
| Financials | 23.0% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 7.2% |
| Visa, Inc. | 6.5% |
| Alphabet, Inc. | 5.2% |
| Accenture PLC | 4.6% |
| Aon PLC | 4.1% |
| Texas Instruments, Inc. | 3.9% |
| Procter & Gamble Co. | 3.9% |
| Intercontinental Exchange, Inc. | 3.5% |
| Thermo Fisher Scientific, Inc. | 3.3% |
| Automatic Data Processing, Inc. | 3.2% |
| Total | 45.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSCUX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio

# Class C MSBWX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $188 | 1.80% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↓ Stock selection in information technology (IT), financials and health care was the primary detractor

↓ The portfolio's tilt toward software and IT services significantly lagged semiconductors and hardware. The relative performance impact of the "Magnificent Seven" was notable: the Portfolio owned Microsoft and Alphabet, but the Fund's high quality bar and strict valuation discipline precluded it from owning the other five, which detracted significantly.

↓ Stock selection in financials lagged due to the strength of banks' performance in the Index

↓ Consumer staples weakness was primarily down to Constellation Brands, which suffered due to Mexican tariff fears

↑ Financials sector overweight, consumer discretionary sector underweight

↑ Not owning low quality, cyclical sectors, specifically materials, energy and real estate

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg109.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** |
| **7/22** | $10000 | $10000 |
| **8/22** | $9480 | $9592 |
| **9/22** | $8520 | $8709 |
| **10/22** | $9000 | $9414 |
| **11/22** | $9650 | $9940 |
| **12/22** | $9290 | $9367 |
| **1/23** | $9760 | $9956 |
| **2/23** | $9290 | $9713 |
| **3/23** | $9770 | $10069 |
| **4/23** | $9890 | $10227 |
| **5/23** | $9740 | $10271 |
| **6/23** | $10400 | $10950 |
| **7/23** | $10640 | $11302 |
| **8/23** | $10630 | $11122 |
| **9/23** | $10080 | $10591 |
| **10/23** | $9730 | $10369 |
| **11/23** | $10560 | $11316 |
| **12/23** | $10981 | $11830 |
| **1/24** | $11102 | $12028 |
| **2/24** | $11503 | $12671 |
| **3/24** | $11573 | $13078 |
| **4/24** | $10991 | $12544 |
| **5/24** | $11262 | $13166 |
| **6/24** | $11423 | $13639 |
| **7/24** | $11934 | $13805 |
| **8/24** | $12265 | $14139 |
| **9/24** | $12385 | $14441 |
| **10/24** | $12044 | $14311 |
| **11/24** | $12486 | $15151 |
| **12/24** | $12003 | $14789 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 7/29/22 (Inception)* |
| Class C | 9.31% | 7.82% |
| Class C, with 1% maximum contingent deferred sales charge | 8.31% | 7.82% |
| S&P 500<sup>®</sup> Index | 25.02% | 17.52% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1369354 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.5% |
| Communication Services | 5.2% |
| Consumer Discretionary | 5.5% |
| Industrials | 10.7% |
| Consumer Staples | 10.8% |
| Health Care | 21.0% |
| Information Technology | 22.3% |
| Financials | 23.0% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 7.2% |
| Visa, Inc. | 6.5% |
| Alphabet, Inc. | 5.2% |
| Accenture PLC | 4.6% |
| Aon PLC | 4.1% |
| Texas Instruments, Inc. | 3.9% |
| Procter & Gamble Co. | 3.9% |
| Intercontinental Exchange, Inc. | 3.5% |
| Thermo Fisher Scientific, Inc. | 3.3% |
| Automatic Data Processing, Inc. | 3.2% |
| Total | 45.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSBWX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio

# Class I MSBVX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $74 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↓ Stock selection in information technology (IT), financials and health care was the primary detractor

↓ The portfolio's tilt toward software and IT services significantly lagged semiconductors and hardware. The relative performance impact of the "Magnificent Seven" was notable: the Portfolio owned Microsoft and Alphabet, but the Fund's high quality bar and strict valuation discipline precluded it from owning the other five, which detracted significantly.

↓ Stock selection in financials lagged due to the strength of banks' performance in the Index

↓ Consumer staples weakness was primarily down to Constellation Brands, which suffered due to Mexican tariff fears

↑ Financials sector overweight, consumer discretionary sector underweight

↑ Not owning low quality, cyclical sectors, specifically materials, energy and real estate

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg214.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** |
| **7/22** | $1000000 | $1000000 |
| **8/22** | $949000 | $1000000 |
| **9/22** | $854000 | $870875 |
| **10/22** | $902000 | $941383 |
| **11/22** | $969000 | $993991 |
| **12/22** | $933000 | $936723 |
| **1/23** | $982000 | $995581 |
| **2/23** | $935000 | $971289 |
| **3/23** | $984000 | $1006950 |
| **4/23** | $997000 | $1022667 |
| **5/23** | $983000 | $1027112 |
| **6/23** | $1050000 | $1094978 |
| **7/23** | $1076000 | $1130155 |
| **8/23** | $1076000 | $1112161 |
| **9/23** | $1021000 | $1059135 |
| **10/23** | $986000 | $1036865 |
| **11/23** | $1072000 | $1131557 |
| **12/23** | $1115319 | $1182965 |
| **1/24** | $1128488 | $1202844 |
| **2/24** | $1170021 | $1267070 |
| **3/24** | $1179138 | $1307838 |
| **4/24** | $1120384 | $1254420 |
| **5/24** | $1149761 | $1316620 |
| **6/24** | $1166982 | $1363863 |
| **7/24** | $1219658 | $1380464 |
| **8/24** | $1255114 | $1413950 |
| **9/24** | $1268283 | $1444148 |
| **10/24** | $1234854 | $1431051 |
| **11/24** | $1281452 | $1515056 |
| **12/24** | $1233096 | $1478939 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 7/29/22 (Inception)* |
| Class I | 10.56% | 9.03% |
| S&P 500<sup>®</sup> Index | 25.02% | 17.52% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1369354 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg161.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.5% |
| Communication Services | 5.2% |
| Consumer Discretionary | 5.5% |
| Industrials | 10.7% |
| Consumer Staples | 10.8% |
| Health Care | 21.0% |
| Information Technology | 22.3% |
| Financials | 23.0% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 7.2% |
| Visa, Inc. | 6.5% |
| Alphabet, Inc. | 5.2% |
| Accenture PLC | 4.6% |
| Aon PLC | 4.1% |
| Texas Instruments, Inc. | 3.9% |
| Procter & Gamble Co. | 3.9% |
| Intercontinental Exchange, Inc. | 3.5% |
| Thermo Fisher Scientific, Inc. | 3.3% |
| Automatic Data Processing, Inc. | 3.2% |
| Total | 45.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSBVX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio

# Class R6 MSBQX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $68 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↓ Stock selection in information technology (IT), financials and health care was the primary detractor

↓ The portfolio's tilt toward software and IT services significantly lagged semiconductors and hardware. The relative performance impact of the "Magnificent Seven" was notable: the Portfolio owned Microsoft and Alphabet, but the Fund's high quality bar and strict valuation discipline precluded it from owning the other five, which detracted significantly.

↓ Stock selection in financials lagged due to the strength of banks' performance in the Index

↓ Consumer staples weakness was primarily down to Constellation Brands, which suffered due to Mexican tariff fears

↑ Financials sector overweight, consumer discretionary sector underweight

↑ Not owning low quality, cyclical sectors, specifically materials, energy and real estate

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg140.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **S&P 500<sup>®</sup> Index** |
| **7/22** | $5000000 | $5000000 |
| **8/22** | $4745000 | $5000000 |
| **9/22** | $4270000 | $4354377 |
| **10/22** | $4510000 | $4706914 |
| **11/22** | $4845000 | $4969955 |
| **12/22** | $4665000 | $4683613 |
| **1/23** | $4910000 | $4977903 |
| **2/23** | $4675000 | $4856447 |
| **3/23** | $4920000 | $5034748 |
| **4/23** | $4990000 | $5113333 |
| **5/23** | $4915000 | $5135559 |
| **6/23** | $5255000 | $5474892 |
| **7/23** | $5385000 | $5650773 |
| **8/23** | $5380000 | $5560804 |
| **9/23** | $5105000 | $5295676 |
| **10/23** | $4935000 | $5184327 |
| **11/23** | $5365000 | $5657787 |
| **12/23** | $5579184 | $5914824 |
| **1/24** | $5645060 | $6014218 |
| **2/24** | $5857890 | $6335351 |
| **3/24** | $5898429 | $6539189 |
| **4/24** | $5609588 | $6272098 |
| **5/24** | $5751475 | $6583098 |
| **6/24** | $5837620 | $6819314 |
| **7/24** | $6106191 | $6902321 |
| **8/24** | $6283550 | $7069749 |
| **9/24** | $6349426 | $7220738 |
| **10/24** | $6182202 | $7155256 |
| **11/24** | $6410234 | $7575278 |
| **12/24** | $6171110 | $7394697 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 7/29/22 (Inception)* |
| Class R6 | 10.61% | 9.07% |
| S&P 500<sup>®</sup> Index | 25.02% | 17.52% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1369354 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg257.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.5% |
| Communication Services | 5.2% |
| Consumer Discretionary | 5.5% |
| Industrials | 10.7% |
| Consumer Staples | 10.8% |
| Health Care | 21.0% |
| Information Technology | 22.3% |
| Financials | 23.0% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 7.2% |
| Visa, Inc. | 6.5% |
| Alphabet, Inc. | 5.2% |
| Accenture PLC | 4.6% |
| Aon PLC | 4.1% |
| Texas Instruments, Inc. | 3.9% |
| Procter & Gamble Co. | 3.9% |
| Intercontinental Exchange, Inc. | 3.5% |
| Thermo Fisher Scientific, Inc. | 3.3% |
| Automatic Data Processing, Inc. | 3.2% |
| Total | 45.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSBQX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio

# Class A MSAUX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $154 | 1.40% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country Asia ex Japan Net Index:

↑ Stock selection in consumer discretionary, led by a Chinese online travel agency, which was the largest positive contributor in the portfolio

↑ Stock selection in industrials, led by a holding in an operator of a Southeast Asian super app (an integrated app platform combining multiple services)

↑ No exposure to materials

↓ Stock selection in communication services, where a holding in a Korean search engine was the main detractor

↓ An underweight allocation to information technology, where exposure to a power management integrated circuit fabless integrated design manufacturer was the main detractor

↓ Stock selection in financials, where a Korean digital bank was the largest detractor in the portfolio

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg015.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country Asia ex Japan Net Index** |
| **12/15** | $9507 | $9982 |
| **1/16** | $8910 | $9219 |
| **2/16** | $8512 | $9134 |
| **3/16** | $9280 | $10159 |
| **4/16** | $9384 | $10068 |
| **5/16** | $9365 | $9934 |
| **6/16** | $9649 | $10199 |
| **7/16** | $9881 | $10694 |
| **8/16** | $10099 | $11054 |
| **9/16** | $10280 | $11234 |
| **10/16** | $10099 | $11064 |
| **11/16** | $9739 | $10745 |
| **12/16** | $9348 | $10525 |
| **1/17** | $9928 | $11177 |
| **2/17** | $10334 | $11556 |
| **3/17** | $11088 | $11934 |
| **4/17** | $11601 | $12193 |
| **5/17** | $12297 | $12723 |
| **6/17** | $12712 | $12926 |
| **7/17** | $13669 | $13617 |
| **8/17** | $14220 | $13798 |
| **9/17** | $14771 | $13782 |
| **10/17** | $15380 | $14432 |
| **11/17** | $15245 | $14524 |
| **12/17** | $16469 | $14916 |
| **1/18** | $17848 | $16044 |
| **2/18** | $17163 | $15245 |
| **3/18** | $17281 | $15015 |
| **4/18** | $16850 | $15121 |
| **5/18** | $18229 | $14921 |
| **6/18** | $17711 | $14206 |
| **7/18** | $17043 | $14325 |
| **8/18** | $16178 | $14179 |
| **9/18** | $15883 | $13982 |
| **10/18** | $13680 | $12466 |
| **11/18** | $14614 | $13128 |
| **12/18** | $14181 | $12772 |
| **1/19** | $15352 | $13706 |
| **2/19** | $16502 | $13992 |
| **3/19** | $17712 | $14232 |
| **4/19** | $17997 | $14503 |
| **5/19** | $16670 | $13265 |
| **6/19** | $18292 | $14138 |
| **7/19** | $17751 | $13889 |
| **8/19** | $18322 | $13280 |
| **9/19** | $18253 | $13502 |
| **10/19** | $19433 | $14116 |
| **11/19** | $19482 | $14151 |
| **12/19** | $20446 | $15093 |
| **1/20** | $19895 | $14421 |
| **2/20** | $20249 | $14007 |
| **3/20** | $18617 | $12318 |
| **4/20** | $19797 | $13422 |
| **5/20** | $20780 | $13267 |
| **6/20** | $22787 | $14377 |
| **7/20** | $25226 | $15599 |
| **8/20** | $27684 | $16152 |
| **9/20** | $26848 | $15909 |
| **10/20** | $27458 | $16354 |
| **11/20** | $29150 | $17668 |
| **12/20** | $31109 | $18869 |
| **1/21** | $32730 | $19639 |
| **2/21** | $33684 | $19883 |
| **3/21** | $31467 | $19378 |
| **4/21** | $31576 | $19859 |
| **5/21** | $31696 | $20101 |
| **6/21** | $31228 | $20077 |
| **7/21** | $26029 | $18572 |
| **8/21** | $26387 | $18996 |
| **9/21** | $25810 | $18203 |
| **10/21** | $26735 | $18450 |
| **11/21** | $25094 | $17736 |
| **12/21** | $24658 | $17979 |
| **1/22** | $23544 | $17421 |
| **2/22** | $22702 | $17012 |
| **3/22** | $20003 | $16542 |
| **4/22** | $18950 | $15687 |
| **5/22** | $19010 | $15760 |
| **6/22** | $19140 | $15052 |
| **7/22** | $18799 | $14870 |
| **8/22** | $18829 | $14868 |
| **9/22** | $17044 | $12970 |
| **10/22** | $14746 | $12179 |
| **11/22** | $18759 | $14469 |
| **12/22** | $19180 | $14442 |
| **1/23** | $20575 | $15628 |
| **2/23** | $19221 | $14562 |
| **3/23** | $19552 | $15069 |
| **4/23** | $18809 | $14756 |
| **5/23** | $17565 | $14485 |
| **6/23** | $18448 | $14879 |
| **7/23** | $19873 | $15790 |
| **8/23** | $18649 | $14778 |
| **9/23** | $17816 | $14381 |
| **10/23** | $17094 | $13825 |
| **11/23** | $17485 | $14786 |
| **12/23** | $17806 | $15306 |
| **1/24** | $16231 | $14471 |
| **2/24** | $17375 | $15281 |
| **3/24** | $18037 | $15670 |
| **4/24** | $19040 | $15865 |
| **5/24** | $19331 | $16112 |
| **6/24** | $18930 | $16797 |
| **7/24** | $18488 | $16775 |
| **8/24** | $18869 | $17102 |
| **9/24** | $21899 | $18544 |
| **10/24** | $21558 | $17692 |
| **11/24** | $21849 | $17111 |
| **12/24** | $21254 | $17136 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 12/29/15 (Inception)* |
| Class A | 19.36% | 0.78% | 9.38% |
| Class A, with 5.25% maximum front end sales charge | 13.12% | (0.30)% | 8.73% |
| MSCI All Country Asia ex Japan Net Index | 11.96% | 2.57% | 6.16% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $125093937 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $814793 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg100.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 1.3% |
| Hong Kong | 2.4% |
| Singapore | 4.4% |
| Taiwan | 5.1% |
| Korea, Republic of | 12.0% |
| India | 27.0% |
| China | 47.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Trip.com Group Ltd. | 8.0% |
| ICICI Bank Ltd. | 6.8% |
| Coupang, Inc. | 6.2% |
| Meituan | 6.1% |
| HDFC Bank Ltd. | 5.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.1% |
| Zomato Ltd. | 4.8% |
| Qifu Technology, Inc. | 4.6% |
| Tencent Holdings Ltd. | 4.5% |
| Full Truck Alliance Co. Ltd. | 4.5% |
| Total | 55.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSAUX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio

# Class C MSAWX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $235 | 2.15% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country Asia ex Japan Net Index:

↑ Stock selection in consumer discretionary, led by a Chinese online travel agency, which was the largest positive contributor in the portfolio

↑ Stock selection in industrials, led by a holding in an operator of a Southeast Asian super app (an integrated app platform combining multiple services)

↑ No exposure to materials

↓ Stock selection in communication services, where a holding in a Korean search engine was the main detractor

↓ An underweight allocation to information technology, where exposure to a power management integrated circuit fabless integrated design manufacturer was the main detractor

↓ Stock selection in financials, where a Korean digital bank was the largest detractor in the portfolio

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg072.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country Asia ex Japan Net Index** |
| **12/15** | $10030 | $9982 |
| **1/16** | $9390 | $9219 |
| **2/16** | $8970 | $9134 |
| **3/16** | $9770 | $10159 |
| **4/16** | $9870 | $10068 |
| **5/16** | $9840 | $9934 |
| **6/16** | $10140 | $10199 |
| **7/16** | $10384 | $10694 |
| **8/16** | $10594 | $11054 |
| **9/16** | $10774 | $11234 |
| **10/16** | $10584 | $11064 |
| **11/16** | $10204 | $10745 |
| **12/16** | $9785 | $10525 |
| **1/17** | $10391 | $11177 |
| **2/17** | $10806 | $11556 |
| **3/17** | $11594 | $11934 |
| **4/17** | $12110 | $12193 |
| **5/17** | $12827 | $12723 |
| **6/17** | $13252 | $12926 |
| **7/17** | $14243 | $13617 |
| **8/17** | $14809 | $13798 |
| **9/17** | $15375 | $13782 |
| **10/17** | $16001 | $14432 |
| **11/17** | $15850 | $14524 |
| **12/17** | $17109 | $14916 |
| **1/18** | $18531 | $16044 |
| **2/18** | $17815 | $15245 |
| **3/18** | $17917 | $15015 |
| **4/18** | $17457 | $15121 |
| **5/18** | $18868 | $14921 |
| **6/18** | $18326 | $14206 |
| **7/18** | $17618 | $14325 |
| **8/18** | $16713 | $14179 |
| **9/18** | $16404 | $13982 |
| **10/18** | $14121 | $12466 |
| **11/18** | $15077 | $13128 |
| **12/18** | $14615 | $12772 |
| **1/19** | $15818 | $13706 |
| **2/19** | $17001 | $13992 |
| **3/19** | $18224 | $14232 |
| **4/19** | $18512 | $14503 |
| **5/19** | $17134 | $13265 |
| **6/19** | $18790 | $14138 |
| **7/19** | $18235 | $13889 |
| **8/19** | $18800 | $13280 |
| **9/19** | $18718 | $13502 |
| **10/19** | $19921 | $14116 |
| **11/19** | $19963 | $14151 |
| **12/19** | $20929 | $15093 |
| **1/20** | $20353 | $14421 |
| **2/20** | $20703 | $14007 |
| **3/20** | $19016 | $12318 |
| **4/20** | $20209 | $13422 |
| **5/20** | $21207 | $13267 |
| **6/20** | $23233 | $14377 |
| **7/20** | $25712 | $15599 |
| **8/20** | $28201 | $16152 |
| **9/20** | $27337 | $15909 |
| **10/20** | $27933 | $16354 |
| **11/20** | $29640 | $17668 |
| **12/20** | $31607 | $18869 |
| **1/21** | $33230 | $19639 |
| **2/21** | $34187 | $19883 |
| **3/21** | $31919 | $19378 |
| **4/21** | $32002 | $19859 |
| **5/21** | $32106 | $20101 |
| **6/21** | $31618 | $20077 |
| **7/21** | $26334 | $18572 |
| **8/21** | $26677 | $18996 |
| **9/21** | $26074 | $18203 |
| **10/21** | $27000 | $18450 |
| **11/21** | $25325 | $17736 |
| **12/21** | $24869 | $17979 |
| **1/22** | $23735 | $17421 |
| **2/22** | $22874 | $17012 |
| **3/22** | $20145 | $16542 |
| **4/22** | $19064 | $15687 |
| **5/22** | $19116 | $15760 |
| **6/22** | $19232 | $15052 |
| **7/22** | $18885 | $14870 |
| **8/22** | $18906 | $14868 |
| **9/22** | $17101 | $12970 |
| **10/22** | $14781 | $12179 |
| **11/22** | $18791 | $14469 |
| **12/22** | $19200 | $14442 |
| **1/23** | $20586 | $15628 |
| **2/23** | $19221 | $14562 |
| **3/23** | $19536 | $15069 |
| **4/23** | $18791 | $14756 |
| **5/23** | $17531 | $14485 |
| **6/23** | $18402 | $14879 |
| **7/23** | $19809 | $15790 |
| **8/23** | $18581 | $14778 |
| **9/23** | $17730 | $14381 |
| **10/23** | $17006 | $13825 |
| **11/23** | $17394 | $14786 |
| **12/23** | $17699 | $15306 |
| **1/24** | $16133 | $14471 |
| **2/24** | $17270 | $15281 |
| **3/24** | $17928 | $15670 |
| **4/24** | $18925 | $15865 |
| **5/24** | $19214 | $16112 |
| **6/24** | $18816 | $16797 |
| **7/24** | $18377 | $16775 |
| **8/24** | $18756 | $17102 |
| **9/24** | $21767 | $18544 |
| **10/24** | $21428 | $17692 |
| **11/24** | $21717 | $17111 |
| **12/24** | $21126 | $17136 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 12/29/15 (Inception)* |
| Class C, with conversion to Class A after 8 years | 18.47% | 0.04% | 8.66% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 17.47% | 0.04% | 8.66% |
| MSCI All Country Asia ex Japan Net Index | 11.96% | 2.57% | 6.16% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $125093937 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $814793 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg147.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 1.3% |
| Hong Kong | 2.4% |
| Singapore | 4.4% |
| Taiwan | 5.1% |
| Korea, Republic of | 12.0% |
| India | 27.0% |
| China | 47.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Trip.com Group Ltd. | 8.0% |
| ICICI Bank Ltd. | 6.8% |
| Coupang, Inc. | 6.2% |
| Meituan | 6.1% |
| HDFC Bank Ltd. | 5.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.1% |
| Zomato Ltd. | 4.8% |
| Qifu Technology, Inc. | 4.6% |
| Tencent Holdings Ltd. | 4.5% |
| Full Truck Alliance Co. Ltd. | 4.5% |
| Total | 55.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSAWX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio

# Class I MSAQX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $121 | 1.10% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country Asia ex Japan Net Index:

↑ Stock selection in consumer discretionary, led by a Chinese online travel agency, which was the largest positive contributor in the portfolio

↑ Stock selection in industrials, led by a holding in an operator of a Southeast Asian super app (an integrated app platform combining multiple services)

↑ No exposure to materials

↓ Stock selection in communication services, where a holding in a Korean search engine was the main detractor

↓ An underweight allocation to information technology, where exposure to a power management integrated circuit fabless integrated design manufacturer was the main detractor

↓ Stock selection in financials, where a Korean digital bank was the largest detractor in the portfolio

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg193.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country Asia ex Japan Net Index** |
| **12/15** | $1003000 | $1000000 |
| **1/16** | $940000 | $921916 |
| **2/16** | $899000 | $913360 |
| **3/16** | $980000 | $1015925 |
| **4/16** | $991000 | $1006823 |
| **5/16** | $989000 | $993406 |
| **6/16** | $1019000 | $1019941 |
| **7/16** | $1044442 | $1069379 |
| **8/16** | $1067474 | $1105406 |
| **9/16** | $1086500 | $1123408 |
| **10/16** | $1067474 | $1106377 |
| **11/16** | $1030422 | $1074508 |
| **12/16** | $989590 | $1052484 |
| **1/17** | $1051951 | $1117738 |
| **2/17** | $1094888 | $1155577 |
| **3/17** | $1174627 | $1193369 |
| **4/17** | $1228809 | $1219336 |
| **5/17** | $1303438 | $1272338 |
| **6/17** | $1347397 | $1292585 |
| **7/17** | $1449627 | $1361700 |
| **8/17** | $1508921 | $1379823 |
| **9/17** | $1568214 | $1378195 |
| **10/17** | $1632619 | $1443222 |
| **11/17** | $1619329 | $1452375 |
| **12/17** | $1749761 | $1491564 |
| **1/18** | $1896608 | $1604386 |
| **2/18** | $1824219 | $1524512 |
| **3/18** | $1837663 | $1501487 |
| **4/18** | $1791126 | $1512133 |
| **5/18** | $1939008 | $1492128 |
| **6/18** | $1884199 | $1420581 |
| **7/18** | $1813604 | $1432504 |
| **8/18** | $1722092 | $1417871 |
| **9/18** | $1690894 | $1398246 |
| **10/18** | $1456915 | $1246564 |
| **11/18** | $1556746 | $1312773 |
| **12/18** | $1510990 | $1277194 |
| **1/19** | $1636819 | $1370565 |
| **2/19** | $1760568 | $1399164 |
| **3/19** | $1889517 | $1423171 |
| **4/19** | $1919675 | $1450257 |
| **5/19** | $1779287 | $1326545 |
| **6/19** | $1952952 | $1413826 |
| **7/19** | $1895757 | $1388859 |
| **8/19** | $1957111 | $1328040 |
| **9/19** | $1950872 | $1350171 |
| **10/19** | $2077741 | $1411603 |
| **11/19** | $2083981 | $1415080 |
| **12/19** | $2186941 | $1509253 |
| **1/20** | $2128678 | $1442114 |
| **2/20** | $2167173 | $1400701 |
| **3/20** | $1992384 | $1231848 |
| **4/20** | $2118274 | $1342242 |
| **5/20** | $2225436 | $1326657 |
| **6/20** | $2439760 | $1437702 |
| **7/20** | $2702984 | $1559854 |
| **8/20** | $2966208 | $1615212 |
| **9/20** | $2877773 | $1590946 |
| **10/20** | $2943319 | $1635391 |
| **11/20** | $3126431 | $1766812 |
| **12/20** | $3335819 | $1886872 |
| **1/21** | $3511444 | $1963863 |
| **2/21** | $3613453 | $1988327 |
| **3/21** | $3376833 | $1937847 |
| **4/21** | $3389453 | $1985897 |
| **5/21** | $3403124 | $2010116 |
| **6/21** | $3353697 | $2007679 |
| **7/21** | $2795273 | $1857162 |
| **8/21** | $2834184 | $1899629 |
| **9/21** | $2773189 | $1820300 |
| **10/21** | $2874147 | $1845013 |
| **11/21** | $2697470 | $1773627 |
| **12/21** | $2651311 | $1797867 |
| **1/22** | $2532485 | $1742073 |
| **2/22** | $2442304 | $1701207 |
| **3/22** | $2152665 | $1654153 |
| **4/22** | $2040205 | $1568740 |
| **5/22** | $2047631 | $1575956 |
| **6/22** | $2061424 | $1505203 |
| **7/22** | $2026412 | $1486952 |
| **8/22** | $2029595 | $1486835 |
| **9/22** | $1837563 | $1296974 |
| **10/22** | $1589301 | $1217871 |
| **11/22** | $2022168 | $1446923 |
| **12/22** | $2067789 | $1444198 |
| **1/23** | $2219505 | $1562792 |
| **2/23** | $2073094 | $1456222 |
| **3/23** | $2109166 | $1506891 |
| **4/23** | $2030656 | $1475563 |
| **5/23** | $1895916 | $1448543 |
| **6/23** | $1991401 | $1487894 |
| **7/23** | $2146299 | $1579035 |
| **8/23** | $2015803 | $1477785 |
| **9/23** | $1925622 | $1438146 |
| **10/23** | $1848173 | $1382534 |
| **11/23** | $1891672 | $1478596 |
| **12/23** | $1926537 | $1530586 |
| **1/24** | $1756329 | $1447137 |
| **2/24** | $1880793 | $1528140 |
| **3/24** | $1953132 | $1566954 |
| **4/24** | $2061639 | $1586472 |
| **5/24** | $2093553 | $1611192 |
| **6/24** | $2051001 | $1679749 |
| **7/24** | $2003130 | $1677520 |
| **8/24** | $2045682 | $1710223 |
| **9/24** | $2375459 | $1854425 |
| **10/24** | $2338226 | $1769210 |
| **11/24** | $2370140 | $1711091 |
| **12/24** | $2306525 | $1713621 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 12/29/15 (Inception)* |
| Class I | 19.72% | 1.07% | 9.72% |
| MSCI All Country Asia ex Japan Net Index | 11.96% | 2.57% | 6.16% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $125093937 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $814793 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 1.3% |
| Hong Kong | 2.4% |
| Singapore | 4.4% |
| Taiwan | 5.1% |
| Korea, Republic of | 12.0% |
| India | 27.0% |
| China | 47.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Trip.com Group Ltd. | 8.0% |
| ICICI Bank Ltd. | 6.8% |
| Coupang, Inc. | 6.2% |
| Meituan | 6.1% |
| HDFC Bank Ltd. | 5.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.1% |
| Zomato Ltd. | 4.8% |
| Qifu Technology, Inc. | 4.6% |
| Tencent Holdings Ltd. | 4.5% |
| Full Truck Alliance Co. Ltd. | 4.5% |
| Total | 55.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSAQX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio

# Class R6 MSAYX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $115 | 1.05% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country Asia ex Japan Net Index:

↑ Stock selection in consumer discretionary, led by a Chinese online travel agency, which was the largest positive contributor in the portfolio

↑ Stock selection in industrials, led by a holding in an operator of a Southeast Asian super app (an integrated app platform combining multiple services)

↑ No exposure to materials

↓ Stock selection in communication services, where a holding in a Korean search engine was the main detractor

↓ An underweight allocation to information technology, where exposure to a power management integrated circuit fabless integrated design manufacturer was the main detractor

↓ Stock selection in financials, where a Korean digital bank was the largest detractor in the portfolio

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg071.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country Asia ex Japan Net Index** |
| **12/15** | $5015000 | $5000000 |
| **1/16** | $4700000 | $4609579 |
| **2/16** | $4495000 | $4566799 |
| **3/16** | $4900000 | $5079623 |
| **4/16** | $4955000 | $5034113 |
| **5/16** | $4945000 | $4967029 |
| **6/16** | $5095000 | $5099705 |
| **7/16** | $5227222 | $5346893 |
| **8/16** | $5337374 | $5527028 |
| **9/16** | $5437513 | $5617039 |
| **10/16** | $5342381 | $5531886 |
| **11/16** | $5157125 | $5372542 |
| **12/16** | $4950062 | $5262422 |
| **1/17** | $5261997 | $5588692 |
| **2/17** | $5476773 | $5777883 |
| **3/17** | $5875641 | $5966843 |
| **4/17** | $6146668 | $6096680 |
| **5/17** | $6519968 | $6361692 |
| **6/17** | $6739857 | $6462923 |
| **7/17** | $7251227 | $6808501 |
| **8/17** | $7547821 | $6899114 |
| **9/17** | $7844416 | $6890975 |
| **10/17** | $8171693 | $7216108 |
| **11/17** | $8100101 | $7261873 |
| **12/17** | $8752536 | $7457819 |
| **1/18** | $9487087 | $8021929 |
| **2/18** | $9130158 | $7622562 |
| **3/18** | $9192232 | $7507433 |
| **4/18** | $8964625 | $7560667 |
| **5/18** | $9699176 | $7460640 |
| **6/18** | $9430185 | $7102905 |
| **7/18** | $9071887 | $7162519 |
| **8/18** | $8619333 | $7089355 |
| **9/18** | $8463280 | $6991229 |
| **10/18** | $7292882 | $6232818 |
| **11/18** | $7792252 | $6563864 |
| **12/18** | $7563374 | $6385969 |
| **1/19** | $8192788 | $6852823 |
| **2/19** | $8811798 | $6995820 |
| **3/19** | $9456818 | $7115855 |
| **4/19** | $9612871 | $7251287 |
| **5/19** | $8910632 | $6632724 |
| **6/19** | $9779328 | $7069131 |
| **7/19** | $9493230 | $6944293 |
| **8/19** | $9800135 | $6640202 |
| **9/19** | $9768924 | $6750855 |
| **10/19** | $10408742 | $7058017 |
| **11/19** | $10434751 | $7075398 |
| **12/19** | $10953293 | $7546264 |
| **1/20** | $10656555 | $7210572 |
| **2/20** | $10854380 | $7003504 |
| **3/20** | $9979783 | $6159242 |
| **4/20** | $10614907 | $6711212 |
| **5/20** | $11140707 | $6633286 |
| **6/20** | $12218336 | $7188508 |
| **7/20** | $13535438 | $7799272 |
| **8/20** | $14857746 | $8076062 |
| **9/20** | $14415242 | $7954730 |
| **10/20** | $14743216 | $8176955 |
| **11/20** | $15659461 | $8834062 |
| **12/20** | $16712387 | $9434361 |
| **1/21** | $17591155 | $9819313 |
| **2/21** | $18106839 | $9941635 |
| **3/21** | $16922870 | $9689234 |
| **4/21** | $16980753 | $9929485 |
| **5/21** | $17049160 | $10050582 |
| **6/21** | $16807104 | $10038395 |
| **7/21** | $14012936 | $9285810 |
| **8/21** | $14207633 | $9498143 |
| **9/21** | $13902432 | $9101500 |
| **10/21** | $14407593 | $9225065 |
| **11/21** | $13528824 | $8868135 |
| **12/21** | $13292595 | $8989335 |
| **1/22** | $12703346 | $8710367 |
| **2/22** | $12252120 | $8506037 |
| **3/22** | $10797579 | $8270764 |
| **4/22** | $10229565 | $7843700 |
| **5/22** | $10266724 | $7879779 |
| **6/22** | $10341044 | $7526016 |
| **7/22** | $10160554 | $7434761 |
| **8/22** | $10181788 | $7434175 |
| **9/22** | $9215633 | $6484871 |
| **10/22** | $7973433 | $6089356 |
| **11/22** | $10144628 | $7234614 |
| **12/22** | $10372895 | $7220988 |
| **1/23** | $11137326 | $7813959 |
| **2/23** | $10404747 | $7281108 |
| **3/23** | $10585237 | $7534453 |
| **4/23** | $10187096 | $7377813 |
| **5/23** | $9512911 | $7242714 |
| **6/23** | $9995989 | $7439468 |
| **7/23** | $10771036 | $7895173 |
| **8/23** | $10112777 | $7388927 |
| **9/23** | $9661550 | $7190729 |
| **10/23** | $9279335 | $6912671 |
| **11/23** | $9491677 | $7392982 |
| **12/23** | $9667832 | $7652929 |
| **1/24** | $8820898 | $7235687 |
| **2/24** | $9444114 | $7640702 |
| **3/24** | $9806325 | $7834771 |
| **4/24** | $10354968 | $7932358 |
| **5/24** | $10514767 | $8055961 |
| **6/24** | $10307028 | $8398745 |
| **7/24** | $10072656 | $8387601 |
| **8/24** | $10280395 | $8551114 |
| **9/24** | $11936977 | $9272123 |
| **10/24** | $11755871 | $8846049 |
| **11/24** | $11915670 | $8555455 |
| **12/24** | $11592103 | $8568107 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 12/29/15 (Inception)* |
| Class R6 | 19.90% | 1.14% | 9.79% |
| MSCI All Country Asia ex Japan Net Index | 11.96% | 2.57% | 6.16% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $125093937 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $814793 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg198.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 1.3% |
| Hong Kong | 2.4% |
| Singapore | 4.4% |
| Taiwan | 5.1% |
| Korea, Republic of | 12.0% |
| India | 27.0% |
| China | 47.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Trip.com Group Ltd. | 8.0% |
| ICICI Bank Ltd. | 6.8% |
| Coupang, Inc. | 6.2% |
| Meituan | 6.1% |
| HDFC Bank Ltd. | 5.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.1% |
| Zomato Ltd. | 4.8% |
| Qifu Technology, Inc. | 4.6% |
| Tencent Holdings Ltd. | 4.5% |
| Full Truck Alliance Co. Ltd. | 4.5% |
| Total | 55.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSAYX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio

# Class A MDOAX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $159 | 1.47% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Markets Net Index:

↑ Stock selection in consumer discretionary, led by a Chinese online travel agency, which was the largest positive contributor in the portfolio

↑ Stock selection in industrials, led by a holding in an operator of a Southeast Asian super app (an integrated app platform combining multiple services)

↑ An underweight allocation to materials

↓ An underweight allocation to information technology, where a holding in an Argentinian IT services company was the main detractor

↓ Stock selection in communication services, where a Korean search engine was the largest detractor in the portfolio

↓ An underweight allocation to utilities, where exposure to a Brazilian water management company was the main detractor

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg163.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI Emerging Markets Net Index** |
| **2/20** | $9479 | $10000 |
| **2/20** | $8882 | $9095 |
| **3/20** | $7848 | $7694 |
| **4/20** | $8445 | $8398 |
| **5/20** | $9156 | $8463 |
| **6/20** | $10038 | $9085 |
| **7/20** | $11213 | $9897 |
| **8/20** | $12256 | $10116 |
| **9/20** | $11858 | $9953 |
| **10/20** | $12066 | $10158 |
| **11/20** | $12929 | $11098 |
| **12/20** | $13716 | $11914 |
| **1/21** | $14351 | $12279 |
| **2/21** | $14474 | $12373 |
| **3/21** | $13441 | $12186 |
| **4/21** | $13564 | $12489 |
| **5/21** | $13536 | $12779 |
| **6/21** | $13687 | $12801 |
| **7/21** | $11858 | $11940 |
| **8/21** | $12265 | $12252 |
| **9/21** | $11716 | $11765 |
| **10/21** | $12047 | $11881 |
| **11/21** | $11100 | $11397 |
| **12/21** | $11118 | $11611 |
| **1/22** | $10303 | $11391 |
| **2/22** | $9801 | $11051 |
| **3/22** | $8995 | $10801 |
| **4/22** | $8152 | $10200 |
| **5/22** | $7886 | $10245 |
| **6/22** | $7498 | $9564 |
| **7/22** | $7744 | $9541 |
| **8/22** | $7915 | $9581 |
| **9/22** | $7242 | $8458 |
| **10/22** | $6692 | $8195 |
| **11/22** | $7839 | $9410 |
| **12/22** | $7725 | $9278 |
| **1/23** | $8427 | $10011 |
| **2/23** | $8009 | $9362 |
| **3/23** | $8161 | $9645 |
| **4/23** | $7924 | $9536 |
| **5/23** | $7687 | $9376 |
| **6/23** | $7981 | $9732 |
| **7/23** | $8493 | $10338 |
| **8/23** | $8142 | $9701 |
| **9/23** | $7773 | $9447 |
| **10/23** | $7450 | $9080 |
| **11/23** | $7915 | $9807 |
| **12/23** | $8104 | $10190 |
| **1/24** | $7583 | $9717 |
| **2/24** | $8047 | $10179 |
| **3/24** | $8265 | $10431 |
| **4/24** | $8578 | $10478 |
| **5/24** | $8806 | $10537 |
| **6/24** | $8720 | $10953 |
| **7/24** | $8559 | $10985 |
| **8/24** | $8967 | $11163 |
| **9/24** | $9943 | $11908 |
| **10/24** | $9905 | $11379 |
| **11/24** | $9886 | $10970 |
| **12/24** | $9433 | $10955 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 2/14/20 (Inception)* |
| Class A | 16.40% | (0.10)% |
| Class A, with 5.25% maximum front end sales charge | 10.33% | (1.19)% |
| MSCI Emerging Markets Net Index | 7.50% | 1.89% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $30908547 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $13966 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Poland | 1.0% |
| Singapore | 3.8% |
| Taiwan | 5.4% |
| Brazil | 6.3% |
| United States | 6.9% |
| Korea, Republic of | 11.2% |
| India | 26.5% |
| China | 38.9% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| MercadoLibre, Inc. | 6.9% |
| Trip.com Group Ltd. | 6.8% |
| Meituan | 6.4% |
| ICICI Bank Ltd. | 6.2% |
| Coupang, Inc. | 6.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.4% |
| HDFC Bank Ltd. | 5.0% |
| Zomato Ltd. | 4.9% |
| Grab Holdings Ltd. | 3.8% |
| Tencent Holdings Ltd. | 3.7% |
| Total | 55.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MDOAX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio

# Class C MDOBX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $243 | 2.25% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Markets Net Index:

↑ Stock selection in consumer discretionary, led by a Chinese online travel agency, which was the largest positive contributor in the portfolio

↑ Stock selection in industrials, led by a holding in an operator of a Southeast Asian super app (an integrated app platform combining multiple services)

↑ An underweight allocation to materials

↓ An underweight allocation to information technology, where a holding in an Argentinian IT services company was the main detractor

↓ Stock selection in communication services, where a Korean search engine was the largest detractor in the portfolio

↓ An underweight allocation to utilities, where exposure to a Brazilian water management company was the main detractor

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg076.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI Emerging Markets Net Index** |
| **2/20** | $10000 | $10000 |
| **2/20** | $9370 | $9095 |
| **3/20** | $8270 | $7694 |
| **4/20** | $8900 | $8398 |
| **5/20** | $9640 | $8463 |
| **6/20** | $10560 | $9085 |
| **7/20** | $11790 | $9897 |
| **8/20** | $12860 | $10116 |
| **9/20** | $12440 | $9953 |
| **10/20** | $12650 | $10158 |
| **11/20** | $13550 | $11098 |
| **12/20** | $14360 | $11914 |
| **1/21** | $15020 | $12279 |
| **2/21** | $15140 | $12373 |
| **3/21** | $14050 | $12186 |
| **4/21** | $14170 | $12489 |
| **5/21** | $14130 | $12779 |
| **6/21** | $14280 | $12801 |
| **7/21** | $12360 | $11940 |
| **8/21** | $12780 | $12252 |
| **9/21** | $12200 | $11765 |
| **10/21** | $12540 | $11881 |
| **11/21** | $11550 | $11397 |
| **12/21** | $11550 | $11611 |
| **1/22** | $10700 | $11391 |
| **2/22** | $10180 | $11051 |
| **3/22** | $9340 | $10801 |
| **4/22** | $8450 | $10200 |
| **5/22** | $8170 | $10245 |
| **6/22** | $7760 | $9564 |
| **7/22** | $8010 | $9541 |
| **8/22** | $8180 | $9581 |
| **9/22** | $7490 | $8458 |
| **10/22** | $6910 | $8195 |
| **11/22** | $8100 | $9410 |
| **12/22** | $7960 | $9278 |
| **1/23** | $8690 | $10011 |
| **2/23** | $8250 | $9362 |
| **3/23** | $8410 | $9645 |
| **4/23** | $8150 | $9536 |
| **5/23** | $7900 | $9376 |
| **6/23** | $8200 | $9732 |
| **7/23** | $8720 | $10338 |
| **8/23** | $8350 | $9701 |
| **9/23** | $7970 | $9447 |
| **10/23** | $7630 | $9080 |
| **11/23** | $8100 | $9807 |
| **12/23** | $8290 | $10190 |
| **1/24** | $7760 | $9717 |
| **2/24** | $8230 | $10179 |
| **3/24** | $8440 | $10431 |
| **4/24** | $8760 | $10478 |
| **5/24** | $8990 | $10537 |
| **6/24** | $8890 | $10953 |
| **7/24** | $8720 | $10985 |
| **8/24** | $9130 | $11163 |
| **9/24** | $10120 | $11908 |
| **10/24** | $10070 | $11379 |
| **11/24** | $10050 | $10970 |
| **12/24** | $9580 | $10955 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 2/14/20 (Inception)* |
| Class C | 15.56% | (0.88)% |
| Class C, with 1% maximum contingent deferred sales charge | 14.56% | (0.88)% |
| MSCI Emerging Markets Net Index | 7.50% | 1.89% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $30908547 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $13966 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg150.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Poland | 1.0% |
| Singapore | 3.8% |
| Taiwan | 5.4% |
| Brazil | 6.3% |
| United States | 6.9% |
| Korea, Republic of | 11.2% |
| India | 26.5% |
| China | 38.9% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| MercadoLibre, Inc. | 6.9% |
| Trip.com Group Ltd. | 6.8% |
| Meituan | 6.4% |
| ICICI Bank Ltd. | 6.2% |
| Coupang, Inc. | 6.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.4% |
| HDFC Bank Ltd. | 5.0% |
| Zomato Ltd. | 4.9% |
| Grab Holdings Ltd. | 3.8% |
| Tencent Holdings Ltd. | 3.7% |
| Total | 55.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MDOBX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio

# Class I MDOEX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $125 | 1.15% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Markets Net Index:

↑ Stock selection in consumer discretionary, led by a Chinese online travel agency, which was the largest positive contributor in the portfolio

↑ Stock selection in industrials, led by a holding in an operator of a Southeast Asian super app (an integrated app platform combining multiple services)

↑ An underweight allocation to materials

↓ An underweight allocation to information technology, where a holding in an Argentinian IT services company was the main detractor

↓ Stock selection in communication services, where a Korean search engine was the largest detractor in the portfolio

↓ An underweight allocation to utilities, where exposure to a Brazilian water management company was the main detractor

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg253.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets Net Index** |
| **2/20** | $1000000 | $1000000 |
| **2/20** | $937000 | $1000000 |
| **3/20** | $828000 | $769381 |
| **4/20** | $892000 | $839836 |
| **5/20** | $967000 | $846287 |
| **6/20** | $1061000 | $908497 |
| **7/20** | $1185000 | $989682 |
| **8/20** | $1295000 | $1011558 |
| **9/20** | $1253000 | $995334 |
| **10/20** | $1276000 | $1015840 |
| **11/20** | $1367000 | $1109793 |
| **12/20** | $1450000 | $1191378 |
| **1/21** | $1518000 | $1227903 |
| **2/21** | $1532000 | $1237294 |
| **3/21** | $1423000 | $1218608 |
| **4/21** | $1436000 | $1248949 |
| **5/21** | $1433000 | $1277912 |
| **6/21** | $1449000 | $1280115 |
| **7/21** | $1256000 | $1193965 |
| **8/21** | $1300000 | $1225217 |
| **9/21** | $1242000 | $1176526 |
| **10/21** | $1277000 | $1188130 |
| **11/21** | $1177000 | $1139710 |
| **12/21** | $1179000 | $1161095 |
| **1/22** | $1094000 | $1139117 |
| **2/22** | $1040000 | $1105068 |
| **3/22** | $956000 | $1080109 |
| **4/22** | $866000 | $1020027 |
| **5/22** | $838000 | $1024518 |
| **6/22** | $797000 | $956439 |
| **7/22** | $823000 | $954090 |
| **8/22** | $841000 | $958073 |
| **9/22** | $770000 | $845756 |
| **10/22** | $711000 | $819496 |
| **11/22** | $834000 | $941042 |
| **12/22** | $821000 | $927815 |
| **1/23** | $897000 | $1001077 |
| **2/23** | $852000 | $936165 |
| **3/23** | $869000 | $964518 |
| **4/23** | $844000 | $953588 |
| **5/23** | $819000 | $937571 |
| **6/23** | $850000 | $973171 |
| **7/23** | $905000 | $1033752 |
| **8/23** | $868000 | $970073 |
| **9/23** | $828000 | $944703 |
| **10/23** | $794000 | $907997 |
| **11/23** | $844000 | $980664 |
| **12/23** | $865000 | $1019002 |
| **1/24** | $809000 | $971686 |
| **2/24** | $859000 | $1017912 |
| **3/24** | $883000 | $1043135 |
| **4/24** | $916000 | $1047802 |
| **5/24** | $941000 | $1053720 |
| **6/24** | $932000 | $1095283 |
| **7/24** | $915000 | $1098543 |
| **8/24** | $959000 | $1116279 |
| **9/24** | $1063000 | $1190819 |
| **10/24** | $1060000 | $1137859 |
| **11/24** | $1058000 | $1096976 |
| **12/24** | $1010271 | $1095469 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 2/14/20 (Inception)* |
| Class I | 16.79% | 0.21% |
| MSCI Emerging Markets Net Index | 7.50% | 1.89% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $30908547 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $13966 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Poland | 1.0% |
| Singapore | 3.8% |
| Taiwan | 5.4% |
| Brazil | 6.3% |
| United States | 6.9% |
| Korea, Republic of | 11.2% |
| India | 26.5% |
| China | 38.9% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| MercadoLibre, Inc. | 6.9% |
| Trip.com Group Ltd. | 6.8% |
| Meituan | 6.4% |
| ICICI Bank Ltd. | 6.2% |
| Coupang, Inc. | 6.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.4% |
| HDFC Bank Ltd. | 5.0% |
| Zomato Ltd. | 4.9% |
| Grab Holdings Ltd. | 3.8% |
| Tencent Holdings Ltd. | 3.7% |
| Total | 55.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MDOEX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio

# Class R6 MDODX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $119 | 1.10% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Markets Net Index:

↑ Stock selection in consumer discretionary, led by a Chinese online travel agency, which was the largest positive contributor in the portfolio

↑ Stock selection in industrials, led by a holding in an operator of a Southeast Asian super app (an integrated app platform combining multiple services)

↑ An underweight allocation to materials

↓ An underweight allocation to information technology, where a holding in an Argentinian IT services company was the main detractor

↓ Stock selection in communication services, where a Korean search engine was the largest detractor in the portfolio

↓ An underweight allocation to utilities, where exposure to a Brazilian water management company was the main detractor

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg254.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Emerging Markets Net Index** |
| **2/20** | $5000000 | $5000000 |
| **2/20** | $4685000 | $5000000 |
| **3/20** | $4140000 | $3846906 |
| **4/20** | $4460000 | $4199182 |
| **5/20** | $4835000 | $4231435 |
| **6/20** | $5310000 | $4542484 |
| **7/20** | $5925000 | $4948409 |
| **8/20** | $6475000 | $5057791 |
| **9/20** | $6265000 | $4976668 |
| **10/20** | $6380000 | $5079202 |
| **11/20** | $6835000 | $5548965 |
| **12/20** | $7255000 | $5956888 |
| **1/21** | $7595000 | $6139513 |
| **2/21** | $7665000 | $6186472 |
| **3/21** | $7115000 | $6093041 |
| **4/21** | $7185000 | $6244744 |
| **5/21** | $7170000 | $6389561 |
| **6/21** | $7250000 | $6400573 |
| **7/21** | $6285000 | $5969824 |
| **8/21** | $6505000 | $6126086 |
| **9/21** | $6215000 | $5882631 |
| **10/21** | $6395000 | $5940651 |
| **11/21** | $5895000 | $5698550 |
| **12/21** | $5900000 | $5805475 |
| **1/22** | $5475000 | $5695583 |
| **2/22** | $5205000 | $5525341 |
| **3/22** | $4785000 | $5400547 |
| **4/22** | $4330000 | $5100134 |
| **5/22** | $4195000 | $5122590 |
| **6/22** | $3990000 | $4782196 |
| **7/22** | $4120000 | $4770448 |
| **8/22** | $4210000 | $4790363 |
| **9/22** | $3855000 | $4228778 |
| **10/22** | $3560000 | $4097482 |
| **11/22** | $4175000 | $4705211 |
| **12/22** | $4115000 | $4639076 |
| **1/23** | $4490000 | $5005384 |
| **2/23** | $4270000 | $4680823 |
| **3/23** | $4355000 | $4822592 |
| **4/23** | $4225000 | $4767940 |
| **5/23** | $4100000 | $4687856 |
| **6/23** | $4260000 | $4865853 |
| **7/23** | $4535000 | $5168759 |
| **8/23** | $4345000 | $4850363 |
| **9/23** | $4150000 | $4723515 |
| **10/23** | $3980000 | $4539984 |
| **11/23** | $4230000 | $4903319 |
| **12/23** | $4335000 | $5095010 |
| **1/24** | $4055000 | $4858430 |
| **2/24** | $4305000 | $5089558 |
| **3/24** | $4425000 | $5215675 |
| **4/24** | $4590000 | $5239011 |
| **5/24** | $4720000 | $5268602 |
| **6/24** | $4670000 | $5476415 |
| **7/24** | $4585000 | $5492713 |
| **8/24** | $4805000 | $5581395 |
| **9/24** | $5330000 | $5954093 |
| **10/24** | $5315000 | $5689295 |
| **11/24** | $5305000 | $5484878 |
| **12/24** | $5063877 | $5477346 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 2/14/20 (Inception)* |
| Class R6 | 16.81% | 0.26% |
| MSCI Emerging Markets Net Index | 7.50% | 1.89% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $30908547 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $13966 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Poland | 1.0% |
| Singapore | 3.8% |
| Taiwan | 5.4% |
| Brazil | 6.3% |
| United States | 6.9% |
| Korea, Republic of | 11.2% |
| India | 26.5% |
| China | 38.9% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| MercadoLibre, Inc. | 6.9% |
| Trip.com Group Ltd. | 6.8% |
| Meituan | 6.4% |
| ICICI Bank Ltd. | 6.2% |
| Coupang, Inc. | 6.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.4% |
| HDFC Bank Ltd. | 5.0% |
| Zomato Ltd. | 4.9% |
| Grab Holdings Ltd. | 3.8% |
| Tencent Holdings Ltd. | 3.7% |
| Total | 55.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MDODX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio

# Class A MSDQX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $138 | 1.35% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Markets ex China Net Index:

↑ The underweight allocation to and positioning in Korea, where equities underperformed on currency weakness and political volatility

↑ Positioning in India, through allocations to select auto manufacturers, an online travel company and a hospital operator

↑ Stock selection in South Africa, through the allocation to a leading digital bank and select insurance and consumer goods companies

↓ Positioning in Poland, as the allocation to an apparel retailer (sold) underperformed following a short-seller report

↓ Overweight allocations to Mexico, which sold off following both the Mexico and U.S. elections, and Brazil, which underperformed on budget and fiscal risks

↓ Zero allocation to the United Arab Emirates

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg006.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI Emerging Markets ex China Net Index** |
| **9/22** | $9479 | $10000 |
| **10/22** | $9934 | $10315 |
| **11/22** | $10938 | $11280 |
| **12/22** | $10313 | $10798 |
| **1/23** | $11156 | $11450 |
| **2/23** | $10540 | $10932 |
| **3/23** | $10749 | $11186 |
| **4/23** | $10787 | $11278 |
| **5/23** | $10910 | $11436 |
| **6/23** | $11441 | $11862 |
| **7/23** | $11829 | $12377 |
| **8/23** | $11270 | $11768 |
| **9/23** | $11024 | $11467 |
| **10/23** | $10720 | $11040 |
| **11/23** | $11725 | $12182 |
| **12/23** | $12488 | $12961 |
| **1/24** | $12237 | $12638 |
| **2/24** | $12670 | $13087 |
| **3/24** | $13183 | $13480 |
| **4/24** | $13102 | $13262 |
| **5/24** | $13273 | $13249 |
| **6/24** | $14048 | $14052 |
| **7/24** | $13998 | $14170 |
| **8/24** | $13968 | $14427 |
| **9/24** | $14109 | $14608 |
| **10/24** | $13595 | $14042 |
| **11/24** | $13364 | $13583 |
| **12/24** | $13105 | $13422 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 9/30/22 (Inception)* |
| Class A | 4.94% | 15.47% |
| Class A, with 5.25% maximum front end sales charge | (0.59)% | 12.76% |
| MSCI Emerging Markets ex China Net Index | 3.56% | 13.96% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6969773 |
| # of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 32% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg078.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 6.3% |
| United Kingdom | 1.3% |
| Malaysia | 1.8% |
| Poland | 3.1% |
| Mexico | 4.3% |
| Indonesia | 4.7% |
| Brazil | 5.1% |
| South Africa | 6.2% |
| Korea, Republic of | 8.8% |
| Taiwan | 27.0% |
| India | 31.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 17.3% |
| Samsung Electronics Co. Ltd. | 3.2% |
| HDFC Bank Ltd. | 3.1% |
| ICICI Bank Ltd. | 3.1% |
| Mahindra & Mahindra Ltd. | 2.9% |
| Reliance Industries Ltd. | 2.6% |
| Infosys Ltd. | 2.3% |
| State Bank of India | 2.3% |
| Capitec Bank Holdings Ltd. | 2.1% |
| Hon Hai Precision Industry Co. Ltd. | 2.1% |
| Total | 41.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSDQX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio

# Class C MSDOX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $214 | 2.10% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Markets ex China Net Index:

↑ The underweight allocation to and positioning in Korea, where equities underperformed on currency weakness and political volatility

↑ Positioning in India, through allocations to select auto manufacturers, an online travel company and a hospital operator

↑ Stock selection in South Africa, through the allocation to a leading digital bank and select insurance and consumer goods companies

↓ Positioning in Poland, as the allocation to an apparel retailer (sold) underperformed following a short-seller report

↓ Overweight allocations to Mexico, which sold off following both the Mexico and U.S. elections, and Brazil, which underperformed on budget and fiscal risks

↓ Zero allocation to the United Arab Emirates

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg194.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI Emerging Markets ex China Net Index** |
| **9/22** | $10000 | $10000 |
| **10/22** | $10470 | $10315 |
| **11/22** | $11530 | $11280 |
| **12/22** | $10860 | $10798 |
| **1/23** | $11740 | $11450 |
| **2/23** | $11090 | $10932 |
| **3/23** | $11290 | $11186 |
| **4/23** | $11330 | $11278 |
| **5/23** | $11460 | $11436 |
| **6/23** | $12000 | $11862 |
| **7/23** | $12400 | $12377 |
| **8/23** | $11810 | $11768 |
| **9/23** | $11540 | $11467 |
| **10/23** | $11220 | $11040 |
| **11/23** | $12260 | $12182 |
| **12/23** | $13056 | $12961 |
| **1/24** | $12781 | $12638 |
| **2/24** | $13224 | $13087 |
| **3/24** | $13752 | $13480 |
| **4/24** | $13657 | $13262 |
| **5/24** | $13825 | $13249 |
| **6/24** | $14627 | $14052 |
| **7/24** | $14564 | $14170 |
| **8/24** | $14522 | $14427 |
| **9/24** | $14669 | $14608 |
| **10/24** | $14121 | $14042 |
| **11/24** | $13878 | $13583 |
| **12/24** | $13602 | $13422 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 9/30/22 (Inception)* |
| Class C | 4.19% | 14.64% |
| Class C, with 1% maximum contingent deferred sales charge | 3.20% | 14.64% |
| MSCI Emerging Markets ex China Net Index | 3.56% | 13.96% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6969773 |
| # of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 32% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg067.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 6.3% |
| United Kingdom | 1.3% |
| Malaysia | 1.8% |
| Poland | 3.1% |
| Mexico | 4.3% |
| Indonesia | 4.7% |
| Brazil | 5.1% |
| South Africa | 6.2% |
| Korea, Republic of | 8.8% |
| Taiwan | 27.0% |
| India | 31.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 17.3% |
| Samsung Electronics Co. Ltd. | 3.2% |
| HDFC Bank Ltd. | 3.1% |
| ICICI Bank Ltd. | 3.1% |
| Mahindra & Mahindra Ltd. | 2.9% |
| Reliance Industries Ltd. | 2.6% |
| Infosys Ltd. | 2.3% |
| State Bank of India | 2.3% |
| Capitec Bank Holdings Ltd. | 2.1% |
| Hon Hai Precision Industry Co. Ltd. | 2.1% |
| Total | 41.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSDOX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio

# Class I MSDUX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $101 | 0.98% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Markets ex China Net Index:

↑ The underweight allocation to and positioning in Korea, where equities underperformed on currency weakness and political volatility

↑ Positioning in India, through allocations to select auto manufacturers, an online travel company and a hospital operator

↑ Stock selection in South Africa, through the allocation to a leading digital bank and select insurance and consumer goods companies

↓ Positioning in Poland, as the allocation to an apparel retailer (sold) underperformed following a short-seller report

↓ Overweight allocations to Mexico, which sold off following both the Mexico and U.S. elections, and Brazil, which underperformed on budget and fiscal risks

↓ Zero allocation to the United Arab Emirates

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg237.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets ex China Net Index** |
| **9/22** | $1000000 | $1000000 |
| **10/22** | $1048000 | $1000000 |
| **11/22** | $1155000 | $1127979 |
| **12/22** | $1089000 | $1079771 |
| **1/23** | $1178000 | $1145006 |
| **2/23** | $1114000 | $1093201 |
| **3/23** | $1136000 | $1118592 |
| **4/23** | $1141000 | $1127759 |
| **5/23** | $1154000 | $1143647 |
| **6/23** | $1210000 | $1186244 |
| **7/23** | $1251000 | $1237685 |
| **8/23** | $1193000 | $1176768 |
| **9/23** | $1167000 | $1146687 |
| **10/23** | $1136000 | $1103985 |
| **11/23** | $1242000 | $1218155 |
| **12/23** | $1323941 | $1296060 |
| **1/24** | $1297313 | $1263820 |
| **2/24** | $1343113 | $1308724 |
| **3/24** | $1398499 | $1348031 |
| **4/24** | $1389978 | $1326236 |
| **5/24** | $1408085 | $1324854 |
| **6/24** | $1492229 | $1405207 |
| **7/24** | $1486904 | $1417009 |
| **8/24** | $1483709 | $1442715 |
| **9/24** | $1499685 | $1460844 |
| **10/24** | $1445364 | $1404181 |
| **11/24** | $1420867 | $1358278 |
| **12/24** | $1394275 | $1342211 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 9/30/22 (Inception)* |
| Class I | 5.31% | 15.90% |
| MSCI Emerging Markets ex China Net Index | 3.56% | 13.96% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6969773 |
| # of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 32% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg191.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 6.3% |
| United Kingdom | 1.3% |
| Malaysia | 1.8% |
| Poland | 3.1% |
| Mexico | 4.3% |
| Indonesia | 4.7% |
| Brazil | 5.1% |
| South Africa | 6.2% |
| Korea, Republic of | 8.8% |
| Taiwan | 27.0% |
| India | 31.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 17.3% |
| Samsung Electronics Co. Ltd. | 3.2% |
| HDFC Bank Ltd. | 3.1% |
| ICICI Bank Ltd. | 3.1% |
| Mahindra & Mahindra Ltd. | 2.9% |
| Reliance Industries Ltd. | 2.6% |
| Infosys Ltd. | 2.3% |
| State Bank of India | 2.3% |
| Capitec Bank Holdings Ltd. | 2.1% |
| Hon Hai Precision Industry Co. Ltd. | 2.1% |
| Total | 41.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSDUX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio

# Class R6 MSDMX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $98 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Markets ex China Net Index:

↑ The underweight allocation to and positioning in Korea, where equities underperformed on currency weakness and political volatility

↑ Positioning in India, through allocations to select auto manufacturers, an online travel company and a hospital operator

↑ Stock selection in South Africa, through the allocation to a leading digital bank and select insurance and consumer goods companies

↓ Positioning in Poland, as the allocation to an apparel retailer (sold) underperformed following a short-seller report

↓ Overweight allocations to Mexico, which sold off following both the Mexico and U.S. elections, and Brazil, which underperformed on budget and fiscal risks

↓ Zero allocation to the United Arab Emirates

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg190.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Emerging Markets ex China Net Index** |
| **9/22** | $5000000 | $5000000 |
| **10/22** | $5240000 | $5000000 |
| **11/22** | $5775000 | $5639894 |
| **12/22** | $5445000 | $5398856 |
| **1/23** | $5890000 | $5725032 |
| **2/23** | $5570000 | $5466004 |
| **3/23** | $5680000 | $5592959 |
| **4/23** | $5705000 | $5638794 |
| **5/23** | $5775000 | $5718234 |
| **6/23** | $6050000 | $5931222 |
| **7/23** | $6260000 | $6188423 |
| **8/23** | $5965000 | $5883839 |
| **9/23** | $5835000 | $5733436 |
| **10/23** | $5680000 | $5519923 |
| **11/23** | $6215000 | $6090776 |
| **12/23** | $6621870 | $6480302 |
| **1/24** | $6488686 | $6319102 |
| **2/24** | $6717761 | $6543618 |
| **3/24** | $6994783 | $6740156 |
| **4/24** | $6952164 | $6631180 |
| **5/24** | $7048056 | $6624272 |
| **6/24** | $7463587 | $7026033 |
| **7/24** | $7436951 | $7085046 |
| **8/24** | $7420969 | $7213573 |
| **9/24** | $7500879 | $7304219 |
| **10/24** | $7229185 | $7020904 |
| **11/24** | $7111984 | $6791388 |
| **12/24** | $6975438 | $6711054 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 9/30/22 (Inception)* |
| Class R6 | 5.34% | 15.93% |
| MSCI Emerging Markets ex China Net Index | 3.56% | 13.96% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6969773 |
| # of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 32% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 6.3% |
| United Kingdom | 1.3% |
| Malaysia | 1.8% |
| Poland | 3.1% |
| Mexico | 4.3% |
| Indonesia | 4.7% |
| Brazil | 5.1% |
| South Africa | 6.2% |
| Korea, Republic of | 8.8% |
| Taiwan | 27.0% |
| India | 31.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 17.3% |
| Samsung Electronics Co. Ltd. | 3.2% |
| HDFC Bank Ltd. | 3.1% |
| ICICI Bank Ltd. | 3.1% |
| Mahindra & Mahindra Ltd. | 2.9% |
| Reliance Industries Ltd. | 2.6% |
| Infosys Ltd. | 2.3% |
| State Bank of India | 2.3% |
| Capitec Bank Holdings Ltd. | 2.1% |
| Hon Hai Precision Industry Co. Ltd. | 2.1% |
| Total | 41.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSDMX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio

# Class A MELAX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $138 | 1.37% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Net Markets Index:

↑ Underweight allocation and stock selection in Korea, led by zero exposure to a South Korean memory chipmaker

↑ Zero exposure to Indonesia and Saudi Arabia

↑ Stock selection and underweight in real estate, led by an Indian luxury real estate developer

↓ Underweight allocation and stock selection in China, as the broader China market rallied after the September 2024 policy stimulus announcements

↓ Stock selection and underweight to Taiwan, where exposure to an integrated circuit maker detracted as the company was impacted by the slower-than-expected recovery in non-artificial intelligence semiconductors in the second half of 2024

↓ Stock selection and overweight in industrials, where exposure to a Brazilian rental car company was the main detractor due to higher-for-longer interest rates

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg160.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI Emerging Markets Index** |
| **12/14** | $9477 | $10000 |
| **1/15** | $9394 | $10060 |
| **2/15** | $9734 | $10371 |
| **3/15** | $9697 | $10224 |
| **4/15** | $9743 | $11010 |
| **5/15** | $9587 | $10569 |
| **6/15** | $9421 | $10295 |
| **7/15** | $9467 | $9581 |
| **8/15** | $8669 | $8715 |
| **9/15** | $8659 | $8452 |
| **10/15** | $8972 | $9055 |
| **11/15** | $8898 | $8702 |
| **12/15** | $8760 | $8508 |
| **1/16** | $8416 | $7956 |
| **2/16** | $8342 | $7943 |
| **3/16** | $9150 | $8994 |
| **4/16** | $9196 | $9043 |
| **5/16** | $9104 | $8706 |
| **6/16** | $9354 | $9054 |
| **7/16** | $9660 | $9509 |
| **8/16** | $9697 | $9746 |
| **9/16** | $10022 | $9871 |
| **10/16** | $9641 | $9895 |
| **11/16** | $8990 | $9439 |
| **12/16** | $8990 | $9460 |
| **1/17** | $9334 | $9978 |
| **2/17** | $9586 | $10283 |
| **3/17** | $9967 | $10543 |
| **4/17** | $10301 | $10774 |
| **5/17** | $10552 | $11092 |
| **6/17** | $10562 | $11204 |
| **7/17** | $11017 | $11872 |
| **8/17** | $11120 | $12136 |
| **9/17** | $10850 | $12088 |
| **10/17** | $10850 | $12512 |
| **11/17** | $11027 | $12537 |
| **12/17** | $11279 | $12987 |
| **1/18** | $11719 | $14069 |
| **2/18** | $11195 | $13421 |
| **3/18** | $11270 | $13171 |
| **4/18** | $11027 | $13113 |
| **5/18** | $10578 | $12648 |
| **6/18** | $10503 | $12123 |
| **7/18** | $10705 | $12389 |
| **8/18** | $10621 | $12054 |
| **9/18** | $10001 | $11990 |
| **10/18** | $9091 | $10946 |
| **11/18** | $9823 | $11397 |
| **12/18** | $9654 | $11095 |
| **1/19** | $10086 | $12066 |
| **2/19** | $10095 | $12094 |
| **3/19** | $10442 | $12195 |
| **4/19** | $10649 | $12452 |
| **5/19** | $10358 | $11548 |
| **6/19** | $11127 | $12269 |
| **7/19** | $11212 | $12119 |
| **8/19** | $10808 | $11528 |
| **9/19** | $11052 | $11748 |
| **10/19** | $11418 | $12244 |
| **11/19** | $11718 | $12227 |
| **12/19** | $12172 | $13139 |
| **1/20** | $12357 | $12526 |
| **2/20** | $12172 | $11866 |
| **3/20** | $9773 | $10038 |
| **4/20** | $10861 | $10958 |
| **5/20** | $11677 | $11042 |
| **6/20** | $12930 | $11853 |
| **7/20** | $14397 | $12913 |
| **8/20** | $15728 | $13198 |
| **9/20** | $15621 | $12986 |
| **10/20** | $16388 | $13254 |
| **11/20** | $17904 | $14480 |
| **12/20** | $19331 | $15544 |
| **1/21** | $19979 | $16021 |
| **2/21** | $20242 | $16143 |
| **3/21** | $18825 | $15899 |
| **4/21** | $19969 | $16295 |
| **5/21** | $19938 | $16673 |
| **6/21** | $21164 | $16702 |
| **7/21** | $19746 | $15578 |
| **8/21** | $21467 | $15986 |
| **9/21** | $20587 | $15350 |
| **10/21** | $20830 | $15502 |
| **11/21** | $20090 | $14870 |
| **12/21** | $19632 | $15149 |
| **1/22** | $17605 | $14862 |
| **2/22** | $16845 | $14418 |
| **3/22** | $16216 | $14092 |
| **4/22** | $14544 | $13308 |
| **5/22** | $14199 | $13367 |
| **6/22** | $13409 | $12479 |
| **7/22** | $14138 | $12448 |
| **8/22** | $14078 | $12500 |
| **9/22** | $12689 | $11035 |
| **10/22** | $12253 | $10692 |
| **11/22** | $13287 | $12278 |
| **12/22** | $13013 | $12105 |
| **1/23** | $13713 | $13061 |
| **2/23** | $13206 | $12214 |
| **3/23** | $13176 | $12584 |
| **4/23** | $13074 | $12442 |
| **5/23** | $13206 | $12233 |
| **6/23** | $13763 | $12697 |
| **7/23** | $14078 | $13488 |
| **8/23** | $13530 | $12657 |
| **9/23** | $13206 | $12326 |
| **10/23** | $12628 | $11847 |
| **11/23** | $13895 | $12795 |
| **12/23** | $14554 | $13295 |
| **1/24** | $13865 | $12678 |
| **2/24** | $14270 | $13281 |
| **3/24** | $14828 | $13610 |
| **4/24** | $14595 | $13671 |
| **5/24** | $14878 | $13748 |
| **6/24** | $15770 | $14290 |
| **7/24** | $15760 | $14333 |
| **8/24** | $16318 | $14564 |
| **9/24** | $16267 | $15537 |
| **10/24** | $15851 | $14846 |
| **11/24** | $15527 | $14312 |
| **12/24** | $14828 | $14293 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 1.88% | 4.03% | 4.58% |
| Class A, with 5.25% maximum front end sales charge | (3.50)% | 2.92% | 4.02% |
| MSCI Emerging Markets Index | 7.50% | 1.70% | 3.64% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $188147993 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $1468667 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg159.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Korea, Republic of | 3.1% |
| Mexico | 3.5% |
| Argentina | 4.4% |
| Brazil | 10.5% |
| United States | 12.2% |
| Taiwan | 20.0% |
| India | 46.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.0% |
| MercadoLibre, Inc. | 8.4% |
| KEI Industries Ltd. | 5.3% |
| HDFC Bank Ltd. | 5.3% |
| Varun Beverages Ltd. | 5.1% |
| Globant SA | 4.4% |
| ICICI Bank Ltd. | 4.4% |
| Localiza Rent a Car SA | 3.9% |
| Bharti Airtel Ltd. | 3.6% |
| TVS Motor Co. Ltd. | 3.2% |
| Total | 54.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MELAX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio

# Class C MEMLX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $213 | 2.12% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Net Markets Index:

↑ Underweight allocation and stock selection in Korea, led by zero exposure to a South Korean memory chipmaker

↑ Zero exposure to Indonesia and Saudi Arabia

↑ Stock selection and underweight in real estate, led by an Indian luxury real estate developer

↓ Underweight allocation and stock selection in China, as the broader China market rallied after the September 2024 policy stimulus announcements

↓ Stock selection and underweight to Taiwan, where exposure to an integrated circuit maker detracted as the company was impacted by the slower-than-expected recovery in non-artificial intelligence semiconductors in the second half of 2024

↓ Stock selection and overweight in industrials, where exposure to a Brazilian rental car company was the main detractor due to higher-for-longer interest rates

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg241.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI Emerging Markets Index** |
| **4/15** | $10000 | $10000 |
| **5/15** | $9840 | $9600 |
| **6/15** | $9661 | $9350 |
| **7/15** | $9708 | $8702 |
| **8/15** | $8878 | $7915 |
| **9/15** | $8860 | $7677 |
| **10/15** | $9171 | $8225 |
| **11/15** | $9095 | $7904 |
| **12/15** | $8939 | $7728 |
| **1/16** | $8588 | $7226 |
| **2/16** | $8512 | $7214 |
| **3/16** | $9328 | $8169 |
| **4/16** | $9366 | $8213 |
| **5/16** | $9271 | $7907 |
| **6/16** | $9518 | $8223 |
| **7/16** | $9820 | $8637 |
| **8/16** | $9849 | $8852 |
| **9/16** | $10172 | $8965 |
| **10/16** | $9792 | $8987 |
| **11/16** | $9118 | $8573 |
| **12/16** | $9108 | $8592 |
| **1/17** | $9459 | $9062 |
| **2/17** | $9706 | $9340 |
| **3/17** | $10077 | $9575 |
| **4/17** | $10419 | $9785 |
| **5/17** | $10656 | $10074 |
| **6/17** | $10666 | $10176 |
| **7/17** | $11121 | $10782 |
| **8/17** | $11216 | $11023 |
| **9/17** | $10932 | $10979 |
| **10/17** | $10932 | $11364 |
| **11/17** | $11102 | $11387 |
| **12/17** | $11342 | $11795 |
| **1/18** | $11780 | $12778 |
| **2/18** | $11247 | $12189 |
| **3/18** | $11313 | $11962 |
| **4/18** | $11065 | $11910 |
| **5/18** | $10608 | $11488 |
| **6/18** | $10532 | $11010 |
| **7/18** | $10719 | $11252 |
| **8/18** | $10623 | $10948 |
| **9/18** | $10002 | $10890 |
| **10/18** | $9084 | $9941 |
| **11/18** | $9810 | $10351 |
| **12/18** | $9638 | $10077 |
| **1/19** | $10068 | $10959 |
| **2/19** | $10068 | $10984 |
| **3/19** | $10413 | $11076 |
| **4/19** | $10604 | $11309 |
| **5/19** | $10308 | $10489 |
| **6/19** | $11063 | $11143 |
| **7/19** | $11149 | $11007 |
| **8/19** | $10738 | $10470 |
| **9/19** | $10967 | $10670 |
| **10/19** | $11331 | $11120 |
| **11/19** | $11617 | $11105 |
| **12/19** | $12061 | $11933 |
| **1/20** | $12229 | $11377 |
| **2/20** | $12051 | $10777 |
| **3/20** | $9663 | $9117 |
| **4/20** | $10733 | $9952 |
| **5/20** | $11536 | $10028 |
| **6/20** | $12765 | $10766 |
| **7/20** | $14202 | $11728 |
| **8/20** | $15510 | $11987 |
| **9/20** | $15391 | $11795 |
| **10/20** | $16134 | $12038 |
| **11/20** | $17621 | $13151 |
| **12/20** | $19007 | $14118 |
| **1/21** | $19638 | $14551 |
| **2/21** | $19876 | $14662 |
| **3/21** | $18479 | $14440 |
| **4/21** | $19587 | $14800 |
| **5/21** | $19535 | $15143 |
| **6/21** | $20735 | $15169 |
| **7/21** | $19328 | $14148 |
| **8/21** | $21004 | $14519 |
| **9/21** | $20125 | $13942 |
| **10/21** | $20352 | $14079 |
| **11/21** | $19618 | $13506 |
| **12/21** | $19149 | $13759 |
| **1/22** | $17161 | $13499 |
| **2/22** | $16415 | $13095 |
| **3/22** | $15793 | $12799 |
| **4/22** | $14147 | $12087 |
| **5/22** | $13805 | $12141 |
| **6/22** | $13028 | $11334 |
| **7/22** | $13743 | $11306 |
| **8/22** | $13670 | $11353 |
| **9/22** | $12303 | $10022 |
| **10/22** | $11879 | $9711 |
| **11/22** | $12873 | $11151 |
| **12/22** | $12604 | $10995 |
| **1/23** | $13267 | $11863 |
| **2/23** | $12780 | $11094 |
| **3/23** | $12738 | $11430 |
| **4/23** | $12635 | $11300 |
| **5/23** | $12762 | $11110 |
| **6/23** | $13301 | $11532 |
| **7/23** | $13604 | $12250 |
| **8/23** | $13076 | $11495 |
| **9/23** | $12762 | $11195 |
| **10/23** | $12204 | $10760 |
| **11/23** | $13428 | $11621 |
| **12/23** | $14065 | $12075 |
| **1/24** | $13399 | $11514 |
| **2/24** | $13791 | $12062 |
| **3/24** | $14329 | $12361 |
| **4/24** | $14104 | $12416 |
| **5/24** | $14378 | $12487 |
| **6/24** | $15240 | $12979 |
| **7/24** | $15230 | $13018 |
| **8/24** | $15769 | $13228 |
| **9/24** | $15720 | $14111 |
| **10/24** | $15318 | $13484 |
| **11/24** | $15005 | $12999 |
| **12/24** | $14329 | $12981 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/15 (Inception)* |
| Class C, with conversion to Class A after 8 years | 1.11% | 3.24% | 3.79% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 0.11% | 3.24% | 3.79% |
| MSCI Emerging Markets Index | 7.50% | 1.70% | 2.73% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $188147993 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $1468667 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Korea, Republic of | 3.1% |
| Mexico | 3.5% |
| Argentina | 4.4% |
| Brazil | 10.5% |
| United States | 12.2% |
| Taiwan | 20.0% |
| India | 46.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.0% |
| MercadoLibre, Inc. | 8.4% |
| KEI Industries Ltd. | 5.3% |
| HDFC Bank Ltd. | 5.3% |
| Varun Beverages Ltd. | 5.1% |
| Globant SA | 4.4% |
| ICICI Bank Ltd. | 4.4% |
| Localiza Rent a Car SA | 3.9% |
| Bharti Airtel Ltd. | 3.6% |
| TVS Motor Co. Ltd. | 3.2% |
| Total | 54.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MEMLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio

# Class I MELIX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $103 | 1.02% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Net Markets Index:

↑ Underweight allocation and stock selection in Korea, led by zero exposure to a South Korean memory chipmaker

↑ Zero exposure to Indonesia and Saudi Arabia

↑ Stock selection and underweight in real estate, led by an Indian luxury real estate developer

↓ Underweight allocation and stock selection in China, as the broader China market rallied after the September 2024 policy stimulus announcements

↓ Stock selection and underweight to Taiwan, where exposure to an integrated circuit maker detracted as the company was impacted by the slower-than-expected recovery in non-artificial intelligence semiconductors in the second half of 2024

↓ Stock selection and overweight in industrials, where exposure to a Brazilian rental car company was the main detractor due to higher-for-longer interest rates

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg103.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets Index** |
| **12/14** | $1000000 | $1000000 |
| **1/15** | $991279 | $1005995 |
| **2/15** | $1028101 | $1037143 |
| **3/15** | $1023256 | $1022394 |
| **4/15** | $1029070 | $1101032 |
| **5/15** | $1013566 | $1056939 |
| **6/15** | $996124 | $1029489 |
| **7/15** | $1001938 | $958126 |
| **8/15** | $916667 | $871467 |
| **9/15** | $915698 | $845249 |
| **10/15** | $948643 | $905544 |
| **11/15** | $942829 | $870221 |
| **12/15** | $927676 | $850823 |
| **1/16** | $891354 | $795626 |
| **2/16** | $884483 | $794324 |
| **3/16** | $969888 | $899435 |
| **4/16** | $975778 | $904324 |
| **5/16** | $965961 | $870590 |
| **6/16** | $993448 | $905385 |
| **7/16** | $1025734 | $950946 |
| **8/16** | $1029664 | $974579 |
| **9/16** | $1065035 | $987111 |
| **10/16** | $1025734 | $989464 |
| **11/16** | $955977 | $943918 |
| **12/16** | $956291 | $946003 |
| **1/17** | $993639 | $997771 |
| **2/17** | $1020175 | $1028315 |
| **3/17** | $1061454 | $1054273 |
| **4/17** | $1097818 | $1077354 |
| **5/17** | $1124355 | $1109206 |
| **6/17** | $1126320 | $1120371 |
| **7/17** | $1175462 | $1187156 |
| **8/17** | $1186273 | $1213636 |
| **9/17** | $1157771 | $1208811 |
| **10/17** | $1158754 | $1251186 |
| **11/17** | $1178410 | $1253698 |
| **12/17** | $1204981 | $1298702 |
| **1/18** | $1252625 | $1406944 |
| **2/18** | $1197041 | $1342056 |
| **3/18** | $1204981 | $1317103 |
| **4/18** | $1179175 | $1311276 |
| **5/18** | $1132524 | $1264812 |
| **6/18** | $1124583 | $1212263 |
| **7/18** | $1146036 | $1238893 |
| **8/18** | $1137075 | $1205394 |
| **9/18** | $1071360 | $1198997 |
| **10/18** | $973782 | $1094585 |
| **11/18** | $1053437 | $1139693 |
| **12/18** | $1034893 | $1109501 |
| **1/19** | $1081752 | $1206646 |
| **2/19** | $1083746 | $1209359 |
| **3/19** | $1121632 | $1219509 |
| **4/19** | $1143566 | $1245182 |
| **5/19** | $1112659 | $1154829 |
| **6/19** | $1195411 | $1226904 |
| **7/19** | $1205381 | $1211901 |
| **8/19** | $1161513 | $1152813 |
| **9/19** | $1188432 | $1174820 |
| **10/19** | $1228312 | $1224358 |
| **11/19** | $1261213 | $1222673 |
| **12/19** | $1310463 | $1313891 |
| **1/20** | $1330068 | $1252645 |
| **2/20** | $1311494 | $1186589 |
| **3/20** | $1052498 | $1003827 |
| **4/20** | $1171161 | $1095751 |
| **5/20** | $1258870 | $1104168 |
| **6/20** | $1395075 | $1185334 |
| **7/20** | $1552950 | $1291258 |
| **8/20** | $1697410 | $1319800 |
| **9/20** | $1687092 | $1298632 |
| **10/20** | $1769640 | $1325387 |
| **11/20** | $1933706 | $1447969 |
| **12/20** | $2088363 | $1554414 |
| **1/21** | $2159301 | $1602069 |
| **2/21** | $2187246 | $1614323 |
| **3/21** | $2035697 | $1589942 |
| **4/21** | $2159301 | $1629528 |
| **5/21** | $2156076 | $1667318 |
| **6/21** | $2290428 | $1670191 |
| **7/21** | $2137804 | $1557790 |
| **8/21** | $2323747 | $1598565 |
| **9/21** | $2229163 | $1535037 |
| **10/21** | $2256034 | $1550177 |
| **11/21** | $2176498 | $1487002 |
| **12/21** | $2126743 | $1514904 |
| **1/22** | $1907292 | $1486228 |
| **2/22** | $1825535 | $1441805 |
| **3/22** | $1758839 | $1409240 |
| **4/22** | $1577039 | $1330849 |
| **5/22** | $1540463 | $1336709 |
| **6/22** | $1455480 | $1247885 |
| **7/22** | $1535085 | $1244820 |
| **8/22** | $1528630 | $1250017 |
| **9/22** | $1378026 | $1103474 |
| **10/22** | $1331769 | $1069213 |
| **11/22** | $1443646 | $1227797 |
| **12/22** | $1414601 | $1210539 |
| **1/23** | $1489903 | $1306125 |
| **2/23** | $1436116 | $1221433 |
| **3/23** | $1432889 | $1258427 |
| **4/23** | $1423207 | $1244165 |
| **5/23** | $1437192 | $1223268 |
| **6/23** | $1497434 | $1269715 |
| **7/23** | $1531857 | $1348757 |
| **8/23** | $1472692 | $1265673 |
| **9/23** | $1438268 | $1232573 |
| **10/23** | $1376950 | $1184681 |
| **11/23** | $1514645 | $1279492 |
| **12/23** | $1586720 | $1329512 |
| **1/24** | $1512494 | $1267778 |
| **2/24** | $1556599 | $1328089 |
| **3/24** | $1617917 | $1360999 |
| **4/24** | $1593175 | $1367089 |
| **5/24** | $1624371 | $1374810 |
| **6/24** | $1722264 | $1429038 |
| **7/24** | $1722264 | $1433290 |
| **8/24** | $1783581 | $1456432 |
| **9/24** | $1778202 | $1553685 |
| **10/24** | $1733021 | $1484587 |
| **11/24** | $1697522 | $1431246 |
| **12/24** | $1622220 | $1429280 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 2.24% | 4.36% | 4.96% |
| MSCI Emerging Markets Index | 7.50% | 1.70% | 3.64% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $188147993 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $1468667 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg040.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Korea, Republic of | 3.1% |
| Mexico | 3.5% |
| Argentina | 4.4% |
| Brazil | 10.5% |
| United States | 12.2% |
| Taiwan | 20.0% |
| India | 46.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.0% |
| MercadoLibre, Inc. | 8.4% |
| KEI Industries Ltd. | 5.3% |
| HDFC Bank Ltd. | 5.3% |
| Varun Beverages Ltd. | 5.1% |
| Globant SA | 4.4% |
| ICICI Bank Ltd. | 4.4% |
| Localiza Rent a Car SA | 3.9% |
| Bharti Airtel Ltd. | 3.6% |
| TVS Motor Co. Ltd. | 3.2% |
| Total | 54.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MELIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio

# Class IR MSIWX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class IR | $98 | 0.97% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Net Markets Index:

↑ Underweight allocation and stock selection in Korea, led by zero exposure to a South Korean memory chipmaker

↑ Zero exposure to Indonesia and Saudi Arabia

↑ Stock selection and underweight in real estate, led by an Indian luxury real estate developer

↓ Underweight allocation and stock selection in China, as the broader China market rallied after the September 2024 policy stimulus announcements

↓ Stock selection and underweight to Taiwan, where exposure to an integrated circuit maker detracted as the company was impacted by the slower-than-expected recovery in non-artificial intelligence semiconductors in the second half of 2024

↓ Stock selection and overweight in industrials, where exposure to a Brazilian rental car company was the main detractor due to higher-for-longer interest rates

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg019.jpg)

---

| | | |
|:---|:---|:---|
| | **Class IR** | **MSCI Emerging Markets Index** |
| **4/21** | $5000000 | $5000000 |
| **4/21** | $5193598 | $5000000 |
| **5/21** | $5185854 | $5218216 |
| **6/21** | $5508518 | $5227209 |
| **7/21** | $5141972 | $4875426 |
| **8/21** | $5588539 | $5003041 |
| **9/21** | $5363965 | $4804217 |
| **10/21** | $5428498 | $4851600 |
| **11/21** | $5237481 | $4653882 |
| **12/21** | $5117990 | $4741205 |
| **1/22** | $4590948 | $4651459 |
| **2/22** | $4394599 | $4512426 |
| **3/22** | $4231836 | $4410510 |
| **4/22** | $3797802 | $4165169 |
| **5/22** | $3707378 | $4183508 |
| **6/22** | $3503278 | $3905515 |
| **7/22** | $3697044 | $3895921 |
| **8/22** | $3689293 | $3912186 |
| **9/22** | $3317264 | $3453551 |
| **10/22** | $3206171 | $3346324 |
| **11/22** | $3477443 | $3842643 |
| **12/22** | $3405104 | $3788633 |
| **1/23** | $3588535 | $4087789 |
| **2/23** | $3456775 | $3822727 |
| **3/23** | $3451608 | $3938507 |
| **4/23** | $3425772 | $3893873 |
| **5/23** | $3461942 | $3828470 |
| **6/23** | $3606620 | $3973837 |
| **7/23** | $3689293 | $4221213 |
| **8/23** | $3547199 | $3961186 |
| **9/23** | $3464525 | $3857592 |
| **10/23** | $3314680 | $3707706 |
| **11/23** | $3647957 | $4004434 |
| **12/23** | $3823637 | $4160984 |
| **1/24** | $3642789 | $3967775 |
| **2/24** | $3748715 | $4156531 |
| **3/24** | $3895976 | $4259528 |
| **4/24** | $3839138 | $4278587 |
| **5/24** | $3914061 | $4302753 |
| **6/24** | $4149163 | $4472469 |
| **7/24** | $4149163 | $4485779 |
| **8/24** | $4296425 | $4558204 |
| **9/24** | $4283507 | $4862578 |
| **10/24** | $4177582 | $4646324 |
| **11/24** | $4092325 | $4479380 |
| **12/24** | $3908894 | $4473229 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 4/12/21 (Inception)* |
| Class IR | 2.23% | (6.40)% |
| MSCI Emerging Markets Index | 7.50% | (2.95)% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $188147993 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $1468667 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg139.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Korea, Republic of | 3.1% |
| Mexico | 3.5% |
| Argentina | 4.4% |
| Brazil | 10.5% |
| United States | 12.2% |
| Taiwan | 20.0% |
| India | 46.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.0% |
| MercadoLibre, Inc. | 8.4% |
| KEI Industries Ltd. | 5.3% |
| HDFC Bank Ltd. | 5.3% |
| Varun Beverages Ltd. | 5.1% |
| Globant SA | 4.4% |
| ICICI Bank Ltd. | 4.4% |
| Localiza Rent a Car SA | 3.9% |
| Bharti Airtel Ltd. | 3.6% |
| TVS Motor Co. Ltd. | 3.2% |
| Total | 54.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSIWX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio

# Class R6 MELSX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $98 | 0.97% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Net Markets Index:

↑ Underweight allocation and stock selection in Korea, led by zero exposure to a South Korean memory chipmaker

↑ Zero exposure to Indonesia and Saudi Arabia

↑ Stock selection and underweight in real estate, led by an Indian luxury real estate developer

↓ Underweight allocation and stock selection in China, as the broader China market rallied after the September 2024 policy stimulus announcements

↓ Stock selection and underweight to Taiwan, where exposure to an integrated circuit maker detracted as the company was impacted by the slower-than-expected recovery in non-artificial intelligence semiconductors in the second half of 2024

↓ Stock selection and overweight in industrials, where exposure to a Brazilian rental car company was the main detractor due to higher-for-longer interest rates

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg187.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Emerging Markets Index** |
| **12/14** | $5000000 | $5000000 |
| **1/15** | $4956395 | $5029973 |
| **2/15** | $5140504 | $5185714 |
| **3/15** | $5121124 | $5111971 |
| **4/15** | $5150194 | $5505159 |
| **5/15** | $5072674 | $5284697 |
| **6/15** | $4985465 | $5147445 |
| **7/15** | $5009690 | $4790630 |
| **8/15** | $4588178 | $4357333 |
| **9/15** | $4583333 | $4226247 |
| **10/15** | $4748062 | $4527722 |
| **11/15** | $4714147 | $4351106 |
| **12/15** | $4638910 | $4254113 |
| **1/16** | $4462190 | $3978131 |
| **2/16** | $4427828 | $3971622 |
| **3/16** | $4854902 | $4497176 |
| **4/16** | $4879446 | $4521618 |
| **5/16** | $4835266 | $4352952 |
| **6/16** | $4967807 | $4526927 |
| **7/16** | $5129258 | $4754730 |
| **8/16** | $5148910 | $4872896 |
| **9/16** | $5325781 | $4935554 |
| **10/16** | $5129258 | $4947322 |
| **11/16** | $4785342 | $4719592 |
| **12/16** | $4782471 | $4730014 |
| **1/17** | $4969248 | $4988854 |
| **2/17** | $5106873 | $5141573 |
| **3/17** | $5308396 | $5271363 |
| **4/17** | $5490258 | $5386772 |
| **5/17** | $5622967 | $5546028 |
| **6/17** | $5632798 | $5601857 |
| **7/17** | $5878557 | $5935782 |
| **8/17** | $5932624 | $6068181 |
| **9/17** | $5790084 | $6044053 |
| **10/17** | $5794999 | $6255932 |
| **11/17** | $5893302 | $6268490 |
| **12/17** | $6026981 | $6493511 |
| **1/18** | $6265280 | $7034718 |
| **2/18** | $5987265 | $6710281 |
| **3/18** | $6026981 | $6585515 |
| **4/18** | $5897903 | $6556378 |
| **5/18** | $5664568 | $6324059 |
| **6/18** | $5624852 | $6061314 |
| **7/18** | $5732155 | $6194464 |
| **8/18** | $5692313 | $6026971 |
| **9/18** | $5363623 | $5994984 |
| **10/18** | $4875569 | $5472925 |
| **11/18** | $5269000 | $5698463 |
| **12/18** | $5181351 | $5547503 |
| **1/19** | $5415959 | $6033229 |
| **2/19** | $5425942 | $6046794 |
| **3/19** | $5615626 | $6097543 |
| **4/19** | $5725442 | $6225908 |
| **5/19** | $5570701 | $5774147 |
| **6/19** | $5985009 | $6134518 |
| **7/19** | $6034926 | $6059506 |
| **8/19** | $5820284 | $5764064 |
| **9/19** | $5950067 | $5874099 |
| **10/19** | $6154726 | $6121791 |
| **11/19** | $6314459 | $6113367 |
| **12/19** | $6566200 | $6569457 |
| **1/20** | $6664357 | $6263224 |
| **2/20** | $6571366 | $5932945 |
| **3/20** | $5274658 | $5019136 |
| **4/20** | $5863601 | $5478757 |
| **5/20** | $6307892 | $5520838 |
| **6/20** | $6989826 | $5926670 |
| **7/20** | $7785416 | $6456288 |
| **8/20** | $8508680 | $6599001 |
| **9/20** | $8451852 | $6493158 |
| **10/20** | $8870311 | $6626936 |
| **11/20** | $9691732 | $7239845 |
| **12/20** | $10466031 | $7772071 |
| **1/21** | $10826558 | $8010346 |
| **2/21** | $10966464 | $8071614 |
| **3/21** | $10202363 | $7949712 |
| **4/21** | $10826558 | $8147642 |
| **5/21** | $10810415 | $8336588 |
| **6/21** | $11483039 | $8350956 |
| **7/21** | $10713557 | $7788949 |
| **8/21** | $11649850 | $7992827 |
| **9/21** | $11181703 | $7675186 |
| **10/21** | $11316228 | $7750885 |
| **11/21** | $10918035 | $7435012 |
| **12/21** | $10668945 | $7574519 |
| **1/22** | $9570275 | $7431141 |
| **2/22** | $9160967 | $7209023 |
| **3/22** | $8821672 | $7046202 |
| **4/22** | $7916885 | $6654247 |
| **5/22** | $7728388 | $6683545 |
| **6/22** | $7302922 | $6239426 |
| **7/22** | $7706845 | $6224099 |
| **8/22** | $7679917 | $6250083 |
| **9/22** | $6920542 | $5517372 |
| **10/22** | $6683574 | $5346067 |
| **11/22** | $7249066 | $6138983 |
| **12/22** | $7103654 | $6052695 |
| **1/23** | $7486034 | $6530625 |
| **2/23** | $7211367 | $6107164 |
| **3/23** | $7200595 | $6292133 |
| **4/23** | $7146739 | $6220826 |
| **5/23** | $7222138 | $6116340 |
| **6/23** | $7523734 | $6348576 |
| **7/23** | $7696074 | $6743784 |
| **8/23** | $7399864 | $6328365 |
| **9/23** | $7227524 | $6162864 |
| **10/23** | $6915157 | $5923407 |
| **11/23** | $7609904 | $6397458 |
| **12/23** | $7976127 | $6647562 |
| **1/24** | $7599132 | $6338891 |
| **2/24** | $7819944 | $6640447 |
| **3/24** | $8126925 | $6804995 |
| **4/24** | $8008441 | $6835443 |
| **5/24** | $8164624 | $6874051 |
| **6/24** | $8654717 | $7145188 |
| **7/24** | $8654717 | $7166452 |
| **8/24** | $8967084 | $7282158 |
| **9/24** | $8940156 | $7768424 |
| **10/24** | $8713959 | $7422937 |
| **11/24** | $8536233 | $7156230 |
| **12/24** | $8153853 | $7146402 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 2.23% | 4.43% | 5.01% |
| MSCI Emerging Markets Index | 7.50% | 1.70% | 3.64% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $188147993 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $1468667 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg108.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Korea, Republic of | 3.1% |
| Mexico | 3.5% |
| Argentina | 4.4% |
| Brazil | 10.5% |
| United States | 12.2% |
| Taiwan | 20.0% |
| India | 46.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.0% |
| MercadoLibre, Inc. | 8.4% |
| KEI Industries Ltd. | 5.3% |
| HDFC Bank Ltd. | 5.3% |
| Varun Beverages Ltd. | 5.1% |
| Globant SA | 4.4% |
| ICICI Bank Ltd. | 4.4% |
| Localiza Rent a Car SA | 3.9% |
| Bharti Airtel Ltd. | 3.6% |
| TVS Motor Co. Ltd. | 3.2% |
| Total | 54.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MELSX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio

# Class A MMKBX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $140 | 1.35% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to ↑ and detractors from ↓ performance, relative to the MSCI Emerging Markets Index:

↑ Positioning in India, through the allocations to select consumer, industrial and health care companies ↑ The underweight allocation to and positioning in Korea, where equities underperformed on currency weakness and political volatility ↑ Stock selections in South Africa and Taiwan, through allocations to a leading bank and consumer company in South Africa and overweights to select technology companies in Taiwan ↓ Positioning in Poland, as the allocation to an apparel retailer (sold) underperformed following a short-seller report ↓ Overweight allocations to Mexico, which sold off following both the Mexico and U.S. elections, and Brazil, which underperformed on budget and fiscal risks ↓ Underweight allocation to China, which outperformed for the full year after rallying in September

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg169.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI Emerging Markets Index** |
| **12/14** | $9473 | $10000 |
| **1/15** | $9565 | $10060 |
| **2/15** | $9851 | $10371 |
| **3/15** | $9763 | $10224 |
| **4/15** | $10272 | $11010 |
| **5/15** | $9996 | $10569 |
| **6/15** | $9908 | $10295 |
| **7/15** | $9472 | $9581 |
| **8/15** | $8689 | $8715 |
| **9/15** | $8518 | $8452 |
| **10/15** | $8896 | $9055 |
| **11/15** | $8676 | $8702 |
| **12/15** | $8466 | $8508 |
| **1/16** | $7963 | $7956 |
| **2/16** | $7910 | $7943 |
| **3/16** | $8846 | $8994 |
| **4/16** | $8854 | $9043 |
| **5/16** | $8748 | $8706 |
| **6/16** | $9009 | $9054 |
| **7/16** | $9442 | $9509 |
| **8/16** | $9628 | $9746 |
| **9/16** | $9791 | $9871 |
| **10/16** | $9711 | $9895 |
| **11/16** | $8988 | $9439 |
| **12/16** | $9005 | $9460 |
| **1/17** | $9489 | $9978 |
| **2/17** | $9715 | $10283 |
| **3/17** | $10016 | $10543 |
| **4/17** | $10376 | $10774 |
| **5/17** | $10699 | $11092 |
| **6/17** | $10775 | $11204 |
| **7/17** | $11340 | $11872 |
| **8/17** | $11540 | $12136 |
| **9/17** | $11513 | $12088 |
| **10/17** | $11726 | $12512 |
| **11/17** | $11762 | $12537 |
| **12/17** | $12116 | $12987 |
| **1/18** | $13072 | $14069 |
| **2/18** | $12423 | $13421 |
| **3/18** | $12334 | $13171 |
| **4/18** | $11987 | $13113 |
| **5/18** | $11404 | $12648 |
| **6/18** | $10981 | $12123 |
| **7/18** | $11213 | $12389 |
| **8/18** | $10888 | $12054 |
| **9/18** | $10661 | $11990 |
| **10/18** | $9909 | $10946 |
| **11/18** | $10270 | $11397 |
| **12/18** | $9986 | $11095 |
| **1/19** | $10771 | $12066 |
| **2/19** | $10640 | $12094 |
| **3/19** | $10703 | $12195 |
| **4/19** | $10989 | $12452 |
| **5/19** | $10376 | $11548 |
| **6/19** | $10948 | $12269 |
| **7/19** | $10876 | $12119 |
| **8/19** | $10494 | $11528 |
| **9/19** | $10708 | $11748 |
| **10/19** | $11166 | $12244 |
| **11/19** | $11089 | $12227 |
| **12/19** | $11892 | $13139 |
| **1/20** | $11283 | $12526 |
| **2/20** | $10793 | $11866 |
| **3/20** | $8703 | $10038 |
| **4/20** | $9379 | $10958 |
| **5/20** | $9678 | $11042 |
| **6/20** | $10427 | $11853 |
| **7/20** | $11505 | $12913 |
| **8/20** | $11675 | $13198 |
| **9/20** | $11572 | $12986 |
| **10/20** | $11587 | $13254 |
| **11/20** | $12598 | $14480 |
| **12/20** | $13582 | $15544 |
| **1/21** | $13951 | $16021 |
| **2/21** | $14091 | $16143 |
| **3/21** | $13894 | $15899 |
| **4/21** | $14294 | $16295 |
| **5/21** | $14637 | $16673 |
| **6/21** | $14803 | $16702 |
| **7/21** | $14086 | $15578 |
| **8/21** | $14699 | $15986 |
| **9/21** | $13972 | $15350 |
| **10/21** | $14284 | $15502 |
| **11/21** | $13504 | $14870 |
| **12/21** | $14020 | $15149 |
| **1/22** | $13566 | $14862 |
| **2/22** | $12544 | $14418 |
| **3/22** | $12288 | $14092 |
| **4/22** | $11221 | $13308 |
| **5/22** | $11419 | $13367 |
| **6/22** | $10324 | $12479 |
| **7/22** | $10624 | $12448 |
| **8/22** | $10465 | $12500 |
| **9/22** | $9449 | $11035 |
| **10/22** | $9523 | $10692 |
| **11/22** | $10891 | $12278 |
| **12/22** | $10472 | $12105 |
| **1/23** | $11348 | $13061 |
| **2/23** | $10519 | $12214 |
| **3/23** | $10750 | $12584 |
| **4/23** | $10732 | $12442 |
| **5/23** | $10602 | $12233 |
| **6/23** | $11141 | $12697 |
| **7/23** | $11661 | $13488 |
| **8/23** | $10957 | $12657 |
| **9/23** | $10727 | $12326 |
| **10/23** | $10437 | $11847 |
| **11/23** | $11147 | $12795 |
| **12/23** | $11701 | $13295 |
| **1/24** | $11326 | $12678 |
| **2/24** | $11840 | $13281 |
| **3/24** | $12203 | $13610 |
| **4/24** | $12282 | $13671 |
| **5/24** | $12439 | $13748 |
| **6/24** | $13008 | $14290 |
| **7/24** | $12899 | $14333 |
| **8/24** | $12977 | $14564 |
| **9/24** | $13540 | $15537 |
| **10/24** | $13038 | $14846 |
| **11/24** | $12741 | $14312 |
| **12/24** | $12601 | $14293 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 7.69% | 1.17% | 2.89% |
| Class A, with 5.25% maximum front end sales charge | 2.05% | 0.08% | 2.34% |
| MSCI Emerging Markets Index | 7.50% | 1.70% | 3.64% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $518898517 |
| # of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $3648970 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg250.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 5.0% |
| Poland | 2.0% |
| Indonesia | 2.6% |
| South Africa | 3.9% |
| Mexico | 4.5% |
| Brazil | 4.9% |
| United States | 4.9% |
| Korea, Republic of | 6.4% |
| Taiwan | 20.1% |
| China | 21.6% |
| India | 24.1% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| Tencent Holdings Ltd. | 5.1% |
| Mahindra & Mahindra Ltd. | 2.9% |
| Alibaba Group Holding Ltd. | 2.7% |
| China Construction Bank Corp. | 2.3% |
| WEG SA | 2.0% |
| Samsung Electronics Co. Ltd. | 2.0% |
| Reliance Industries Ltd. | 1.9% |
| ICICI Bank Ltd. | 1.9% |
| State Bank of India | 1.7% |
| Total | 35.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MMKBX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio

# Class C MSEPX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $217 | 2.10% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to ↑ and detractors from ↓ performance, relative to the MSCI Emerging Markets Index:

↓ Positioning in Poland, as the allocation to an apparel retailer (sold) underperformed following a short-seller report ↓ Overweight allocations to Mexico, which sold off following both the Mexico and U.S. elections, and Brazil, which underperformed on budget and fiscal risks ↓ Underweight allocation to China, which outperformed for the full year after rallying in September ↑ Positioning in India, through the allocations to select consumer, industrial and health care companies ↑ The underweight allocation to and positioning in Korea, where equities underperformed on currency weakness and political volatility ↑ Stock selections in South Africa and Taiwan, through allocations to a leading bank and consumer company in South Africa and overweights to select technology companies in Taiwan

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg044.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI Emerging Markets Index** |
| **4/15** | $10000 | $10000 |
| **5/15** | $9724 | $9600 |
| **6/15** | $9633 | $9350 |
| **7/15** | $9200 | $8702 |
| **8/15** | $8435 | $7915 |
| **9/15** | $8266 | $7677 |
| **10/15** | $8629 | $8225 |
| **11/15** | $8409 | $7904 |
| **12/15** | $8197 | $7728 |
| **1/16** | $7704 | $7226 |
| **2/16** | $7648 | $7214 |
| **3/16** | $8547 | $8169 |
| **4/16** | $8552 | $8213 |
| **5/16** | $8443 | $7907 |
| **6/16** | $8690 | $8223 |
| **7/16** | $9101 | $8637 |
| **8/16** | $9270 | $8852 |
| **9/16** | $9425 | $8965 |
| **10/16** | $9339 | $8987 |
| **11/16** | $8642 | $8573 |
| **12/16** | $8653 | $8592 |
| **1/17** | $9107 | $9062 |
| **2/17** | $9320 | $9340 |
| **3/17** | $9601 | $9575 |
| **4/17** | $9939 | $9785 |
| **5/17** | $10246 | $10074 |
| **6/17** | $10311 | $10176 |
| **7/17** | $10841 | $10782 |
| **8/17** | $11023 | $11023 |
| **9/17** | $10993 | $10979 |
| **10/17** | $11188 | $11364 |
| **11/17** | $11218 | $11387 |
| **12/17** | $11548 | $11795 |
| **1/18** | $12449 | $12778 |
| **2/18** | $11820 | $12189 |
| **3/18** | $11729 | $11962 |
| **4/18** | $11392 | $11910 |
| **5/18** | $10833 | $11488 |
| **6/18** | $10421 | $11010 |
| **7/18** | $10634 | $11252 |
| **8/18** | $10322 | $10948 |
| **9/18** | $10101 | $10890 |
| **10/18** | $9382 | $9941 |
| **11/18** | $9720 | $10351 |
| **12/18** | $9439 | $10077 |
| **1/19** | $10178 | $10959 |
| **2/19** | $10047 | $10984 |
| **3/19** | $10104 | $11076 |
| **4/19** | $10366 | $11309 |
| **5/19** | $9780 | $10489 |
| **6/19** | $10314 | $11143 |
| **7/19** | $10235 | $11007 |
| **8/19** | $9872 | $10470 |
| **9/19** | $10064 | $10670 |
| **10/19** | $10488 | $11120 |
| **11/19** | $10405 | $11105 |
| **12/19** | $11153 | $11933 |
| **1/20** | $10576 | $11377 |
| **2/20** | $10109 | $10777 |
| **3/20** | $8147 | $9117 |
| **4/20** | $8773 | $9952 |
| **5/20** | $9046 | $10028 |
| **6/20** | $9742 | $10766 |
| **7/20** | $10740 | $11728 |
| **8/20** | $10894 | $11987 |
| **9/20** | $10790 | $11795 |
| **10/20** | $10795 | $12038 |
| **11/20** | $11734 | $13151 |
| **12/20** | $12639 | $14118 |
| **1/21** | $12973 | $14551 |
| **2/21** | $13098 | $14662 |
| **3/21** | $12903 | $14440 |
| **4/21** | $13268 | $14800 |
| **5/21** | $13573 | $15143 |
| **6/21** | $13723 | $15169 |
| **7/21** | $13048 | $14148 |
| **8/21** | $13603 | $14519 |
| **9/21** | $12923 | $13942 |
| **10/21** | $13203 | $14079 |
| **11/21** | $12474 | $13506 |
| **12/21** | $12946 | $13759 |
| **1/22** | $12514 | $13499 |
| **2/22** | $11565 | $13095 |
| **3/22** | $11323 | $12799 |
| **4/22** | $10331 | $12087 |
| **5/22** | $10509 | $12141 |
| **6/22** | $9495 | $11334 |
| **7/22** | $9765 | $11306 |
| **8/22** | $9608 | $11353 |
| **9/22** | $8670 | $10022 |
| **10/22** | $8735 | $9711 |
| **11/22** | $9980 | $11151 |
| **12/22** | $9594 | $10995 |
| **1/23** | $10384 | $11863 |
| **2/23** | $9627 | $11094 |
| **3/23** | $9829 | $11430 |
| **4/23** | $9807 | $11300 |
| **5/23** | $9688 | $11110 |
| **6/23** | $10180 | $11532 |
| **7/23** | $10655 | $12250 |
| **8/23** | $10012 | $11495 |
| **9/23** | $9801 | $11195 |
| **10/23** | $9536 | $10760 |
| **11/23** | $10185 | $11621 |
| **12/23** | $10691 | $12075 |
| **1/24** | $10349 | $11514 |
| **2/24** | $10818 | $12062 |
| **3/24** | $11150 | $12361 |
| **4/24** | $11222 | $12416 |
| **5/24** | $11366 | $12487 |
| **6/24** | $11885 | $12979 |
| **7/24** | $11786 | $13018 |
| **8/24** | $11858 | $13228 |
| **9/24** | $12372 | $14111 |
| **10/24** | $11913 | $13484 |
| **11/24** | $11642 | $12999 |
| **12/24** | $11514 | $12981 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/15 (Inception)* |
| Class C, with conversion to Class A after 8 years | 6.89% | 0.40% | 1.47% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 5.89% | 0.40% | 1.47% |
| MSCI Emerging Markets Index | 7.50% | 1.70% | 2.73% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $518898517 |
| # of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $3648970 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg049.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 5.0% |
| Poland | 2.0% |
| Indonesia | 2.6% |
| South Africa | 3.9% |
| Mexico | 4.5% |
| Brazil | 4.9% |
| United States | 4.9% |
| Korea, Republic of | 6.4% |
| Taiwan | 20.1% |
| China | 21.6% |
| India | 24.1% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| Tencent Holdings Ltd. | 5.1% |
| Mahindra & Mahindra Ltd. | 2.9% |
| Alibaba Group Holding Ltd. | 2.7% |
| China Construction Bank Corp. | 2.3% |
| WEG SA | 2.0% |
| Samsung Electronics Co. Ltd. | 2.0% |
| Reliance Industries Ltd. | 1.9% |
| ICICI Bank Ltd. | 1.9% |
| State Bank of India | 1.7% |
| Total | 35.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSEPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio

# Class I MGEMX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $103 | 0.99% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to ↑ and detractors from ↓ performance, relative to the MSCI Emerging Markets Index:

↑ Positioning in India, through the allocations to select consumer, industrial and health care companies ↑ The underweight allocation to and positioning in Korea, where equities underperformed on currency weakness and political volatility ↑ Stock selections in South Africa and Taiwan, through allocations to a leading bank and consumer company in South Africa and overweights to select technology companies in Taiwan ↓ Positioning in Poland, as the allocation to an apparel retailer (sold) underperformed following a short-seller report ↓ Overweight allocations to Mexico, which sold off following both the Mexico and U.S. elections, and Brazil, which underperformed on budget and fiscal risks ↓ Underweight allocation to China, which outperformed for the full year after rallying in September

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg171.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets Index** |
| **12/14** | $1000000 | $1000000 |
| **1/15** | $1009941 | $1005995 |
| **2/15** | $1040669 | $1037143 |
| **3/15** | $1031631 | $1022394 |
| **4/15** | $1085856 | $1101032 |
| **5/15** | $1056936 | $1056939 |
| **6/15** | $1047899 | $1029489 |
| **7/15** | $1002180 | $958126 |
| **8/15** | $919344 | $871467 |
| **9/15** | $901691 | $845249 |
| **10/15** | $941977 | $905544 |
| **11/15** | $918892 | $870221 |
| **12/15** | $896707 | $850823 |
| **1/16** | $843397 | $795626 |
| **2/16** | $837929 | $794324 |
| **3/16** | $937715 | $899435 |
| **4/16** | $938626 | $904324 |
| **5/16** | $927235 | $870590 |
| **6/16** | $955485 | $905385 |
| **7/16** | $1002085 | $950946 |
| **8/16** | $1021224 | $974579 |
| **9/16** | $1038996 | $987111 |
| **10/16** | $1030794 | $989464 |
| **11/16** | $954692 | $943918 |
| **12/16** | $957031 | $946003 |
| **1/17** | $1008489 | $997771 |
| **2/17** | $1032840 | $1028315 |
| **3/17** | $1065001 | $1054273 |
| **4/17** | $1103595 | $1077354 |
| **5/17** | $1138513 | $1109206 |
| **6/17** | $1147242 | $1120372 |
| **7/17** | $1207214 | $1187156 |
| **8/17** | $1228829 | $1213636 |
| **9/17** | $1226529 | $1208811 |
| **10/17** | $1249064 | $1251186 |
| **11/17** | $1253663 | $1253698 |
| **12/17** | $1291724 | $1298702 |
| **1/18** | $1393896 | $1406944 |
| **2/18** | $1325011 | $1342056 |
| **3/18** | $1315764 | $1317103 |
| **4/18** | $1279241 | $1311276 |
| **5/18** | $1217290 | $1264812 |
| **6/18** | $1172445 | $1212263 |
| **7/18** | $1197475 | $1238893 |
| **8/18** | $1163262 | $1205394 |
| **9/18** | $1139682 | $1198997 |
| **10/18** | $1059234 | $1094585 |
| **11/18** | $1098533 | $1139693 |
| **12/18** | $1067958 | $1109501 |
| **1/19** | $1152295 | $1206646 |
| **2/19** | $1138555 | $1209359 |
| **3/19** | $1145662 | $1219509 |
| **4/19** | $1176459 | $1245182 |
| **5/19** | $1111548 | $1154829 |
| **6/19** | $1173143 | $1226904 |
| **7/19** | $1165088 | $1211901 |
| **8/19** | $1124814 | $1152813 |
| **9/19** | $1148031 | $1174820 |
| **10/19** | $1197307 | $1224358 |
| **11/19** | $1189252 | $1222674 |
| **12/19** | $1275537 | $1313891 |
| **1/20** | $1210387 | $1252645 |
| **2/20** | $1158159 | $1186589 |
| **3/20** | $934712 | $1003827 |
| **4/20** | $1006861 | $1095751 |
| **5/20** | $1039167 | $1104168 |
| **6/20** | $1119931 | $1185334 |
| **7/20** | $1236232 | $1291258 |
| **8/20** | $1255077 | $1319800 |
| **9/20** | $1244308 | $1298632 |
| **10/20** | $1245923 | $1325387 |
| **11/20** | $1355224 | $1447969 |
| **12/20** | $1461484 | $1554414 |
| **1/21** | $1501763 | $1602069 |
| **2/21** | $1517004 | $1614323 |
| **3/21** | $1496320 | $1589942 |
| **4/21** | $1539321 | $1629528 |
| **5/21** | $1576878 | $1667318 |
| **6/21** | $1595385 | $1670191 |
| **7/21** | $1518637 | $1557790 |
| **8/21** | $1585043 | $1598565 |
| **9/21** | $1507206 | $1535037 |
| **10/21** | $1540409 | $1550177 |
| **11/21** | $1457129 | $1487002 |
| **12/21** | $1513391 | $1514904 |
| **1/22** | $1464610 | $1486228 |
| **2/22** | $1355151 | $1441805 |
| **3/22** | $1327191 | $1409240 |
| **4/22** | $1212378 | $1330849 |
| **5/22** | $1234389 | $1336709 |
| **6/22** | $1116007 | $1247885 |
| **7/22** | $1148725 | $1244820 |
| **8/22** | $1132069 | $1250017 |
| **9/22** | $1022015 | $1103474 |
| **10/22** | $1030938 | $1069213 |
| **11/22** | $1179065 | $1227797 |
| **12/22** | $1134097 | $1210539 |
| **1/23** | $1229226 | $1306125 |
| **2/23** | $1140314 | $1221433 |
| **3/23** | $1165185 | $1258427 |
| **4/23** | $1163319 | $1244165 |
| **5/23** | $1150262 | $1223268 |
| **6/23** | $1208086 | $1269715 |
| **7/23** | $1265289 | $1348757 |
| **8/23** | $1189434 | $1265673 |
| **9/23** | $1164563 | $1232573 |
| **10/23** | $1134097 | $1184681 |
| **11/23** | $1211195 | $1279492 |
| **12/23** | $1272024 | $1329512 |
| **1/24** | $1231218 | $1267778 |
| **2/24** | $1287327 | $1328090 |
| **3/24** | $1327496 | $1360999 |
| **4/24** | $1336423 | $1367089 |
| **5/24** | $1354276 | $1374810 |
| **6/24** | $1416123 | $1429038 |
| **7/24** | $1405284 | $1433290 |
| **8/24** | $1413573 | $1456432 |
| **9/24** | $1475421 | $1553685 |
| **10/24** | $1421224 | $1484587 |
| **11/24** | $1389344 | $1431246 |
| **12/24** | $1374722 | $1429280 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 8.07% | 1.51% | 3.23% |
| MSCI Emerging Markets Index | 7.50% | 1.70% | 3.64% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $518898517 |
| # of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $3648970 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg141.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 5.0% |
| Poland | 2.0% |
| Indonesia | 2.6% |
| South Africa | 3.9% |
| Mexico | 4.5% |
| Brazil | 4.9% |
| United States | 4.9% |
| Korea, Republic of | 6.4% |
| Taiwan | 20.1% |
| China | 21.6% |
| India | 24.1% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| Tencent Holdings Ltd. | 5.1% |
| Mahindra & Mahindra Ltd. | 2.9% |
| Alibaba Group Holding Ltd. | 2.7% |
| China Construction Bank Corp. | 2.3% |
| WEG SA | 2.0% |
| Samsung Electronics Co. Ltd. | 2.0% |
| Reliance Industries Ltd. | 1.9% |
| ICICI Bank Ltd. | 1.9% |
| State Bank of India | 1.7% |
| Total | 35.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGEMX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio

# Class IR MRGEX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class IR | $99 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to ↑ and detractors from ↓ performance, relative to the MSCI Emerging Markets Index:

↑ Positioning in India, through the allocations to select consumer, industrial and health care companies ↑ The underweight allocation to and positioning in Korea, where equities underperformed on currency weakness and political volatility ↑ Stock selections in South Africa and Taiwan, through allocations to a leading bank and consumer company in South Africa and overweights to select technology companies in Taiwan ↓ Positioning in Poland, as the allocation to an apparel retailer (sold) underperformed following a short-seller report ↓ Overweight allocations to Mexico, which sold off following both the Mexico and U.S. elections, and Brazil, which underperformed on budget and fiscal risks ↓ Underweight allocation to China, which outperformed for the full year after rallying in September

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg239.jpg)

---

| | | |
|:---|:---|:---|
| | **Class IR** | **MSCI Emerging Markets Index** |
| **6/18** | $5000000 | $5000000 |
| **6/18** | $4837972 | $5000000 |
| **7/18** | $4941175 | $4920809 |
| **8/18** | $4802014 | $4787754 |
| **9/18** | $4702885 | $4762344 |
| **10/18** | $4373093 | $4347627 |
| **11/18** | $4535130 | $4526791 |
| **12/18** | $4409110 | $4406871 |
| **1/19** | $4757301 | $4792725 |
| **2/19** | $4700573 | $4803501 |
| **3/19** | $4731871 | $4843816 |
| **4/19** | $4859019 | $4945787 |
| **5/19** | $4591030 | $4586914 |
| **6/19** | $4843370 | $4873188 |
| **7/19** | $4812072 | $4813599 |
| **8/19** | $4647758 | $4578904 |
| **9/19** | $4743608 | $4666314 |
| **10/19** | $4947045 | $4863078 |
| **11/19** | $4913791 | $4856386 |
| **12/19** | $5270265 | $5218698 |
| **1/20** | $5003191 | $4975431 |
| **2/20** | $4787306 | $4713060 |
| **3/20** | $3863674 | $3987142 |
| **4/20** | $4161907 | $4352259 |
| **5/20** | $4297670 | $4385688 |
| **6/20** | $4631513 | $4708076 |
| **7/20** | $5112246 | $5128798 |
| **8/20** | $5190143 | $5242168 |
| **9/20** | $5145631 | $5158087 |
| **10/20** | $5154533 | $5264359 |
| **11/20** | $5606334 | $5751246 |
| **12/20** | $6046416 | $6174041 |
| **1/21** | $6213058 | $6363323 |
| **2/21** | $6278364 | $6411994 |
| **3/21** | $6190539 | $6315156 |
| **4/21** | $6370693 | $6472389 |
| **5/21** | $6526076 | $6622486 |
| **6/21** | $6602641 | $6633899 |
| **7/21** | $6285120 | $6187448 |
| **8/21** | $6559854 | $6349406 |
| **9/21** | $6237829 | $6097077 |
| **10/21** | $6377449 | $6157211 |
| **11/21** | $6032904 | $5906285 |
| **12/21** | $6265946 | $6017107 |
| **1/22** | $6066362 | $5903210 |
| **2/22** | $5610523 | $5726762 |
| **3/22** | $5497179 | $5597419 |
| **4/22** | $5021627 | $5286055 |
| **5/22** | $5112795 | $5309328 |
| **6/22** | $4622460 | $4956526 |
| **7/22** | $4760444 | $4944350 |
| **8/22** | $4688988 | $4964991 |
| **9/22** | $4235612 | $4382934 |
| **10/22** | $4270108 | $4246851 |
| **11/22** | $4886108 | $4876735 |
| **12/22** | $4700894 | $4808189 |
| **1/23** | $5095428 | $5187851 |
| **2/23** | $4726680 | $4851458 |
| **3/23** | $4829827 | $4998395 |
| **4/23** | $4824669 | $4941750 |
| **5/23** | $4767939 | $4858747 |
| **6/23** | $5010333 | $5043233 |
| **7/23** | $5247569 | $5357181 |
| **8/23** | $4930394 | $5027178 |
| **9/23** | $4829827 | $4895706 |
| **10/23** | $4700894 | $4705484 |
| **11/23** | $5023226 | $5082064 |
| **12/23** | $5273521 | $5280744 |
| **1/24** | $5104176 | $5035540 |
| **2/24** | $5337026 | $5275092 |
| **3/24** | $5503725 | $5405807 |
| **4/24** | $5543415 | $5429994 |
| **5/24** | $5617504 | $5460664 |
| **6/24** | $5874168 | $5676052 |
| **7/24** | $5826540 | $5692944 |
| **8/24** | $5863584 | $5784859 |
| **9/24** | $6120248 | $6171144 |
| **10/24** | $5895336 | $5896693 |
| **11/24** | $5763035 | $5684823 |
| **12/24** | $5702022 | $5677017 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 6/15/18 (Inception)* |
| Class IR | 8.13% | 1.59% | 2.03% |
| MSCI Emerging Markets Index | 7.50% | 1.70% | 1.96% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $518898517 |
| # of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $3648970 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg033.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 5.0% |
| Poland | 2.0% |
| Indonesia | 2.6% |
| South Africa | 3.9% |
| Mexico | 4.5% |
| Brazil | 4.9% |
| United States | 4.9% |
| Korea, Republic of | 6.4% |
| Taiwan | 20.1% |
| China | 21.6% |
| India | 24.1% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| Tencent Holdings Ltd. | 5.1% |
| Mahindra & Mahindra Ltd. | 2.9% |
| Alibaba Group Holding Ltd. | 2.7% |
| China Construction Bank Corp. | 2.3% |
| WEG SA | 2.0% |
| Samsung Electronics Co. Ltd. | 2.0% |
| Reliance Industries Ltd. | 1.9% |
| ICICI Bank Ltd. | 1.9% |
| State Bank of India | 1.7% |
| Total | 35.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MRGEX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio

# Class L MSELX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $192 | 1.85% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to ↑ and detractors from ↓ performance, relative to the MSCI Emerging Markets Index:

↓ Positioning in Poland, as the allocation to an apparel retailer (sold) underperformed following a short-seller report ↓ Overweight allocations to Mexico, which sold off following both the Mexico and U.S. elections, and Brazil, which underperformed on budget and fiscal risks ↓ Underweight allocation to China, which outperformed for the full year after rallying in September ↑ Positioning in India, through the allocations to select consumer, industrial and health care companies ↑ The underweight allocation to and positioning in Korea, where equities underperformed on currency weakness and political volatility ↑ Stock selections in South Africa and Taiwan, through allocations to a leading bank and consumer company in South Africa and overweights to select technology companies in Taiwan

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg220.jpg)

---

| | | |
|:---|:---|:---|
| | **Class L** | **MSCI Emerging Markets Index** |
| **12/14** | $10000 | $10000 |
| **1/15** | $10089 | $10060 |
| **2/15** | $10393 | $10371 |
| **3/15** | $10295 | $10224 |
| **4/15** | $10827 | $11010 |
| **5/15** | $10528 | $10569 |
| **6/15** | $10430 | $10295 |
| **7/15** | $9966 | $9581 |
| **8/15** | $9142 | $8715 |
| **9/15** | $8959 | $8452 |
| **10/15** | $9353 | $9055 |
| **11/15** | $9114 | $8702 |
| **12/15** | $8889 | $8508 |
| **1/16** | $8355 | $7956 |
| **2/16** | $8294 | $7943 |
| **3/16** | $9278 | $8994 |
| **4/16** | $9278 | $9043 |
| **5/16** | $9161 | $8706 |
| **6/16** | $9433 | $9054 |
| **7/16** | $9882 | $9509 |
| **8/16** | $10069 | $9746 |
| **9/16** | $10238 | $9871 |
| **10/16** | $10149 | $9895 |
| **11/16** | $9390 | $9439 |
| **12/16** | $9404 | $9460 |
| **1/17** | $9901 | $9978 |
| **2/17** | $10135 | $10283 |
| **3/17** | $10444 | $10543 |
| **4/17** | $10814 | $10774 |
| **5/17** | $11147 | $11092 |
| **6/17** | $11222 | $11204 |
| **7/17** | $11800 | $11872 |
| **8/17** | $12002 | $12136 |
| **9/17** | $11974 | $12088 |
| **10/17** | $12185 | $12512 |
| **11/17** | $12222 | $12537 |
| **12/17** | $12583 | $12987 |
| **1/18** | $13568 | $14069 |
| **2/18** | $12888 | $13421 |
| **3/18** | $12789 | $13171 |
| **4/18** | $12424 | $13113 |
| **5/18** | $11814 | $12648 |
| **6/18** | $11369 | $12123 |
| **7/18** | $11604 | $12389 |
| **8/18** | $11266 | $12054 |
| **9/18** | $11027 | $11990 |
| **10/18** | $10244 | $10946 |
| **11/18** | $10615 | $11397 |
| **12/18** | $10314 | $11095 |
| **1/19** | $11119 | $12066 |
| **2/19** | $10981 | $12094 |
| **3/19** | $11038 | $12195 |
| **4/19** | $11329 | $12452 |
| **5/19** | $10695 | $11548 |
| **6/19** | $11277 | $12269 |
| **7/19** | $11196 | $12119 |
| **8/19** | $10800 | $11528 |
| **9/19** | $11015 | $11748 |
| **10/19** | $11477 | $12244 |
| **11/19** | $11391 | $12227 |
| **12/19** | $12209 | $13139 |
| **1/20** | $11582 | $12526 |
| **2/20** | $11074 | $11866 |
| **3/20** | $8927 | $10038 |
| **4/20** | $9614 | $10958 |
| **5/20** | $9917 | $11042 |
| **6/20** | $10679 | $11853 |
| **7/20** | $11777 | $12913 |
| **8/20** | $11944 | $13198 |
| **9/20** | $11836 | $12986 |
| **10/20** | $11847 | $13254 |
| **11/20** | $12874 | $14480 |
| **12/20** | $13875 | $15544 |
| **1/21** | $14245 | $16021 |
| **2/21** | $14381 | $16143 |
| **3/21** | $14175 | $15899 |
| **4/21** | $14572 | $16295 |
| **5/21** | $14914 | $16673 |
| **6/21** | $15083 | $16702 |
| **7/21** | $14343 | $15578 |
| **8/21** | $14958 | $15986 |
| **9/21** | $14213 | $15350 |
| **10/21** | $14523 | $15502 |
| **11/21** | $13723 | $14870 |
| **12/21** | $14242 | $15149 |
| **1/22** | $13774 | $14862 |
| **2/22** | $12738 | $14418 |
| **3/22** | $12466 | $14092 |
| **4/22** | $11376 | $13308 |
| **5/22** | $11577 | $13367 |
| **6/22** | $10458 | $12479 |
| **7/22** | $10760 | $12448 |
| **8/22** | $10594 | $12500 |
| **9/22** | $9558 | $11035 |
| **10/22** | $9635 | $10692 |
| **11/22** | $11009 | $12278 |
| **12/22** | $10584 | $12105 |
| **1/23** | $11464 | $13061 |
| **2/23** | $10627 | $12214 |
| **3/23** | $10849 | $12584 |
| **4/23** | $10830 | $12442 |
| **5/23** | $10695 | $12233 |
| **6/23** | $11230 | $12697 |
| **7/23** | $11753 | $13488 |
| **8/23** | $11039 | $12657 |
| **9/23** | $10799 | $12326 |
| **10/23** | $10504 | $11847 |
| **11/23** | $11218 | $12795 |
| **12/23** | $11769 | $13295 |
| **1/24** | $11380 | $12678 |
| **2/24** | $11894 | $13281 |
| **3/24** | $12258 | $13610 |
| **4/24** | $12333 | $13671 |
| **5/24** | $12483 | $13748 |
| **6/24** | $13047 | $14290 |
| **7/24** | $12934 | $14333 |
| **8/24** | $13010 | $14564 |
| **9/24** | $13567 | $15537 |
| **10/24** | $13054 | $14846 |
| **11/24** | $12753 | $14312 |
| **12/24** | $12607 | $14293 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 7.12% | 0.64% | 2.34% |
| MSCI Emerging Markets Index | 7.50% | 1.70% | 3.64% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $518898517 |
| # of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $3648970 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg244.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 5.0% |
| Poland | 2.0% |
| Indonesia | 2.6% |
| South Africa | 3.9% |
| Mexico | 4.5% |
| Brazil | 4.9% |
| United States | 4.9% |
| Korea, Republic of | 6.4% |
| Taiwan | 20.1% |
| China | 21.6% |
| India | 24.1% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| Tencent Holdings Ltd. | 5.1% |
| Mahindra & Mahindra Ltd. | 2.9% |
| Alibaba Group Holding Ltd. | 2.7% |
| China Construction Bank Corp. | 2.3% |
| WEG SA | 2.0% |
| Samsung Electronics Co. Ltd. | 2.0% |
| Reliance Industries Ltd. | 1.9% |
| ICICI Bank Ltd. | 1.9% |
| State Bank of India | 1.7% |
| Total | 35.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSELX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio

# Class R6 MMMPX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $99 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to ↑ and detractors from ↓ performance, relative to the MSCI Emerging Markets Index:

↑ Positioning in India, through the allocations to select consumer, industrial and health care companies ↑ The underweight allocation to and positioning in Korea, where equities underperformed on currency weakness and political volatility ↑ Stock selections in South Africa and Taiwan, through allocations to a leading bank and consumer company in South Africa and overweights to select technology companies in Taiwan ↓ Positioning in Poland, as the allocation to an apparel retailer (sold) underperformed following a short-seller report ↓ Overweight allocations to Mexico, which sold off following both the Mexico and U.S. elections, and Brazil, which underperformed on budget and fiscal risks ↓ Underweight allocation to China, which outperformed for the full year after rallying in September

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg231.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Emerging Markets Index** |
| **12/14** | $5000000 | $5000000 |
| **1/15** | $5047425 | $5029973 |
| **2/15** | $5203252 | $5185714 |
| **3/15** | $5158085 | $5111971 |
| **4/15** | $5429088 | $5505159 |
| **5/15** | $5282294 | $5284697 |
| **6/15** | $5239386 | $5147445 |
| **7/15** | $5010896 | $4790630 |
| **8/15** | $4596903 | $4357333 |
| **9/15** | $4510938 | $4226247 |
| **10/15** | $4712279 | $4527722 |
| **11/15** | $4596903 | $4351106 |
| **12/15** | $4485559 | $4254113 |
| **1/16** | $4218887 | $3978131 |
| **2/16** | $4193816 | $3971622 |
| **3/16** | $4692971 | $4497176 |
| **4/16** | $4697529 | $4521618 |
| **5/16** | $4642827 | $4352952 |
| **6/16** | $4781862 | $4526927 |
| **7/16** | $5014964 | $4754730 |
| **8/16** | $5112984 | $4872896 |
| **9/16** | $5201885 | $4935554 |
| **10/16** | $5160854 | $4947322 |
| **11/16** | $4780172 | $4719592 |
| **12/16** | $4790263 | $4730014 |
| **1/17** | $5047828 | $4988854 |
| **2/17** | $5169712 | $5141573 |
| **3/17** | $5332990 | $5271364 |
| **4/17** | $5526165 | $5386772 |
| **5/17** | $5700941 | $5546028 |
| **6/17** | $5744636 | $5601858 |
| **7/17** | $6047115 | $5935782 |
| **8/17** | $6155305 | $6068181 |
| **9/17** | $6143796 | $6044053 |
| **10/17** | $6256589 | $6255932 |
| **11/17** | $6279608 | $6268490 |
| **12/17** | $6471222 | $6493511 |
| **1/18** | $6985399 | $7034718 |
| **2/18** | $6637982 | $6710281 |
| **3/18** | $6593976 | $6585515 |
| **4/18** | $6411003 | $6556378 |
| **5/18** | $6102960 | $6324059 |
| **6/18** | $5875981 | $6061314 |
| **7/18** | $6003692 | $6194464 |
| **8/18** | $5832291 | $6026971 |
| **9/18** | $5714162 | $5994984 |
| **10/18** | $5311137 | $5472925 |
| **11/18** | $5508017 | $5698463 |
| **12/18** | $5354900 | $5547504 |
| **1/19** | $5780345 | $6033229 |
| **2/19** | $5711418 | $6046794 |
| **3/19** | $5747070 | $6097543 |
| **4/19** | $5903938 | $6225908 |
| **5/19** | $5575941 | $5774147 |
| **6/19** | $5884923 | $6134518 |
| **7/19** | $5846895 | $6059506 |
| **8/19** | $5644868 | $5764064 |
| **9/19** | $5761330 | $5874099 |
| **10/19** | $6008516 | $6121791 |
| **11/19** | $5970488 | $6113367 |
| **12/19** | $6403621 | $6569457 |
| **1/20** | $6079113 | $6263224 |
| **2/20** | $5814098 | $5932945 |
| **3/20** | $4691842 | $5019136 |
| **4/20** | $5056914 | $5478757 |
| **5/20** | $5219167 | $5520838 |
| **6/20** | $5627506 | $5926670 |
| **7/20** | $6208916 | $6456288 |
| **8/20** | $6306269 | $6599001 |
| **9/20** | $6252184 | $6493158 |
| **10/20** | $6263001 | $6626936 |
| **11/20** | $6811960 | $7239845 |
| **12/20** | $7346713 | $7772071 |
| **1/21** | $7546456 | $8010346 |
| **2/21** | $7625806 | $8071614 |
| **3/21** | $7521830 | $7949712 |
| **4/21** | $7740727 | $8147642 |
| **5/21** | $7929525 | $8336588 |
| **6/21** | $8022556 | $8350956 |
| **7/21** | $7636751 | $7788949 |
| **8/21** | $7970568 | $7992827 |
| **9/21** | $7579291 | $7675186 |
| **10/21** | $7748935 | $7750885 |
| **11/21** | $7330296 | $7435012 |
| **12/21** | $7613719 | $7574519 |
| **1/22** | $7368211 | $7431141 |
| **2/22** | $6817317 | $7209023 |
| **3/22** | $6679594 | $7046202 |
| **4/22** | $6101753 | $6654247 |
| **5/22** | $6212531 | $6683545 |
| **6/22** | $5616727 | $6239426 |
| **7/22** | $5784390 | $6224099 |
| **8/22** | $5697565 | $6250083 |
| **9/22** | $5146670 | $5517372 |
| **10/22** | $5188586 | $5346067 |
| **11/22** | $5937084 | $6138983 |
| **12/22** | $5712031 | $6052695 |
| **1/23** | $6188295 | $6530625 |
| **2/23** | $5743365 | $6107164 |
| **3/23** | $5868697 | $6292133 |
| **4/23** | $5859297 | $6220826 |
| **5/23** | $5793498 | $6116340 |
| **6/23** | $6088029 | $6348576 |
| **7/23** | $6376294 | $6743784 |
| **8/23** | $5990896 | $6328365 |
| **9/23** | $5868697 | $6162864 |
| **10/23** | $5712031 | $5923407 |
| **11/23** | $6103696 | $6397458 |
| **12/23** | $6407828 | $6647562 |
| **1/24** | $6202057 | $6338891 |
| **2/24** | $6484992 | $6640447 |
| **3/24** | $6687548 | $6804995 |
| **4/24** | $6735775 | $6835443 |
| **5/24** | $6825800 | $6874051 |
| **6/24** | $7137671 | $7145188 |
| **7/24** | $7079798 | $7166452 |
| **8/24** | $7124810 | $7282158 |
| **9/24** | $7436682 | $7768424 |
| **10/24** | $7163392 | $7422937 |
| **11/24** | $7002634 | $7156230 |
| **12/24** | $6928497 | $7146402 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 8.13% | 1.59% | 3.32% |
| MSCI Emerging Markets Index | 7.50% | 1.70% | 3.64% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $518898517 |
| # of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $3648970 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg143.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 5.0% |
| Poland | 2.0% |
| Indonesia | 2.6% |
| South Africa | 3.9% |
| Mexico | 4.5% |
| Brazil | 4.9% |
| United States | 4.9% |
| Korea, Republic of | 6.4% |
| Taiwan | 20.1% |
| China | 21.6% |
| India | 24.1% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| Tencent Holdings Ltd. | 5.1% |
| Mahindra & Mahindra Ltd. | 2.9% |
| Alibaba Group Holding Ltd. | 2.7% |
| China Construction Bank Corp. | 2.3% |
| WEG SA | 2.0% |
| Samsung Electronics Co. Ltd. | 2.0% |
| Reliance Industries Ltd. | 1.9% |
| ICICI Bank Ltd. | 1.9% |
| State Bank of India | 1.7% |
| Total | 35.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MMMPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio

# Class A MLNAX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $150 | 1.29% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index:

↑Stock selection in and overweight to financial services sector in the U.S., including positions in a leading global financial services company and a retail insurance holding company

↑ Stock selection in an artificial intelligence chip designer and a global provider of entertainment services

↑ Stock selection in the Asia ex-Japan technology sector, led by a position in a leading semiconductor manufacturer, specializing in artificial intelligence chips

↓ Not owning the full suite of uber-growth, mega-cap technology stocks

↓Overweight to quality stocks in Asia ex-Japan

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg008.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI World Net Index** |
| **5/16** | $9479 | $10000 |
| **5/16** | $9498 | $9992 |
| **6/16** | $9251 | $9880 |
| **7/16** | $9687 | $10297 |
| **8/16** | $9611 | $10306 |
| **9/16** | $9820 | $10361 |
| **10/16** | $9469 | $10160 |
| **11/16** | $9602 | $10306 |
| **12/16** | $9670 | $10553 |
| **1/17** | $9879 | $10808 |
| **2/17** | $10127 | $11107 |
| **3/17** | $10175 | $11226 |
| **4/17** | $10365 | $11392 |
| **5/17** | $10651 | $11633 |
| **6/17** | $10746 | $11678 |
| **7/17** | $11193 | $11957 |
| **8/17** | $11307 | $11974 |
| **9/17** | $11527 | $12243 |
| **10/17** | $11460 | $12474 |
| **11/17** | $11804 | $12744 |
| **12/17** | $11814 | $12917 |
| **1/18** | $12730 | $13599 |
| **2/18** | $12262 | $13035 |
| **3/18** | $11976 | $12751 |
| **4/18** | $11756 | $12898 |
| **5/18** | $11919 | $12979 |
| **6/18** | $11651 | $12973 |
| **7/18** | $11775 | $13378 |
| **8/18** | $11642 | $13543 |
| **9/18** | $11661 | $13619 |
| **10/18** | $10649 | $12619 |
| **11/18** | $10916 | $12762 |
| **12/18** | $10053 | $11792 |
| **1/19** | $10867 | $12709 |
| **2/19** | $11279 | $13091 |
| **3/19** | $11509 | $13263 |
| **4/19** | $12237 | $13733 |
| **5/19** | $11308 | $12941 |
| **6/19** | $11921 | $13794 |
| **7/19** | $12132 | $13862 |
| **8/19** | $12055 | $13579 |
| **9/19** | $12103 | $13868 |
| **10/19** | $12458 | $14220 |
| **11/19** | $12899 | $14616 |
| **12/19** | $13334 | $15054 |
| **1/20** | $13227 | $14963 |
| **2/20** | $12387 | $13698 |
| **3/20** | $10512 | $11885 |
| **4/20** | $11614 | $13184 |
| **5/20** | $12223 | $13820 |
| **6/20** | $12657 | $14186 |
| **7/20** | $13653 | $14865 |
| **8/20** | $14657 | $15858 |
| **9/20** | $14464 | $15311 |
| **10/20** | $14590 | $14841 |
| **11/20** | $15913 | $16739 |
| **12/20** | $16426 | $17448 |
| **1/21** | $16677 | $17275 |
| **2/21** | $17267 | $17718 |
| **3/21** | $17276 | $18307 |
| **4/21** | $18136 | $19159 |
| **5/21** | $18175 | $19435 |
| **6/21** | $18213 | $19725 |
| **7/21** | $18329 | $20078 |
| **8/21** | $18571 | $20578 |
| **9/21** | $17914 | $19723 |
| **10/21** | $19199 | $20841 |
| **11/21** | $18928 | $20384 |
| **12/21** | $19288 | $21255 |
| **1/22** | $18102 | $20130 |
| **2/22** | $17158 | $19621 |
| **3/22** | $17067 | $20160 |
| **4/22** | $15681 | $18485 |
| **5/22** | $15621 | $18499 |
| **6/22** | $14456 | $16897 |
| **7/22** | $15812 | $18238 |
| **8/22** | $15119 | $17476 |
| **9/22** | $13923 | $15851 |
| **10/22** | $13813 | $16989 |
| **11/22** | $15571 | $18171 |
| **12/22** | $14949 | $17399 |
| **1/23** | $16788 | $18630 |
| **2/23** | $16255 | $18182 |
| **3/23** | $15884 | $18744 |
| **4/23** | $15823 | $19073 |
| **5/23** | $15472 | $18882 |
| **6/23** | $16919 | $20024 |
| **7/23** | $17180 | $20697 |
| **8/23** | $16456 | $20203 |
| **9/23** | $15612 | $19331 |
| **10/23** | $15432 | $18770 |
| **11/23** | $17089 | $20530 |
| **12/23** | $17647 | $21538 |
| **1/24** | $18738 | $21796 |
| **2/24** | $20728 | $22720 |
| **3/24** | $21557 | $23450 |
| **4/24** | $20637 | $22579 |
| **5/24** | $22052 | $23588 |
| **6/24** | $22436 | $24068 |
| **7/24** | $22052 | $24492 |
| **8/24** | $23284 | $25139 |
| **9/24** | $23213 | $25599 |
| **10/24** | $23466 | $25092 |
| **11/24** | $24587 | $26243 |
| **12/24** | $23385 | $25559 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class A | 32.51% | 11.89% | 11.08% |
| Class A, with 5.25% maximum front end sales charge | 25.54% | 10.70% | 10.39% |
| MSCI World Net Index | 18.67% | 11.17% | 11.53% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $226121751 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $1247474 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg233.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.0% |
| Utilities | 1.8% |
| Health Care | 2.4% |
| Real Estate | 3.6% |
| Consumer Discretionary | 5.6% |
| Consumer Staples | 6.2% |
| Materials | 7.0% |
| Communication Services | 10.6% |
| Industrials | 12.0% |
| Information Technology | 24.0% |
| Financials | 25.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.1% |
| Microsoft Corp. | 7.2% |
| CRH PLC | 7.0% |
| Progressive Corp. | 6.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.8% |
| Costco Wholesale Corp. | 6.2% |
| Netflix, Inc. | 5.7% |
| Ferrari NV | 5.6% |
| Ameriprise Financial, Inc. | 5.4% |
| JPMorgan Chase & Co. | 5.2% |
| Total | 66.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MLNAX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio

# Class C MLNCX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $238 | 2.06% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index:

↑Stock selection in and overweight to financial services sector in the U.S., including positions in a leading global financial services company and a retail insurance holding company

↑ Stock selection in an artificial intelligence chip designer and a global provider of entertainment services

↑ Stock selection in the Asia ex-Japan technology sector, led by a position in a leading semiconductor manufacturer, specializing in artificial intelligence chips

↓ Not owning the full suite of uber-growth, mega-cap technology stocks

↓Overweight to quality stocks in Asia ex-Japan

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg133.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI World Net Index** |
| **5/16** | $10000 | $10000 |
| **5/16** | $10020 | $9992 |
| **6/16** | $9750 | $9880 |
| **7/16** | $10210 | $10297 |
| **8/16** | $10120 | $10306 |
| **9/16** | $10340 | $10361 |
| **10/16** | $9970 | $10160 |
| **11/16** | $10100 | $10306 |
| **12/16** | $10169 | $10553 |
| **1/17** | $10380 | $10808 |
| **2/17** | $10630 | $11107 |
| **3/17** | $10680 | $11226 |
| **4/17** | $10861 | $11392 |
| **5/17** | $11161 | $11633 |
| **6/17** | $11251 | $11678 |
| **7/17** | $11711 | $11957 |
| **8/17** | $11822 | $11974 |
| **9/17** | $12043 | $12243 |
| **10/17** | $11972 | $12474 |
| **11/17** | $12324 | $12744 |
| **12/17** | $12324 | $12917 |
| **1/18** | $13268 | $13599 |
| **2/18** | $12776 | $13035 |
| **3/18** | $12474 | $12751 |
| **4/18** | $12233 | $12898 |
| **5/18** | $12394 | $12979 |
| **6/18** | $12103 | $12973 |
| **7/18** | $12233 | $13378 |
| **8/18** | $12083 | $13543 |
| **9/18** | $12093 | $13619 |
| **10/18** | $11038 | $12619 |
| **11/18** | $11309 | $12762 |
| **12/18** | $10405 | $11792 |
| **1/19** | $11239 | $12709 |
| **2/19** | $11661 | $13091 |
| **3/19** | $11892 | $13263 |
| **4/19** | $12635 | $13733 |
| **5/19** | $11671 | $12941 |
| **6/19** | $12294 | $13794 |
| **7/19** | $12505 | $13862 |
| **8/19** | $12424 | $13579 |
| **9/19** | $12454 | $13868 |
| **10/19** | $12816 | $14220 |
| **11/19** | $13258 | $14616 |
| **12/19** | $13703 | $15054 |
| **1/20** | $13583 | $14963 |
| **2/20** | $12718 | $13698 |
| **3/20** | $10778 | $11885 |
| **4/20** | $11914 | $13184 |
| **5/20** | $12527 | $13820 |
| **6/20** | $12959 | $14186 |
| **7/20** | $13975 | $14865 |
| **8/20** | $14980 | $15858 |
| **9/20** | $14779 | $15311 |
| **10/20** | $14890 | $14841 |
| **11/20** | $16237 | $16739 |
| **12/20** | $16750 | $17448 |
| **1/21** | $16991 | $17275 |
| **2/21** | $17585 | $17718 |
| **3/21** | $17585 | $18307 |
| **4/21** | $18449 | $19159 |
| **5/21** | $18479 | $19435 |
| **6/21** | $18499 | $19725 |
| **7/21** | $18610 | $20078 |
| **8/21** | $18841 | $20578 |
| **9/21** | $18168 | $19723 |
| **10/21** | $19455 | $20841 |
| **11/21** | $19173 | $20384 |
| **12/21** | $19527 | $21255 |
| **1/22** | $18313 | $20130 |
| **2/22** | $17339 | $19621 |
| **3/22** | $17245 | $20160 |
| **4/22** | $15822 | $18485 |
| **5/22** | $15759 | $18499 |
| **6/22** | $14577 | $16897 |
| **7/22** | $15937 | $18238 |
| **8/22** | $15226 | $17476 |
| **9/22** | $14012 | $15851 |
| **10/22** | $13897 | $16989 |
| **11/22** | $15655 | $18171 |
| **12/22** | $15018 | $17399 |
| **1/23** | $16860 | $18630 |
| **2/23** | $16316 | $18182 |
| **3/23** | $15928 | $18744 |
| **4/23** | $15855 | $19073 |
| **5/23** | $15489 | $18882 |
| **6/23** | $16933 | $20024 |
| **7/23** | $17184 | $20697 |
| **8/23** | $16452 | $20203 |
| **9/23** | $15594 | $19331 |
| **10/23** | $15405 | $18770 |
| **11/23** | $17048 | $20530 |
| **12/23** | $17603 | $21538 |
| **1/24** | $18670 | $21796 |
| **2/24** | $20638 | $22720 |
| **3/24** | $21454 | $23450 |
| **4/24** | $20523 | $22579 |
| **5/24** | $21918 | $23588 |
| **6/24** | $22300 | $24068 |
| **7/24** | $21918 | $24492 |
| **8/24** | $23143 | $25139 |
| **9/24** | $23073 | $25599 |
| **10/24** | $23324 | $25092 |
| **11/24** | $24438 | $26243 |
| **12/24** | $23243 | $25559 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class C, with conversion to Class A after 8 years | 31.45% | 11.05% | 10.31% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 30.45% | 11.05% | 10.31% |
| MSCI World Net Index | 18.67% | 11.17% | 11.53% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $226121751 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $1247474 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg117.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.0% |
| Utilities | 1.8% |
| Health Care | 2.4% |
| Real Estate | 3.6% |
| Consumer Discretionary | 5.6% |
| Consumer Staples | 6.2% |
| Materials | 7.0% |
| Communication Services | 10.6% |
| Industrials | 12.0% |
| Information Technology | 24.0% |
| Financials | 25.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.1% |
| Microsoft Corp. | 7.2% |
| CRH PLC | 7.0% |
| Progressive Corp. | 6.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.8% |
| Costco Wholesale Corp. | 6.2% |
| Netflix, Inc. | 5.7% |
| Ferrari NV | 5.6% |
| Ameriprise Financial, Inc. | 5.4% |
| JPMorgan Chase & Co. | 5.2% |
| Total | 66.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MLNCX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio

# Class I MLNIX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $116 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index:

↑Stock selection in and overweight to financial services sector in the U.S., including positions in a leading global financial services company and a retail insurance holding company

↑ Stock selection in an artificial intelligence chip designer and a global provider of entertainment services

↑ Stock selection in the Asia ex-Japan technology sector, led by a position in a leading semiconductor manufacturer, specializing in artificial intelligence chips

↓ Not owning the full suite of uber-growth, mega-cap technology stocks

↓Overweight to quality stocks in Asia ex-Japan

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg205.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI World Net Index** |
| **5/16** | $1000000 | $1000000 |
| **5/16** | $1002000 | $1000000 |
| **6/16** | $976000 | $988002 |
| **7/16** | $1023000 | $1029744 |
| **8/16** | $1015000 | $1030600 |
| **9/16** | $1038000 | $1036074 |
| **10/16** | $1001000 | $1016023 |
| **11/16** | $1015000 | $1030632 |
| **12/16** | $1022399 | $1055294 |
| **1/17** | $1044538 | $1080763 |
| **2/17** | $1071708 | $1110748 |
| **3/17** | $1077746 | $1122579 |
| **4/17** | $1096865 | $1139201 |
| **5/17** | $1128060 | $1163300 |
| **6/17** | $1138123 | $1167776 |
| **7/17** | $1186304 | $1195724 |
| **8/17** | $1198409 | $1197408 |
| **9/17** | $1221611 | $1224282 |
| **10/17** | $1215558 | $1247419 |
| **11/17** | $1252883 | $1274448 |
| **12/17** | $1253859 | $1291683 |
| **1/18** | $1351785 | $1359884 |
| **2/18** | $1302317 | $1303548 |
| **3/18** | $1273041 | $1275135 |
| **4/18** | $1248811 | $1289788 |
| **5/18** | $1266983 | $1297870 |
| **6/18** | $1238716 | $1297251 |
| **7/18** | $1251840 | $1337769 |
| **8/18** | $1238716 | $1354321 |
| **9/18** | $1240735 | $1361862 |
| **10/18** | $1133723 | $1261863 |
| **11/18** | $1163000 | $1276198 |
| **12/18** | $1070725 | $1179158 |
| **1/19** | $1157156 | $1270904 |
| **2/19** | $1201897 | $1309119 |
| **3/19** | $1227318 | $1326314 |
| **4/19** | $1304597 | $1373344 |
| **5/19** | $1205964 | $1294101 |
| **6/19** | $1272058 | $1379376 |
| **7/19** | $1294428 | $1386208 |
| **8/19** | $1287311 | $1357854 |
| **9/19** | $1292395 | $1386750 |
| **10/19** | $1330018 | $1422040 |
| **11/19** | $1377809 | $1461644 |
| **12/19** | $1425168 | $1505432 |
| **1/20** | $1413857 | $1496269 |
| **2/20** | $1325427 | $1369796 |
| **3/20** | $1123888 | $1188514 |
| **4/20** | $1243166 | $1318352 |
| **5/20** | $1307946 | $1382039 |
| **6/20** | $1355246 | $1418596 |
| **7/20** | $1462185 | $1486463 |
| **8/20** | $1569124 | $1585780 |
| **9/20** | $1549587 | $1531072 |
| **10/20** | $1562955 | $1484107 |
| **11/20** | $1705883 | $1673867 |
| **12/20** | $1760423 | $1744833 |
| **1/21** | $1788187 | $1727492 |
| **2/21** | $1851940 | $1771758 |
| **3/21** | $1853997 | $1830708 |
| **4/21** | $1946542 | $1915909 |
| **5/21** | $1950656 | $1943509 |
| **6/21** | $1954769 | $1972476 |
| **7/21** | $1968136 | $2007809 |
| **8/21** | $1994872 | $2057780 |
| **9/21** | $1924948 | $1972340 |
| **10/21** | $2062739 | $2084054 |
| **11/21** | $2034975 | $2038387 |
| **12/21** | $2074230 | $2125508 |
| **1/22** | $1947062 | $2013045 |
| **2/22** | $1845541 | $1962133 |
| **3/22** | $1835924 | $2015980 |
| **4/22** | $1687383 | $1848506 |
| **5/22** | $1682039 | $1849906 |
| **6/22** | $1555940 | $1689663 |
| **7/22** | $1703412 | $1823816 |
| **8/22** | $1628607 | $1747567 |
| **9/22** | $1500371 | $1585113 |
| **10/22** | $1488616 | $1698945 |
| **11/22** | $1678834 | $1817073 |
| **12/22** | $1612075 | $1739907 |
| **1/23** | $1811440 | $1863016 |
| **2/23** | $1753560 | $1818232 |
| **3/23** | $1713901 | $1874414 |
| **4/23** | $1708542 | $1907272 |
| **5/23** | $1669955 | $1888231 |
| **6/23** | $1827518 | $2002427 |
| **7/23** | $1855387 | $2069694 |
| **8/23** | $1778213 | $2020258 |
| **9/23** | $1687105 | $1933107 |
| **10/23** | $1667811 | $1877017 |
| **11/23** | $1848955 | $2052991 |
| **12/23** | $1909050 | $2153781 |
| **1/24** | $2026813 | $2179627 |
| **2/24** | $2242891 | $2272038 |
| **3/24** | $2333644 | $2345050 |
| **4/24** | $2234248 | $2257944 |
| **5/24** | $2388744 | $2358766 |
| **6/24** | $2430879 | $2406761 |
| **7/24** | $2388744 | $2449174 |
| **8/24** | $2523792 | $2513907 |
| **9/24** | $2516230 | $2559947 |
| **10/24** | $2544320 | $2509165 |
| **11/24** | $2666404 | $2624302 |
| **12/24** | $2537226 | $2555912 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class I | 32.91% | 12.23% | 11.44% |
| MSCI World Net Index | 18.67% | 11.17% | 11.53% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $226121751 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $1247474 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg149.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.0% |
| Utilities | 1.8% |
| Health Care | 2.4% |
| Real Estate | 3.6% |
| Consumer Discretionary | 5.6% |
| Consumer Staples | 6.2% |
| Materials | 7.0% |
| Communication Services | 10.6% |
| Industrials | 12.0% |
| Information Technology | 24.0% |
| Financials | 25.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.1% |
| Microsoft Corp. | 7.2% |
| CRH PLC | 7.0% |
| Progressive Corp. | 6.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.8% |
| Costco Wholesale Corp. | 6.2% |
| Netflix, Inc. | 5.7% |
| Ferrari NV | 5.6% |
| Ameriprise Financial, Inc. | 5.4% |
| JPMorgan Chase & Co. | 5.2% |
| Total | 66.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MLNIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio

# Class R6 MLNSX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $111 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index:

↑Stock selection in and overweight to financial services sector in the U.S., including positions in a leading global financial services company and a retail insurance holding company

↑ Stock selection in an artificial intelligence chip designer and a global provider of entertainment services

↑ Stock selection in the Asia ex-Japan technology sector, led by a position in a leading semiconductor manufacturer, specializing in artificial intelligence chips

↓ Not owning the full suite of uber-growth, mega-cap technology stocks

↓Overweight to quality stocks in Asia ex-Japan

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg185.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI World Net Index** |
| **5/16** | $5000000 | $5000000 |
| **5/16** | $5010000 | $5000000 |
| **6/16** | $4880000 | $4940011 |
| **7/16** | $5115000 | $5148719 |
| **8/16** | $5075000 | $5152998 |
| **9/16** | $5190000 | $5180370 |
| **10/16** | $5005000 | $5080115 |
| **11/16** | $5075000 | $5153162 |
| **12/16** | $5112674 | $5276469 |
| **1/17** | $5223382 | $5403817 |
| **2/17** | $5359250 | $5553738 |
| **3/17** | $5389443 | $5612896 |
| **4/17** | $5490086 | $5696005 |
| **5/17** | $5646083 | $5816501 |
| **6/17** | $5696405 | $5838880 |
| **7/17** | $5932309 | $5978619 |
| **8/17** | $5992843 | $5987038 |
| **9/17** | $6113911 | $6121412 |
| **10/17** | $6083644 | $6237097 |
| **11/17** | $6265245 | $6372240 |
| **12/17** | $6271615 | $6458415 |
| **1/18** | $6761427 | $6799421 |
| **2/18** | $6519045 | $6517738 |
| **3/18** | $6367557 | $6375674 |
| **4/18** | $6251416 | $6448938 |
| **5/18** | $6337259 | $6489350 |
| **6/18** | $6195870 | $6486254 |
| **7/18** | $6266565 | $6688843 |
| **8/18** | $6200920 | $6771603 |
| **9/18** | $6211019 | $6809309 |
| **10/18** | $5675761 | $6309315 |
| **11/18** | $5817150 | $6380989 |
| **12/18** | $5359273 | $5895791 |
| **1/19** | $5791883 | $6354518 |
| **2/19** | $6015822 | $6545597 |
| **3/19** | $6143061 | $6631570 |
| **4/19** | $6529865 | $6866721 |
| **5/19** | $6041270 | $6470505 |
| **6/19** | $6367000 | $6896878 |
| **7/19** | $6484059 | $6931041 |
| **8/19** | $6443343 | $6789270 |
| **9/19** | $6468791 | $6933752 |
| **10/19** | $6662193 | $7110199 |
| **11/19** | $6901400 | $7308219 |
| **12/19** | $7136505 | $7527160 |
| **1/20** | $7079866 | $7481345 |
| **2/20** | $6637053 | $6848982 |
| **3/20** | $5627850 | $5942569 |
| **4/20** | $6225133 | $6591761 |
| **5/20** | $6554669 | $6910197 |
| **6/20** | $6786374 | $7092979 |
| **7/20** | $7327018 | $7432316 |
| **8/20** | $7862513 | $7928902 |
| **9/20** | $7764682 | $7655362 |
| **10/20** | $7831619 | $7420533 |
| **11/20** | $8547329 | $8369334 |
| **12/20** | $8825587 | $8724166 |
| **1/21** | $8964613 | $8637460 |
| **2/21** | $9283859 | $8858789 |
| **3/21** | $9294157 | $9153540 |
| **4/21** | $9757577 | $9579546 |
| **5/21** | $9778174 | $9717544 |
| **6/21** | $9803919 | $9862382 |
| **7/21** | $9870858 | $10039045 |
| **8/21** | $9999586 | $10288901 |
| **9/21** | $9649446 | $9861700 |
| **10/21** | $10344577 | $10420272 |
| **11/21** | $10200401 | $10191933 |
| **12/21** | $10402101 | $10627538 |
| **1/22** | $9765347 | $10065225 |
| **2/22** | $9251663 | $9810664 |
| **3/22** | $9208856 | $10079901 |
| **4/22** | $8459734 | $9242530 |
| **5/22** | $8432979 | $9249530 |
| **6/22** | $7806927 | $8448317 |
| **7/22** | $8545348 | $9119082 |
| **8/22** | $8165435 | $8737834 |
| **9/22** | $7528681 | $7925565 |
| **10/22** | $7469822 | $8494723 |
| **11/22** | $8422277 | $9085365 |
| **12/22** | $8087140 | $8699534 |
| **1/23** | $9085950 | $9315079 |
| **2/23** | $8801343 | $9091158 |
| **3/23** | $8602655 | $9372072 |
| **4/23** | $8570435 | $9536361 |
| **5/23** | $8377117 | $9441156 |
| **6/23** | $9166500 | $10012136 |
| **7/23** | $9311488 | $10348471 |
| **8/23** | $8924852 | $10101290 |
| **9/23** | $8468406 | $9665537 |
| **10/23** | $8371747 | $9385083 |
| **11/23** | $9279268 | $10264954 |
| **12/23** | $9584242 | $10768905 |
| **1/24** | $10174458 | $10898137 |
| **2/24** | $11257423 | $11360192 |
| **3/24** | $11712269 | $11725250 |
| **4/24** | $11214105 | $11289719 |
| **5/24** | $11993840 | $11793828 |
| **6/24** | $12205018 | $12033807 |
| **7/24** | $11993840 | $12245872 |
| **8/24** | $12670693 | $12569536 |
| **9/24** | $12638204 | $12799734 |
| **10/24** | $12773575 | $12545827 |
| **11/24** | $13385450 | $13121512 |
| **12/24** | $12737544 | $12779558 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class R6 | 32.90% | 12.28% | 11.49% |
| MSCI World Net Index | 18.67% | 11.17% | 11.53% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $226121751 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $1247474 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg167.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.0% |
| Utilities | 1.8% |
| Health Care | 2.4% |
| Real Estate | 3.6% |
| Consumer Discretionary | 5.6% |
| Consumer Staples | 6.2% |
| Materials | 7.0% |
| Communication Services | 10.6% |
| Industrials | 12.0% |
| Information Technology | 24.0% |
| Financials | 25.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.1% |
| Microsoft Corp. | 7.2% |
| CRH PLC | 7.0% |
| Progressive Corp. | 6.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.8% |
| Costco Wholesale Corp. | 6.2% |
| Netflix, Inc. | 5.7% |
| Ferrari NV | 5.6% |
| Ameriprise Financial, Inc. | 5.4% |
| JPMorgan Chase & Co. | 5.2% |
| Total | 66.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MLNSX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio

# Class A MLMAX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $145 | 1.30% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index:

↑ Stock selection in and overweight to the financial services sector in the U.S., including positions in a leading global financial services company and a financial services company specializing in retail wealth management

↑ Stock selection in an artificial intelligence chip designer and a global provider of entertainment services

↑ Underweight to health care stocks in the U.S.

↑ Stock selection in the Asia ex-Japan technology sector

↓ Overweight to quality stocks in Asia ex-Japan

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg196.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI World Net Index** |
| **5/16** | $9479 | $10000 |
| **5/16** | $9469 | $9992 |
| **6/16** | $9213 | $9880 |
| **7/16** | $9640 | $10297 |
| **8/16** | $9602 | $10306 |
| **9/16** | $9716 | $10361 |
| **10/16** | $9384 | $10160 |
| **11/16** | $9488 | $10306 |
| **12/16** | $9558 | $10553 |
| **1/17** | $9758 | $10808 |
| **2/17** | $10082 | $11107 |
| **3/17** | $10111 | $11226 |
| **4/17** | $10273 | $11392 |
| **5/17** | $10540 | $11633 |
| **6/17** | $10578 | $11678 |
| **7/17** | $10895 | $11957 |
| **8/17** | $10933 | $11974 |
| **9/17** | $11047 | $12243 |
| **10/17** | $11334 | $12474 |
| **11/17** | $11677 | $12744 |
| **12/17** | $11643 | $12917 |
| **1/18** | $12408 | $13599 |
| **2/18** | $11920 | $13035 |
| **3/18** | $11519 | $12751 |
| **4/18** | $11280 | $12898 |
| **5/18** | $11385 | $12979 |
| **6/18** | $11232 | $12973 |
| **7/18** | $11490 | $13378 |
| **8/18** | $11547 | $13543 |
| **9/18** | $11557 | $13619 |
| **10/18** | $10534 | $12619 |
| **11/18** | $10649 | $12762 |
| **12/18** | $9732 | $11792 |
| **1/19** | $10556 | $12709 |
| **2/19** | $10854 | $13091 |
| **3/19** | $11017 | $13263 |
| **4/19** | $11707 | $13733 |
| **5/19** | $10863 | $12941 |
| **6/19** | $11486 | $13794 |
| **7/19** | $11592 | $13862 |
| **8/19** | $11410 | $13579 |
| **9/19** | $11554 | $13868 |
| **10/19** | $11880 | $14220 |
| **11/19** | $12311 | $14616 |
| **12/19** | $12686 | $15054 |
| **1/20** | $12706 | $14963 |
| **2/20** | $11656 | $13698 |
| **3/20** | $9835 | $11885 |
| **4/20** | $10846 | $13184 |
| **5/20** | $11521 | $13820 |
| **6/20** | $12012 | $14186 |
| **7/20** | $12956 | $14865 |
| **8/20** | $13967 | $15858 |
| **9/20** | $13611 | $15311 |
| **10/20** | $13515 | $14841 |
| **11/20** | $14728 | $16739 |
| **12/20** | $15335 | $17448 |
| **1/21** | $15432 | $17275 |
| **2/21** | $15923 | $17718 |
| **3/21** | $15933 | $18307 |
| **4/21** | $16780 | $19159 |
| **5/21** | $16896 | $19435 |
| **6/21** | $17031 | $19725 |
| **7/21** | $17146 | $20078 |
| **8/21** | $17377 | $20578 |
| **9/21** | $16722 | $19723 |
| **10/21** | $17936 | $20841 |
| **11/21** | $17541 | $20384 |
| **12/21** | $17963 | $21255 |
| **1/22** | $17058 | $20130 |
| **2/22** | $16283 | $19621 |
| **3/22** | $16313 | $20160 |
| **4/22** | $15216 | $18485 |
| **5/22** | $15085 | $18499 |
| **6/22** | $13797 | $16897 |
| **7/22** | $15125 | $18238 |
| **8/22** | $14471 | $17476 |
| **9/22** | $13203 | $15851 |
| **10/22** | $13747 | $16989 |
| **11/22** | $15065 | $18171 |
| **12/22** | $14435 | $17399 |
| **1/23** | $15815 | $18630 |
| **2/23** | $15342 | $18182 |
| **3/23** | $15352 | $18744 |
| **4/23** | $15493 | $19073 |
| **5/23** | $14979 | $18882 |
| **6/23** | $16289 | $20024 |
| **7/23** | $16631 | $20697 |
| **8/23** | $16037 | $20203 |
| **9/23** | $15160 | $19331 |
| **10/23** | $14828 | $18770 |
| **11/23** | $16379 | $20530 |
| **12/23** | $16978 | $21538 |
| **1/24** | $17423 | $21796 |
| **2/24** | $18810 | $22720 |
| **3/24** | $19457 | $23450 |
| **4/24** | $18557 | $22579 |
| **5/24** | $19457 | $23588 |
| **6/24** | $19852 | $24068 |
| **7/24** | $19923 | $24492 |
| **8/24** | $20631 | $25139 |
| **9/24** | $20752 | $25599 |
| **10/24** | $20783 | $25092 |
| **11/24** | $21794 | $26243 |
| **12/24** | $20975 | $25559 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class A | 23.54% | 10.58% | 9.68% |
| Class A, with 5.25% maximum front end sales charge | 17.05% | 9.39% | 9.00% |
| MSCI World Net Index | 18.67% | 11.17% | 11.53% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $36769314 |
| # of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $9576 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 0.4% |
| Short-Term Investments | 0.7% |
| Consumer Staples | 0.9% |
| Utilities | 1.1% |
| Energy | 1.7% |
| Real Estate | 2.0% |
| Industrials | 8.0% |
| Materials | 8.2% |
| Communication Services | 10.5% |
| Consumer Discretionary | 17.6% |
| Information Technology | 23.9% |
| Financials | 25.0% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| CRH PLC | 6.7% |
| NVIDIA Corp. | 6.2% |
| Apple, Inc. | 5.6% |
| Ameriprise Financial, Inc. | 5.5% |
| Ferrari NV | 5.5% |
| JPMorgan Chase & Co. | 5.4% |
| Microsoft Corp. | 5.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.6% |
| Amazon.com, Inc. | 4.6% |
| TJX Cos., Inc. | 4.0% |
| Total | 53.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MLMAX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio

# Class C MLMCX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $234 | 2.10% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index:

↑ Stock selection in and overweight to the financial services sector in the U.S., including positions in a leading global financial services company and a financial services company specializing in retail wealth management

↑ Stock selection in an artificial intelligence chip designer and a global provider of entertainment services

↑ Underweight to health care stocks in the U.S.

↑ Stock selection in the Asia ex-Japan technology sector

↓ Overweight to quality stocks in Asia ex-Japan

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg134.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI World Net Index** |
| **5/16** | $10000 | $10000 |
| **5/16** | $9990 | $9992 |
| **6/16** | $9720 | $9880 |
| **7/16** | $10160 | $10297 |
| **8/16** | $10110 | $10306 |
| **9/16** | $10230 | $10361 |
| **10/16** | $9870 | $10160 |
| **11/16** | $9980 | $10306 |
| **12/16** | $10041 | $10553 |
| **1/17** | $10251 | $10808 |
| **2/17** | $10583 | $11107 |
| **3/17** | $10603 | $11226 |
| **4/17** | $10764 | $11392 |
| **5/17** | $11045 | $11633 |
| **6/17** | $11065 | $11678 |
| **7/17** | $11398 | $11957 |
| **8/17** | $11428 | $11974 |
| **9/17** | $11548 | $12243 |
| **10/17** | $11830 | $12474 |
| **11/17** | $12181 | $12744 |
| **12/17** | $12141 | $12917 |
| **1/18** | $12925 | $13599 |
| **2/18** | $12413 | $13035 |
| **3/18** | $11990 | $12751 |
| **4/18** | $11739 | $12898 |
| **5/18** | $11830 | $12979 |
| **6/18** | $11669 | $12973 |
| **7/18** | $11920 | $13378 |
| **8/18** | $11980 | $13543 |
| **9/18** | $11980 | $13619 |
| **10/18** | $10915 | $12619 |
| **11/18** | $11026 | $12762 |
| **12/18** | $10071 | $11792 |
| **1/19** | $10915 | $12709 |
| **2/19** | $11217 | $13091 |
| **3/19** | $11377 | $13263 |
| **4/19** | $12081 | $13733 |
| **5/19** | $11207 | $12941 |
| **6/19** | $11840 | $13794 |
| **7/19** | $11950 | $13862 |
| **8/19** | $11749 | $13579 |
| **9/19** | $11890 | $13868 |
| **10/19** | $12222 | $14220 |
| **11/19** | $12644 | $14616 |
| **12/19** | $13036 | $15054 |
| **1/20** | $13046 | $14963 |
| **2/20** | $11960 | $13698 |
| **3/20** | $10081 | $11885 |
| **4/20** | $11106 | $13184 |
| **5/20** | $11789 | $13820 |
| **6/20** | $12292 | $14186 |
| **7/20** | $13247 | $14865 |
| **8/20** | $14272 | $15858 |
| **9/20** | $13900 | $15311 |
| **10/20** | $13800 | $14841 |
| **11/20** | $15026 | $16739 |
| **12/20** | $15629 | $17448 |
| **1/21** | $15729 | $17275 |
| **2/21** | $16212 | $17718 |
| **3/21** | $16212 | $18307 |
| **4/21** | $17066 | $19159 |
| **5/21** | $17177 | $19435 |
| **6/21** | $17297 | $19725 |
| **7/21** | $17398 | $20078 |
| **8/21** | $17619 | $20578 |
| **9/21** | $16956 | $19723 |
| **10/21** | $18172 | $20841 |
| **11/21** | $17760 | $20384 |
| **12/21** | $18180 | $21255 |
| **1/22** | $17244 | $20130 |
| **2/22** | $16456 | $19621 |
| **3/22** | $16477 | $20160 |
| **4/22** | $15352 | $18485 |
| **5/22** | $15215 | $18499 |
| **6/22** | $13900 | $16897 |
| **7/22** | $15236 | $18238 |
| **8/22** | $14573 | $17476 |
| **9/22** | $13280 | $15851 |
| **10/22** | $13816 | $16989 |
| **11/22** | $15141 | $18171 |
| **12/22** | $14500 | $17399 |
| **1/23** | $15867 | $18630 |
| **2/23** | $15394 | $18182 |
| **3/23** | $15383 | $18744 |
| **4/23** | $15509 | $19073 |
| **5/23** | $14994 | $18882 |
| **6/23** | $16298 | $20024 |
| **7/23** | $16634 | $20697 |
| **8/23** | $16014 | $20203 |
| **9/23** | $15131 | $19331 |
| **10/23** | $14805 | $18770 |
| **11/23** | $16329 | $20530 |
| **12/23** | $16918 | $21538 |
| **1/24** | $17349 | $21796 |
| **2/24** | $18727 | $22720 |
| **3/24** | $19347 | $23450 |
| **4/24** | $18443 | $22579 |
| **5/24** | $19332 | $23588 |
| **6/24** | $19724 | $24068 |
| **7/24** | $19795 | $24492 |
| **8/24** | $20498 | $25139 |
| **9/24** | $20619 | $25599 |
| **10/24** | $20649 | $25092 |
| **11/24** | $21654 | $26243 |
| **12/24** | $20840 | $25559 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class C, with conversion to Class A after 8 years | 22.62% | 9.74% | 8.92% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 21.62% | 9.74% | 8.92% |
| MSCI World Net Index | 18.67% | 11.17% | 11.53% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $36769314 |
| # of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $9576 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg046.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 0.4% |
| Short-Term Investments | 0.7% |
| Consumer Staples | 0.9% |
| Utilities | 1.1% |
| Energy | 1.7% |
| Real Estate | 2.0% |
| Industrials | 8.0% |
| Materials | 8.2% |
| Communication Services | 10.5% |
| Consumer Discretionary | 17.6% |
| Information Technology | 23.9% |
| Financials | 25.0% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| CRH PLC | 6.7% |
| NVIDIA Corp. | 6.2% |
| Apple, Inc. | 5.6% |
| Ameriprise Financial, Inc. | 5.5% |
| Ferrari NV | 5.5% |
| JPMorgan Chase & Co. | 5.4% |
| Microsoft Corp. | 5.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.6% |
| Amazon.com, Inc. | 4.6% |
| TJX Cos., Inc. | 4.0% |
| Total | 53.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MLMCX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio

# Class I MLMIX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $112 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index:

↑ Stock selection in and overweight to the financial services sector in the U.S., including positions in a leading global financial services company and a financial services company specializing in retail wealth management

↑ Stock selection in an artificial intelligence chip designer and a global provider of entertainment services

↑ Underweight to health care stocks in the U.S.

↑ Stock selection in the Asia ex-Japan technology sector

↓ Overweight to quality stocks in Asia ex-Japan

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg011.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI World Net Index** |
| **5/16** | $1000000 | $1000000 |
| **5/16** | $1000000 | $1000000 |
| **6/16** | $973000 | $988002 |
| **7/16** | $1018000 | $1029744 |
| **8/16** | $1014000 | $1030600 |
| **9/16** | $1027000 | $1036074 |
| **10/16** | $992000 | $1016023 |
| **11/16** | $1003000 | $1030632 |
| **12/16** | $1010838 | $1055294 |
| **1/17** | $1033010 | $1080763 |
| **2/17** | $1067275 | $1110748 |
| **3/17** | $1070299 | $1122579 |
| **4/17** | $1088439 | $1139201 |
| **5/17** | $1116658 | $1163300 |
| **6/17** | $1120689 | $1167776 |
| **7/17** | $1155096 | $1195724 |
| **8/17** | $1159132 | $1197408 |
| **9/17** | $1172246 | $1224282 |
| **10/17** | $1202511 | $1247419 |
| **11/17** | $1238828 | $1274448 |
| **12/17** | $1235936 | $1291683 |
| **1/18** | $1316981 | $1359884 |
| **2/18** | $1266328 | $1303548 |
| **3/18** | $1224792 | $1275135 |
| **4/18** | $1199466 | $1289788 |
| **5/18** | $1210609 | $1297870 |
| **6/18** | $1194400 | $1297251 |
| **7/18** | $1221753 | $1337769 |
| **8/18** | $1228844 | $1354321 |
| **9/18** | $1229858 | $1361862 |
| **10/18** | $1121460 | $1261863 |
| **11/18** | $1134630 | $1276198 |
| **12/18** | $1036291 | $1179158 |
| **1/19** | $1125116 | $1270904 |
| **2/19** | $1156766 | $1309119 |
| **3/19** | $1174122 | $1326314 |
| **4/19** | $1248654 | $1373344 |
| **5/19** | $1158808 | $1294101 |
| **6/19** | $1226192 | $1379376 |
| **7/19** | $1237423 | $1386208 |
| **8/19** | $1219045 | $1357854 |
| **9/19** | $1234360 | $1386750 |
| **10/19** | $1269073 | $1422040 |
| **11/19** | $1316038 | $1461644 |
| **12/19** | $1357113 | $1505432 |
| **1/20** | $1359170 | $1496269 |
| **2/20** | $1247021 | $1369796 |
| **3/20** | $1052560 | $1188514 |
| **4/20** | $1160594 | $1318352 |
| **5/20** | $1233645 | $1382039 |
| **6/20** | $1287148 | $1418596 |
| **7/20** | $1387979 | $1486463 |
| **8/20** | $1497042 | $1585780 |
| **9/20** | $1458973 | $1531072 |
| **10/20** | $1449713 | $1484107 |
| **11/20** | $1580383 | $1673867 |
| **12/20** | $1645203 | $1744833 |
| **1/21** | $1656521 | $1727492 |
| **2/21** | $1710024 | $1771758 |
| **3/21** | $1711052 | $1830708 |
| **4/21** | $1802624 | $1915909 |
| **5/21** | $1816000 | $1943509 |
| **6/21** | $1831433 | $1972476 |
| **7/21** | $1843780 | $2007809 |
| **8/21** | $1869502 | $2057780 |
| **9/21** | $1799537 | $1972340 |
| **10/21** | $1931236 | $2084054 |
| **11/21** | $1889051 | $2038387 |
| **12/21** | $1935201 | $2125508 |
| **1/22** | $1837420 | $2013045 |
| **2/22** | $1754682 | $1962133 |
| **3/22** | $1758981 | $2015980 |
| **4/22** | $1640784 | $1848506 |
| **5/22** | $1626815 | $1849906 |
| **6/22** | $1488203 | $1689663 |
| **7/22** | $1632188 | $1823816 |
| **8/22** | $1562344 | $1747567 |
| **9/22** | $1425881 | $1585113 |
| **10/22** | $1484979 | $1698945 |
| **11/22** | $1627890 | $1817073 |
| **12/22** | $1560364 | $1739907 |
| **1/23** | $1710254 | $1863016 |
| **2/23** | $1659572 | $1818232 |
| **3/23** | $1660650 | $1874415 |
| **4/23** | $1675747 | $1907272 |
| **5/23** | $1621830 | $1888231 |
| **6/23** | $1764171 | $2002427 |
| **7/23** | $1801913 | $2069694 |
| **8/23** | $1737213 | $2020258 |
| **9/23** | $1642318 | $1933107 |
| **10/23** | $1607811 | $1877017 |
| **11/23** | $1776033 | $2052991 |
| **12/23** | $1840657 | $2153781 |
| **1/24** | $1889524 | $2179627 |
| **2/24** | $2041554 | $2272038 |
| **3/24** | $2111054 | $2345050 |
| **4/24** | $2014406 | $2257944 |
| **5/24** | $2113226 | $2358765 |
| **6/24** | $2155577 | $2406761 |
| **7/24** | $2164265 | $2449174 |
| **8/24** | $2242452 | $2513907 |
| **9/24** | $2255483 | $2559947 |
| **10/24** | $2259827 | $2509165 |
| **11/24** | $2369506 | $2624302 |
| **12/24** | $2282092 | $2555912 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class I | 23.98% | 10.95% | 10.07% |
| MSCI World Net Index | 18.67% | 11.17% | 11.53% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $36769314 |
| # of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $9576 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg052.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 0.4% |
| Short-Term Investments | 0.7% |
| Consumer Staples | 0.9% |
| Utilities | 1.1% |
| Energy | 1.7% |
| Real Estate | 2.0% |
| Industrials | 8.0% |
| Materials | 8.2% |
| Communication Services | 10.5% |
| Consumer Discretionary | 17.6% |
| Information Technology | 23.9% |
| Financials | 25.0% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| CRH PLC | 6.7% |
| NVIDIA Corp. | 6.2% |
| Apple, Inc. | 5.6% |
| Ameriprise Financial, Inc. | 5.5% |
| Ferrari NV | 5.5% |
| JPMorgan Chase & Co. | 5.4% |
| Microsoft Corp. | 5.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.6% |
| Amazon.com, Inc. | 4.6% |
| TJX Cos., Inc. | 4.0% |
| Total | 53.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MLMIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio

# Class R6 MLMSX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $106 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index:

↑ Stock selection in and overweight to the financial services sector in the U.S., including positions in a leading global financial services company and a financial services company specializing in retail wealth management

↑ Stock selection in an artificial intelligence chip designer and a global provider of entertainment services

↑ Underweight to health care stocks in the U.S.

↑ Stock selection in the Asia ex-Japan technology sector

↓ Overweight to quality stocks in Asia ex-Japan

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg059.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI World Net Index** |
| **5/16** | $5000000 | $5000000 |
| **5/16** | $5000000 | $5000000 |
| **6/16** | $4865000 | $4940011 |
| **7/16** | $5090000 | $5148719 |
| **8/16** | $5070000 | $5152998 |
| **9/16** | $5135000 | $5180370 |
| **10/16** | $4960000 | $5080115 |
| **11/16** | $5020000 | $5153162 |
| **12/16** | $5054958 | $5276469 |
| **1/17** | $5165834 | $5403817 |
| **2/17** | $5337189 | $5553738 |
| **3/17** | $5352308 | $5612896 |
| **4/17** | $5443026 | $5696005 |
| **5/17** | $5584141 | $5816501 |
| **6/17** | $5604300 | $5838880 |
| **7/17** | $5776361 | $5978619 |
| **8/17** | $5796541 | $5987038 |
| **9/17** | $5862124 | $6121412 |
| **10/17** | $6013470 | $6237097 |
| **11/17** | $6200129 | $6372240 |
| **12/17** | $6181943 | $6458415 |
| **1/18** | $6587316 | $6799421 |
| **2/18** | $6333958 | $6517738 |
| **3/18** | $6126204 | $6375674 |
| **4/18** | $5999525 | $6448938 |
| **5/18** | $6055264 | $6489350 |
| **6/18** | $5979256 | $6486254 |
| **7/18** | $6116070 | $6688843 |
| **8/18** | $6146473 | $6771603 |
| **9/18** | $6151540 | $6809308 |
| **10/18** | $5614420 | $6309315 |
| **11/18** | $5675226 | $6380989 |
| **12/18** | $5186888 | $5895791 |
| **1/19** | $5631478 | $6354518 |
| **2/19** | $5789895 | $6545597 |
| **3/19** | $5876769 | $6631570 |
| **4/19** | $6249817 | $6866721 |
| **5/19** | $5800116 | $6470505 |
| **6/19** | $6137391 | $6896878 |
| **7/19** | $6193604 | $6931041 |
| **8/19** | $6101620 | $6789270 |
| **9/19** | $6178273 | $6933752 |
| **10/19** | $6357131 | $7110199 |
| **11/19** | $6587092 | $7308219 |
| **12/19** | $6789551 | $7527160 |
| **1/20** | $6805005 | $7481345 |
| **2/20** | $6243502 | $6848982 |
| **3/20** | $5269887 | $5942569 |
| **4/20** | $5810784 | $6591761 |
| **5/20** | $6176534 | $6910197 |
| **6/20** | $6444407 | $7092979 |
| **7/20** | $6949245 | $7432316 |
| **8/20** | $7495293 | $7928902 |
| **9/20** | $7304692 | $7655362 |
| **10/20** | $7258329 | $7420533 |
| **11/20** | $7912557 | $8369334 |
| **12/20** | $8242247 | $8724166 |
| **1/21** | $8298913 | $8637460 |
| **2/21** | $8561634 | $8858789 |
| **3/21** | $8571937 | $9153540 |
| **4/21** | $9030412 | $9579546 |
| **5/21** | $9097380 | $9717544 |
| **6/21** | $9169500 | $9862382 |
| **7/21** | $9236468 | $10039046 |
| **8/21** | $9360102 | $10288901 |
| **9/21** | $9014958 | $9861700 |
| **10/21** | $9669186 | $10420272 |
| **11/21** | $9463130 | $10191933 |
| **12/21** | $9688802 | $10627538 |
| **1/22** | $9204630 | $10065225 |
| **2/22** | $8790395 | $9810664 |
| **3/22** | $8811914 | $10079901 |
| **4/22** | $8220149 | $9242530 |
| **5/22** | $8155593 | $9249530 |
| **6/22** | $7456235 | $8448317 |
| **7/22** | $8182492 | $9119082 |
| **8/22** | $7832812 | $8737834 |
| **9/22** | $7144213 | $7925565 |
| **10/22** | $7440096 | $8494724 |
| **11/22** | $8160973 | $9085365 |
| **12/22** | $7821114 | $8699534 |
| **1/23** | $8566496 | $9315079 |
| **2/23** | $8318036 | $9091159 |
| **3/23** | $8323437 | $9372073 |
| **4/23** | $8399055 | $9536361 |
| **5/23** | $8128989 | $9441156 |
| **6/23** | $8841964 | $10012136 |
| **7/23** | $9031010 | $10348471 |
| **8/23** | $8706931 | $10101290 |
| **9/23** | $8231614 | $9665537 |
| **10/23** | $8058772 | $9385083 |
| **11/23** | $8906780 | $10264954 |
| **12/23** | $9229273 | $10768905 |
| **1/24** | $9474154 | $10898137 |
| **2/24** | $10236004 | $11360192 |
| **3/24** | $10589720 | $11725250 |
| **4/24** | $10099959 | $11289719 |
| **5/24** | $10595162 | $11793827 |
| **6/24** | $10812834 | $12033807 |
| **7/24** | $10856368 | $12245872 |
| **8/24** | $11242735 | $12569536 |
| **9/24** | $11308036 | $12799734 |
| **10/24** | $11335245 | $12545827 |
| **11/24** | $11884866 | $13121512 |
| **12/24** | $11446205 | $12779558 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class R6 | 24.02% | 11.01% | 10.11% |
| MSCI World Net Index | 18.67% | 11.17% | 11.53% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $36769314 |
| # of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $9576 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg038.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 0.4% |
| Short-Term Investments | 0.7% |
| Consumer Staples | 0.9% |
| Utilities | 1.1% |
| Energy | 1.7% |
| Real Estate | 2.0% |
| Industrials | 8.0% |
| Materials | 8.2% |
| Communication Services | 10.5% |
| Consumer Discretionary | 17.6% |
| Information Technology | 23.9% |
| Financials | 25.0% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| CRH PLC | 6.7% |
| NVIDIA Corp. | 6.2% |
| Apple, Inc. | 5.6% |
| Ameriprise Financial, Inc. | 5.5% |
| Ferrari NV | 5.5% |
| JPMorgan Chase & Co. | 5.4% |
| Microsoft Corp. | 5.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.6% |
| Amazon.com, Inc. | 4.6% |
| TJX Cos., Inc. | 4.0% |
| Total | 53.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MLMSX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio

# Class A MSJAX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $139 | 1.35% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↓ Stock selection and an average underweight in information technology, where a holding in a global edge network that focuses on content delivery, cybersecurity and cloud computing services was the largest detractor

↓ Stock selection and an average overweight in consumer discretionary, where the largest detractor was a holding in a contemporary carpets and floor coverings company

↓ Stock selection and average overweight in health care, driven by underperformance in a holding in an analytical testing and laboratory services provider

↑ Stock selection in utilities, led by position in a U.S. electric power producer

↑ Stock selection in financials, led by holding in a global payments platform

↑ No exposure to materials

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg173.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World Net Index** |
| **12/18** | $9479 | $10000 |
| **1/19** | $10133 | $10790 |
| **2/19** | $10711 | $11078 |
| **3/19** | $11251 | $11218 |
| **4/19** | $12142 | $11596 |
| **5/19** | $10891 | $10908 |
| **6/19** | $11564 | $11623 |
| **7/19** | $11355 | $11657 |
| **8/19** | $11479 | $11380 |
| **9/19** | $11062 | $11620 |
| **10/19** | $11100 | $11938 |
| **11/19** | $12360 | $12229 |
| **12/19** | $12313 | $12660 |
| **1/20** | $13109 | $12520 |
| **2/20** | $12209 | $11509 |
| **3/20** | $8976 | $9955 |
| **4/20** | $11033 | $11021 |
| **5/20** | $13602 | $11501 |
| **6/20** | $15725 | $11868 |
| **7/20** | $17024 | $12496 |
| **8/20** | $19318 | $13261 |
| **9/20** | $19100 | $12833 |
| **10/20** | $18531 | $12521 |
| **11/20** | $23592 | $14065 |
| **12/20** | $25746 | $14718 |
| **1/21** | $33529 | $14651 |
| **2/21** | $34321 | $14990 |
| **3/21** | $31476 | $15390 |
| **4/21** | $33285 | $16063 |
| **5/21** | $31955 | $16313 |
| **6/21** | $35485 | $16528 |
| **7/21** | $33431 | $16642 |
| **8/21** | $32669 | $17059 |
| **9/21** | $31349 | $16354 |
| **10/21** | $34028 | $17189 |
| **11/21** | $30146 | $16775 |
| **12/21** | $28114 | $17446 |
| **1/22** | $22983 | $16589 |
| **2/22** | $20392 | $16161 |
| **3/22** | $19173 | $16511 |
| **4/22** | $15219 | $15189 |
| **5/22** | $13007 | $15207 |
| **6/22** | $11379 | $13925 |
| **7/22** | $12382 | $14897 |
| **8/22** | $11891 | $14349 |
| **9/22** | $10795 | $12975 |
| **10/22** | $10877 | $13758 |
| **11/22** | $10088 | $14825 |
| **12/22** | $9453 | $14242 |
| **1/23** | $11440 | $15263 |
| **2/23** | $11788 | $14825 |
| **3/23** | $12372 | $15283 |
| **4/23** | $11901 | $15502 |
| **5/23** | $13263 | $15336 |
| **6/23** | $15240 | $16227 |
| **7/23** | $17237 | $16821 |
| **8/23** | $16407 | $16351 |
| **9/23** | $15137 | $15674 |
| **10/23** | $13427 | $15203 |
| **11/23** | $14093 | $16606 |
| **12/23** | $16262 | $17404 |
| **1/24** | $15378 | $17506 |
| **2/24** | $16356 | $18257 |
| **3/24** | $17126 | $18831 |
| **4/24** | $15909 | $18209 |
| **5/24** | $15888 | $18949 |
| **6/24** | $15378 | $19371 |
| **7/24** | $16523 | $19683 |
| **8/24** | $16387 | $20183 |
| **9/24** | $17428 | $20652 |
| **10/24** | $16887 | $20188 |
| **11/24** | $17761 | $20944 |
| **12/24** | $17168 | $20448 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 12/31/18 (Inception)* |
| Class A | 5.57% | 6.87% | 10.41% |
| Class A, with 5.25% maximum front end sales charge | 0.00% | 5.73% | 9.43% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 12.66% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $27993056 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 157% |
| Total Advisory Fees Paid | $40326 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg098.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 1.6% |
| Short-Term Investments | 2.6% |
| Industrials | 7.1% |
| Utilities | 8.3% |
| Health Care | 24.1% |
| Information Technology | 25.0% |
| Consumer Discretionary | 31.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Appian Corp. | 11.7% |
| Victoria PLC | 10.6% |
| Talen Energy Corp. | 4.7% |
| Lithia Motors, Inc. | 4.5% |
| Babcock International Group PLC | 4.4% |
| Tesla, Inc. | 3.9% |
| Delivery Hero SE | 3.9% |
| Avadel Pharmaceuticals PLC | 3.7% |
| Vistra Corp. | 3.6% |
| Global-e Online Ltd. | 3.1% |
| Total | 54.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSJAX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio

# Class C MSJCX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $215 | 2.10% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↓ Stock selection and an average underweight in information technology, where a holding in a global edge network that focuses on content delivery, cybersecurity and cloud computing services was the largest detractor

↓ Stock selection and an average overweight in consumer discretionary, where the largest detractor was a holding in a contemporary carpets and floor coverings company

↓ Stock selection and average overweight in health care, driven by underperformance in a holding in an analytical testing and laboratory services provider

↑ Stock selection in utilities, led by position in a U.S. electric power producer

↑ Stock selection in financials, led by holding in a global payments platform

↑ No exposure to materials

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg153.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country World Net Index** |
| **12/18** | $10000 | $10000 |
| **1/19** | $10690 | $10790 |
| **2/19** | $11290 | $11078 |
| **3/19** | $11840 | $11218 |
| **4/19** | $12770 | $11596 |
| **5/19** | $11450 | $10908 |
| **6/19** | $12150 | $11623 |
| **7/19** | $11920 | $11657 |
| **8/19** | $12050 | $11380 |
| **9/19** | $11600 | $11620 |
| **10/19** | $11640 | $11938 |
| **11/19** | $12950 | $12229 |
| **12/19** | $12890 | $12660 |
| **1/20** | $13720 | $12520 |
| **2/20** | $12770 | $11509 |
| **3/20** | $9380 | $9955 |
| **4/20** | $11520 | $11021 |
| **5/20** | $14200 | $11501 |
| **6/20** | $16400 | $11868 |
| **7/20** | $17740 | $12496 |
| **8/20** | $20130 | $13261 |
| **9/20** | $19890 | $12833 |
| **10/20** | $19290 | $12521 |
| **11/20** | $24540 | $14065 |
| **12/20** | $26758 | $14718 |
| **1/21** | $34828 | $14651 |
| **2/21** | $35633 | $14990 |
| **3/21** | $32651 | $15390 |
| **4/21** | $34508 | $16063 |
| **5/21** | $33115 | $16313 |
| **6/21** | $36748 | $16528 |
| **7/21** | $34601 | $16642 |
| **8/21** | $33786 | $17059 |
| **9/21** | $32403 | $16354 |
| **10/21** | $35138 | $17189 |
| **11/21** | $31113 | $16775 |
| **12/21** | $29010 | $17446 |
| **1/22** | $23697 | $16589 |
| **2/22** | $21035 | $16161 |
| **3/22** | $19758 | $16511 |
| **4/22** | $15679 | $15189 |
| **5/22** | $13396 | $15207 |
| **6/22** | $11708 | $13925 |
| **7/22** | $12725 | $14897 |
| **8/22** | $12216 | $14349 |
| **9/22** | $11080 | $12975 |
| **10/22** | $11167 | $13758 |
| **11/22** | $10344 | $14825 |
| **12/22** | $9695 | $14242 |
| **1/23** | $11719 | $15263 |
| **2/23** | $12065 | $14825 |
| **3/23** | $12660 | $15283 |
| **4/23** | $12162 | $15502 |
| **5/23** | $13547 | $15336 |
| **6/23** | $15560 | $16227 |
| **7/23** | $17594 | $16821 |
| **8/23** | $16739 | $16351 |
| **9/23** | $15430 | $15674 |
| **10/23** | $13677 | $15203 |
| **11/23** | $14348 | $16606 |
| **12/23** | $16542 | $17404 |
| **1/24** | $15634 | $17506 |
| **2/24** | $16630 | $18257 |
| **3/24** | $17395 | $18831 |
| **4/24** | $16148 | $18209 |
| **5/24** | $16115 | $18949 |
| **6/24** | $15590 | $19371 |
| **7/24** | $16739 | $19683 |
| **8/24** | $16597 | $20183 |
| **9/24** | $17636 | $20652 |
| **10/24** | $17067 | $20188 |
| **11/24** | $17942 | $20944 |
| **12/24** | $17341 | $20448 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 12/31/18 (Inception)* |
| Class C | 4.83% | 6.11% | 9.61% |
| Class C, with 1% maximum contingent deferred sales charge | 3.83% | 6.11% | 9.61% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 12.66% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $27993056 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 157% |
| Total Advisory Fees Paid | $40326 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg105.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 1.6% |
| Short-Term Investments | 2.6% |
| Industrials | 7.1% |
| Utilities | 8.3% |
| Health Care | 24.1% |
| Information Technology | 25.0% |
| Consumer Discretionary | 31.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Appian Corp. | 11.7% |
| Victoria PLC | 10.6% |
| Talen Energy Corp. | 4.7% |
| Lithia Motors, Inc. | 4.5% |
| Babcock International Group PLC | 4.4% |
| Tesla, Inc. | 3.9% |
| Delivery Hero SE | 3.9% |
| Avadel Pharmaceuticals PLC | 3.7% |
| Vistra Corp. | 3.6% |
| Global-e Online Ltd. | 3.1% |
| Total | 54.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSJCX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio

# Class I MSJIX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $103 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↓ Stock selection and an average underweight in information technology, where a holding in a global edge network that focuses on content delivery, cybersecurity and cloud computing services was the largest detractor

↓ Stock selection and an average overweight in consumer discretionary, where the largest detractor was a holding in a contemporary carpets and floor coverings company

↓ Stock selection and average overweight in health care, driven by underperformance in a holding in an analytical testing and laboratory services provider

↑ Stock selection in utilities, led by position in a U.S. electric power producer

↑ Stock selection in financials, led by holding in a global payments platform

↑ No exposure to materials

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg021.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country World Net Index** |
| **12/18** | $1000000 | $1000000 |
| **1/19** | $1070000 | $1000000 |
| **2/19** | $1131000 | $1107819 |
| **3/19** | $1188000 | $1121751 |
| **4/19** | $1282000 | $1159627 |
| **5/19** | $1151000 | $1090839 |
| **6/19** | $1222000 | $1162267 |
| **7/19** | $1200000 | $1165673 |
| **8/19** | $1214000 | $1138020 |
| **9/19** | $1170000 | $1161966 |
| **10/19** | $1175000 | $1193767 |
| **11/19** | $1309000 | $1222909 |
| **12/19** | $1303000 | $1265974 |
| **1/20** | $1389000 | $1251990 |
| **2/20** | $1294000 | $1150867 |
| **3/20** | $951000 | $995496 |
| **4/20** | $1169000 | $1102139 |
| **5/20** | $1442000 | $1150072 |
| **6/20** | $1667000 | $1186820 |
| **7/20** | $1806000 | $1249587 |
| **8/20** | $2050000 | $1326068 |
| **9/20** | $2028000 | $1283312 |
| **10/20** | $1968000 | $1252116 |
| **11/20** | $2506000 | $1406455 |
| **12/20** | $2736680 | $1471756 |
| **1/21** | $3563568 | $1465063 |
| **2/21** | $3649251 | $1498999 |
| **3/21** | $3347813 | $1539036 |
| **4/21** | $3541889 | $1606327 |
| **5/21** | $3401494 | $1631325 |
| **6/21** | $3778291 | $1652821 |
| **7/21** | $3560471 | $1664211 |
| **8/21** | $3480983 | $1705865 |
| **9/21** | $3341619 | $1635396 |
| **10/21** | $3626540 | $1718872 |
| **11/21** | $3213612 | $1677481 |
| **12/21** | $2999112 | $1744581 |
| **1/22** | $2452247 | $1658900 |
| **2/22** | $2176653 | $1616056 |
| **3/22** | $2046961 | $1651058 |
| **4/22** | $1625465 | $1518904 |
| **5/22** | $1389859 | $1520682 |
| **6/22** | $1215856 | $1392494 |
| **7/22** | $1322851 | $1489735 |
| **8/22** | $1270975 | $1434891 |
| **9/22** | $1154253 | $1297530 |
| **10/22** | $1163980 | $1375832 |
| **11/22** | $1079680 | $1482546 |
| **12/22** | $1012673 | $1424206 |
| **1/23** | $1225583 | $1526289 |
| **2/23** | $1262329 | $1482545 |
| **3/23** | $1326094 | $1528256 |
| **4/23** | $1275298 | $1550221 |
| **5/23** | $1422281 | $1533617 |
| **6/23** | $1635191 | $1622661 |
| **7/23** | $1849182 | $1682063 |
| **8/23** | $1761640 | $1635059 |
| **9/23** | $1624384 | $1567448 |
| **10/23** | $1441735 | $1520320 |
| **11/23** | $1513065 | $1660639 |
| **12/23** | $1747427 | $1740406 |
| **1/24** | $1652733 | $1750609 |
| **2/24** | $1759539 | $1825734 |
| **3/24** | $1842120 | $1883056 |
| **4/24** | $1712192 | $1820928 |
| **5/24** | $1709990 | $1894883 |
| **6/24** | $1654935 | $1937086 |
| **7/24** | $1779358 | $1968326 |
| **8/24** | $1766145 | $2018315 |
| **9/24** | $1877355 | $2065203 |
| **10/24** | $1818998 | $2018845 |
| **11/24** | $1914792 | $2094358 |
| **12/24** | $1851968 | $2044781 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 12/31/18 (Inception)* |
| Class I | 5.98% | 7.28% | 10.82% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 12.66% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $27993056 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 157% |
| Total Advisory Fees Paid | $40326 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg207.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 1.6% |
| Short-Term Investments | 2.6% |
| Industrials | 7.1% |
| Utilities | 8.3% |
| Health Care | 24.1% |
| Information Technology | 25.0% |
| Consumer Discretionary | 31.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Appian Corp. | 11.7% |
| Victoria PLC | 10.6% |
| Talen Energy Corp. | 4.7% |
| Lithia Motors, Inc. | 4.5% |
| Babcock International Group PLC | 4.4% |
| Tesla, Inc. | 3.9% |
| Delivery Hero SE | 3.9% |
| Avadel Pharmaceuticals PLC | 3.7% |
| Vistra Corp. | 3.6% |
| Global-e Online Ltd. | 3.1% |
| Total | 54.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSJIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio

# Class R6 MSJSX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $98 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↓ Stock selection and an average underweight in information technology, where a holding in a global edge network that focuses on content delivery, cybersecurity and cloud computing services was the largest detractor

↓ Stock selection and an average overweight in consumer discretionary, where the largest detractor was a holding in a contemporary carpets and floor coverings company

↓ Stock selection and average overweight in health care, driven by underperformance in a holding in an analytical testing and laboratory services provider

↑ Stock selection in utilities, led by position in a U.S. electric power producer

↑ Stock selection in financials, led by holding in a global payments platform

↑ No exposure to materials

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg224.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Net Index** |
| **12/18** | $5000000 | $5000000 |
| **1/19** | $5350000 | $5000000 |
| **2/19** | $5655000 | $5539093 |
| **3/19** | $5940000 | $5608753 |
| **4/19** | $6410000 | $5798136 |
| **5/19** | $5755000 | $5454196 |
| **6/19** | $6110000 | $5811335 |
| **7/19** | $6000000 | $5828363 |
| **8/19** | $6075000 | $5690101 |
| **9/19** | $5850000 | $5809829 |
| **10/19** | $5875000 | $5968837 |
| **11/19** | $6545000 | $6114545 |
| **12/19** | $6520000 | $6329870 |
| **1/20** | $6945000 | $6259951 |
| **2/20** | $6470000 | $5754336 |
| **3/20** | $4755000 | $4977481 |
| **4/20** | $5850000 | $5510694 |
| **5/20** | $7215000 | $5750360 |
| **6/20** | $8345000 | $5934099 |
| **7/20** | $9035000 | $6247935 |
| **8/20** | $10260000 | $6630341 |
| **9/20** | $10150000 | $6416558 |
| **10/20** | $9850000 | $6260580 |
| **11/20** | $12545000 | $7032277 |
| **12/20** | $13696971 | $7358782 |
| **1/21** | $17837556 | $7325314 |
| **2/21** | $18266071 | $7494994 |
| **3/21** | $16758526 | $7695180 |
| **4/21** | $17729137 | $8031633 |
| **5/21** | $17026993 | $8156624 |
| **6/21** | $18916586 | $8264107 |
| **7/21** | $17827231 | $8321053 |
| **8/21** | $17424530 | $8529323 |
| **9/21** | $16727549 | $8176979 |
| **10/21** | $18157651 | $8594361 |
| **11/21** | $16092522 | $8387405 |
| **12/21** | $15014602 | $8722905 |
| **1/22** | $12279761 | $8294502 |
| **2/22** | $10901531 | $8080278 |
| **3/22** | $10247547 | $8255289 |
| **4/22** | $8139665 | $7594521 |
| **5/22** | $6961414 | $7603408 |
| **6/22** | $6085832 | $6962469 |
| **7/22** | $6626315 | $7448675 |
| **8/22** | $6366883 | $7174453 |
| **9/22** | $5783162 | $6487648 |
| **10/22** | $5831805 | $6879158 |
| **11/22** | $5404824 | $7412729 |
| **12/22** | $5069725 | $7121031 |
| **1/23** | $6134476 | $7631444 |
| **2/23** | $6323644 | $7412727 |
| **3/23** | $6642529 | $7641280 |
| **4/23** | $6388502 | $7751105 |
| **5/23** | $7123558 | $7668087 |
| **6/23** | $8188309 | $8113303 |
| **7/23** | $9263869 | $8410314 |
| **8/23** | $8826078 | $8175297 |
| **9/23** | $8139665 | $7837242 |
| **10/23** | $7226250 | $7601601 |
| **11/23** | $7582968 | $8303197 |
| **12/23** | $8753387 | $8702032 |
| **1/24** | $8285144 | $8753046 |
| **2/24** | $8813983 | $9128668 |
| **3/24** | $9232647 | $9415280 |
| **4/24** | $8577107 | $9104642 |
| **5/24** | $8571598 | $9474414 |
| **6/24** | $8296161 | $9685430 |
| **7/24** | $8918649 | $9841631 |
| **8/24** | $8852544 | $10091574 |
| **9/24** | $9414436 | $10326013 |
| **10/24** | $9122472 | $10094227 |
| **11/24** | $9596224 | $10471788 |
| **12/24** | $9282788 | $10223904 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 12/31/18 (Inception)* |
| Class R6 | 6.05% | 7.32% | 10.86% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 12.66% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $27993056 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 157% |
| Total Advisory Fees Paid | $40326 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 1.6% |
| Short-Term Investments | 2.6% |
| Industrials | 7.1% |
| Utilities | 8.3% |
| Health Care | 24.1% |
| Information Technology | 25.0% |
| Consumer Discretionary | 31.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Appian Corp. | 11.7% |
| Victoria PLC | 10.6% |
| Talen Energy Corp. | 4.7% |
| Lithia Motors, Inc. | 4.5% |
| Babcock International Group PLC | 4.4% |
| Tesla, Inc. | 3.9% |
| Delivery Hero SE | 3.9% |
| Avadel Pharmaceuticals PLC | 3.7% |
| Vistra Corp. | 3.6% |
| Global-e Online Ltd. | 3.1% |
| Total | 54.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSJSX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio

# Class A MSFBX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $121 | 1.16% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Net Index:

↓ Stock selection in information technology (IT) and consumer staples was the primary detractor

↓ The portfolio's tilt toward software and IT services significantly lagged semiconductors and hardware. The relative performance impact of the "Magnificent Seven" was notable: the portfolio owned Microsoft and Alphabet, but the Fund's high quality bar and strict valuation discipline precluded it from owning the other five, which detracted significantly.

↓ Consumer staples weakness was primarily down to stock-specific issues: Pernod Ricard and L'Oréal faced weakening U.S. and China demand and tariff threats, Constellation Brands suffered due to Mexican tariff fears, and we exited Reckitt Benckiser following a partial recovery in its share price

↑ Financials sector overweight

↑ Not owning the low quality, cyclical sectors, specifically materials, energy and real estate

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg074.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI World Net Index** |
| **12/14** | $9477 | $10000 |
| **1/15** | $9434 | $9819 |
| **2/15** | $9876 | $10394 |
| **3/15** | $9520 | $10231 |
| **4/15** | $9962 | $10471 |
| **5/15** | $10038 | $10507 |
| **6/15** | $9805 | $10263 |
| **7/15** | $10364 | $10447 |
| **8/15** | $9486 | $9756 |
| **9/15** | $9558 | $9396 |
| **10/15** | $10427 | $10141 |
| **11/15** | $10235 | $10090 |
| **12/15** | $10069 | $9913 |
| **1/16** | $10074 | $9320 |
| **2/16** | $9832 | $9250 |
| **3/16** | $10438 | $9878 |
| **4/16** | $10468 | $10035 |
| **5/16** | $10604 | $10091 |
| **6/16** | $10740 | $9978 |
| **7/16** | $10802 | $10399 |
| **8/16** | $10792 | $10408 |
| **9/16** | $10807 | $10463 |
| **10/16** | $10564 | $10261 |
| **11/16** | $10316 | $10408 |
| **12/16** | $10609 | $10657 |
| **1/17** | $10940 | $10915 |
| **2/17** | $11393 | $11217 |
| **3/17** | $11651 | $11337 |
| **4/17** | $11909 | $11505 |
| **5/17** | $12456 | $11748 |
| **6/17** | $12340 | $11793 |
| **7/17** | $12446 | $12076 |
| **8/17** | $12378 | $12093 |
| **9/17** | $12351 | $12364 |
| **10/17** | $12704 | $12598 |
| **11/17** | $13026 | $12871 |
| **12/17** | $13323 | $13045 |
| **1/18** | $13851 | $13733 |
| **2/18** | $13119 | $13164 |
| **3/18** | $13191 | $12878 |
| **4/18** | $13125 | $13026 |
| **5/18** | $13273 | $13107 |
| **6/18** | $13752 | $13101 |
| **7/18** | $14021 | $13510 |
| **8/18** | $14149 | $13677 |
| **9/18** | $14404 | $13753 |
| **10/18** | $13583 | $12744 |
| **11/18** | $13977 | $12888 |
| **12/18** | $13086 | $11908 |
| **1/19** | $13644 | $12835 |
| **2/19** | $14347 | $13221 |
| **3/19** | $15055 | $13394 |
| **4/19** | $15456 | $13869 |
| **5/19** | $15026 | $13069 |
| **6/19** | $15816 | $13930 |
| **7/19** | $15845 | $13999 |
| **8/19** | $15915 | $13713 |
| **9/19** | $15816 | $14005 |
| **10/19** | $15938 | $14361 |
| **11/19** | $16420 | $14761 |
| **12/19** | $16912 | $15203 |
| **1/20** | $17179 | $15111 |
| **2/20** | $15899 | $13834 |
| **3/20** | $14697 | $12003 |
| **4/20** | $16044 | $13314 |
| **5/20** | $16676 | $13957 |
| **6/20** | $16991 | $14326 |
| **7/20** | $17896 | $15012 |
| **8/20** | $18551 | $16015 |
| **9/20** | $18102 | $15462 |
| **10/20** | $17222 | $14988 |
| **11/20** | $18424 | $16904 |
| **12/20** | $19102 | $17621 |
| **1/21** | $18606 | $17446 |
| **2/21** | $18537 | $17893 |
| **3/21** | $19334 | $18488 |
| **4/21** | $20357 | $19349 |
| **5/21** | $20483 | $19627 |
| **6/21** | $20947 | $19920 |
| **7/21** | $21537 | $20277 |
| **8/21** | $21738 | $20781 |
| **9/21** | $20884 | $19919 |
| **10/21** | $22158 | $21047 |
| **11/21** | $21568 | $20586 |
| **12/21** | $23231 | $21465 |
| **1/22** | $21833 | $20330 |
| **2/22** | $21104 | $19816 |
| **3/22** | $21124 | $20359 |
| **4/22** | $20151 | $18668 |
| **5/22** | $20183 | $18682 |
| **6/22** | $18939 | $17064 |
| **7/22** | $20183 | $18419 |
| **8/22** | $19075 | $17649 |
| **9/22** | $17302 | $16008 |
| **10/22** | $18205 | $17158 |
| **11/22** | $19809 | $18351 |
| **12/22** | $19177 | $17571 |
| **1/23** | $20054 | $18815 |
| **2/23** | $19295 | $18362 |
| **3/23** | $20381 | $18930 |
| **4/23** | $21048 | $19261 |
| **5/23** | $20302 | $19069 |
| **6/23** | $21414 | $20222 |
| **7/23** | $21630 | $20902 |
| **8/23** | $21519 | $20403 |
| **9/23** | $20355 | $19522 |
| **10/23** | $19975 | $18956 |
| **11/23** | $21650 | $20733 |
| **12/23** | $22277 | $21751 |
| **1/24** | $22743 | $22012 |
| **2/24** | $23355 | $22945 |
| **3/24** | $23362 | $23683 |
| **4/24** | $22064 | $22803 |
| **5/24** | $22550 | $23821 |
| **6/24** | $22883 | $24306 |
| **7/24** | $23702 | $24734 |
| **8/24** | $24554 | $25388 |
| **9/24** | $25053 | $25853 |
| **10/24** | $24267 | $25340 |
| **11/24** | $24947 | $26503 |
| **12/24** | $24216 | $25812 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 8.71% | 7.44% | 9.84% |
| Class A, with 5.25% maximum front end sales charge | 3.01% | 6.29% | 9.25% |
| MSCI World Net Index | 18.67% | 11.17% | 9.95% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2763486138 |
| # of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $20891138 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg057.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.1% |
| Communication Services | 2.9% |
| Consumer Discretionary | 5.9% |
| Industrials | 11.8% |
| Health Care | 15.4% |
| Consumer Staples | 18.0% |
| Financals | 21.8% |
| Information Technology | 23.1% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 7.8% |
| SAP SE | 7.3% |
| Visa, Inc. | 6.6% |
| L'Oreal SA | 4.2% |
| Accenture PLC | 4.1% |
| Aon PLC | 4.1% |
| Procter & Gamble Co. | 3.3% |
| RELX PLC | 3.2% |
| Abbott Laboratories | 3.2% |
| Becton Dickinson & Co. | 3.1% |
| Total | 46.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSFBX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio

# Class C MSGFX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $198 | 1.90% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Net Index:

↓ Stock selection in information technology (IT) and consumer staples was the primary detractor

↓ The portfolio's tilt toward software and IT services significantly lagged semiconductors and hardware. The relative performance impact of the "Magnificent Seven" was notable: the portfolio owned Microsoft and Alphabet, but the Fund's high quality bar and strict valuation discipline precluded it from owning the other five, which detracted significantly.

↓ Consumer staples weakness was primarily down to stock-specific issues: Pernod Ricard and L'Oréal faced weakening U.S. and China demand and tariff threats, Constellation Brands suffered due to Mexican tariff fears, and we exited Reckitt Benckiser following a partial recovery in its share price

↑ Financials sector overweight

↑ Not owning the low quality, cyclical sectors, specifically materials, energy and real estate

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg177.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI World Net Index** |
| **9/15** | $10000 | $10000 |
| **10/15** | $10904 | $10792 |
| **11/15** | $10697 | $10739 |
| **12/15** | $10511 | $10550 |
| **1/16** | $10511 | $9919 |
| **2/16** | $10251 | $9845 |
| **3/16** | $10879 | $10513 |
| **4/16** | $10905 | $10679 |
| **5/16** | $11044 | $10739 |
| **6/16** | $11177 | $10619 |
| **7/16** | $11231 | $11068 |
| **8/16** | $11215 | $11077 |
| **9/16** | $11221 | $11136 |
| **10/16** | $10964 | $10920 |
| **11/16** | $10702 | $11077 |
| **12/16** | $10993 | $11342 |
| **1/17** | $11330 | $11616 |
| **2/17** | $11795 | $11938 |
| **3/17** | $12054 | $12066 |
| **4/17** | $12309 | $12244 |
| **5/17** | $12867 | $12503 |
| **6/17** | $12740 | $12551 |
| **7/17** | $12840 | $12852 |
| **8/17** | $12757 | $12870 |
| **9/17** | $12730 | $13159 |
| **10/17** | $13078 | $13407 |
| **11/17** | $13400 | $13698 |
| **12/17** | $13700 | $13883 |
| **1/18** | $14235 | $14616 |
| **2/18** | $13475 | $14011 |
| **3/18** | $13539 | $13705 |
| **4/18** | $13464 | $13863 |
| **5/18** | $13608 | $13950 |
| **6/18** | $14091 | $13943 |
| **7/18** | $14355 | $14378 |
| **8/18** | $14477 | $14556 |
| **9/18** | $14732 | $14637 |
| **10/18** | $13885 | $13563 |
| **11/18** | $14274 | $13717 |
| **12/18** | $13356 | $12674 |
| **1/19** | $13924 | $13660 |
| **2/19** | $14630 | $14070 |
| **3/19** | $15342 | $14255 |
| **4/19** | $15740 | $14761 |
| **5/19** | $15294 | $13909 |
| **6/19** | $16091 | $14826 |
| **7/19** | $16103 | $14899 |
| **8/19** | $16169 | $14594 |
| **9/19** | $16054 | $14905 |
| **10/19** | $16169 | $15284 |
| **11/19** | $16646 | $15710 |
| **12/19** | $17133 | $16180 |
| **1/20** | $17396 | $16082 |
| **2/20** | $16091 | $14723 |
| **3/20** | $14855 | $12774 |
| **4/20** | $16216 | $14170 |
| **5/20** | $16838 | $14854 |
| **6/20** | $17152 | $15247 |
| **7/20** | $18049 | $15977 |
| **8/20** | $18702 | $17044 |
| **9/20** | $18237 | $16456 |
| **10/20** | $17340 | $15951 |
| **11/20** | $18532 | $17991 |
| **12/20** | $19204 | $18754 |
| **1/21** | $18694 | $18567 |
| **2/21** | $18617 | $19043 |
| **3/21** | $19404 | $19677 |
| **4/21** | $20416 | $20592 |
| **5/21** | $20533 | $20889 |
| **6/21** | $20984 | $21200 |
| **7/21** | $21565 | $21580 |
| **8/21** | $21745 | $22117 |
| **9/21** | $20881 | $21199 |
| **10/21** | $22145 | $22399 |
| **11/21** | $21539 | $21909 |
| **12/21** | $23187 | $22845 |
| **1/22** | $21776 | $21636 |
| **2/22** | $21038 | $21089 |
| **3/22** | $21045 | $21668 |
| **4/22** | $20063 | $19868 |
| **5/22** | $20089 | $19883 |
| **6/22** | $18830 | $18161 |
| **7/22** | $20063 | $19602 |
| **8/22** | $18942 | $18783 |
| **9/22** | $17176 | $17037 |
| **10/22** | $18059 | $18260 |
| **11/22** | $19634 | $19530 |
| **12/22** | $18999 | $18701 |
| **1/23** | $19850 | $20024 |
| **2/23** | $19092 | $19542 |
| **3/23** | $20150 | $20146 |
| **4/23** | $20808 | $20499 |
| **5/23** | $20050 | $20295 |
| **6/23** | $21140 | $21522 |
| **7/23** | $21340 | $22245 |
| **8/23** | $21220 | $21714 |
| **9/23** | $20050 | $20777 |
| **10/23** | $19676 | $20174 |
| **11/23** | $21325 | $22066 |
| **12/23** | $21943 | $23149 |
| **1/24** | $22402 | $23427 |
| **2/24** | $23005 | $24420 |
| **3/24** | $23012 | $25205 |
| **4/24** | $21733 | $24268 |
| **5/24** | $22212 | $25352 |
| **6/24** | $22540 | $25868 |
| **7/24** | $23347 | $26324 |
| **8/24** | $24186 | $27020 |
| **9/24** | $24678 | $27514 |
| **10/24** | $23904 | $26969 |
| **11/24** | $24573 | $28206 |
| **12/24** | $23854 | $27471 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 9/30/15 (Inception)* |
| Class C, with conversion to Class A after 8 years | 7.90% | 6.65% | 9.85% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 6.94% | 6.65% | 9.85% |
| MSCI World Net Index | 18.67% | 11.17% | 11.54% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2763486138 |
| # of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $20891138 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.1% |
| Communication Services | 2.9% |
| Consumer Discretionary | 5.9% |
| Industrials | 11.8% |
| Health Care | 15.4% |
| Consumer Staples | 18.0% |
| Financals | 21.8% |
| Information Technology | 23.1% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 7.8% |
| SAP SE | 7.3% |
| Visa, Inc. | 6.6% |
| L'Oreal SA | 4.2% |
| Accenture PLC | 4.1% |
| Aon PLC | 4.1% |
| Procter & Gamble Co. | 3.3% |
| RELX PLC | 3.2% |
| Abbott Laboratories | 3.2% |
| Becton Dickinson & Co. | 3.1% |
| Total | 46.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSGFX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio

# Class I MSFAX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $97 | 0.93% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Net Index:

↓ Stock selection in information technology (IT) and consumer staples was the primary detractor

↓ The portfolio's tilt toward software and IT services significantly lagged semiconductors and hardware. The relative performance impact of the "Magnificent Seven" was notable: the portfolio owned Microsoft and Alphabet, but the Fund's high quality bar and strict valuation discipline precluded it from owning the other five, which detracted significantly.

↓ Consumer staples weakness was primarily down to stock-specific issues: Pernod Ricard and L'Oréal faced weakening U.S. and China demand and tariff threats, Constellation Brands suffered due to Mexican tariff fears, and we exited Reckitt Benckiser following a partial recovery in its share price

↑ Financials sector overweight

↑ Not owning the low quality, cyclical sectors, specifically materials, energy and real estate

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg009.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI World Net Index** |
| **12/14** | $1000000 | $1000000 |
| **1/15** | $995560 | $981880 |
| **2/15** | $1042427 | $1039407 |
| **3/15** | $1004933 | $1023137 |
| **4/15** | $1052294 | $1047132 |
| **5/15** | $1060187 | $1050739 |
| **6/15** | $1035520 | $1026307 |
| **7/15** | $1095012 | $1044729 |
| **8/15** | $1002973 | $975595 |
| **9/15** | $1010436 | $939611 |
| **10/15** | $1102972 | $1014069 |
| **11/15** | $1082574 | $1009024 |
| **12/15** | $1064961 | $991288 |
| **1/16** | $1066008 | $931985 |
| **2/16** | $1040340 | $925048 |
| **3/16** | $1104772 | $987821 |
| **4/16** | $1108439 | $1003452 |
| **5/16** | $1123106 | $1009088 |
| **6/16** | $1137774 | $997781 |
| **7/16** | $1144196 | $1039935 |
| **8/16** | $1143670 | $1040800 |
| **9/16** | $1145248 | $1046328 |
| **10/16** | $1119997 | $1026079 |
| **11/16** | $1093694 | $1040833 |
| **12/16** | $1125051 | $1065738 |
| **1/17** | $1160619 | $1091460 |
| **2/17** | $1208773 | $1121741 |
| **3/17** | $1236681 | $1133690 |
| **4/17** | $1264041 | $1150476 |
| **5/17** | $1322592 | $1174814 |
| **6/17** | $1310006 | $1179334 |
| **7/17** | $1321557 | $1207558 |
| **8/17** | $1314434 | $1209259 |
| **9/17** | $1312243 | $1236399 |
| **10/17** | $1350048 | $1259766 |
| **11/17** | $1384019 | $1287062 |
| **12/17** | $1415871 | $1304467 |
| **1/18** | $1472575 | $1373343 |
| **2/18** | $1394679 | $1316449 |
| **3/18** | $1403270 | $1287755 |
| **4/18** | $1396397 | $1302553 |
| **5/18** | $1412435 | $1310715 |
| **6/18** | $1463983 | $1310090 |
| **7/18** | $1493143 | $1351009 |
| **8/18** | $1506995 | $1367725 |
| **9/18** | $1534699 | $1375340 |
| **10/18** | $1447546 | $1274352 |
| **11/18** | $1489680 | $1288829 |
| **12/18** | $1394582 | $1190829 |
| **1/19** | $1455137 | $1283482 |
| **2/19** | $1530225 | $1322076 |
| **3/19** | $1605919 | $1339441 |
| **4/19** | $1649518 | $1386936 |
| **5/19** | $1603497 | $1306909 |
| **6/19** | $1688879 | $1393028 |
| **7/19** | $1691907 | $1399928 |
| **8/19** | $1699779 | $1371293 |
| **9/19** | $1689485 | $1400475 |
| **10/19** | $1702807 | $1436114 |
| **11/19** | $1754884 | $1476110 |
| **12/19** | $1807335 | $1520332 |
| **1/20** | $1837109 | $1511078 |
| **2/20** | $1700276 | $1383354 |
| **3/20** | $1571045 | $1200277 |
| **4/20** | $1716113 | $1331400 |
| **5/20** | $1783896 | $1395718 |
| **6/20** | $1818737 | $1432636 |
| **7/20** | $1915027 | $1501175 |
| **8/20** | $1986611 | $1601475 |
| **9/20** | $1938466 | $1546226 |
| **10/20** | $1844710 | $1498795 |
| **11/20** | $1973308 | $1690433 |
| **12/20** | $2046198 | $1762102 |
| **1/21** | $1993732 | $1744589 |
| **2/21** | $1987173 | $1789293 |
| **3/21** | $2072431 | $1848827 |
| **4/21** | $2182611 | $1934872 |
| **5/21** | $2197040 | $1962744 |
| **6/21** | $2246883 | $1991999 |
| **7/21** | $2311155 | $2027681 |
| **8/21** | $2332141 | $2078147 |
| **9/21** | $2241636 | $1991861 |
| **10/21** | $2378705 | $2104681 |
| **11/21** | $2316401 | $2058561 |
| **12/21** | $2494746 | $2146544 |
| **1/22** | $2345021 | $2032969 |
| **2/22** | $2267461 | $1981552 |
| **3/22** | $2269484 | $2035933 |
| **4/22** | $2166295 | $1866801 |
| **5/22** | $2170341 | $1868215 |
| **6/22** | $2036128 | $1706386 |
| **7/22** | $2171016 | $1841867 |
| **8/22** | $2051640 | $1764863 |
| **9/22** | $1861449 | $1600801 |
| **10/22** | $1959242 | $1715760 |
| **11/22** | $2131899 | $1835057 |
| **12/22** | $2064614 | $1757127 |
| **1/23** | $2159270 | $1881455 |
| **2/23** | $2077646 | $1836227 |
| **3/23** | $2194938 | $1892966 |
| **4/23** | $2267645 | $1926149 |
| **5/23** | $2188079 | $1906919 |
| **6/23** | $2308115 | $2022246 |
| **7/23** | $2332122 | $2090179 |
| **8/23** | $2320461 | $2040253 |
| **9/23** | $2194938 | $1952240 |
| **10/23** | $2154469 | $1895594 |
| **11/23** | $2335551 | $2073310 |
| **12/23** | $2403600 | $2175097 |
| **1/24** | $2454666 | $2201200 |
| **2/24** | $2521821 | $2294525 |
| **3/24** | $2522520 | $2368260 |
| **4/24** | $2383313 | $2280291 |
| **5/24** | $2435778 | $2382111 |
| **6/24** | $2472154 | $2430582 |
| **7/24** | $2560995 | $2473414 |
| **8/24** | $2654033 | $2538788 |
| **9/24** | $2708596 | $2585283 |
| **10/24** | $2623953 | $2533999 |
| **11/24** | $2698103 | $2650276 |
| **12/24** | $2619093 | $2581208 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 8.97% | 7.70% | 10.11% |
| MSCI World Net Index | 18.67% | 11.17% | 9.95% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2763486138 |
| # of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $20891138 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg082.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.1% |
| Communication Services | 2.9% |
| Consumer Discretionary | 5.9% |
| Industrials | 11.8% |
| Health Care | 15.4% |
| Consumer Staples | 18.0% |
| Financals | 21.8% |
| Information Technology | 23.1% |

---

### Top Ten Holdings (% of total investments)

---

| | |
|:---|:---|
| Microsoft Corp. | 7.8% |
| SAP SE | 7.3% |
| Visa, Inc. | 6.6% |
| L'Oreal SA | 4.2% |
| Accenture PLC | 4.1% |
| Aon PLC | 4.1% |
| Procter & Gamble Co. | 3.3% |
| RELX PLC | 3.2% |
| Abbott Laboratories | 3.2% |
| Becton Dickinson & Co. | 3.1% |
| Total | 46.9% |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSFAX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio

# Class L MSFLX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $174 | 1.67% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Net Index:

↓ Stock selection in information technology (IT) and consumer staples was the primary detractor

↓ The portfolio's tilt toward software and IT services significantly lagged semiconductors and hardware. The relative performance impact of the "Magnificent Seven" was notable: the portfolio owned Microsoft and Alphabet, but the Fund's high quality bar and strict valuation discipline precluded it from owning the other five, which detracted significantly.

↓ Consumer staples weakness was primarily down to stock-specific issues: Pernod Ricard and L'Oréal faced weakening U.S. and China demand and tariff threats, Constellation Brands suffered due to Mexican tariff fears, and we exited Reckitt Benckiser following a partial recovery in its share price

↑ Financials sector overweight

↑ Not owning the low quality, cyclical sectors, specifically materials, energy and real estate

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg070.jpg)

---

| | | |
|:---|:---|:---|
| | **Class L** | **MSCI World Net Index** |
| **12/14** | $10000 | $10000 |
| **1/15** | $9950 | $9819 |
| **2/15** | $10413 | $10394 |
| **3/15** | $10030 | $10231 |
| **4/15** | $10493 | $10471 |
| **5/15** | $10569 | $10507 |
| **6/15** | $10317 | $10263 |
| **7/15** | $10904 | $10447 |
| **8/15** | $9980 | $9756 |
| **9/15** | $10046 | $9396 |
| **10/15** | $10960 | $10141 |
| **11/15** | $10751 | $10090 |
| **12/15** | $10572 | $9913 |
| **1/16** | $10572 | $9320 |
| **2/16** | $10312 | $9250 |
| **3/16** | $10944 | $9878 |
| **4/16** | $10976 | $10035 |
| **5/16** | $11114 | $10091 |
| **6/16** | $11252 | $9978 |
| **7/16** | $11312 | $10399 |
| **8/16** | $11296 | $10408 |
| **9/16** | $11306 | $10463 |
| **10/16** | $11045 | $10261 |
| **11/16** | $10784 | $10408 |
| **12/16** | $11082 | $10657 |
| **1/17** | $11429 | $10915 |
| **2/17** | $11897 | $11217 |
| **3/17** | $12161 | $11337 |
| **4/17** | $12425 | $11505 |
| **5/17** | $12987 | $11748 |
| **6/17** | $12860 | $11793 |
| **7/17** | $12966 | $12076 |
| **8/17** | $12888 | $12093 |
| **9/17** | $12861 | $12364 |
| **10/17** | $13219 | $12598 |
| **11/17** | $13550 | $12871 |
| **12/17** | $13850 | $13045 |
| **1/18** | $14400 | $13733 |
| **2/18** | $13627 | $13164 |
| **3/18** | $13701 | $12878 |
| **4/18** | $13627 | $13026 |
| **5/18** | $13770 | $13107 |
| **6/18** | $14269 | $13101 |
| **7/18** | $14537 | $13510 |
| **8/18** | $14664 | $13677 |
| **9/18** | $14924 | $13753 |
| **10/18** | $14070 | $12744 |
| **11/18** | $14468 | $12888 |
| **12/18** | $13534 | $11908 |
| **1/19** | $14111 | $12835 |
| **2/19** | $14832 | $13221 |
| **3/19** | $15554 | $13394 |
| **4/19** | $15963 | $13869 |
| **5/19** | $15512 | $13069 |
| **6/19** | $16323 | $13930 |
| **7/19** | $16347 | $13999 |
| **8/19** | $16414 | $13713 |
| **9/19** | $16299 | $14005 |
| **10/19** | $16420 | $14361 |
| **11/19** | $16907 | $14761 |
| **12/19** | $17407 | $15203 |
| **1/20** | $17682 | $15111 |
| **2/20** | $16351 | $13834 |
| **3/20** | $15106 | $12003 |
| **4/20** | $16488 | $13314 |
| **5/20** | $17126 | $13957 |
| **6/20** | $17451 | $14326 |
| **7/20** | $18364 | $15012 |
| **8/20** | $19033 | $16015 |
| **9/20** | $18564 | $15462 |
| **10/20** | $17657 | $14988 |
| **11/20** | $18877 | $16904 |
| **12/20** | $19563 | $17621 |
| **1/21** | $19048 | $17446 |
| **2/21** | $18971 | $17893 |
| **3/21** | $19775 | $18488 |
| **4/21** | $20817 | $19349 |
| **5/21** | $20940 | $19627 |
| **6/21** | $21403 | $19920 |
| **7/21** | $21995 | $20277 |
| **8/21** | $22188 | $20781 |
| **9/21** | $21306 | $19919 |
| **10/21** | $22599 | $21047 |
| **11/21** | $21995 | $20586 |
| **12/21** | $23675 | $21465 |
| **1/22** | $22241 | $20330 |
| **2/22** | $21492 | $19816 |
| **3/22** | $21499 | $20359 |
| **4/22** | $20506 | $18668 |
| **5/22** | $20532 | $18682 |
| **6/22** | $19250 | $17064 |
| **7/22** | $20512 | $18419 |
| **8/22** | $19375 | $17649 |
| **9/22** | $17567 | $16008 |
| **10/22** | $18474 | $17158 |
| **11/22** | $20092 | $18351 |
| **12/22** | $19446 | $17571 |
| **1/23** | $20323 | $18815 |
| **2/23** | $19546 | $18362 |
| **3/23** | $20635 | $18930 |
| **4/23** | $21312 | $19261 |
| **5/23** | $20542 | $19069 |
| **6/23** | $21664 | $20222 |
| **7/23** | $21870 | $20902 |
| **8/23** | $21750 | $20403 |
| **9/23** | $20562 | $19522 |
| **10/23** | $20170 | $18956 |
| **11/23** | $21850 | $20733 |
| **12/23** | $22474 | $21751 |
| **1/24** | $22938 | $22012 |
| **2/24** | $23543 | $22945 |
| **3/24** | $23537 | $23683 |
| **4/24** | $22225 | $22803 |
| **5/24** | $22702 | $23821 |
| **6/24** | $23032 | $24306 |
| **7/24** | $23839 | $24734 |
| **8/24** | $24687 | $25388 |
| **9/24** | $25178 | $25853 |
| **10/24** | $24377 | $25340 |
| **11/24** | $25050 | $26503 |
| **12/24** | $24306 | $25812 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 8.15% | 6.90% | 9.29% |
| MSCI World Net Index | 18.67% | 11.17% | 9.95% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2763486138 |
| # of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $20891138 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg183.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.1% |
| Communication Services | 2.9% |
| Consumer Discretionary | 5.9% |
| Industrials | 11.8% |
| Health Care | 15.4% |
| Consumer Staples | 18.0% |
| Financals | 21.8% |
| Information Technology | 23.1% |

---

### Top Ten Holdings (% of total investments)

---

| | |
|:---|:---|
| Microsoft Corp. | 7.8% |
| SAP SE | 7.3% |
| Visa, Inc. | 6.6% |
| L'Oreal SA | 4.2% |
| Accenture PLC | 4.1% |
| Aon PLC | 4.1% |
| Procter & Gamble Co. | 3.3% |
| RELX PLC | 3.2% |
| Abbott Laboratories | 3.2% |
| Becton Dickinson & Co. | 3.1% |
| Total | 46.9% |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSFLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio

# Class R6 MGISX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $87 | 0.83% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Net Index:

↓ Stock selection in information technology (IT) and consumer staples was the primary detractor

↓ The portfolio's tilt toward software and IT services significantly lagged semiconductors and hardware. The relative performance impact of the "Magnificent Seven" was notable: the portfolio owned Microsoft and Alphabet, but the Fund's high quality bar and strict valuation discipline precluded it from owning the other five, which detracted significantly.

↓ Consumer staples weakness was primarily down to stock-specific issues: Pernod Ricard and L'Oréal faced weakening U.S. and China demand and tariff threats, Constellation Brands suffered due to Mexican tariff fears, and we exited Reckitt Benckiser following a partial recovery in its share price

↑ Financials sector overweight

↑ Not owning the low quality, cyclical sectors, specifically materials, energy and real estate

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg166.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI World Net Index** |
| **5/15** | $5000000 | $5000000 |
| **5/15** | $5000000 | $5000000 |
| **6/15** | $4883667 | $5000000 |
| **7/15** | $5164236 | $4971402 |
| **8/15** | $4730168 | $4642421 |
| **9/15** | $4765363 | $4471189 |
| **10/15** | $5201777 | $4825504 |
| **11/15** | $5105578 | $4801494 |
| **12/15** | $5022399 | $4717096 |
| **1/16** | $5027342 | $4434900 |
| **2/16** | $4908703 | $4401893 |
| **3/16** | $5212716 | $4700601 |
| **4/16** | $5230017 | $4774981 |
| **5/16** | $5299224 | $4801800 |
| **6/16** | $5368430 | $4747994 |
| **7/16** | $5398732 | $4948589 |
| **8/16** | $5396250 | $4952702 |
| **9/16** | $5403696 | $4979010 |
| **10/16** | $5284552 | $4882652 |
| **11/16** | $5162925 | $4952860 |
| **12/16** | $5308853 | $5071374 |
| **1/17** | $5479357 | $5193772 |
| **2/17** | $5706695 | $5337865 |
| **3/17** | $5835864 | $5394724 |
| **4/17** | $5967616 | $5474603 |
| **5/17** | $6241455 | $5590415 |
| **6/17** | $6184621 | $5611924 |
| **7/17** | $6239151 | $5746231 |
| **8/17** | $6208110 | $5754323 |
| **9/17** | $6197763 | $5883474 |
| **10/17** | $6373660 | $5994663 |
| **11/17** | $6536622 | $6124553 |
| **12/17** | $6689166 | $6207378 |
| **1/18** | $6957057 | $6535129 |
| **2/18** | $6589045 | $6264395 |
| **3/18** | $6629635 | $6127853 |
| **4/18** | $6597163 | $6198270 |
| **5/18** | $6672930 | $6237111 |
| **6/18** | $6916468 | $6234135 |
| **7/18** | $7054230 | $6428850 |
| **8/18** | $7119673 | $6508393 |
| **9/18** | $7250560 | $6544632 |
| **10/18** | $6841540 | $6064074 |
| **11/18** | $7037869 | $6132961 |
| **12/18** | $6592295 | $5666623 |
| **1/19** | $6875681 | $6107519 |
| **2/19** | $7233491 | $6291171 |
| **3/19** | $7591301 | $6373802 |
| **4/19** | $7797400 | $6599813 |
| **5/19** | $7582714 | $6218998 |
| **6/19** | $7983461 | $6628798 |
| **7/19** | $8000636 | $6661633 |
| **8/19** | $8037849 | $6525373 |
| **9/19** | $7989186 | $6664239 |
| **10/19** | $8052161 | $6833827 |
| **11/19** | $8298334 | $7024150 |
| **12/19** | $8548520 | $7234581 |
| **1/20** | $8689347 | $7190547 |
| **2/20** | $8042141 | $6582764 |
| **3/20** | $7433887 | $5711583 |
| **4/20** | $8120045 | $6335541 |
| **5/20** | $8443649 | $6641599 |
| **6/20** | $8605450 | $6817276 |
| **7/20** | $9063888 | $7143424 |
| **8/20** | $9402473 | $7620707 |
| **9/20** | $9174752 | $7357800 |
| **10/20** | $8731296 | $7132099 |
| **11/20** | $9342547 | $8044020 |
| **12/20** | $9688361 | $8385060 |
| **1/21** | $9440021 | $8301724 |
| **2/21** | $9408978 | $8514450 |
| **3/21** | $9815635 | $8797744 |
| **4/21** | $10337149 | $9207192 |
| **5/21** | $10405442 | $9339825 |
| **6/21** | $10644469 | $9479034 |
| **7/21** | $10948686 | $9648830 |
| **8/21** | $11051126 | $9888974 |
| **9/21** | $10619635 | $9478378 |
| **10/21** | $11271528 | $10015239 |
| **11/21** | $10976624 | $9795775 |
| **12/21** | $11824435 | $10214448 |
| **1/22** | $11115160 | $9673993 |
| **2/22** | $10747743 | $9429326 |
| **3/22** | $10760523 | $9688098 |
| **4/22** | $10268504 | $8883275 |
| **5/22** | $10287673 | $8890003 |
| **6/22** | $9655077 | $8119933 |
| **7/22** | $10294063 | $8764626 |
| **8/22** | $9731756 | $8398196 |
| **9/22** | $8830786 | $7617501 |
| **10/22** | $9290855 | $8164536 |
| **11/22** | $10111952 | $8732219 |
| **12/22** | $9794187 | $8361386 |
| **1/23** | $10243074 | $8953004 |
| **2/23** | $9859243 | $8737787 |
| **3/23** | $10415472 | $9007782 |
| **4/23** | $10763522 | $9165685 |
| **5/23** | $10382944 | $9074180 |
| **6/23** | $10955438 | $9622967 |
| **7/23** | $11069286 | $9946229 |
| **8/23** | $11013988 | $9708656 |
| **9/23** | $10418725 | $9289840 |
| **10/23** | $10226810 | $9020287 |
| **11/23** | $11088802 | $9865958 |
| **12/23** | $11412213 | $10350320 |
| **1/24** | $11657923 | $10474529 |
| **2/24** | $11973361 | $10918624 |
| **3/24** | $11980001 | $11269492 |
| **4/24** | $11319242 | $10850890 |
| **5/24** | $11568272 | $11335404 |
| **6/24** | $11744253 | $11566056 |
| **7/24** | $12165944 | $11769878 |
| **8/24** | $12607557 | $12080961 |
| **9/24** | $12869868 | $12302211 |
| **10/24** | $12468100 | $12058173 |
| **11/24** | $12823383 | $12611482 |
| **12/24** | $12446807 | $12282819 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/29/15 (Inception)* |
| Class R6 | 9.07% | 7.80% | 9.98% |
| MSCI World Net Index | 18.67% | 11.17% | 9.82% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2763486138 |
| # of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $20891138 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg221.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.1% |
| Communication Services | 2.9% |
| Consumer Discretionary | 5.9% |
| Industrials | 11.8% |
| Health Care | 15.4% |
| Consumer Staples | 18.0% |
| Financals | 21.8% |
| Information Technology | 23.1% |

---

### Top Ten Holdings (% of total investments)

---

| | |
|:---|:---|
| Microsoft Corp. | 7.8% |
| SAP SE | 7.3% |
| Visa, Inc. | 6.6% |
| L'Oreal SA | 4.2% |
| Accenture PLC | 4.1% |
| Aon PLC | 4.1% |
| Procter & Gamble Co. | 3.3% |
| RELX PLC | 3.2% |
| Abbott Laboratories | 3.2% |
| Becton Dickinson & Co. | 3.1% |
| Total | 46.9% |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGISX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio

# Class A MIGPX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $163 | 1.32% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↑ Stock selection and average overweight in consumer discretionary, led by a position in a leading seller of used cars online in the United States

↑ Stock selection in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Stock selection and average underweight in industrials, where an operator of a leading global ridesharing services platform (sold) and an operator of a Southeast Asian super app (an integrated app platform combining multiple services) contributed

↓ Stock selection in health care, where a position in an underperforming health care services provider was the largest detractor

↓ Average underweight to financials

↓ Stock selection in materials, driven by a position in a company that uses genetic engineering/synthetic biology technology to transform manufacturing of physical products (sold from the portfolio)

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg120.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World Net Index** |
| **12/14** | $9478 | $10000 |
| **1/15** | $9575 | $9844 |
| **2/15** | $10075 | $10392 |
| **3/15** | $10000 | $10231 |
| **4/15** | $10052 | $10528 |
| **5/15** | $10007 | $10514 |
| **6/15** | $9933 | $10266 |
| **7/15** | $10222 | $10355 |
| **8/15** | $9470 | $9646 |
| **9/15** | $9158 | $9296 |
| **10/15** | $9956 | $10026 |
| **11/15** | $10040 | $9943 |
| **12/15** | $9800 | $9764 |
| **1/16** | $9130 | $9175 |
| **2/16** | $8795 | $9112 |
| **3/16** | $9330 | $9787 |
| **4/16** | $9409 | $9931 |
| **5/16** | $9521 | $9944 |
| **6/16** | $9489 | $9884 |
| **7/16** | $9995 | $10310 |
| **8/16** | $10068 | $10344 |
| **9/16** | $10237 | $10408 |
| **10/16** | $10011 | $10231 |
| **11/16** | $9778 | $10309 |
| **12/16** | $9789 | $10531 |
| **1/17** | $10286 | $10819 |
| **2/17** | $10547 | $11123 |
| **3/17** | $10889 | $11259 |
| **4/17** | $11533 | $11434 |
| **5/17** | $12087 | $11687 |
| **6/17** | $12006 | $11740 |
| **7/17** | $12519 | $12068 |
| **8/17** | $12748 | $12114 |
| **9/17** | $12699 | $12348 |
| **10/17** | $13066 | $12605 |
| **11/17** | $13481 | $12849 |
| **12/17** | $13805 | $13056 |
| **1/18** | $14903 | $13793 |
| **2/18** | $14567 | $13213 |
| **3/18** | $14231 | $12931 |
| **4/18** | $14558 | $13054 |
| **5/18** | $14894 | $13070 |
| **6/18** | $14966 | $13000 |
| **7/18** | $14821 | $13392 |
| **8/18** | $15264 | $13497 |
| **9/18** | $15218 | $13555 |
| **10/18** | $13647 | $12540 |
| **11/18** | $13946 | $12723 |
| **12/18** | $12972 | $11827 |
| **1/19** | $14315 | $12761 |
| **2/19** | $15129 | $13102 |
| **3/19** | $15621 | $13267 |
| **4/19** | $16312 | $13715 |
| **5/19** | $15678 | $12901 |
| **6/19** | $16634 | $13746 |
| **7/19** | $16794 | $13786 |
| **8/19** | $16208 | $13459 |
| **9/19** | $15839 | $13742 |
| **10/19** | $15981 | $14119 |
| **11/19** | $16804 | $14463 |
| **12/19** | $16998 | $14973 |
| **1/20** | $17782 | $14807 |
| **2/20** | $16921 | $13611 |
| **3/20** | $14841 | $11774 |
| **4/20** | $17637 | $13035 |
| **5/20** | $21023 | $13602 |
| **6/20** | $23403 | $14036 |
| **7/20** | $25377 | $14779 |
| **8/20** | $27108 | $15683 |
| **9/20** | $26557 | $15178 |
| **10/20** | $26247 | $14809 |
| **11/20** | $30940 | $16634 |
| **12/20** | $33056 | $17406 |
| **1/21** | $32535 | $17327 |
| **2/21** | $33968 | $17729 |
| **3/21** | $31452 | $18202 |
| **4/21** | $32505 | $18998 |
| **5/21** | $31252 | $19294 |
| **6/21** | $33858 | $19548 |
| **7/21** | $33547 | $19682 |
| **8/21** | $34239 | $20175 |
| **9/21** | $31432 | $19342 |
| **10/21** | $33607 | $20329 |
| **11/21** | $31352 | $19839 |
| **12/21** | $28266 | $20633 |
| **1/22** | $21587 | $19620 |
| **2/22** | $21764 | $19113 |
| **3/22** | $19989 | $19527 |
| **4/22** | $15698 | $17964 |
| **5/22** | $13778 | $17985 |
| **6/22** | $12665 | $16469 |
| **7/22** | $14520 | $17619 |
| **8/22** | $14440 | $16970 |
| **9/22** | $13181 | $15346 |
| **10/22** | $13520 | $16272 |
| **11/22** | $13455 | $17534 |
| **12/22** | $11919 | $16844 |
| **1/23** | $14180 | $18051 |
| **2/23** | $13615 | $17534 |
| **3/23** | $14390 | $18075 |
| **4/23** | $13679 | $18334 |
| **5/23** | $14891 | $18138 |
| **6/23** | $15973 | $19191 |
| **7/23** | $17346 | $19894 |
| **8/23** | $15747 | $19338 |
| **9/23** | $14745 | $18538 |
| **10/23** | $13453 | $17981 |
| **11/23** | $15924 | $19640 |
| **12/23** | $17943 | $20584 |
| **1/24** | $16716 | $20704 |
| **2/24** | $18783 | $21593 |
| **3/24** | $19332 | $22271 |
| **4/24** | $17830 | $21536 |
| **5/24** | $17862 | $22411 |
| **6/24** | $18508 | $22910 |
| **7/24** | $18686 | $23279 |
| **8/24** | $20059 | $23870 |
| **9/24** | $21351 | $24425 |
| **10/24** | $22724 | $23877 |
| **11/24** | $27892 | $24770 |
| **12/24** | $26499 | $24183 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 47.68% | 9.29% | 10.83% |
| Class A, with 5.25% maximum front end sales charge | 39.88% | 8.12% | 10.24% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 9.23% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $69383054 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $274227 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg154.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.4% |
| Industrials | 2.6% |
| Investment Companies | 2.8% |
| Health Care | 6.3% |
| Communication Services | 9.1% |
| Financals | 12.6% |
| Information Technology | 29.8% |
| Consumer Discretionary | 34.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Tesla, Inc. | 8.9% |
| Cloudflare, Inc. | 8.2% |
| Global-e Online Ltd. | 6.6% |
| Affirm Holdings, Inc. | 6.3% |
| Shopify, Inc. | 6.3% |
| Adyen NV | 5.9% |
| MercadoLibre, Inc. | 5.4% |
| DoorDash, Inc. | 4.9% |
| Aurora Innovation, Inc. | 4.5% |
| Trade Desk, Inc. | 4.3% |
| Total | 61.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MIGPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio

# Class C MSPTX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $259 | 2.10% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↑ Stock selection and average overweight in consumer discretionary, led by a position in a leading seller of used cars online in the United States

↑ Stock selection in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Stock selection and average underweight in industrials, where an operator of a leading global ridesharing services platform (sold) and an operator of a Southeast Asian super app (an integrated app platform combining multiple services) contributed

↓ Stock selection in health care, where a position in an underperforming health care services provider was the largest detractor

↓ Average underweight to financials

↓ Stock selection in materials, driven by a position in a company that uses genetic engineering/synthetic biology technology to transform manufacturing of physical products (sold from the portfolio)

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg186.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country World Net Index** |
| **4/15** | $10000 | $10000 |
| **5/15** | $9947 | $9987 |
| **6/15** | $9865 | $9752 |
| **7/15** | $10148 | $9837 |
| **8/15** | $9396 | $9162 |
| **9/15** | $9089 | $8830 |
| **10/15** | $9864 | $9523 |
| **11/15** | $9948 | $9445 |
| **12/15** | $9706 | $9274 |
| **1/16** | $9029 | $8715 |
| **2/16** | $8691 | $8655 |
| **3/16** | $9215 | $9296 |
| **4/16** | $9287 | $9434 |
| **5/16** | $9400 | $9446 |
| **6/16** | $9352 | $9388 |
| **7/16** | $9847 | $9793 |
| **8/16** | $9913 | $9826 |
| **9/16** | $10076 | $9886 |
| **10/16** | $9847 | $9718 |
| **11/16** | $9611 | $9792 |
| **12/16** | $9614 | $10004 |
| **1/17** | $10101 | $10277 |
| **2/17** | $10348 | $10566 |
| **3/17** | $10678 | $10695 |
| **4/17** | $11305 | $10861 |
| **5/17** | $11849 | $11101 |
| **6/17** | $11758 | $11152 |
| **7/17** | $12253 | $11463 |
| **8/17** | $12459 | $11507 |
| **9/17** | $12409 | $11730 |
| **10/17** | $12764 | $11973 |
| **11/17** | $13160 | $12205 |
| **12/17** | $13462 | $12402 |
| **1/18** | $14522 | $13101 |
| **2/18** | $14181 | $12551 |
| **3/18** | $13849 | $12283 |
| **4/18** | $14154 | $12400 |
| **5/18** | $14476 | $12415 |
| **6/18** | $14532 | $12348 |
| **7/18** | $14393 | $12720 |
| **8/18** | $14806 | $12820 |
| **9/18** | $14750 | $12876 |
| **10/18** | $13228 | $11911 |
| **11/18** | $13494 | $12086 |
| **12/18** | $12550 | $11234 |
| **1/19** | $13841 | $12121 |
| **2/19** | $14611 | $12446 |
| **3/19** | $15083 | $12602 |
| **4/19** | $15738 | $13028 |
| **5/19** | $15122 | $12255 |
| **6/19** | $16027 | $13057 |
| **7/19** | $16172 | $13095 |
| **8/19** | $15594 | $12785 |
| **9/19** | $15228 | $13054 |
| **10/19** | $15353 | $13411 |
| **11/19** | $16133 | $13738 |
| **12/19** | $16312 | $14222 |
| **1/20** | $17052 | $14065 |
| **2/20** | $16213 | $12929 |
| **3/20** | $14211 | $11184 |
| **4/20** | $16884 | $12382 |
| **5/20** | $20109 | $12920 |
| **6/20** | $22367 | $13333 |
| **7/20** | $24241 | $14038 |
| **8/20** | $25878 | $14897 |
| **9/20** | $25336 | $14417 |
| **10/20** | $25020 | $14067 |
| **11/20** | $29478 | $15800 |
| **12/20** | $31477 | $16534 |
| **1/21** | $30965 | $16459 |
| **2/21** | $32307 | $16840 |
| **3/21** | $29889 | $17290 |
| **4/21** | $30883 | $18046 |
| **5/21** | $29664 | $18327 |
| **6/21** | $32122 | $18568 |
| **7/21** | $31815 | $18696 |
| **8/21** | $32440 | $19164 |
| **9/21** | $29766 | $18372 |
| **10/21** | $31805 | $19310 |
| **11/21** | $29654 | $18845 |
| **12/21** | $26711 | $19599 |
| **1/22** | $20398 | $18637 |
| **2/22** | $20554 | $18155 |
| **3/22** | $18854 | $18548 |
| **4/22** | $14795 | $17064 |
| **5/22** | $12991 | $17084 |
| **6/22** | $11916 | $15644 |
| **7/22** | $13668 | $16736 |
| **8/22** | $13564 | $16120 |
| **9/22** | $12384 | $14577 |
| **10/22** | $12696 | $15456 |
| **11/22** | $12627 | $16655 |
| **12/22** | $11201 | $16000 |
| **1/23** | $13302 | $17147 |
| **2/23** | $12746 | $16655 |
| **3/23** | $13476 | $17169 |
| **4/23** | $12816 | $17416 |
| **5/23** | $13951 | $17229 |
| **6/23** | $14964 | $18229 |
| **7/23** | $16251 | $18897 |
| **8/23** | $14753 | $18369 |
| **9/23** | $13814 | $17609 |
| **10/23** | $12604 | $17080 |
| **11/23** | $14919 | $18656 |
| **12/23** | $16810 | $19552 |
| **1/24** | $15660 | $19667 |
| **2/24** | $17597 | $20511 |
| **3/24** | $18112 | $21155 |
| **4/24** | $16704 | $20457 |
| **5/24** | $16735 | $21288 |
| **6/24** | $17340 | $21762 |
| **7/24** | $17506 | $22113 |
| **8/24** | $18793 | $22674 |
| **9/24** | $20003 | $23201 |
| **10/24** | $21289 | $22680 |
| **11/24** | $26131 | $23529 |
| **12/24** | $24826 | $22972 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/15 (Inception)* |
| Class C, with conversion to Class A after 8 years | 46.49% | 8.45% | 9.86% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 45.49% | 8.45% | 9.86% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 8.98% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $69383054 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $274227 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg101.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.4% |
| Industrials | 2.6% |
| Investment Companies | 2.8% |
| Health Care | 6.3% |
| Communication Services | 9.1% |
| Financals | 12.6% |
| Information Technology | 29.8% |
| Consumer Discretionary | 34.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Tesla, Inc. | 8.9% |
| Cloudflare, Inc. | 8.2% |
| Global-e Online Ltd. | 6.6% |
| Affirm Holdings, Inc. | 6.3% |
| Shopify, Inc. | 6.3% |
| Adyen NV | 5.9% |
| MercadoLibre, Inc. | 5.4% |
| DoorDash, Inc. | 4.9% |
| Aurora Innovation, Inc. | 4.5% |
| Trade Desk, Inc. | 4.3% |
| Total | 61.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSPTX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio

# Class I MIGIX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $124 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↑ Stock selection and average overweight in consumer discretionary, led by a position in a leading seller of used cars online in the United States

↑ Stock selection in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Stock selection and average underweight in industrials, where an operator of a leading global ridesharing services platform (sold) and an operator of a Southeast Asian super app (an integrated app platform combining multiple services) contributed

↓ Stock selection in health care, where a position in an underperforming health care services provider was the largest detractor

↓ Average underweight to financials

↓ Stock selection in materials, driven by a position in a company that uses genetic engineering/synthetic biology technology to transform manufacturing of physical products (sold from the portfolio)

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg093.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country World Net Index** |
| **12/14** | $1000000 | $1000000 |
| **1/15** | $1010989 | $984369 |
| **2/15** | $1064364 | $1039171 |
| **3/15** | $1056515 | $1023066 |
| **4/15** | $1062009 | $1052752 |
| **5/15** | $1058085 | $1051379 |
| **6/15** | $1050235 | $1026626 |
| **7/15** | $1081411 | $1035542 |
| **8/15** | $1002107 | $964555 |
| **9/15** | $970065 | $929611 |
| **10/15** | $1054175 | $1002568 |
| **11/15** | $1063788 | $994291 |
| **12/15** | $1038522 | $976361 |
| **1/16** | $967943 | $917476 |
| **2/16** | $931813 | $911160 |
| **3/16** | $989789 | $978686 |
| **4/16** | $998191 | $993133 |
| **5/16** | $1010795 | $994387 |
| **6/16** | $1007434 | $988364 |
| **7/16** | $1060792 | $1030959 |
| **8/16** | $1069285 | $1034426 |
| **9/16** | $1087970 | $1040765 |
| **10/16** | $1064190 | $1023101 |
| **11/16** | $1039560 | $1030876 |
| **12/16** | $1040741 | $1053144 |
| **1/17** | $1094839 | $1081941 |
| **2/17** | $1122318 | $1112291 |
| **3/17** | $1159242 | $1125898 |
| **4/17** | $1227938 | $1143445 |
| **5/17** | $1288046 | $1168695 |
| **6/17** | $1279459 | $1174010 |
| **7/17** | $1334416 | $1206819 |
| **8/17** | $1358460 | $1211443 |
| **9/17** | $1354166 | $1234848 |
| **10/17** | $1393666 | $1260490 |
| **11/17** | $1438318 | $1284891 |
| **12/17** | $1473256 | $1305605 |
| **1/18** | $1589741 | $1379263 |
| **2/18** | $1554414 | $1321337 |
| **3/18** | $1520041 | $1293051 |
| **4/18** | $1554414 | $1305399 |
| **5/18** | $1591651 | $1307029 |
| **6/18** | $1599289 | $1299951 |
| **7/18** | $1584913 | $1339153 |
| **8/18** | $1631557 | $1349674 |
| **9/18** | $1627670 | $1355548 |
| **10/18** | $1460530 | $1253965 |
| **11/18** | $1493005 | $1272304 |
| **12/18** | $1388564 | $1182690 |
| **1/19** | $1532792 | $1276075 |
| **2/19** | $1620323 | $1310206 |
| **3/19** | $1674035 | $1326684 |
| **4/19** | $1747641 | $1371480 |
| **5/19** | $1680998 | $1290125 |
| **6/19** | $1783449 | $1374602 |
| **7/19** | $1801354 | $1378630 |
| **8/19** | $1738689 | $1345925 |
| **9/19** | $1698902 | $1374246 |
| **10/19** | $1714817 | $1411857 |
| **11/19** | $1804338 | $1446323 |
| **12/19** | $1825803 | $1497255 |
| **1/20** | $1910180 | $1480717 |
| **2/20** | $1817670 | $1361120 |
| **3/20** | $1595036 | $1177364 |
| **4/20** | $1896965 | $1303489 |
| **5/20** | $2260905 | $1360179 |
| **6/20** | $2517087 | $1403640 |
| **7/20** | $2730572 | $1477875 |
| **8/20** | $2916609 | $1568328 |
| **9/20** | $2857646 | $1517760 |
| **10/20** | $2825115 | $1480866 |
| **11/20** | $3331379 | $1663401 |
| **12/20** | $3559865 | $1740632 |
| **1/21** | $3504095 | $1732716 |
| **2/21** | $3658780 | $1772851 |
| **3/21** | $3388344 | $1820203 |
| **4/21** | $3504095 | $1899787 |
| **5/21** | $3369403 | $1929352 |
| **6/21** | $3650362 | $1954776 |
| **7/21** | $3618793 | $1968246 |
| **8/21** | $3693505 | $2017510 |
| **9/21** | $3392553 | $1934167 |
| **10/21** | $3628264 | $2032894 |
| **11/21** | $3385187 | $1983941 |
| **12/21** | $3052559 | $2063299 |
| **1/22** | $2332741 | $1961966 |
| **2/22** | $2352736 | $1911293 |
| **3/22** | $2161118 | $1952690 |
| **4/22** | $1696236 | $1796393 |
| **5/22** | $1491288 | $1798496 |
| **6/22** | $1369652 | $1646889 |
| **7/22** | $1571268 | $1761895 |
| **8/22** | $1562937 | $1697031 |
| **9/22** | $1426305 | $1534576 |
| **10/22** | $1464628 | $1627183 |
| **11/22** | $1456297 | $1753393 |
| **12/22** | $1292622 | $1684395 |
| **1/23** | $1537803 | $1805127 |
| **2/23** | $1474423 | $1753392 |
| **3/23** | $1559486 | $1807454 |
| **4/23** | $1484431 | $1833431 |
| **5/23** | $1614527 | $1813794 |
| **6/23** | $1732948 | $1919105 |
| **7/23** | $1883059 | $1989360 |
| **8/23** | $1709597 | $1933769 |
| **9/23** | $1601184 | $1853806 |
| **10/23** | $1461080 | $1798068 |
| **11/23** | $1731280 | $1964022 |
| **12/23** | $1949775 | $2058362 |
| **1/24** | $1818011 | $2070429 |
| **2/24** | $2043177 | $2159278 |
| **3/24** | $2103221 | $2227072 |
| **4/24** | $1941435 | $2153594 |
| **5/24** | $1943103 | $2241060 |
| **6/24** | $2014823 | $2290973 |
| **7/24** | $2034837 | $2327921 |
| **8/24** | $2184948 | $2387042 |
| **9/24** | $2325052 | $2442495 |
| **10/24** | $2476831 | $2387669 |
| **11/24** | $3040581 | $2476977 |
| **12/24** | $2888169 | $2418342 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 48.13% | 9.61% | 11.19% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 9.23% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $69383054 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $274227 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg157.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.4% |
| Industrials | 2.6% |
| Investment Companies | 2.8% |
| Health Care | 6.3% |
| Communication Services | 9.1% |
| Financals | 12.6% |
| Information Technology | 29.8% |
| Consumer Discretionary | 34.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Tesla, Inc. | 8.9% |
| Cloudflare, Inc. | 8.2% |
| Global-e Online Ltd. | 6.6% |
| Affirm Holdings, Inc. | 6.3% |
| Shopify, Inc. | 6.3% |
| Adyen NV | 5.9% |
| MercadoLibre, Inc. | 5.4% |
| DoorDash, Inc. | 4.9% |
| Aurora Innovation, Inc. | 4.5% |
| Trade Desk, Inc. | 4.3% |
| Total | 61.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MIGIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio

# Class L MIGLX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $228 | 1.85% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↑ Stock selection and average overweight in consumer discretionary, led by a position in a leading seller of used cars online in the United States

↑ Stock selection in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Stock selection and average underweight in industrials, where an operator of a leading global ridesharing services platform (sold) and an operator of a Southeast Asian super app (an integrated app platform combining multiple services) contributed

↓ Stock selection in health care, where a position in an underperforming health care services provider was the largest detractor

↓ Average underweight to financials

↓ Stock selection in materials, driven by a position in a company that uses genetic engineering/synthetic biology technology to transform manufacturing of physical products (sold from the portfolio)

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg123.jpg)

---

| | | |
|:---|:---|:---|
| | **Class L** | **MSCI All Country World Net Index** |
| **12/14** | $10000 | $10000 |
| **1/15** | $10104 | $9844 |
| **2/15** | $10621 | $10392 |
| **3/15** | $10541 | $10231 |
| **4/15** | $10589 | $10528 |
| **5/15** | $10541 | $10514 |
| **6/15** | $10454 | $10266 |
| **7/15** | $10754 | $10355 |
| **8/15** | $9960 | $9646 |
| **9/15** | $9635 | $9296 |
| **10/15** | $10462 | $10026 |
| **11/15** | $10552 | $9943 |
| **12/15** | $10296 | $9764 |
| **1/16** | $9581 | $9175 |
| **2/16** | $9223 | $9112 |
| **3/16** | $9785 | $9787 |
| **4/16** | $9862 | $9931 |
| **5/16** | $9981 | $9944 |
| **6/16** | $9938 | $9884 |
| **7/16** | $10462 | $10310 |
| **8/16** | $10540 | $10344 |
| **9/16** | $10712 | $10408 |
| **10/16** | $10471 | $10231 |
| **11/16** | $10221 | $10309 |
| **12/16** | $10224 | $10531 |
| **1/17** | $10747 | $10819 |
| **2/17** | $11017 | $11123 |
| **3/17** | $11365 | $11259 |
| **4/17** | $12036 | $11434 |
| **5/17** | $12611 | $11687 |
| **6/17** | $12524 | $11740 |
| **7/17** | $13046 | $12068 |
| **8/17** | $13272 | $12114 |
| **9/17** | $13220 | $12348 |
| **10/17** | $13603 | $12605 |
| **11/17** | $14021 | $12849 |
| **12/17** | $14348 | $13056 |
| **1/18** | $15487 | $13793 |
| **2/18** | $15127 | $13213 |
| **3/18** | $14776 | $12931 |
| **4/18** | $15107 | $13054 |
| **5/18** | $15448 | $13070 |
| **6/18** | $15516 | $13000 |
| **7/18** | $15369 | $13392 |
| **8/18** | $15805 | $13497 |
| **9/18** | $15756 | $13555 |
| **10/18** | $14131 | $12540 |
| **11/18** | $14432 | $12723 |
| **12/18** | $13416 | $11827 |
| **1/19** | $14797 | $12761 |
| **2/19** | $15630 | $13102 |
| **3/19** | $16138 | $13267 |
| **4/19** | $16839 | $13715 |
| **5/19** | $16179 | $12901 |
| **6/19** | $17154 | $13746 |
| **7/19** | $17316 | $13786 |
| **8/19** | $16697 | $13459 |
| **9/19** | $16311 | $13742 |
| **10/19** | $16453 | $14119 |
| **11/19** | $17296 | $14463 |
| **12/19** | $17484 | $14973 |
| **1/20** | $18285 | $14807 |
| **2/20** | $17391 | $13611 |
| **3/20** | $15249 | $11774 |
| **4/20** | $18118 | $13035 |
| **5/20** | $21580 | $13602 |
| **6/20** | $24012 | $14036 |
| **7/20** | $26019 | $14779 |
| **8/20** | $27786 | $15683 |
| **9/20** | $27204 | $15178 |
| **10/20** | $26871 | $14809 |
| **11/20** | $31663 | $16634 |
| **12/20** | $33812 | $17406 |
| **1/21** | $33251 | $17327 |
| **2/21** | $34697 | $17729 |
| **3/21** | $32107 | $18202 |
| **4/21** | $33175 | $18998 |
| **5/21** | $31881 | $19294 |
| **6/21** | $34524 | $19548 |
| **7/21** | $34200 | $19682 |
| **8/21** | $34880 | $20175 |
| **9/21** | $32010 | $19342 |
| **10/21** | $34211 | $20329 |
| **11/21** | $31891 | $19839 |
| **12/21** | $28753 | $20633 |
| **1/22** | $21947 | $19620 |
| **2/22** | $22127 | $19113 |
| **3/22** | $20291 | $19527 |
| **4/22** | $15934 | $17964 |
| **5/22** | $13989 | $17985 |
| **6/22** | $12837 | $16469 |
| **7/22** | $14728 | $17619 |
| **8/22** | $14638 | $16970 |
| **9/22** | $13359 | $15346 |
| **10/22** | $13683 | $16272 |
| **11/22** | $13611 | $17534 |
| **12/22** | $12059 | $16844 |
| **1/23** | $14348 | $18051 |
| **2/23** | $13753 | $17534 |
| **3/23** | $14528 | $18075 |
| **4/23** | $13825 | $18334 |
| **5/23** | $15033 | $18138 |
| **6/23** | $16114 | $19191 |
| **7/23** | $17502 | $19894 |
| **8/23** | $15880 | $19338 |
| **9/23** | $14871 | $18538 |
| **10/23** | $13537 | $17981 |
| **11/23** | $16024 | $19640 |
| **12/23** | $18061 | $20584 |
| **1/24** | $16817 | $20704 |
| **2/24** | $18890 | $21593 |
| **3/24** | $19431 | $22271 |
| **4/24** | $17917 | $21536 |
| **5/24** | $17935 | $22411 |
| **6/24** | $18584 | $22910 |
| **7/24** | $18746 | $23279 |
| **8/24** | $20116 | $23870 |
| **9/24** | $21396 | $24425 |
| **10/24** | $22784 | $23877 |
| **11/24** | $27939 | $24770 |
| **12/24** | $26523 | $24183 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 46.85% | 8.69% | 10.25% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 9.23% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $69383054 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $274227 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg229.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.4% |
| Industrials | 2.6% |
| Investment Companies | 2.8% |
| Health Care | 6.3% |
| Communication Services | 9.1% |
| Financals | 12.6% |
| Information Technology | 29.8% |
| Consumer Discretionary | 34.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Tesla, Inc. | 8.9% |
| Cloudflare, Inc. | 8.2% |
| Global-e Online Ltd. | 6.6% |
| Affirm Holdings, Inc. | 6.3% |
| Shopify, Inc. | 6.3% |
| Adyen NV | 5.9% |
| MercadoLibre, Inc. | 5.4% |
| DoorDash, Inc. | 4.9% |
| Aurora Innovation, Inc. | 4.5% |
| Trade Desk, Inc. | 4.3% |
| Total | 61.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MIGLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio

# Class R6 MGZZX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $118 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↑ Stock selection and average overweight in consumer discretionary, led by a position in a leading seller of used cars online in the United States

↑ Stock selection in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Stock selection and average underweight in industrials, where an operator of a leading global ridesharing services platform (sold) and an operator of a Southeast Asian super app (an integrated app platform combining multiple services) contributed

↓ Stock selection in health care, where a position in an underperforming health care services provider was the largest detractor

↓ Average underweight to financials

↓ Stock selection in materials, driven by a position in a company that uses genetic engineering/synthetic biology technology to transform manufacturing of physical products (sold from the portfolio)

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg084.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Net Index** |
| **6/21** | $5000000 | $5000000 |
| **6/21** | $5194669 | $5000000 |
| **7/21** | $5149745 | $5029961 |
| **8/21** | $5256065 | $5155858 |
| **9/21** | $4827793 | $4942870 |
| **10/21** | $5163223 | $5195172 |
| **11/21** | $4817311 | $5070070 |
| **12/21** | $4344401 | $5272875 |
| **1/22** | $3318838 | $5013912 |
| **2/22** | $3347325 | $4884416 |
| **3/22** | $3074317 | $4990208 |
| **4/22** | $2414348 | $4590782 |
| **5/22** | $2122347 | $4596155 |
| **6/22** | $1949046 | $4208716 |
| **7/22** | $2236298 | $4502621 |
| **8/22** | $2224428 | $4336857 |
| **9/22** | $2032135 | $3921693 |
| **10/22** | $2084363 | $4158356 |
| **11/22** | $2074867 | $4480892 |
| **12/22** | $1839296 | $4304564 |
| **1/23** | $2188620 | $4613102 |
| **2/23** | $2100695 | $4480890 |
| **3/23** | $2219513 | $4619048 |
| **4/23** | $2112577 | $4685435 |
| **5/23** | $2300308 | $4635252 |
| **6/23** | $2469029 | $4904379 |
| **7/23** | $2682901 | $5083918 |
| **8/23** | $2433384 | $4941854 |
| **9/23** | $2281298 | $4737504 |
| **10/23** | $2079308 | $4595062 |
| **11/23** | $2464277 | $5019167 |
| **12/23** | $2777955 | $5260258 |
| **1/24** | $2587847 | $5291095 |
| **2/24** | $2911031 | $5518153 |
| **3/24** | $2994203 | $5691406 |
| **4/24** | $2763697 | $5503630 |
| **5/24** | $2768450 | $5727152 |
| **6/24** | $2868257 | $5854708 |
| **7/24** | $2896773 | $5949130 |
| **8/24** | $3110644 | $6100217 |
| **9/24** | $3312634 | $6241931 |
| **10/24** | $3526506 | $6101820 |
| **11/24** | $4329713 | $6330050 |
| **12/24** | $4114296 | $6180208 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 6/14/21 (Inception)* |
| Class R6 | 48.11% | (5.35)% |
| MSCI All Country World Net Index | 17.49% | 6.16% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $69383054 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $274227 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg114.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.4% |
| Industrials | 2.6% |
| Investment Companies | 2.8% |
| Health Care | 6.3% |
| Communication Services | 9.1% |
| Financals | 12.6% |
| Information Technology | 29.8% |
| Consumer Discretionary | 34.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Tesla, Inc. | 8.9% |
| Cloudflare, Inc. | 8.2% |
| Global-e Online Ltd. | 6.6% |
| Affirm Holdings, Inc. | 6.3% |
| Shopify, Inc. | 6.3% |
| Adyen NV | 5.9% |
| MercadoLibre, Inc. | 5.4% |
| DoorDash, Inc. | 4.9% |
| Aurora Innovation, Inc. | 4.5% |
| Trade Desk, Inc. | 4.3% |
| Total | 61.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGZZX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio

# Class A MGGPX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $139 | 1.22% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↑ Stock selection in consumer discretionary, led by a holding in an online food delivery platform

↑ Stock selection in communication services, led by a social network, which was the largest positive contributor in the portfolio

↑ No exposure to health care

↓ Stock selection in financials, where exposure to an Indian private sector bank was the main detractor

↓ Stock selection and an underweight allocation to information technology, where a holding in a creative cloud software company was the main detractor

↓ Stock selection in industrials

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg060.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World Net Index** |
| **12/14** | $9476 | $10000 |
| **1/15** | $9703 | $9844 |
| **2/15** | $10207 | $10392 |
| **3/15** | $10207 | $10231 |
| **4/15** | $10614 | $10528 |
| **5/15** | $10710 | $10514 |
| **6/15** | $10876 | $10266 |
| **7/15** | $11106 | $10355 |
| **8/15** | $10330 | $9646 |
| **9/15** | $10136 | $9296 |
| **10/15** | $11175 | $10026 |
| **11/15** | $11341 | $9943 |
| **12/15** | $11197 | $9764 |
| **1/16** | $10666 | $9175 |
| **2/16** | $10156 | $9112 |
| **3/16** | $10771 | $9787 |
| **4/16** | $10932 | $9931 |
| **5/16** | $11197 | $9944 |
| **6/16** | $10932 | $9884 |
| **7/16** | $11625 | $10310 |
| **8/16** | $11633 | $10344 |
| **9/16** | $11879 | $10408 |
| **10/16** | $11797 | $10231 |
| **11/16** | $11386 | $10309 |
| **12/16** | $11267 | $10531 |
| **1/17** | $11920 | $10819 |
| **2/17** | $12423 | $11123 |
| **3/17** | $13053 | $11259 |
| **4/17** | $13601 | $11434 |
| **5/17** | $14307 | $11687 |
| **6/17** | $14254 | $11740 |
| **7/17** | $15223 | $12068 |
| **8/17** | $15493 | $12114 |
| **9/17** | $15756 | $12348 |
| **10/17** | $16183 | $12605 |
| **11/17** | $16394 | $12849 |
| **12/17** | $16791 | $13056 |
| **1/18** | $18185 | $13793 |
| **2/18** | $17831 | $13213 |
| **3/18** | $17710 | $12931 |
| **4/18** | $17996 | $13054 |
| **5/18** | $19082 | $13070 |
| **6/18** | $18863 | $13000 |
| **7/18** | $18642 | $13392 |
| **8/18** | $18908 | $13497 |
| **9/18** | $18657 | $13555 |
| **10/18** | $16586 | $12540 |
| **11/18** | $16844 | $12723 |
| **12/18** | $15789 | $11827 |
| **1/19** | $17443 | $12761 |
| **2/19** | $17967 | $13102 |
| **3/19** | $18687 | $13267 |
| **4/19** | $19621 | $13715 |
| **5/19** | $18703 | $12901 |
| **6/19** | $19848 | $13746 |
| **7/19** | $19697 | $13786 |
| **8/19** | $19454 | $13459 |
| **9/19** | $19143 | $13742 |
| **10/19** | $19818 | $14119 |
| **11/19** | $20812 | $14463 |
| **12/19** | $21320 | $14973 |
| **1/20** | $21738 | $14807 |
| **2/20** | $20782 | $13611 |
| **3/20** | $18809 | $11774 |
| **4/20** | $21206 | $13035 |
| **5/20** | $23043 | $13602 |
| **6/20** | $24750 | $14036 |
| **7/20** | $26427 | $14779 |
| **8/20** | $29484 | $15683 |
| **9/20** | $29355 | $15178 |
| **10/20** | $28786 | $14809 |
| **11/20** | $31950 | $16634 |
| **12/20** | $33053 | $17406 |
| **1/21** | $32646 | $17327 |
| **2/21** | $33844 | $17729 |
| **3/21** | $32631 | $18202 |
| **4/21** | $34574 | $18998 |
| **5/21** | $33998 | $19294 |
| **6/21** | $35157 | $19548 |
| **7/21** | $34205 | $19682 |
| **8/21** | $34927 | $20175 |
| **9/21** | $33322 | $19342 |
| **10/21** | $35042 | $20329 |
| **11/21** | $33022 | $19839 |
| **12/21** | $33035 | $20633 |
| **1/22** | $29413 | $19620 |
| **2/22** | $27150 | $19113 |
| **3/22** | $26317 | $19527 |
| **4/22** | $22371 | $17964 |
| **5/22** | $21239 | $17985 |
| **6/22** | $19105 | $16469 |
| **7/22** | $21320 | $17619 |
| **8/22** | $20787 | $16970 |
| **9/22** | $18329 | $15346 |
| **10/22** | $18976 | $16272 |
| **11/22** | $20754 | $17534 |
| **12/22** | $19246 | $16844 |
| **1/23** | $22396 | $18051 |
| **2/23** | $21774 | $17534 |
| **3/23** | $23198 | $18075 |
| **4/23** | $23328 | $18334 |
| **5/23** | $24201 | $18138 |
| **6/23** | $25826 | $19191 |
| **7/23** | $27170 | $19894 |
| **8/23** | $26227 | $19338 |
| **9/23** | $24542 | $18538 |
| **10/23** | $23900 | $17981 |
| **11/23** | $27441 | $19640 |
| **12/23** | $28733 | $20584 |
| **1/24** | $29297 | $20704 |
| **2/24** | $32005 | $21593 |
| **3/24** | $32334 | $22271 |
| **4/24** | $30702 | $21536 |
| **5/24** | $30856 | $22411 |
| **6/24** | $32087 | $22910 |
| **7/24** | $31338 | $23279 |
| **8/24** | $33329 | $23870 |
| **9/24** | $35185 | $24425 |
| **10/24** | $35575 | $23877 |
| **11/24** | $37688 | $24770 |
| **12/24** | $36517 | $24183 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 27.09% | 11.36% | 14.44% |
| Class A, with 5.25% maximum front end sales charge | 20.43% | 10.17% | 13.83% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 9.23% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3093035628 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $22188836 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg206.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.3% |
| Industrials | 14.0% |
| Communication Services | 15.1% |
| Information Technology | 17.4% |
| Financials | 18.0% |
| Consumer Discretionary | 30.2% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| ServiceNow, Inc. | 6.9% |
| Meta Platforms, Inc. | 6.8% |
| DSV AS | 4.8% |
| Uber Technologies, Inc. | 4.8% |
| DoorDash, Inc. | 4.6% |
| MercadoLibre, Inc. | 4.4% |
| Amazon.com, Inc. | 4.4% |
| Spotify Technology SA | 4.0% |
| Schneider Electric SE | 3.6% |
| ICICI Bank Ltd. | 3.4% |
| Total | 47.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGGPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio

# Class C MSOPX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $219 | 1.94% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↑ Stock selection in consumer discretionary, led by a holding in an online food delivery platform

↑ Stock selection in communication services, led by a social network, which was the largest positive contributor in the portfolio

↑ No exposure to health care

↓ Stock selection in financials, where exposure to an Indian private sector bank was the main detractor

↓ Stock selection and an underweight allocation to information technology, where a holding in a creative cloud software company was the main detractor

↓ Stock selection in industrials

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg125.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country World Net Index** |
| **4/15** | $10000 | $10000 |
| **5/15** | $10085 | $9987 |
| **6/15** | $10236 | $9752 |
| **7/15** | $10448 | $9837 |
| **8/15** | $9710 | $9162 |
| **9/15** | $9519 | $8830 |
| **10/15** | $10494 | $9523 |
| **11/15** | $10639 | $9445 |
| **12/15** | $10495 | $9274 |
| **1/16** | $9990 | $8715 |
| **2/16** | $9512 | $8655 |
| **3/16** | $10090 | $9296 |
| **4/16** | $10230 | $9434 |
| **5/16** | $10475 | $9446 |
| **6/16** | $10216 | $9388 |
| **7/16** | $10855 | $9793 |
| **8/16** | $10855 | $9826 |
| **9/16** | $11090 | $9886 |
| **10/16** | $10998 | $9718 |
| **11/16** | $10607 | $9792 |
| **12/16** | $10500 | $10004 |
| **1/17** | $11093 | $10277 |
| **2/17** | $11558 | $10566 |
| **3/17** | $12137 | $10695 |
| **4/17** | $12637 | $10861 |
| **5/17** | $13288 | $11101 |
| **6/17** | $13230 | $11152 |
| **7/17** | $14117 | $11463 |
| **8/17** | $14360 | $11507 |
| **9/17** | $14603 | $11730 |
| **10/17** | $14989 | $11973 |
| **11/17** | $15168 | $12205 |
| **12/17** | $15531 | $12402 |
| **1/18** | $16816 | $13101 |
| **2/18** | $16471 | $12551 |
| **3/18** | $16357 | $12283 |
| **4/18** | $16615 | $12400 |
| **5/18** | $17605 | $12415 |
| **6/18** | $17390 | $12348 |
| **7/18** | $17172 | $12720 |
| **8/18** | $17404 | $12820 |
| **9/18** | $17172 | $12876 |
| **10/18** | $15257 | $11911 |
| **11/18** | $15488 | $12086 |
| **12/18** | $14505 | $11234 |
| **1/19** | $16016 | $12121 |
| **2/19** | $16486 | $12446 |
| **3/19** | $17136 | $12602 |
| **4/19** | $17989 | $13028 |
| **5/19** | $17136 | $12255 |
| **6/19** | $18177 | $13057 |
| **7/19** | $18018 | $13095 |
| **8/19** | $17787 | $12785 |
| **9/19** | $17490 | $13054 |
| **10/19** | $18097 | $13411 |
| **11/19** | $18994 | $13738 |
| **12/19** | $19442 | $14222 |
| **1/20** | $19817 | $14065 |
| **2/20** | $18929 | $12929 |
| **3/20** | $17129 | $11184 |
| **4/20** | $19297 | $12382 |
| **5/20** | $20959 | $12920 |
| **6/20** | $22499 | $13333 |
| **7/20** | $24009 | $14038 |
| **8/20** | $26763 | $14897 |
| **9/20** | $26640 | $14417 |
| **10/20** | $26098 | $14067 |
| **11/20** | $28953 | $15800 |
| **12/20** | $29938 | $16534 |
| **1/21** | $29551 | $16459 |
| **2/21** | $30619 | $16840 |
| **3/21** | $29499 | $17290 |
| **4/21** | $31241 | $18046 |
| **5/21** | $30700 | $18327 |
| **6/21** | $31732 | $18568 |
| **7/21** | $30846 | $18696 |
| **8/21** | $31483 | $19164 |
| **9/21** | $30019 | $18372 |
| **10/21** | $31556 | $19310 |
| **11/21** | $29719 | $18845 |
| **12/21** | $29709 | $19599 |
| **1/22** | $26439 | $18637 |
| **2/22** | $24390 | $18155 |
| **3/22** | $23625 | $18548 |
| **4/22** | $20077 | $17064 |
| **5/22** | $19041 | $17084 |
| **6/22** | $17124 | $15644 |
| **7/22** | $19095 | $16736 |
| **8/22** | $18608 | $16120 |
| **9/22** | $16397 | $14577 |
| **10/22** | $16961 | $15456 |
| **11/22** | $18546 | $16655 |
| **12/22** | $17188 | $16000 |
| **1/23** | $19987 | $17147 |
| **2/23** | $19422 | $16655 |
| **3/23** | $20680 | $17169 |
| **4/23** | $20778 | $17416 |
| **5/23** | $21555 | $17229 |
| **6/23** | $23002 | $18229 |
| **7/23** | $24199 | $18897 |
| **8/23** | $23359 | $18369 |
| **9/23** | $21858 | $17609 |
| **10/23** | $21287 | $17080 |
| **11/23** | $24440 | $18656 |
| **12/23** | $25591 | $19552 |
| **1/24** | $26094 | $19667 |
| **2/24** | $28506 | $20511 |
| **3/24** | $28798 | $21155 |
| **4/24** | $27345 | $20457 |
| **5/24** | $27482 | $21288 |
| **6/24** | $28579 | $21762 |
| **7/24** | $27912 | $22113 |
| **8/24** | $29684 | $22674 |
| **9/24** | $31338 | $23201 |
| **10/24** | $31685 | $22680 |
| **11/24** | $33567 | $23529 |
| **12/24** | $32524 | $22972 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/15 (Inception)* |
| Class C, with conversion to Class A after 8 years | 26.16% | 10.58% | 12.97% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 25.16% | 10.58% | 12.97% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 8.98% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3093035628 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $22188836 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg256.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.3% |
| Industrials | 14.0% |
| Communication Services | 15.1% |
| Information Technology | 17.4% |
| Financials | 18.0% |
| Consumer Discretionary | 30.2% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| ServiceNow, Inc. | 6.9% |
| Meta Platforms, Inc. | 6.8% |
| DSV AS | 4.8% |
| Uber Technologies, Inc. | 4.8% |
| DoorDash, Inc. | 4.6% |
| MercadoLibre, Inc. | 4.4% |
| Amazon.com, Inc. | 4.4% |
| Spotify Technology SA | 4.0% |
| Schneider Electric SE | 3.6% |
| ICICI Bank Ltd. | 3.4% |
| Total | 47.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSOPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio

# Class I MGGIX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $106 | 0.93% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↑ Stock selection in consumer discretionary, led by a holding in an online food delivery platform

↑ Stock selection in communication services, led by a social network, which was the largest positive contributor in the portfolio

↑ No exposure to health care

↓ Stock selection in financials, where exposure to an Indian private sector bank was the main detractor

↓ Stock selection and an underweight allocation to information technology, where a holding in a creative cloud software company was the main detractor

↓ Stock selection in industrials

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg252.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country World Net Index** |
| **12/14** | $1000000 | $1000000 |
| **1/15** | $1024320 | $984369 |
| **2/15** | $1077253 | $1039171 |
| **3/15** | $1077969 | $1023066 |
| **4/15** | $1120887 | $1052752 |
| **5/15** | $1130901 | $1051379 |
| **6/15** | $1149499 | $1026626 |
| **7/15** | $1174057 | $1035542 |
| **8/15** | $1092146 | $964555 |
| **9/15** | $1072027 | $929611 |
| **10/15** | $1181960 | $1002568 |
| **11/15** | $1199923 | $994291 |
| **12/15** | $1184973 | $976361 |
| **1/16** | $1129201 | $917476 |
| **2/16** | $1075602 | $911160 |
| **3/16** | $1141514 | $978686 |
| **4/16** | $1158898 | $993133 |
| **5/16** | $1187146 | $994387 |
| **6/16** | $1159622 | $988364 |
| **7/16** | $1232967 | $1030959 |
| **8/16** | $1233740 | $1034426 |
| **9/16** | $1261569 | $1040765 |
| **10/16** | $1252292 | $1023101 |
| **11/16** | $1209003 | $1030876 |
| **12/16** | $1197416 | $1053144 |
| **1/17** | $1266573 | $1081941 |
| **2/17** | $1320965 | $1112291 |
| **3/17** | $1387791 | $1125898 |
| **4/17** | $1446069 | $1143445 |
| **5/17** | $1522218 | $1168695 |
| **6/17** | $1516779 | $1174010 |
| **7/17** | $1620125 | $1206819 |
| **8/17** | $1649653 | $1211443 |
| **9/17** | $1678403 | $1234848 |
| **10/17** | $1724248 | $1260490 |
| **11/17** | $1746783 | $1284891 |
| **12/17** | $1789439 | $1305605 |
| **1/18** | $1939209 | $1379263 |
| **2/18** | $1900986 | $1321337 |
| **3/18** | $1889285 | $1293051 |
| **4/18** | $1920487 | $1305399 |
| **5/18** | $2036715 | $1307029 |
| **6/18** | $2014094 | $1299951 |
| **7/18** | $1990418 | $1339153 |
| **8/18** | $2019469 | $1349674 |
| **9/18** | $1993558 | $1355548 |
| **10/18** | $1772924 | $1253965 |
| **11/18** | $1801190 | $1272304 |
| **12/18** | $1688125 | $1182690 |
| **1/19** | $1865575 | $1276075 |
| **2/19** | $1922107 | $1310206 |
| **3/19** | $1999840 | $1326684 |
| **4/19** | $2100342 | $1371480 |
| **5/19** | $2002980 | $1290125 |
| **6/19** | $2126253 | $1374602 |
| **7/19** | $2109764 | $1378630 |
| **8/19** | $2084638 | $1345925 |
| **9/19** | $2051661 | $1374246 |
| **10/19** | $2124682 | $1411857 |
| **11/19** | $2231466 | $1446323 |
| **12/19** | $2286428 | $1497255 |
| **1/20** | $2331968 | $1480717 |
| **2/20** | $2229111 | $1361120 |
| **3/20** | $2018684 | $1177364 |
| **4/20** | $2277006 | $1303489 |
| **5/20** | $2474870 | $1360179 |
| **6/20** | $2657816 | $1403640 |
| **7/20** | $2839191 | $1477875 |
| **8/20** | $3168179 | $1568328 |
| **9/20** | $3155617 | $1517760 |
| **10/20** | $3094373 | $1480866 |
| **11/20** | $3435139 | $1663401 |
| **12/20** | $3554776 | $1740632 |
| **1/21** | $3511880 | $1732716 |
| **2/21** | $3641362 | $1772851 |
| **3/21** | $3511880 | $1820203 |
| **4/21** | $3721592 | $1899787 |
| **5/21** | $3660426 | $1929352 |
| **6/21** | $3785936 | $1954776 |
| **7/21** | $3684257 | $1968246 |
| **8/21** | $3763694 | $2017510 |
| **9/21** | $3591317 | $1934167 |
| **10/21** | $3777992 | $2032894 |
| **11/21** | $3561131 | $1983941 |
| **12/21** | $3562505 | $2063299 |
| **1/22** | $3173626 | $1961966 |
| **2/22** | $2929115 | $1911293 |
| **3/22** | $2839823 | $1952690 |
| **4/22** | $2415060 | $1796393 |
| **5/22** | $2293222 | $1798496 |
| **6/22** | $2063733 | $1646889 |
| **7/22** | $2303236 | $1761895 |
| **8/22** | $2246490 | $1697031 |
| **9/22** | $1981117 | $1534576 |
| **10/22** | $2051215 | $1627183 |
| **11/22** | $2243986 | $1753393 |
| **12/22** | $2082749 | $1684395 |
| **1/23** | $2422706 | $1805127 |
| **2/23** | $2356148 | $1753392 |
| **3/23** | $2510767 | $1807454 |
| **4/23** | $2525103 | $1833431 |
| **5/23** | $2620332 | $1813794 |
| **6/23** | $2798502 | $1919105 |
| **7/23** | $2943905 | $1989360 |
| **8/23** | $2842533 | $1933769 |
| **9/23** | $2661290 | $1853806 |
| **10/23** | $2591661 | $1798068 |
| **11/23** | $2975648 | $1964022 |
| **12/23** | $3117859 | $2058362 |
| **1/24** | $3179567 | $2070429 |
| **2/24** | $3474514 | $2159278 |
| **3/24** | $3511121 | $2227072 |
| **4/24** | $3333316 | $2153594 |
| **5/24** | $3352143 | $2241060 |
| **6/24** | $3486019 | $2290973 |
| **7/24** | $3406530 | $2327921 |
| **8/24** | $3623033 | $2387042 |
| **9/24** | $3825940 | $2442495 |
| **10/24** | $3868822 | $2387669 |
| **11/24** | $4099969 | $2476977 |
| **12/24** | $3973129 | $2418342 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 27.43% | 11.69% | 14.79% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 9.23% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3093035628 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $22188836 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg232.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.3% |
| Industrials | 14.0% |
| Communication Services | 15.1% |
| Information Technology | 17.4% |
| Financials | 18.0% |
| Consumer Discretionary | 30.2% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| ServiceNow, Inc. | 6.9% |
| Meta Platforms, Inc. | 6.8% |
| DSV AS | 4.8% |
| Uber Technologies, Inc. | 4.8% |
| DoorDash, Inc. | 4.6% |
| MercadoLibre, Inc. | 4.4% |
| Amazon.com, Inc. | 4.4% |
| Spotify Technology SA | 4.0% |
| Schneider Electric SE | 3.6% |
| ICICI Bank Ltd. | 3.4% |
| Total | 47.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGGIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio

# Class IR MGORX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class IR | $97 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↑ Stock selection in consumer discretionary, led by a holding in an online food delivery platform

↑ Stock selection in communication services, led by a social network, which was the largest positive contributor in the portfolio

↑ No exposure to health care

↓ Stock selection in financials, where exposure to an Indian private sector bank was the main detractor

↓ Stock selection and an underweight allocation to information technology, where a holding in a creative cloud software company was the main detractor

↓ Stock selection in industrials

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg158.jpg)

---

| | | |
|:---|:---|:---|
| | **Class IR** | **MSCI All Country World Net Index** |
| **6/18** | $5000000 | $5000000 |
| **6/18** | $4850019 | $5000000 |
| **7/18** | $4795004 | $5035219 |
| **8/18** | $4864825 | $5074777 |
| **9/18** | $4802553 | $5096864 |
| **10/18** | $4270403 | $4714910 |
| **11/18** | $4340224 | $4783868 |
| **12/18** | $4068489 | $4446918 |
| **1/19** | $4496850 | $4798045 |
| **2/19** | $4632718 | $4926379 |
| **3/19** | $4819536 | $4988333 |
| **4/19** | $5062966 | $5156768 |
| **5/19** | $4827084 | $4850873 |
| **6/19** | $5125239 | $5168506 |
| **7/19** | $5085611 | $5183651 |
| **8/19** | $5025225 | $5060683 |
| **9/19** | $4945969 | $5167168 |
| **10/19** | $5123352 | $5308586 |
| **11/19** | $5381878 | $5438177 |
| **12/19** | $5513972 | $5629683 |
| **1/20** | $5625308 | $5567498 |
| **2/20** | $5378104 | $5117812 |
| **3/20** | $4870487 | $4426891 |
| **4/20** | $5493214 | $4901122 |
| **5/20** | $5970639 | $5114277 |
| **6/20** | $6414097 | $5277690 |
| **7/20** | $6850006 | $5556812 |
| **8/20** | $7644456 | $5896917 |
| **9/20** | $7614263 | $5706782 |
| **10/20** | $7468960 | $5568058 |
| **11/20** | $8291716 | $6254393 |
| **12/20** | $8583060 | $6544781 |
| **1/21** | $8478062 | $6515015 |
| **2/21** | $8793054 | $6665925 |
| **3/21** | $8479971 | $6843968 |
| **4/21** | $8987777 | $7143203 |
| **5/21** | $8838872 | $7254369 |
| **6/21** | $9144318 | $7349962 |
| **7/21** | $8899961 | $7400609 |
| **8/21** | $9090865 | $7585841 |
| **9/21** | $8676603 | $7272472 |
| **10/21** | $9127137 | $7643684 |
| **11/21** | $8604059 | $7459621 |
| **12/21** | $8609306 | $7758010 |
| **1/22** | $7668979 | $7376995 |
| **2/22** | $7079520 | $7186468 |
| **3/22** | $6864989 | $7342119 |
| **4/22** | $5838449 | $6754443 |
| **5/22** | $5543719 | $6762347 |
| **6/22** | $4990350 | $6192306 |
| **7/22** | $5569784 | $6624730 |
| **8/22** | $5433446 | $6380842 |
| **9/22** | $4791859 | $5770008 |
| **10/22** | $4960275 | $6118211 |
| **11/22** | $5427432 | $6592760 |
| **12/22** | $5035664 | $6333329 |
| **1/23** | $5861022 | $6787282 |
| **2/23** | $5698898 | $6592758 |
| **3/23** | $6074731 | $6796030 |
| **4/23** | $6109121 | $6893706 |
| **5/23** | $6340024 | $6819871 |
| **6/23** | $6769898 | $7215839 |
| **7/23** | $7123623 | $7479997 |
| **8/23** | $6877981 | $7270976 |
| **9/23** | $6438281 | $6970315 |
| **10/23** | $6271245 | $6760740 |
| **11/23** | $7202228 | $7384728 |
| **12/23** | $7545830 | $7739446 |
| **1/24** | $7696345 | $7784816 |
| **2/24** | $8411292 | $8118889 |
| **3/24** | $8499093 | $8373797 |
| **4/24** | $8070124 | $8097520 |
| **5/24** | $8115279 | $8426390 |
| **6/24** | $8441395 | $8614063 |
| **7/24** | $8248234 | $8752986 |
| **8/24** | $8775037 | $8975282 |
| **9/24** | $9264212 | $9183787 |
| **10/24** | $9369572 | $8977640 |
| **11/24** | $9928987 | $9313437 |
| **12/24** | $9619690 | $9092973 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 6/15/18 (Inception)* |
| Class IR | 27.48% | 11.77% | 10.51% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 9.57% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3093035628 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $22188836 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg092.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.3% |
| Industrials | 14.0% |
| Communication Services | 15.1% |
| Information Technology | 17.4% |
| Financials | 18.0% |
| Consumer Discretionary | 30.2% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| ServiceNow, Inc. | 6.9% |
| Meta Platforms, Inc. | 6.8% |
| DSV AS | 4.8% |
| Uber Technologies, Inc. | 4.8% |
| DoorDash, Inc. | 4.6% |
| MercadoLibre, Inc. | 4.4% |
| Amazon.com, Inc. | 4.4% |
| Spotify Technology SA | 4.0% |
| Schneider Electric SE | 3.6% |
| ICICI Bank Ltd. | 3.4% |
| Total | 47.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGORX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio

# Class L MGGLX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $146 | 1.29% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↑ Stock selection in consumer discretionary, led by a holding in an online food delivery platform

↑ Stock selection in communication services, led by a social network, which was the largest positive contributor in the portfolio

↑ No exposure to health care

↓ Stock selection in financials, where exposure to an Indian private sector bank was the main detractor

↓ Stock selection and an underweight allocation to information technology, where a holding in a creative cloud software company was the main detractor

↓ Stock selection in industrials

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg097.jpg)

---

| | | |
|:---|:---|:---|
| | **Class L** | **MSCI All Country World Net Index** |
| **12/14** | $10000 | $10000 |
| **1/15** | $10235 | $9844 |
| **2/15** | $10764 | $10392 |
| **3/15** | $10764 | $10231 |
| **4/15** | $11197 | $10528 |
| **5/15** | $11292 | $10514 |
| **6/15** | $11468 | $10266 |
| **7/15** | $11713 | $10355 |
| **8/15** | $10894 | $9646 |
| **9/15** | $10688 | $9296 |
| **10/15** | $11787 | $10026 |
| **11/15** | $11957 | $9943 |
| **12/15** | $11803 | $9764 |
| **1/16** | $11238 | $9175 |
| **2/16** | $10702 | $9112 |
| **3/16** | $11357 | $9787 |
| **4/16** | $11520 | $9931 |
| **5/16** | $11803 | $9944 |
| **6/16** | $11520 | $9884 |
| **7/16** | $12244 | $10310 |
| **8/16** | $12251 | $10344 |
| **9/16** | $12522 | $10408 |
| **10/16** | $12426 | $10231 |
| **11/16** | $11997 | $10309 |
| **12/16** | $11870 | $10531 |
| **1/17** | $12558 | $10819 |
| **2/17** | $13085 | $11123 |
| **3/17** | $13749 | $11259 |
| **4/17** | $14317 | $11434 |
| **5/17** | $15061 | $11687 |
| **6/17** | $15013 | $11740 |
| **7/17** | $16021 | $12068 |
| **8/17** | $16309 | $12114 |
| **9/17** | $16589 | $12348 |
| **10/17** | $17037 | $12605 |
| **11/17** | $17253 | $12849 |
| **12/17** | $17676 | $13056 |
| **1/18** | $19137 | $13793 |
| **2/18** | $18760 | $13213 |
| **3/18** | $18639 | $12931 |
| **4/18** | $18945 | $13054 |
| **5/18** | $20077 | $13070 |
| **6/18** | $19844 | $13000 |
| **7/18** | $19608 | $13392 |
| **8/18** | $19891 | $13497 |
| **9/18** | $19633 | $13555 |
| **10/18** | $17449 | $12540 |
| **11/18** | $17724 | $12723 |
| **12/18** | $16608 | $11827 |
| **1/19** | $18347 | $12761 |
| **2/19** | $18897 | $13102 |
| **3/19** | $19649 | $13267 |
| **4/19** | $20635 | $13715 |
| **5/19** | $19673 | $12901 |
| **6/19** | $20878 | $13746 |
| **7/19** | $20708 | $13786 |
| **8/19** | $20457 | $13459 |
| **9/19** | $20126 | $13742 |
| **10/19** | $20837 | $14119 |
| **11/19** | $21880 | $14463 |
| **12/19** | $22414 | $14973 |
| **1/20** | $22851 | $14807 |
| **2/20** | $21840 | $13611 |
| **3/20** | $19778 | $11774 |
| **4/20** | $22293 | $13035 |
| **5/20** | $24225 | $13602 |
| **6/20** | $26012 | $14036 |
| **7/20** | $27775 | $14779 |
| **8/20** | $30985 | $15683 |
| **9/20** | $30856 | $15178 |
| **10/20** | $30249 | $14809 |
| **11/20** | $33573 | $16634 |
| **12/20** | $34740 | $17406 |
| **1/21** | $34306 | $17327 |
| **2/21** | $35559 | $17729 |
| **3/21** | $34282 | $18202 |
| **4/21** | $36328 | $18998 |
| **5/21** | $35714 | $19294 |
| **6/21** | $36934 | $19548 |
| **7/21** | $35935 | $19682 |
| **8/21** | $36696 | $20175 |
| **9/21** | $35010 | $19342 |
| **10/21** | $36811 | $20329 |
| **11/21** | $34691 | $19839 |
| **12/21** | $34697 | $20633 |
| **1/22** | $30893 | $19620 |
| **2/22** | $28513 | $19113 |
| **3/22** | $27642 | $19527 |
| **4/22** | $23493 | $17964 |
| **5/22** | $22303 | $17985 |
| **6/22** | $20069 | $16469 |
| **7/22** | $22389 | $17619 |
| **8/22** | $21829 | $16970 |
| **9/22** | $19241 | $15346 |
| **10/22** | $19914 | $16272 |
| **11/22** | $21786 | $17534 |
| **12/22** | $20202 | $16844 |
| **1/23** | $23499 | $18051 |
| **2/23** | $22855 | $17534 |
| **3/23** | $24337 | $18075 |
| **4/23** | $24477 | $18334 |
| **5/23** | $25390 | $18138 |
| **6/23** | $27097 | $19191 |
| **7/23** | $28504 | $19894 |
| **8/23** | $27516 | $19338 |
| **9/23** | $25744 | $18538 |
| **10/23** | $25057 | $17981 |
| **11/23** | $28773 | $19640 |
| **12/23** | $30136 | $20584 |
| **1/24** | $30718 | $20704 |
| **2/24** | $33565 | $21593 |
| **3/24** | $33905 | $22271 |
| **4/24** | $32180 | $21536 |
| **5/24** | $32345 | $22411 |
| **6/24** | $33631 | $22910 |
| **7/24** | $32850 | $23279 |
| **8/24** | $34938 | $23870 |
| **9/24** | $36884 | $24425 |
| **10/24** | $37279 | $23877 |
| **11/24** | $39499 | $24770 |
| **12/24** | $38265 | $24183 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 26.98% | 11.29% | 14.36% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 9.23% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3093035628 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $22188836 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg050.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.3% |
| Industrials | 14.0% |
| Communication Services | 15.1% |
| Information Technology | 17.4% |
| Financials | 18.0% |
| Consumer Discretionary | 30.2% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| ServiceNow, Inc. | 6.9% |
| Meta Platforms, Inc. | 6.8% |
| DSV AS | 4.8% |
| Uber Technologies, Inc. | 4.8% |
| DoorDash, Inc. | 4.6% |
| MercadoLibre, Inc. | 4.4% |
| Amazon.com, Inc. | 4.4% |
| Spotify Technology SA | 4.0% |
| Schneider Electric SE | 3.6% |
| ICICI Bank Ltd. | 3.4% |
| Total | 47.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGGLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio

# Class R6 MGTSX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $97 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↑ Stock selection in consumer discretionary, led by a holding in an online food delivery platform

↑ Stock selection in communication services, led by a social network, which was the largest positive contributor in the portfolio

↑ No exposure to health care

↓ Stock selection in financials, where exposure to an Indian private sector bank was the main detractor

↓ Stock selection and an underweight allocation to information technology, where a holding in a creative cloud software company was the main detractor

↓ Stock selection in industrials

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg058.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Net Index** |
| **12/14** | $5000000 | $5000000 |
| **1/15** | $5121602 | $4921847 |
| **2/15** | $5389843 | $5195853 |
| **3/15** | $5389843 | $5115328 |
| **4/15** | $5608011 | $5263762 |
| **5/15** | $5658083 | $5256895 |
| **6/15** | $5747496 | $5133131 |
| **7/15** | $5873860 | $5177710 |
| **8/15** | $5464306 | $4822776 |
| **9/15** | $5360122 | $4648053 |
| **10/15** | $5913378 | $5012840 |
| **11/15** | $6003192 | $4971453 |
| **12/15** | $5932064 | $4881803 |
| **1/16** | $5649585 | $4587378 |
| **2/16** | $5381592 | $4555802 |
| **3/16** | $5714772 | $4893431 |
| **4/16** | $5798067 | $4965663 |
| **5/16** | $5942928 | $4971937 |
| **6/16** | $5805310 | $4941819 |
| **7/16** | $6171997 | $5154794 |
| **8/16** | $6179727 | $5172128 |
| **9/16** | $6314993 | $5203826 |
| **10/16** | $6272481 | $5115503 |
| **11/16** | $6056055 | $5154379 |
| **12/16** | $5998126 | $5265722 |
| **1/17** | $6343873 | $5409704 |
| **2/17** | $6615809 | $5561453 |
| **3/17** | $6953786 | $5629489 |
| **4/17** | $7245146 | $5717223 |
| **5/17** | $7625856 | $5843475 |
| **6/17** | $7598662 | $5870048 |
| **7/17** | $8115340 | $6034097 |
| **8/17** | $8262963 | $6057214 |
| **9/17** | $8410585 | $6174239 |
| **10/17** | $8639788 | $6302449 |
| **11/17** | $8752447 | $6424454 |
| **12/17** | $8969605 | $6528027 |
| **1/18** | $9718372 | $6896316 |
| **2/18** | $9527280 | $6606683 |
| **3/18** | $9468783 | $6465255 |
| **4/18** | $9624776 | $6526995 |
| **5/18** | $10205851 | $6535144 |
| **6/18** | $10092756 | $6499754 |
| **7/18** | $9970466 | $6695765 |
| **8/18** | $10115705 | $6748370 |
| **9/18** | $9986168 | $6777740 |
| **10/18** | $8879210 | $6269824 |
| **11/18** | $9020524 | $6361522 |
| **12/18** | $8451344 | $5913452 |
| **1/19** | $9342405 | $6380376 |
| **2/19** | $9625033 | $6551032 |
| **3/19** | $10013645 | $6633418 |
| **4/19** | $10520019 | $6857400 |
| **5/19** | $10029347 | $6450625 |
| **6/19** | $10645632 | $6873010 |
| **7/19** | $10567124 | $6893149 |
| **8/19** | $10441512 | $6729627 |
| **9/19** | $10276646 | $6871229 |
| **10/19** | $10641706 | $7059286 |
| **11/19** | $11179483 | $7231614 |
| **12/19** | $11454260 | $7486276 |
| **1/20** | $11685857 | $7403583 |
| **2/20** | $11171633 | $6805598 |
| **3/20** | $10119631 | $5886819 |
| **4/20** | $11411081 | $6517445 |
| **5/20** | $12404202 | $6800896 |
| **6/20** | $13326666 | $7018201 |
| **7/20** | $14233429 | $7389373 |
| **8/20** | $15882089 | $7841640 |
| **9/20** | $15819283 | $7588801 |
| **10/20** | $15517029 | $7404328 |
| **11/20** | $17228495 | $8317007 |
| **12/20** | $17830569 | $8703161 |
| **1/21** | $17612155 | $8663579 |
| **2/21** | $18267398 | $8864257 |
| **3/21** | $17616126 | $9101015 |
| **4/21** | $18672458 | $9498935 |
| **5/21** | $18362707 | $9646761 |
| **6/21** | $18998094 | $9773880 |
| **7/21** | $18485813 | $9841229 |
| **8/21** | $18886901 | $10087549 |
| **9/21** | $18025157 | $9670834 |
| **10/21** | $18962354 | $10164468 |
| **11/21** | $17874252 | $9919703 |
| **12/21** | $17889164 | $10316496 |
| **1/22** | $15932993 | $9809828 |
| **2/22** | $14710908 | $9556467 |
| **3/22** | $14264617 | $9763451 |
| **4/22** | $12133266 | $8981966 |
| **5/22** | $11520138 | $8992478 |
| **6/22** | $10368958 | $8234445 |
| **7/22** | $11574360 | $8809477 |
| **8/22** | $11286565 | $8485157 |
| **9/22** | $9951864 | $7672878 |
| **10/22** | $10306394 | $8135914 |
| **11/22** | $11278223 | $8766963 |
| **12/22** | $10463197 | $8421975 |
| **1/23** | $12175542 | $9025635 |
| **2/23** | $11843296 | $8766961 |
| **3/23** | $12620241 | $9037269 |
| **4/23** | $12691801 | $9167157 |
| **5/23** | $13172280 | $9068972 |
| **6/23** | $14066789 | $9595525 |
| **7/23** | $14797731 | $9946798 |
| **8/23** | $14291694 | $9668845 |
| **9/23** | $13376740 | $9269031 |
| **10/23** | $13029159 | $8990340 |
| **11/23** | $14966409 | $9820111 |
| **12/23** | $15676288 | $10291810 |
| **1/24** | $15989501 | $10352143 |
| **2/24** | $17472040 | $10796388 |
| **3/24** | $17659968 | $11135361 |
| **4/24** | $16767312 | $10767972 |
| **5/24** | $16861276 | $11205299 |
| **6/24** | $17539903 | $11454865 |
| **7/24** | $17137947 | $11639603 |
| **8/24** | $18228971 | $11935208 |
| **9/24** | $19252132 | $12212476 |
| **10/24** | $19466160 | $11938345 |
| **11/24** | $20635487 | $12384883 |
| **12/24** | $19997432 | $12091712 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 27.56% | 11.79% | 14.87% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 9.23% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3093035628 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $22188836 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg255.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.3% |
| Industrials | 14.0% |
| Communication Services | 15.1% |
| Information Technology | 17.4% |
| Financials | 18.0% |
| Consumer Discretionary | 30.2% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| ServiceNow, Inc. | 6.9% |
| Meta Platforms, Inc. | 6.8% |
| DSV AS | 4.8% |
| Uber Technologies, Inc. | 4.8% |
| DoorDash, Inc. | 4.6% |
| MercadoLibre, Inc. | 4.4% |
| Amazon.com, Inc. | 4.4% |
| Spotify Technology SA | 4.0% |
| Schneider Electric SE | 3.6% |
| ICICI Bank Ltd. | 3.4% |
| Total | 47.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGTSX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio

# Class A MGKAX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $142 | 1.35% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↓ Stock selection and an average overweight in consumer discretionary, where the largest detractor was a contemporary carpets and floor coverings company

↓ Stock selection and an average overweight in industrials, where a leading North American Class 1 freight railway was the largest detractor

↓ Stock selection and an average overweight in health care, driven by underperformance in an analytical testing and laboratory services provider

↑ Stock selection and an average underweight in energy, led by a holding in a Texas landowner

↑ Stock selection in real estate, helped by a land holding company focusing on managing land and resources to support and promote oil and natural gas production

↑ Stock selection and an average underweight in materials, driven by a precious metals streaming and royalty company

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg137.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World Net Index** |
| **4/19** | $9479 | $10000 |
| **5/19** | $9280 | $9407 |
| **6/19** | $9801 | $10023 |
| **7/19** | $9773 | $10052 |
| **8/19** | $9858 | $9814 |
| **9/19** | $9791 | $10020 |
| **10/19** | $9839 | $10294 |
| **11/19** | $10047 | $10546 |
| **12/19** | $10057 | $10917 |
| **1/20** | $10152 | $10796 |
| **2/20** | $9431 | $9924 |
| **3/20** | $8265 | $8585 |
| **4/20** | $9412 | $9504 |
| **5/20** | $10142 | $9918 |
| **6/20** | $10483 | $10234 |
| **7/20** | $10976 | $10776 |
| **8/20** | $11412 | $11435 |
| **9/20** | $11223 | $11067 |
| **10/20** | $10957 | $10798 |
| **11/20** | $12085 | $12129 |
| **12/20** | $12729 | $12692 |
| **1/21** | $12206 | $12634 |
| **2/21** | $12863 | $12927 |
| **3/21** | $13110 | $13272 |
| **4/21** | $13881 | $13852 |
| **5/21** | $13967 | $14068 |
| **6/21** | $14338 | $14253 |
| **7/21** | $14767 | $14351 |
| **8/21** | $15034 | $14710 |
| **9/21** | $14262 | $14103 |
| **10/21** | $15272 | $14823 |
| **11/21** | $14929 | $14466 |
| **12/21** | $15182 | $15044 |
| **1/22** | $13821 | $14305 |
| **2/22** | $13419 | $13936 |
| **3/22** | $13832 | $14238 |
| **4/22** | $12393 | $13098 |
| **5/22** | $12081 | $13114 |
| **6/22** | $11456 | $12008 |
| **7/22** | $12616 | $12847 |
| **8/22** | $11746 | $12374 |
| **9/22** | $10865 | $11189 |
| **10/22** | $11746 | $11864 |
| **11/22** | $12862 | $12785 |
| **12/22** | $12129 | $12282 |
| **1/23** | $13298 | $13162 |
| **2/23** | $13105 | $12785 |
| **3/23** | $13787 | $13179 |
| **4/23** | $13696 | $13368 |
| **5/23** | $13980 | $13225 |
| **6/23** | $14457 | $13993 |
| **7/23** | $15036 | $14505 |
| **8/23** | $14354 | $14100 |
| **9/23** | $13366 | $13517 |
| **10/23** | $12537 | $13110 |
| **11/23** | $13650 | $14320 |
| **12/23** | $14605 | $15008 |
| **1/24** | $14462 | $15096 |
| **2/24** | $15920 | $15744 |
| **3/24** | $16410 | $16238 |
| **4/24** | $14964 | $15703 |
| **5/24** | $15514 | $16340 |
| **6/24** | $15227 | $16704 |
| **7/24** | $15860 | $16974 |
| **8/24** | $15836 | $17405 |
| **9/24** | $15776 | $17809 |
| **10/24** | $15406 | $17409 |
| **11/24** | $16410 | $18061 |
| **12/24** | $16120 | $17633 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/19 (Inception)* |
| Class A | 10.37% | 9.90% | 9.82% |
| Class A, with 5.25% maximum front end sales charge | 4.55% | 8.71% | 8.78% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 10.52% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3861216 |
| # of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 62% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg090.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.1% |
| Energy | 1.2% |
| Short-Term Investments | 2.3% |
| Materials | 3.0% |
| Investment Companies | 3.7% |
| Real Estate | 4.3% |
| Consumer Staples | 4.7% |
| Financals | 4.7% |
| Health Care | 14.4% |
| Consumer Discretionary | 18.6% |
| Information Technology | 19.3% |
| Industrials | 23.7% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Cloudflare, Inc. | 11.0% |
| Royalty Pharma PLC | 5.1% |
| Eurofins Scientific SE | 5.1% |
| ASML Holding NV | 5.1% |
| Babcock International Group PLC | 5.1% |
| Rentokil Initial PLC | 5.0% |
| LVMH Moet Hennessy Louis Vuitton SE | 5.0% |
| Canadian National Railway Co. | 5.0% |
| Floor & Decor Holdings, Inc. | 4.7% |
| Core & Main, Inc. | 4.7% |
| Total | 55.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGKAX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio

# Class C MGKCX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $220 | 2.10% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↓ Stock selection and an average overweight in consumer discretionary, where the largest detractor was a contemporary carpets and floor coverings company

↓ Stock selection and an average overweight in industrials, where a leading North American Class 1 freight railway was the largest detractor

↓ Stock selection and an average overweight in health care, driven by underperformance in an analytical testing and laboratory services provider

↑ Stock selection and an average underweight in energy, led by a holding in a Texas landowner

↑ Stock selection in real estate, helped by a land holding company focusing on managing land and resources to support and promote oil and natural gas production

↑ Stock selection and an average underweight in materials, driven by a precious metals streaming and royalty company

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg189.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country World Net Index** |
| **4/19** | $10000 | $10000 |
| **5/19** | $9780 | $9407 |
| **6/19** | $10330 | $10023 |
| **7/19** | $10290 | $10052 |
| **8/19** | $10370 | $9814 |
| **9/19** | $10300 | $10020 |
| **10/19** | $10340 | $10294 |
| **11/19** | $10550 | $10546 |
| **12/19** | $10560 | $10917 |
| **1/20** | $10650 | $10796 |
| **2/20** | $9890 | $9924 |
| **3/20** | $8660 | $8585 |
| **4/20** | $9850 | $9504 |
| **5/20** | $10610 | $9918 |
| **6/20** | $10970 | $10234 |
| **7/20** | $11470 | $10776 |
| **8/20** | $11920 | $11435 |
| **9/20** | $11710 | $11067 |
| **10/20** | $11430 | $10798 |
| **11/20** | $12600 | $12129 |
| **12/20** | $13263 | $12692 |
| **1/21** | $12702 | $12634 |
| **2/21** | $13393 | $12927 |
| **3/21** | $13634 | $13272 |
| **4/21** | $14425 | $13852 |
| **5/21** | $14515 | $14068 |
| **6/21** | $14886 | $14253 |
| **7/21** | $15327 | $14351 |
| **8/21** | $15587 | $14710 |
| **9/21** | $14776 | $14103 |
| **10/21** | $15818 | $14823 |
| **11/21** | $15457 | $14466 |
| **12/21** | $15702 | $15044 |
| **1/22** | $14277 | $14305 |
| **2/22** | $13865 | $13936 |
| **3/22** | $14277 | $14238 |
| **4/22** | $12783 | $13098 |
| **5/22** | $12453 | $13114 |
| **6/22** | $11806 | $12008 |
| **7/22** | $12994 | $12847 |
| **8/22** | $12088 | $12374 |
| **9/22** | $11182 | $11189 |
| **10/22** | $12076 | $11864 |
| **11/22** | $13206 | $12785 |
| **12/22** | $12444 | $12282 |
| **1/23** | $13643 | $13162 |
| **2/23** | $13440 | $12785 |
| **3/23** | $14135 | $13179 |
| **4/23** | $14027 | $13368 |
| **5/23** | $14303 | $13225 |
| **6/23** | $14782 | $13993 |
| **7/23** | $15370 | $14505 |
| **8/23** | $14662 | $14100 |
| **9/23** | $13643 | $13517 |
| **10/23** | $12792 | $13110 |
| **11/23** | $13907 | $14320 |
| **12/23** | $14879 | $15008 |
| **1/24** | $14727 | $15096 |
| **2/24** | $16206 | $15744 |
| **3/24** | $16687 | $16238 |
| **4/24** | $15208 | $15703 |
| **5/24** | $15764 | $16340 |
| **6/24** | $15460 | $16704 |
| **7/24** | $16092 | $16974 |
| **8/24** | $16055 | $17405 |
| **9/24** | $15991 | $17809 |
| **10/24** | $15599 | $17409 |
| **11/24** | $16611 | $18061 |
| **12/24** | $16308 | $17633 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/19 (Inception)* |
| Class C | 9.60% | 9.08% | 9.01% |
| Class C, with 1% maximum contingent deferred sales charge | 8.70% | 9.08% | 9.01% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 10.52% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3861216 |
| # of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 62% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg045.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.1% |
| Energy | 1.2% |
| Short-Term Investments | 2.3% |
| Materials | 3.0% |
| Investment Companies | 3.7% |
| Real Estate | 4.3% |
| Consumer Staples | 4.7% |
| Financals | 4.7% |
| Health Care | 14.4% |
| Consumer Discretionary | 18.6% |
| Information Technology | 19.3% |
| Industrials | 23.7% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Cloudflare, Inc. | 11.0% |
| Royalty Pharma PLC | 5.1% |
| Eurofins Scientific SE | 5.1% |
| ASML Holding NV | 5.1% |
| Babcock International Group PLC | 5.1% |
| Rentokil Initial PLC | 5.0% |
| LVMH Moet Hennessy Louis Vuitton SE | 5.0% |
| Canadian National Railway Co. | 5.0% |
| Floor & Decor Holdings, Inc. | 4.7% |
| Core & Main, Inc. | 4.7% |
| Total | 55.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGKCX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio

# Class I MGKIX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $105 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↓ Stock selection and an average overweight in consumer discretionary, where the largest detractor was a contemporary carpets and floor coverings company

↓ Stock selection and an average overweight in industrials, where a leading North American Class 1 freight railway was the largest detractor

↓ Stock selection and an average overweight in health care, driven by underperformance in an analytical testing and laboratory services provider

↑ Stock selection and an average underweight in energy, led by a holding in a Texas landowner

↑ Stock selection in real estate, helped by a land holding company focusing on managing land and resources to support and promote oil and natural gas production

↑ Stock selection and an average underweight in materials, driven by a precious metals streaming and royalty company

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg036.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country World Net Index** |
| **4/19** | $1000000 | $1000000 |
| **5/19** | $979000 | $1000000 |
| **6/19** | $1035000 | $1002276 |
| **7/19** | $1032000 | $1005213 |
| **8/19** | $1041000 | $981367 |
| **9/19** | $1034000 | $1002017 |
| **10/19** | $1040000 | $1029441 |
| **11/19** | $1062000 | $1054571 |
| **12/19** | $1063000 | $1091708 |
| **1/20** | $1074000 | $1079649 |
| **2/20** | $998000 | $992446 |
| **3/20** | $875000 | $858462 |
| **4/20** | $996000 | $950425 |
| **5/20** | $1074000 | $991760 |
| **6/20** | $1111000 | $1023449 |
| **7/20** | $1163000 | $1077577 |
| **8/20** | $1210000 | $1143530 |
| **9/20** | $1189000 | $1106659 |
| **10/20** | $1162000 | $1079757 |
| **11/20** | $1282000 | $1212851 |
| **12/20** | $1350640 | $1269163 |
| **1/21** | $1295244 | $1263391 |
| **2/21** | $1366755 | $1292656 |
| **3/21** | $1392942 | $1327182 |
| **4/21** | $1474524 | $1385209 |
| **5/21** | $1484596 | $1406767 |
| **6/21** | $1524883 | $1425304 |
| **7/21** | $1570207 | $1435126 |
| **8/21** | $1599415 | $1471046 |
| **9/21** | $1517833 | $1410277 |
| **10/21** | $1625602 | $1482263 |
| **11/21** | $1590351 | $1446569 |
| **12/21** | $1617056 | $1504433 |
| **1/22** | $1472087 | $1430546 |
| **2/22** | $1429657 | $1393599 |
| **3/22** | $1473266 | $1423783 |
| **4/22** | $1321225 | $1309821 |
| **5/22** | $1288223 | $1311354 |
| **6/22** | $1222221 | $1200812 |
| **7/22** | $1345975 | $1284667 |
| **8/22** | $1254044 | $1237372 |
| **9/22** | $1159755 | $1118920 |
| **10/22** | $1254044 | $1186443 |
| **11/22** | $1374262 | $1278468 |
| **12/22** | $1295628 | $1228159 |
| **1/23** | $1421592 | $1316189 |
| **2/23** | $1401198 | $1278467 |
| **3/23** | $1474377 | $1317886 |
| **4/23** | $1464779 | $1336827 |
| **5/23** | $1494771 | $1322509 |
| **6/23** | $1547556 | $1399295 |
| **7/23** | $1609938 | $1450520 |
| **8/23** | $1536759 | $1409987 |
| **9/23** | $1431189 | $1351683 |
| **10/23** | $1343614 | $1311042 |
| **11/23** | $1463580 | $1432046 |
| **12/23** | $1566727 | $1500833 |
| **1/24** | $1551566 | $1509631 |
| **2/24** | $1708238 | $1574414 |
| **3/24** | $1761305 | $1623846 |
| **4/24** | $1607159 | $1570270 |
| **5/24** | $1666543 | $1634045 |
| **6/24** | $1636219 | $1670439 |
| **7/24** | $1704448 | $1697378 |
| **8/24** | $1701921 | $1740486 |
| **9/24** | $1696867 | $1780919 |
| **10/24** | $1656435 | $1740943 |
| **11/24** | $1765095 | $1806061 |
| **12/24** | $1734222 | $1763309 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/19 (Inception)* |
| Class I | 10.69% | 10.28% | 10.19% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 10.52% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3861216 |
| # of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 62% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg238.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.1% |
| Energy | 1.2% |
| Short-Term Investments | 2.3% |
| Materials | 3.0% |
| Investment Companies | 3.7% |
| Real Estate | 4.3% |
| Consumer Staples | 4.7% |
| Financals | 4.7% |
| Health Care | 14.4% |
| Consumer Discretionary | 18.6% |
| Information Technology | 19.3% |
| Industrials | 23.7% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Cloudflare, Inc. | 11.0% |
| Royalty Pharma PLC | 5.1% |
| Eurofins Scientific SE | 5.1% |
| ASML Holding NV | 5.1% |
| Babcock International Group PLC | 5.1% |
| Rentokil Initial PLC | 5.0% |
| LVMH Moet Hennessy Louis Vuitton SE | 5.0% |
| Canadian National Railway Co. | 5.0% |
| Floor & Decor Holdings, Inc. | 4.7% |
| Core & Main, Inc. | 4.7% |
| Total | 55.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGKIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio

# Class R6 MGKQX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $100 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Net Index:

↓ Stock selection and an average overweight in consumer discretionary, where the largest detractor was a contemporary carpets and floor coverings company

↓ Stock selection and an average overweight in industrials, where a leading North American Class 1 freight railway was the largest detractor

↓ Stock selection and an average overweight in health care, driven by underperformance in an analytical testing and laboratory services provider

↑ Stock selection and an average underweight in energy, led by a holding in a Texas landowner

↑ Stock selection in real estate, helped by a land holding company focusing on managing land and resources to support and promote oil and natural gas production

↑ Stock selection and an average underweight in materials, driven by a precious metals streaming and royalty company

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg054.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Net Index** |
| **4/19** | $5000000 | $5000000 |
| **5/19** | $4895000 | $5000000 |
| **6/19** | $5175000 | $5011382 |
| **7/19** | $5160000 | $5026066 |
| **8/19** | $5205000 | $4906836 |
| **9/19** | $5170000 | $5010084 |
| **10/19** | $5200000 | $5147203 |
| **11/19** | $5315000 | $5272854 |
| **12/19** | $5320000 | $5458539 |
| **1/20** | $5370000 | $5398244 |
| **2/20** | $4995000 | $4962229 |
| **3/20** | $4375000 | $4292312 |
| **4/20** | $4985000 | $4752126 |
| **5/20** | $5375000 | $4958801 |
| **6/20** | $5555000 | $5117247 |
| **7/20** | $5820000 | $5387883 |
| **8/20** | $6050000 | $5717649 |
| **9/20** | $5950000 | $5533293 |
| **10/20** | $5815000 | $5398787 |
| **11/20** | $6415000 | $6064257 |
| **12/20** | $6761060 | $6345817 |
| **1/21** | $6483967 | $6316956 |
| **2/21** | $6836631 | $6463279 |
| **3/21** | $6972658 | $6635909 |
| **4/21** | $7380740 | $6926047 |
| **5/21** | $7431120 | $7033833 |
| **6/21** | $7632642 | $7126520 |
| **7/21** | $7859354 | $7175628 |
| **8/21** | $8005458 | $7355229 |
| **9/21** | $7597376 | $7051386 |
| **10/21** | $8141485 | $7411314 |
| **11/21** | $7960115 | $7232846 |
| **12/21** | $8093663 | $7522163 |
| **1/22** | $7368594 | $7152732 |
| **2/22** | $7156378 | $6967996 |
| **3/22** | $7380383 | $7118916 |
| **4/22** | $6619945 | $6549105 |
| **5/22** | $6454888 | $6556769 |
| **6/22** | $6118880 | $6004058 |
| **7/22** | $6743737 | $6423336 |
| **8/22** | $6278042 | $6186862 |
| **9/22** | $5812347 | $5594598 |
| **10/22** | $6283937 | $5932215 |
| **11/22** | $6879319 | $6392338 |
| **12/22** | $6491924 | $6140793 |
| **1/23** | $7121917 | $6580946 |
| **2/23** | $7019918 | $6392336 |
| **3/23** | $7385914 | $6589428 |
| **4/23** | $7337914 | $6684135 |
| **5/23** | $7493913 | $6612545 |
| **6/23** | $7751910 | $6996475 |
| **7/23** | $8063906 | $7252602 |
| **8/23** | $7697910 | $7049936 |
| **9/23** | $7175916 | $6758415 |
| **10/23** | $6731922 | $6555211 |
| **11/23** | $7331915 | $7160229 |
| **12/23** | $7852135 | $7504164 |
| **1/24** | $7776268 | $7548155 |
| **2/24** | $8560217 | $7872072 |
| **3/24** | $8825749 | $8119230 |
| **4/24** | $8054444 | $7851352 |
| **5/24** | $8351586 | $8170224 |
| **6/24** | $8199854 | $8352193 |
| **7/24** | $8547573 | $8486892 |
| **8/24** | $8534929 | $8702430 |
| **9/24** | $8509640 | $8904597 |
| **10/24** | $8307331 | $8704717 |
| **11/24** | $8851037 | $9030305 |
| **12/24** | $8702278 | $8816543 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/19 (Inception)* |
| Class R6 | 10.83% | 10.34% | 10.26% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 10.52% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3861216 |
| # of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 62% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg227.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.1% |
| Energy | 1.2% |
| Short-Term Investments | 2.3% |
| Materials | 3.0% |
| Investment Companies | 3.7% |
| Real Estate | 4.3% |
| Consumer Staples | 4.7% |
| Financals | 4.7% |
| Health Care | 14.4% |
| Consumer Discretionary | 18.6% |
| Information Technology | 19.3% |
| Industrials | 23.7% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Cloudflare, Inc. | 11.0% |
| Royalty Pharma PLC | 5.1% |
| Eurofins Scientific SE | 5.1% |
| ASML Holding NV | 5.1% |
| Babcock International Group PLC | 5.1% |
| Rentokil Initial PLC | 5.0% |
| LVMH Moet Hennessy Louis Vuitton SE | 5.0% |
| Canadian National Railway Co. | 5.0% |
| Floor & Decor Holdings, Inc. | 4.7% |
| Core & Main, Inc. | 4.7% |
| Total | 55.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGKQX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio

# Class A MGQAX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $126 | 1.17% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World/MSCI AC World Blended Index:

↓ Stock selection, driven by weakness in health care, financials and information technology

↑ Sector allocation, aided by the zero weight in materials

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg081.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World Net Index** | **MSCI World Net Index** |
| **12/14** | $9473 | $10000 | $10000 |
| **1/15** | $9423 | $9844 | $9819 |
| **2/15** | $9849 | $10392 | $10394 |
| **3/15** | $9573 | $10231 | $10231 |
| **4/15** | $9900 | $10528 | $10471 |
| **5/15** | $9958 | $10514 | $10507 |
| **6/15** | $9707 | $10266 | $10263 |
| **7/15** | $10287 | $10355 | $10447 |
| **8/15** | $9507 | $9646 | $9756 |
| **9/15** | $9440 | $9296 | $9396 |
| **10/15** | $10254 | $10026 | $10141 |
| **11/15** | $10094 | $9943 | $10090 |
| **12/15** | $9938 | $9764 | $9913 |
| **1/16** | $9842 | $9175 | $9320 |
| **2/16** | $9624 | $9112 | $9250 |
| **3/16** | $10147 | $9787 | $9878 |
| **4/16** | $10182 | $9931 | $10035 |
| **5/16** | $10312 | $9944 | $10091 |
| **6/16** | $10382 | $9884 | $9978 |
| **7/16** | $10601 | $10310 | $10399 |
| **8/16** | $10513 | $10344 | $10408 |
| **9/16** | $10504 | $10408 | $10463 |
| **10/16** | $10247 | $10231 | $10261 |
| **11/16** | $10061 | $10309 | $10408 |
| **12/16** | $10318 | $10531 | $10657 |
| **1/17** | $10615 | $10819 | $10915 |
| **2/17** | $11074 | $11123 | $11217 |
| **3/17** | $11284 | $11259 | $11337 |
| **4/17** | $11533 | $11434 | $11505 |
| **5/17** | $12011 | $11687 | $11748 |
| **6/17** | $11886 | $11740 | $11793 |
| **7/17** | $12031 | $12068 | $12076 |
| **8/17** | $11916 | $12114 | $12093 |
| **9/17** | $11945 | $12348 | $12364 |
| **10/17** | $12146 | $12605 | $12598 |
| **11/17** | $12415 | $12849 | $12871 |
| **12/17** | $12634 | $13056 | $13045 |
| **1/18** | $13234 | $13793 | $13733 |
| **2/18** | $12614 | $13213 | $13164 |
| **3/18** | $12634 | $12931 | $12878 |
| **4/18** | $12614 | $13054 | $13026 |
| **5/18** | $12898 | $13070 | $13107 |
| **6/18** | $13305 | $13000 | $13101 |
| **7/18** | $13527 | $13392 | $13510 |
| **8/18** | $13803 | $13497 | $13677 |
| **9/18** | $13988 | $13555 | $13753 |
| **10/18** | $12984 | $12540 | $12744 |
| **11/18** | $13516 | $12723 | $12888 |
| **12/18** | $12667 | $11827 | $11908 |
| **1/19** | $13171 | $12761 | $12835 |
| **2/19** | $13741 | $13102 | $13221 |
| **3/19** | $14234 | $13267 | $13394 |
| **4/19** | $14738 | $13715 | $13869 |
| **5/19** | $14256 | $12901 | $13069 |
| **6/19** | $15111 | $13746 | $13930 |
| **7/19** | $15199 | $13786 | $13999 |
| **8/19** | $15308 | $13459 | $13713 |
| **9/19** | $15275 | $13742 | $14005 |
| **10/19** | $15494 | $14119 | $14361 |
| **11/19** | $15977 | $14463 | $14761 |
| **12/19** | $16408 | $14973 | $15203 |
| **1/20** | $16655 | $14807 | $15111 |
| **2/20** | $15376 | $13611 | $13834 |
| **3/20** | $14119 | $11774 | $12003 |
| **4/20** | $15600 | $13035 | $13314 |
| **5/20** | $16240 | $13602 | $13957 |
| **6/20** | $16610 | $14036 | $14326 |
| **7/20** | $17553 | $14779 | $15012 |
| **8/20** | $18305 | $15683 | $16015 |
| **9/20** | $17800 | $15178 | $15462 |
| **10/20** | $16947 | $14809 | $14988 |
| **11/20** | $18316 | $16634 | $16904 |
| **12/20** | $18957 | $17406 | $17621 |
| **1/21** | $18532 | $17327 | $17446 |
| **2/21** | $18624 | $17729 | $17893 |
| **3/21** | $19394 | $18202 | $18488 |
| **4/21** | $20335 | $18998 | $19349 |
| **5/21** | $20335 | $19294 | $19627 |
| **6/21** | $20576 | $19548 | $19920 |
| **7/21** | $21173 | $19682 | $20277 |
| **8/21** | $21472 | $20175 | $20781 |
| **9/21** | $20542 | $19342 | $19919 |
| **10/21** | $21644 | $20329 | $21047 |
| **11/21** | $20978 | $19839 | $20586 |
| **12/21** | $22408 | $20633 | $21465 |
| **1/22** | $21067 | $19620 | $20330 |
| **2/22** | $20309 | $19113 | $19816 |
| **3/22** | $20390 | $19527 | $20359 |
| **4/22** | $18990 | $17964 | $18668 |
| **5/22** | $18979 | $17985 | $18682 |
| **6/22** | $17742 | $16469 | $17064 |
| **7/22** | $19014 | $17619 | $18419 |
| **8/22** | $17859 | $16970 | $17649 |
| **9/22** | $16144 | $15346 | $16008 |
| **10/22** | $16949 | $16272 | $17158 |
| **11/22** | $18454 | $17534 | $18351 |
| **12/22** | $17722 | $16844 | $17571 |
| **1/23** | $18834 | $18051 | $18815 |
| **2/23** | $18015 | $17534 | $18362 |
| **3/23** | $19022 | $18075 | $18930 |
| **4/23** | $19443 | $18334 | $19261 |
| **5/23** | $19209 | $18138 | $19069 |
| **6/23** | $20262 | $19191 | $20222 |
| **7/23** | $20602 | $19894 | $20902 |
| **8/23** | $20450 | $19338 | $20403 |
| **9/23** | $19361 | $18538 | $19522 |
| **10/23** | $18834 | $17981 | $18956 |
| **11/23** | $20684 | $19640 | $20733 |
| **12/23** | $21479 | $20584 | $21751 |
| **1/24** | $21900 | $20704 | $22012 |
| **2/24** | $22768 | $21593 | $22945 |
| **3/24** | $22779 | $22271 | $23683 |
| **4/24** | $21725 | $21536 | $22803 |
| **5/24** | $22393 | $22411 | $23821 |
| **6/24** | $22826 | $22910 | $24306 |
| **7/24** | $23447 | $23279 | $24734 |
| **8/24** | $24092 | $23870 | $25388 |
| **9/24** | $24678 | $24425 | $25853 |
| **10/24** | $24221 | $23877 | $25340 |
| **11/24** | $25592 | $24770 | $26503 |
| **12/24** | $24896 | $24183 | $25812 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 15.91% | 8.70% | 10.14% |
| Class A, with 5.25% maximum front end sales charge | 9.80% | 7.53% | 9.55% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 9.23% |
| MSCI World/MSCI AC World Blended Index | 18.00% | 11.04% | 9.88% |
| MSCI World Net Index | 18.67% | 11.17% | 9.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;MSCI World/MSCI AC World Blended Index is performance linked benchmarks of the Fund. The old benchmark represented by MSCI World Index from the Fund's inception to June 26, 2024 and the new benchmark represented by MSCI All Country World Index for periods thereafter. It is not possible to invest directly in an index. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Effective June 27, 2024, the Fund changed its primary benchmark from the MSCI World Net Index to the MSCI All Country World Net Index because the Adviser believes it is a more appropriate benchmark for the Fund. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $58794206 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $183142 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg182.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Consumer Staples | 1.6% |
| Consumer Discretionary | 5.9% |
| Communication Services | 10.2% |
| Health Care | 15.7% |
| Industrials | 17.5% |
| Information Technology | 23.2% |
| Financials | 24.5% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| SAP SE | 7.9% |
| Alphabet, Inc. | 5.6% |
| Visa, Inc. | 4.7% |
| UnitedHealth Group, Inc. | 3.5% |
| Mastercard, Inc. | 3.4% |
| Galderma Group AG | 3.3% |
| Microsoft Corp. | 3.3% |
| Tradeweb Markets, Inc. | 3.2% |
| Aon PLC | 3.1% |
| Booking Holdings, Inc. | 3.0% |
| Total | 41.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2025 at www.morganstanley.com/im/shareholderreports or upon request by contacting us at 1-800-869-6397.

Effective June 27, 2024, the Global Stars Portfolio was changed from Global Sustain Portfolio.

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGQAX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio

# Class C MSGQX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $206 | 1.92% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World/MSCI AC World Blended Index:

↓ Stock selection, driven by weakness in health care, financials and information technology

↑ Sector allocation, aided by the zero weight in materials

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg216.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **MSCI All Country World Net Index** | **MSCI World Net Index** |
| **4/15** | $10000 | $10000 | $10000 |
| **5/15** | $10059 | $9987 | $10034 |
| **6/15** | $9796 | $9752 | $9801 |
| **7/15** | $10377 | $9837 | $9977 |
| **8/15** | $9576 | $9162 | $9317 |
| **9/15** | $9508 | $8830 | $8973 |
| **10/15** | $10309 | $9523 | $9684 |
| **11/15** | $10155 | $9445 | $9636 |
| **12/15** | $9987 | $9274 | $9467 |
| **1/16** | $9890 | $8715 | $8900 |
| **2/16** | $9660 | $8655 | $8834 |
| **3/16** | $10173 | $9296 | $9434 |
| **4/16** | $10199 | $9434 | $9583 |
| **5/16** | $10332 | $9446 | $9637 |
| **6/16** | $10394 | $9388 | $9529 |
| **7/16** | $10598 | $9793 | $9931 |
| **8/16** | $10508 | $9826 | $9940 |
| **9/16** | $10490 | $9886 | $9992 |
| **10/16** | $10230 | $9718 | $9799 |
| **11/16** | $10041 | $9792 | $9940 |
| **12/16** | $10293 | $10004 | $10178 |
| **1/17** | $10582 | $10277 | $10423 |
| **2/17** | $11026 | $10566 | $10713 |
| **3/17** | $11229 | $10695 | $10827 |
| **4/17** | $11470 | $10861 | $10987 |
| **5/17** | $11933 | $11101 | $11219 |
| **6/17** | $11808 | $11152 | $11263 |
| **7/17** | $11944 | $11463 | $11532 |
| **8/17** | $11827 | $11507 | $11548 |
| **9/17** | $11847 | $11730 | $11807 |
| **10/17** | $12031 | $11973 | $12031 |
| **11/17** | $12292 | $12205 | $12291 |
| **12/17** | $12502 | $12402 | $12458 |
| **1/18** | $13093 | $13101 | $13115 |
| **2/18** | $12461 | $12551 | $12572 |
| **3/18** | $12481 | $12283 | $12298 |
| **4/18** | $12451 | $12400 | $12439 |
| **5/18** | $12726 | $12415 | $12517 |
| **6/18** | $13114 | $12348 | $12511 |
| **7/18** | $13326 | $12720 | $12902 |
| **8/18** | $13594 | $12820 | $13062 |
| **9/18** | $13769 | $12876 | $13134 |
| **10/18** | $12771 | $11911 | $12170 |
| **11/18** | $13285 | $12086 | $12308 |
| **12/18** | $12440 | $11234 | $11372 |
| **1/19** | $12935 | $12121 | $12257 |
| **2/19** | $13474 | $12446 | $12626 |
| **3/19** | $13959 | $12602 | $12792 |
| **4/19** | $14443 | $13028 | $13245 |
| **5/19** | $13959 | $12255 | $12481 |
| **6/19** | $14795 | $13057 | $13303 |
| **7/19** | $14872 | $13095 | $13369 |
| **8/19** | $14960 | $12785 | $13096 |
| **9/19** | $14927 | $13054 | $13374 |
| **10/19** | $15126 | $13411 | $13715 |
| **11/19** | $15588 | $13738 | $14097 |
| **12/19** | $16001 | $14222 | $14519 |
| **1/20** | $16237 | $14065 | $14431 |
| **2/20** | $14977 | $12929 | $13211 |
| **3/20** | $13739 | $11184 | $11463 |
| **4/20** | $15168 | $12382 | $12715 |
| **5/20** | $15787 | $12920 | $13329 |
| **6/20** | $16136 | $13333 | $13682 |
| **7/20** | $17036 | $14038 | $14336 |
| **8/20** | $17756 | $14897 | $15294 |
| **9/20** | $17261 | $14417 | $14766 |
| **10/20** | $16417 | $14067 | $14313 |
| **11/20** | $17745 | $15800 | $16143 |
| **12/20** | $18350 | $16534 | $16828 |
| **1/21** | $17924 | $16459 | $16661 |
| **2/21** | $18004 | $16840 | $17088 |
| **3/21** | $18730 | $17290 | $17656 |
| **4/21** | $19639 | $18046 | $18478 |
| **5/21** | $19628 | $18327 | $18744 |
| **6/21** | $19846 | $18568 | $19023 |
| **7/21** | $20399 | $18696 | $19364 |
| **8/21** | $20675 | $19164 | $19846 |
| **9/21** | $19766 | $18372 | $19022 |
| **10/21** | $20813 | $19310 | $20099 |
| **11/21** | $20169 | $18845 | $19659 |
| **12/21** | $21530 | $19599 | $20499 |
| **1/22** | $20221 | $18637 | $19415 |
| **2/22** | $19485 | $18155 | $18924 |
| **3/22** | $19555 | $18548 | $19443 |
| **4/22** | $18199 | $17064 | $17828 |
| **5/22** | $18176 | $17084 | $17841 |
| **6/22** | $16983 | $15644 | $16296 |
| **7/22** | $18187 | $16736 | $17590 |
| **8/22** | $17065 | $16120 | $16854 |
| **9/22** | $15417 | $14577 | $15287 |
| **10/22** | $16177 | $15456 | $16385 |
| **11/22** | $17603 | $16655 | $17525 |
| **12/22** | $16893 | $16000 | $16780 |
| **1/23** | $17949 | $17147 | $17968 |
| **2/23** | $17151 | $16655 | $17536 |
| **3/23** | $18102 | $17169 | $18078 |
| **4/23** | $18500 | $17416 | $18395 |
| **5/23** | $18278 | $17229 | $18211 |
| **6/23** | $19280 | $18229 | $19312 |
| **7/23** | $19603 | $18897 | $19961 |
| **8/23** | $19458 | $18369 | $19484 |
| **9/23** | $18422 | $17609 | $18644 |
| **10/23** | $17921 | $17080 | $18103 |
| **11/23** | $19681 | $18656 | $19800 |
| **12/23** | $20437 | $19552 | $20772 |
| **1/24** | $20839 | $19667 | $21021 |
| **2/24** | $21664 | $20511 | $21912 |
| **3/24** | $21675 | $21155 | $22617 |
| **4/24** | $20671 | $20457 | $21777 |
| **5/24** | $21307 | $21288 | $22749 |
| **6/24** | $21719 | $21762 | $23212 |
| **7/24** | $22310 | $22113 | $23621 |
| **8/24** | $22924 | $22674 | $24245 |
| **9/24** | $23481 | $23201 | $24689 |
| **10/24** | $23046 | $22680 | $24199 |
| **11/24** | $24351 | $23529 | $25310 |
| **12/24** | $23689 | $22972 | $24650 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/15 (Inception)* |
| Class C, with conversion to Class A after 8 years | 15.03% | 7.89% | 9.33% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 14.16% | 7.89% | 9.33% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 8.98% |
| MSCI World/MSCI AC World Blended Index | 18.00% | 11.04% | 9.71% |
| MSCI World Net Index | 18.67% | 11.17% | 9.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;MSCI World/MSCI AC World Blended Index is performance linked benchmarks of the Fund. The old benchmark represented by MSCI World Index from the Fund's inception to June 26, 2024 and the new benchmark represented by MSCI All Country World Index for periods thereafter. It is not possible to invest directly in an index. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Effective June 27, 2024, the Fund changed its primary benchmark from the MSCI World Net Index to the MSCI All Country World Net Index because the Adviser believes it is a more appropriate benchmark for the Fund. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $58794206 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $183142 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg155.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Consumer Staples | 1.6% |
| Consumer Discretionary | 5.9% |
| Communication Services | 10.2% |
| Health Care | 15.7% |
| Industrials | 17.5% |
| Information Technology | 23.2% |
| Financials | 24.5% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| SAP SE | 7.9% |
| Alphabet, Inc. | 5.6% |
| Visa, Inc. | 4.7% |
| UnitedHealth Group, Inc. | 3.5% |
| Mastercard, Inc. | 3.4% |
| Galderma Group AG | 3.3% |
| Microsoft Corp. | 3.3% |
| Tradeweb Markets, Inc. | 3.2% |
| Aon PLC | 3.1% |
| Booking Holdings, Inc. | 3.0% |
| Total | 41.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2025 at www.morganstanley.com/im/shareholderreports or upon request by contacting us at 1-800-869-6397.

Effective June 27, 2024, the Global Stars Portfolio was changed from Global Sustain Portfolio.

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSGQX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio

# Class I MGQIX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $92 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World/MSCI AC World Blended Index:

↓ Stock selection, driven by weakness in health care, financials and information technology

↑ Sector allocation, aided by the zero weight in materials

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg035.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Net Index** | **MSCI World Net Index** |
| **12/14** | $1000000 | $1000000 | $1000000 |
| **1/15** | $995591 | $984369 | $981880 |
| **2/15** | $1040564 | $1039171 | $1039407 |
| **3/15** | $1011464 | $1023066 | $1023137 |
| **4/15** | $1045855 | $1052753 | $1047132 |
| **5/15** | $1052910 | $1051379 | $1050739 |
| **6/15** | $1026455 | $1026626 | $1026307 |
| **7/15** | $1088485 | $1035542 | $1044729 |
| **8/15** | $1006252 | $964555 | $975595 |
| **9/15** | $999178 | $929611 | $939611 |
| **10/15** | $1085832 | $1002568 | $1014069 |
| **11/15** | $1069032 | $994291 | $1009024 |
| **12/15** | $1052654 | $976361 | $991288 |
| **1/16** | $1043436 | $917476 | $931985 |
| **2/16** | $1020392 | $911160 | $925048 |
| **3/16** | $1075698 | $978686 | $987821 |
| **4/16** | $1079385 | $993133 | $1003452 |
| **5/16** | $1094133 | $994388 | $1009088 |
| **6/16** | $1101507 | $988364 | $997781 |
| **7/16** | $1124642 | $1030959 | $1039935 |
| **8/16** | $1117151 | $1034426 | $1040800 |
| **9/16** | $1115278 | $1040765 | $1046328 |
| **10/16** | $1088122 | $1023101 | $1026079 |
| **11/16** | $1069394 | $1030876 | $1040833 |
| **12/16** | $1096858 | $1053145 | $1065738 |
| **1/17** | $1129327 | $1081941 | $1091460 |
| **2/17** | $1178031 | $1112291 | $1121741 |
| **3/17** | $1200354 | $1125898 | $1133690 |
| **4/17** | $1227750 | $1143445 | $1150476 |
| **5/17** | $1278484 | $1168695 | $1174814 |
| **6/17** | $1266308 | $1174010 | $1179334 |
| **7/17** | $1281643 | $1206819 | $1207558 |
| **8/17** | $1270436 | $1211443 | $1209259 |
| **9/17** | $1273493 | $1234848 | $1236399 |
| **10/17** | $1294887 | $1260490 | $1259766 |
| **11/17** | $1324432 | $1284891 | $1287061 |
| **12/17** | $1347587 | $1305605 | $1304467 |
| **1/18** | $1412427 | $1379263 | $1373343 |
| **2/18** | $1346507 | $1321336 | $1316449 |
| **3/18** | $1348668 | $1293051 | $1287755 |
| **4/18** | $1347587 | $1305399 | $1302553 |
| **5/18** | $1377846 | $1307029 | $1310715 |
| **6/18** | $1421072 | $1299951 | $1310090 |
| **7/18** | $1445787 | $1339153 | $1351009 |
| **8/18** | $1476316 | $1349674 | $1367725 |
| **9/18** | $1495942 | $1355548 | $1375340 |
| **10/18** | $1390180 | $1253965 | $1274352 |
| **11/18** | $1446877 | $1272304 | $1288828 |
| **12/18** | $1355625 | $1182690 | $1190828 |
| **1/19** | $1410646 | $1276075 | $1283482 |
| **2/19** | $1471520 | $1310206 | $1322076 |
| **3/19** | $1525371 | $1326684 | $1339441 |
| **4/19** | $1579221 | $1371480 | $1386936 |
| **5/19** | $1528883 | $1290125 | $1306909 |
| **6/19** | $1621365 | $1374602 | $1393027 |
| **7/19** | $1630730 | $1378630 | $1399928 |
| **8/19** | $1643607 | $1345925 | $1371293 |
| **9/19** | $1640095 | $1374246 | $1400475 |
| **10/19** | $1664679 | $1411857 | $1436114 |
| **11/19** | $1716188 | $1446323 | $1476110 |
| **12/19** | $1762719 | $1497255 | $1520331 |
| **1/20** | $1790374 | $1480717 | $1511078 |
| **2/20** | $1653301 | $1361120 | $1383353 |
| **3/20** | $1518632 | $1177364 | $1200277 |
| **4/20** | $1677349 | $1303489 | $1331400 |
| **5/20** | $1747088 | $1360179 | $1395718 |
| **6/20** | $1787970 | $1403640 | $1432636 |
| **7/20** | $1890174 | $1477875 | $1501175 |
| **8/20** | $1970734 | $1568328 | $1601475 |
| **9/20** | $1917829 | $1517760 | $1546226 |
| **10/20** | $1826446 | $1480866 | $1498795 |
| **11/20** | $1974342 | $1663401 | $1690434 |
| **12/20** | $2044024 | $1740632 | $1762102 |
| **1/21** | $1998382 | $1732716 | $1744589 |
| **2/21** | $2008251 | $1772852 | $1789294 |
| **3/21** | $2092134 | $1820203 | $1848827 |
| **4/21** | $2194520 | $1899787 | $1934872 |
| **5/21** | $2195754 | $1929352 | $1962744 |
| **6/21** | $2221658 | $1954776 | $1991999 |
| **7/21** | $2287038 | $1968246 | $2027681 |
| **8/21** | $2320344 | $2017510 | $2078147 |
| **9/21** | $2220425 | $1934167 | $1991861 |
| **10/21** | $2340081 | $2032894 | $2104681 |
| **11/21** | $2268534 | $1983940 | $2058561 |
| **12/21** | $2424655 | $2063299 | $2146544 |
| **1/22** | $2278924 | $1961966 | $2032969 |
| **2/22** | $2198521 | $1911293 | $1981553 |
| **3/22** | $2207315 | $1952690 | $2035933 |
| **4/22** | $2056560 | $1796393 | $1866801 |
| **5/22** | $2056560 | $1798496 | $1868215 |
| **6/22** | $1923392 | $1646889 | $1706387 |
| **7/22** | $2060328 | $1761895 | $1841868 |
| **8/22** | $1935955 | $1697031 | $1764863 |
| **9/22** | $1751279 | $1534576 | $1600802 |
| **10/22** | $1839220 | $1627183 | $1715760 |
| **11/22** | $2002539 | $1753393 | $1835057 |
| **12/22** | $1923111 | $1684395 | $1757127 |
| **1/23** | $2045836 | $1805127 | $1881455 |
| **2/23** | $1956006 | $1753392 | $1836228 |
| **3/23** | $2066079 | $1807454 | $1892966 |
| **4/23** | $2112892 | $1833431 | $1926149 |
| **5/23** | $2087587 | $1813795 | $1906920 |
| **6/23** | $2202721 | $1919105 | $2022246 |
| **7/23** | $2241942 | $1989360 | $2090179 |
| **8/23** | $2225495 | $1933769 | $2040254 |
| **9/23** | $2107831 | $1853806 | $1952240 |
| **10/23** | $2050897 | $1798068 | $1895595 |
| **11/23** | $2253329 | $1964022 | $2073311 |
| **12/23** | $2340287 | $2058362 | $2175098 |
| **1/24** | $2386050 | $2070429 | $2201200 |
| **2/24** | $2481390 | $2159278 | $2294526 |
| **3/24** | $2483933 | $2227072 | $2368260 |
| **4/24** | $2369524 | $2153595 | $2280292 |
| **5/24** | $2441983 | $2241060 | $2382112 |
| **6/24** | $2490289 | $2290973 | $2430583 |
| **7/24** | $2558934 | $2327921 | $2473415 |
| **8/24** | $2630121 | $2387042 | $2538789 |
| **9/24** | $2696224 | $2442495 | $2585284 |
| **10/24** | $2646647 | $2387669 | $2534000 |
| **11/24** | $2795378 | $2476977 | $2650277 |
| **12/24** | $2721165 | $2418343 | $2581209 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 16.27% | 9.07% | 10.53% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 9.23% |
| MSCI World/MSCI AC World Blended Index | 18.00% | 11.04% | 9.88% |
| MSCI World Net Index | 18.67% | 11.17% | 9.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;MSCI World/MSCI AC World Blended Index is performance linked benchmarks of the Fund. The old benchmark represented by MSCI World Index from the Fund's inception to June 26, 2024 and the new benchmark represented by MSCI All Country World Index for periods thereafter. It is not possible to invest directly in an index. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Effective June 27, 2024, the Fund changed its primary benchmark from the MSCI World Net Index to the MSCI All Country World Net Index because the Adviser believes it is a more appropriate benchmark for the Fund. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $58794206 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $183142 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg242.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Consumer Staples | 1.6% |
| Consumer Discretionary | 5.9% |
| Communication Services | 10.2% |
| Health Care | 15.7% |
| Industrials | 17.5% |
| Information Technology | 23.2% |
| Financials | 24.5% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| SAP SE | 7.9% |
| Alphabet, Inc. | 5.6% |
| Visa, Inc. | 4.7% |
| UnitedHealth Group, Inc. | 3.5% |
| Mastercard, Inc. | 3.4% |
| Galderma Group AG | 3.3% |
| Microsoft Corp. | 3.3% |
| Tradeweb Markets, Inc. | 3.2% |
| Aon PLC | 3.1% |
| Booking Holdings, Inc. | 3.0% |
| Total | 41.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2025 at www.morganstanley.com/im/shareholderreports or upon request by contacting us at 1-800-869-6397.

Effective June 27, 2024, the Global Stars Portfolio was changed from Global Sustain Portfolio.

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGQIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio

# Class L MGQLX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $183 | 1.70% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World/MSCI AC World Blended Index:

↓ Stock selection, driven by weakness in health care, financials and information technology

↑ Sector allocation, aided by the zero weight in materials

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg156.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class L** | **MSCI All Country World Net Index** | **MSCI World Net Index** |
| **12/14** | $10000 | $10000 | $10000 |
| **1/15** | $9947 | $9844 | $9819 |
| **2/15** | $10390 | $10392 | $10394 |
| **3/15** | $10098 | $10231 | $10231 |
| **4/15** | $10434 | $10528 | $10471 |
| **5/15** | $10496 | $10514 | $10507 |
| **6/15** | $10230 | $10266 | $10263 |
| **7/15** | $10836 | $10355 | $10447 |
| **8/15** | $10010 | $9646 | $9756 |
| **9/15** | $9938 | $9296 | $9396 |
| **10/15** | $10774 | $10026 | $10141 |
| **11/15** | $10614 | $9943 | $10090 |
| **12/15** | $10449 | $9764 | $9913 |
| **1/16** | $10339 | $9175 | $9320 |
| **2/16** | $10109 | $9112 | $9250 |
| **3/16** | $10651 | $9787 | $9878 |
| **4/16** | $10679 | $9931 | $10035 |
| **5/16** | $10816 | $9944 | $10091 |
| **6/16** | $10881 | $9884 | $9978 |
| **7/16** | $11102 | $10310 | $10399 |
| **8/16** | $11018 | $10344 | $10408 |
| **9/16** | $10990 | $10408 | $10463 |
| **10/16** | $10719 | $10231 | $10261 |
| **11/16** | $10523 | $10309 | $10408 |
| **12/16** | $10794 | $10531 | $10657 |
| **1/17** | $11095 | $10819 | $10915 |
| **2/17** | $11567 | $11123 | $11217 |
| **3/17** | $11778 | $11259 | $11337 |
| **4/17** | $12038 | $11434 | $11505 |
| **5/17** | $12530 | $11687 | $11748 |
| **6/17** | $12400 | $11740 | $11793 |
| **7/17** | $12541 | $12068 | $12076 |
| **8/17** | $12420 | $12114 | $12093 |
| **9/17** | $12450 | $12348 | $12364 |
| **10/17** | $12642 | $12605 | $12598 |
| **11/17** | $12924 | $12849 | $12871 |
| **12/17** | $13147 | $13056 | $13045 |
| **1/18** | $13762 | $13793 | $13733 |
| **2/18** | $13105 | $13213 | $13164 |
| **3/18** | $13126 | $12931 | $12878 |
| **4/18** | $13105 | $13054 | $13026 |
| **5/18** | $13391 | $13070 | $13107 |
| **6/18** | $13804 | $13000 | $13101 |
| **7/18** | $14036 | $13392 | $13510 |
| **8/18** | $14314 | $13497 | $13677 |
| **9/18** | $14495 | $13555 | $13753 |
| **10/18** | $13458 | $12540 | $12744 |
| **11/18** | $14004 | $12723 | $12888 |
| **12/18** | $13114 | $11827 | $11908 |
| **1/19** | $13628 | $12761 | $12835 |
| **2/19** | $14211 | $13102 | $13221 |
| **3/19** | $14714 | $13267 | $13394 |
| **4/19** | $15228 | $13715 | $13869 |
| **5/19** | $14725 | $12901 | $13069 |
| **6/19** | $15605 | $13746 | $13930 |
| **7/19** | $15685 | $13786 | $13999 |
| **8/19** | $15799 | $13459 | $13713 |
| **9/19** | $15753 | $13742 | $14005 |
| **10/19** | $15982 | $14119 | $14361 |
| **11/19** | $16462 | $14463 | $14761 |
| **12/19** | $16901 | $14973 | $15203 |
| **1/20** | $17146 | $14807 | $15111 |
| **2/20** | $15827 | $13611 | $13834 |
| **3/20** | $14520 | $11774 | $12003 |
| **4/20** | $16037 | $13035 | $13314 |
| **5/20** | $16691 | $13602 | $13957 |
| **6/20** | $17076 | $14036 | $14326 |
| **7/20** | $18033 | $14779 | $15012 |
| **8/20** | $18780 | $15683 | $16015 |
| **9/20** | $18267 | $15178 | $15462 |
| **10/20** | $17380 | $14809 | $14988 |
| **11/20** | $18780 | $16634 | $16904 |
| **12/20** | $19431 | $17406 | $17621 |
| **1/21** | $18978 | $17327 | $17446 |
| **2/21** | $19061 | $17729 | $17893 |
| **3/21** | $19849 | $18202 | $18488 |
| **4/21** | $20804 | $18998 | $19349 |
| **5/21** | $20792 | $19294 | $19627 |
| **6/21** | $21031 | $19548 | $19920 |
| **7/21** | $21628 | $19682 | $20277 |
| **8/21** | $21926 | $20175 | $20781 |
| **9/21** | $20959 | $19342 | $19919 |
| **10/21** | $22081 | $20329 | $21047 |
| **11/21** | $21401 | $19839 | $20586 |
| **12/21** | $22848 | $20633 | $21465 |
| **1/22** | $21467 | $19620 | $20330 |
| **2/22** | $20692 | $19113 | $19816 |
| **3/22** | $20765 | $19527 | $20359 |
| **4/22** | $19335 | $17964 | $18668 |
| **5/22** | $19311 | $17985 | $18682 |
| **6/22** | $18051 | $16469 | $17064 |
| **7/22** | $19323 | $17619 | $18419 |
| **8/22** | $18136 | $16970 | $17649 |
| **9/22** | $16391 | $15346 | $16008 |
| **10/22** | $17203 | $16272 | $17158 |
| **11/22** | $18717 | $17534 | $18351 |
| **12/22** | $17970 | $16844 | $17571 |
| **1/23** | $19100 | $18051 | $18815 |
| **2/23** | $18261 | $17534 | $18362 |
| **3/23** | $19271 | $18075 | $18930 |
| **4/23** | $19684 | $18334 | $19261 |
| **5/23** | $19441 | $18138 | $19069 |
| **6/23** | $20498 | $19191 | $20222 |
| **7/23** | $20839 | $19894 | $20902 |
| **8/23** | $20681 | $19338 | $20403 |
| **9/23** | $19562 | $18538 | $19522 |
| **10/23** | $19027 | $17981 | $18956 |
| **11/23** | $20888 | $19640 | $20733 |
| **12/23** | $21678 | $20584 | $21751 |
| **1/24** | $22091 | $20704 | $22012 |
| **2/24** | $22967 | $21593 | $22945 |
| **3/24** | $22967 | $22271 | $23683 |
| **4/24** | $21897 | $21536 | $22803 |
| **5/24** | $22553 | $22411 | $23821 |
| **6/24** | $22979 | $22910 | $24306 |
| **7/24** | $23599 | $23279 | $24734 |
| **8/24** | $24231 | $23870 | $25388 |
| **9/24** | $24815 | $24425 | $25853 |
| **10/24** | $24340 | $23877 | $25340 |
| **11/24** | $25702 | $24770 | $26503 |
| **12/24** | $24993 | $24183 | $25812 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 15.29% | 8.14% | 9.59% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 9.23% |
| MSCI World/MSCI AC World Blended Index | 18.00% | 11.04% | 9.88% |
| MSCI World Net Index | 18.67% | 11.17% | 9.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;MSCI World/MSCI AC World Blended Index is performance linked benchmarks of the Fund. The old benchmark represented by MSCI World Index from the Fund's inception to June 26, 2024 and the new benchmark represented by MSCI All Country World Index for periods thereafter. It is not possible to invest directly in an index. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Effective June 27, 2024, the Fund changed its primary benchmark from the MSCI World Net Index to the MSCI All Country World Net Index because the Adviser believes it is a more appropriate benchmark for the Fund. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $58794206 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $183142 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg091.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Consumer Staples | 1.6% |
| Consumer Discretionary | 5.9% |
| Communication Services | 10.2% |
| Health Care | 15.7% |
| Industrials | 17.5% |
| Information Technology | 23.2% |
| Financials | 24.5% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| SAP SE | 7.9% |
| Alphabet, Inc. | 5.6% |
| Visa, Inc. | 4.7% |
| UnitedHealth Group, Inc. | 3.5% |
| Mastercard, Inc. | 3.4% |
| Galderma Group AG | 3.3% |
| Microsoft Corp. | 3.3% |
| Tradeweb Markets, Inc. | 3.2% |
| Aon PLC | 3.1% |
| Booking Holdings, Inc. | 3.0% |
| Total | 41.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2025 at www.morganstanley.com/im/shareholderreports or upon request by contacting us at 1-800-869-6397.

Effective June 27, 2024, the Global Stars Portfolio was changed from Global Sustain Portfolio.

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGQLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio

# Class R6 MGQSX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $92 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World/MSCI AC World Blended Index:

↓ Stock selection, driven by weakness in health care, financials and information technology

↑ Sector allocation, aided by the zero weight in materials

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg104.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Net Index** | **MSCI World Net Index** |
| **12/14** | $5000000 | $5000000 | $5000000 |
| **1/15** | $4977954 | $4921847 | $4909402 |
| **2/15** | $5202822 | $5195853 | $5197036 |
| **3/15** | $5061728 | $5115328 | $5115685 |
| **4/15** | $5233686 | $5263763 | $5235661 |
| **5/15** | $5264550 | $5256895 | $5253696 |
| **6/15** | $5136684 | $5133131 | $5131536 |
| **7/15** | $5446833 | $5177711 | $5223647 |
| **8/15** | $5031246 | $4822776 | $4877974 |
| **9/15** | $5000298 | $4648053 | $4698053 |
| **10/15** | $5433569 | $5012840 | $5070346 |
| **11/15** | $5349568 | $4971454 | $5045118 |
| **12/15** | $5268903 | $4881804 | $4956438 |
| **1/16** | $5218196 | $4587379 | $4659923 |
| **2/16** | $5102953 | $4555802 | $4625241 |
| **3/16** | $5384146 | $4893431 | $4939106 |
| **4/16** | $5402585 | $4965664 | $5017260 |
| **5/16** | $5471730 | $4971938 | $5045440 |
| **6/16** | $5513218 | $4941819 | $4988904 |
| **7/16** | $5628991 | $5154794 | $5199677 |
| **8/16** | $5586844 | $5172129 | $5203998 |
| **9/16** | $5577478 | $5203827 | $5231641 |
| **10/16** | $5446353 | $5115504 | $5130394 |
| **11/16** | $5348010 | $5154379 | $5204164 |
| **12/16** | $5488754 | $5265723 | $5328691 |
| **1/17** | $5651234 | $5409704 | $5457300 |
| **2/17** | $5889875 | $5561453 | $5608704 |
| **3/17** | $6006657 | $5629489 | $5668448 |
| **4/17** | $6143749 | $5717223 | $5752380 |
| **5/17** | $6397623 | $5843476 | $5874069 |
| **6/17** | $6336693 | $5870048 | $5896669 |
| **7/17** | $6413432 | $6034097 | $6037790 |
| **8/17** | $6357353 | $6057214 | $6046293 |
| **9/17** | $6372647 | $6174240 | $6181997 |
| **10/17** | $6479707 | $6302450 | $6298828 |
| **11/17** | $6627553 | $6424454 | $6435307 |
| **12/17** | $6746492 | $6528027 | $6522335 |
| **1/18** | $7071103 | $6896316 | $6866716 |
| **2/18** | $6735672 | $6606682 | $6582245 |
| **3/18** | $6751902 | $6465255 | $6438776 |
| **4/18** | $6746492 | $6526996 | $6512765 |
| **5/18** | $6897977 | $6535145 | $6553577 |
| **6/18** | $7114384 | $6499754 | $6550451 |
| **7/18** | $7238113 | $6695765 | $6755044 |
| **8/18** | $7390954 | $6748370 | $6838623 |
| **9/18** | $7489209 | $6777740 | $6876701 |
| **10/18** | $6959724 | $6269824 | $6371759 |
| **11/18** | $7243572 | $6361522 | $6444142 |
| **12/18** | $6790884 | $5913452 | $5954142 |
| **1/19** | $7060642 | $6380376 | $6417409 |
| **2/19** | $7371451 | $6551032 | $6610379 |
| **3/19** | $7635346 | $6633418 | $6697203 |
| **4/19** | $7910969 | $6857399 | $6934681 |
| **5/19** | $7658803 | $6450625 | $6534544 |
| **6/19** | $8122084 | $6873009 | $6965137 |
| **7/19** | $8168999 | $6893149 | $6999638 |
| **8/19** | $8227642 | $6729627 | $6856463 |
| **9/19** | $8215913 | $6871230 | $7002376 |
| **10/19** | $8339064 | $7059286 | $7180569 |
| **11/19** | $8597094 | $7231614 | $7380549 |
| **12/19** | $8833313 | $7486277 | $7601657 |
| **1/20** | $8971898 | $7403584 | $7555388 |
| **2/20** | $8284996 | $6805598 | $6916767 |
| **3/20** | $7604120 | $5886820 | $6001384 |
| **4/20** | $8405506 | $6517446 | $6657001 |
| **5/20** | $8754982 | $6800896 | $6978588 |
| **6/20** | $8959847 | $7018202 | $7163180 |
| **7/20** | $9472011 | $7389374 | $7505876 |
| **8/20** | $9875716 | $7841641 | $8007377 |
| **9/20** | $9610596 | $7588801 | $7731130 |
| **10/20** | $9152662 | $7404328 | $7493977 |
| **11/20** | $9899818 | $8317007 | $8452168 |
| **12/20** | $10246563 | $8703162 | $8810512 |
| **1/21** | $10017762 | $8663580 | $8722947 |
| **2/21** | $10067232 | $8864258 | $8946468 |
| **3/21** | $10487731 | $9101017 | $9244135 |
| **4/21** | $11000987 | $9498936 | $9674358 |
| **5/21** | $11007170 | $9646762 | $9813721 |
| **6/21** | $11143214 | $9773880 | $9959993 |
| **7/21** | $11464772 | $9841230 | $10138404 |
| **8/21** | $11631735 | $10087549 | $10390733 |
| **9/21** | $11130846 | $9670835 | $9959305 |
| **10/21** | $11730675 | $10164468 | $10523405 |
| **11/21** | $11372015 | $9919702 | $10292805 |
| **12/21** | $12152825 | $10316495 | $10732722 |
| **1/22** | $11428317 | $9809828 | $10164844 |
| **2/22** | $11025113 | $9556467 | $9907763 |
| **3/22** | $11069214 | $9763451 | $10179665 |
| **4/22** | $10313206 | $8981967 | $9334007 |
| **5/22** | $10313206 | $8992478 | $9341077 |
| **6/22** | $9645399 | $8234445 | $8531934 |
| **7/22** | $10332106 | $8809476 | $9209338 |
| **8/22** | $9708400 | $8485156 | $8824316 |
| **9/22** | $8782290 | $7672878 | $8004008 |
| **10/22** | $9223295 | $8135914 | $8578799 |
| **11/22** | $10042303 | $8766963 | $9175287 |
| **12/22** | $9649544 | $8421974 | $8785637 |
| **1/23** | $10258988 | $9025635 | $9407274 |
| **2/23** | $9814602 | $8766960 | $9181138 |
| **3/23** | $10366911 | $9037268 | $9464832 |
| **4/23** | $10601801 | $9167157 | $9630747 |
| **5/23** | $10474833 | $9068973 | $9534599 |
| **6/23** | $11052536 | $9595525 | $10111231 |
| **7/23** | $11249336 | $9946798 | $10450895 |
| **8/23** | $11166807 | $9668846 | $10201268 |
| **9/23** | $10576408 | $9269031 | $9761202 |
| **10/23** | $10290730 | $8990340 | $9477973 |
| **11/23** | $11306472 | $9820111 | $10366553 |
| **12/23** | $11748014 | $10291810 | $10875490 |
| **1/24** | $11977741 | $10352144 | $11006002 |
| **2/24** | $12456340 | $10796389 | $11472631 |
| **3/24** | $12462722 | $11135362 | $11841301 |
| **4/24** | $11894784 | $10767973 | $11401460 |
| **5/24** | $12258519 | $11205299 | $11910558 |
| **6/24** | $12507391 | $11454864 | $12152913 |
| **7/24** | $12858364 | $11639603 | $12367076 |
| **8/24** | $13209336 | $11935208 | $12693944 |
| **9/24** | $13541165 | $12212476 | $12926420 |
| **10/24** | $13292294 | $11938345 | $12670000 |
| **11/24** | $14045290 | $12384883 | $13251383 |
| **12/24** | $13669023 | $12091713 | $12906044 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 16.35% | 9.12% | 10.58% |
| MSCI All Country World Net Index | 17.49% | 10.06% | 9.23% |
| MSCI World/MSCI AC World Blended Index | 18.00% | 11.04% | 9.88% |
| MSCI World Net Index | 18.67% | 11.17% | 9.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;MSCI World/MSCI AC World Blended Index is performance linked benchmarks of the Fund. The old benchmark represented by MSCI World Index from the Fund's inception to June 26, 2024 and the new benchmark represented by MSCI All Country World Index for periods thereafter. It is not possible to invest directly in an index. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Effective June 27, 2024, the Fund changed its primary benchmark from the MSCI World Net Index to the MSCI All Country World Net Index because the Adviser believes it is a more appropriate benchmark for the Fund. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $58794206 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $183142 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Consumer Staples | 1.6% |
| Consumer Discretionary | 5.9% |
| Communication Services | 10.2% |
| Health Care | 15.7% |
| Industrials | 17.5% |
| Information Technology | 23.2% |
| Financials | 24.5% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| SAP SE | 7.9% |
| Alphabet, Inc. | 5.6% |
| Visa, Inc. | 4.7% |
| UnitedHealth Group, Inc. | 3.5% |
| Mastercard, Inc. | 3.4% |
| Galderma Group AG | 3.3% |
| Microsoft Corp. | 3.3% |
| Tradeweb Markets, Inc. | 3.2% |
| Aon PLC | 3.1% |
| Booking Holdings, Inc. | 3.0% |
| Total | 41.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2025 at www.morganstanley.com/im/shareholderreports or upon request by contacting us at 1-800-869-6397.

Effective June 27, 2024, the Global Stars Portfolio was changed from Global Sustain Portfolio.

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGQSX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class A MSEGX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $106 | 0.86% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Growth Index:

↑ Stock selection and average overweight in consumer discretionary, led by a position in a leading seller of used cars online in the United States

↑ Stock selection in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Stock selection and an average underweight in industrials, led by a global mobility and food delivery platform

↓ Stock selection in health care, where a position in an underperforming health care services provider was the largest detractor

↓ Average underweight to information technology

↓ Average underweight and stock selection in communication services, which lagged primarily because of underweight exposures to some of the "Magnificent 7" companies that drove significant performance gains within the Index in 2024

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with maximum sales charge** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/14** | $9476 | $10000 | $10000 |
| **1/15** | $9528 | $9725 | $9847 |
| **2/15** | $10255 | $10287 | $10503 |
| **3/15** | $10057 | $10159 | $10384 |
| **4/15** | $10242 | $10231 | $10436 |
| **5/15** | $10265 | $10365 | $10583 |
| **6/15** | $10277 | $10171 | $10396 |
| **7/15** | $10857 | $10367 | $10749 |
| **8/15** | $10112 | $9743 | $10096 |
| **9/15** | $9669 | $9476 | $9846 |
| **10/15** | $10253 | $10243 | $10694 |
| **11/15** | $10611 | $10277 | $10724 |
| **12/15** | $10568 | $10092 | $10567 |
| **1/16** | $9552 | $9549 | $9977 |
| **2/16** | $9275 | $9545 | $9973 |
| **3/16** | $9971 | $10210 | $10645 |
| **4/16** | $9947 | $10266 | $10548 |
| **5/16** | $10216 | $10446 | $10753 |
| **6/16** | $10130 | $10469 | $10711 |
| **7/16** | $10821 | $10868 | $11216 |
| **8/16** | $10910 | $10882 | $11160 |
| **9/16** | $11227 | $10891 | $11201 |
| **10/16** | $10827 | $10679 | $10938 |
| **11/16** | $10544 | $11100 | $11176 |
| **12/16** | $10335 | $11308 | $11314 |
| **1/17** | $11382 | $11536 | $11696 |
| **2/17** | $11607 | $11982 | $12182 |
| **3/17** | $12002 | $11990 | $12322 |
| **4/17** | $12529 | $12116 | $12604 |
| **5/17** | $13317 | $12271 | $12932 |
| **6/17** | $13180 | $12357 | $12898 |
| **7/17** | $13599 | $12601 | $13241 |
| **8/17** | $13985 | $12641 | $13483 |
| **9/17** | $13814 | $12910 | $13659 |
| **10/17** | $14565 | $13206 | $14188 |
| **11/17** | $14861 | $13609 | $14619 |
| **12/17** | $14826 | $13761 | $14733 |
| **1/18** | $16250 | $14516 | $15776 |
| **2/18** | $16470 | $13983 | $15363 |
| **3/18** | $16257 | $13666 | $14941 |
| **4/18** | $16287 | $13712 | $14994 |
| **5/18** | $17383 | $14062 | $15651 |
| **6/18** | $17689 | $14153 | $15801 |
| **7/18** | $17638 | $14642 | $16265 |
| **8/18** | $19202 | $15146 | $17155 |
| **9/18** | $19041 | $15204 | $17251 |
| **10/18** | $17054 | $14128 | $15708 |
| **11/18** | $17257 | $14415 | $15875 |
| **12/18** | $15921 | $13102 | $14510 |
| **1/19** | $17850 | $14200 | $15814 |
| **2/19** | $18751 | $14681 | $16380 |
| **3/19** | $19008 | $14937 | $16846 |
| **4/19** | $19755 | $15540 | $17607 |
| **5/19** | $19056 | $14550 | $16495 |
| **6/19** | $20370 | $15571 | $17628 |
| **7/19** | $20511 | $15813 | $18026 |
| **8/19** | $19538 | $15523 | $17888 |
| **9/19** | $18160 | $15792 | $17890 |
| **10/19** | $18176 | $16127 | $18394 |
| **11/19** | $19739 | $16736 | $19210 |
| **12/19** | $19553 | $17220 | $19790 |
| **1/20** | $20774 | $17238 | $20232 |
| **2/20** | $20702 | $15830 | $18854 |
| **3/20** | $18795 | $13738 | $17000 |
| **4/20** | $22650 | $15553 | $19515 |
| **5/20** | $26850 | $16374 | $20825 |
| **6/20** | $29736 | $16736 | $21732 |
| **7/20** | $32832 | $17716 | $23404 |
| **8/20** | $35633 | $19016 | $25819 |
| **9/20** | $36122 | $18321 | $24604 |
| **10/20** | $34695 | $17879 | $23769 |
| **11/20** | $41328 | $19985 | $26203 |
| **12/20** | $42057 | $20830 | $27408 |
| **1/21** | $42659 | $20658 | $27205 |
| **2/21** | $44966 | $21257 | $27199 |
| **3/21** | $41283 | $22061 | $27666 |
| **4/21** | $43502 | $23249 | $29548 |
| **5/21** | $42328 | $23359 | $29140 |
| **6/21** | $47465 | $23944 | $30968 |
| **7/21** | $47431 | $24442 | $31988 |
| **8/21** | $48471 | $25149 | $33184 |
| **9/21** | $45390 | $23994 | $31326 |
| **10/21** | $48870 | $25659 | $34039 |
| **11/21** | $47244 | $25315 | $34247 |
| **12/21** | $42125 | $26340 | $34971 |
| **1/22** | $32773 | $24855 | $31970 |
| **2/22** | $32444 | $24173 | $30612 |
| **3/22** | $30849 | $24989 | $31809 |
| **4/22** | $24004 | $22761 | $27968 |
| **5/22** | $19970 | $22727 | $27318 |
| **6/22** | $18127 | $20823 | $25154 |
| **7/22** | $20572 | $22763 | $28173 |
| **8/22** | $20839 | $21889 | $26861 |
| **9/22** | $18723 | $19863 | $24249 |
| **10/22** | $19195 | $21456 | $25667 |
| **11/22** | $18673 | $22617 | $26836 |
| **12/22** | $16665 | $21302 | $24782 |
| **1/23** | $19634 | $22730 | $26847 |
| **2/23** | $18821 | $22189 | $26528 |
| **3/23** | $19583 | $22891 | $28342 |
| **4/23** | $18371 | $23175 | $28621 |
| **5/23** | $20236 | $23283 | $29926 |
| **6/23** | $22029 | $24855 | $31972 |
| **7/23** | $23974 | $25710 | $33050 |
| **8/23** | $21753 | $25260 | $32753 |
| **9/23** | $20643 | $24073 | $30972 |
| **10/23** | $18835 | $23491 | $30531 |
| **11/23** | $22232 | $25685 | $33859 |
| **12/23** | $24976 | $26953 | $35358 |
| **1/24** | $23517 | $27329 | $36240 |
| **2/24** | $26282 | $28805 | $38713 |
| **3/24** | $26827 | $29728 | $39394 |
| **4/24** | $24279 | $28463 | $37723 |
| **5/24** | $23807 | $29804 | $39981 |
| **6/24** | $25005 | $30790 | $42677 |
| **7/24** | $25295 | $31238 | $41951 |
| **8/24** | $26943 | $31979 | $42825 |
| **9/24** | $28569 | $32663 | $44038 |
| **10/24** | $30688 | $32434 | $43893 |
| **11/24** | $38019 | $34522 | $46740 |
| **12/24** | $36534 | $33560 | $47152 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 46.28% | 13.32% | 14.45% |
| Class A, with 5.25% maximum front end sales charge | 38.58% | 12.10% | 13.83% |
| Russell 1000<sup>®</sup> Index | 24.51% | 14.28% | 12.87% |
| Russell 1000<sup>®</sup> Growth Index | 33.36% | 18.96% | 16.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the Russell 1000<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4190946959 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $17778316 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.8% |
| Investment Company | 2.9% |
| Health Care | 4.7% |
| Financials | 9.7% |
| Communication Services | 11.3% |
| Consumer Discretionary | 33.3% |
| Information Technology | 35.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Tesla, Inc. | 9.1% |
| Cloudflare, Inc. | 8.8% |
| DoorDash, Inc. | 6.7% |
| Shopify, Inc. | 6.4% |
| Trade Desk, Inc. | 6.2% |
| Affirm Holdings, Inc. | 6.2% |
| ROBLOX Corp. | 5.1% |
| MercadoLibre, Inc. | 4.9% |
| Samsara, Inc. | 4.8% |
| Carvana Co. | 4.6% |
| Total | 62.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSEGX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class C MSGUX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $197 | 1.61% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Growth Index:

↑ Stock selection and average overweight in consumer discretionary, led by a position in a leading seller of used cars online in the United States

↑ Stock selection in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Stock selection and an average underweight in industrials, led by a global mobility and food delivery platform

↓ Stock selection in health care, where a position in an underperforming health care services provider was the largest detractor

↓ Average underweight to information technology

↓ Average underweight and stock selection in communication services, which lagged primarily because of underweight exposures to some of the "Magnificent 7" companies that drove significant performance gains within the Index in 2024

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg179.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **4/15** | $10000 | $10000 | $10000 |
| **5/15** | $10015 | $10131 | $10141 |
| **6/15** | $10020 | $9941 | $9962 |
| **7/15** | $10581 | $10132 | $10300 |
| **8/15** | $9851 | $9523 | $9674 |
| **9/15** | $9413 | $9262 | $9435 |
| **10/15** | $9978 | $10011 | $10248 |
| **11/15** | $10321 | $10044 | $10276 |
| **12/15** | $10271 | $9864 | $10125 |
| **1/16** | $9279 | $9333 | $9560 |
| **2/16** | $9009 | $9330 | $9556 |
| **3/16** | $9677 | $9979 | $10201 |
| **4/16** | $9648 | $10034 | $10107 |
| **5/16** | $9902 | $10209 | $10304 |
| **6/16** | $9811 | $10233 | $10263 |
| **7/16** | $10474 | $10622 | $10748 |
| **8/16** | $10554 | $10636 | $10694 |
| **9/16** | $10853 | $10645 | $10733 |
| **10/16** | $10460 | $10437 | $10481 |
| **11/16** | $10178 | $10849 | $10709 |
| **12/16** | $9970 | $11053 | $10842 |
| **1/17** | $10973 | $11275 | $11207 |
| **2/17** | $11182 | $11711 | $11673 |
| **3/17** | $11556 | $11719 | $11808 |
| **4/17** | $12054 | $11843 | $12078 |
| **5/17** | $12805 | $11994 | $12392 |
| **6/17** | $12665 | $12077 | $12359 |
| **7/17** | $13062 | $12317 | $12688 |
| **8/17** | $13424 | $12355 | $12920 |
| **9/17** | $13249 | $12618 | $13088 |
| **10/17** | $13963 | $12908 | $13596 |
| **11/17** | $14240 | $13301 | $14009 |
| **12/17** | $14194 | $13450 | $14118 |
| **1/18** | $15548 | $14188 | $15118 |
| **2/18** | $15751 | $13667 | $14721 |
| **3/18** | $15540 | $13357 | $14317 |
| **4/18** | $15555 | $13402 | $14367 |
| **5/18** | $16593 | $13744 | $14997 |
| **6/18** | $16874 | $13833 | $15142 |
| **7/18** | $16816 | $14311 | $15586 |
| **8/18** | $18298 | $14804 | $16438 |
| **9/18** | $18133 | $14860 | $16530 |
| **10/18** | $16230 | $13808 | $15052 |
| **11/18** | $16411 | $14089 | $15212 |
| **12/18** | $15132 | $12806 | $13904 |
| **1/19** | $16956 | $13879 | $15154 |
| **2/19** | $17803 | $14349 | $15696 |
| **3/19** | $18035 | $14599 | $16143 |
| **4/19** | $18731 | $15189 | $16872 |
| **5/19** | $18059 | $14221 | $15806 |
| **6/19** | $19293 | $15219 | $16892 |
| **7/19** | $19411 | $15455 | $17273 |
| **8/19** | $18478 | $15172 | $17141 |
| **9/19** | $17168 | $15435 | $17143 |
| **10/19** | $17172 | $15762 | $17626 |
| **11/19** | $18637 | $16358 | $18408 |
| **12/19** | $18448 | $16831 | $18964 |
| **1/20** | $19585 | $16849 | $19387 |
| **2/20** | $19507 | $15472 | $18067 |
| **3/20** | $17696 | $13427 | $16290 |
| **4/20** | $21319 | $15202 | $18700 |
| **5/20** | $25253 | $16004 | $19956 |
| **6/20** | $27950 | $16358 | $20825 |
| **7/20** | $30843 | $17315 | $22427 |
| **8/20** | $33452 | $18586 | $24741 |
| **9/20** | $33888 | $17907 | $23577 |
| **10/20** | $32531 | $17475 | $22776 |
| **11/20** | $38731 | $19533 | $25108 |
| **12/20** | $39382 | $20359 | $26263 |
| **1/21** | $39921 | $20191 | $26069 |
| **2/21** | $42061 | $20776 | $26063 |
| **3/21** | $38589 | $21563 | $26511 |
| **4/21** | $40643 | $22723 | $28314 |
| **5/21** | $39520 | $22831 | $27923 |
| **6/21** | $44287 | $23403 | $29675 |
| **7/21** | $44231 | $23889 | $30653 |
| **8/21** | $45172 | $24581 | $31799 |
| **9/21** | $42274 | $23452 | $30018 |
| **10/21** | $45492 | $25079 | $32618 |
| **11/21** | $43952 | $24743 | $32817 |
| **12/21** | $39165 | $25745 | $33511 |
| **1/22** | $30455 | $24293 | $30635 |
| **2/22** | $30132 | $23627 | $29334 |
| **3/22** | $28631 | $24424 | $30481 |
| **4/22** | $22265 | $22247 | $26800 |
| **5/22** | $18512 | $22213 | $26177 |
| **6/22** | $16794 | $20353 | $24104 |
| **7/22** | $19046 | $22248 | $26997 |
| **8/22** | $19283 | $21394 | $25739 |
| **9/22** | $17314 | $19414 | $23237 |
| **10/22** | $17736 | $20971 | $24595 |
| **11/22** | $17242 | $22106 | $25716 |
| **12/22** | $15381 | $20821 | $23747 |
| **1/23** | $18106 | $22216 | $25726 |
| **2/23** | $17348 | $21688 | $25421 |
| **3/23** | $18035 | $22374 | $27158 |
| **4/23** | $16913 | $22651 | $27426 |
| **5/23** | $18631 | $22757 | $28676 |
| **6/23** | $20281 | $24294 | $30637 |
| **7/23** | $22072 | $25129 | $31669 |
| **8/23** | $20027 | $24689 | $31385 |
| **9/23** | $19005 | $23529 | $29678 |
| **10/23** | $17341 | $22960 | $29256 |
| **11/23** | $20468 | $25105 | $32445 |
| **12/23** | $22994 | $26344 | $33882 |
| **1/24** | $21651 | $26711 | $34727 |
| **2/24** | $24197 | $28154 | $37096 |
| **3/24** | $24698 | $29056 | $37749 |
| **4/24** | $22353 | $27820 | $36148 |
| **5/24** | $21918 | $29130 | $38312 |
| **6/24** | $23021 | $30094 | $40895 |
| **7/24** | $23288 | $30532 | $40200 |
| **8/24** | $24805 | $31256 | $41037 |
| **9/24** | $26302 | $31924 | $42200 |
| **10/24** | $28253 | $31701 | $42060 |
| **11/24** | $35003 | $33742 | $44788 |
| **12/24** | $33635 | $32801 | $45183 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/15 (Inception)* |
| Class C, with conversion to Class A after 8 years | 45.20% | 12.48% | 13.36% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 44.20% | 12.48% | 13.36% |
| Russell 1000<sup>®</sup> Index | 24.51% | 14.28% | 13.07% |
| Russell 1000<sup>®</sup> Growth Index | 33.36% | 18.96% | 16.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the Russell 1000<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4190946959 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $17778316 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg199.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.8% |
| Investment Company | 2.9% |
| Health Care | 4.7% |
| Financials | 9.7% |
| Communication Services | 11.3% |
| Consumer Discretionary | 33.3% |
| Information Technology | 35.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Tesla, Inc. | 9.1% |
| Cloudflare, Inc. | 8.8% |
| DoorDash, Inc. | 6.7% |
| Shopify, Inc. | 6.4% |
| Trade Desk, Inc. | 6.2% |
| Affirm Holdings, Inc. | 6.2% |
| ROBLOX Corp. | 5.1% |
| MercadoLibre, Inc. | 4.9% |
| Samsara, Inc. | 4.8% |
| Carvana Co. | 4.6% |
| Total | 62.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSGUX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class I MSEQX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $75 | 0.61% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Growth Index:

↑ Stock selection and average overweight in consumer discretionary, led by a position in a leading seller of used cars online in the United States

↑ Stock selection in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Stock selection and an average underweight in industrials, led by a global mobility and food delivery platform

↓ Stock selection in health care, where a position in an underperforming health care services provider was the largest detractor

↓ Average underweight to information technology

↓ Average underweight and stock selection in communication services, which lagged primarily because of underweight exposures to some of the "Magnificent 7" companies that drove significant performance gains within the Index in 2024

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg034.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/14** | $1000000 | $1000000 | $1000000 |
| **1/15** | $1005664 | $972533 | $984687 |
| **2/15** | $1082389 | $1028726 | $1050322 |
| **3/15** | $1062049 | $1015916 | $1038376 |
| **4/15** | $1081874 | $1023128 | $1043577 |
| **5/15** | $1084449 | $1036513 | $1058266 |
| **6/15** | $1085994 | $1017068 | $1039623 |
| **7/15** | $1147904 | $1036672 | $1074878 |
| **8/15** | $1069491 | $974313 | $1009602 |
| **9/15** | $1023014 | $947609 | $984626 |
| **10/15** | $1085329 | $1024279 | $1069408 |
| **11/15** | $1123497 | $1027663 | $1072410 |
| **12/15** | $1119137 | $1009175 | $1056673 |
| **1/16** | $1011762 | $954857 | $997681 |
| **2/16** | $982704 | $954529 | $997256 |
| **3/16** | $1056594 | $1021022 | $1064512 |
| **4/16** | $1054380 | $1026575 | $1054791 |
| **5/16** | $1083161 | $1044552 | $1075274 |
| **6/16** | $1074305 | $1046918 | $1071051 |
| **7/16** | $1147679 | $1086799 | $1121607 |
| **8/16** | $1157365 | $1088243 | $1116035 |
| **9/16** | $1191414 | $1089105 | $1120117 |
| **10/16** | $1149147 | $1067867 | $1093813 |
| **11/16** | $1119501 | $1109966 | $1117613 |
| **12/16** | $1097751 | $1130819 | $1131448 |
| **1/17** | $1209117 | $1153558 | $1169576 |
| **2/17** | $1233137 | $1198210 | $1218155 |
| **3/17** | $1275562 | $1198967 | $1232245 |
| **4/17** | $1331713 | $1211643 | $1260426 |
| **5/17** | $1415628 | $1227106 | $1293201 |
| **6/17** | $1401590 | $1235674 | $1289794 |
| **7/17** | $1446749 | $1260145 | $1324076 |
| **8/17** | $1487929 | $1264087 | $1348348 |
| **9/17** | $1470052 | $1291006 | $1365879 |
| **10/17** | $1550179 | $1320616 | $1418803 |
| **11/17** | $1582421 | $1360890 | $1461906 |
| **12/17** | $1578866 | $1376061 | $1473287 |
| **1/18** | $1730877 | $1451597 | $1577634 |
| **2/18** | $1754380 | $1398304 | $1536267 |
| **3/18** | $1732393 | $1366566 | $1494138 |
| **4/18** | $1735805 | $1371211 | $1499358 |
| **5/18** | $1853320 | $1406212 | $1565077 |
| **6/18** | $1886300 | $1415306 | $1580146 |
| **7/18** | $1881541 | $1464150 | $1626533 |
| **8/18** | $2048505 | $1514601 | $1715466 |
| **9/18** | $2031847 | $1520352 | $1725054 |
| **10/18** | $1819946 | $1412767 | $1570788 |
| **11/18** | $1842027 | $1441518 | $1587472 |
| **12/18** | $1699814 | $1310229 | $1450985 |
| **1/19** | $1906642 | $1420030 | $1581409 |
| **2/19** | $2002727 | $1468110 | $1637991 |
| **3/19** | $2030820 | $1493669 | $1684613 |
| **4/19** | $2111026 | $1553990 | $1760724 |
| **5/19** | $2036927 | $1454963 | $1649493 |
| **6/19** | $2177798 | $1557107 | $1762775 |
| **7/19** | $2193269 | $1581289 | $1802580 |
| **8/19** | $2089855 | $1552327 | $1788774 |
| **9/19** | $1942877 | $1579234 | $1788996 |
| **10/19** | $1944913 | $1612704 | $1839431 |
| **11/19** | $2112655 | $1673650 | $1921034 |
| **12/19** | $2093495 | $1721983 | $1978994 |
| **1/20** | $2224084 | $1723841 | $2023234 |
| **2/20** | $2216854 | $1582974 | $1885448 |
| **3/20** | $2013063 | $1373785 | $1699966 |
| **4/20** | $2426972 | $1555321 | $1951512 |
| **5/20** | $2877482 | $1637382 | $2082526 |
| **6/20** | $3187010 | $1673590 | $2173209 |
| **7/20** | $3520036 | $1771589 | $2340414 |
| **8/20** | $3820526 | $1901618 | $2581926 |
| **9/20** | $3873847 | $1832118 | $2460447 |
| **10/20** | $3721568 | $1787937 | $2376885 |
| **11/20** | $4434160 | $1998480 | $2620259 |
| **12/20** | $4513043 | $2082967 | $2740768 |
| **1/21** | $4578664 | $2065812 | $2720489 |
| **2/21** | $4827333 | $2125680 | $2719859 |
| **3/21** | $4432620 | $2206123 | $2766587 |
| **4/21** | $4672408 | $2324880 | $2954822 |
| **5/21** | $4547087 | $2335916 | $2913953 |
| **6/21** | $5099684 | $2394447 | $3096768 |
| **7/21** | $5097711 | $2444189 | $3198826 |
| **8/21** | $5210697 | $2514930 | $3318426 |
| **9/21** | $4880126 | $2399409 | $3132575 |
| **10/21** | $5255596 | $2565897 | $3403905 |
| **11/21** | $5081922 | $2531477 | $3424717 |
| **12/21** | $4532250 | $2634015 | $3497125 |
| **1/22** | $3527456 | $2485509 | $3196984 |
| **2/22** | $3492682 | $2417303 | $3061197 |
| **3/22** | $3321251 | $2498876 | $3180943 |
| **4/22** | $2584890 | $2276125 | $2796807 |
| **5/22** | $2150516 | $2272665 | $2731788 |
| **6/22** | $1952851 | $2082329 | $2515399 |
| **7/22** | $2216404 | $2276276 | $2817300 |
| **8/22** | $2246298 | $2188876 | $2686059 |
| **9/22** | $2018129 | $1986345 | $2424932 |
| **10/22** | $2069376 | $2145650 | $2566666 |
| **11/22** | $2013249 | $2261724 | $2683621 |
| **12/22** | $1797597 | $2130209 | $2478172 |
| **1/23** | $2118170 | $2273029 | $2684721 |
| **2/23** | $2030996 | $2218941 | $2652836 |
| **3/23** | $2113249 | $2289133 | $2834174 |
| **4/23** | $1983192 | $2317498 | $2862136 |
| **5/23** | $2184956 | $2328292 | $2992588 |
| **6/23** | $2378986 | $2485539 | $3197237 |
| **7/23** | $2589186 | $2571013 | $3304952 |
| **8/23** | $2350163 | $2526038 | $3275277 |
| **9/23** | $2231354 | $2407324 | $3097155 |
| **10/23** | $2035917 | $2349141 | $3053059 |
| **11/23** | $2403592 | $2568540 | $3385876 |
| **12/23** | $2700965 | $2695338 | $3535809 |
| **1/24** | $2544194 | $2732927 | $3623998 |
| **2/24** | $2843676 | $2880509 | $3871252 |
| **3/24** | $2902729 | $2972850 | $3939403 |
| **4/24** | $2627852 | $2846348 | $3772310 |
| **5/24** | $2577235 | $2980382 | $3998140 |
| **6/24** | $2707292 | $3079023 | $4267741 |
| **7/24** | $2738928 | $3123832 | $4195145 |
| **8/24** | $2918195 | $3197877 | $4282521 |
| **9/24** | $3095354 | $3266253 | $4403847 |
| **10/24** | $3325238 | $3243431 | $4389274 |
| **11/24** | $4120343 | $3452240 | $4673964 |
| **12/24** | $3960408 | $3355993 | $4715222 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 46.63% | 13.60% | 14.76% |
| Russell 1000<sup>®</sup> Index | 24.51% | 14.28% | 12.87% |
| Russell 1000<sup>®</sup> Growth Index | 33.36% | 18.96% | 16.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the Russell 1000<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4190946959 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $17778316 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg066.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.8% |
| Investment Company | 2.9% |
| Health Care | 4.7% |
| Financials | 9.7% |
| Communication Services | 11.3% |
| Consumer Discretionary | 33.3% |
| Information Technology | 35.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Tesla, Inc. | 9.1% |
| Cloudflare, Inc. | 8.8% |
| DoorDash, Inc. | 6.7% |
| Shopify, Inc. | 6.4% |
| Trade Desk, Inc. | 6.2% |
| Affirm Holdings, Inc. | 6.2% |
| ROBLOX Corp. | 5.1% |
| MercadoLibre, Inc. | 4.9% |
| Samsara, Inc. | 4.8% |
| Carvana Co. | 4.6% |
| Total | 62.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSEQX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class IR MGHRX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class IR | $64 | 0.52% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Growth Index:

↑ Stock selection and average overweight in consumer discretionary, led by a position in a leading seller of used cars online in the United States

↑ Stock selection in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Stock selection and an average underweight in industrials, led by a global mobility and food delivery platform

↓ Stock selection in health care, where a position in an underperforming health care services provider was the largest detractor

↓ Average underweight to information technology

↓ Average underweight and stock selection in communication services, which lagged primarily because of underweight exposures to some of the "Magnificent 7" companies that drove significant performance gains within the Index in 2024

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg018.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class IR** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **6/18** | $5000000 | $5000000 | $5000000 |
| **6/18** | $4798696 | $5000000 | $5000000 |
| **7/18** | $4785687 | $5059461 | $5004135 |
| **8/18** | $5211756 | $5233797 | $5277743 |
| **9/18** | $5169639 | $5253671 | $5307240 |
| **10/18** | $4630931 | $4881904 | $4832630 |
| **11/18** | $4686761 | $4981253 | $4883961 |
| **12/18** | $4326237 | $4527576 | $4464050 |
| **1/19** | $4852095 | $4907002 | $4865306 |
| **2/19** | $5098044 | $5073145 | $5039385 |
| **3/19** | $5169050 | $5161466 | $5182822 |
| **4/19** | $5373837 | $5369908 | $5416981 |
| **5/19** | $5185516 | $5027714 | $5074772 |
| **6/19** | $5544663 | $5380681 | $5423290 |
| **7/19** | $5583768 | $5464242 | $5545753 |
| **8/19** | $5320325 | $5364161 | $5503279 |
| **9/19** | $4946770 | $5457141 | $5503962 |
| **10/19** | $4952944 | $5572797 | $5659128 |
| **11/19** | $5381040 | $5783401 | $5910184 |
| **12/19** | $5332721 | $5950418 | $6088501 |
| **1/20** | $5665944 | $5956841 | $6224611 |
| **2/20** | $5647685 | $5470064 | $5800704 |
| **3/20** | $5129591 | $4747199 | $5230056 |
| **4/20** | $6184039 | $5374507 | $6003954 |
| **5/20** | $7332063 | $5658073 | $6407024 |
| **6/20** | $8121757 | $5783194 | $6686018 |
| **7/20** | $8969652 | $6121835 | $7200434 |
| **8/20** | $9736523 | $6571160 | $7943463 |
| **9/20** | $9873464 | $6330999 | $7569723 |
| **10/20** | $9485464 | $6178328 | $7312641 |
| **11/20** | $11303359 | $6905870 | $8061396 |
| **12/20** | $11504929 | $7197820 | $8432148 |
| **1/21** | $11671757 | $7138539 | $8369760 |
| **2/21** | $12306701 | $7345418 | $8367823 |
| **3/21** | $11300751 | $7623393 | $8511584 |
| **4/21** | $11913285 | $8033765 | $9090701 |
| **5/21** | $11594568 | $8071901 | $8964964 |
| **6/21** | $13005139 | $8274161 | $9527406 |
| **7/21** | $13000159 | $8446046 | $9841394 |
| **8/21** | $13288996 | $8690495 | $10209353 |
| **9/21** | $12447385 | $8291305 | $9637570 |
| **10/21** | $13407270 | $8866616 | $10472333 |
| **11/21** | $12965299 | $8747674 | $10536362 |
| **12/21** | $11564756 | $9102003 | $10759130 |
| **1/22** | $9000611 | $8588829 | $9835727 |
| **2/22** | $8913092 | $8353140 | $9417969 |
| **3/22** | $8478569 | $8635019 | $9786378 |
| **4/22** | $6597684 | $7865289 | $8604558 |
| **5/22** | $5490649 | $7853334 | $8404523 |
| **6/22** | $4987032 | $7195617 | $7738789 |
| **7/22** | $5661080 | $7865813 | $8667607 |
| **8/22** | $5736315 | $7563795 | $8263835 |
| **9/22** | $5152857 | $6863936 | $7460460 |
| **10/22** | $5281832 | $7414425 | $7896512 |
| **11/22** | $5137503 | $7815529 | $8256333 |
| **12/22** | $4578500 | $7361070 | $7624255 |
| **1/23** | $5394260 | $7854591 | $8259718 |
| **2/23** | $5175312 | $7667686 | $8161623 |
| **3/23** | $5383666 | $7910240 | $8719519 |
| **4/23** | $5053477 | $8008256 | $8805547 |
| **5/23** | $5567301 | $8045556 | $9206889 |
| **6/23** | $6063467 | $8588935 | $9836507 |
| **7/23** | $6598478 | $8884294 | $10167897 |
| **8/23** | $5989307 | $8728881 | $10076601 |
| **9/23** | $5685604 | $8318657 | $9528596 |
| **10/23** | $5189438 | $8117602 | $9392932 |
| **11/23** | $6127032 | $8875748 | $10416866 |
| **12/23** | $6882759 | $9313906 | $10878145 |
| **1/24** | $6483707 | $9443798 | $11149463 |
| **2/24** | $7248262 | $9953776 | $11910158 |
| **3/24** | $7400113 | $10272866 | $12119827 |
| **4/24** | $6699124 | $9835731 | $11605755 |
| **5/24** | $6571993 | $10298893 | $12300536 |
| **6/24** | $6903947 | $10639754 | $13129981 |
| **7/24** | $6985170 | $10794593 | $12906634 |
| **8/24** | $7442490 | $11050461 | $13175452 |
| **9/24** | $7896279 | $11286740 | $13548720 |
| **10/24** | $8484262 | $11207877 | $13503884 |
| **11/24** | $10513069 | $11929429 | $14379751 |
| **12/24** | $10104589 | $11596840 | $14506684 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 6/15/18 (Inception)* |
| Class IR | 46.81% | 13.64% | 11.35% |
| Russell 1000<sup>®</sup> Index | 24.51% | 14.28% | 13.72% |
| Russell 1000<sup>®</sup> Growth Index | 33.36% | 18.96% | 17.67% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the Russell 1000<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4190946959 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $17778316 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg122.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.8% |
| Investment Company | 2.9% |
| Health Care | 4.7% |
| Financials | 9.7% |
| Communication Services | 11.3% |
| Consumer Discretionary | 33.3% |
| Information Technology | 35.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Tesla, Inc. | 9.1% |
| Cloudflare, Inc. | 8.8% |
| DoorDash, Inc. | 6.7% |
| Shopify, Inc. | 6.4% |
| Trade Desk, Inc. | 6.2% |
| Affirm Holdings, Inc. | 6.2% |
| ROBLOX Corp. | 5.1% |
| MercadoLibre, Inc. | 4.9% |
| Samsara, Inc. | 4.8% |
| Carvana Co. | 4.6% |
| Total | 62.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGHRX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class L MSHLX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $167 | 1.36% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Growth Index:

↑ Stock selection and average overweight in consumer discretionary, led by a position in a leading seller of used cars online in the United States

↑ Stock selection in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Stock selection and an average underweight in industrials, led by a global mobility and food delivery platform

↓ Stock selection in health care, where a position in an underperforming health care services provider was the largest detractor

↓ Average underweight to information technology

↓ Average underweight and stock selection in communication services, which lagged primarily because of underweight exposures to some of the "Magnificent 7" companies that drove significant performance gains within the Index in 2024

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg247.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class L** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/14** | $10000 | $10000 | $10000 |
| **1/15** | $10051 | $9725 | $9847 |
| **2/15** | $10811 | $10287 | $10503 |
| **3/15** | $10602 | $10159 | $10384 |
| **4/15** | $10789 | $10231 | $10436 |
| **5/15** | $10808 | $10365 | $10583 |
| **6/15** | $10816 | $10171 | $10396 |
| **7/15** | $11422 | $10367 | $10749 |
| **8/15** | $10634 | $9743 | $10096 |
| **9/15** | $10161 | $9476 | $9846 |
| **10/15** | $10774 | $10243 | $10694 |
| **11/15** | $11136 | $10277 | $10724 |
| **12/15** | $11085 | $10092 | $10567 |
| **1/16** | $10014 | $9549 | $9977 |
| **2/16** | $9722 | $9545 | $9973 |
| **3/16** | $10444 | $10210 | $10645 |
| **4/16** | $10415 | $10266 | $10548 |
| **5/16** | $10692 | $10446 | $10753 |
| **6/16** | $10597 | $10469 | $10711 |
| **7/16** | $11316 | $10868 | $11216 |
| **8/16** | $11402 | $10882 | $11160 |
| **9/16** | $11730 | $10891 | $11201 |
| **10/16** | $11306 | $10679 | $10938 |
| **11/16** | $11005 | $11100 | $11176 |
| **12/16** | $10784 | $11308 | $11314 |
| **1/17** | $11872 | $11536 | $11696 |
| **2/17** | $12101 | $11982 | $12182 |
| **3/17** | $12508 | $11990 | $12322 |
| **4/17** | $13048 | $12116 | $12604 |
| **5/17** | $13865 | $12271 | $12932 |
| **6/17** | $13714 | $12357 | $12898 |
| **7/17** | $14145 | $12601 | $13241 |
| **8/17** | $14539 | $12641 | $13483 |
| **9/17** | $14354 | $12910 | $13659 |
| **10/17** | $15130 | $13206 | $14188 |
| **11/17** | $15432 | $13609 | $14619 |
| **12/17** | $15387 | $13761 | $14733 |
| **1/18** | $16857 | $14516 | $15776 |
| **2/18** | $17076 | $13983 | $15363 |
| **3/18** | $16853 | $13666 | $14941 |
| **4/18** | $16874 | $13712 | $14994 |
| **5/18** | $18004 | $14062 | $15651 |
| **6/18** | $18316 | $14153 | $15801 |
| **7/18** | $18252 | $14642 | $16265 |
| **8/18** | $19866 | $15146 | $17155 |
| **9/18** | $19692 | $15204 | $17251 |
| **10/18** | $17630 | $14128 | $15708 |
| **11/18** | $17829 | $14415 | $15875 |
| **12/18** | $16447 | $13102 | $14510 |
| **1/19** | $18433 | $14200 | $15814 |
| **2/19** | $19353 | $14681 | $16380 |
| **3/19** | $19612 | $14937 | $16846 |
| **4/19** | $20370 | $15540 | $17607 |
| **5/19** | $19643 | $14550 | $16495 |
| **6/19** | $20993 | $15571 | $17628 |
| **7/19** | $21124 | $15813 | $18026 |
| **8/19** | $20116 | $15523 | $17888 |
| **9/19** | $18691 | $15792 | $17890 |
| **10/19** | $18700 | $16127 | $18394 |
| **11/19** | $20300 | $16736 | $19210 |
| **12/19** | $20101 | $17220 | $19790 |
| **1/20** | $21344 | $17238 | $20232 |
| **2/20** | $21260 | $15830 | $18854 |
| **3/20** | $19298 | $13738 | $17000 |
| **4/20** | $23247 | $15553 | $19515 |
| **5/20** | $27546 | $16374 | $20825 |
| **6/20** | $30495 | $16736 | $21732 |
| **7/20** | $33655 | $17716 | $23404 |
| **8/20** | $36510 | $19016 | $25819 |
| **9/20** | $36998 | $18321 | $24604 |
| **10/20** | $35519 | $17879 | $23769 |
| **11/20** | $42293 | $19985 | $26203 |
| **12/20** | $43019 | $20830 | $27408 |
| **1/21** | $43614 | $20658 | $27205 |
| **2/21** | $45960 | $21257 | $27199 |
| **3/21** | $42179 | $22061 | $27666 |
| **4/21** | $44432 | $23249 | $29548 |
| **5/21** | $43216 | $23359 | $29140 |
| **6/21** | $48437 | $23944 | $30968 |
| **7/21** | $48388 | $24442 | $31988 |
| **8/21** | $49424 | $25149 | $33184 |
| **9/21** | $46266 | $23994 | $31326 |
| **10/21** | $49795 | $25659 | $34039 |
| **11/21** | $48120 | $25315 | $34247 |
| **12/21** | $42891 | $26340 | $34971 |
| **1/22** | $33357 | $24855 | $31970 |
| **2/22** | $33013 | $24173 | $30612 |
| **3/22** | $31376 | $24989 | $31809 |
| **4/22** | $24400 | $22761 | $27968 |
| **5/22** | $20297 | $22727 | $27318 |
| **6/22** | $18414 | $20823 | $25154 |
| **7/22** | $20887 | $22763 | $28173 |
| **8/22** | $21154 | $21889 | $26861 |
| **9/22** | $18997 | $19863 | $24249 |
| **10/22** | $19468 | $21456 | $25667 |
| **11/22** | $18927 | $22617 | $26836 |
| **12/22** | $16885 | $21302 | $24782 |
| **1/23** | $19878 | $22730 | $26847 |
| **2/23** | $19048 | $22189 | $26528 |
| **3/23** | $19811 | $22891 | $28342 |
| **4/23** | $18579 | $23175 | $28621 |
| **5/23** | $20457 | $23283 | $29926 |
| **6/23** | $22260 | $24855 | $31972 |
| **7/23** | $24213 | $25710 | $33050 |
| **8/23** | $21966 | $25260 | $32753 |
| **9/23** | $20834 | $24073 | $30972 |
| **10/23** | $19007 | $23491 | $30531 |
| **11/23** | $22419 | $25685 | $33859 |
| **12/23** | $25177 | $26953 | $35358 |
| **1/24** | $23693 | $27329 | $36240 |
| **2/24** | $26477 | $28805 | $38713 |
| **3/24** | $27005 | $29728 | $39394 |
| **4/24** | $24431 | $28463 | $37723 |
| **5/24** | $23945 | $29804 | $39981 |
| **6/24** | $25144 | $30790 | $42677 |
| **7/24** | $25420 | $31238 | $41951 |
| **8/24** | $27072 | $31979 | $42825 |
| **9/24** | $28690 | $32663 | $44038 |
| **10/24** | $30803 | $32434 | $43893 |
| **11/24** | $38147 | $34522 | $46740 |
| **12/24** | $36638 | $33560 | $47152 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 45.52% | 12.76% | 13.87% |
| Russell 1000<sup>®</sup> Index | 24.51% | 14.28% | 12.87% |
| Russell 1000<sup>®</sup> Growth Index | 33.36% | 18.96% | 16.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the Russell 1000<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4190946959 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $17778316 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg026.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.8% |
| Investment Company | 2.9% |
| Health Care | 4.7% |
| Financials | 9.7% |
| Communication Services | 11.3% |
| Consumer Discretionary | 33.3% |
| Information Technology | 35.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Tesla, Inc. | 9.1% |
| Cloudflare, Inc. | 8.8% |
| DoorDash, Inc. | 6.7% |
| Shopify, Inc. | 6.4% |
| Trade Desk, Inc. | 6.2% |
| Affirm Holdings, Inc. | 6.2% |
| ROBLOX Corp. | 5.1% |
| MercadoLibre, Inc. | 4.9% |
| Samsara, Inc. | 4.8% |
| Carvana Co. | 4.6% |
| Total | 62.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSHLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class R6 MGRPX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $64 | 0.52% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup>®</sup> Growth Index:

↑ Stock selection and average overweight in consumer discretionary, led by a position in a leading seller of used cars online in the United States

↑ Stock selection in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Stock selection and an average underweight in industrials, led by a global mobility and food delivery platform

↓ Stock selection in health care, where a position in an underperforming health care services provider was the largest detractor

↓ Average underweight to information technology

↓ Average underweight and stock selection in communication services, which lagged primarily because of underweight exposures to some of the "Magnificent 7" companies that drove significant performance gains within the Index in 2024

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg030.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/14** | $5000000 | $5000000 | $5000000 |
| **1/15** | $5028270 | $4862663 | $4923436 |
| **2/15** | $5412490 | $5143631 | $5251609 |
| **3/15** | $5310974 | $5079580 | $5191882 |
| **4/15** | $5409920 | $5115638 | $5217884 |
| **5/15** | $5422770 | $5182565 | $5291331 |
| **6/15** | $5431766 | $5085341 | $5198115 |
| **7/15** | $5740757 | $5183361 | $5374388 |
| **8/15** | $5349400 | $4871566 | $5048008 |
| **9/15** | $5116142 | $4738047 | $4923131 |
| **10/15** | $5428449 | $5121396 | $5347041 |
| **11/15** | $5620240 | $5138314 | $5362050 |
| **12/15** | $5598489 | $5045874 | $5283363 |
| **1/16** | $5061288 | $4774284 | $4988406 |
| **2/16** | $4917666 | $4772646 | $4986278 |
| **3/16** | $5287768 | $5105112 | $5322559 |
| **4/16** | $5276721 | $5132875 | $5273956 |
| **5/16** | $5420342 | $5222761 | $5376372 |
| **6/16** | $5376151 | $5234588 | $5355257 |
| **7/16** | $5745076 | $5433997 | $5608036 |
| **8/16** | $5794867 | $5441216 | $5580173 |
| **9/16** | $5964745 | $5445523 | $5600585 |
| **10/16** | $5753862 | $5339335 | $5469067 |
| **11/16** | $5605952 | $5549830 | $5588064 |
| **12/16** | $5495906 | $5654094 | $5657239 |
| **1/17** | $6054521 | $5767790 | $5847880 |
| **2/17** | $6175892 | $5991050 | $6090776 |
| **3/17** | $6389068 | $5994835 | $6161223 |
| **4/17** | $6670710 | $6058214 | $6302132 |
| **5/17** | $7092395 | $6135531 | $6466004 |
| **6/17** | $7020817 | $6178371 | $6448969 |
| **7/17** | $7247604 | $6300725 | $6620378 |
| **8/17** | $7454587 | $6320434 | $6741738 |
| **9/17** | $7365425 | $6455028 | $6829394 |
| **10/17** | $7768247 | $6603080 | $7094014 |
| **11/17** | $7929057 | $6804448 | $7309528 |
| **12/17** | $7913205 | $6880305 | $7366434 |
| **1/18** | $8674490 | $7257987 | $7888170 |
| **2/18** | $8793500 | $6991521 | $7681336 |
| **3/18** | $8683935 | $6832830 | $7470689 |
| **4/18** | $8700937 | $6856054 | $7496788 |
| **5/18** | $9290319 | $7031062 | $7825383 |
| **6/18** | $9456554 | $7076529 | $7900729 |
| **7/18** | $9430918 | $7320750 | $8132667 |
| **8/18** | $10270551 | $7573004 | $8577332 |
| **9/18** | $10187553 | $7601761 | $8625271 |
| **10/18** | $9125947 | $7063835 | $7853939 |
| **11/18** | $9235968 | $7207588 | $7937361 |
| **12/18** | $8525502 | $6551143 | $7254926 |
| **1/19** | $9561784 | $7100150 | $7907044 |
| **2/19** | $10046464 | $7340551 | $8189956 |
| **3/19** | $10186393 | $7468346 | $8423067 |
| **4/19** | $10589955 | $7769949 | $8803620 |
| **5/19** | $10218840 | $7274815 | $8247465 |
| **6/19** | $10926595 | $7785537 | $8813873 |
| **7/19** | $11003657 | $7906445 | $9012899 |
| **8/19** | $10484502 | $7761634 | $8943871 |
| **9/19** | $9748356 | $7896170 | $8944981 |
| **10/19** | $9760523 | $8063518 | $9197155 |
| **11/19** | $10604151 | $8368250 | $9605169 |
| **12/19** | $10508703 | $8609914 | $9894968 |
| **1/20** | $11165356 | $8619207 | $10116171 |
| **2/20** | $11129375 | $7914870 | $9427242 |
| **3/20** | $10108414 | $6868924 | $8499832 |
| **4/20** | $12186317 | $7776603 | $9757562 |
| **5/20** | $14448623 | $8186908 | $10412628 |
| **6/20** | $16007050 | $8367951 | $10866045 |
| **7/20** | $17677918 | $8857945 | $11702069 |
| **8/20** | $19189121 | $9508092 | $12909631 |
| **9/20** | $19458978 | $9160592 | $12302233 |
| **10/20** | $18694382 | $8939687 | $11884426 |
| **11/20** | $22274492 | $9992399 | $13101294 |
| **12/20** | $22673960 | $10414834 | $13703838 |
| **1/21** | $23002710 | $10329058 | $13602445 |
| **2/21** | $24253924 | $10628399 | $13599297 |
| **3/21** | $22271609 | $11030613 | $13832936 |
| **4/21** | $23478662 | $11624398 | $14774110 |
| **5/21** | $22850602 | $11679579 | $14569764 |
| **6/21** | $25630259 | $11972237 | $15483839 |
| **7/21** | $25620446 | $12220945 | $15994129 |
| **8/21** | $26189626 | $12574648 | $16592132 |
| **9/21** | $24531154 | $11997043 | $15662876 |
| **10/21** | $26422695 | $12829485 | $17019524 |
| **11/21** | $25551752 | $12657384 | $17123583 |
| **12/21** | $22789401 | $13170077 | $17485623 |
| **1/22** | $17739545 | $12427544 | $15984918 |
| **2/22** | $17567082 | $12086515 | $15305983 |
| **3/22** | $16707790 | $12494378 | $15904717 |
| **4/22** | $13004361 | $11380623 | $13984036 |
| **5/22** | $10822847 | $11363324 | $13658941 |
| **6/22** | $9827400 | $10411645 | $12576997 |
| **7/22** | $11155672 | $11381381 | $14086502 |
| **8/22** | $11306956 | $10944378 | $13430296 |
| **9/22** | $10160224 | $9931723 | $12124660 |
| **10/22** | $10420432 | $10728249 | $12833328 |
| **11/22** | $10136019 | $11308622 | $13418104 |
| **12/22** | $9051606 | $10651046 | $12390859 |
| **1/23** | $10665728 | $11365143 | $13423605 |
| **2/23** | $10230889 | $11094703 | $13264182 |
| **3/23** | $10644855 | $11445664 | $14170870 |
| **4/23** | $9990858 | $11587488 | $14310682 |
| **5/23** | $11006641 | $11641458 | $14962938 |
| **6/23** | $11984159 | $12427697 | $15986187 |
| **7/23** | $13045166 | $12855064 | $16524758 |
| **8/23** | $11838053 | $12630191 | $16376384 |
| **9/23** | $11239715 | $12036620 | $15485773 |
| **10/23** | $10258718 | $11745705 | $15265294 |
| **11/23** | $12109393 | $12842699 | $16929379 |
| **12/23** | $13605238 | $13476689 | $17679045 |
| **1/24** | $12815571 | $13664634 | $18119989 |
| **2/24** | $14328810 | $14402543 | $19356262 |
| **3/24** | $14627979 | $14864248 | $19697014 |
| **4/24** | $13243452 | $14231740 | $18861550 |
| **5/24** | $12989506 | $14901908 | $19990700 |
| **6/24** | $13646983 | $15395115 | $21338705 |
| **7/24** | $13803525 | $15619158 | $20975724 |
| **8/24** | $14711468 | $15989384 | $21412605 |
| **9/24** | $15602018 | $16331266 | $22019235 |
| **10/24** | $16763908 | $16217156 | $21946368 |
| **11/24** | $20774861 | $17261200 | $23369819 |
| **12/24** | $19966626 | $16779963 | $23576108 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 46.76% | 13.70% | 14.85% |
| Russell 1000<sup>®</sup> Index | 24.51% | 14.28% | 12.87% |
| Russell 1000<sup>®</sup> Growth Index | 33.36% | 18.96% | 16.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the Russell 1000<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4190946959 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $17778316 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg210.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.8% |
| Investment Company | 2.9% |
| Health Care | 4.7% |
| Financials | 9.7% |
| Communication Services | 11.3% |
| Consumer Discretionary | 33.3% |
| Information Technology | 35.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Tesla, Inc. | 9.1% |
| Cloudflare, Inc. | 8.8% |
| DoorDash, Inc. | 6.7% |
| Shopify, Inc. | 6.4% |
| Trade Desk, Inc. | 6.2% |
| Affirm Holdings, Inc. | 6.2% |
| ROBLOX Corp. | 5.1% |
| MercadoLibre, Inc. | 4.9% |
| Samsara, Inc. | 4.8% |
| Carvana Co. | 4.6% |
| Total | 62.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MGRPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Inception Portfolio

# Class A MSSMX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Inception Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $147 | 1.28% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup>®</sup> Growth Index:

↑ Stock selection and average overweight in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Stock selection in consumer discretionary, led by a position in a leading seller of used cars online in the United States

↑ Average underweight in health care, which was one of the weaker performing sectors in the period

↓ Stock selection in health care, where a position in an underperforming health care services provider was the largest detractor in the portfolio

↓ Stock selection in communication services, due to a holding in a financial services advertising platform that underperformed

↓ Average underweight in industrials, a sector that outperformed the index

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg246.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with maximum sales charge** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **12/14** | $9472 | $10000 | $10000 |
| **1/15** | $9034 | $9722 | $9772 |
| **2/15** | $9714 | $10285 | $10475 |
| **3/15** | $9847 | $10180 | $10663 |
| **4/15** | $9752 | $10226 | $10349 |
| **5/15** | $9924 | $10368 | $10730 |
| **6/15** | $10165 | $10194 | $10874 |
| **7/15** | $10210 | $10365 | $10918 |
| **8/15** | $9116 | $9739 | $10091 |
| **9/15** | $8581 | $9455 | $9453 |
| **10/15** | $8829 | $10202 | $9990 |
| **11/15** | $8931 | $10258 | $10356 |
| **12/15** | $8536 | $10048 | $9862 |
| **1/16** | $7554 | $9481 | $8793 |
| **2/16** | $7407 | $9478 | $8731 |
| **3/16** | $7944 | $10145 | $9400 |
| **4/16** | $8062 | $10208 | $9494 |
| **5/16** | $8188 | $10391 | $9750 |
| **6/16** | $8397 | $10412 | $9705 |
| **7/16** | $8971 | $10825 | $10339 |
| **8/16** | $8999 | $10853 | $10449 |
| **9/16** | $8956 | $10870 | $10600 |
| **10/16** | $8331 | $10635 | $9941 |
| **11/16** | $8658 | $11111 | $10830 |
| **12/16** | $8474 | $11327 | $10978 |
| **1/17** | $8864 | $11541 | $11156 |
| **2/17** | $8676 | $11970 | $11430 |
| **3/17** | $8995 | $11978 | $11565 |
| **4/17** | $9493 | $12105 | $11778 |
| **5/17** | $9826 | $12229 | $11671 |
| **6/17** | $9754 | $12339 | $12073 |
| **7/17** | $9732 | $12572 | $12176 |
| **8/17** | $9595 | $12596 | $12161 |
| **9/17** | $9627 | $12903 | $12823 |
| **10/17** | $10024 | $13185 | $13022 |
| **11/17** | $10145 | $13585 | $13396 |
| **12/17** | $10302 | $13721 | $13411 |
| **1/18** | $10692 | $14444 | $13934 |
| **2/18** | $10795 | $13912 | $13538 |
| **3/18** | $10577 | $13633 | $13720 |
| **4/18** | $10612 | $13684 | $13733 |
| **5/18** | $11540 | $14071 | $14598 |
| **6/18** | $11964 | $14163 | $14712 |
| **7/18** | $11861 | $14633 | $14965 |
| **8/18** | $12984 | $15147 | $15897 |
| **9/18** | $12892 | $15172 | $15525 |
| **10/18** | $11253 | $14055 | $13560 |
| **11/18** | $11402 | $14336 | $13772 |
| **12/18** | $10304 | $13002 | $12163 |
| **1/19** | $11861 | $14118 | $13568 |
| **2/19** | $13229 | $14614 | $14444 |
| **3/19** | $13444 | $14828 | $14248 |
| **4/19** | $13699 | $15420 | $14682 |
| **5/19** | $13471 | $14422 | $13593 |
| **6/19** | $14262 | $15435 | $14640 |
| **7/19** | $15161 | $15664 | $14783 |
| **8/19** | $13846 | $15345 | $14145 |
| **9/19** | $12840 | $15614 | $14029 |
| **10/19** | $13095 | $15950 | $14428 |
| **11/19** | $14289 | $16557 | $15278 |
| **12/19** | $14087 | $17035 | $15628 |
| **1/20** | $14981 | $17016 | $15456 |
| **2/20** | $14633 | $15623 | $14340 |
| **3/20** | $11687 | $13475 | $11601 |
| **4/20** | $14749 | $15259 | $13329 |
| **5/20** | $17977 | $16075 | $14589 |
| **6/20** | $20212 | $16443 | $15149 |
| **7/20** | $22364 | $17376 | $15670 |
| **8/20** | $24830 | $18635 | $16589 |
| **9/20** | $24168 | $17957 | $16234 |
| **10/20** | $23059 | $17569 | $16357 |
| **11/20** | $29465 | $19707 | $19241 |
| **12/20** | $35198 | $20593 | $21040 |
| **1/21** | $46843 | $20501 | $22054 |
| **2/21** | $48595 | $21142 | $22782 |
| **3/21** | $43489 | $21900 | $22066 |
| **4/21** | $45976 | $23029 | $22547 |
| **5/21** | $43621 | $23134 | $21903 |
| **6/21** | $48294 | $23705 | $22930 |
| **7/21** | $44883 | $24105 | $22095 |
| **8/21** | $43564 | $24793 | $22496 |
| **9/21** | $40455 | $23681 | $21634 |
| **10/21** | $41661 | $25282 | $22647 |
| **11/21** | $37233 | $24897 | $21541 |
| **12/21** | $33896 | $25877 | $21636 |
| **1/22** | $26680 | $24355 | $18736 |
| **2/22** | $25756 | $23741 | $18818 |
| **3/22** | $24986 | $24512 | $18904 |
| **4/22** | $19850 | $22312 | $16585 |
| **5/22** | $17796 | $22282 | $16272 |
| **6/22** | $15921 | $20418 | $15264 |
| **7/22** | $17975 | $22333 | $16973 |
| **8/22** | $17410 | $21500 | $16814 |
| **9/22** | $15741 | $19506 | $15301 |
| **10/22** | $15921 | $21106 | $16754 |
| **11/22** | $14765 | $22208 | $17026 |
| **12/22** | $13704 | $20907 | $15933 |
| **1/23** | $16558 | $22347 | $17518 |
| **2/23** | $16455 | $21825 | $17329 |
| **3/23** | $16584 | $22408 | $16901 |
| **4/23** | $15478 | $22647 | $16705 |
| **5/23** | $16918 | $22735 | $16708 |
| **6/23** | $19566 | $24288 | $18093 |
| **7/23** | $21469 | $25158 | $18939 |
| **8/23** | $19695 | $24673 | $17953 |
| **9/23** | $18203 | $23497 | $16769 |
| **10/23** | $15838 | $22875 | $15476 |
| **11/23** | $17638 | $25008 | $16885 |
| **12/23** | $21134 | $26334 | $18906 |
| **1/24** | $19232 | $26626 | $18300 |
| **2/24** | $20954 | $28067 | $19787 |
| **3/24** | $21751 | $28973 | $20340 |
| **4/24** | $18820 | $27698 | $18774 |
| **5/24** | $18846 | $29006 | $19779 |
| **6/24** | $19232 | $29904 | $19746 |
| **7/24** | $19849 | $30460 | $21363 |
| **8/24** | $19823 | $31123 | $21126 |
| **9/24** | $20826 | $31767 | $21407 |
| **10/24** | $22189 | $31534 | $21123 |
| **11/24** | $28462 | $33632 | $23713 |
| **12/24** | $27292 | $32604 | $21772 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 29.14% | 14.14% | 11.16% |
| Class A, with 5.25% maximum front end sales charge | 22.29% | 12.92% | 10.56% |
| Russell 3000<sup>®</sup> Index | 23.81% | 13.86% | 12.55% |
| Russell 2000<sup>®</sup> Growth Index | 15.15% | 6.86% | 8.09% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the Russell 3000<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $383113019 |
| # of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid | $2623653 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg095.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.2% |
| Real Estate | 1.2% |
| Industrials | 3.0% |
| Investment Companies | 3.1% |
| Communication Services | 6.8% |
| Financials | 6.8% |
| Short-Term Investments | 7.4% |
| Consumer Staples | 8.1% |
| Health Care | 16.1% |
| Consumer Discretionary | 20.4% |
| Information Technology | 26.9% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Global-e Online Ltd. | 8.2% |
| Peloton Interactive, Inc. | 7.9% |
| Cloudflare, Inc. | 7.3% |
| Affirm Holdings, Inc. | 5.8% |
| Roivant Sciences Ltd. | 4.8% |
| ZoomInfo Technologies, Inc. | 4.8% |
| Bill Holdings, Inc. | 4.7% |
| IonQ, Inc. | 4.7% |
| Oddity Tech Ltd. | 4.6% |
| Aurora Innovation, Inc. | 4.3% |
| Total | 57.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSSMX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Inception Portfolio

# Class C MSCOX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Inception Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $238 | 2.09% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup>®</sup> Growth Index:

↑ Stock selection and average overweight in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Stock selection in consumer discretionary, led by a position in a leading seller of used cars online in the United States

↑ Average underweight in health care, which was one of the weaker performing sectors in the period

↓ Stock selection in health care, where a position in an underperforming health care services provider was the largest detractor in the portfolio

↓ Stock selection in communication services, due to a holding in a financial services advertising platform that underperformed

↓ Average underweight in industrials, a sector that outperformed the index

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg116.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **5/17** | $10000 | $10000 | $10000 |
| **6/17** | $9919 | $10090 | $10344 |
| **7/17** | $9889 | $10280 | $10432 |
| **8/17** | $9741 | $10300 | $10420 |
| **9/17** | $9765 | $10552 | $10987 |
| **10/17** | $10169 | $10782 | $11158 |
| **11/17** | $10285 | $11109 | $11478 |
| **12/17** | $10436 | $11220 | $11491 |
| **1/18** | $10822 | $11812 | $11939 |
| **2/18** | $10915 | $11376 | $11599 |
| **3/18** | $10705 | $11148 | $11755 |
| **4/18** | $10728 | $11190 | $11767 |
| **5/18** | $11663 | $11506 | $12508 |
| **6/18** | $12072 | $11581 | $12606 |
| **7/18** | $11967 | $11966 | $12822 |
| **8/18** | $13089 | $12386 | $13621 |
| **9/18** | $12984 | $12406 | $13302 |
| **10/18** | $11324 | $11493 | $11619 |
| **11/18** | $11465 | $11723 | $11800 |
| **12/18** | $10355 | $10632 | $10422 |
| **1/19** | $11905 | $11545 | $11625 |
| **2/19** | $13276 | $11951 | $12376 |
| **3/19** | $13482 | $12125 | $12208 |
| **4/19** | $13729 | $12609 | $12580 |
| **5/19** | $13482 | $11793 | $11647 |
| **6/19** | $14264 | $12622 | $12544 |
| **7/19** | $15155 | $12809 | $12666 |
| **8/19** | $13839 | $12548 | $12120 |
| **9/19** | $12824 | $12768 | $12020 |
| **10/19** | $13057 | $13043 | $12362 |
| **11/19** | $14250 | $13539 | $13090 |
| **12/19** | $14029 | $13930 | $13390 |
| **1/20** | $14914 | $13915 | $13243 |
| **2/20** | $14556 | $12776 | $12287 |
| **3/20** | $11628 | $11019 | $9940 |
| **4/20** | $14659 | $12478 | $11421 |
| **5/20** | $17842 | $13145 | $12500 |
| **6/20** | $20055 | $13446 | $12980 |
| **7/20** | $22184 | $14209 | $13426 |
| **8/20** | $24601 | $15239 | $14214 |
| **9/20** | $23937 | $14684 | $13909 |
| **10/20** | $22814 | $14367 | $14015 |
| **11/20** | $29130 | $16115 | $16486 |
| **12/20** | $34786 | $16840 | $18027 |
| **1/21** | $46265 | $16765 | $18896 |
| **2/21** | $47960 | $17289 | $19520 |
| **3/21** | $42893 | $17908 | $18906 |
| **4/21** | $45329 | $18832 | $19318 |
| **5/21** | $42971 | $18918 | $18767 |
| **6/21** | $47531 | $19384 | $19647 |
| **7/21** | $44160 | $19712 | $18931 |
| **8/21** | $42835 | $20274 | $19275 |
| **9/21** | $39756 | $19364 | $18536 |
| **10/21** | $40925 | $20674 | $19404 |
| **11/21** | $36540 | $20359 | $18457 |
| **12/21** | $33265 | $21161 | $18538 |
| **1/22** | $26158 | $19916 | $16054 |
| **2/22** | $25239 | $19414 | $16124 |
| **3/22** | $24483 | $20044 | $16197 |
| **4/22** | $19429 | $18245 | $14210 |
| **5/22** | $17403 | $18221 | $13942 |
| **6/22** | $15565 | $16696 | $13079 |
| **7/22** | $17565 | $18263 | $14543 |
| **8/22** | $16997 | $17581 | $14406 |
| **9/22** | $15349 | $15951 | $13110 |
| **10/22** | $15538 | $17259 | $14355 |
| **11/22** | $14403 | $18160 | $14589 |
| **12/22** | $13340 | $17097 | $13652 |
| **1/23** | $16100 | $18274 | $15010 |
| **2/23** | $15992 | $17847 | $14848 |
| **3/23** | $16127 | $18324 | $14481 |
| **4/23** | $15018 | $18519 | $14313 |
| **5/23** | $16425 | $18591 | $14315 |
| **6/23** | $18968 | $19861 | $15502 |
| **7/23** | $20809 | $20573 | $16227 |
| **8/23** | $19077 | $20176 | $15383 |
| **9/23** | $17616 | $19215 | $14368 |
| **10/23** | $15315 | $18705 | $13260 |
| **11/23** | $17047 | $20450 | $14467 |
| **12/23** | $20403 | $21534 | $16199 |
| **1/24** | $18563 | $21773 | $15680 |
| **2/24** | $20213 | $22952 | $16953 |
| **3/24** | $20971 | $23692 | $17428 |
| **4/24** | $18130 | $22649 | $16086 |
| **5/24** | $18157 | $23720 | $16947 |
| **6/24** | $18508 | $24454 | $16919 |
| **7/24** | $19077 | $24908 | $18304 |
| **8/24** | $19050 | $25451 | $18101 |
| **9/24** | $19970 | $25977 | $18342 |
| **10/24** | $21269 | $25786 | $18098 |
| **11/24** | $27276 | $27502 | $20318 |
| **12/24** | $26127 | $26661 | $18654 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/31/17 (Inception)* |
| Class C | 28.06% | 13.24% | 13.50% |
| Class C, with 1% maximum contingent deferred sales charge | 27.06% | 13.24% | 13.50% |
| Russell 3000<sup>®</sup> Index | 23.81% | 13.86% | 13.80% |
| Russell 2000<sup>®</sup> Growth Index | 15.15% | 6.86% | 8.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the Russell 3000<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $383113019 |
| # of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid | $2623653 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg162.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.2% |
| Real Estate | 1.2% |
| Industrials | 3.0% |
| Investment Companies | 3.1% |
| Communication Services | 6.8% |
| Financials | 6.8% |
| Short-Term Investments | 7.4% |
| Consumer Staples | 8.1% |
| Health Care | 16.1% |
| Consumer Discretionary | 20.4% |
| Information Technology | 26.9% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Global-e Online Ltd. | 8.2% |
| Peloton Interactive, Inc. | 7.9% |
| Cloudflare, Inc. | 7.3% |
| Affirm Holdings, Inc. | 5.8% |
| Roivant Sciences Ltd. | 4.8% |
| ZoomInfo Technologies, Inc. | 4.8% |
| Bill Holdings, Inc. | 4.7% |
| IonQ, Inc. | 4.7% |
| Oddity Tech Ltd. | 4.6% |
| Aurora Innovation, Inc. | 4.3% |
| Total | 57.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSCOX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Inception Portfolio

# Class I MSSGX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Inception Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $108 | 0.94% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup>®</sup> Growth Index:

↑ Stock selection and average overweight in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Stock selection in consumer discretionary, led by a position in a leading seller of used cars online in the United States

↑ Average underweight in health care, which was one of the weaker performing sectors in the period

↓ Stock selection in health care, where a position in an underperforming health care services provider was the largest detractor in the portfolio

↓ Stock selection in communication services, due to a holding in a financial services advertising platform that underperformed

↓ Average underweight in industrials, a sector that outperformed the index

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg218.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **12/14** | $1000000 | $1000000 | $1000000 |
| **1/15** | $954573 | $972168 | $977170 |
| **2/15** | $1026045 | $1028458 | $1047493 |
| **3/15** | $1040581 | $1018003 | $1066298 |
| **4/15** | $1030285 | $1022607 | $1034930 |
| **5/15** | $1049061 | $1036751 | $1072954 |
| **6/15** | $1075106 | $1019406 | $1087378 |
| **7/15** | $1080008 | $1036456 | $1091817 |
| **8/15** | $964791 | $973886 | $1009079 |
| **9/15** | $908396 | $945507 | $945349 |
| **10/15** | $934471 | $1020188 | $998972 |
| **11/15** | $945386 | $1025843 | $1035579 |
| **12/15** | $904156 | $1004788 | $986183 |
| **1/16** | $800260 | $948092 | $879331 |
| **2/16** | $785136 | $947787 | $873115 |
| **3/16** | $842345 | $1014517 | $940001 |
| **4/16** | $854839 | $1020804 | $949374 |
| **5/16** | $867990 | $1039067 | $974951 |
| **6/16** | $890347 | $1041203 | $970466 |
| **7/16** | $951738 | $1082526 | $1033923 |
| **8/16** | $955083 | $1085287 | $1044914 |
| **9/16** | $951070 | $1086993 | $1059959 |
| **10/16** | $884856 | $1063475 | $994088 |
| **11/16** | $920304 | $1111068 | $1083028 |
| **12/16** | $900968 | $1132748 | $1097801 |
| **1/17** | $942416 | $1154069 | $1115625 |
| **2/17** | $922032 | $1196991 | $1142981 |
| **3/17** | $956684 | $1197805 | $1156520 |
| **4/17** | $1009683 | $1210501 | $1177819 |
| **5/17** | $1045694 | $1222890 | $1167107 |
| **6/17** | $1038220 | $1233926 | $1207277 |
| **7/17** | $1036185 | $1257191 | $1217553 |
| **8/17** | $1021929 | $1259613 | $1216131 |
| **9/17** | $1025680 | $1290333 | $1282350 |
| **10/17** | $1068448 | $1318490 | $1302217 |
| **11/17** | $1081204 | $1358527 | $1339604 |
| **12/17** | $1097986 | $1372105 | $1341147 |
| **1/18** | $1140294 | $1444429 | $1393427 |
| **2/18** | $1151374 | $1391188 | $1353754 |
| **3/18** | $1129213 | $1363261 | $1371984 |
| **4/18** | $1132235 | $1368443 | $1373327 |
| **5/18** | $1231960 | $1407074 | $1459793 |
| **6/18** | $1276283 | $1416276 | $1471215 |
| **7/18** | $1267217 | $1463277 | $1496508 |
| **8/18** | $1387089 | $1514664 | $1589677 |
| **9/18** | $1377015 | $1517171 | $1552473 |
| **10/18** | $1202748 | $1405458 | $1356029 |
| **11/18** | $1217858 | $1433607 | $1377242 |
| **12/18** | $1101159 | $1300182 | $1216313 |
| **1/19** | $1268279 | $1411782 | $1356777 |
| **2/19** | $1414795 | $1461433 | $1444396 |
| **3/19** | $1437688 | $1482773 | $1424848 |
| **4/19** | $1465160 | $1541983 | $1468238 |
| **5/19** | $1441122 | $1442198 | $1359308 |
| **6/19** | $1525827 | $1543493 | $1464004 |
| **7/19** | $1623122 | $1566437 | $1478313 |
| **8/19** | $1482330 | $1534505 | $1414520 |
| **9/19** | $1375877 | $1561437 | $1402910 |
| **10/19** | $1402204 | $1595050 | $1442830 |
| **11/19** | $1531550 | $1655680 | $1527753 |
| **12/19** | $1509807 | $1703486 | $1562761 |
| **1/20** | $1605518 | $1701625 | $1545555 |
| **2/20** | $1569121 | $1562308 | $1433968 |
| **3/20** | $1255027 | $1347463 | $1160117 |
| **4/20** | $1582602 | $1525921 | $1332909 |
| **5/20** | $1929049 | $1607525 | $1458866 |
| **6/20** | $2169000 | $1644276 | $1514929 |
| **7/20** | $2402211 | $1737643 | $1566989 |
| **8/20** | $2666428 | $1863526 | $1658913 |
| **9/20** | $2596329 | $1795673 | $1623367 |
| **10/20** | $2477702 | $1756917 | $1635702 |
| **11/20** | $3165203 | $1970651 | $1924133 |
| **12/20** | $3783112 | $2059307 | $2103982 |
| **1/21** | $5036231 | $2050147 | $2205424 |
| **2/21** | $5224793 | $2114229 | $2278242 |
| **3/21** | $4676924 | $2190009 | $2206556 |
| **4/21** | $4945662 | $2302902 | $2254667 |
| **5/21** | $4691772 | $2313415 | $2190274 |
| **6/21** | $5195098 | $2370461 | $2292997 |
| **7/21** | $4831337 | $2410547 | $2209482 |
| **8/21** | $4688802 | $2479291 | $2249638 |
| **9/21** | $4356221 | $2368050 | $2163384 |
| **10/21** | $4488363 | $2528188 | $2264686 |
| **11/21** | $4011762 | $2489706 | $2154079 |
| **12/21** | $3657178 | $2587747 | $2163626 |
| **1/22** | $2879843 | $2435494 | $1873638 |
| **2/22** | $2779899 | $2374146 | $1881812 |
| **3/22** | $2696613 | $2451154 | $1890416 |
| **4/22** | $2143225 | $2231182 | $1658476 |
| **5/22** | $1922980 | $2228191 | $1627157 |
| **6/22** | $1719392 | $2041783 | $1526429 |
| **7/22** | $1943338 | $2233339 | $1697331 |
| **8/22** | $1880411 | $2149993 | $1681378 |
| **9/22** | $1700884 | $1950626 | $1530121 |
| **10/22** | $1723093 | $2110589 | $1675362 |
| **11/22** | $1599090 | $2220753 | $1702641 |
| **12/22** | $1484075 | $2090721 | $1593348 |
| **1/23** | $1790549 | $2234714 | $1751842 |
| **2/23** | $1781261 | $2182483 | $1732865 |
| **3/23** | $1796121 | $2240841 | $1690107 |
| **4/23** | $1675389 | $2264715 | $1670472 |
| **5/23** | $1833269 | $2273527 | $1670772 |
| **6/23** | $2121169 | $2428776 | $1809303 |
| **7/23** | $2325484 | $2515839 | $1893893 |
| **8/23** | $2134170 | $2467274 | $1795306 |
| **9/23** | $1974433 | $2349748 | $1676887 |
| **10/23** | $1718109 | $2287459 | $1547563 |
| **11/23** | $1913138 | $2500760 | $1688450 |
| **12/23** | $2292051 | $2633405 | $1890642 |
| **1/24** | $2087735 | $2662591 | $1830010 |
| **2/24** | $2275334 | $2806718 | $1978654 |
| **3/24** | $2362633 | $2897256 | $2033988 |
| **4/24** | $2045014 | $2769771 | $1877373 |
| **5/24** | $2048729 | $2900635 | $1977908 |
| **6/24** | $2091450 | $2990431 | $1974612 |
| **7/24** | $2160174 | $3046020 | $2136256 |
| **8/24** | $2156459 | $3112328 | $2112602 |
| **9/24** | $2266047 | $3176709 | $2140679 |
| **10/24** | $2414640 | $3153381 | $2112276 |
| **11/24** | $3100026 | $3363157 | $2371274 |
| **12/24** | $2971441 | $3260361 | $2177155 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 29.64% | 14.50% | 11.51% |
| Russell 3000<sup>®</sup> Index | 23.81% | 13.86% | 12.55% |
| Russell 2000<sup>®</sup> Growth Index | 15.15% | 6.86% | 8.09% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the Russell 3000<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $383113019 |
| # of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid | $2623653 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg080.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.2% |
| Real Estate | 1.2% |
| Industrials | 3.0% |
| Investment Companies | 3.1% |
| Communication Services | 6.8% |
| Financials | 6.8% |
| Short-Term Investments | 7.4% |
| Consumer Staples | 8.1% |
| Health Care | 16.1% |
| Consumer Discretionary | 20.4% |
| Information Technology | 26.9% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Global-e Online Ltd. | 8.2% |
| Peloton Interactive, Inc. | 7.9% |
| Cloudflare, Inc. | 7.3% |
| Affirm Holdings, Inc. | 5.8% |
| Roivant Sciences Ltd. | 4.8% |
| ZoomInfo Technologies, Inc. | 4.8% |
| Bill Holdings, Inc. | 4.7% |
| IonQ, Inc. | 4.7% |
| Oddity Tech Ltd. | 4.6% |
| Aurora Innovation, Inc. | 4.3% |
| Total | 57.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSSGX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Inception Portfolio

# Class L MSSLX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Inception Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $211 | 1.85% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup>®</sup> Growth Index:

↑ Stock selection and average overweight in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Stock selection in consumer discretionary, led by a position in a leading seller of used cars online in the United States

↑ Average underweight in health care, which was one of the weaker performing sectors in the period

↓ Stock selection in health care, where a position in an underperforming health care services provider was the largest detractor in the portfolio

↓ Stock selection in communication services, due to a holding in a financial services advertising platform that underperformed

↓ Average underweight in industrials, a sector that outperformed the index

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg235.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class L** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **12/14** | $10000 | $10000 | $10000 |
| **1/15** | $9541 | $9722 | $9772 |
| **2/15** | $10246 | $10285 | $10475 |
| **3/15** | $10390 | $10180 | $10663 |
| **4/15** | $10281 | $10226 | $10349 |
| **5/15** | $10452 | $10368 | $10730 |
| **6/15** | $10705 | $10194 | $10874 |
| **7/15** | $10754 | $10365 | $10918 |
| **8/15** | $9595 | $9739 | $10091 |
| **9/15** | $9026 | $9455 | $9453 |
| **10/15** | $9280 | $10202 | $9990 |
| **11/15** | $9383 | $10258 | $10356 |
| **12/15** | $8964 | $10048 | $9862 |
| **1/16** | $7934 | $9481 | $8793 |
| **2/16** | $7776 | $9478 | $8731 |
| **3/16** | $8333 | $10145 | $9400 |
| **4/16** | $8453 | $10208 | $9494 |
| **5/16** | $8581 | $10391 | $9750 |
| **6/16** | $8799 | $10412 | $9705 |
| **7/16** | $9396 | $10825 | $10339 |
| **8/16** | $9426 | $10853 | $10449 |
| **9/16** | $9373 | $10870 | $10600 |
| **10/16** | $8713 | $10635 | $9941 |
| **11/16** | $9051 | $11111 | $10830 |
| **12/16** | $8859 | $11327 | $10978 |
| **1/17** | $9258 | $11541 | $11156 |
| **2/17** | $9063 | $11970 | $11430 |
| **3/17** | $9383 | $11978 | $11565 |
| **4/17** | $9899 | $12105 | $11778 |
| **5/17** | $10250 | $12229 | $11671 |
| **6/17** | $10164 | $12339 | $12073 |
| **7/17** | $10140 | $12572 | $12176 |
| **8/17** | $9990 | $12596 | $12161 |
| **9/17** | $10026 | $12903 | $12823 |
| **10/17** | $10439 | $13185 | $13022 |
| **11/17** | $10553 | $13585 | $13396 |
| **12/17** | $10715 | $13721 | $13411 |
| **1/18** | $11121 | $14444 | $13934 |
| **2/18** | $11209 | $13912 | $13538 |
| **3/18** | $10981 | $13633 | $13720 |
| **4/18** | $11019 | $13684 | $13733 |
| **5/18** | $11969 | $14071 | $14598 |
| **6/18** | $12400 | $14163 | $14712 |
| **7/18** | $12299 | $14633 | $14965 |
| **8/18** | $13451 | $15147 | $15897 |
| **9/18** | $13337 | $15172 | $15525 |
| **10/18** | $11653 | $14055 | $13560 |
| **11/18** | $11792 | $14336 | $13772 |
| **12/18** | $10654 | $13002 | $12163 |
| **1/19** | $12259 | $14118 | $13568 |
| **2/19** | $13670 | $14614 | $14444 |
| **3/19** | $13880 | $14828 | $14248 |
| **4/19** | $14135 | $15420 | $14682 |
| **5/19** | $13880 | $14422 | $13593 |
| **6/19** | $14690 | $15435 | $14640 |
| **7/19** | $15605 | $15664 | $14783 |
| **8/19** | $14255 | $15345 | $14145 |
| **9/19** | $13220 | $15614 | $14029 |
| **10/19** | $13460 | $15950 | $14428 |
| **11/19** | $14690 | $16557 | $15278 |
| **12/19** | $14480 | $17035 | $15628 |
| **1/20** | $15387 | $17016 | $15456 |
| **2/20** | $15028 | $15623 | $14340 |
| **3/20** | $12003 | $13475 | $11601 |
| **4/20** | $15122 | $15259 | $13329 |
| **5/20** | $18430 | $16075 | $14589 |
| **6/20** | $20717 | $16443 | $15149 |
| **7/20** | $22910 | $17376 | $15670 |
| **8/20** | $25424 | $18635 | $16589 |
| **9/20** | $24725 | $17957 | $16234 |
| **10/20** | $23591 | $17569 | $16357 |
| **11/20** | $30112 | $19707 | $19241 |
| **12/20** | $35981 | $20593 | $21040 |
| **1/21** | $47836 | $20501 | $22054 |
| **2/21** | $49607 | $21142 | $22782 |
| **3/21** | $44380 | $21900 | $22066 |
| **4/21** | $46895 | $23029 | $22547 |
| **5/21** | $44445 | $23134 | $21903 |
| **6/21** | $49192 | $23705 | $22930 |
| **7/21** | $45692 | $24105 | $22095 |
| **8/21** | $44336 | $24793 | $22496 |
| **9/21** | $41164 | $23681 | $21634 |
| **10/21** | $42367 | $25282 | $22647 |
| **11/21** | $37840 | $24897 | $21541 |
| **12/21** | $34480 | $25877 | $21636 |
| **1/22** | $27114 | $24355 | $18736 |
| **2/22** | $26173 | $23741 | $18818 |
| **3/22** | $25358 | $24512 | $18904 |
| **4/22** | $20155 | $22312 | $16585 |
| **5/22** | $18055 | $22282 | $16272 |
| **6/22** | $16143 | $20418 | $15264 |
| **7/22** | $18243 | $22333 | $16973 |
| **8/22** | $17616 | $21500 | $16814 |
| **9/22** | $15923 | $19506 | $15301 |
| **10/22** | $16111 | $21106 | $16754 |
| **11/22** | $14952 | $22208 | $17026 |
| **12/22** | $13875 | $20907 | $15933 |
| **1/23** | $16732 | $22347 | $17518 |
| **2/23** | $16638 | $21825 | $17329 |
| **3/23** | $16763 | $22408 | $16901 |
| **4/23** | $15602 | $22647 | $16705 |
| **5/23** | $17046 | $22735 | $16708 |
| **6/23** | $19714 | $24288 | $18093 |
| **7/23** | $21629 | $25158 | $18939 |
| **8/23** | $19840 | $24673 | $17953 |
| **9/23** | $18333 | $23497 | $16769 |
| **10/23** | $15947 | $22875 | $15476 |
| **11/23** | $17737 | $25008 | $16885 |
| **12/23** | $21221 | $26334 | $18906 |
| **1/24** | $19306 | $26626 | $18300 |
| **2/24** | $21033 | $28067 | $19787 |
| **3/24** | $21818 | $28973 | $20340 |
| **4/24** | $18867 | $27698 | $18774 |
| **5/24** | $18898 | $29006 | $19779 |
| **6/24** | $19275 | $29904 | $19746 |
| **7/24** | $19871 | $30460 | $21363 |
| **8/24** | $19840 | $31123 | $21126 |
| **9/24** | $20813 | $31767 | $21407 |
| **10/24** | $22163 | $31534 | $21123 |
| **11/24** | $28441 | $33632 | $23713 |
| **12/24** | $27232 | $32604 | $21772 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 28.33% | 13.47% | 10.54% |
| Russell 3000<sup>®</sup> Index | 23.81% | 13.86% | 12.55% |
| Russell 2000<sup>®</sup> Growth Index | 15.15% | 6.86% | 8.09% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the Russell 3000<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $383113019 |
| # of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid | $2623653 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.2% |
| Real Estate | 1.2% |
| Industrials | 3.0% |
| Investment Companies | 3.1% |
| Communication Services | 6.8% |
| Financials | 6.8% |
| Short-Term Investments | 7.4% |
| Consumer Staples | 8.1% |
| Health Care | 16.1% |
| Consumer Discretionary | 20.4% |
| Information Technology | 26.9% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Global-e Online Ltd. | 8.2% |
| Peloton Interactive, Inc. | 7.9% |
| Cloudflare, Inc. | 7.3% |
| Affirm Holdings, Inc. | 5.8% |
| Roivant Sciences Ltd. | 4.8% |
| ZoomInfo Technologies, Inc. | 4.8% |
| Bill Holdings, Inc. | 4.7% |
| IonQ, Inc. | 4.7% |
| Oddity Tech Ltd. | 4.6% |
| Aurora Innovation, Inc. | 4.3% |
| Total | 57.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSSLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Inception Portfolio

# Class R6 MFLLX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Inception Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $107 | 0.93% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup>®</sup> Growth Index:

↑ Stock selection and average overweight in information technology, led by a position in an enterprise analytics platform and Bitcoin developing company

↑ Stock selection in consumer discretionary, led by a position in a leading seller of used cars online in the United States

↑ Average underweight in health care, which was one of the weaker performing sectors in the period

↓ Stock selection in health care, where a position in an underperforming health care services provider was the largest detractor in the portfolio

↓ Stock selection in communication services, due to a holding in a financial services advertising platform that underperformed

↓ Average underweight in industrials, a sector that outperformed the index

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg230.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **12/14** | $5000000 | $5000000 | $5000000 |
| **1/15** | $4773002 | $4860842 | $4885849 |
| **2/15** | $5130145 | $5142290 | $5237464 |
| **3/15** | $5205811 | $5090013 | $5331492 |
| **4/15** | $5154358 | $5113037 | $5174650 |
| **5/15** | $5248184 | $5183757 | $5364771 |
| **6/15** | $5378329 | $5097030 | $5436889 |
| **7/15** | $5405856 | $5182280 | $5459086 |
| **8/15** | $4827090 | $4869429 | $5045393 |
| **9/15** | $4545283 | $4727534 | $4726744 |
| **10/15** | $4675581 | $5100940 | $4994859 |
| **11/15** | $4733154 | $5129217 | $5177897 |
| **12/15** | $4524104 | $5023938 | $4930917 |
| **1/16** | $4004998 | $4740461 | $4396655 |
| **2/16** | $3929432 | $4738934 | $4365575 |
| **3/16** | $4215269 | $5072584 | $4700003 |
| **4/16** | $4277693 | $5104021 | $4746870 |
| **5/16** | $4346688 | $5195334 | $4874756 |
| **6/16** | $4458394 | $5206017 | $4852330 |
| **7/16** | $4765176 | $5412628 | $5169616 |
| **8/16** | $4785226 | $5426434 | $5224570 |
| **9/16** | $4761835 | $5434965 | $5299794 |
| **10/16** | $4431013 | $5317376 | $4970439 |
| **11/16** | $4608119 | $5555340 | $5415139 |
| **12/16** | $4511519 | $5663742 | $5489003 |
| **1/17** | $4718594 | $5770345 | $5578126 |
| **2/17** | $4620148 | $5984953 | $5714906 |
| **3/17** | $4793277 | $5989025 | $5782599 |
| **4/17** | $5058061 | $6052507 | $5889095 |
| **5/17** | $5241373 | $6114448 | $5835536 |
| **6/17** | $5204032 | $6169628 | $6036386 |
| **7/17** | $5193870 | $6285956 | $6087766 |
| **8/17** | $5122670 | $6298067 | $6080654 |
| **9/17** | $5141407 | $6451663 | $6411748 |
| **10/17** | $5355008 | $6592452 | $6511084 |
| **11/17** | $5418713 | $6792633 | $6698019 |
| **12/17** | $5507522 | $6860525 | $6705735 |
| **1/18** | $5718576 | $7222147 | $6967137 |
| **2/18** | $5773852 | $6955941 | $6768771 |
| **3/18** | $5663300 | $6816307 | $6859922 |
| **4/18** | $5678375 | $6842214 | $6866635 |
| **5/18** | $6180886 | $7035372 | $7298965 |
| **6/18** | $6407016 | $7081382 | $7356074 |
| **7/18** | $6356765 | $7316384 | $7482538 |
| **8/18** | $6959779 | $7573319 | $7948385 |
| **9/18** | $6909527 | $7585855 | $7762367 |
| **10/18** | $6035158 | $7027288 | $6780146 |
| **11/18** | $6115560 | $7168035 | $6886208 |
| **12/18** | $5528630 | $6500910 | $6081566 |
| **1/19** | $6361633 | $7058910 | $6783883 |
| **2/19** | $7103348 | $7307165 | $7221979 |
| **3/19** | $7217458 | $7413863 | $7124242 |
| **4/19** | $7354390 | $7709913 | $7341188 |
| **5/19** | $7228869 | $7210990 | $6796539 |
| **6/19** | $7662487 | $7717466 | $7320019 |
| **7/19** | $8141749 | $7832186 | $7391564 |
| **8/19** | $7439972 | $7672525 | $7072600 |
| **9/19** | $6903655 | $7807184 | $7014548 |
| **10/19** | $7040587 | $7975248 | $7214149 |
| **11/19** | $7685309 | $8278402 | $7638764 |
| **12/19** | $7576701 | $8517431 | $7813806 |
| **1/20** | $8059892 | $8508127 | $7727774 |
| **2/20** | $7871985 | $7811539 | $7169842 |
| **3/20** | $6294903 | $6737313 | $5800584 |
| **4/20** | $7945806 | $7629604 | $6664546 |
| **5/20** | $9683950 | $8037624 | $7294331 |
| **6/20** | $10891928 | $8221379 | $7574646 |
| **7/20** | $12059639 | $8688216 | $7834947 |
| **8/20** | $13388414 | $9317629 | $8294565 |
| **9/20** | $13032732 | $8978365 | $8116837 |
| **10/20** | $12442165 | $8784583 | $8178512 |
| **11/20** | $15898322 | $9853255 | $9620667 |
| **12/20** | $19001801 | $10296534 | $10519908 |
| **1/21** | $25293886 | $10250735 | $11027120 |
| **2/21** | $26246561 | $10571145 | $11391212 |
| **3/21** | $23491927 | $10950045 | $11032780 |
| **4/21** | $24843396 | $11514512 | $11273333 |
| **5/21** | $23573163 | $11567075 | $10951370 |
| **6/21** | $26098859 | $11852306 | $11464985 |
| **7/21** | $24267360 | $12052736 | $11047411 |
| **8/21** | $23558393 | $12396454 | $11248190 |
| **9/21** | $21889366 | $11840251 | $10816921 |
| **10/21** | $22554023 | $12640942 | $11323428 |
| **11/21** | $20161258 | $12448531 | $10770397 |
| **12/21** | $18375800 | $12938737 | $10818128 |
| **1/22** | $14468989 | $12177472 | $9368188 |
| **2/22** | $13972595 | $11870730 | $9409060 |
| **3/22** | $13558932 | $12255772 | $9452079 |
| **4/22** | $10773606 | $11155911 | $8292378 |
| **5/22** | $9661314 | $11140954 | $8135786 |
| **6/22** | $8640947 | $10208916 | $7632145 |
| **7/22** | $9771624 | $11166696 | $8486656 |
| **8/22** | $9459079 | $10749963 | $8406889 |
| **9/22** | $8558214 | $9753128 | $7650604 |
| **10/22** | $8668524 | $10552943 | $8376810 |
| **11/22** | $8043434 | $11103767 | $8513206 |
| **12/22** | $7462765 | $10453603 | $7966741 |
| **1/23** | $9014429 | $11173571 | $8759210 |
| **2/23** | $8959013 | $10912414 | $8664324 |
| **3/23** | $9042138 | $11204203 | $8450537 |
| **4/23** | $8432555 | $11323577 | $8352359 |
| **5/23** | $9217623 | $11367634 | $8353862 |
| **6/23** | $10667690 | $12143878 | $9046514 |
| **7/23** | $11702133 | $12579197 | $9469467 |
| **8/23** | $10741579 | $12336371 | $8976532 |
| **9/23** | $9938039 | $11748738 | $8384433 |
| **10/23** | $8644986 | $11437294 | $7737815 |
| **11/23** | $9624012 | $12503802 | $8442252 |
| **12/23** | $11535883 | $13167027 | $9453211 |
| **1/24** | $10501441 | $13312954 | $9150051 |
| **2/24** | $11443522 | $14033591 | $9893268 |
| **3/24** | $11886855 | $14486278 | $10169938 |
| **4/24** | $10279774 | $13848857 | $9386863 |
| **5/24** | $10307483 | $14503174 | $9889541 |
| **6/24** | $10519913 | $14952155 | $9873061 |
| **7/24** | $10861648 | $15230100 | $10681280 |
| **8/24** | $10852412 | $15561640 | $10563010 |
| **9/24** | $11397342 | $15883546 | $10703393 |
| **10/24** | $12145466 | $15766903 | $10561382 |
| **11/24** | $15590529 | $16815783 | $11856369 |
| **12/24** | $14943415 | $16301804 | $10885773 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 29.54% | 14.55% | 11.57% |
| Russell 3000<sup>®</sup> Index | 23.81% | 13.86% | 12.55% |
| Russell 2000<sup>®</sup> Growth Index | 15.15% | 6.86% | 8.09% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the Russell 3000<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $383113019 |
| # of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid | $2623653 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg086.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.2% |
| Real Estate | 1.2% |
| Industrials | 3.0% |
| Investment Companies | 3.1% |
| Communication Services | 6.8% |
| Financials | 6.8% |
| Short-Term Investments | 7.4% |
| Consumer Staples | 8.1% |
| Health Care | 16.1% |
| Consumer Discretionary | 20.4% |
| Information Technology | 26.9% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Global-e Online Ltd. | 8.2% |
| Peloton Interactive, Inc. | 7.9% |
| Cloudflare, Inc. | 7.3% |
| Affirm Holdings, Inc. | 5.8% |
| Roivant Sciences Ltd. | 4.8% |
| ZoomInfo Technologies, Inc. | 4.8% |
| Bill Holdings, Inc. | 4.7% |
| IonQ, Inc. | 4.7% |
| Oddity Tech Ltd. | 4.6% |
| Aurora Innovation, Inc. | 4.3% |
| Total | 57.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MFLLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio

# Class A MFAPX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $132 | 1.28% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Net Index:

↑ Stock selection in communication services, led by a Swedish audio streaming platform, which was the largest positive contributor in the portfolio

↑ Stock selection in information technology, led by a holding in a Taiwanese semiconductor foundry service provider

↑ No exposure to materials

↓ Stock selection in consumer discretionary, where exposure to an Italian luxury brand was the main detractor

↓ Stock selection in financials, where a position in a Pan-Asian life insurance group was the main detractor

↓ Stock selection in health care, where a provider of products and solutions in the aesthetic dentistry market was the largest detractor across the portfolio

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg178.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World ex USA Net Index** |
| **12/14** | $9472 | $10000 |
| **1/15** | $9740 | $9985 |
| **2/15** | $10237 | $10519 |
| **3/15** | $10107 | $10349 |
| **4/15** | $10636 | $10872 |
| **5/15** | $10666 | $10702 |
| **6/15** | $10628 | $10403 |
| **7/15** | $10655 | $10375 |
| **8/15** | $10046 | $9582 |
| **9/15** | $9890 | $9137 |
| **10/15** | $10734 | $9818 |
| **11/15** | $10687 | $9615 |
| **12/15** | $10412 | $9434 |
| **1/16** | $10006 | $8792 |
| **2/16** | $9742 | $8692 |
| **3/16** | $10271 | $9398 |
| **4/16** | $10332 | $9646 |
| **5/16** | $10420 | $9483 |
| **6/16** | $10403 | $9338 |
| **7/16** | $11037 | $9800 |
| **8/16** | $10861 | $9862 |
| **9/16** | $11108 | $9983 |
| **10/16** | $10985 | $9840 |
| **11/16** | $10641 | $9612 |
| **12/16** | $10633 | $9858 |
| **1/17** | $11189 | $10207 |
| **2/17** | $11575 | $10370 |
| **3/17** | $12184 | $10633 |
| **4/17** | $12749 | $10860 |
| **5/17** | $13484 | $11213 |
| **6/17** | $13511 | $11248 |
| **7/17** | $14164 | $11662 |
| **8/17** | $14559 | $11723 |
| **9/17** | $14703 | $11941 |
| **10/17** | $14811 | $12165 |
| **11/17** | $14927 | $12264 |
| **12/17** | $15331 | $12538 |
| **1/18** | $16155 | $13237 |
| **2/18** | $15624 | $12613 |
| **3/18** | $16090 | $12390 |
| **4/18** | $16319 | $12588 |
| **5/18** | $16923 | $12297 |
| **6/18** | $16649 | $12066 |
| **7/18** | $16612 | $12355 |
| **8/18** | $16731 | $12096 |
| **9/18** | $16612 | $12151 |
| **10/18** | $15046 | $11163 |
| **11/18** | $15192 | $11269 |
| **12/18** | $14491 | $10758 |
| **1/19** | $15581 | $11571 |
| **2/19** | $16167 | $11797 |
| **3/19** | $16791 | $11868 |
| **4/19** | $17276 | $12181 |
| **5/19** | $16726 | $11527 |
| **6/19** | $17481 | $12222 |
| **7/19** | $17136 | $12074 |
| **8/19** | $17238 | $11701 |
| **9/19** | $17359 | $12002 |
| **10/19** | $17890 | $12421 |
| **11/19** | $18552 | $12530 |
| **12/19** | $18797 | $13073 |
| **1/20** | $18508 | $12722 |
| **2/20** | $17623 | $11716 |
| **3/20** | $16140 | $10020 |
| **4/20** | $17371 | $10779 |
| **5/20** | $18173 | $11132 |
| **6/20** | $19254 | $11635 |
| **7/20** | $20327 | $12153 |
| **8/20** | $21585 | $12674 |
| **9/20** | $21986 | $12362 |
| **10/20** | $21613 | $12096 |
| **11/20** | $23301 | $13724 |
| **12/20** | $24794 | $14465 |
| **1/21** | $24412 | $14497 |
| **2/21** | $25335 | $14784 |
| **3/21** | $25018 | $14971 |
| **4/21** | $26539 | $15411 |
| **5/21** | $27331 | $15893 |
| **6/21** | $27182 | $15790 |
| **7/21** | $27807 | $15530 |
| **8/21** | $28358 | $15825 |
| **9/21** | $26800 | $15319 |
| **10/21** | $28274 | $15684 |
| **11/21** | $27966 | $14978 |
| **12/21** | $27984 | $15597 |
| **1/22** | $24751 | $15022 |
| **2/22** | $22913 | $14725 |
| **3/22** | $22593 | $14748 |
| **4/22** | $20218 | $13822 |
| **5/22** | $19728 | $13922 |
| **6/22** | $17899 | $12724 |
| **7/22** | $19652 | $13160 |
| **8/22** | $18022 | $12736 |
| **9/22** | $15693 | $11464 |
| **10/22** | $16297 | $11806 |
| **11/22** | $19049 | $13200 |
| **12/22** | $18285 | $13101 |
| **1/23** | $20751 | $14164 |
| **2/23** | $20051 | $13666 |
| **3/23** | $21520 | $14001 |
| **4/23** | $21569 | $14244 |
| **5/23** | $21165 | $13726 |
| **6/23** | $22181 | $14342 |
| **7/23** | $22171 | $14925 |
| **8/23** | $20692 | $14251 |
| **9/23** | $18966 | $13801 |
| **10/23** | $17979 | $13231 |
| **11/23** | $20100 | $14422 |
| **12/23** | $21589 | $15147 |
| **1/24** | $21717 | $14996 |
| **2/24** | $22832 | $15376 |
| **3/24** | $22970 | $15857 |
| **4/24** | $21402 | $15572 |
| **5/24** | $22270 | $16024 |
| **6/24** | $22112 | $16009 |
| **7/24** | $22329 | $16379 |
| **8/24** | $23414 | $16846 |
| **9/24** | $24252 | $17300 |
| **10/24** | $23059 | $16451 |
| **11/24** | $23354 | $16302 |
| **12/24** | $23019 | $15985 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 6.62% | 4.14% | 9.29% |
| Class A, with 5.25% maximum front end sales charge | 1.04% | 3.02% | 8.69% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 4.80% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2744697984 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $23306085 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg032.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 15.6% |
| Netherlands | 5.4% |
| Italy | 5.4% |
| Taiwan | 5.5% |
| Switzerland | 5.7% |
| Sweden | 6.1% |
| United States | 7.8% |
| India | 8.2% |
| Denmark | 8.3% |
| Canada | 10.6% |
| France | 21.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Hermes International SCA | 8.8% |
| DSV AS | 8.3% |
| Spotify Technology SA | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
| Moncler SpA | 5.4% |
| Schneider Electric SE | 5.2% |
| MercadoLibre, Inc. | 4.4% |
| Keyence Corp. | 4.1% |
| L'Oreal SA | 3.8% |
| ASML Holding NV | 3.8% |
| Total | 55.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MFAPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio

# Class C MSIAX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $206 | 2.00% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Net Index:

↑ Stock selection in communication services, led by a Swedish audio streaming platform, which was the largest positive contributor in the portfolio

↑ Stock selection in information technology, led by a holding in a Taiwanese semiconductor foundry service provider

↑ No exposure to materials

↓ Stock selection in consumer discretionary, where exposure to an Italian luxury brand was the main detractor

↓ Stock selection in financials, where a position in a Pan-Asian life insurance group was the main detractor

↓ Stock selection in health care, where a provider of products and solutions in the aesthetic dentistry market was the largest detractor across the portfolio

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg212.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country World ex USA Net Index** |
| **4/15** | $10000 | $10000 |
| **5/15** | $10022 | $9844 |
| **6/15** | $9986 | $9569 |
| **7/15** | $10004 | $9543 |
| **8/15** | $9428 | $8813 |
| **9/15** | $9272 | $8405 |
| **10/15** | $10056 | $9030 |
| **11/15** | $10004 | $8844 |
| **12/15** | $9737 | $8677 |
| **1/16** | $9353 | $8087 |
| **2/16** | $9103 | $7995 |
| **3/16** | $9587 | $8645 |
| **4/16** | $9645 | $8872 |
| **5/16** | $9720 | $8722 |
| **6/16** | $9687 | $8589 |
| **7/16** | $10279 | $9014 |
| **8/16** | $10112 | $9071 |
| **9/16** | $10338 | $9183 |
| **10/16** | $10212 | $9051 |
| **11/16** | $9887 | $8841 |
| **12/16** | $9871 | $9067 |
| **1/17** | $10381 | $9389 |
| **2/17** | $10737 | $9538 |
| **3/17** | $11297 | $9780 |
| **4/17** | $11807 | $9989 |
| **5/17** | $12477 | $10314 |
| **6/17** | $12494 | $10346 |
| **7/17** | $13096 | $10727 |
| **8/17** | $13453 | $10783 |
| **9/17** | $13571 | $10983 |
| **10/17** | $13665 | $11190 |
| **11/17** | $13767 | $11281 |
| **12/17** | $14132 | $11533 |
| **1/18** | $14869 | $12175 |
| **2/18** | $14383 | $11601 |
| **3/18** | $14800 | $11397 |
| **4/18** | $14999 | $11578 |
| **5/18** | $15545 | $11311 |
| **6/18** | $15285 | $11099 |
| **7/18** | $15241 | $11364 |
| **8/18** | $15345 | $11126 |
| **9/18** | $15215 | $11177 |
| **10/18** | $13775 | $10268 |
| **11/18** | $13905 | $10365 |
| **12/18** | $13259 | $9896 |
| **1/19** | $14247 | $10643 |
| **2/19** | $14777 | $10851 |
| **3/19** | $15333 | $10916 |
| **4/19** | $15765 | $11204 |
| **5/19** | $15253 | $10603 |
| **6/19** | $15933 | $11242 |
| **7/19** | $15607 | $11105 |
| **8/19** | $15695 | $10763 |
| **9/19** | $15792 | $11039 |
| **10/19** | $16269 | $11425 |
| **11/19** | $16860 | $11525 |
| **12/19** | $17067 | $12024 |
| **1/20** | $16801 | $11701 |
| **2/20** | $15988 | $10777 |
| **3/20** | $14636 | $9216 |
| **4/20** | $15741 | $9915 |
| **5/20** | $16457 | $10239 |
| **6/20** | $17429 | $10702 |
| **7/20** | $18383 | $11179 |
| **8/20** | $19515 | $11657 |
| **9/20** | $19859 | $11371 |
| **10/20** | $19515 | $11126 |
| **11/20** | $21026 | $12623 |
| **12/20** | $22362 | $13305 |
| **1/21** | $21999 | $13334 |
| **2/21** | $22822 | $13598 |
| **3/21** | $22521 | $13770 |
| **4/21** | $23874 | $14176 |
| **5/21** | $24581 | $14619 |
| **6/21** | $24431 | $14524 |
| **7/21** | $24970 | $14285 |
| **8/21** | $25457 | $14556 |
| **9/21** | $24033 | $14090 |
| **10/21** | $25351 | $14427 |
| **11/21** | $25059 | $13777 |
| **12/21** | $25059 | $14346 |
| **1/22** | $22153 | $13818 |
| **2/22** | $20490 | $13544 |
| **3/22** | $20195 | $13566 |
| **4/22** | $18068 | $12714 |
| **5/22** | $17612 | $12805 |
| **6/22** | $15967 | $11704 |
| **7/22** | $17522 | $12104 |
| **8/22** | $16065 | $11715 |
| **9/22** | $13982 | $10544 |
| **10/22** | $14510 | $10859 |
| **11/22** | $16950 | $12141 |
| **12/22** | $16262 | $12050 |
| **1/23** | $18438 | $13028 |
| **2/23** | $17810 | $12571 |
| **3/23** | $19095 | $12878 |
| **4/23** | $19133 | $13102 |
| **5/23** | $18774 | $12625 |
| **6/23** | $19675 | $13192 |
| **7/23** | $19667 | $13728 |
| **8/23** | $18354 | $13108 |
| **9/23** | $16823 | $12694 |
| **10/23** | $15948 | $12170 |
| **11/23** | $17829 | $13266 |
| **12/23** | $19150 | $13932 |
| **1/24** | $19264 | $13794 |
| **2/24** | $20253 | $14143 |
| **3/24** | $20375 | $14585 |
| **4/24** | $18984 | $14323 |
| **5/24** | $19754 | $14739 |
| **6/24** | $19614 | $14725 |
| **7/24** | $19807 | $15066 |
| **8/24** | $20769 | $15495 |
| **9/24** | $21512 | $15912 |
| **10/24** | $20454 | $15132 |
| **11/24** | $20716 | $14995 |
| **12/24** | $20419 | $14703 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/15 (Inception)* |
| Class C, with conversion to Class A after 8 years | 5.86% | 3.40% | 7.66% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 4.86% | 3.40% | 7.66% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 4.07% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2744697984 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $23306085 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg077.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 15.6% |
| Netherlands | 5.4% |
| Italy | 5.4% |
| Taiwan | 5.5% |
| Switzerland | 5.7% |
| Sweden | 6.1% |
| United States | 7.8% |
| India | 8.2% |
| Denmark | 8.3% |
| Canada | 10.6% |
| France | 21.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Hermes International SCA | 8.8% |
| DSV AS | 8.3% |
| Spotify Technology SA | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
| Moncler SpA | 5.4% |
| Schneider Electric SE | 5.2% |
| MercadoLibre, Inc. | 4.4% |
| Keyence Corp. | 4.1% |
| L'Oreal SA | 3.8% |
| ASML Holding NV | 3.8% |
| Total | 55.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSIAX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio

# Class I MFAIX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $103 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Net Index:

↑ Stock selection in communication services, led by a Swedish audio streaming platform, which was the largest positive contributor in the portfolio

↑ Stock selection in information technology, led by a holding in a Taiwanese semiconductor foundry service provider

↑ No exposure to materials

↓ Stock selection in consumer discretionary, where exposure to an Italian luxury brand was the main detractor

↓ Stock selection in financials, where a position in a Pan-Asian life insurance group was the main detractor

↓ Stock selection in health care, where a provider of products and solutions in the aesthetic dentistry market was the largest detractor across the portfolio

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg236.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country World ex USA Net Index** |
| **12/14** | $1000000 | $1000000 |
| **1/15** | $1028317 | $998518 |
| **2/15** | $1081715 | $1051901 |
| **3/15** | $1067961 | $1034899 |
| **4/15** | $1124595 | $1087181 |
| **5/15** | $1127832 | $1070204 |
| **6/15** | $1124595 | $1040349 |
| **7/15** | $1127511 | $1037456 |
| **8/15** | $1063129 | $958158 |
| **9/15** | $1046621 | $913734 |
| **10/15** | $1135765 | $981755 |
| **11/15** | $1131638 | $961488 |
| **12/15** | $1102331 | $943379 |
| **1/16** | $1060364 | $879207 |
| **2/16** | $1031453 | $869158 |
| **3/16** | $1088342 | $939829 |
| **4/16** | $1095802 | $964564 |
| **5/16** | $1105128 | $948283 |
| **6/16** | $1103263 | $933775 |
| **7/16** | $1171343 | $979953 |
| **8/16** | $1152691 | $986151 |
| **9/16** | $1179736 | $998311 |
| **10/16** | $1166680 | $983958 |
| **11/16** | $1130309 | $961198 |
| **12/16** | $1129510 | $985785 |
| **1/17** | $1189257 | $1020706 |
| **2/17** | $1230986 | $1036982 |
| **3/17** | $1295475 | $1063271 |
| **4/17** | $1355222 | $1086034 |
| **5/17** | $1433937 | $1121275 |
| **6/17** | $1437731 | $1124757 |
| **7/17** | $1507768 | $1166213 |
| **8/17** | $1550495 | $1172315 |
| **9/17** | $1565686 | $1194078 |
| **10/17** | $1578029 | $1216542 |
| **11/17** | $1591322 | $1226424 |
| **12/17** | $1634982 | $1253836 |
| **1/18** | $1722104 | $1323669 |
| **2/18** | $1666927 | $1261255 |
| **3/18** | $1716295 | $1239011 |
| **4/18** | $1741464 | $1258792 |
| **5/18** | $1806321 | $1229727 |
| **6/18** | $1778249 | $1206613 |
| **7/18** | $1774335 | $1235471 |
| **8/18** | $1787894 | $1209613 |
| **9/18** | $1774335 | $1215123 |
| **10/18** | $1607749 | $1116288 |
| **11/18** | $1624213 | $1126854 |
| **12/18** | $1550049 | $1075850 |
| **1/19** | $1667238 | $1157139 |
| **2/19** | $1730264 | $1179748 |
| **3/19** | $1798214 | $1186775 |
| **4/19** | $1850408 | $1218127 |
| **5/19** | $1791321 | $1152749 |
| **6/19** | $1873058 | $1222161 |
| **7/19** | $1836621 | $1207368 |
| **8/19** | $1847453 | $1170080 |
| **9/19** | $1861240 | $1200190 |
| **10/19** | $1919342 | $1242068 |
| **11/19** | $1990247 | $1253017 |
| **12/19** | $2016528 | $1307279 |
| **1/20** | $1986945 | $1272161 |
| **2/20** | $1892282 | $1171603 |
| **3/20** | $1733523 | $1001963 |
| **4/20** | $1865658 | $1077893 |
| **5/20** | $1952433 | $1113169 |
| **6/20** | $2069776 | $1163473 |
| **7/20** | $2185147 | $1215346 |
| **8/20** | $2321225 | $1267371 |
| **9/20** | $2364613 | $1236216 |
| **10/20** | $2325170 | $1209639 |
| **11/20** | $2506608 | $1372354 |
| **12/20** | $2668473 | $1446530 |
| **1/21** | $2627040 | $1449674 |
| **2/21** | $2727663 | $1478372 |
| **3/21** | $2694122 | $1497064 |
| **4/21** | $2857880 | $1541133 |
| **5/21** | $2944692 | $1589339 |
| **6/21** | $2928908 | $1579042 |
| **7/21** | $2996976 | $1553019 |
| **8/21** | $3057153 | $1582539 |
| **9/21** | $2889448 | $1531866 |
| **10/21** | $3049261 | $1568432 |
| **11/21** | $3017693 | $1497808 |
| **12/21** | $3019648 | $1559707 |
| **1/22** | $2671840 | $1502232 |
| **2/22** | $2473520 | $1472496 |
| **3/22** | $2439636 | $1474843 |
| **4/22** | $2184511 | $1382234 |
| **5/22** | $2131692 | $1392155 |
| **6/22** | $1934368 | $1272392 |
| **7/22** | $2123719 | $1315951 |
| **8/22** | $1948321 | $1273626 |
| **9/22** | $1697182 | $1146353 |
| **10/22** | $1762956 | $1180607 |
| **11/22** | $2060935 | $1319975 |
| **12/22** | $1979194 | $1310105 |
| **1/23** | $2246906 | $1416365 |
| **2/23** | $2171905 | $1366648 |
| **3/23** | $2331282 | $1400057 |
| **4/23** | $2337532 | $1424380 |
| **5/23** | $2292740 | $1372592 |
| **6/23** | $2404200 | $1434179 |
| **7/23** | $2404200 | $1492488 |
| **8/23** | $2243781 | $1425079 |
| **9/23** | $2057320 | $1380069 |
| **10/23** | $1950027 | $1323129 |
| **11/23** | $2181280 | $1442230 |
| **12/23** | $2342912 | $1514690 |
| **1/24** | $2357503 | $1499645 |
| **2/24** | $2479443 | $1537611 |
| **3/24** | $2495076 | $1585677 |
| **4/24** | $2325194 | $1557203 |
| **5/24** | $2421078 | $1602406 |
| **6/24** | $2403361 | $1600882 |
| **7/24** | $2428374 | $1637950 |
| **8/24** | $2546145 | $1684598 |
| **9/24** | $2637860 | $1729960 |
| **10/24** | $2508625 | $1645080 |
| **11/24** | $2541976 | $1630189 |
| **12/24** | $2505650 | $1598514 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 6.95% | 4.44% | 9.62% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 4.80% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2744697984 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $23306085 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 15.6% |
| Netherlands | 5.4% |
| Italy | 5.4% |
| Taiwan | 5.5% |
| Switzerland | 5.7% |
| Sweden | 6.1% |
| United States | 7.8% |
| India | 8.2% |
| Denmark | 8.3% |
| Canada | 10.6% |
| France | 21.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Hermes International SCA | 8.8% |
| DSV AS | 8.3% |
| Spotify Technology SA | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
| Moncler SpA | 5.4% |
| Schneider Electric SE | 5.2% |
| MercadoLibre, Inc. | 4.4% |
| Keyence Corp. | 4.1% |
| L'Oreal SA | 3.8% |
| ASML Holding NV | 3.8% |
| Total | 55.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MFAIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio

# Class L MSALX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $191 | 1.85% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Net Index:

↑ Stock selection in communication services, led by a Swedish audio streaming platform, which was the largest positive contributor in the portfolio

↑ Stock selection in information technology, led by a holding in a Taiwanese semiconductor foundry service provider

↑ No exposure to materials

↓ Stock selection in consumer discretionary, where exposure to an Italian luxury brand was the main detractor

↓ Stock selection in financials, where a position in a Pan-Asian life insurance group was the main detractor

↓ Stock selection in health care, where a provider of products and solutions in the aesthetic dentistry market was the largest detractor across the portfolio

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg170.jpg)

---

| | | |
|:---|:---|:---|
| | **Class L** | **MSCI All Country World ex USA Net Index** |
| **12/14** | $10000 | $10000 |
| **1/15** | $10276 | $9985 |
| **2/15** | $10804 | $10519 |
| **3/15** | $10658 | $10349 |
| **4/15** | $11210 | $10872 |
| **5/15** | $11243 | $10702 |
| **6/15** | $11194 | $10403 |
| **7/15** | $11223 | $10375 |
| **8/15** | $10569 | $9582 |
| **9/15** | $10403 | $9137 |
| **10/15** | $11281 | $9818 |
| **11/15** | $11232 | $9615 |
| **12/15** | $10934 | $9434 |
| **1/16** | $10504 | $8792 |
| **2/16** | $10224 | $8692 |
| **3/16** | $10766 | $9398 |
| **4/16** | $10831 | $9646 |
| **5/16** | $10924 | $9483 |
| **6/16** | $10896 | $9338 |
| **7/16** | $11559 | $9800 |
| **8/16** | $11373 | $9862 |
| **9/16** | $11625 | $9983 |
| **10/16** | $11494 | $9840 |
| **11/16** | $11120 | $9612 |
| **12/16** | $11113 | $9858 |
| **1/17** | $11692 | $10207 |
| **2/17** | $12091 | $10370 |
| **3/17** | $12718 | $10633 |
| **4/17** | $13297 | $10860 |
| **5/17** | $14057 | $11213 |
| **6/17** | $14076 | $11248 |
| **7/17** | $14758 | $11662 |
| **8/17** | $15167 | $11723 |
| **9/17** | $15300 | $11941 |
| **10/17** | $15414 | $12165 |
| **11/17** | $15528 | $12264 |
| **12/17** | $15937 | $12538 |
| **1/18** | $16781 | $13237 |
| **2/18** | $16228 | $12613 |
| **3/18** | $16703 | $12390 |
| **4/18** | $16936 | $12588 |
| **5/18** | $17557 | $12297 |
| **6/18** | $17266 | $12066 |
| **7/18** | $17217 | $12355 |
| **8/18** | $17333 | $12096 |
| **9/18** | $17198 | $12151 |
| **10/18** | $15567 | $11163 |
| **11/18** | $15713 | $11269 |
| **12/18** | $14989 | $10758 |
| **1/19** | $16114 | $11571 |
| **2/19** | $16707 | $11797 |
| **3/19** | $17349 | $11868 |
| **4/19** | $17842 | $12181 |
| **5/19** | $17260 | $11527 |
| **6/19** | $18030 | $12222 |
| **7/19** | $17675 | $12074 |
| **8/19** | $17763 | $11701 |
| **9/19** | $17882 | $12002 |
| **10/19** | $18425 | $12421 |
| **11/19** | $19096 | $12530 |
| **12/19** | $19337 | $13073 |
| **1/20** | $19031 | $12722 |
| **2/20** | $18111 | $11716 |
| **3/20** | $16579 | $10020 |
| **4/20** | $17835 | $10779 |
| **5/20** | $18655 | $11132 |
| **6/20** | $19753 | $11635 |
| **7/20** | $20840 | $12153 |
| **8/20** | $22125 | $12674 |
| **9/20** | $22531 | $12362 |
| **10/20** | $22135 | $12096 |
| **11/20** | $23845 | $13724 |
| **12/20** | $25360 | $14465 |
| **1/21** | $24954 | $14497 |
| **2/21** | $25884 | $14784 |
| **3/21** | $25547 | $14971 |
| **4/21** | $27090 | $15411 |
| **5/21** | $27891 | $15893 |
| **6/21** | $27723 | $15790 |
| **7/21** | $28337 | $15530 |
| **8/21** | $28890 | $15825 |
| **9/21** | $27288 | $15319 |
| **10/21** | $28772 | $15684 |
| **11/21** | $28455 | $14978 |
| **12/21** | $28455 | $15597 |
| **1/22** | $25156 | $15022 |
| **2/22** | $23276 | $14725 |
| **3/22** | $22936 | $14748 |
| **4/22** | $20526 | $13822 |
| **5/22** | $20017 | $13922 |
| **6/22** | $18147 | $12724 |
| **7/22** | $19917 | $13160 |
| **8/22** | $18257 | $12736 |
| **9/22** | $15887 | $11464 |
| **10/22** | $16497 | $11806 |
| **11/22** | $19277 | $13200 |
| **12/22** | $18497 | $13101 |
| **1/23** | $20971 | $14164 |
| **2/23** | $20269 | $13666 |
| **3/23** | $21737 | $14001 |
| **4/23** | $21779 | $14244 |
| **5/23** | $21349 | $13726 |
| **6/23** | $22366 | $14342 |
| **7/23** | $22345 | $14925 |
| **8/23** | $20845 | $14251 |
| **9/23** | $19094 | $13801 |
| **10/23** | $18088 | $13231 |
| **11/23** | $20216 | $14422 |
| **12/23** | $21705 | $15147 |
| **1/24** | $21821 | $14996 |
| **2/24** | $22932 | $15376 |
| **3/24** | $23068 | $15857 |
| **4/24** | $21475 | $15572 |
| **5/24** | $22345 | $16024 |
| **6/24** | $22167 | $16009 |
| **7/24** | $22376 | $16379 |
| **8/24** | $23446 | $16846 |
| **9/24** | $24274 | $17300 |
| **10/24** | $23079 | $16451 |
| **11/24** | $23362 | $16302 |
| **12/24** | $23005 | $15985 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 5.99% | 3.53% | 8.69% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 4.80% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2744697984 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $23306085 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg079.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 15.6% |
| Netherlands | 5.4% |
| Italy | 5.4% |
| Taiwan | 5.5% |
| Switzerland | 5.7% |
| Sweden | 6.1% |
| United States | 7.8% |
| India | 8.2% |
| Denmark | 8.3% |
| Canada | 10.6% |
| France | 21.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Hermes International SCA | 8.8% |
| DSV AS | 8.3% |
| Spotify Technology SA | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
| Moncler SpA | 5.4% |
| Schneider Electric SE | 5.2% |
| MercadoLibre, Inc. | 4.4% |
| Keyence Corp. | 4.1% |
| L'Oreal SA | 3.8% |
| ASML Holding NV | 3.8% |
| Total | 55.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSALX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio

# Class R6 IDVSX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $92 | 0.89% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Net Index:

↑ Stock selection in communication services, led by a Swedish audio streaming platform, which was the largest positive contributor in the portfolio

↑ Stock selection in information technology, led by a holding in a Taiwanese semiconductor foundry service provider

↑ No exposure to materials

↓ Stock selection in consumer discretionary, where exposure to an Italian luxury brand was the main detractor

↓ Stock selection in financials, where a position in a Pan-Asian life insurance group was the main detractor

↓ Stock selection in health care, where a provider of products and solutions in the aesthetic dentistry market was the largest detractor across the portfolio

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg226.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country World ex USA Net Index** |
| **6/18** | $5000000 | $5000000 |
| **6/18** | $4859788 | $5000000 |
| **7/18** | $4849092 | $5003075 |
| **8/18** | $4886148 | $4898360 |
| **9/18** | $4851739 | $4920675 |
| **10/18** | $4396475 | $4520439 |
| **11/18** | $4438825 | $4563225 |
| **12/18** | $4238831 | $4356683 |
| **1/19** | $4559098 | $4685865 |
| **2/19** | $4731342 | $4777423 |
| **3/19** | $4914352 | $4805878 |
| **4/19** | $5059684 | $4932838 |
| **5/19** | $4898204 | $4668088 |
| **6/19** | $5121584 | $4949176 |
| **7/19** | $5022005 | $4889271 |
| **8/19** | $5051610 | $4738270 |
| **9/19** | $5089288 | $4860204 |
| **10/19** | $5248076 | $5029789 |
| **11/19** | $5444542 | $5074127 |
| **12/19** | $5516587 | $5293864 |
| **1/20** | $5435699 | $5151653 |
| **2/20** | $5176856 | $4744440 |
| **3/20** | $4742755 | $4057478 |
| **4/20** | $5106753 | $4364957 |
| **5/20** | $5344025 | $4507810 |
| **6/20** | $5664882 | $4711518 |
| **7/20** | $5980347 | $4921577 |
| **8/20** | $6355130 | $5132254 |
| **9/20** | $6473766 | $5006091 |
| **10/20** | $6365915 | $4898467 |
| **11/20** | $6864727 | $5557384 |
| **12/20** | $7307323 | $5857764 |
| **1/21** | $7196728 | $5870495 |
| **2/21** | $7469168 | $5986709 |
| **3/21** | $7380153 | $6062403 |
| **4/21** | $7827925 | $6240860 |
| **5/21** | $8067996 | $6436073 |
| **6/21** | $8024837 | $6394373 |
| **7/21** | $8210960 | $6288993 |
| **8/21** | $8378200 | $6408536 |
| **9/21** | $7919638 | $6203332 |
| **10/21** | $8356621 | $6351407 |
| **11/21** | $8270303 | $6065416 |
| **12/21** | $8278366 | $6316078 |
| **1/22** | $7324637 | $6083330 |
| **2/22** | $6782374 | $5962915 |
| **3/22** | $6689727 | $5972419 |
| **4/22** | $5989417 | $5597393 |
| **5/22** | $5847720 | $5637572 |
| **6/22** | $5305457 | $5152587 |
| **7/22** | $5825921 | $5328978 |
| **8/22** | $5346331 | $5157585 |
| **9/22** | $4656922 | $4642187 |
| **10/22** | $4836768 | $4780901 |
| **11/22** | $5656974 | $5345275 |
| **12/22** | $5430753 | $5305306 |
| **1/23** | $6165485 | $5735610 |
| **2/23** | $5960443 | $5534280 |
| **3/23** | $6399004 | $5669569 |
| **4/23** | $6416091 | $5768066 |
| **5/23** | $6296483 | $5558350 |
| **6/23** | $6601198 | $5807749 |
| **7/23** | $6601198 | $6043871 |
| **8/23** | $6162637 | $5770896 |
| **9/23** | $5650033 | $5588627 |
| **10/23** | $5356710 | $5358046 |
| **11/23** | $5991769 | $5840350 |
| **12/23** | $6437751 | $6133780 |
| **1/24** | $6477684 | $6072853 |
| **2/24** | $6814261 | $6226600 |
| **3/24** | $6857046 | $6421243 |
| **4/24** | $6389261 | $6305935 |
| **5/24** | $6651677 | $6488988 |
| **6/24** | $6606039 | $6482817 |
| **7/24** | $6674496 | $6632924 |
| **8/24** | $6999663 | $6821825 |
| **9/24** | $7250670 | $7005520 |
| **10/24** | $6896979 | $6661795 |
| **11/24** | $6988254 | $6601494 |
| **12/24** | $6890668 | $6473226 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 6/15/18 (Inception)* |
| Class R6 | 7.04% | 4.55% | 5.02% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 4.02% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2744697984 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $23306085 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg219.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 15.6% |
| Netherlands | 5.4% |
| Italy | 5.4% |
| Taiwan | 5.5% |
| Switzerland | 5.7% |
| Sweden | 6.1% |
| United States | 7.8% |
| India | 8.2% |
| Denmark | 8.3% |
| Canada | 10.6% |
| France | 21.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Hermes International SCA | 8.8% |
| DSV AS | 8.3% |
| Spotify Technology SA | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
| Moncler SpA | 5.4% |
| Schneider Electric SE | 5.2% |
| MercadoLibre, Inc. | 4.4% |
| Keyence Corp. | 4.1% |
| L'Oreal SA | 3.8% |
| ASML Holding NV | 3.8% |
| Total | 55.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## IDVSX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio

# Class A MIQBX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $132 | 1.30% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI EAFE Index:

↓ Sector allocation overall was marginally negative, driven by the overweight in consumer staples and underweight in financials

↓ Stock selection in industrials, consumer staples and financials

↑ Stock selection overall was marginally positive, helped by strength in materials and information technology

↑ Underweights in materials and health care and overweight in information technology

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg107.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI EAFE Index** |
| **12/14** | $9473 | $10000 |
| **1/15** | $9684 | $10049 |
| **2/15** | $10205 | $10650 |
| **3/15** | $9938 | $10488 |
| **4/15** | $10403 | $10916 |
| **5/15** | $10484 | $10860 |
| **6/15** | $10136 | $10552 |
| **7/15** | $10311 | $10772 |
| **8/15** | $9567 | $9979 |
| **9/15** | $9205 | $9472 |
| **10/15** | $9786 | $10213 |
| **11/15** | $9667 | $10054 |
| **12/15** | $9471 | $9919 |
| **1/16** | $9096 | $9201 |
| **2/16** | $8715 | $9033 |
| **3/16** | $9230 | $9620 |
| **4/16** | $9395 | $9899 |
| **5/16** | $9490 | $9809 |
| **6/16** | $9261 | $9480 |
| **7/16** | $9557 | $9960 |
| **8/16** | $9513 | $9967 |
| **9/16** | $9481 | $10090 |
| **10/16** | $9151 | $9883 |
| **11/16** | $8934 | $9687 |
| **12/16** | $9250 | $10018 |
| **1/17** | $9493 | $10308 |
| **2/17** | $9730 | $10456 |
| **3/17** | $10018 | $10744 |
| **4/17** | $10306 | $11017 |
| **5/17** | $10901 | $11421 |
| **6/17** | $10773 | $11401 |
| **7/17** | $10922 | $11730 |
| **8/17** | $10986 | $11726 |
| **9/17** | $11128 | $12017 |
| **10/17** | $11244 | $12200 |
| **11/17** | $11430 | $12328 |
| **12/17** | $11542 | $12526 |
| **1/18** | $11958 | $13154 |
| **2/18** | $11197 | $12560 |
| **3/18** | $11353 | $12334 |
| **4/18** | $11535 | $12615 |
| **5/18** | $11392 | $12332 |
| **6/18** | $11327 | $12181 |
| **7/18** | $11442 | $12481 |
| **8/18** | $11266 | $12240 |
| **9/18** | $11357 | $12346 |
| **10/18** | $10420 | $11364 |
| **11/18** | $10472 | $11349 |
| **12/18** | $9911 | $10798 |
| **1/19** | $10443 | $11508 |
| **2/19** | $10782 | $11801 |
| **3/19** | $11011 | $11876 |
| **4/19** | $11270 | $12210 |
| **5/19** | $10613 | $11623 |
| **6/19** | $11285 | $12313 |
| **7/19** | $10982 | $12157 |
| **8/19** | $10893 | $11842 |
| **9/19** | $11085 | $12181 |
| **10/19** | $11403 | $12619 |
| **11/19** | $11558 | $12761 |
| **12/19** | $11904 | $13176 |
| **1/20** | $11661 | $12900 |
| **2/20** | $10833 | $11734 |
| **3/20** | $9462 | $10168 |
| **4/20** | $10314 | $10825 |
| **5/20** | $10711 | $11296 |
| **6/20** | $11190 | $11681 |
| **7/20** | $11401 | $11953 |
| **8/20** | $11783 | $12568 |
| **9/20** | $11572 | $12241 |
| **10/20** | $10858 | $11752 |
| **11/20** | $12456 | $13574 |
| **12/20** | $13214 | $14205 |
| **1/21** | $12862 | $14054 |
| **2/21** | $12903 | $14369 |
| **3/21** | $13288 | $14700 |
| **4/21** | $13787 | $15142 |
| **5/21** | $14417 | $15636 |
| **6/21** | $14147 | $15460 |
| **7/21** | $13991 | $15576 |
| **8/21** | $14073 | $15851 |
| **9/21** | $13443 | $15391 |
| **10/21** | $13828 | $15769 |
| **11/21** | $13099 | $15035 |
| **12/21** | $13752 | $15805 |
| **1/22** | $13516 | $15042 |
| **2/22** | $13136 | $14776 |
| **3/22** | $12846 | $14871 |
| **4/22** | $12129 | $13909 |
| **5/22** | $12220 | $14013 |
| **6/22** | $11350 | $12713 |
| **7/22** | $11794 | $13346 |
| **8/22** | $10987 | $12712 |
| **9/22** | $9972 | $11523 |
| **10/22** | $10507 | $12143 |
| **11/22** | $11948 | $13510 |
| **12/22** | $11776 | $13521 |
| **1/23** | $12916 | $14616 |
| **2/23** | $12536 | $14311 |
| **3/23** | $13053 | $14666 |
| **4/23** | $13491 | $15080 |
| **5/23** | $12945 | $14442 |
| **6/23** | $13472 | $15099 |
| **7/23** | $13647 | $15587 |
| **8/23** | $13053 | $14990 |
| **9/23** | $12390 | $14478 |
| **10/23** | $11961 | $13891 |
| **11/23** | $13053 | $15181 |
| **12/23** | $13704 | $15987 |
| **1/24** | $13495 | $16079 |
| **2/24** | $13814 | $16373 |
| **3/24** | $14024 | $16912 |
| **4/24** | $13844 | $16479 |
| **5/24** | $14434 | $17117 |
| **6/24** | $14224 | $16841 |
| **7/24** | $14623 | $17335 |
| **8/24** | $15083 | $17899 |
| **9/24** | $15423 | $18064 |
| **10/24** | $14434 | $17082 |
| **11/24** | $14254 | $16985 |
| **12/24** | $14047 | $16598 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 2.50% | 3.37% | 4.02% |
| Class A, with 5.25% maximum front end sales charge | (2.88)% | 2.26% | 3.46% |
| MSCI EAFE Index | 3.82% | 4.73% | 5.20% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $641571525 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $8526859 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg115.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 13.9% |
| Denmark | 3.5% |
| Netherlands | 4.1% |
| Finland | 4.4% |
| Sweden | 4.6% |
| Canada | 4.8% |
| China | 5.1% |
| Japan | 5.3% |
| Germany | 12.8% |
| France | 17.6% |
| United Kingdom | 23.9% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| SAP SE | 4.1% |
| L'Oreal SA | 3.4% |
| Halma PLC | 2.8% |
| Qiagen NV | 2.6% |
| Capgemini SE | 2.6% |
| Infineon Technologies AG | 2.3% |
| AIA Group Ltd. | 2.3% |
| Tencent Holdings Ltd. | 2.3% |
| Kone OYJ | 2.2% |
| AstraZeneca PLC | 2.2% |
| Total | 26.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MIQBX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio

# Class C MSECX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $207 | 2.05% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI EAFE Index:

↓ Sector allocation overall was marginally negative, driven by the overweight in consumer staples and underweight in financials

↓ Stock selection in industrials, consumer staples and financials

↑ Stock selection overall was marginally positive, helped by strength in materials and information technology

↑ Underweights in materials and health care and overweight in information technology

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg144.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI EAFE Index** |
| **4/15** | $10000 | $10000 |
| **5/15** | $10066 | $9949 |
| **6/15** | $9737 | $9667 |
| **7/15** | $9900 | $9868 |
| **8/15** | $9175 | $9142 |
| **9/15** | $8818 | $8678 |
| **10/15** | $9374 | $9356 |
| **11/15** | $9259 | $9210 |
| **12/15** | $9059 | $9086 |
| **1/16** | $8691 | $8429 |
| **2/16** | $8323 | $8275 |
| **3/16** | $8814 | $8813 |
| **4/16** | $8967 | $9068 |
| **5/16** | $9053 | $8986 |
| **6/16** | $8826 | $8684 |
| **7/16** | $9099 | $9124 |
| **8/16** | $9050 | $9131 |
| **9/16** | $9020 | $9243 |
| **10/16** | $8700 | $9054 |
| **11/16** | $8485 | $8874 |
| **12/16** | $8786 | $9177 |
| **1/17** | $9007 | $9443 |
| **2/17** | $9222 | $9578 |
| **3/17** | $9499 | $9842 |
| **4/17** | $9763 | $10092 |
| **5/17** | $10315 | $10463 |
| **6/17** | $10192 | $10444 |
| **7/17** | $10323 | $10746 |
| **8/17** | $10379 | $10742 |
| **9/17** | $10508 | $11009 |
| **10/17** | $10607 | $11176 |
| **11/17** | $10780 | $11293 |
| **12/17** | $10876 | $11475 |
| **1/18** | $11261 | $12050 |
| **2/18** | $10540 | $11506 |
| **3/18** | $10683 | $11299 |
| **4/18** | $10845 | $11557 |
| **5/18** | $10702 | $11297 |
| **6/18** | $10633 | $11159 |
| **7/18** | $10731 | $11434 |
| **8/18** | $10563 | $11213 |
| **9/18** | $10637 | $11310 |
| **10/18** | $9754 | $10410 |
| **11/18** | $9797 | $10397 |
| **12/18** | $9264 | $9892 |
| **1/19** | $9753 | $10542 |
| **2/19** | $10065 | $10811 |
| **3/19** | $10277 | $10879 |
| **4/19** | $10511 | $11185 |
| **5/19** | $9895 | $10648 |
| **6/19** | $10511 | $11280 |
| **7/19** | $10228 | $11136 |
| **8/19** | $10135 | $10848 |
| **9/19** | $10298 | $11159 |
| **10/19** | $10596 | $11560 |
| **11/19** | $10723 | $11690 |
| **12/19** | $11041 | $12070 |
| **1/20** | $10809 | $11818 |
| **2/20** | $10035 | $10749 |
| **3/20** | $8757 | $9315 |
| **4/20** | $9539 | $9917 |
| **5/20** | $9895 | $10348 |
| **6/20** | $10337 | $10701 |
| **7/20** | $10523 | $10950 |
| **8/20** | $10863 | $11513 |
| **9/20** | $10670 | $11214 |
| **10/20** | $10004 | $10766 |
| **11/20** | $11475 | $12435 |
| **12/20** | $12164 | $13013 |
| **1/21** | $11830 | $12875 |
| **2/21** | $11861 | $13163 |
| **3/21** | $12203 | $13466 |
| **4/21** | $12654 | $13871 |
| **5/21** | $13222 | $14324 |
| **6/21** | $12957 | $14162 |
| **7/21** | $12802 | $14269 |
| **8/21** | $12864 | $14521 |
| **9/21** | $12281 | $14099 |
| **10/21** | $12623 | $14446 |
| **11/21** | $11946 | $13774 |
| **12/21** | $12531 | $14479 |
| **1/22** | $12308 | $13779 |
| **2/22** | $11949 | $13536 |
| **3/22** | $11683 | $13623 |
| **4/22** | $11024 | $12741 |
| **5/22** | $11101 | $12837 |
| **6/22** | $10296 | $11646 |
| **7/22** | $10698 | $12226 |
| **8/22** | $9962 | $11645 |
| **9/22** | $9036 | $10556 |
| **10/22** | $9508 | $11124 |
| **11/22** | $10801 | $12377 |
| **12/22** | $10637 | $12387 |
| **1/23** | $11670 | $13390 |
| **2/23** | $11313 | $13110 |
| **3/23** | $11780 | $13435 |
| **4/23** | $12164 | $13814 |
| **5/23** | $11672 | $13230 |
| **6/23** | $12146 | $13832 |
| **7/23** | $12305 | $14279 |
| **8/23** | $11769 | $13732 |
| **9/23** | $11171 | $13263 |
| **10/23** | $10784 | $12726 |
| **11/23** | $11769 | $13907 |
| **12/23** | $12356 | $14646 |
| **1/24** | $12167 | $14730 |
| **2/24** | $12455 | $14999 |
| **3/24** | $12645 | $15493 |
| **4/24** | $12482 | $15096 |
| **5/24** | $13014 | $15681 |
| **6/24** | $12825 | $15428 |
| **7/24** | $13185 | $15880 |
| **8/24** | $13599 | $16397 |
| **9/24** | $13905 | $16548 |
| **10/24** | $13014 | $15648 |
| **11/24** | $12852 | $15559 |
| **12/24** | $12665 | $15205 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/15 (Inception)* |
| Class C, with conversion to Class A after 8 years | 1.69% | 2.51% | 2.47% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 0.96% | 2.51% | 2.47% |
| MSCI EAFE Index | 3.82% | 4.73% | 4.43% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $641571525 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $8526859 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg204.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 13.9% |
| Denmark | 3.5% |
| Netherlands | 4.1% |
| Finland | 4.4% |
| Sweden | 4.6% |
| Canada | 4.8% |
| China | 5.1% |
| Japan | 5.3% |
| Germany | 12.8% |
| France | 17.6% |
| United Kingdom | 23.9% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| SAP SE | 4.1% |
| L'Oreal SA | 3.4% |
| Halma PLC | 2.8% |
| Qiagen NV | 2.6% |
| Capgemini SE | 2.6% |
| Infineon Technologies AG | 2.3% |
| AIA Group Ltd. | 2.3% |
| Tencent Holdings Ltd. | 2.3% |
| Kone OYJ | 2.2% |
| AstraZeneca PLC | 2.2% |
| Total | 26.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSECX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio

# Class I MSIQX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $96 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI EAFE Index:

↓ Sector allocation overall was marginally negative, driven by the overweight in consumer staples and underweight in financials

↓ Stock selection in industrials, consumer staples and financials

↑ Stock selection overall was marginally positive, helped by strength in materials and information technology

↑ Underweights in materials and health care and overweight in information technology

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg002.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI EAFE Index** |
| **12/14** | $1000000 | $1000000 |
| **1/15** | $1022624 | $1004888 |
| **2/15** | $1077569 | $1064962 |
| **3/15** | $1049774 | $1048784 |
| **4/15** | $1099548 | $1091604 |
| **5/15** | $1107951 | $1086017 |
| **6/15** | $1072398 | $1055246 |
| **7/15** | $1090648 | $1077156 |
| **8/15** | $1012419 | $997918 |
| **9/15** | $973956 | $947248 |
| **10/15** | $1035888 | $1021293 |
| **11/15** | $1024153 | $1005405 |
| **12/15** | $1003558 | $991858 |
| **1/16** | $963681 | $920133 |
| **2/16** | $923805 | $903276 |
| **3/16** | $978303 | $962050 |
| **4/16** | $996912 | $989902 |
| **5/16** | $1006881 | $980909 |
| **6/16** | $982955 | $947983 |
| **7/16** | $1014601 | $996027 |
| **8/16** | $1009944 | $996734 |
| **9/16** | $1007283 | $1008979 |
| **10/16** | $972021 | $988340 |
| **11/16** | $949400 | $968656 |
| **12/16** | $983513 | $1001779 |
| **1/17** | $1009713 | $1030838 |
| **2/17** | $1034570 | $1045579 |
| **3/17** | $1066144 | $1074362 |
| **4/17** | $1097047 | $1101699 |
| **5/17** | $1160868 | $1142136 |
| **6/17** | $1147432 | $1140116 |
| **7/17** | $1163058 | $1173004 |
| **8/17** | $1170496 | $1172562 |
| **9/17** | $1186049 | $1201736 |
| **10/17** | $1198896 | $1219984 |
| **11/17** | $1219182 | $1232780 |
| **12/17** | $1231017 | $1252568 |
| **1/18** | $1276229 | $1315396 |
| **2/18** | $1195395 | $1256024 |
| **3/18** | $1212521 | $1233386 |
| **4/18** | $1232387 | $1261548 |
| **5/18** | $1217316 | $1233191 |
| **6/18** | $1210465 | $1218124 |
| **7/18** | $1223241 | $1248109 |
| **8/18** | $1204718 | $1224005 |
| **9/18** | $1214323 | $1234628 |
| **10/18** | $1114844 | $1136361 |
| **11/18** | $1120333 | $1134929 |
| **12/18** | $1061112 | $1079835 |
| **1/19** | $1117747 | $1150802 |
| **2/19** | $1154716 | $1180138 |
| **3/19** | $1179887 | $1187580 |
| **4/19** | $1207418 | $1220969 |
| **5/19** | $1137411 | $1162331 |
| **6/19** | $1209778 | $1231286 |
| **7/19** | $1178314 | $1215653 |
| **8/19** | $1168875 | $1184160 |
| **9/19** | $1189326 | $1218094 |
| **10/19** | $1223936 | $1261859 |
| **11/19** | $1240455 | $1276084 |
| **12/19** | $1277288 | $1317556 |
| **1/20** | $1252158 | $1290035 |
| **2/20** | $1163770 | $1173419 |
| **3/20** | $1016458 | $1016805 |
| **4/20** | $1107445 | $1082493 |
| **5/20** | $1150772 | $1129630 |
| **6/20** | $1202765 | $1168094 |
| **7/20** | $1226162 | $1195321 |
| **8/20** | $1266889 | $1256773 |
| **9/20** | $1245226 | $1224118 |
| **10/20** | $1168970 | $1175240 |
| **11/20** | $1341412 | $1357418 |
| **12/20** | $1423146 | $1420533 |
| **1/21** | $1385371 | $1405399 |
| **2/21** | $1390642 | $1436921 |
| **3/21** | $1431931 | $1469960 |
| **4/21** | $1486397 | $1514190 |
| **5/21** | $1554918 | $1563570 |
| **6/21** | $1525050 | $1545974 |
| **7/21** | $1508359 | $1557614 |
| **8/21** | $1517144 | $1585089 |
| **9/21** | $1449500 | $1539088 |
| **10/21** | $1490789 | $1576943 |
| **11/21** | $1412604 | $1503546 |
| **12/21** | $1482728 | $1580533 |
| **1/22** | $1457399 | $1504156 |
| **2/22** | $1416483 | $1477560 |
| **3/22** | $1386282 | $1487057 |
| **4/22** | $1309321 | $1390852 |
| **5/22** | $1319063 | $1401279 |
| **6/22** | $1225540 | $1271258 |
| **7/22** | $1274250 | $1334605 |
| **8/22** | $1187546 | $1271218 |
| **9/22** | $1077462 | $1152300 |
| **10/22** | $1134940 | $1214264 |
| **11/22** | $1290811 | $1351034 |
| **12/22** | $1272472 | $1352119 |
| **1/23** | $1397203 | $1461610 |
| **2/23** | $1356325 | $1431111 |
| **3/23** | $1412926 | $1466580 |
| **4/23** | $1460093 | $1507986 |
| **5/23** | $1401396 | $1444171 |
| **6/23** | $1459045 | $1509894 |
| **7/23** | $1478960 | $1558749 |
| **8/23** | $1415022 | $1499030 |
| **9/23** | $1342699 | $1447826 |
| **10/23** | $1296580 | $1389129 |
| **11/23** | $1416070 | $1518065 |
| **12/23** | $1487584 | $1598718 |
| **1/24** | $1465675 | $1607919 |
| **2/24** | $1499633 | $1637351 |
| **3/24** | $1523733 | $1691202 |
| **4/24** | $1504015 | $1647893 |
| **5/24** | $1568645 | $1711724 |
| **6/24** | $1546737 | $1684090 |
| **7/24** | $1590553 | $1733495 |
| **8/24** | $1640943 | $1789862 |
| **9/24** | $1678187 | $1806390 |
| **10/24** | $1571931 | $1708157 |
| **11/24** | $1552214 | $1698466 |
| **12/24** | $1529390 | $1659840 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 2.81% | 3.67% | 4.34% |
| MSCI EAFE Index | 3.82% | 4.73% | 5.20% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $641571525 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $8526859 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg164.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 13.9% |
| Denmark | 3.5% |
| Netherlands | 4.1% |
| Finland | 4.4% |
| Sweden | 4.6% |
| Canada | 4.8% |
| China | 5.1% |
| Japan | 5.3% |
| Germany | 12.8% |
| France | 17.6% |
| United Kingdom | 23.9% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| SAP SE | 4.1% |
| L'Oreal SA | 3.4% |
| Halma PLC | 2.8% |
| Qiagen NV | 2.6% |
| Capgemini SE | 2.6% |
| Infineon Technologies AG | 2.3% |
| AIA Group Ltd. | 2.3% |
| Tencent Holdings Ltd. | 2.3% |
| Kone OYJ | 2.2% |
| AstraZeneca PLC | 2.2% |
| Total | 26.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSIQX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio

# Class L MSQLX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $182 | 1.80% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI EAFE Index:

↓ Sector allocation overall was marginally negative, driven by the overweight in consumer staples and underweight in financials

↓ Stock selection in industrials, consumer staples and financials

↑ Stock selection overall was marginally positive, helped by strength in materials and information technology

↑ Underweights in materials and health care and overweight in information technology

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg197.jpg)

---

| | | |
|:---|:---|:---|
| | **Class L** | **MSCI EAFE Index** |
| **12/14** | $10000 | $10000 |
| **1/15** | $10217 | $10049 |
| **2/15** | $10762 | $10650 |
| **3/15** | $10479 | $10488 |
| **4/15** | $10965 | $10916 |
| **5/15** | $11044 | $10860 |
| **6/15** | $10676 | $10552 |
| **7/15** | $10855 | $10772 |
| **8/15** | $10067 | $9979 |
| **9/15** | $9683 | $9472 |
| **10/15** | $10292 | $10213 |
| **11/15** | $10160 | $10054 |
| **12/15** | $9953 | $9919 |
| **1/16** | $9551 | $9201 |
| **2/16** | $9143 | $9033 |
| **3/16** | $9685 | $9620 |
| **4/16** | $9859 | $9899 |
| **5/16** | $9946 | $9809 |
| **6/16** | $9705 | $9480 |
| **7/16** | $10010 | $9960 |
| **8/16** | $9957 | $9967 |
| **9/16** | $9923 | $10090 |
| **10/16** | $9575 | $9883 |
| **11/16** | $9340 | $9687 |
| **12/16** | $9672 | $10018 |
| **1/17** | $9920 | $10308 |
| **2/17** | $10161 | $10456 |
| **3/17** | $10463 | $10744 |
| **4/17** | $10758 | $11017 |
| **5/17** | $11368 | $11421 |
| **6/17** | $11234 | $11401 |
| **7/17** | $11376 | $11730 |
| **8/17** | $11443 | $11726 |
| **9/17** | $11585 | $12017 |
| **10/17** | $11707 | $12200 |
| **11/17** | $11896 | $12328 |
| **12/17** | $11999 | $12526 |
| **1/18** | $12432 | $13154 |
| **2/18** | $11639 | $12560 |
| **3/18** | $11795 | $12334 |
| **4/18** | $11978 | $12615 |
| **5/18** | $11822 | $12332 |
| **6/18** | $11748 | $12181 |
| **7/18** | $11861 | $12481 |
| **8/18** | $11677 | $12240 |
| **9/18** | $11766 | $12346 |
| **10/18** | $10795 | $11364 |
| **11/18** | $10842 | $11349 |
| **12/18** | $10260 | $10798 |
| **1/19** | $10809 | $11508 |
| **2/19** | $11149 | $11801 |
| **3/19** | $11388 | $11876 |
| **4/19** | $11651 | $12210 |
| **5/19** | $10971 | $11623 |
| **6/19** | $11651 | $12313 |
| **7/19** | $11342 | $12157 |
| **8/19** | $11241 | $11842 |
| **9/19** | $11427 | $12181 |
| **10/19** | $11759 | $12619 |
| **11/19** | $11906 | $12761 |
| **12/19** | $12259 | $13176 |
| **1/20** | $12005 | $12900 |
| **2/20** | $11143 | $11734 |
| **3/20** | $9731 | $10168 |
| **4/20** | $10593 | $10825 |
| **5/20** | $10999 | $11296 |
| **6/20** | $11489 | $11681 |
| **7/20** | $11701 | $11953 |
| **8/20** | $12081 | $12568 |
| **9/20** | $11870 | $12241 |
| **10/20** | $11134 | $11752 |
| **11/20** | $12766 | $13574 |
| **12/20** | $13533 | $14205 |
| **1/21** | $13167 | $14054 |
| **2/21** | $13210 | $14369 |
| **3/21** | $13592 | $14700 |
| **4/21** | $14094 | $15142 |
| **5/21** | $14732 | $15636 |
| **6/21** | $14443 | $15460 |
| **7/21** | $14273 | $15576 |
| **8/21** | $14350 | $15851 |
| **9/21** | $13695 | $15391 |
| **10/21** | $14086 | $15769 |
| **11/21** | $13329 | $15035 |
| **12/21** | $13985 | $15805 |
| **1/22** | $13742 | $15042 |
| **2/22** | $13339 | $14776 |
| **3/22** | $13039 | $14871 |
| **4/22** | $12318 | $13909 |
| **5/22** | $12402 | $14013 |
| **6/22** | $11503 | $12713 |
| **7/22** | $11962 | $13346 |
| **8/22** | $11128 | $12712 |
| **9/22** | $10098 | $11523 |
| **10/22** | $10632 | $12143 |
| **11/22** | $12084 | $13510 |
| **12/22** | $11907 | $13521 |
| **1/23** | $13057 | $14616 |
| **2/23** | $12667 | $14311 |
| **3/23** | $13187 | $14666 |
| **4/23** | $13617 | $15080 |
| **5/23** | $13067 | $14442 |
| **6/23** | $13587 | $15099 |
| **7/23** | $13767 | $15587 |
| **8/23** | $13157 | $14990 |
| **9/23** | $12477 | $14478 |
| **10/23** | $12047 | $13891 |
| **11/23** | $13137 | $15181 |
| **12/23** | $13789 | $15987 |
| **1/24** | $13572 | $16079 |
| **2/24** | $13883 | $16373 |
| **3/24** | $14100 | $16912 |
| **4/24** | $13914 | $16479 |
| **5/24** | $14484 | $17117 |
| **6/24** | $14277 | $16841 |
| **7/24** | $14671 | $17335 |
| **8/24** | $15127 | $17899 |
| **9/24** | $15459 | $18064 |
| **10/24** | $14474 | $17082 |
| **11/24** | $14277 | $16985 |
| **12/24** | $14054 | $16598 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 1.92% | 2.77% | 3.46% |
| MSCI EAFE Index | 3.82% | 4.73% | 5.20% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $641571525 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $8526859 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg121.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 13.9% |
| Denmark | 3.5% |
| Netherlands | 4.1% |
| Finland | 4.4% |
| Sweden | 4.6% |
| Canada | 4.8% |
| China | 5.1% |
| Japan | 5.3% |
| Germany | 12.8% |
| France | 17.6% |
| United Kingdom | 23.9% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| SAP SE | 4.1% |
| L'Oreal SA | 3.4% |
| Halma PLC | 2.8% |
| Qiagen NV | 2.6% |
| Capgemini SE | 2.6% |
| Infineon Technologies AG | 2.3% |
| AIA Group Ltd. | 2.3% |
| Tencent Holdings Ltd. | 2.3% |
| Kone OYJ | 2.2% |
| AstraZeneca PLC | 2.2% |
| Total | 26.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSQLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio

# Class R6 MIQPX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $92 | 0.91% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI EAFE Index:

↓ Sector allocation overall was marginally negative, driven by the overweight in consumer staples and underweight in financials

↓ Stock selection in industrials, consumer staples and financials

↑ Stock selection overall was marginally positive, helped by strength in materials and information technology

↑ Underweights in materials and health care and overweight in information technology

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg223.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI EAFE Index** |
| **12/14** | $5000000 | $5000000 |
| **1/15** | $5113122 | $5024442 |
| **2/15** | $5391080 | $5324808 |
| **3/15** | $5252101 | $5243918 |
| **4/15** | $5500970 | $5458022 |
| **5/15** | $5542986 | $5430084 |
| **6/15** | $5365223 | $5276231 |
| **7/15** | $5456474 | $5385782 |
| **8/15** | $5065329 | $4989588 |
| **9/15** | $4873016 | $4736239 |
| **10/15** | $5182672 | $5106467 |
| **11/15** | $5124000 | $5027027 |
| **12/15** | $5020086 | $4959292 |
| **1/16** | $4820613 | $4600666 |
| **2/16** | $4621139 | $4516379 |
| **3/16** | $4893753 | $4810248 |
| **4/16** | $4986841 | $4949510 |
| **5/16** | $5036709 | $4904547 |
| **6/16** | $4917025 | $4739914 |
| **7/16** | $5075328 | $4980136 |
| **8/16** | $5052032 | $4983672 |
| **9/16** | $5038719 | $5044893 |
| **10/16** | $4865659 | $4941701 |
| **11/16** | $4752504 | $4843282 |
| **12/16** | $4922012 | $5008895 |
| **1/17** | $5053131 | $5154191 |
| **2/17** | $5177526 | $5227894 |
| **3/17** | $5335542 | $5371811 |
| **4/17** | $5490195 | $5508496 |
| **5/17** | $5809588 | $5710680 |
| **6/17** | $5742347 | $5700581 |
| **7/17** | $5820548 | $5865018 |
| **8/17** | $5857772 | $5862808 |
| **9/17** | $5938989 | $6008678 |
| **10/17** | $6003286 | $6099918 |
| **11/17** | $6101423 | $6163902 |
| **12/17** | $6163201 | $6262839 |
| **1/18** | $6389563 | $6576980 |
| **2/18** | $5984856 | $6280122 |
| **3/18** | $6070599 | $6166931 |
| **4/18** | $6170061 | $6307738 |
| **5/18** | $6094607 | $6165953 |
| **6/18** | $6060310 | $6090622 |
| **7/18** | $6124274 | $6240544 |
| **8/18** | $6031534 | $6120024 |
| **9/18** | $6083056 | $6173138 |
| **10/18** | $5581573 | $5681806 |
| **11/18** | $5612486 | $5674646 |
| **12/18** | $5314992 | $5399177 |
| **1/19** | $5598669 | $5754012 |
| **2/19** | $5783846 | $5900689 |
| **3/19** | $5909925 | $5937898 |
| **4/19** | $6047823 | $6104844 |
| **5/19** | $5701107 | $5811653 |
| **6/19** | $6059643 | $6156432 |
| **7/19** | $5902045 | $6078265 |
| **8/19** | $5854765 | $5920802 |
| **9/19** | $5957204 | $6090468 |
| **10/19** | $6130562 | $6309293 |
| **11/19** | $6213301 | $6380419 |
| **12/19** | $6400447 | $6587781 |
| **1/20** | $6274522 | $6450177 |
| **2/20** | $5831615 | $5867096 |
| **3/20** | $5093436 | $5084024 |
| **4/20** | $5553712 | $5412466 |
| **5/20** | $5766481 | $5648151 |
| **6/20** | $6027015 | $5840468 |
| **7/20** | $6144255 | $5976603 |
| **8/20** | $6348340 | $6283866 |
| **9/20** | $6239784 | $6120590 |
| **10/20** | $5857668 | $5876202 |
| **11/20** | $6721772 | $6787092 |
| **12/20** | $7129556 | $7102664 |
| **1/21** | $6944602 | $7026993 |
| **2/21** | $6966620 | $7184604 |
| **3/21** | $7173593 | $7349801 |
| **4/21** | $7446621 | $7570952 |
| **5/21** | $7790108 | $7817849 |
| **6/21** | $7640383 | $7729868 |
| **7/21** | $7556713 | $7788070 |
| **8/21** | $7605154 | $7925446 |
| **9/21** | $7261667 | $7695442 |
| **10/21** | $7473043 | $7884715 |
| **11/21** | $7076712 | $7517731 |
| **12/21** | $7431543 | $7902667 |
| **1/22** | $7309394 | $7520779 |
| **2/22** | $7099297 | $7387801 |
| **3/22** | $6947833 | $7435286 |
| **4/22** | $6566728 | $6954262 |
| **5/22** | $6615587 | $7006397 |
| **6/22** | $6141650 | $6356290 |
| **7/22** | $6385947 | $6673024 |
| **8/22** | $5951097 | $6356091 |
| **9/22** | $5403870 | $5761498 |
| **10/22** | $5692141 | $6071320 |
| **11/22** | $6473895 | $6755169 |
| **12/22** | $6380787 | $6760597 |
| **1/23** | $7006767 | $7308050 |
| **2/23** | $6801614 | $7155556 |
| **3/23** | $7085672 | $7332900 |
| **4/23** | $7322387 | $7539929 |
| **5/23** | $7027808 | $7220854 |
| **6/23** | $7317127 | $7549472 |
| **7/23** | $7417073 | $7793747 |
| **8/23** | $7096193 | $7495149 |
| **9/23** | $6738490 | $7239132 |
| **10/23** | $6507035 | $6945645 |
| **11/23** | $7101453 | $7590324 |
| **12/23** | $7463081 | $7993591 |
| **1/24** | $7353088 | $8039593 |
| **2/24** | $7523578 | $8186753 |
| **3/24** | $7644571 | $8456012 |
| **4/24** | $7545577 | $8239464 |
| **5/24** | $7864559 | $8558619 |
| **6/24** | $7760065 | $8420451 |
| **7/24** | $7980052 | $8667477 |
| **8/24** | $8233038 | $8949311 |
| **9/24** | $8420028 | $9031952 |
| **10/24** | $7886558 | $8540786 |
| **11/24** | $7782064 | $8492330 |
| **12/24** | $7672675 | $8299199 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 2.81% | 3.69% | 4.38% |
| MSCI EAFE Index | 3.82% | 4.73% | 5.20% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $641571525 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $8526859 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg111.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 13.9% |
| Denmark | 3.5% |
| Netherlands | 4.1% |
| Finland | 4.4% |
| Sweden | 4.6% |
| Canada | 4.8% |
| China | 5.1% |
| Japan | 5.3% |
| Germany | 12.8% |
| France | 17.6% |
| United Kingdom | 23.9% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| SAP SE | 4.1% |
| L'Oreal SA | 3.4% |
| Halma PLC | 2.8% |
| Qiagen NV | 2.6% |
| Capgemini SE | 2.6% |
| Infineon Technologies AG | 2.3% |
| AIA Group Ltd. | 2.3% |
| Tencent Holdings Ltd. | 2.3% |
| Kone OYJ | 2.2% |
| AstraZeneca PLC | 2.2% |
| Total | 26.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MIQPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio

# Class A MIOPX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $144 | 1.32% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Net Index:

↑ Stock selection in consumer discretionary, led by a position in a Chinese online travel agency

↑ Stock selection in communication services, led by a Swedish audio streaming platform, which was the largest positive contributor in the portfolio

↑ No exposure to materials

↓ Stock selection in financials, where a South Korean digital bank was the largest detractor across the portfolio

↓ An average overweight in consumer discretionary, where exposure to an online casino solutions company was the main detractor

↓ Stock selection in consumer staples, where a holding in a leading beauty company was the main detractor

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg096.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World ex USA Net Index** |
| **12/14** | $9474 | $10000 |
| **1/15** | $9686 | $9985 |
| **2/15** | $10123 | $10519 |
| **3/15** | $10150 | $10349 |
| **4/15** | $10656 | $10872 |
| **5/15** | $10670 | $10702 |
| **6/15** | $10704 | $10403 |
| **7/15** | $10574 | $10375 |
| **8/15** | $9857 | $9582 |
| **9/15** | $9732 | $9137 |
| **10/15** | $10679 | $9818 |
| **11/15** | $10693 | $9615 |
| **12/15** | $10515 | $9434 |
| **1/16** | $9973 | $8792 |
| **2/16** | $9515 | $8692 |
| **3/16** | $10142 | $9398 |
| **4/16** | $10247 | $9646 |
| **5/16** | $10346 | $9483 |
| **6/16** | $10261 | $9338 |
| **7/16** | $10888 | $9800 |
| **8/16** | $10825 | $9862 |
| **9/16** | $11064 | $9983 |
| **10/16** | $10874 | $9840 |
| **11/16** | $10522 | $9612 |
| **12/16** | $10409 | $9858 |
| **1/17** | $10965 | $10207 |
| **2/17** | $11402 | $10370 |
| **3/17** | $12105 | $10633 |
| **4/17** | $12690 | $10860 |
| **5/17** | $13429 | $11213 |
| **6/17** | $13520 | $11248 |
| **7/17** | $14522 | $11662 |
| **8/17** | $14832 | $11723 |
| **9/17** | $15093 | $11941 |
| **10/17** | $15326 | $12165 |
| **11/17** | $15213 | $12264 |
| **12/17** | $15927 | $12538 |
| **1/18** | $17058 | $13237 |
| **2/18** | $16529 | $12613 |
| **3/18** | $16650 | $12390 |
| **4/18** | $16793 | $12588 |
| **5/18** | $17688 | $12297 |
| **6/18** | $17266 | $12066 |
| **7/18** | $16940 | $12355 |
| **8/18** | $16768 | $12096 |
| **9/18** | $16446 | $12151 |
| **10/18** | $14473 | $11163 |
| **11/18** | $14667 | $11269 |
| **12/18** | $13958 | $10758 |
| **1/19** | $15357 | $11571 |
| **2/19** | $16160 | $11797 |
| **3/19** | $17071 | $11868 |
| **4/19** | $17466 | $12181 |
| **5/19** | $16440 | $11527 |
| **6/19** | $17430 | $12222 |
| **7/19** | $17193 | $12074 |
| **8/19** | $16971 | $11701 |
| **9/19** | $16842 | $12002 |
| **10/19** | $17559 | $12421 |
| **11/19** | $18283 | $12530 |
| **12/19** | $18814 | $13073 |
| **1/20** | $18176 | $12722 |
| **2/20** | $17602 | $11716 |
| **3/20** | $15981 | $10020 |
| **4/20** | $17882 | $10779 |
| **5/20** | $19280 | $11132 |
| **6/20** | $21404 | $11635 |
| **7/20** | $23125 | $12153 |
| **8/20** | $24818 | $12674 |
| **9/20** | $24890 | $12362 |
| **10/20** | $24882 | $12096 |
| **11/20** | $27242 | $13724 |
| **12/20** | $29173 | $14465 |
| **1/21** | $29662 | $14497 |
| **2/21** | $31186 | $14784 |
| **3/21** | $29187 | $14971 |
| **4/21** | $30388 | $15411 |
| **5/21** | $30244 | $15893 |
| **6/21** | $30726 | $15790 |
| **7/21** | $29245 | $15530 |
| **8/21** | $30187 | $15825 |
| **9/21** | $27979 | $15319 |
| **10/21** | $29568 | $15684 |
| **11/21** | $28274 | $14978 |
| **12/21** | $27567 | $15597 |
| **1/22** | $23766 | $15022 |
| **2/22** | $21721 | $14725 |
| **3/22** | $20288 | $14748 |
| **4/22** | $17412 | $13822 |
| **5/22** | $16809 | $13922 |
| **6/22** | $15030 | $12724 |
| **7/22** | $16611 | $13160 |
| **8/22** | $15706 | $12736 |
| **9/22** | $13846 | $11464 |
| **10/22** | $14170 | $11806 |
| **11/22** | $16287 | $13200 |
| **12/22** | $15449 | $13101 |
| **1/23** | $17623 | $14164 |
| **2/23** | $16826 | $13666 |
| **3/23** | $18042 | $14001 |
| **4/23** | $17977 | $14244 |
| **5/23** | $17816 | $13726 |
| **6/23** | $18653 | $14342 |
| **7/23** | $19241 | $14925 |
| **8/23** | $18098 | $14251 |
| **9/23** | $16842 | $13801 |
| **10/23** | $15932 | $13231 |
| **11/23** | $17816 | $14422 |
| **12/23** | $18653 | $15147 |
| **1/24** | $18331 | $14996 |
| **2/24** | $19780 | $15376 |
| **3/24** | $20102 | $15857 |
| **4/24** | $19531 | $15572 |
| **5/24** | $20263 | $16024 |
| **6/24** | $20223 | $16009 |
| **7/24** | $20263 | $16379 |
| **8/24** | $21471 | $16846 |
| **9/24** | $22824 | $17300 |
| **10/24** | $22477 | $16451 |
| **11/24** | $22912 | $16302 |
| **12/24** | $22180 | $15985 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 18.90% | 3.35% | 8.88% |
| Class A, with 5.25% maximum front end sales charge | 12.68% | 2.24% | 8.29% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 4.80% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $723453302 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $6950818 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg234.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 18.8% |
| Canada | 4.4% |
| Sweden | 4.8% |
| Brazil | 5.1% |
| Japan | 5.8% |
| Denmark | 6.5% |
| Korea, Republic of | 6.5% |
| United States | 9.8% |
| France | 12.0% |
| China | 13.1% |
| India | 13.2% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| DSV AS | 6.5% |
| MercadoLibre, Inc. | 5.6% |
| Spotify Technology SA | 4.8% |
| Hermes International SCA | 4.3% |
| Trip.com Group Ltd. | 4.3% |
| Coupang, Inc. | 4.3% |
| ICICI Bank Ltd. | 4.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.1% |
| Schneider Electric SE | 4.0% |
| Meituan | 4.0% |
| Total | 46.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MIOPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio

# Class C MSOCX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $225 | 2.06% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Net Index:

↑ Stock selection in consumer discretionary, led by a position in a Chinese online travel agency

↑ Stock selection in communication services, led by a Swedish audio streaming platform, which was the largest positive contributor in the portfolio

↑ No exposure to materials

↓ Stock selection in financials, where a South Korean digital bank was the largest detractor across the portfolio

↓ An average overweight in consumer discretionary, where exposure to an online casino solutions company was the main detractor

↓ Stock selection in consumer staples, where a holding in a leading beauty company was the main detractor

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg110.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country World ex USA Net Index** |
| **4/15** | $10000 | $10000 |
| **5/15** | $10006 | $9844 |
| **6/15** | $10032 | $9569 |
| **7/15** | $9898 | $9543 |
| **8/15** | $9222 | $8813 |
| **9/15** | $9103 | $8405 |
| **10/15** | $9984 | $9030 |
| **11/15** | $9991 | $8844 |
| **12/15** | $9815 | $8677 |
| **1/16** | $9299 | $8087 |
| **2/16** | $8870 | $7995 |
| **3/16** | $9446 | $8645 |
| **4/16** | $9540 | $8872 |
| **5/16** | $9620 | $8722 |
| **6/16** | $9533 | $8589 |
| **7/16** | $10117 | $9014 |
| **8/16** | $10050 | $9071 |
| **9/16** | $10271 | $9183 |
| **10/16** | $10083 | $9051 |
| **11/16** | $9755 | $8841 |
| **12/16** | $9647 | $9067 |
| **1/17** | $10150 | $9389 |
| **2/17** | $10546 | $9538 |
| **3/17** | $11189 | $9780 |
| **4/17** | $11719 | $9989 |
| **5/17** | $12396 | $10314 |
| **6/17** | $12476 | $10346 |
| **7/17** | $13391 | $10727 |
| **8/17** | $13666 | $10783 |
| **9/17** | $13901 | $10983 |
| **10/17** | $14102 | $11190 |
| **11/17** | $13995 | $11281 |
| **12/17** | $14642 | $11533 |
| **1/18** | $15672 | $12175 |
| **2/18** | $15181 | $11601 |
| **3/18** | $15283 | $11397 |
| **4/18** | $15399 | $11578 |
| **5/18** | $16211 | $11311 |
| **6/18** | $15815 | $11099 |
| **7/18** | $15505 | $11364 |
| **8/18** | $15341 | $11126 |
| **9/18** | $15040 | $11177 |
| **10/18** | $13222 | $10268 |
| **11/18** | $13393 | $10365 |
| **12/18** | $12738 | $9896 |
| **1/19** | $14009 | $10643 |
| **2/19** | $14734 | $10851 |
| **3/19** | $15555 | $10916 |
| **4/19** | $15910 | $11204 |
| **5/19** | $14967 | $10603 |
| **6/19** | $15856 | $11242 |
| **7/19** | $15630 | $11105 |
| **8/19** | $15411 | $10763 |
| **9/19** | $15295 | $11039 |
| **10/19** | $15931 | $11425 |
| **11/19** | $16580 | $11525 |
| **12/19** | $17052 | $12024 |
| **1/20** | $16464 | $11701 |
| **2/20** | $15938 | $10777 |
| **3/20** | $14454 | $9216 |
| **4/20** | $16170 | $9915 |
| **5/20** | $17421 | $10239 |
| **6/20** | $19322 | $10702 |
| **7/20** | $20867 | $11179 |
| **8/20** | $22378 | $11657 |
| **9/20** | $22433 | $11371 |
| **10/20** | $22412 | $11126 |
| **11/20** | $24525 | $12623 |
| **12/20** | $26249 | $13305 |
| **1/21** | $26667 | $13334 |
| **2/21** | $28025 | $13598 |
| **3/21** | $26215 | $13770 |
| **4/21** | $27271 | $14176 |
| **5/21** | $27127 | $14619 |
| **6/21** | $27545 | $14524 |
| **7/21** | $26201 | $14285 |
| **8/21** | $27031 | $14556 |
| **9/21** | $25043 | $14090 |
| **10/21** | $26441 | $14427 |
| **11/21** | $25269 | $13777 |
| **12/21** | $24629 | $14346 |
| **1/22** | $21217 | $13818 |
| **2/22** | $19392 | $13544 |
| **3/22** | $18100 | $13566 |
| **4/22** | $15523 | $12714 |
| **5/22** | $14983 | $12805 |
| **6/22** | $13382 | $11704 |
| **7/22** | $14779 | $12104 |
| **8/22** | $13965 | $11715 |
| **9/22** | $12301 | $10544 |
| **10/22** | $12581 | $10859 |
| **11/22** | $14456 | $12141 |
| **12/22** | $13704 | $12050 |
| **1/23** | $15624 | $13028 |
| **2/23** | $14904 | $12571 |
| **3/23** | $15973 | $12878 |
| **4/23** | $15911 | $13102 |
| **5/23** | $15768 | $12625 |
| **6/23** | $16509 | $13192 |
| **7/23** | $17030 | $13728 |
| **8/23** | $16018 | $13108 |
| **9/23** | $14906 | $12694 |
| **10/23** | $14101 | $12170 |
| **11/23** | $15768 | $13266 |
| **12/23** | $16509 | $13932 |
| **1/24** | $16224 | $13794 |
| **2/24** | $17507 | $14143 |
| **3/24** | $17792 | $14585 |
| **4/24** | $17286 | $14323 |
| **5/24** | $17934 | $14739 |
| **6/24** | $17899 | $14725 |
| **7/24** | $17934 | $15066 |
| **8/24** | $19003 | $15495 |
| **9/24** | $20200 | $15912 |
| **10/24** | $19894 | $15132 |
| **11/24** | $20279 | $14995 |
| **12/24** | $19630 | $14703 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/15 (Inception)* |
| Class C, with conversion to Class A after 8 years | 18.06% | 2.60% | 7.22% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 17.06% | 2.60% | 7.22% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 4.07% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $723453302 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $6950818 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg041.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 18.8% |
| Canada | 4.4% |
| Sweden | 4.8% |
| Brazil | 5.1% |
| Japan | 5.8% |
| Denmark | 6.5% |
| Korea, Republic of | 6.5% |
| United States | 9.8% |
| France | 12.0% |
| China | 13.1% |
| India | 13.2% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| DSV AS | 6.5% |
| MercadoLibre, Inc. | 5.6% |
| Spotify Technology SA | 4.8% |
| Hermes International SCA | 4.3% |
| Trip.com Group Ltd. | 4.3% |
| Coupang, Inc. | 4.3% |
| ICICI Bank Ltd. | 4.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.1% |
| Schneider Electric SE | 4.0% |
| Meituan | 4.0% |
| Total | 46.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSOCX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio

# Class I MIOIX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $110 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Net Index:

↑ Stock selection in consumer discretionary, led by a position in a Chinese online travel agency

↑ Stock selection in communication services, led by a Swedish audio streaming platform, which was the largest positive contributor in the portfolio

↑ No exposure to materials

↓ Stock selection in financials, where a South Korean digital bank was the largest detractor across the portfolio

↓ An average overweight in consumer discretionary, where exposure to an online casino solutions company was the main detractor

↓ Stock selection in consumer staples, where a holding in a leading beauty company was the main detractor

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg073.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country World ex USA Net Index** |
| **12/14** | $1000000 | $1000000 |
| **1/15** | $1023005 | $998518 |
| **2/15** | $1069015 | $1051901 |
| **3/15** | $1072610 | $1034899 |
| **4/15** | $1126528 | $1087181 |
| **5/15** | $1128684 | $1070204 |
| **6/15** | $1132279 | $1040349 |
| **7/15** | $1118779 | $1037456 |
| **8/15** | $1043265 | $958158 |
| **9/15** | $1030068 | $913734 |
| **10/15** | $1131242 | $981755 |
| **11/15** | $1132709 | $961488 |
| **12/15** | $1113965 | $943379 |
| **1/16** | $1056895 | $879207 |
| **2/16** | $1008720 | $869158 |
| **3/16** | $1075424 | $939829 |
| **4/16** | $1087283 | $964565 |
| **5/16** | $1097659 | $948283 |
| **6/16** | $1088765 | $933775 |
| **7/16** | $1155667 | $979953 |
| **8/16** | $1149737 | $986151 |
| **9/16** | $1175682 | $998311 |
| **10/16** | $1155667 | $983958 |
| **11/16** | $1118603 | $961199 |
| **12/16** | $1106742 | $985785 |
| **1/17** | $1166045 | $1020706 |
| **2/17** | $1212747 | $1036982 |
| **3/17** | $1288358 | $1063271 |
| **4/17** | $1349885 | $1086034 |
| **5/17** | $1429203 | $1121275 |
| **6/17** | $1439581 | $1124757 |
| **7/17** | $1545856 | $1166213 |
| **8/17** | $1579267 | $1172315 |
| **9/17** | $1607482 | $1194078 |
| **10/17** | $1632726 | $1216542 |
| **11/17** | $1621589 | $1226424 |
| **12/17** | $1697561 | $1253836 |
| **1/18** | $1818923 | $1323670 |
| **2/18** | $1763142 | $1261255 |
| **3/18** | $1776710 | $1239011 |
| **4/18** | $1791786 | $1258792 |
| **5/18** | $1887519 | $1229727 |
| **6/18** | $1843045 | $1206613 |
| **7/18** | $1808780 | $1235471 |
| **8/18** | $1790654 | $1209613 |
| **9/18** | $1757424 | $1215123 |
| **10/18** | $1546714 | $1116288 |
| **11/18** | $1567861 | $1126854 |
| **12/18** | $1493236 | $1075850 |
| **1/19** | $1642786 | $1157139 |
| **2/19** | $1728890 | $1179748 |
| **3/19** | $1827080 | $1186775 |
| **4/19** | $1870132 | $1218127 |
| **5/19** | $1761368 | $1152749 |
| **6/19** | $1867111 | $1222162 |
| **7/19** | $1842186 | $1207368 |
| **8/19** | $1818771 | $1170080 |
| **9/19** | $1805931 | $1200191 |
| **10/19** | $1882972 | $1242068 |
| **11/19** | $1961524 | $1253017 |
| **12/19** | $2018927 | $1307279 |
| **1/20** | $1950950 | $1272162 |
| **2/20** | $1889770 | $1171604 |
| **3/20** | $1716050 | $1001963 |
| **4/20** | $1920737 | $1077893 |
| **5/20** | $2071043 | $1113169 |
| **6/20** | $2299900 | $1163474 |
| **7/20** | $2484949 | $1215346 |
| **8/20** | $2667733 | $1267371 |
| **9/20** | $2676041 | $1236216 |
| **10/20** | $2676041 | $1209639 |
| **11/20** | $2930579 | $1372354 |
| **12/20** | $3139172 | $1446530 |
| **1/21** | $3192173 | $1449674 |
| **2/21** | $3356476 | $1478372 |
| **3/21** | $3142201 | $1497064 |
| **4/21** | $3272431 | $1541133 |
| **5/21** | $3258045 | $1589339 |
| **6/21** | $3310289 | $1579042 |
| **7/21** | $3151286 | $1553019 |
| **8/21** | $3254260 | $1582539 |
| **9/21** | $3016512 | $1531866 |
| **10/21** | $3188387 | $1568432 |
| **11/21** | $3049827 | $1497808 |
| **12/21** | $2974665 | $1559708 |
| **1/22** | $2565301 | $1502232 |
| **2/22** | $2345528 | $1472497 |
| **3/22** | $2191533 | $1474844 |
| **4/22** | $1880447 | $1382234 |
| **5/22** | $1816991 | $1392156 |
| **6/22** | $1624303 | $1272392 |
| **7/22** | $1795324 | $1315951 |
| **8/22** | $1698593 | $1273626 |
| **9/22** | $1497393 | $1146353 |
| **10/22** | $1532990 | $1180607 |
| **11/22** | $1762822 | $1319975 |
| **12/22** | $1673087 | $1310105 |
| **1/23** | $1908840 | $1416365 |
| **2/23** | $1822651 | $1366648 |
| **3/23** | $1954470 | $1400057 |
| **4/23** | $1948555 | $1424380 |
| **5/23** | $1931655 | $1372592 |
| **6/23** | $2022070 | $1434180 |
| **7/23** | $2086289 | $1492488 |
| **8/23** | $1963765 | $1425079 |
| **9/23** | $1826876 | $1380069 |
| **10/23** | $1729702 | $1323129 |
| **11/23** | $1934190 | $1442230 |
| **12/23** | $2026295 | $1514691 |
| **1/24** | $1991650 | $1499645 |
| **2/24** | $2150509 | $1537612 |
| **3/24** | $2185998 | $1585677 |
| **4/24** | $2124314 | $1557203 |
| **5/24** | $2203743 | $1602407 |
| **6/24** | $2200363 | $1600883 |
| **7/24** | $2205433 | $1637950 |
| **8/24** | $2337252 | $1684598 |
| **9/24** | $2485971 | $1729960 |
| **10/24** | $2447946 | $1645080 |
| **11/24** | $2496111 | $1630189 |
| **12/24** | $2417743 | $1598514 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 19.32% | 3.67% | 9.23% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 4.80% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $723453302 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $6950818 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 18.8% |
| Canada | 4.4% |
| Sweden | 4.8% |
| Brazil | 5.1% |
| Japan | 5.8% |
| Denmark | 6.5% |
| Korea, Republic of | 6.5% |
| United States | 9.8% |
| France | 12.0% |
| China | 13.1% |
| India | 13.2% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| DSV AS | 6.5% |
| MercadoLibre, Inc. | 5.6% |
| Spotify Technology SA | 4.8% |
| Hermes International SCA | 4.3% |
| Trip.com Group Ltd. | 4.3% |
| Coupang, Inc. | 4.3% |
| ICICI Bank Ltd. | 4.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.1% |
| Schneider Electric SE | 4.0% |
| Meituan | 4.0% |
| Total | 46.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MIOIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio

# Class IR MRNPX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class IR | $103 | 0.94% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Net Index:

↑ Stock selection in consumer discretionary, led by a position in a Chinese online travel agency

↑ Stock selection in communication services, led by a Swedish audio streaming platform, which was the largest positive contributor in the portfolio

↑ No exposure to materials

↓ Stock selection in financials, where a South Korean digital bank was the largest detractor across the portfolio

↓ An average overweight in consumer discretionary, where exposure to an online casino solutions company was the main detractor

↓ Stock selection in consumer staples, where a holding in a leading beauty company was the main detractor

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg043.jpg)

---

| | | |
|:---|:---|:---|
| | **Class IR** | **MSCI All Country World ex USA Net Index** |
| **6/18** | $5000000 | $5000000 |
| **6/18** | $4822625 | $5000000 |
| **7/18** | $4735013 | $5003075 |
| **8/18** | $4687623 | $4898360 |
| **9/18** | $4598768 | $4920675 |
| **10/18** | $4047863 | $4520439 |
| **11/18** | $4105126 | $4563225 |
| **12/18** | $3908042 | $4356684 |
| **1/19** | $4301018 | $4685865 |
| **2/19** | $4528115 | $4777423 |
| **3/19** | $4784834 | $4805878 |
| **4/19** | $4897395 | $4932839 |
| **5/19** | $4611055 | $4668089 |
| **6/19** | $4889496 | $4949177 |
| **7/19** | $4824329 | $4889272 |
| **8/19** | $4763111 | $4738271 |
| **9/19** | $4729540 | $4860205 |
| **10/19** | $4932940 | $5029790 |
| **11/19** | $5138315 | $5074128 |
| **12/19** | $5288396 | $5293864 |
| **1/20** | $5110668 | $5151654 |
| **2/20** | $4952688 | $4744441 |
| **3/20** | $4496519 | $4057478 |
| **4/20** | $5033653 | $4364957 |
| **5/20** | $5428604 | $4507810 |
| **6/20** | $6026955 | $4711518 |
| **7/20** | $6514720 | $4921578 |
| **8/20** | $6994585 | $5132254 |
| **9/20** | $7016308 | $5006091 |
| **10/20** | $7016308 | $4898467 |
| **11/20** | $7683775 | $5557384 |
| **12/20** | $8231120 | $5857765 |
| **1/21** | $8371671 | $5870495 |
| **2/21** | $8803220 | $5986709 |
| **3/21** | $8241018 | $6062403 |
| **4/21** | $8583486 | $6240861 |
| **5/21** | $8545874 | $6436074 |
| **6/21** | $8684445 | $6394374 |
| **7/21** | $8268732 | $6288994 |
| **8/21** | $8537956 | $6408537 |
| **9/21** | $7916366 | $6203332 |
| **10/21** | $8367711 | $6351408 |
| **11/21** | $8005447 | $6065416 |
| **12/21** | $7808958 | $6316079 |
| **1/22** | $6734720 | $6083331 |
| **2/22** | $6158152 | $5962915 |
| **3/22** | $5753543 | $5972420 |
| **4/22** | $4938255 | $5597394 |
| **5/22** | $4770343 | $5637572 |
| **6/22** | $4266604 | $5152587 |
| **7/22** | $4715720 | $5328979 |
| **8/22** | $4460817 | $5157585 |
| **9/22** | $3932802 | $4642187 |
| **10/22** | $4027885 | $4780902 |
| **11/22** | $4630752 | $5345276 |
| **12/22** | $4396173 | $5305307 |
| **1/23** | $5016627 | $5735610 |
| **2/23** | $4789201 | $5534280 |
| **3/23** | $5135860 | $5669569 |
| **4/23** | $5120404 | $5768067 |
| **5/23** | $5076244 | $5558351 |
| **6/23** | $5314710 | $5807750 |
| **7/23** | $5482520 | $6043872 |
| **8/23** | $5160148 | $5770897 |
| **9/23** | $4802449 | $5588629 |
| **10/23** | $4544110 | $5358048 |
| **11/23** | $5082868 | $5840351 |
| **12/23** | $5323542 | $6133781 |
| **1/24** | $5233013 | $6072854 |
| **2/24** | $5648121 | $6226602 |
| **3/24** | $5743066 | $6421244 |
| **4/24** | $5581881 | $6305937 |
| **5/24** | $5791643 | $6488990 |
| **6/24** | $5782811 | $6482819 |
| **7/24** | $5796059 | $6632925 |
| **8/24** | $6142718 | $6821826 |
| **9/24** | $6533538 | $7005522 |
| **10/24** | $6436385 | $6661797 |
| **11/24** | $6562243 | $6601496 |
| **12/24** | $6354800 | $6473228 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 6/15/18 (Inception)* |
| Class IR | 19.37% | 3.74% | 3.73% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 4.02% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $723453302 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $6950818 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg168.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 18.8% |
| Canada | 4.4% |
| Sweden | 4.8% |
| Brazil | 5.1% |
| Japan | 5.8% |
| Denmark | 6.5% |
| Korea, Republic of | 6.5% |
| United States | 9.8% |
| France | 12.0% |
| China | 13.1% |
| India | 13.2% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| DSV AS | 6.5% |
| MercadoLibre, Inc. | 5.6% |
| Spotify Technology SA | 4.8% |
| Hermes International SCA | 4.3% |
| Trip.com Group Ltd. | 4.3% |
| Coupang, Inc. | 4.3% |
| ICICI Bank Ltd. | 4.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.1% |
| Schneider Electric SE | 4.0% |
| Meituan | 4.0% |
| Total | 46.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MRNPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio

# Class L MIOLX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $202 | 1.85% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Net Index:

↑ Stock selection in consumer discretionary, led by a position in a Chinese online travel agency

↑ Stock selection in communication services, led by a Swedish audio streaming platform, which was the largest positive contributor in the portfolio

↑ No exposure to materials

↓ Stock selection in financials, where a South Korean digital bank was the largest detractor across the portfolio

↓ An average overweight in consumer discretionary, where exposure to an online casino solutions company was the main detractor

↓ Stock selection in consumer staples, where a holding in a leading beauty company was the main detractor

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg023.jpg)

---

| | | |
|:---|:---|:---|
| | **Class L** | **MSCI All Country World ex USA Net Index** |
| **12/14** | $10000 | $10000 |
| **1/15** | $10219 | $9985 |
| **2/15** | $10679 | $10519 |
| **3/15** | $10701 | $10349 |
| **4/15** | $11234 | $10872 |
| **5/15** | $11241 | $10702 |
| **6/15** | $11270 | $10403 |
| **7/15** | $11132 | $10375 |
| **8/15** | $10366 | $9582 |
| **9/15** | $10233 | $9137 |
| **10/15** | $11221 | $9818 |
| **11/15** | $11236 | $9615 |
| **12/15** | $11038 | $9434 |
| **1/16** | $10460 | $8792 |
| **2/16** | $9979 | $8692 |
| **3/16** | $10633 | $9398 |
| **4/16** | $10745 | $9646 |
| **5/16** | $10836 | $9483 |
| **6/16** | $10738 | $9338 |
| **7/16** | $11399 | $9800 |
| **8/16** | $11324 | $9862 |
| **9/16** | $11572 | $9983 |
| **10/16** | $11369 | $9840 |
| **11/16** | $11001 | $9612 |
| **12/16** | $10873 | $9858 |
| **1/17** | $11452 | $10207 |
| **2/17** | $11895 | $10370 |
| **3/17** | $12631 | $10633 |
| **4/17** | $13225 | $10860 |
| **5/17** | $13992 | $11213 |
| **6/17** | $14082 | $11248 |
| **7/17** | $15114 | $11662 |
| **8/17** | $15430 | $11723 |
| **9/17** | $15693 | $11941 |
| **10/17** | $15927 | $12165 |
| **11/17** | $15806 | $12264 |
| **12/17** | $16539 | $12538 |
| **1/18** | $17709 | $13237 |
| **2/18** | $17151 | $12613 |
| **3/18** | $17265 | $12390 |
| **4/18** | $17403 | $12588 |
| **5/18** | $18320 | $12297 |
| **6/18** | $17877 | $12066 |
| **7/18** | $17537 | $12355 |
| **8/18** | $17346 | $12096 |
| **9/18** | $17008 | $12151 |
| **10/18** | $14963 | $11163 |
| **11/18** | $15154 | $11269 |
| **12/18** | $14420 | $10758 |
| **1/19** | $15861 | $11571 |
| **2/19** | $16681 | $11797 |
| **3/19** | $17615 | $11868 |
| **4/19** | $18014 | $12181 |
| **5/19** | $16949 | $11527 |
| **6/19** | $17960 | $12222 |
| **7/19** | $17707 | $12074 |
| **8/19** | $17470 | $11701 |
| **9/19** | $17332 | $12002 |
| **10/19** | $18060 | $12421 |
| **11/19** | $18795 | $12530 |
| **12/19** | $19332 | $13073 |
| **1/20** | $18665 | $12722 |
| **2/20** | $18075 | $11716 |
| **3/20** | $16397 | $10020 |
| **4/20** | $18343 | $10779 |
| **5/20** | $19769 | $11132 |
| **6/20** | $21929 | $11635 |
| **7/20** | $23684 | $12153 |
| **8/20** | $25408 | $12674 |
| **9/20** | $25462 | $12362 |
| **10/20** | $25446 | $12096 |
| **11/20** | $27844 | $13724 |
| **12/20** | $29800 | $14465 |
| **1/21** | $30284 | $14497 |
| **2/21** | $31820 | $14784 |
| **3/21** | $29769 | $14971 |
| **4/21** | $30975 | $15411 |
| **5/21** | $30814 | $15893 |
| **6/21** | $31290 | $15790 |
| **7/21** | $29769 | $15530 |
| **8/21** | $30714 | $15825 |
| **9/21** | $28455 | $15319 |
| **10/21** | $30053 | $15684 |
| **11/21** | $28732 | $14978 |
| **12/21** | $28000 | $15597 |
| **1/22** | $24130 | $15022 |
| **2/22** | $22046 | $14725 |
| **3/22** | $20583 | $14748 |
| **4/22** | $17657 | $13822 |
| **5/22** | $17044 | $13922 |
| **6/22** | $15227 | $12724 |
| **7/22** | $16823 | $13160 |
| **8/22** | $15895 | $12736 |
| **9/22** | $14008 | $11464 |
| **10/22** | $14330 | $11806 |
| **11/22** | $16470 | $13200 |
| **12/22** | $15612 | $13101 |
| **1/23** | $17811 | $14164 |
| **2/23** | $16988 | $13666 |
| **3/23** | $18209 | $14001 |
| **4/23** | $18140 | $14244 |
| **5/23** | $17967 | $13726 |
| **6/23** | $18798 | $14342 |
| **7/23** | $19378 | $14925 |
| **8/23** | $18218 | $14251 |
| **9/23** | $16945 | $13801 |
| **10/23** | $16027 | $13231 |
| **11/23** | $17906 | $14422 |
| **12/23** | $18738 | $15147 |
| **1/24** | $18409 | $14996 |
| **2/24** | $19855 | $15376 |
| **3/24** | $20175 | $15857 |
| **4/24** | $19586 | $15572 |
| **5/24** | $20313 | $16024 |
| **6/24** | $20270 | $16009 |
| **7/24** | $20296 | $16379 |
| **8/24** | $21500 | $16846 |
| **9/24** | $22842 | $17300 |
| **10/24** | $22478 | $16451 |
| **11/24** | $22911 | $16302 |
| **12/24** | $22166 | $15985 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 18.30% | 2.77% | 8.29% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 4.80% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $723453302 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $6950818 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg151.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 18.8% |
| Canada | 4.4% |
| Sweden | 4.8% |
| Brazil | 5.1% |
| Japan | 5.8% |
| Denmark | 6.5% |
| Korea, Republic of | 6.5% |
| United States | 9.8% |
| France | 12.0% |
| China | 13.1% |
| India | 13.2% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| DSV AS | 6.5% |
| MercadoLibre, Inc. | 5.6% |
| Spotify Technology SA | 4.8% |
| Hermes International SCA | 4.3% |
| Trip.com Group Ltd. | 4.3% |
| Coupang, Inc. | 4.3% |
| ICICI Bank Ltd. | 4.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.1% |
| Schneider Electric SE | 4.0% |
| Meituan | 4.0% |
| Total | 46.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MIOLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio

# Class R6 MNOPX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $103 | 0.94% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Net Index:

↑ Stock selection in consumer discretionary, led by a position in a Chinese online travel agency

↑ Stock selection in communication services, led by a Swedish audio streaming platform, which was the largest positive contributor in the portfolio

↑ No exposure to materials

↓ Stock selection in financials, where a South Korean digital bank was the largest detractor across the portfolio

↓ An average overweight in consumer discretionary, where exposure to an online casino solutions company was the main detractor

↓ Stock selection in consumer staples, where a holding in a leading beauty company was the main detractor

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg184.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country World ex USA Net Index** |
| **12/14** | $5000000 | $5000000 |
| **1/15** | $5111351 | $4992591 |
| **2/15** | $5344828 | $5259507 |
| **3/15** | $5362787 | $5174493 |
| **4/15** | $5632184 | $5435903 |
| **5/15** | $5639368 | $5351019 |
| **6/15** | $5657328 | $5201743 |
| **7/15** | $5590412 | $5187278 |
| **8/15** | $5213078 | $4790788 |
| **9/15** | $5150799 | $4568669 |
| **10/15** | $5652691 | $4908774 |
| **11/15** | $5663681 | $4807442 |
| **12/15** | $5570019 | $4716894 |
| **1/16** | $5281148 | $4396035 |
| **2/16** | $5040423 | $4345789 |
| **3/16** | $5377439 | $4699144 |
| **4/16** | $5432991 | $4822823 |
| **5/16** | $5484839 | $4741415 |
| **6/16** | $5444101 | $4668876 |
| **7/16** | $5779127 | $4899767 |
| **8/16** | $5749491 | $4930753 |
| **9/16** | $5875446 | $4991556 |
| **10/16** | $5779127 | $4919790 |
| **11/16** | $5593899 | $4805993 |
| **12/16** | $5534626 | $4928924 |
| **1/17** | $5830991 | $5103529 |
| **2/17** | $6064379 | $5184911 |
| **3/17** | $6442245 | $5316357 |
| **4/17** | $6749725 | $5430168 |
| **5/17** | $7146113 | $5606375 |
| **6/17** | $7197977 | $5623784 |
| **7/17** | $7732788 | $5831063 |
| **8/17** | $7899763 | $5861577 |
| **9/17** | $8040764 | $5970389 |
| **10/17** | $8166922 | $6082711 |
| **11/17** | $8107554 | $6132122 |
| **12/17** | $8490929 | $6269181 |
| **1/18** | $9097424 | $6618348 |
| **2/18** | $8818662 | $6306274 |
| **3/18** | $8886469 | $6195055 |
| **4/18** | $8961810 | $6293960 |
| **5/18** | $9440226 | $6148634 |
| **6/18** | $9217970 | $6033066 |
| **7/18** | $9046726 | $6177357 |
| **8/18** | $8956146 | $6048063 |
| **9/18** | $8790081 | $6075616 |
| **10/18** | $7737083 | $5581440 |
| **11/18** | $7842761 | $5634269 |
| **12/18** | $7469829 | $5379249 |
| **1/19** | $8217190 | $5785694 |
| **2/19** | $8651262 | $5898741 |
| **3/19** | $9141954 | $5933875 |
| **4/19** | $9357103 | $6090635 |
| **5/19** | $8813568 | $5763745 |
| **6/19** | $9342005 | $6110808 |
| **7/19** | $9217445 | $6036842 |
| **8/19** | $9100434 | $5850399 |
| **9/19** | $9036266 | $6000953 |
| **10/19** | $9425045 | $6210341 |
| **11/19** | $9817598 | $6265086 |
| **12/19** | $10104463 | $6536397 |
| **1/20** | $9764754 | $6360808 |
| **2/20** | $9462790 | $5858018 |
| **3/20** | $8590870 | $5009817 |
| **4/20** | $9617547 | $5389465 |
| **5/20** | $10372456 | $5565847 |
| **6/20** | $11516144 | $5817368 |
| **7/20** | $12444682 | $6076731 |
| **8/20** | $13361897 | $6336856 |
| **9/20** | $13403418 | $6181081 |
| **10/20** | $13403418 | $6048196 |
| **11/20** | $14682989 | $6861769 |
| **12/20** | $15725409 | $7232652 |
| **1/21** | $15994058 | $7248371 |
| **2/21** | $16818923 | $7391862 |
| **3/21** | $15748112 | $7485321 |
| **4/21** | $16398923 | $7705665 |
| **5/21** | $16327031 | $7946697 |
| **6/21** | $16591896 | $7895209 |
| **7/21** | $15797301 | $7765096 |
| **8/21** | $16311896 | $7912697 |
| **9/21** | $15127571 | $7659328 |
| **10/21** | $15990274 | $7842160 |
| **11/21** | $15294058 | $7489042 |
| **12/21** | $14918408 | $7798538 |
| **1/22** | $12868963 | $7511161 |
| **2/22** | $11766904 | $7362483 |
| **3/22** | $10993528 | $7374218 |
| **4/22** | $9435177 | $6911169 |
| **5/22** | $9118094 | $6960778 |
| **6/22** | $8151375 | $6361961 |
| **7/22** | $9013688 | $6579754 |
| **8/22** | $8526462 | $6368132 |
| **9/22** | $7517207 | $5731764 |
| **10/22** | $7695083 | $5903037 |
| **11/22** | $8851279 | $6599876 |
| **12/22** | $8399031 | $6550526 |
| **1/23** | $9585025 | $7081826 |
| **2/23** | $9150302 | $6833242 |
| **3/23** | $9812939 | $7000285 |
| **4/23** | $9787615 | $7121901 |
| **5/23** | $9703203 | $6862962 |
| **6/23** | $10154809 | $7170898 |
| **7/23** | $10479796 | $7462441 |
| **8/23** | $9863586 | $7125396 |
| **9/23** | $9175625 | $6900346 |
| **10/23** | $8686034 | $6615646 |
| **11/23** | $9711644 | $7211151 |
| **12/23** | $10171691 | $7573453 |
| **1/24** | $9998646 | $7498226 |
| **2/24** | $10796343 | $7688059 |
| **3/24** | $10977830 | $7928387 |
| **4/24** | $10665504 | $7786016 |
| **5/24** | $11070683 | $8012033 |
| **6/24** | $11053801 | $8004414 |
| **7/24** | $11079124 | $8189752 |
| **8/24** | $11741762 | $8422991 |
| **9/24** | $12488811 | $8649802 |
| **10/24** | $12298883 | $8225401 |
| **11/24** | $12543679 | $8150946 |
| **12/24** | $12147163 | $7992572 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 19.42% | 3.75% | 9.28% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 4.80% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $723453302 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $6950818 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg138.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 18.8% |
| Canada | 4.4% |
| Sweden | 4.8% |
| Brazil | 5.1% |
| Japan | 5.8% |
| Denmark | 6.5% |
| Korea, Republic of | 6.5% |
| United States | 9.8% |
| France | 12.0% |
| China | 13.1% |
| India | 13.2% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| DSV AS | 6.5% |
| MercadoLibre, Inc. | 5.6% |
| Spotify Technology SA | 4.8% |
| Hermes International SCA | 4.3% |
| Trip.com Group Ltd. | 4.3% |
| Coupang, Inc. | 4.3% |
| ICICI Bank Ltd. | 4.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.1% |
| Schneider Electric SE | 4.0% |
| Meituan | 4.0% |
| Total | 46.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MNOPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio

# Class A MSDFX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $122 | 1.20% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex U.S. Net Index:

↓ Stock selection, largely driven by weakness in consumer staples, and to a lesser extent in communication services and industrials

↓The overweight to consumer staples and underweight to financials

↑ Sector allocation overall was positive, driven by the overweight in information technology and zero weights in materials and energy

↑ Stock selection in information technology

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg069.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World ex USA Net Index** |
| **7/22** | $9479 | $10000 |
| **8/22** | $8739 | $9678 |
| **9/22** | $8000 | $8711 |
| **10/22** | $8284 | $8972 |
| **11/22** | $9479 | $10031 |
| **12/22** | $9242 | $9956 |
| **1/23** | $10123 | $10763 |
| **2/23** | $9744 | $10385 |
| **3/23** | $10417 | $10639 |
| **4/23** | $10701 | $10824 |
| **5/23** | $10351 | $10430 |
| **6/23** | $10720 | $10898 |
| **7/23** | $10777 | $11342 |
| **8/23** | $10294 | $10829 |
| **9/23** | $9659 | $10487 |
| **10/23** | $9232 | $10055 |
| **11/23** | $10171 | $10960 |
| **12/23** | $10726 | $11510 |
| **1/24** | $10755 | $11396 |
| **2/24** | $11074 | $11684 |
| **3/24** | $11025 | $12050 |
| **4/24** | $10717 | $11833 |
| **5/24** | $11257 | $12177 |
| **6/24** | $11122 | $12165 |
| **7/24** | $11286 | $12447 |
| **8/24** | $11787 | $12801 |
| **9/24** | $12077 | $13146 |
| **10/24** | $11324 | $12501 |
| **11/24** | $11199 | $12388 |
| **12/24** | $11080 | $12147 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 7/29/22 (Inception)* |
| Class A | 3.30% | 6.65% |
| Class A, with 5.25% maximum front end sales charge | (2.16)% | 4.32% |
| MSCI All Country World ex USA Net Index | 5.53% | 8.36% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1891678 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg132.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 9.1% |
| Hong Kong | 2.6% |
| Canada | 2.6% |
| Finland | 2.6% |
| Italy | 3.5% |
| Sweden | 4.6% |
| Netherlands | 5.8% |
| United States | 12.2% |
| Germany | 16.3% |
| United Kingdom | 19.9% |
| France | 20.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| SAP SE | 6.4% |
| L'Oreal SA | 4.1% |
| Visa, Inc. | 3.8% |
| Halma PLC | 3.7% |
| Haleon PLC | 3.4% |
| QIAGEN NV | 3.2% |
| Deutsche Boerse AG | 3.2% |
| Hexagon AB | 3.1% |
| ASML Holding NV | 3.1% |
| Capgemini SE | 3.0% |
| Total | 37.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSDFX -TSR-AR

# Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio

# Class C MSDEX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $197 | 1.95% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex U.S. Net Index:

↓ Stock selection, largely driven by weakness in consumer staples, and to a lesser extent in communication services and industrials

↓The overweight to consumer staples and underweight to financials

↑ Sector allocation overall was positive, driven by the overweight in information technology and zero weights in materials and energy

↑ Stock selection in information technology

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg027.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country World ex USA Net Index** |
| **7/22** | $10000 | $10000 |
| **8/22** | $9220 | $9678 |
| **9/22** | $8430 | $8711 |
| **10/22** | $8720 | $8972 |
| **11/22** | $9970 | $10031 |
| **12/22** | $9710 | $9956 |
| **1/23** | $10640 | $10763 |
| **2/23** | $10230 | $10385 |
| **3/23** | $10930 | $10639 |
| **4/23** | $11230 | $10824 |
| **5/23** | $10850 | $10430 |
| **6/23** | $11230 | $10898 |
| **7/23** | $11280 | $11342 |
| **8/23** | $10770 | $10829 |
| **9/23** | $10100 | $10487 |
| **10/23** | $9640 | $10055 |
| **11/23** | $10630 | $10960 |
| **12/23** | $11199 | $11510 |
| **1/24** | $11219 | $11396 |
| **2/24** | $11543 | $11684 |
| **3/24** | $11483 | $12050 |
| **4/24** | $11158 | $11833 |
| **5/24** | $11716 | $12177 |
| **6/24** | $11564 | $12165 |
| **7/24** | $11726 | $12447 |
| **8/24** | $12243 | $12801 |
| **9/24** | $12537 | $13146 |
| **10/24** | $11746 | $12501 |
| **11/24** | $11614 | $12388 |
| **12/24** | $11481 | $12147 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 7/29/22 (Inception)* |
| Class C | 2.52% | 5.86% |
| Class C, with 1% maximum contingent deferred sales charge | 1.52% | 5.86% |
| MSCI All Country World ex USA Net Index | 5.53% | 8.36% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1891678 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg131.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 9.1% |
| Hong Kong | 2.6% |
| Canada | 2.6% |
| Finland | 2.6% |
| Italy | 3.5% |
| Sweden | 4.6% |
| Netherlands | 5.8% |
| United States | 12.2% |
| Germany | 16.3% |
| United Kingdom | 19.9% |
| France | 20.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| SAP SE | 6.4% |
| L'Oreal SA | 4.1% |
| Visa, Inc. | 3.8% |
| Halma PLC | 3.7% |
| Haleon PLC | 3.4% |
| QIAGEN NV | 3.2% |
| Deutsche Boerse AG | 3.2% |
| Hexagon AB | 3.1% |
| ASML Holding NV | 3.1% |
| Capgemini SE | 3.0% |
| Total | 37.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSDEX -TSR-AR

# Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio

# Class I MSDKX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $87 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex U.S. Net Index:

↓ Stock selection, largely driven by weakness in consumer staples, and to a lesser extent in communication services and industrials

↓The overweight to consumer staples and underweight to financials

↑ Sector allocation overall was positive, driven by the overweight in information technology and zero weights in materials and energy

↑ Stock selection in information technology

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg127.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country World ex USA Net Index** |
| **7/22** | $1000000 | $1000000 |
| **8/22** | $923000 | $1000000 |
| **9/22** | $845000 | $871121 |
| **10/22** | $875000 | $897152 |
| **11/22** | $1001000 | $1003058 |
| **12/22** | $976000 | $995558 |
| **1/23** | $1070000 | $1076306 |
| **2/23** | $1030000 | $1038526 |
| **3/23** | $1102000 | $1063913 |
| **4/23** | $1132000 | $1082396 |
| **5/23** | $1095000 | $1043042 |
| **6/23** | $1134000 | $1089843 |
| **7/23** | $1141000 | $1134152 |
| **8/23** | $1090000 | $1082927 |
| **9/23** | $1024000 | $1048724 |
| **10/23** | $978000 | $1005455 |
| **11/23** | $1078000 | $1095961 |
| **12/23** | $1137475 | $1151024 |
| **1/24** | $1140538 | $1139591 |
| **2/24** | $1175255 | $1168442 |
| **3/24** | $1170149 | $1204967 |
| **4/24** | $1137475 | $1183329 |
| **5/24** | $1195676 | $1217680 |
| **6/24** | $1181381 | $1216522 |
| **7/24** | $1198739 | $1244690 |
| **8/24** | $1252856 | $1280138 |
| **9/24** | $1284509 | $1314609 |
| **10/24** | $1204866 | $1250108 |
| **11/24** | $1191592 | $1238792 |
| **12/24** | $1179010 | $1214722 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 7/29/22 (Inception)* |
| Class I | 3.65% | 7.03% |
| MSCI All Country World ex USA Net Index | 5.53% | 8.36% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1891678 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg202.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 9.1% |
| Hong Kong | 2.6% |
| Canada | 2.6% |
| Finland | 2.6% |
| Italy | 3.5% |
| Sweden | 4.6% |
| Netherlands | 5.8% |
| United States | 12.2% |
| Germany | 16.3% |
| United Kingdom | 19.9% |
| France | 20.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| SAP SE | 6.4% |
| L'Oreal SA | 4.1% |
| Visa, Inc. | 3.8% |
| Halma PLC | 3.7% |
| Haleon PLC | 3.4% |
| QIAGEN NV | 3.2% |
| Deutsche Boerse AG | 3.2% |
| Hexagon AB | 3.1% |
| ASML Holding NV | 3.1% |
| Capgemini SE | 3.0% |
| Total | 37.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSDKX -TSR-AR

# Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio

# Class R6 MSCZX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $82 | 0.80% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex U.S. Net Index:

↓ Stock selection, largely driven by weakness in consumer staples, and to a lesser extent in communication services and industrials

↓The overweight to consumer staples and underweight to financials

↑ Sector allocation overall was positive, driven by the overweight in information technology and zero weights in materials and energy

↑ Stock selection in information technology

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg249.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country World ex USA Net Index** |
| **7/22** | $5000000 | $5000000 |
| **8/22** | $4615000 | $5000000 |
| **9/22** | $4225000 | $4355607 |
| **10/22** | $4375000 | $4485758 |
| **11/22** | $5005000 | $5015291 |
| **12/22** | $4880000 | $4977789 |
| **1/23** | $5350000 | $5381528 |
| **2/23** | $5150000 | $5192628 |
| **3/23** | $5510000 | $5319565 |
| **4/23** | $5660000 | $5411981 |
| **5/23** | $5475000 | $5215212 |
| **6/23** | $5675000 | $5449215 |
| **7/23** | $5705000 | $5670760 |
| **8/23** | $5455000 | $5414637 |
| **9/23** | $5120000 | $5243621 |
| **10/23** | $4895000 | $5027275 |
| **11/23** | $5395000 | $5479803 |
| **12/23** | $5690028 | $5755119 |
| **1/24** | $5705351 | $5697953 |
| **2/24** | $5879014 | $5842209 |
| **3/24** | $5853476 | $6024836 |
| **4/24** | $5690028 | $5916647 |
| **5/24** | $5981169 | $6088399 |
| **6/24** | $5914769 | $6082609 |
| **7/24** | $6001600 | $6223449 |
| **8/24** | $6267203 | $6400688 |
| **9/24** | $6430651 | $6573044 |
| **10/24** | $6032247 | $6250539 |
| **11/24** | $5965846 | $6193960 |
| **12/24** | $5905943 | $6073610 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 7/29/22 (Inception)* |
| Class R6 | 3.79% | 7.11% |
| MSCI All Country World ex USA Net Index | 5.53% | 8.36% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1891678 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg124.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 9.1% |
| Hong Kong | 2.6% |
| Canada | 2.6% |
| Finland | 2.6% |
| Italy | 3.5% |
| Sweden | 4.6% |
| Netherlands | 5.8% |
| United States | 12.2% |
| Germany | 16.3% |
| United Kingdom | 19.9% |
| France | 20.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| SAP SE | 6.4% |
| L'Oreal SA | 4.1% |
| Visa, Inc. | 3.8% |
| Halma PLC | 3.7% |
| Haleon PLC | 3.4% |
| QIAGEN NV | 3.2% |
| Deutsche Boerse AG | 3.2% |
| Hexagon AB | 3.1% |
| ASML Holding NV | 3.1% |
| Capgemini SE | 3.0% |
| Total | 37.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSCZX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio

# Class A MRJAX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $111 | 1.11% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Treasury Bills 1-3 Month Index:

↓ A long position in GSCI commodities detracted due to weakness in energy prices in the second half of the year

↓ A long position in world energy stocks was negatively impacted by falling energy prices following the peak in April 2024

↓ A long position in world materials stocks was weighed down by weaker industrial production and demand for input goods

↑ A long position in U.S. 10-year Treasury inflation-protected securities (TIPS) contributed as the Federal Reserve cut interests rates in 2024

↑A long position in gold benefited from falling interest rates and heightened geopolitical uncertainty

↑ A long position in Brent oil, held early in the year, contributed as rising geopolitical tensions caused oil prices to peak in April

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg259.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI World Net Index** | **Bloomberg U.S. Treasury Bill 1-3 Month Index** | **MSIF Multi-Asset Real Return Blend Index** |
| **6/18** | $9479 | $10000 | $10000 | $10000 |
| **6/18** | $9479 | $9795 | $10007 | $9795 |
| **7/18** | $9630 | $10101 | $10022 | $10101 |
| **8/18** | $9630 | $10226 | $10039 | $10226 |
| **9/18** | $9545 | $10283 | $10055 | $10283 |
| **10/18** | $9124 | $9528 | $10073 | $9528 |
| **11/18** | $9219 | $9636 | $10092 | $9636 |
| **12/18** | $8824 | $8903 | $10111 | $8903 |
| **1/19** | $9448 | $9596 | $10131 | $9596 |
| **2/19** | $9565 | $9885 | $10150 | $9885 |
| **3/19** | $9779 | $10014 | $10171 | $10014 |
| **4/19** | $9877 | $10370 | $10191 | $10370 |
| **5/19** | $9681 | $9771 | $10212 | $9771 |
| **6/19** | $9916 | $10415 | $10234 | $10415 |
| **7/19** | $9819 | $10467 | $10253 | $10467 |
| **8/19** | $9790 | $10253 | $10271 | $10253 |
| **9/19** | $9957 | $10471 | $10289 | $10471 |
| **10/19** | $10092 | $10737 | $10307 | $10737 |
| **11/19** | $10151 | $11036 | $10320 | $11036 |
| **12/19** | $10406 | $11367 | $10334 | $11367 |
| **1/20** | $10406 | $11298 | $10347 | $11298 |
| **2/20** | $9883 | $10343 | $10361 | $10343 |
| **3/20** | $8469 | $8974 | $10383 | $8974 |
| **4/20** | $9054 | $9954 | $10383 | $9954 |
| **5/20** | $9144 | $10435 | $10384 | $10435 |
| **6/20** | $9253 | $10711 | $10385 | $10711 |
| **7/20** | $9375 | $11224 | $10386 | $11224 |
| **8/20** | $9663 | $11974 | $10387 | $11974 |
| **9/20** | $9405 | $11560 | $10388 | $11560 |
| **10/20** | $9166 | $11206 | $10389 | $11206 |
| **11/20** | $10183 | $12639 | $10389 | $12639 |
| **12/20** | $10413 | $13175 | $10390 | $13175 |
| **1/21** | $10313 | $13044 | $10391 | $13044 |
| **2/21** | $10483 | $13378 | $10392 | $13378 |
| **3/21** | $10784 | $13823 | $10392 | $13823 |
| **4/21** | $11278 | $14466 | $10392 | $14466 |
| **5/21** | $11469 | $14675 | $10392 | $14675 |
| **6/21** | $11549 | $14893 | $10392 | $14893 |
| **7/21** | $11782 | $15160 | $10393 | $15160 |
| **8/21** | $11903 | $15537 | $10393 | $15563 |
| **9/21** | $11722 | $14892 | $10393 | $15563 |
| **10/21** | $12236 | $15736 | $10393 | $15563 |
| **11/21** | $12327 | $15391 | $10394 | $15564 |
| **12/21** | $12665 | $16049 | $10395 | $15565 |
| **1/22** | $12641 | $15200 | $10395 | $15565 |
| **2/22** | $13046 | $14815 | $10396 | $15567 |
| **3/22** | $13093 | $15222 | $10398 | $15570 |
| **4/22** | $13058 | $13957 | $10400 | $15573 |
| **5/22** | $12965 | $13968 | $10405 | $15581 |
| **6/22** | $12052 | $12758 | $10411 | $15589 |
| **7/22** | $12607 | $13771 | $10419 | $15602 |
| **8/22** | $12202 | $13195 | $10439 | $15631 |
| **9/22** | $11739 | $11969 | $10460 | $15663 |
| **10/22** | $11982 | $12828 | $10483 | $15697 |
| **11/22** | $12884 | $13720 | $10516 | $15746 |
| **12/22** | $13012 | $13137 | $10553 | $15802 |
| **1/23** | $13398 | $14067 | $10588 | $15855 |
| **2/23** | $13037 | $13729 | $10625 | $15911 |
| **3/23** | $13217 | $14153 | $10668 | $15974 |
| **4/23** | $13181 | $14401 | $10709 | $16036 |
| **5/23** | $12892 | $14257 | $10752 | $16101 |
| **6/23** | $12808 | $15119 | $10798 | $16170 |
| **7/23** | $13145 | $15627 | $10846 | $16241 |
| **8/23** | $13024 | $15254 | $10895 | $16315 |
| **9/23** | $12531 | $14596 | $10944 | $16387 |
| **10/23** | $12531 | $14173 | $10994 | $16463 |
| **11/23** | $13229 | $15501 | $11043 | $16536 |
| **12/23** | $13674 | $16262 | $11095 | $16613 |
| **1/24** | $13511 | $16457 | $11143 | $16686 |
| **2/24** | $13435 | $17155 | $11190 | $16756 |
| **3/24** | $13649 | $17706 | $11241 | $16833 |
| **4/24** | $13360 | $17049 | $11290 | $16906 |
| **5/24** | $13599 | $17810 | $11345 | $16988 |
| **6/24** | $13549 | $18172 | $11392 | $17059 |
| **7/24** | $13913 | $18493 | $11443 | $17136 |
| **8/24** | $14027 | $18981 | $11499 | $17218 |
| **9/24** | $14291 | $19329 | $11547 | $17291 |
| **10/24** | $14102 | $18946 | $11593 | $17360 |
| **11/24** | $14052 | $19815 | $11639 | $17428 |
| **12/24** | $13594 | $19374 | $11685 | $17565 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 6/18/18 (Inception)* |
| Class A | (0.59)% | 5.49% | 5.67% |
| Class A, with 5.25% maximum front end sales charge | (5.79)% | 4.36% | 4.81% |
| MSCI World Net Index | 18.67% | 11.17% | 10.65% |
| Bloomberg U.S. Treasury Bill 1-3 Month Index | 5.32% | 2.49% | 2.41% |
| MSIF Multi-Asset Real Return Blend Index | 5.32% | 9.01% | 9.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the MSCI World Net Index effective May 1, 2024. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;The MSIF Multi-Asset Real Return Blend Index is a performance linked benchmark of the old and new benchmarks of the Fund. The old benchmark represented by MSCI World Net Index (index that is designed to measure the equity market performance of developed markets) from the Fund's inception to August 30, 2021 to the new benchmark represented by Bloomberg U.S. Treasury Bill 1-3 Month Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $7415322 |
| # of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 310% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2521106d1_tsrimg088.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 22.1% |
| Short-Term Investments | 24.5% |
| U.S. Treasury Securities | 53.4% |

---

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.0% |
| China | 0.3% |
| South Africa | 0.3% |
| Germany | 0.4% |
| Switzerland | 0.6% |
| Japan | 0.7% |
| France | 0.8% |
| Australia | 1.7% |
| United Kingdom | 1.9% |
| Canada | 4.6% |
| United States | 87.7% |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

# MRJAX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio

# Class C MRJCX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $184 | 1.85% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Treasury Bills 1-3 Month Index:

↓ A long position in GSCI commodities detracted due to weakness in energy prices in the second half of the year

↓ A long position in world energy stocks was negatively impacted by falling energy prices following the peak in April 2024

↓ A long position in world materials stocks was weighed down by weaker industrial production and demand for input goods

↑ A long position in U.S. 10-year Treasury inflation-protected securities (TIPS) contributed as the Federal Reserve cut interests rates in 2024

↑A long position in gold benefited from falling interest rates and heightened geopolitical uncertainty

↑ A long position in Brent oil, held early in the year, contributed as rising geopolitical tensions caused oil prices to peak in April

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg142.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **MSCI World Net Index** | **Bloomberg U.S. Treasury Bill 1-3 Month Index** | **MSIF Multi-Asset Real Return Blend Index** |
| **6/18** | $10000 | $10000 | $10000 | $10000 |
| **6/18** | $9990 | $9795 | $10007 | $9795 |
| **7/18** | $10150 | $10101 | $10022 | $10101 |
| **8/18** | $10140 | $10226 | $10039 | $10226 |
| **9/18** | $10040 | $10283 | $10055 | $10283 |
| **10/18** | $9605 | $9528 | $10073 | $9528 |
| **11/18** | $9685 | $9636 | $10092 | $9636 |
| **12/18** | $9273 | $8903 | $10111 | $8903 |
| **1/19** | $9917 | $9596 | $10131 | $9596 |
| **2/19** | $10040 | $9885 | $10150 | $9885 |
| **3/19** | $10255 | $10014 | $10171 | $10014 |
| **4/19** | $10345 | $10370 | $10191 | $10370 |
| **5/19** | $10140 | $9771 | $10212 | $9771 |
| **6/19** | $10386 | $10415 | $10234 | $10415 |
| **7/19** | $10273 | $10467 | $10253 | $10467 |
| **8/19** | $10243 | $10253 | $10271 | $10253 |
| **9/19** | $10407 | $10471 | $10289 | $10471 |
| **10/19** | $10542 | $10737 | $10307 | $10737 |
| **11/19** | $10594 | $11036 | $10320 | $11036 |
| **12/19** | $10860 | $11367 | $10334 | $11367 |
| **1/20** | $10849 | $11298 | $10347 | $11298 |
| **2/20** | $10291 | $10343 | $10361 | $10343 |
| **3/20** | $8812 | $8974 | $10383 | $8974 |
| **4/20** | $9417 | $9954 | $10383 | $9954 |
| **5/20** | $9500 | $10435 | $10384 | $10435 |
| **6/20** | $9614 | $10711 | $10385 | $10711 |
| **7/20** | $9740 | $11224 | $10386 | $11224 |
| **8/20** | $10030 | $11974 | $10387 | $11974 |
| **9/20** | $9750 | $11560 | $10388 | $11560 |
| **10/20** | $9493 | $11206 | $10389 | $11206 |
| **11/20** | $10542 | $12639 | $10389 | $12639 |
| **12/20** | $10772 | $13175 | $10390 | $13175 |
| **1/21** | $10657 | $13044 | $10391 | $13044 |
| **2/21** | $10834 | $13378 | $10392 | $13378 |
| **3/21** | $11146 | $13823 | $10392 | $13823 |
| **4/21** | $11641 | $14466 | $10392 | $14466 |
| **5/21** | $11839 | $14675 | $10392 | $14675 |
| **6/21** | $11912 | $14893 | $10392 | $14893 |
| **7/21** | $12140 | $15160 | $10393 | $15160 |
| **8/21** | $12255 | $15537 | $10393 | $15563 |
| **9/21** | $12067 | $14892 | $10393 | $15563 |
| **10/21** | $12579 | $15736 | $10393 | $15563 |
| **11/21** | $12673 | $15391 | $10394 | $15564 |
| **12/21** | $13013 | $16049 | $10395 | $15565 |
| **1/22** | $12977 | $15200 | $10395 | $15565 |
| **2/22** | $13383 | $14815 | $10396 | $15567 |
| **3/22** | $13430 | $15222 | $10398 | $15570 |
| **4/22** | $13371 | $13957 | $10400 | $15573 |
| **5/22** | $13275 | $13968 | $10405 | $15581 |
| **6/22** | $12332 | $12758 | $10411 | $15589 |
| **7/22** | $12893 | $13771 | $10419 | $15602 |
| **8/22** | $12463 | $13195 | $10439 | $15631 |
| **9/22** | $11998 | $11969 | $10460 | $15663 |
| **10/22** | $12225 | $12828 | $10483 | $15697 |
| **11/22** | $13144 | $13720 | $10516 | $15746 |
| **12/22** | $13273 | $13137 | $10553 | $15802 |
| **1/23** | $13657 | $14067 | $10588 | $15855 |
| **2/23** | $13273 | $13729 | $10625 | $15911 |
| **3/23** | $13459 | $14153 | $10668 | $15974 |
| **4/23** | $13409 | $14401 | $10709 | $16036 |
| **5/23** | $13112 | $14257 | $10752 | $16101 |
| **6/23** | $13013 | $15119 | $10798 | $16170 |
| **7/23** | $13347 | $15627 | $10846 | $16241 |
| **8/23** | $13211 | $15254 | $10895 | $16315 |
| **9/23** | $12704 | $14596 | $10944 | $16387 |
| **10/23** | $12704 | $14173 | $10994 | $16463 |
| **11/23** | $13397 | $15501 | $11043 | $16536 |
| **12/23** | $13837 | $16262 | $11095 | $16613 |
| **1/24** | $13657 | $16457 | $11143 | $16686 |
| **2/24** | $13580 | $17155 | $11190 | $16756 |
| **3/24** | $13798 | $17706 | $11241 | $16833 |
| **4/24** | $13490 | $17049 | $11290 | $16906 |
| **5/24** | $13721 | $17810 | $11345 | $16988 |
| **6/24** | $13657 | $18172 | $11392 | $17059 |
| **7/24** | $14016 | $18493 | $11443 | $17136 |
| **8/24** | $14119 | $18981 | $11499 | $17218 |
| **9/24** | $14389 | $19329 | $11547 | $17291 |
| **10/24** | $14183 | $18946 | $11593 | $17360 |
| **11/24** | $14132 | $19815 | $11639 | $17428 |
| **12/24** | $13661 | $19374 | $11685 | $17565 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 6/18/18 (Inception)* |
| Class C | (1.27)% | 4.70% | 4.89% |
| Class C, with 1% maximum contingent deferred sales charge | (2.17)% | 4.70% | 4.89% |
| MSCI World Net Index | 18.67% | 11.17% | 10.65% |
| Bloomberg U.S. Treasury Bill 1-3 Month Index | 5.32% | 2.49% | 2.41% |
| MSIF Multi-Asset Real Return Blend Index | 5.32% | 9.01% | 9.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the MSCI World Net Index effective May 1, 2024. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;The MSIF Multi-Asset Real Return Blend Index is a performance linked benchmark of the old and new benchmarks of the Fund. The old benchmark represented by MSCI World Net Index (index that is designed to measure the equity market performance of developed markets) from the Fund's inception to August 30, 2021 to the new benchmark represented by Bloomberg U.S. Treasury Bill 1-3 Month Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $7415322 |
| # of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 310% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2521106d1_tsrimg181.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 22.1% |
| Short-Term Investments | 24.5% |
| U.S. Treasury Securities | 53.4% |

---

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg053.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.0% |
| China | 0.3% |
| South Africa | 0.3% |
| Germany | 0.4% |
| Switzerland | 0.6% |
| Japan | 0.7% |
| France | 0.8% |
| Australia | 1.7% |
| United Kingdom | 1.9% |
| Canada | 4.6% |
| United States | 87.7% |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

# MRJCX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio

# Class I MRJIX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $75 | 0.75% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Treasury Bills 1-3 Month Index:

↓ A long position in GSCI commodities detracted due to weakness in energy prices in the second half of the year

↓ A long position in world energy stocks was negatively impacted by falling energy prices following the peak in April 2024

↓ A long position in world materials stocks was weighed down by weaker industrial production and demand for input goods

↑ A long position in U.S. 10-year Treasury inflation-protected securities (TIPS) contributed as the Federal Reserve cut interests rates in 2024

↑A long position in gold benefited from falling interest rates and heightened geopolitical uncertainty

↑ A long position in Brent oil, held early in the year, contributed as rising geopolitical tensions caused oil prices to peak in April

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg222.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI World Net Index** | **Bloomberg U.S. Treasury Bill 1-3 Month Index** | **MSIF Multi-Asset Real Return Blend Index** |
| **6/18** | $1000000 | $1000000 | $1000000 | $1000000 |
| **6/18** | $1000000 | $1000000 | $1000000 | $1000000 |
| **7/18** | $1016000 | $1014032 | $1002241 | $1014032 |
| **8/18** | $1016000 | $1026578 | $1003859 | $1026578 |
| **9/18** | $1008000 | $1032294 | $1005498 | $1032294 |
| **10/18** | $964634 | $956495 | $1007307 | $956495 |
| **11/18** | $973705 | $967361 | $1009151 | $967361 |
| **12/18** | $932969 | $893805 | $1011087 | $893805 |
| **1/19** | $998875 | $963348 | $1013134 | $963348 |
| **2/19** | $1012262 | $992315 | $1014972 | $992315 |
| **3/19** | $1033887 | $1005349 | $1017094 | $1005349 |
| **4/19** | $1045722 | $1040998 | $1019071 | $1040998 |
| **5/19** | $1025056 | $980931 | $1021232 | $980931 |
| **6/19** | $1050889 | $1045570 | $1023382 | $1045570 |
| **7/19** | $1039614 | $1050749 | $1025265 | $1050749 |
| **8/19** | $1038575 | $1029256 | $1027086 | $1029256 |
| **9/19** | $1055209 | $1051160 | $1028907 | $1051160 |
| **10/19** | $1071170 | $1077909 | $1030700 | $1077909 |
| **11/19** | $1076395 | $1107929 | $1031954 | $1107929 |
| **12/19** | $1104143 | $1141121 | $1033412 | $1141121 |
| **1/20** | $1105193 | $1134175 | $1034732 | $1134175 |
| **2/20** | $1049514 | $1038309 | $1036115 | $1038309 |
| **3/20** | $899283 | $900896 | $1038260 | $900896 |
| **4/20** | $961906 | $999314 | $1038290 | $999314 |
| **5/20** | $971409 | $1047589 | $1038350 | $1047589 |
| **6/20** | $984079 | $1075299 | $1038467 | $1075299 |
| **7/20** | $998043 | $1126743 | $1038614 | $1126743 |
| **8/20** | $1027678 | $1202025 | $1038693 | $1202025 |
| **9/20** | $1000160 | $1160557 | $1038782 | $1160557 |
| **10/20** | $975607 | $1124956 | $1038865 | $1124956 |
| **11/20** | $1084126 | $1268795 | $1038948 | $1268795 |
| **12/20** | $1108454 | $1322588 | $1039030 | $1322588 |
| **1/21** | $1098843 | $1309443 | $1039106 | $1309443 |
| **2/21** | $1116997 | $1342997 | $1039162 | $1342997 |
| **3/21** | $1150101 | $1387681 | $1039211 | $1387681 |
| **4/21** | $1202736 | $1452264 | $1039224 | $1452264 |
| **5/21** | $1223085 | $1473184 | $1039233 | $1473184 |
| **6/21** | $1231653 | $1495142 | $1039212 | $1495142 |
| **7/21** | $1257362 | $1521924 | $1039256 | $1521924 |
| **8/21** | $1270292 | $1559802 | $1039299 | $1562328 |
| **9/21** | $1251975 | $1495038 | $1039334 | $1562380 |
| **10/21** | $1306924 | $1579718 | $1039348 | $1562401 |
| **11/21** | $1317699 | $1545102 | $1039408 | $1562491 |
| **12/21** | $1353543 | $1611140 | $1039457 | $1562565 |
| **1/22** | $1352305 | $1525893 | $1039487 | $1562610 |
| **2/22** | $1395648 | $1487301 | $1039569 | $1562733 |
| **3/22** | $1401840 | $1528118 | $1039789 | $1563064 |
| **4/22** | $1396886 | $1401172 | $1040006 | $1563391 |
| **5/22** | $1388217 | $1402233 | $1040519 | $1564162 |
| **6/22** | $1290386 | $1280769 | $1041070 | $1564989 |
| **7/22** | $1351066 | $1382457 | $1041926 | $1566277 |
| **8/22** | $1306485 | $1324660 | $1043850 | $1569169 |
| **9/22** | $1258188 | $1201520 | $1045982 | $1572374 |
| **10/22** | $1284194 | $1287804 | $1048258 | $1575795 |
| **11/22** | $1382026 | $1377346 | $1051550 | $1580745 |
| **12/22** | $1395673 | $1318854 | $1055262 | $1586325 |
| **1/23** | $1437026 | $1412171 | $1058846 | $1591712 |
| **2/23** | $1399550 | $1378224 | $1062546 | $1597273 |
| **3/23** | $1418934 | $1420811 | $1066785 | $1603646 |
| **4/23** | $1416349 | $1445717 | $1070913 | $1609852 |
| **5/23** | $1385334 | $1431284 | $1075239 | $1616354 |
| **6/23** | $1376288 | $1517845 | $1079849 | $1623284 |
| **7/23** | $1413765 | $1568833 | $1084580 | $1630396 |
| **8/23** | $1399550 | $1531361 | $1089521 | $1637823 |
| **9/23** | $1347858 | $1465300 | $1094363 | $1645102 |
| **10/23** | $1349150 | $1422783 | $1099407 | $1652686 |
| **11/23** | $1422811 | $1556172 | $1104329 | $1660084 |
| **12/23** | $1471210 | $1632571 | $1109478 | $1667824 |
| **1/24** | $1454939 | $1652163 | $1114319 | $1675102 |
| **2/24** | $1448159 | $1722211 | $1119009 | $1682152 |
| **3/24** | $1471210 | $1777554 | $1124124 | $1689841 |
| **4/24** | $1440023 | $1711527 | $1129022 | $1697203 |
| **5/24** | $1467142 | $1787950 | $1134509 | $1705451 |
| **6/24** | $1461718 | $1824331 | $1139202 | $1712507 |
| **7/24** | $1501041 | $1856480 | $1144345 | $1720238 |
| **8/24** | $1513245 | $1905548 | $1149857 | $1728523 |
| **9/24** | $1543076 | $1940446 | $1154744 | $1735871 |
| **10/24** | $1522736 | $1901954 | $1159314 | $1742740 |
| **11/24** | $1517312 | $1989228 | $1163872 | $1749592 |
| **12/24** | $1469791 | $1937387 | $1168482 | $1756522 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 6/18/18 (Inception)* |
| Class I | (0.10)% | 5.89% | 6.07% |
| MSCI World Net Index | 18.67% | 11.17% | 10.65% |
| Bloomberg U.S. Treasury Bill 1-3 Month Index | 5.32% | 2.49% | 2.41% |
| MSIF Multi-Asset Real Return Blend Index | 5.32% | 9.01% | 9.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the MSCI World Net Index effective May 1, 2024. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;The MSIF Multi-Asset Real Return Blend Index is a performance linked benchmark of the old and new benchmarks of the Fund. The old benchmark represented by MSCI World Net Index (index that is designed to measure the equity market performance of developed markets) from the Fund's inception to August 30, 2021 to the new benchmark represented by Bloomberg U.S. Treasury Bill 1-3 Month Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $7415322 |
| # of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 310% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2521106d1_tsrimg083.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 22.1% |
| Short-Term Investments | 24.5% |
| U.S. Treasury Securities | 53.4% |

---

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg174.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.0% |
| China | 0.3% |
| South Africa | 0.3% |
| Germany | 0.4% |
| Switzerland | 0.6% |
| Japan | 0.7% |
| France | 0.8% |
| Australia | 1.7% |
| United Kingdom | 1.9% |
| Canada | 4.6% |
| United States | 87.7% |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

# MRJIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio

# Class R6 MRJSX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $71 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Treasury Bills 1-3 Month Index:

↓ A long position in GSCI commodities detracted due to weakness in energy prices in the second half of the year

↓ A long position in world energy stocks was negatively impacted by falling energy prices following the peak in April 2024

↓ A long position in world materials stocks was weighed down by weaker industrial production and demand for input goods

↑ A long position in U.S. 10-year Treasury inflation-protected securities (TIPS) contributed as the Federal Reserve cut interests rates in 2024

↑A long position in gold benefited from falling interest rates and heightened geopolitical uncertainty

↑ A long position in Brent oil, held early in the year, contributed as rising geopolitical tensions caused oil prices to peak in April

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg065.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **MSCI World Net Index** | **Bloomberg U.S. Treasury Bill 1-3 Month Index** | **MSIF Multi-Asset Real Return Blend Index** |
| **6/18** | $5000000 | $5000000 | $5000000 | $5000000 |
| **6/18** | $5000000 | $5000000 | $5000000 | $5000000 |
| **7/18** | $5080000 | $5070159 | $5011203 | $5070159 |
| **8/18** | $5080000 | $5132891 | $5019295 | $5132891 |
| **9/18** | $5040000 | $5161471 | $5027491 | $5161471 |
| **10/18** | $4823357 | $4782475 | $5036534 | $4782475 |
| **11/18** | $4868717 | $4836803 | $5045754 | $4836803 |
| **12/18** | $4665315 | $4469023 | $5055437 | $4469023 |
| **1/19** | $4994873 | $4816738 | $5065672 | $4816738 |
| **2/19** | $5061815 | $4961577 | $5074858 | $4961577 |
| **3/19** | $5169951 | $5026745 | $5085469 | $5026745 |
| **4/19** | $5224055 | $5204990 | $5095356 | $5204990 |
| **5/19** | $5125878 | $4904657 | $5106161 | $4904657 |
| **6/19** | $5255058 | $5227849 | $5116909 | $5227849 |
| **7/19** | $5199002 | $5253744 | $5126324 | $5253744 |
| **8/19** | $5193803 | $5146281 | $5135432 | $5146281 |
| **9/19** | $5276987 | $5255799 | $5144535 | $5255799 |
| **10/19** | $5357095 | $5389546 | $5153499 | $5389546 |
| **11/19** | $5383227 | $5539646 | $5159769 | $5539646 |
| **12/19** | $5522285 | $5705604 | $5167061 | $5705604 |
| **1/20** | $5527540 | $5670876 | $5173660 | $5670876 |
| **2/20** | $5249061 | $5191544 | $5180574 | $5191544 |
| **3/20** | $4497694 | $4504481 | $5191302 | $4504481 |
| **4/20** | $4811074 | $4996570 | $5191448 | $4996570 |
| **5/20** | $4858604 | $5237945 | $5191750 | $5237945 |
| **6/20** | $4921977 | $5376494 | $5192335 | $5376494 |
| **7/20** | $4986708 | $5633713 | $5193069 | $5633713 |
| **8/20** | $5140227 | $6010127 | $5193465 | $6010127 |
| **9/20** | $5002589 | $5802783 | $5193909 | $5802783 |
| **10/20** | $4879968 | $5624782 | $5194323 | $5624782 |
| **11/20** | $5422778 | $6343975 | $5194742 | $6343975 |
| **12/20** | $5545383 | $6612939 | $5195148 | $6612939 |
| **1/21** | $5491959 | $6547215 | $5195531 | $6547215 |
| **2/21** | $5582780 | $6714983 | $5195808 | $6714983 |
| **3/21** | $5753735 | $6938405 | $5196054 | $6938405 |
| **4/21** | $6012031 | $7261319 | $5196118 | $7261319 |
| **5/21** | $6119197 | $7365921 | $5196167 | $7365921 |
| **6/21** | $6162064 | $7475709 | $5196062 | $7475709 |
| **7/21** | $6291119 | $7609620 | $5196279 | $7609620 |
| **8/21** | $6355809 | $7799011 | $5196495 | $7811638 |
| **9/21** | $6258774 | $7475192 | $5196670 | $7811901 |
| **10/21** | $6539098 | $7898591 | $5196740 | $7812007 |
| **11/21** | $6593006 | $7725509 | $5197038 | $7812454 |
| **12/21** | $6774123 | $8055699 | $5197286 | $7812827 |
| **1/22** | $6767926 | $7629465 | $5197435 | $7813052 |
| **2/22** | $6978648 | $7436506 | $5197843 | $7813664 |
| **3/22** | $7009637 | $7640589 | $5198945 | $7815321 |
| **4/22** | $6991044 | $7005860 | $5200031 | $7816954 |
| **5/22** | $6947660 | $7011166 | $5202595 | $7820809 |
| **6/22** | $6458039 | $6403845 | $5205348 | $7824947 |
| **7/22** | $6761728 | $6912287 | $5209630 | $7831383 |
| **8/22** | $6538609 | $6623299 | $5219250 | $7845844 |
| **9/22** | $6296898 | $6007598 | $5229912 | $7861872 |
| **10/22** | $6427050 | $6439021 | $5241288 | $7878973 |
| **11/22** | $6916671 | $6886729 | $5257752 | $7903723 |
| **12/22** | $6988092 | $6594268 | $5276312 | $7931624 |
| **1/23** | $7195147 | $7060853 | $5294231 | $7958560 |
| **2/23** | $7001033 | $6891120 | $5312728 | $7986365 |
| **3/23** | $7104560 | $7104054 | $5333927 | $8018232 |
| **4/23** | $7091620 | $7228585 | $5354567 | $8049261 |
| **5/23** | $6936329 | $7156419 | $5376193 | $8081769 |
| **6/23** | $6891035 | $7589224 | $5399244 | $8116421 |
| **7/23** | $7078679 | $7844167 | $5422900 | $8151982 |
| **8/23** | $7007504 | $7656804 | $5447604 | $8189117 |
| **9/23** | $6748685 | $7326501 | $5471813 | $8225511 |
| **10/23** | $6755156 | $7113917 | $5497037 | $8263428 |
| **11/23** | $7130442 | $7780862 | $5521644 | $8300418 |
| **12/23** | $7369937 | $8162857 | $5547390 | $8339121 |
| **1/24** | $7288426 | $8260815 | $5571597 | $8375511 |
| **2/24** | $7247671 | $8611055 | $5595046 | $8410760 |
| **3/24** | $7369937 | $8887769 | $5620621 | $8449206 |
| **4/24** | $7213708 | $8557636 | $5645108 | $8486016 |
| **5/24** | $7342767 | $8939752 | $5672543 | $8527257 |
| **6/24** | $7322389 | $9121657 | $5696010 | $8562535 |
| **7/24** | $7519374 | $9282402 | $5721723 | $8601188 |
| **8/24** | $7580507 | $9527741 | $5749283 | $8642617 |
| **9/24** | $7729943 | $9702231 | $5773722 | $8679356 |
| **10/24** | $7628055 | $9509769 | $5796569 | $8713701 |
| **11/24** | $7600885 | $9946140 | $5819360 | $8747961 |
| **12/24** | $7355765 | $9686937 | $5842411 | $8782612 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 6/18/18 (Inception)* |
| Class R6 | (0.19)% | 5.90% | 6.08% |
| MSCI World Net Index | 18.67% | 11.17% | 10.65% |
| Bloomberg U.S. Treasury Bill 1-3 Month Index | 5.32% | 2.49% | 2.41% |
| MSIF Multi-Asset Real Return Blend Index | 5.32% | 9.01% | 9.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the MSCI World Net Index effective May 1, 2024. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;The MSIF Multi-Asset Real Return Blend Index is a performance linked benchmark of the old and new benchmarks of the Fund. The old benchmark represented by MSCI World Net Index (index that is designed to measure the equity market performance of developed markets) from the Fund's inception to August 30, 2021 to the new benchmark represented by Bloomberg U.S. Treasury Bill 1-3 Month Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $7415322 |
| # of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 310% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2521106d1_tsrimg200.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 22.1% |
| Short-Term Investments | 24.5% |
| U.S. Treasury Securities | 53.4% |

---

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg225.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.0% |
| China | 0.3% |
| South Africa | 0.3% |
| Germany | 0.4% |
| Switzerland | 0.6% |
| Japan | 0.7% |
| France | 0.8% |
| Australia | 1.7% |
| United Kingdom | 1.9% |
| Canada | 4.6% |
| United States | 87.7% |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

# MRJSX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio

# Class A MFMPX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $170 | 1.60% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Frontier Emerging Markets Net Index:

↑ Positioning in Vietnam, through allocations to an IT outsourcing company and an electronics and grocery retailer

↑The underweight allocation to and stock selection in the Philippines

↑ The allocation to a fast-growing online travel agency in Argentina

↑ The overweight allocation to and stock selection in Egypt, led by a position in a leading bank

↑ Positioning in the U.A.E, through the allocation to a local real estate developer

↓The allocations to select positions in Poland, which were exited during the year

↓ The allocations to select IT services companies hurt by an extended slowdown in IT spending globally

↓ The underweight allocation to Peru

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg130.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI Frontier Emerging Markets Net Index** | **MSCI Frontier Markets/MSCI Frontier Emerging Markets Blend Index** |
| **12/14** | $9473 | $10000 | $10000 |
| **1/15** | $9275 | $9819 | $9592 |
| **2/15** | $9528 | $9946 | $9873 |
| **3/15** | $9359 | $9758 | $9689 |
| **4/15** | $9771 | $10129 | $10053 |
| **5/15** | $9409 | $9691 | $9694 |
| **6/15** | $9409 | $9643 | $9685 |
| **7/15** | $9329 | $9277 | $9401 |
| **8/15** | $8674 | $8570 | $8862 |
| **9/15** | $8515 | $8392 | $8661 |
| **10/15** | $8813 | $8699 | $8978 |
| **11/15** | $8400 | $8157 | $8580 |
| **12/15** | $8441 | $8170 | $8554 |
| **1/16** | $7842 | $7702 | $7969 |
| **2/16** | $8047 | $7926 | $8248 |
| **3/16** | $8251 | $8581 | $8474 |
| **4/16** | $8456 | $8813 | $8733 |
| **5/16** | $8461 | $8796 | $8821 |
| **6/16** | $8381 | $8894 | $8514 |
| **7/16** | $8681 | $9054 | $8619 |
| **8/16** | $8736 | $9007 | $8521 |
| **9/16** | $8821 | $8962 | $8739 |
| **10/16** | $8701 | $8885 | $8705 |
| **11/16** | $8461 | $8361 | $8550 |
| **12/16** | $8736 | $8579 | $8782 |
| **1/17** | $9130 | $9100 | $9367 |
| **2/17** | $9195 | $9045 | $9333 |
| **3/17** | $9357 | $9214 | $9563 |
| **4/17** | $9559 | $9370 | $9675 |
| **5/17** | $9892 | $9762 | $10088 |
| **6/17** | $9831 | $9747 | $10150 |
| **7/17** | $9821 | $9969 | $10364 |
| **8/17** | $9852 | $10160 | $10746 |
| **9/17** | $10089 | $10355 | $10965 |
| **10/17** | $10124 | $10368 | $11100 |
| **11/17** | $10159 | $10487 | $11229 |
| **12/17** | $10518 | $10877 | $11580 |
| **1/18** | $11144 | $11385 | $12244 |
| **2/18** | $10937 | $11059 | $12061 |
| **3/18** | $11113 | $11050 | $12171 |
| **4/18** | $10755 | $10967 | $11787 |
| **5/18** | $9554 | $10157 | $10701 |
| **6/18** | $9165 | $9832 | $10322 |
| **7/18** | $9390 | $10176 | $10700 |
| **8/18** | $8750 | $9847 | $10123 |
| **9/18** | $8602 | $9675 | $10118 |
| **10/18** | $8191 | $9287 | $9760 |
| **11/18** | $8394 | $9433 | $9972 |
| **12/18** | $8119 | $9289 | $9680 |
| **1/19** | $8618 | $9946 | $10140 |
| **2/19** | $8613 | $10000 | $10221 |
| **3/19** | $8587 | $10166 | $10345 |
| **4/19** | $8655 | $10207 | $10363 |
| **5/19** | $8868 | $10154 | $10587 |
| **6/19** | $9112 | $10646 | $10830 |
| **7/19** | $9169 | $10684 | $11102 |
| **8/19** | $8982 | $10023 | $10925 |
| **9/19** | $8847 | $9929 | $10711 |
| **10/19** | $8800 | $10188 | $10798 |
| **11/19** | $8998 | $10135 | $10946 |
| **12/19** | $9104 | $10598 | $11421 |
| **1/20** | $9014 | $10258 | $11415 |
| **2/20** | $8409 | $9578 | $10743 |
| **3/20** | $6365 | $7253 | $8384 |
| **4/20** | $7119 | $7836 | $8949 |
| **5/20** | $7947 | $8146 | $9461 |
| **6/20** | $8297 | $8419 | $9620 |
| **7/20** | $8478 | $8417 | $9554 |
| **8/20** | $9205 | $8886 | $10341 |
| **9/20** | $9110 | $8785 | $10418 |
| **10/20** | $9014 | $8977 | $10527 |
| **11/20** | $9879 | $9633 | $10958 |
| **12/20** | $10340 | $10316 | $11584 |
| **1/21** | $10568 | $9842 | $11628 |
| **2/21** | $11041 | $10034 | $11643 |
| **3/21** | $10770 | $9689 | $11677 |
| **4/21** | $11370 | $9894 | $12476 |
| **5/21** | $11694 | $10298 | $12977 |
| **6/21** | $12145 | $10385 | $13249 |
| **7/21** | $12161 | $9988 | $12743 |
| **8/21** | $12883 | $10676 | $13621 |
| **9/21** | $12453 | $10553 | $13464 |
| **10/21** | $12936 | $11106 | $14169 |
| **11/21** | $12225 | $10683 | $13630 |
| **12/21** | $11880 | $10759 | $13726 |
| **1/22** | $10499 | $10840 | $13830 |
| **2/22** | $8677 | $10702 | $13654 |
| **3/22** | $9023 | $10811 | $13793 |
| **4/22** | $8168 | $10112 | $12902 |
| **5/22** | $8157 | $9920 | $12656 |
| **6/22** | $7509 | $8831 | $11267 |
| **7/22** | $7732 | $8965 | $11438 |
| **8/22** | $7950 | $9072 | $11574 |
| **9/22** | $7286 | $8065 | $10289 |
| **10/22** | $7419 | $8239 | $10512 |
| **11/22** | $7663 | $8970 | $11444 |
| **12/22** | $7387 | $8803 | $11231 |
| **1/23** | $7695 | $9234 | $11781 |
| **2/23** | $7419 | $8876 | $11324 |
| **3/23** | $7483 | $9013 | $11499 |
| **4/23** | $7483 | $9107 | $11619 |
| **5/23** | $7127 | $8881 | $11331 |
| **6/23** | $7323 | $9193 | $11729 |
| **7/23** | $7785 | $9781 | $12479 |
| **8/23** | $7769 | $9356 | $11937 |
| **9/23** | $7652 | $9161 | $11688 |
| **10/23** | $7100 | $8682 | $11077 |
| **11/23** | $7637 | $9341 | $11918 |
| **12/23** | $7851 | $9845 | $12560 |
| **1/24** | $7733 | $9983 | $12737 |
| **2/24** | $8076 | $10134 | $12929 |
| **3/24** | $8307 | $10394 | $13261 |
| **4/24** | $8055 | $10071 | $12849 |
| **5/24** | $8205 | $10267 | $13098 |
| **6/24** | $8226 | $10176 | $12983 |
| **7/24** | $8414 | $10422 | $13297 |
| **8/24** | $8746 | $10773 | $13745 |
| **9/24** | $8757 | $11024 | $14065 |
| **10/24** | $8704 | $10808 | $13789 |
| **11/24** | $8725 | $10528 | $13432 |
| **12/24** | $8792 | $10461 | $13346 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 11.99% | (0.70)% | (0.74)% |
| Class A, with 5.25% maximum front end sales charge | 6.11% | (1.76)% | (1.28)% |
| MSCI Frontier Emerging Markets Net Index | 6.26% | (0.26)% | 0.45% |
| MSCI Frontier Markets/MSCI Frontier Emerging Markets Blend Index | 6.26% | 3.16% | 2.93% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The MSCI Frontier Markets/MSCI Frontier Emerging Markets Blend Index is a performance linked benchmark of the old and new benchmark of the Fund. The old benchmark represented by the MSCI Frontier Markets Net Index from the Fund's inception to June 29, 2021 to the new benchmark represented by the MSCI Frontier Emerging Markets Net Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $21546460 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 40% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg047.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.4% |
| Slovenia | 3.0% |
| Argentina | 3.9% |
| Bangladesh | 4.1% |
| Egypt | 4.8% |
| Pakistan | 6.1% |
| Kazakhstan | 8.4% |
| Philippines | 8.6% |
| United States | 8.9% |
| Indonesia | 14.2% |
| Vietnam | 23.6% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| FPT Corp. | 8.4% |
| Century Pacific Food, Inc. | 4.2% |
| Medikaloka Hermina Tbk. PT | 4.2% |
| Systems Ltd. | 4.0% |
| MercadoLibre, Inc. | 3.9% |
| Phu Nhuan Jewelry JSC | 3.9% |
| NAC Kazatomprom JSC | 3.6% |
| Map Aktif Adiperkasa PT | 3.6% |
| Bank for Foreign Trade of Vietnam JSC | 3.0% |
| Nova Ljubljanska Banka DD | 3.0% |
| Total | 41.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MFMPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio

# Class C MSFEX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $248 | 2.35% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Frontier Emerging Markets Net Index:

↑ Positioning in Vietnam, through allocations to an IT outsourcing company and an electronics and grocery retailer

↑The underweight allocation to and stock selection in the Philippines

↑ The allocation to a fast-growing online travel agency in Argentina

↑ The overweight allocation to and stock selection in Egypt, led by a position in a leading bank

↑ Positioning in the U.A.E, through the allocation to a local real estate developer

↓The allocations to select positions in Poland, which were exited during the year

↓ The allocations to select IT services companies hurt by an extended slowdown in IT spending globally

↓ The underweight allocation to Peru

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg089.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **MSCI Frontier Emerging Markets Net Index** | **MSCI Frontier Markets/MSCI Frontier Emerging Markets Blend Index** |
| **4/15** | $10000 | $10000 | $10000 |
| **5/15** | $9621 | $9568 | $9643 |
| **6/15** | $9616 | $9519 | $9634 |
| **7/15** | $9529 | $9159 | $9352 |
| **8/15** | $8853 | $8460 | $8816 |
| **9/15** | $8684 | $8285 | $8615 |
| **10/15** | $8981 | $8588 | $8931 |
| **11/15** | $8556 | $8053 | $8535 |
| **12/15** | $8590 | $8066 | $8510 |
| **1/16** | $7977 | $7604 | $7927 |
| **2/16** | $8183 | $7825 | $8205 |
| **3/16** | $8384 | $8471 | $8429 |
| **4/16** | $8579 | $8701 | $8687 |
| **5/16** | $8585 | $8684 | $8774 |
| **6/16** | $8497 | $8780 | $8469 |
| **7/16** | $8790 | $8939 | $8574 |
| **8/16** | $8842 | $8892 | $8477 |
| **9/16** | $8919 | $8848 | $8694 |
| **10/16** | $8790 | $8772 | $8659 |
| **11/16** | $8543 | $8254 | $8505 |
| **12/16** | $8815 | $8469 | $8736 |
| **1/17** | $9208 | $8983 | $9318 |
| **2/17** | $9270 | $8930 | $9284 |
| **3/17** | $9425 | $9096 | $9513 |
| **4/17** | $9621 | $9250 | $9624 |
| **5/17** | $9951 | $9638 | $10035 |
| **6/17** | $9884 | $9623 | $10097 |
| **7/17** | $9869 | $9842 | $10309 |
| **8/17** | $9895 | $10031 | $10689 |
| **9/17** | $10122 | $10222 | $10908 |
| **10/17** | $10153 | $10236 | $11041 |
| **11/17** | $10179 | $10353 | $11170 |
| **12/17** | $10535 | $10738 | $11519 |
| **1/18** | $11150 | $11239 | $12180 |
| **2/18** | $10938 | $10918 | $11998 |
| **3/18** | $11108 | $10909 | $12107 |
| **4/18** | $10747 | $10827 | $11726 |
| **5/18** | $9538 | $10028 | $10645 |
| **6/18** | $9146 | $9706 | $10268 |
| **7/18** | $9363 | $10046 | $10644 |
| **8/18** | $8722 | $9722 | $10070 |
| **9/18** | $8567 | $9551 | $10065 |
| **10/18** | $8159 | $9168 | $9709 |
| **11/18** | $8356 | $9313 | $9919 |
| **12/18** | $8068 | $9170 | $9629 |
| **1/19** | $8566 | $9819 | $10087 |
| **2/19** | $8550 | $9873 | $10168 |
| **3/19** | $8524 | $10036 | $10291 |
| **4/19** | $8581 | $10077 | $10308 |
| **5/19** | $8786 | $10024 | $10531 |
| **6/19** | $9022 | $10510 | $10773 |
| **7/19** | $9074 | $10547 | $11044 |
| **8/19** | $8885 | $9895 | $10868 |
| **9/19** | $8744 | $9802 | $10655 |
| **10/19** | $8697 | $10058 | $10742 |
| **11/19** | $8885 | $10006 | $10888 |
| **12/19** | $8983 | $10463 | $11361 |
| **1/20** | $8887 | $10127 | $11355 |
| **2/20** | $8284 | $9456 | $10687 |
| **3/20** | $6264 | $7161 | $8340 |
| **4/20** | $7005 | $7736 | $8902 |
| **5/20** | $7815 | $8042 | $9412 |
| **6/20** | $8156 | $8312 | $9570 |
| **7/20** | $8327 | $8309 | $9504 |
| **8/20** | $9036 | $8772 | $10287 |
| **9/20** | $8935 | $8673 | $10363 |
| **10/20** | $8839 | $8862 | $10472 |
| **11/20** | $9681 | $9510 | $10900 |
| **12/20** | $10127 | $10184 | $11523 |
| **1/21** | $10341 | $9716 | $11567 |
| **2/21** | $10794 | $9906 | $11582 |
| **3/21** | $10527 | $9565 | $11616 |
| **4/21** | $11103 | $9768 | $12411 |
| **5/21** | $11418 | $10167 | $12909 |
| **6/21** | $11844 | $10252 | $13180 |
| **7/21** | $11860 | $9860 | $12676 |
| **8/21** | $12548 | $10540 | $13549 |
| **9/21** | $12127 | $10419 | $13394 |
| **10/21** | $12591 | $10964 | $14095 |
| **11/21** | $11892 | $10547 | $13559 |
| **12/21** | $11546 | $10621 | $13654 |
| **1/22** | $10197 | $10701 | $13757 |
| **2/22** | $8421 | $10565 | $13582 |
| **3/22** | $8751 | $10673 | $13721 |
| **4/22** | $7919 | $9983 | $12834 |
| **5/22** | $7903 | $9793 | $12589 |
| **6/22** | $7269 | $8719 | $11208 |
| **7/22** | $7482 | $8851 | $11378 |
| **8/22** | $7685 | $8956 | $11514 |
| **9/22** | $7045 | $7962 | $10235 |
| **10/22** | $7162 | $8134 | $10457 |
| **11/22** | $7397 | $8855 | $11384 |
| **12/22** | $7125 | $8691 | $11172 |
| **1/23** | $7418 | $9116 | $11719 |
| **2/23** | $7151 | $8763 | $11265 |
| **3/23** | $7205 | $8898 | $11439 |
| **4/23** | $7199 | $8991 | $11558 |
| **5/23** | $6857 | $8768 | $11271 |
| **6/23** | $7046 | $9076 | $11668 |
| **7/23** | $7491 | $9656 | $12414 |
| **8/23** | $7475 | $9237 | $11874 |
| **9/23** | $7363 | $9044 | $11627 |
| **10/23** | $6832 | $8571 | $11019 |
| **11/23** | $7348 | $9222 | $11855 |
| **12/23** | $7554 | $9719 | $12494 |
| **1/24** | $7440 | $9856 | $12670 |
| **2/24** | $7771 | $10005 | $12862 |
| **3/24** | $7993 | $10261 | $13191 |
| **4/24** | $7750 | $9942 | $12781 |
| **5/24** | $7894 | $10136 | $13030 |
| **6/24** | $7915 | $10046 | $12915 |
| **7/24** | $8096 | $10289 | $13227 |
| **8/24** | $8416 | $10636 | $13673 |
| **9/24** | $8426 | $10883 | $13991 |
| **10/24** | $8374 | $10670 | $13717 |
| **11/24** | $8395 | $10394 | $13361 |
| **12/24** | $8459 | $10328 | $13277 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/15 (Inception)* |
| Class C, with conversion to Class A after 8 years | 11.12% | (1.44)% | (1.72)% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 10.12% | (1.44)% | (1.72)% |
| MSCI Frontier Emerging Markets Net Index | 6.26% | (0.26)% | 0.33% |
| MSCI Frontier Markets/MSCI Frontier Emerging Markets Blend Index | 6.26% | 3.16% | 2.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The MSCI Frontier Markets/MSCI Frontier Emerging Markets Blend Index is a performance linked benchmark of the old and new benchmark of the Fund. The old benchmark represented by the MSCI Frontier Markets Net Index from the Fund's inception to June 29, 2021 to the new benchmark represented by the MSCI Frontier Emerging Markets Net Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $21546460 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 40% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg209.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.4% |
| Slovenia | 3.0% |
| Argentina | 3.9% |
| Bangladesh | 4.1% |
| Egypt | 4.8% |
| Pakistan | 6.1% |
| Kazakhstan | 8.4% |
| Philippines | 8.6% |
| United States | 8.9% |
| Indonesia | 14.2% |
| Vietnam | 23.6% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| FPT Corp. | 8.4% |
| Century Pacific Food, Inc. | 4.2% |
| Medikaloka Hermina Tbk. PT | 4.2% |
| Systems Ltd. | 4.0% |
| MercadoLibre, Inc. | 3.9% |
| Phu Nhuan Jewelry JSC | 3.9% |
| NAC Kazatomprom JSC | 3.6% |
| Map Aktif Adiperkasa PT | 3.6% |
| Bank for Foreign Trade of Vietnam JSC | 3.0% |
| Nova Ljubljanska Banka DD | 3.0% |
| Total | 41.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSFEX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio

# Class I MFMIX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $133 | 1.25% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Frontier Emerging Markets Net Index:

↑ Positioning in Vietnam, through allocations to an IT outsourcing company and an electronics and grocery retailer

↑The underweight allocation to and stock selection in the Philippines

↑ The allocation to a fast-growing online travel agency in Argentina

↑ The overweight allocation to and stock selection in Egypt, led by a position in a leading bank

↑ Positioning in the U.A.E, through the allocation to a local real estate developer

↓The allocations to select positions in Poland, which were exited during the year

↓ The allocations to select IT services companies hurt by an extended slowdown in IT spending globally

↓ The underweight allocation to Peru

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg113.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI Frontier Emerging Markets Net Index** | **MSCI Frontier Markets/MSCI Frontier Emerging Markets Blend Index** |
| **12/14** | $1000000 | $1000000 | $1000000 |
| **1/15** | $979645 | $981918 | $959213 |
| **2/15** | $1006263 | $994603 | $987324 |
| **3/15** | $988518 | $975797 | $968920 |
| **4/15** | $1032881 | $1012928 | $1005267 |
| **5/15** | $994781 | $969127 | $969389 |
| **6/15** | $995303 | $964255 | $968483 |
| **7/15** | $986952 | $927702 | $940105 |
| **8/15** | $917537 | $856983 | $886194 |
| **9/15** | $901357 | $839168 | $866076 |
| **10/15** | $933194 | $869890 | $897816 |
| **11/15** | $889875 | $815747 | $858000 |
| **12/15** | $894231 | $817000 | $855437 |
| **1/16** | $831034 | $770210 | $796912 |
| **2/16** | $853153 | $792638 | $824778 |
| **3/16** | $874745 | $858060 | $847374 |
| **4/16** | $896337 | $881314 | $873278 |
| **5/16** | $897390 | $879587 | $882056 |
| **6/16** | $889491 | $889388 | $851385 |
| **7/16** | $921089 | $905425 | $861899 |
| **8/16** | $927409 | $900682 | $852124 |
| **9/16** | $936362 | $896233 | $873936 |
| **10/16** | $924249 | $888513 | $870462 |
| **11/16** | $898970 | $836099 | $854967 |
| **12/16** | $928442 | $857857 | $878228 |
| **1/17** | $970620 | $909956 | $936726 |
| **2/17** | $978094 | $904535 | $933307 |
| **3/17** | $995179 | $921404 | $956334 |
| **4/17** | $1017069 | $936967 | $967457 |
| **5/17** | $1052840 | $976234 | $1008780 |
| **6/17** | $1046967 | $974728 | $1014981 |
| **7/17** | $1045899 | $996924 | $1036371 |
| **8/17** | $1049636 | $1016021 | $1074554 |
| **9/17** | $1074729 | $1035459 | $1096513 |
| **10/17** | $1079000 | $1036827 | $1109953 |
| **11/17** | $1083272 | $1048687 | $1122882 |
| **12/17** | $1121712 | $1087658 | $1157995 |
| **1/18** | $1188449 | $1138468 | $1224373 |
| **2/18** | $1166559 | $1105902 | $1206139 |
| **3/18** | $1185779 | $1105032 | $1217058 |
| **4/18** | $1147873 | $1096658 | $1178747 |
| **5/18** | $1019738 | $1015719 | $1070071 |
| **6/18** | $978628 | $983162 | $1032181 |
| **7/18** | $1003056 | $1017616 | $1070013 |
| **8/18** | $935610 | $984724 | $1012325 |
| **9/18** | $919423 | $967463 | $1011769 |
| **10/18** | $876258 | $928674 | $976015 |
| **11/18** | $898380 | $943296 | $997155 |
| **12/18** | $868203 | $928874 | $967972 |
| **1/19** | $922604 | $994617 | $1014005 |
| **2/19** | $921494 | $1000014 | $1022120 |
| **3/19** | $919274 | $1016579 | $1034490 |
| **4/19** | $926490 | $1020689 | $1036268 |
| **5/19** | $949805 | $1015393 | $1058664 |
| **6/19** | $976451 | $1064635 | $1082994 |
| **7/19** | $982557 | $1068360 | $1110172 |
| **8/19** | $963128 | $1002328 | $1092493 |
| **9/19** | $948695 | $992861 | $1071136 |
| **10/19** | $944254 | $1018758 | $1079827 |
| **11/19** | $965348 | $1013523 | $1094582 |
| **12/19** | $976959 | $1059804 | $1142126 |
| **1/20** | $967247 | $1025839 | $1141453 |
| **2/20** | $903259 | $957816 | $1074328 |
| **3/20** | $683300 | $725318 | $838385 |
| **4/20** | $764999 | $783551 | $894886 |
| **5/20** | $854125 | $814559 | $946143 |
| **6/20** | $892403 | $841906 | $962012 |
| **7/20** | $911828 | $841691 | $955362 |
| **8/20** | $990671 | $888582 | $1034097 |
| **9/20** | $979816 | $878521 | $1041767 |
| **10/20** | $970674 | $897657 | $1052704 |
| **11/20** | $1063800 | $963259 | $1095764 |
| **12/20** | $1113901 | $1031590 | $1158411 |
| **1/21** | $1138476 | $984174 | $1162770 |
| **2/21** | $1189342 | $1003384 | $1164305 |
| **3/21** | $1161337 | $968866 | $1167733 |
| **4/21** | $1225920 | $989406 | $1247649 |
| **5/21** | $1261354 | $1029825 | $1297693 |
| **6/21** | $1310505 | $1038467 | $1324899 |
| **7/21** | $1312791 | $998778 | $1274263 |
| **8/21** | $1391090 | $1067595 | $1362062 |
| **9/21** | $1345368 | $1055345 | $1346432 |
| **10/21** | $1397948 | $1110579 | $1416902 |
| **11/21** | $1321364 | $1068343 | $1363016 |
| **12/21** | $1284787 | $1075871 | $1372621 |
| **1/22** | $1135619 | $1083968 | $1382950 |
| **2/22** | $938443 | $1070197 | $1365381 |
| **3/22** | $976163 | $1081092 | $1379281 |
| **4/22** | $884148 | $1011241 | $1290164 |
| **5/22** | $883005 | $991963 | $1265568 |
| **6/22** | $813279 | $883148 | $1126740 |
| **7/22** | $837855 | $896547 | $1143835 |
| **8/22** | $861859 | $907218 | $1157449 |
| **9/22** | $789847 | $806455 | $1028894 |
| **10/22** | $804135 | $823918 | $1051173 |
| **11/22** | $830996 | $896968 | $1144372 |
| **12/22** | $801849 | $880307 | $1123115 |
| **1/23** | $834997 | $923399 | $1178093 |
| **2/23** | $805849 | $887616 | $1132441 |
| **3/23** | $812708 | $901322 | $1149927 |
| **4/23** | $812708 | $910726 | $1161925 |
| **5/23** | $774415 | $888116 | $1133078 |
| **6/23** | $796133 | $919330 | $1172901 |
| **7/23** | $846427 | $978108 | $1247891 |
| **8/23** | $845284 | $935598 | $1193657 |
| **9/23** | $832711 | $916098 | $1168778 |
| **10/23** | $772701 | $868216 | $1107690 |
| **11/23** | $831568 | $934119 | $1191770 |
| **12/23** | $855144 | $984464 | $1256002 |
| **1/24** | $842398 | $998307 | $1273663 |
| **2/24** | $880057 | $1013423 | $1292947 |
| **3/24** | $905549 | $1039370 | $1326052 |
| **4/24** | $878319 | $1007092 | $1284870 |
| **5/24** | $895120 | $1026662 | $1309838 |
| **6/24** | $897438 | $1017637 | $1298324 |
| **7/24** | $918295 | $1042240 | $1329713 |
| **8/24** | $954795 | $1077321 | $1374470 |
| **9/24** | $955954 | $1102393 | $1406458 |
| **10/24** | $950739 | $1080775 | $1378877 |
| **11/24** | $953057 | $1052796 | $1343180 |
| **12/24** | $960841 | $1046108 | $1334648 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 12.36% | (0.33)% | (0.40)% |
| MSCI Frontier Emerging Markets Net Index | 6.26% | (0.26)% | 0.45% |
| MSCI Frontier Markets/MSCI Frontier Emerging Markets Blend Index | 6.26% | 3.16% | 2.93% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The MSCI Frontier Markets/MSCI Frontier Emerging Markets Blend Index is a performance linked benchmark of the old and new benchmark of the Fund. The old benchmark represented by the MSCI Frontier Markets Net Index from the Fund's inception to June 29, 2021 to the new benchmark represented by the MSCI Frontier Emerging Markets Net Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $21546460 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 40% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.4% |
| Slovenia | 3.0% |
| Argentina | 3.9% |
| Bangladesh | 4.1% |
| Egypt | 4.8% |
| Pakistan | 6.1% |
| Kazakhstan | 8.4% |
| Philippines | 8.6% |
| United States | 8.9% |
| Indonesia | 14.2% |
| Vietnam | 23.6% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| FPT Corp. | 8.4% |
| Century Pacific Food, Inc. | 4.2% |
| Medikaloka Hermina Tbk. PT | 4.2% |
| Systems Ltd. | 4.0% |
| MercadoLibre, Inc. | 3.9% |
| Phu Nhuan Jewelry JSC | 3.9% |
| NAC Kazatomprom JSC | 3.6% |
| Map Aktif Adiperkasa PT | 3.6% |
| Bank for Foreign Trade of Vietnam JSC | 3.0% |
| Nova Ljubljanska Banka DD | 3.0% |
| Total | 41.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MFMIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio

# Class L MFMLX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $222 | 2.10% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Frontier Emerging Markets Net Index:

↑ Positioning in Vietnam, through allocations to an IT outsourcing company and an electronics and grocery retailer

↑The underweight allocation to and stock selection in the Philippines

↑ The allocation to a fast-growing online travel agency in Argentina

↑ The overweight allocation to and stock selection in Egypt, led by a position in a leading bank

↑ Positioning in the U.A.E, through the allocation to a local real estate developer

↓The allocations to select positions in Poland, which were exited during the year

↓ The allocations to select IT services companies hurt by an extended slowdown in IT spending globally

↓ The underweight allocation to Peru

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg228.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class L** | **MSCI Frontier Emerging Markets Net Index** | **MSCI Frontier Markets/MSCI Frontier Emerging Markets Blend Index** |
| **12/14** | $10000 | $10000 | $10000 |
| **1/15** | $9784 | $9819 | $9592 |
| **2/15** | $10042 | $9946 | $9873 |
| **3/15** | $9863 | $9758 | $9689 |
| **4/15** | $10290 | $10129 | $10053 |
| **5/15** | $9905 | $9691 | $9694 |
| **6/15** | $9900 | $9643 | $9685 |
| **7/15** | $9810 | $9277 | $9401 |
| **8/15** | $9115 | $8570 | $8862 |
| **9/15** | $8946 | $8392 | $8661 |
| **10/15** | $9257 | $8699 | $8978 |
| **11/15** | $8820 | $8157 | $8580 |
| **12/15** | $8851 | $8170 | $8554 |
| **1/16** | $8214 | $7702 | $7969 |
| **2/16** | $8425 | $7926 | $8248 |
| **3/16** | $8635 | $8581 | $8474 |
| **4/16** | $8841 | $8813 | $8733 |
| **5/16** | $8846 | $8796 | $8821 |
| **6/16** | $8757 | $8894 | $8514 |
| **7/16** | $9062 | $9054 | $8619 |
| **8/16** | $9115 | $9007 | $8521 |
| **9/16** | $9194 | $8962 | $8739 |
| **10/16** | $9067 | $8885 | $8705 |
| **11/16** | $8809 | $8361 | $8550 |
| **12/16** | $9096 | $8579 | $8782 |
| **1/17** | $9497 | $9100 | $9367 |
| **2/17** | $9566 | $9045 | $9333 |
| **3/17** | $9724 | $9214 | $9563 |
| **4/17** | $9929 | $9370 | $9675 |
| **5/17** | $10267 | $9762 | $10088 |
| **6/17** | $10204 | $9747 | $10150 |
| **7/17** | $10182 | $9969 | $10364 |
| **8/17** | $10209 | $10160 | $10746 |
| **9/17** | $10446 | $10355 | $10965 |
| **10/17** | $10483 | $10368 | $11100 |
| **11/17** | $10515 | $10487 | $11229 |
| **12/17** | $10879 | $10877 | $11580 |
| **1/18** | $11522 | $11385 | $12244 |
| **2/18** | $11300 | $11059 | $12061 |
| **3/18** | $11480 | $11050 | $12171 |
| **4/18** | $11105 | $10967 | $11787 |
| **5/18** | $9861 | $10157 | $10701 |
| **6/18** | $9455 | $9832 | $10322 |
| **7/18** | $9682 | $10176 | $10700 |
| **8/18** | $9022 | $9847 | $10123 |
| **9/18** | $8864 | $9675 | $10118 |
| **10/18** | $8448 | $9287 | $9760 |
| **11/18** | $8648 | $9433 | $9972 |
| **12/18** | $8356 | $9289 | $9680 |
| **1/19** | $8871 | $9946 | $10140 |
| **2/19** | $8860 | $10000 | $10221 |
| **3/19** | $8828 | $10166 | $10345 |
| **4/19** | $8892 | $10207 | $10363 |
| **5/19** | $9106 | $10154 | $10587 |
| **6/19** | $9353 | $10646 | $10830 |
| **7/19** | $9412 | $10684 | $11102 |
| **8/19** | $9219 | $10023 | $10925 |
| **9/19** | $9069 | $9929 | $10711 |
| **10/19** | $9021 | $10188 | $10798 |
| **11/19** | $9219 | $10135 | $10946 |
| **12/19** | $9324 | $10598 | $11421 |
| **1/20** | $9226 | $10258 | $11415 |
| **2/20** | $8605 | $9578 | $10743 |
| **3/20** | $6508 | $7253 | $8384 |
| **4/20** | $7276 | $7836 | $8949 |
| **5/20** | $8120 | $8146 | $9461 |
| **6/20** | $8474 | $8419 | $9620 |
| **7/20** | $8660 | $8417 | $9554 |
| **8/20** | $9395 | $8886 | $10341 |
| **9/20** | $9291 | $8785 | $10418 |
| **10/20** | $9193 | $8977 | $10527 |
| **11/20** | $10070 | $9633 | $10958 |
| **12/20** | $10537 | $10316 | $11584 |
| **1/21** | $10760 | $9842 | $11628 |
| **2/21** | $11240 | $10034 | $11643 |
| **3/21** | $10962 | $9689 | $11677 |
| **4/21** | $11561 | $9894 | $12476 |
| **5/21** | $11893 | $10298 | $12977 |
| **6/21** | $12340 | $10385 | $13249 |
| **7/21** | $12357 | $9988 | $12743 |
| **8/21** | $13081 | $10676 | $13621 |
| **9/21** | $12640 | $10553 | $13464 |
| **10/21** | $13125 | $11106 | $14169 |
| **11/21** | $12400 | $10683 | $13630 |
| **12/21** | $12046 | $10759 | $13726 |
| **1/22** | $10640 | $10840 | $13830 |
| **2/22** | $8788 | $10702 | $13654 |
| **3/22** | $9137 | $10811 | $13793 |
| **4/22** | $8270 | $10112 | $12902 |
| **5/22** | $8254 | $9920 | $12656 |
| **6/22** | $7589 | $8831 | $11267 |
| **7/22** | $7818 | $8965 | $11438 |
| **8/22** | $8031 | $9072 | $11574 |
| **9/22** | $7361 | $8065 | $10289 |
| **10/22** | $7486 | $8239 | $10512 |
| **11/22** | $7731 | $8970 | $11444 |
| **12/22** | $7453 | $8803 | $11231 |
| **1/23** | $7758 | $9234 | $11781 |
| **2/23** | $7480 | $8876 | $11324 |
| **3/23** | $7535 | $9013 | $11499 |
| **4/23** | $7535 | $9107 | $11619 |
| **5/23** | $7175 | $8881 | $11331 |
| **6/23** | $7366 | $9193 | $11729 |
| **7/23** | $7829 | $9781 | $12479 |
| **8/23** | $7813 | $9356 | $11937 |
| **9/23** | $7693 | $9161 | $11688 |
| **10/23** | $7132 | $8682 | $11077 |
| **11/23** | $7666 | $9341 | $11918 |
| **12/23** | $7884 | $9845 | $12560 |
| **1/24** | $7758 | $9983 | $12737 |
| **2/24** | $8097 | $10134 | $12929 |
| **3/24** | $8327 | $10394 | $13261 |
| **4/24** | $8070 | $10071 | $12849 |
| **5/24** | $8218 | $10267 | $13098 |
| **6/24** | $8240 | $10176 | $12983 |
| **7/24** | $8421 | $10422 | $13297 |
| **8/24** | $8749 | $10773 | $13745 |
| **9/24** | $8755 | $11024 | $14065 |
| **10/24** | $8700 | $10808 | $13789 |
| **11/24** | $8716 | $10528 | $13432 |
| **12/24** | $8781 | $10461 | $13346 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 11.38% | (1.19)% | (1.29)% |
| MSCI Frontier Emerging Markets Net Index | 6.26% | (0.26)% | 0.45% |
| MSCI Frontier Markets/MSCI Frontier Emerging Markets Blend Index | 6.26% | 3.16% | 2.93% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The MSCI Frontier Markets/MSCI Frontier Emerging Markets Blend Index is a performance linked benchmark of the old and new benchmark of the Fund. The old benchmark represented by the MSCI Frontier Markets Net Index from the Fund's inception to June 29, 2021 to the new benchmark represented by the MSCI Frontier Emerging Markets Net Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $21546460 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 40% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg061.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.4% |
| Slovenia | 3.0% |
| Argentina | 3.9% |
| Bangladesh | 4.1% |
| Egypt | 4.8% |
| Pakistan | 6.1% |
| Kazakhstan | 8.4% |
| Philippines | 8.6% |
| United States | 8.9% |
| Indonesia | 14.2% |
| Vietnam | 23.6% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| FPT Corp. | 8.4% |
| Century Pacific Food, Inc. | 4.2% |
| Medikaloka Hermina Tbk. PT | 4.2% |
| Systems Ltd. | 4.0% |
| MercadoLibre, Inc. | 3.9% |
| Phu Nhuan Jewelry JSC | 3.9% |
| NAC Kazatomprom JSC | 3.6% |
| Map Aktif Adiperkasa PT | 3.6% |
| Bank for Foreign Trade of Vietnam JSC | 3.0% |
| Nova Ljubljanska Banka DD | 3.0% |
| Total | 41.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MFMLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio

# Class R6 MSRFX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $127 | 1.20% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Frontier Emerging Markets Net Index:

↑ Positioning in Vietnam, through allocations to an IT outsourcing company and an electronics and grocery retailer

↑The underweight allocation to and stock selection in the Philippines

↑ The allocation to a fast-growing online travel agency in Argentina

↑ The overweight allocation to and stock selection in Egypt, led by a position in a leading bank

↑ Positioning in the U.A.E, through the allocation to a local real estate developer

↓The allocations to select positions in Poland, which were exited during the year

↓ The allocations to select IT services companies hurt by an extended slowdown in IT spending globally

↓ The underweight allocation to Peru

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg215.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **MSCI Frontier Emerging Markets Net Index** | **MSCI Frontier Markets/MSCI Frontier Emerging Markets Blend Index** |
| **2/15** | $5000000 | $5000000 | $5000000 |
| **3/15** | $4911826 | $5000000 | $5000000 |
| **4/15** | $5132261 | $5092125 | $5090867 |
| **5/15** | $4942946 | $4871931 | $4909173 |
| **6/15** | $4945539 | $4847436 | $4904586 |
| **7/15** | $4904046 | $4663681 | $4760876 |
| **8/15** | $4561722 | $4308165 | $4487858 |
| **9/15** | $4478734 | $4218607 | $4385980 |
| **10/15** | $4639523 | $4373054 | $4546717 |
| **11/15** | $4421680 | $4100869 | $4345081 |
| **12/15** | $4442841 | $4107169 | $4332099 |
| **1/16** | $4131292 | $3871950 | $4035717 |
| **2/16** | $4238632 | $3984698 | $4176837 |
| **3/16** | $4348591 | $4313583 | $4291266 |
| **4/16** | $4455931 | $4430481 | $4422452 |
| **5/16** | $4461167 | $4421799 | $4466903 |
| **6/16** | $4419278 | $4471072 | $4311580 |
| **7/16** | $4578980 | $4551691 | $4364825 |
| **8/16** | $4610396 | $4527851 | $4315324 |
| **9/16** | $4654903 | $4505482 | $4425782 |
| **10/16** | $4594688 | $4466675 | $4408189 |
| **11/16** | $4469021 | $4203181 | $4329720 |
| **12/16** | $4615375 | $4312559 | $4447516 |
| **1/17** | $4825165 | $4574468 | $4743762 |
| **2/17** | $4862343 | $4547218 | $4726446 |
| **3/17** | $4947321 | $4632018 | $4843064 |
| **4/17** | $5056199 | $4710259 | $4899392 |
| **5/17** | $5234122 | $4907657 | $5108659 |
| **6/17** | $5204911 | $4900087 | $5140059 |
| **7/17** | $5199600 | $5011668 | $5248386 |
| **8/17** | $5218189 | $5107671 | $5441750 |
| **9/17** | $5343000 | $5205392 | $5552953 |
| **10/17** | $5366901 | $5212268 | $5621016 |
| **11/17** | $5385490 | $5271889 | $5686494 |
| **12/17** | $5576690 | $5467801 | $5864312 |
| **1/18** | $5911292 | $5723231 | $6200465 |
| **2/18** | $5802414 | $5559517 | $6108124 |
| **3/18** | $5898014 | $5555142 | $6163420 |
| **4/18** | $5709469 | $5513043 | $5969405 |
| **5/18** | $5074788 | $5106156 | $5419048 |
| **6/18** | $4867654 | $4942484 | $5227167 |
| **7/18** | $4985453 | $5115693 | $5418757 |
| **8/18** | $4647365 | $4950338 | $5126611 |
| **9/18** | $4569551 | $4863566 | $5123793 |
| **10/18** | $4352209 | $4668569 | $4942730 |
| **11/18** | $4462222 | $4742073 | $5049789 |
| **12/18** | $4315995 | $4669571 | $4901997 |
| **1/19** | $4583675 | $5000074 | $5135121 |
| **2/19** | $4580916 | $5027204 | $5176214 |
| **3/19** | $4569877 | $5110480 | $5238858 |
| **4/19** | $4605752 | $5131138 | $5247865 |
| **5/19** | $4721655 | $5104515 | $5361281 |
| **6/19** | $4854115 | $5352064 | $5484492 |
| **7/19** | $4884470 | $5370790 | $5622126 |
| **8/19** | $4787885 | $5038835 | $5532596 |
| **9/19** | $4716136 | $4991243 | $5424443 |
| **10/19** | $4694059 | $5121434 | $5468456 |
| **11/19** | $4801683 | $5095114 | $5543178 |
| **12/19** | $4859744 | $5327778 | $5783948 |
| **1/20** | $4811431 | $5157027 | $5780540 |
| **2/20** | $4490290 | $4815069 | $5440605 |
| **3/20** | $3398979 | $3646270 | $4245747 |
| **4/20** | $3802537 | $3939014 | $4531875 |
| **5/20** | $4248724 | $4094896 | $4791451 |
| **6/20** | $4439135 | $4232375 | $4871815 |
| **7/20** | $4535761 | $4231290 | $4838142 |
| **8/20** | $4927951 | $4467018 | $5236868 |
| **9/20** | $4873954 | $4416439 | $5275712 |
| **10/20** | $4828483 | $4512639 | $5331097 |
| **11/20** | $5291721 | $4842433 | $5549164 |
| **12/20** | $5540942 | $5185940 | $5866420 |
| **1/21** | $5663189 | $4947574 | $5888492 |
| **2/21** | $5919056 | $5044145 | $5896268 |
| **3/21** | $5776908 | $4870617 | $5913630 |
| **4/21** | $6098163 | $4973878 | $6318337 |
| **5/21** | $6277270 | $5177066 | $6571768 |
| **6/21** | $6518922 | $5220512 | $6709549 |
| **7/21** | $6533137 | $5020987 | $6453115 |
| **8/21** | $6919781 | $5366943 | $6897746 |
| **9/21** | $6692343 | $5305358 | $6818595 |
| **10/21** | $6953896 | $5583030 | $7175468 |
| **11/21** | $6575782 | $5370704 | $6902580 |
| **12/21** | $6390989 | $5408549 | $6951219 |
| **1/22** | $5648975 | $5449250 | $7003529 |
| **2/22** | $4670994 | $5380022 | $6914556 |
| **3/22** | $4855787 | $5434792 | $6984948 |
| **4/22** | $4398069 | $5083642 | $6533640 |
| **5/22** | $4398069 | $4986728 | $6409083 |
| **6/22** | $4051227 | $4439701 | $5706029 |
| **7/22** | $4182004 | $4507061 | $5792602 |
| **8/22** | $4304251 | $4560706 | $5861548 |
| **9/22** | $3948881 | $4054159 | $5210519 |
| **10/22** | $4017112 | $4141944 | $5323343 |
| **11/22** | $4150731 | $4509179 | $5795324 |
| **12/22** | $4005740 | $4425421 | $5687675 |
| **1/23** | $4170632 | $4642049 | $5966093 |
| **2/23** | $4025641 | $4462166 | $5734901 |
| **3/23** | $4059756 | $4531067 | $5823455 |
| **4/23** | $4062599 | $4578342 | $5884214 |
| **5/23** | $3869277 | $4464676 | $5738127 |
| **6/23** | $3977310 | $4621593 | $5939802 |
| **7/23** | $4230334 | $4917076 | $6319565 |
| **8/23** | $4224648 | $4703375 | $6044911 |
| **9/23** | $4162103 | $4605347 | $5918921 |
| **10/23** | $3863592 | $4364639 | $5609558 |
| **11/23** | $4156417 | $4695941 | $6035356 |
| **12/23** | $4273218 | $4949034 | $6360638 |
| **1/24** | $4209783 | $5018623 | $6450076 |
| **2/24** | $4397205 | $5094610 | $6547736 |
| **3/24** | $4526958 | $5225052 | $6715383 |
| **4/24** | $4388554 | $5062783 | $6506832 |
| **5/24** | $4475057 | $5161167 | $6633277 |
| **6/24** | $4486590 | $5115796 | $6574965 |
| **7/24** | $4590393 | $5239478 | $6733925 |
| **8/24** | $4774932 | $5415837 | $6960586 |
| **9/24** | $4780699 | $5541876 | $7122576 |
| **10/24** | $4754748 | $5433199 | $6982901 |
| **11/24** | $4769165 | $5292544 | $6802127 |
| **12/24** | $4805202 | $5258924 | $6758917 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 2/27/15 (Inception)* |
| Class R6 | 12.45% | (0.23)% | (0.40)% |
| MSCI Frontier Emerging Markets Net Index | 6.26% | (0.26)% | 0.51% |
| MSCI Frontier Markets/MSCI Frontier Emerging Markets Blend Index | 6.26% | 3.16% | 3.11% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The MSCI Frontier Markets/MSCI Frontier Emerging Markets Blend Index is a performance linked benchmark of the old and new benchmark of the Fund. The old benchmark represented by the MSCI Frontier Markets Net Index from the Fund's inception to June 29, 2021 to the new benchmark represented by the MSCI Frontier Emerging Markets Net Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $21546460 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 40% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.4% |
| Slovenia | 3.0% |
| Argentina | 3.9% |
| Bangladesh | 4.1% |
| Egypt | 4.8% |
| Pakistan | 6.1% |
| Kazakhstan | 8.4% |
| Philippines | 8.6% |
| United States | 8.9% |
| Indonesia | 14.2% |
| Vietnam | 23.6% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| FPT Corp. | 8.4% |
| Century Pacific Food, Inc. | 4.2% |
| Medikaloka Hermina Tbk. PT | 4.2% |
| Systems Ltd. | 4.0% |
| MercadoLibre, Inc. | 3.9% |
| Phu Nhuan Jewelry JSC | 3.9% |
| NAC Kazatomprom JSC | 3.6% |
| Map Aktif Adiperkasa PT | 3.6% |
| Bank for Foreign Trade of Vietnam JSC | 3.0% |
| Nova Ljubljanska Banka DD | 3.0% |
| Total | 41.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSRFX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class A MSIBX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $123 | 1.19% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Index:

↑ Stock selection in consumer discretionary and communication services

↑ Overweight to and stock selection in semiconductors, led by the allocation to a Taiwan semiconductor foundry

↑ Overweight to aerospace and defense, zero allocation to Mexico and autos, and underweight utilities

↑ Top stock contributors included a Chinese internet company, a U.K.-based personal care products company and an Israel-based security software developer

↓ Underweight to and stock selection in financials and stock selection in technology

↓ Overweight to materials, and overweight to and stock selection within energy

↓ Overweight to and stock selection in France, and underweight to and stock selection in Japan

↓ Top stock detractors included an Ireland-based discount airline, a Canada-based rail transportation company and a France-based IT services provider

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg180.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World ex USA Net Index** | **Active International Allocation Blend Index** |
| **12/14** | $9474 | $10000 | $10000 |
| **1/15** | $9563 | $9985 | $10049 |
| **2/15** | $10133 | $10519 | $10650 |
| **3/15** | $10037 | $10349 | $10488 |
| **4/15** | $10378 | $10872 | $10916 |
| **5/15** | $10370 | $10702 | $10860 |
| **6/15** | $10044 | $10403 | $10552 |
| **7/15** | $10201 | $10375 | $10772 |
| **8/15** | $9459 | $9582 | $9979 |
| **9/15** | $9006 | $9137 | $9472 |
| **10/15** | $9630 | $9818 | $10213 |
| **11/15** | $9526 | $9615 | $10054 |
| **12/15** | $9290 | $9434 | $9919 |
| **1/16** | $8753 | $8792 | $9201 |
| **2/16** | $8425 | $8692 | $9033 |
| **3/16** | $8962 | $9398 | $9620 |
| **4/16** | $9096 | $9646 | $9899 |
| **5/16** | $9074 | $9483 | $9809 |
| **6/16** | $8813 | $9338 | $9480 |
| **7/16** | $9208 | $9800 | $9960 |
| **8/16** | $9193 | $9862 | $9967 |
| **9/16** | $9297 | $9983 | $10090 |
| **10/16** | $9074 | $9840 | $9883 |
| **11/16** | $8880 | $9612 | $9687 |
| **12/16** | $9192 | $9858 | $10018 |
| **1/17** | $9420 | $10207 | $10373 |
| **2/17** | $9534 | $10370 | $10538 |
| **3/17** | $9800 | $10633 | $10805 |
| **4/17** | $10074 | $10860 | $11037 |
| **5/17** | $10438 | $11213 | $11395 |
| **6/17** | $10461 | $11248 | $11430 |
| **7/17** | $10820 | $11662 | $11851 |
| **8/17** | $10889 | $11723 | $11913 |
| **9/17** | $11071 | $11941 | $12135 |
| **10/17** | $11261 | $12165 | $12363 |
| **11/17** | $11261 | $12264 | $12463 |
| **12/17** | $11425 | $12538 | $12742 |
| **1/18** | $12144 | $13237 | $13451 |
| **2/18** | $11487 | $12613 | $12817 |
| **3/18** | $11379 | $12390 | $12591 |
| **4/18** | $11364 | $12588 | $12792 |
| **5/18** | $11062 | $12297 | $12497 |
| **6/18** | $10854 | $12066 | $12262 |
| **7/18** | $11161 | $12355 | $12555 |
| **8/18** | $10975 | $12096 | $12292 |
| **9/18** | $10890 | $12151 | $12348 |
| **10/18** | $9961 | $11163 | $11344 |
| **11/18** | $10116 | $11269 | $11451 |
| **12/18** | $9668 | $10758 | $10933 |
| **1/19** | $10255 | $11571 | $11759 |
| **2/19** | $10450 | $11797 | $11989 |
| **3/19** | $10630 | $11868 | $12060 |
| **4/19** | $10818 | $12181 | $12379 |
| **5/19** | $10380 | $11527 | $11715 |
| **6/19** | $11076 | $12222 | $12420 |
| **7/19** | $10904 | $12074 | $12270 |
| **8/19** | $10552 | $11701 | $11891 |
| **9/19** | $10685 | $12002 | $12197 |
| **10/19** | $11013 | $12421 | $12622 |
| **11/19** | $11217 | $12530 | $12733 |
| **12/19** | $11794 | $13073 | $13285 |
| **1/20** | $11337 | $12722 | $12928 |
| **2/20** | $10594 | $11716 | $11906 |
| **3/20** | $9229 | $10020 | $10182 |
| **4/20** | $9923 | $10779 | $10954 |
| **5/20** | $10547 | $11132 | $11312 |
| **6/20** | $11273 | $11635 | $11824 |
| **7/20** | $12236 | $12153 | $12351 |
| **8/20** | $12679 | $12674 | $12879 |
| **9/20** | $12568 | $12362 | $12563 |
| **10/20** | $12481 | $12096 | $12293 |
| **11/20** | $14226 | $13724 | $13946 |
| **12/20** | $15345 | $14465 | $14700 |
| **1/21** | $15195 | $14497 | $14732 |
| **2/21** | $15550 | $14784 | $15024 |
| **3/21** | $15432 | $14971 | $15214 |
| **4/21** | $16198 | $15411 | $15661 |
| **5/21** | $16711 | $15893 | $16151 |
| **6/21** | $16490 | $15790 | $16047 |
| **7/21** | $16348 | $15530 | $15782 |
| **8/21** | $16696 | $15825 | $16082 |
| **9/21** | $15929 | $15319 | $15567 |
| **10/21** | $16530 | $15684 | $15939 |
| **11/21** | $15479 | $14978 | $15221 |
| **12/21** | $15656 | $15597 | $15850 |
| **1/22** | $14827 | $15022 | $15266 |
| **2/22** | $14510 | $14725 | $14964 |
| **3/22** | $14716 | $14748 | $14988 |
| **4/22** | $13510 | $13822 | $14047 |
| **5/22** | $13715 | $13922 | $14147 |
| **6/22** | $12253 | $12724 | $12930 |
| **7/22** | $12321 | $13160 | $13373 |
| **8/22** | $11894 | $12736 | $12943 |
| **9/22** | $10808 | $11464 | $11650 |
| **10/22** | $11244 | $11806 | $11998 |
| **11/22** | $12792 | $13200 | $13414 |
| **12/22** | $12248 | $13101 | $13314 |
| **1/23** | $13617 | $14164 | $14393 |
| **2/23** | $12846 | $13666 | $13888 |
| **3/23** | $13617 | $14001 | $14228 |
| **4/23** | $13661 | $14244 | $14475 |
| **5/23** | $12993 | $13726 | $13949 |
| **6/23** | $13591 | $14342 | $14574 |
| **7/23** | $14103 | $14925 | $15167 |
| **8/23** | $13158 | $14251 | $14482 |
| **9/23** | $12777 | $13801 | $14025 |
| **10/23** | $12257 | $13231 | $13446 |
| **11/23** | $12967 | $14422 | $14656 |
| **12/23** | $13736 | $15147 | $15393 |
| **1/24** | $13307 | $14996 | $15240 |
| **2/24** | $13647 | $15376 | $15626 |
| **3/24** | $14505 | $15857 | $16114 |
| **4/24** | $14398 | $15572 | $15825 |
| **5/24** | $15059 | $16024 | $16284 |
| **6/24** | $14916 | $16009 | $16269 |
| **7/24** | $14925 | $16379 | $16645 |
| **8/24** | $15399 | $16846 | $17119 |
| **9/24** | $15640 | $17300 | $17580 |
| **10/24** | $15113 | $16451 | $16718 |
| **11/24** | $15086 | $16302 | $16566 |
| **12/24** | $14683 | $15985 | $16244 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 6.89% | 4.48% | 4.48% |
| Class A, with 5.25% maximum front end sales charge | 1.29% | 3.35% | 3.92% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 4.80% |
| Active International Allocation Blend Index | 5.53% | 4.10% | 4.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Active International Allocation Blend Index is a performance linked benchmark of the old and new benchmark of the Fund, the old benchmark represented by MSCI EAFE Index (index that is designed to measure the international equity market performance of developed markets, excluding the United States and Canada) from the Fund's inception to December 31, 2016 and the new benchmark represented by MSCI All Country World ex USA Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $137481862 |
| # of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $717211 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg118.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 23.9% |
| China | 4.4% |
| Korea, Republic of | 5.2% |
| Taiwan | 5.6% |
| India | 6.7% |
| United States | 7.7% |
| Japan | 7.9% |
| Germany | 8.3% |
| Canada | 8.8% |
| France | 9.7% |
| United Kingdom | 11.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.6% |
| Tencent Holdings Ltd. | 4.4% |
| Unilever PLC | 3.7% |
| Sony Group Corp. | 3.6% |
| Despegar.com Corp. | 3.1% |
| Samsung Electronics Co. Ltd. | 2.9% |
| SAP SE | 2.7% |
| HDFC Bank Ltd. | 2.4% |
| Sea Ltd. | 2.4% |
| Rheinmetall AG | 2.4% |
| Total | 33.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSIBX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class C MSAAX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $206 | 2.00% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Index:

↑ Stock selection in consumer discretionary and communication services

↑ Overweight to and stock selection in semiconductors, led by the allocation to a Taiwan semiconductor foundry

↑ Overweight to aerospace and defense, zero allocation to Mexico and autos, and underweight utilities

↑ Top stock contributors included a Chinese internet company, a U.K.-based personal care products company and an Israel-based security software developer

↓ Underweight to and stock selection in financials and stock selection in technology

↓ Overweight to materials, and overweight to and stock selection within energy

↓ Overweight to and stock selection in France, and underweight to and stock selection in Japan

↓ Top stock detractors included an Ireland-based discount airline, a Canada-based rail transportation company and a France-based IT services provider

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg102.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **MSCI All Country World ex USA Net Index** | **Active International Allocation Blend Index** |
| **4/15** | $10000 | $10000 | $10000 |
| **5/15** | $9986 | $9844 | $9949 |
| **6/15** | $9670 | $9569 | $9667 |
| **7/15** | $9807 | $9543 | $9868 |
| **8/15** | $9089 | $8813 | $9142 |
| **9/15** | $8650 | $8405 | $8678 |
| **10/15** | $9247 | $9030 | $9356 |
| **11/15** | $9139 | $8844 | $9210 |
| **12/15** | $8904 | $8677 | $9086 |
| **1/16** | $8386 | $8087 | $8429 |
| **2/16** | $8063 | $7995 | $8275 |
| **3/16** | $8573 | $8645 | $8813 |
| **4/16** | $8703 | $8872 | $9068 |
| **5/16** | $8667 | $8722 | $8986 |
| **6/16** | $8422 | $8589 | $8684 |
| **7/16** | $8789 | $9014 | $9124 |
| **8/16** | $8775 | $9071 | $9131 |
| **9/16** | $8861 | $9183 | $9243 |
| **10/16** | $8645 | $9051 | $9054 |
| **11/16** | $8451 | $8841 | $8874 |
| **12/16** | $8732 | $9067 | $9177 |
| **1/17** | $8947 | $9389 | $9502 |
| **2/17** | $9055 | $9538 | $9654 |
| **3/17** | $9300 | $9780 | $9898 |
| **4/17** | $9552 | $9989 | $10110 |
| **5/17** | $9897 | $10314 | $10438 |
| **6/17** | $9904 | $10346 | $10471 |
| **7/17** | $10244 | $10727 | $10857 |
| **8/17** | $10302 | $10783 | $10914 |
| **9/17** | $10460 | $10983 | $11116 |
| **10/17** | $10633 | $11190 | $11325 |
| **11/17** | $10626 | $11281 | $11417 |
| **12/17** | $10777 | $11533 | $11673 |
| **1/18** | $11448 | $12175 | $12323 |
| **2/18** | $10828 | $11601 | $11742 |
| **3/18** | $10711 | $11397 | $11535 |
| **4/18** | $10696 | $11578 | $11719 |
| **5/18** | $10404 | $11311 | $11448 |
| **6/18** | $10200 | $11099 | $11233 |
| **7/18** | $10476 | $11364 | $11502 |
| **8/18** | $10300 | $11126 | $11261 |
| **9/18** | $10213 | $11177 | $11312 |
| **10/18** | $9335 | $10268 | $10392 |
| **11/18** | $9474 | $10365 | $10490 |
| **12/18** | $9048 | $9896 | $10016 |
| **1/19** | $9591 | $10643 | $10772 |
| **2/19** | $9767 | $10851 | $10983 |
| **3/19** | $9928 | $10916 | $11048 |
| **4/19** | $10104 | $11204 | $11340 |
| **5/19** | $9686 | $10603 | $10731 |
| **6/19** | $10331 | $11242 | $11378 |
| **7/19** | $10163 | $11105 | $11240 |
| **8/19** | $9825 | $10763 | $10893 |
| **9/19** | $9943 | $11039 | $11173 |
| **10/19** | $10243 | $11425 | $11563 |
| **11/19** | $10427 | $11525 | $11665 |
| **12/19** | $10951 | $12024 | $12170 |
| **1/20** | $10517 | $11701 | $11843 |
| **2/20** | $9825 | $10777 | $10907 |
| **3/20** | $8553 | $9216 | $9328 |
| **4/20** | $9193 | $9915 | $10035 |
| **5/20** | $9759 | $10239 | $10363 |
| **6/20** | $10429 | $10702 | $10831 |
| **7/20** | $11318 | $11179 | $11314 |
| **8/20** | $11716 | $11657 | $11799 |
| **9/20** | $11605 | $11371 | $11509 |
| **10/20** | $11517 | $11126 | $11261 |
| **11/20** | $13113 | $12623 | $12776 |
| **12/20** | $14141 | $13305 | $13466 |
| **1/21** | $13994 | $13334 | $13496 |
| **2/21** | $14310 | $13598 | $13763 |
| **3/21** | $14192 | $13770 | $13937 |
| **4/21** | $14884 | $14176 | $14347 |
| **5/21** | $15347 | $14619 | $14796 |
| **6/21** | $15134 | $14524 | $14700 |
| **7/21** | $14994 | $14285 | $14458 |
| **8/21** | $15303 | $14556 | $14733 |
| **9/21** | $14582 | $14090 | $14261 |
| **10/21** | $15127 | $14427 | $14601 |
| **11/21** | $14155 | $13777 | $13944 |
| **12/21** | $14314 | $14346 | $14520 |
| **1/22** | $13538 | $13818 | $13985 |
| **2/22** | $13245 | $13544 | $13708 |
| **3/22** | $13420 | $13566 | $13730 |
| **4/22** | $12319 | $12714 | $12868 |
| **5/22** | $12493 | $12805 | $12960 |
| **6/22** | $11155 | $11704 | $11845 |
| **7/22** | $11211 | $12104 | $12251 |
| **8/22** | $10815 | $11715 | $11857 |
| **9/22** | $9817 | $10544 | $10672 |
| **10/22** | $10205 | $10859 | $10991 |
| **11/22** | $11607 | $12141 | $12288 |
| **12/22** | $11104 | $12050 | $12196 |
| **1/23** | $12335 | $13028 | $13186 |
| **2/23** | $11631 | $12571 | $12723 |
| **3/23** | $12327 | $12878 | $13034 |
| **4/23** | $12359 | $13102 | $13260 |
| **5/23** | $11755 | $12625 | $12778 |
| **6/23** | $12296 | $13192 | $13351 |
| **7/23** | $12759 | $13728 | $13894 |
| **8/23** | $11904 | $13108 | $13267 |
| **9/23** | $11559 | $12694 | $12848 |
| **10/23** | $11088 | $12170 | $12318 |
| **11/23** | $11731 | $13266 | $13426 |
| **12/23** | $12427 | $13932 | $14101 |
| **1/24** | $12039 | $13794 | $13961 |
| **2/24** | $12346 | $14143 | $14314 |
| **3/24** | $13123 | $14585 | $14762 |
| **4/24** | $13026 | $14323 | $14497 |
| **5/24** | $13624 | $14739 | $14918 |
| **6/24** | $13495 | $14725 | $14903 |
| **7/24** | $13503 | $15066 | $15248 |
| **8/24** | $13931 | $15495 | $15683 |
| **9/24** | $14149 | $15912 | $16105 |
| **10/24** | $13672 | $15132 | $15315 |
| **11/24** | $13648 | $14995 | $15176 |
| **12/24** | $13284 | $14703 | $14881 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/15 (Inception)* |
| Class C, with conversion to Class A after 8 years | 5.98% | 3.64% | 2.98% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 4.98% | 3.64% | 2.98% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 4.07% |
| Active International Allocation Blend Index | 5.53% | 4.10% | 4.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Active International Allocation Blend Index is a performance linked benchmark of the old and new benchmark of the Fund, the old benchmark represented by MSCI EAFE Index (index that is designed to measure the international equity market performance of developed markets, excluding the United States and Canada) from the Fund's inception to December 31, 2016 and the new benchmark represented by MSCI All Country World ex USA Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $137481862 |
| # of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $717211 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 23.9% |
| China | 4.4% |
| Korea, Republic of | 5.2% |
| Taiwan | 5.6% |
| India | 6.7% |
| United States | 7.7% |
| Japan | 7.9% |
| Germany | 8.3% |
| Canada | 8.8% |
| France | 9.7% |
| United Kingdom | 11.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.6% |
| Tencent Holdings Ltd. | 4.4% |
| Unilever PLC | 3.7% |
| Sony Group Corp. | 3.6% |
| Despegar.com Corp. | 3.1% |
| Samsung Electronics Co. Ltd. | 2.9% |
| SAP SE | 2.7% |
| HDFC Bank Ltd. | 2.4% |
| Sea Ltd. | 2.4% |
| Rheinmetall AG | 2.4% |
| Total | 33.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSAAX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class I MSACX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $93 | 0.90% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Index:

↑ Stock selection in consumer discretionary and communication services

↑ Overweight to and stock selection in semiconductors, led by the allocation to a Taiwan semiconductor foundry

↑ Overweight to aerospace and defense, zero allocation to Mexico and autos, and underweight utilities

↑ Top stock contributors included a Chinese internet company, a U.K.-based personal care products company and an Israel-based security software developer

↓ Underweight to and stock selection in financials and stock selection in technology

↓ Overweight to materials, and overweight to and stock selection within energy

↓ Overweight to and stock selection in France, and underweight to and stock selection in Japan

↓ Top stock detractors included an Ireland-based discount airline, a Canada-based rail transportation company and a France-based IT services provider

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg172.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World ex USA Net Index** | **Active International Allocation Blend Index** |
| **12/14** | $1000000 | $1000000 | $1000000 |
| **1/15** | $1009585 | $998518 | $1004888 |
| **2/15** | $1070288 | $1051901 | $1064962 |
| **3/15** | $1059904 | $1034899 | $1048784 |
| **4/15** | $1096645 | $1087181 | $1091604 |
| **5/15** | $1095847 | $1070204 | $1086017 |
| **6/15** | $1062300 | $1040349 | $1055246 |
| **7/15** | $1079170 | $1037456 | $1077156 |
| **8/15** | $1000772 | $958158 | $997918 |
| **9/15** | $953573 | $913734 | $947248 |
| **10/15** | $1019972 | $981755 | $1021293 |
| **11/15** | $1008772 | $961488 | $1005405 |
| **12/15** | $983742 | $943379 | $991858 |
| **1/16** | $927298 | $879207 | $920133 |
| **2/16** | $892625 | $869158 | $903276 |
| **3/16** | $949875 | $939829 | $962050 |
| **4/16** | $965196 | $964565 | $989902 |
| **5/16** | $961970 | $948283 | $980909 |
| **6/16** | $935361 | $933775 | $947983 |
| **7/16** | $976485 | $979953 | $996027 |
| **8/16** | $976485 | $986151 | $996734 |
| **9/16** | $986967 | $998311 | $1008979 |
| **10/16** | $964389 | $983958 | $988340 |
| **11/16** | $944231 | $961199 | $968656 |
| **12/16** | $977117 | $985785 | $1001779 |
| **1/17** | $1001896 | $1020706 | $1037267 |
| **2/17** | $1014285 | $1036982 | $1053807 |
| **3/17** | $1042368 | $1063271 | $1080523 |
| **4/17** | $1072103 | $1086034 | $1103654 |
| **5/17** | $1111749 | $1121275 | $1139468 |
| **6/17** | $1113401 | $1124757 | $1143006 |
| **7/17** | $1152439 | $1166213 | $1185134 |
| **8/17** | $1160712 | $1172315 | $1191336 |
| **9/17** | $1179740 | $1194078 | $1213452 |
| **10/17** | $1200423 | $1216542 | $1236281 |
| **11/17** | $1200423 | $1226424 | $1246323 |
| **12/17** | $1219095 | $1253836 | $1274180 |
| **1/18** | $1295815 | $1323670 | $1345146 |
| **2/18** | $1226683 | $1261255 | $1281719 |
| **3/18** | $1214880 | $1239011 | $1259114 |
| **4/18** | $1214036 | $1258792 | $1279216 |
| **5/18** | $1181999 | $1229727 | $1249679 |
| **6/18** | $1160079 | $1206613 | $1226190 |
| **7/18** | $1192802 | $1235471 | $1255517 |
| **8/18** | $1173359 | $1209613 | $1229238 |
| **9/18** | $1164060 | $1215123 | $1234839 |
| **10/18** | $1065153 | $1116288 | $1134400 |
| **11/18** | $1082060 | $1126854 | $1145137 |
| **12/18** | $1034481 | $1075850 | $1093305 |
| **1/19** | $1097904 | $1157139 | $1175913 |
| **2/19** | $1119331 | $1179748 | $1198890 |
| **3/19** | $1138187 | $1186775 | $1206030 |
| **4/19** | $1159613 | $1218127 | $1237891 |
| **5/19** | $1112474 | $1152749 | $1171452 |
| **6/19** | $1187039 | $1222162 | $1241991 |
| **7/19** | $1169898 | $1207368 | $1226958 |
| **8/19** | $1132187 | $1170080 | $1189064 |
| **9/19** | $1145900 | $1200191 | $1219664 |
| **10/19** | $1181897 | $1242068 | $1262221 |
| **11/19** | $1204181 | $1253017 | $1273347 |
| **12/19** | $1266261 | $1307279 | $1328490 |
| **1/20** | $1216791 | $1272162 | $1292802 |
| **2/20** | $1137812 | $1171604 | $1190613 |
| **3/20** | $992005 | $1001963 | $1018220 |
| **4/20** | $1066645 | $1077893 | $1095382 |
| **5/20** | $1133473 | $1113169 | $1131230 |
| **6/20** | $1212451 | $1163474 | $1182351 |
| **7/20** | $1316599 | $1215346 | $1235065 |
| **8/20** | $1363465 | $1267371 | $1287934 |
| **9/20** | $1352182 | $1236216 | $1256274 |
| **10/20** | $1343503 | $1209639 | $1229265 |
| **11/20** | $1530969 | $1372354 | $1394620 |
| **12/20** | $1652265 | $1446530 | $1470000 |
| **1/21** | $1636637 | $1449674 | $1473195 |
| **2/21** | $1675708 | $1478372 | $1502359 |
| **3/21** | $1663553 | $1497064 | $1521354 |
| **4/21** | $1746036 | $1541133 | $1566138 |
| **5/21** | $1801603 | $1589339 | $1615126 |
| **6/21** | $1778161 | $1579042 | $1604662 |
| **7/21** | $1763400 | $1553019 | $1578217 |
| **8/21** | $1801603 | $1582539 | $1608216 |
| **9/21** | $1719120 | $1531866 | $1556720 |
| **10/21** | $1784238 | $1568432 | $1593880 |
| **11/21** | $1671367 | $1497808 | $1522110 |
| **12/21** | $1690779 | $1559708 | $1585014 |
| **1/22** | $1601989 | $1502232 | $1526606 |
| **2/22** | $1567985 | $1472497 | $1496388 |
| **3/22** | $1590655 | $1474844 | $1498773 |
| **4/22** | $1460304 | $1382234 | $1404660 |
| **5/22** | $1482974 | $1392156 | $1414743 |
| **6/22** | $1325231 | $1272392 | $1293037 |
| **7/22** | $1332787 | $1315951 | $1337302 |
| **8/22** | $1287448 | $1273626 | $1294291 |
| **9/22** | $1169377 | $1146353 | $1164952 |
| **10/22** | $1217550 | $1180607 | $1199763 |
| **11/22** | $1385683 | $1319975 | $1341392 |
| **12/22** | $1326142 | $1310105 | $1331361 |
| **1/23** | $1475092 | $1416365 | $1439346 |
| **2/23** | $1391488 | $1366648 | $1388822 |
| **3/23** | $1476053 | $1400057 | $1422773 |
| **4/23** | $1481819 | $1424380 | $1447491 |
| **5/23** | $1408785 | $1372592 | $1394863 |
| **6/23** | $1474131 | $1434180 | $1457449 |
| **7/23** | $1529868 | $1492488 | $1516704 |
| **8/23** | $1428005 | $1425079 | $1448201 |
| **9/23** | $1386683 | $1380069 | $1402461 |
| **10/23** | $1330946 | $1323129 | $1344597 |
| **11/23** | $1408785 | $1442230 | $1465630 |
| **12/23** | $1492202 | $1514691 | $1539266 |
| **1/24** | $1446441 | $1499645 | $1523977 |
| **2/24** | $1483248 | $1537612 | $1562559 |
| **3/24** | $1576760 | $1585677 | $1611405 |
| **4/24** | $1565817 | $1557203 | $1582469 |
| **5/24** | $1638437 | $1602407 | $1628406 |
| **6/24** | $1623515 | $1600883 | $1626857 |
| **7/24** | $1624510 | $1637950 | $1664526 |
| **8/24** | $1676240 | $1684598 | $1711931 |
| **9/24** | $1702105 | $1729960 | $1758029 |
| **10/24** | $1645401 | $1645080 | $1671771 |
| **11/24** | $1643411 | $1630189 | $1656639 |
| **12/24** | $1599418 | $1598514 | $1624450 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 7.19% | 4.78% | 4.81% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 4.80% |
| Active International Allocation Blend Index | 5.53% | 4.10% | 4.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Active International Allocation Blend Index is a performance linked benchmark of the old and new benchmark of the Fund, the old benchmark represented by MSCI EAFE Index (index that is designed to measure the international equity market performance of developed markets, excluding the United States and Canada) from the Fund's inception to December 31, 2016 and the new benchmark represented by MSCI All Country World ex USA Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $137481862 |
| # of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $717211 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg192.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 23.9% |
| China | 4.4% |
| Korea, Republic of | 5.2% |
| Taiwan | 5.6% |
| India | 6.7% |
| United States | 7.7% |
| Japan | 7.9% |
| Germany | 8.3% |
| Canada | 8.8% |
| France | 9.7% |
| United Kingdom | 11.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.6% |
| Tencent Holdings Ltd. | 4.4% |
| Unilever PLC | 3.7% |
| Sony Group Corp. | 3.6% |
| Despegar.com Corp. | 3.1% |
| Samsung Electronics Co. Ltd. | 2.9% |
| SAP SE | 2.7% |
| HDFC Bank Ltd. | 2.4% |
| Sea Ltd. | 2.4% |
| Rheinmetall AG | 2.4% |
| Total | 33.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSACX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class IR MAIHX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class IR | $88 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Index:

↑ Stock selection in consumer discretionary and communication services

↑ Overweight to and stock selection in semiconductors, led by the allocation to a Taiwan semiconductor foundry

↑ Overweight to aerospace and defense, zero allocation to Mexico and autos, and underweight utilities

↑ Top stock contributors included a Chinese internet company, a U.K.-based personal care products company and an Israel-based security software developer

↓ Underweight to and stock selection in financials and stock selection in technology

↓ Overweight to materials, and overweight to and stock selection within energy

↓ Overweight to and stock selection in France, and underweight to and stock selection in Japan

↓ Top stock detractors included an Ireland-based discount airline, a Canada-based rail transportation company and a France-based IT services provider

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg248.jpg)

---

| | | |
|:---|:---|:---|
| | **Class IR** | **MSCI All Country World ex USA Net Index** |
| **10/19** | $5000000 | $5000000 |
| **11/19** | $5094271 | $5000000 |
| **12/19** | $5357332 | $5262511 |
| **1/20** | $5148032 | $5121142 |
| **2/20** | $4817560 | $4716341 |
| **3/20** | $4197005 | $4033447 |
| **4/20** | $4512790 | $4339105 |
| **5/20** | $4795528 | $4481112 |
| **6/20** | $5129673 | $4683614 |
| **7/20** | $5570303 | $4892429 |
| **8/20** | $5772259 | $5101858 |
| **9/20** | $5720852 | $4976442 |
| **10/20** | $5684133 | $4869455 |
| **11/20** | $6480940 | $5524470 |
| **12/20** | $6994123 | $5823071 |
| **1/21** | $6928002 | $5835727 |
| **2/21** | $7093305 | $5951252 |
| **3/21** | $7041877 | $6026498 |
| **4/21** | $7390849 | $6203898 |
| **5/21** | $7629619 | $6397955 |
| **6/21** | $7530437 | $6356502 |
| **7/21** | $7467990 | $6251746 |
| **8/21** | $7625945 | $6370581 |
| **9/21** | $7276974 | $6166592 |
| **10/21** | $7556151 | $6313791 |
| **11/21** | $7078611 | $6029493 |
| **12/21** | $7161032 | $6278671 |
| **1/22** | $6781190 | $6047301 |
| **2/22** | $6637250 | $5927599 |
| **3/22** | $6737208 | $5937047 |
| **4/22** | $6185437 | $5564243 |
| **5/22** | $6281397 | $5604183 |
| **6/22** | $5613674 | $5122070 |
| **7/22** | $5645660 | $5297417 |
| **8/22** | $5453740 | $5127039 |
| **9/22** | $4953947 | $4614693 |
| **10/22** | $5157863 | $4752587 |
| **11/22** | $5869568 | $5313617 |
| **12/22** | $5621002 | $5273885 |
| **1/23** | $6247819 | $5701640 |
| **2/23** | $5897778 | $5501503 |
| **3/23** | $6255959 | $5635991 |
| **4/23** | $6276311 | $5733905 |
| **5/23** | $5971043 | $5525431 |
| **6/23** | $6247819 | $5773353 |
| **7/23** | $6483893 | $6008077 |
| **8/23** | $6052447 | $5736718 |
| **9/23** | $5877427 | $5555529 |
| **10/23** | $5641353 | $5326314 |
| **11/23** | $5971043 | $5805761 |
| **12/23** | $6323274 | $6097453 |
| **1/24** | $6129360 | $6036887 |
| **2/24** | $6289550 | $6189724 |
| **3/24** | $6685808 | $6383214 |
| **4/24** | $6639437 | $6268589 |
| **5/24** | $6947170 | $6450558 |
| **6/24** | $6883937 | $6444424 |
| **7/24** | $6888153 | $6593641 |
| **8/24** | $7107360 | $6781423 |
| **9/24** | $7216963 | $6964031 |
| **10/24** | $6976679 | $6622342 |
| **11/24** | $6972463 | $6562398 |
| **12/24** | $6781422 | $6434889 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 10/31/19 (Inception)* |
| Class IR | 7.25% | 4.83% | 6.08% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 5.00% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $137481862 |
| # of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $717211 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg217.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 23.9% |
| China | 4.4% |
| Korea, Republic of | 5.2% |
| Taiwan | 5.6% |
| India | 6.7% |
| United States | 7.7% |
| Japan | 7.9% |
| Germany | 8.3% |
| Canada | 8.8% |
| France | 9.7% |
| United Kingdom | 11.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.6% |
| Tencent Holdings Ltd. | 4.4% |
| Unilever PLC | 3.7% |
| Sony Group Corp. | 3.6% |
| Despegar.com Corp. | 3.1% |
| Samsung Electronics Co. Ltd. | 2.9% |
| SAP SE | 2.7% |
| HDFC Bank Ltd. | 2.4% |
| Sea Ltd. | 2.4% |
| Rheinmetall AG | 2.4% |
| Total | 33.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MAIHX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class L MSLLX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $180 | 1.75% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Index:

↑ Stock selection in consumer discretionary and communication services

↑ Overweight to and stock selection in semiconductors, led by the allocation to a Taiwan semiconductor foundry

↑ Overweight to aerospace and defense, zero allocation to Mexico and autos, and underweight utilities

↑ Top stock contributors included a Chinese internet company, a U.K.-based personal care products company and an Israel-based security software developer

↓ Underweight to and stock selection in financials and stock selection in technology

↓ Overweight to materials, and overweight to and stock selection within energy

↓ Overweight to and stock selection in France, and underweight to and stock selection in Japan

↓ Top stock detractors included an Ireland-based discount airline, a Canada-based rail transportation company and a France-based IT services provider

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg175.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class L** | **MSCI All Country World ex USA Net Index** | **Active International Allocation Blend Index** |
| **12/14** | $10000 | $10000 | $10000 |
| **1/15** | $10094 | $9985 | $10049 |
| **2/15** | $10691 | $10519 | $10650 |
| **3/15** | $10581 | $10349 | $10488 |
| **4/15** | $10942 | $10872 | $10916 |
| **5/15** | $10926 | $10702 | $10860 |
| **6/15** | $10581 | $10403 | $10552 |
| **7/15** | $10739 | $10375 | $10772 |
| **8/15** | $9953 | $9582 | $9979 |
| **9/15** | $9481 | $9137 | $9472 |
| **10/15** | $10126 | $9818 | $10213 |
| **11/15** | $10016 | $9615 | $10054 |
| **12/15** | $9756 | $9434 | $9919 |
| **1/16** | $9190 | $8792 | $9201 |
| **2/16** | $8844 | $8692 | $9033 |
| **3/16** | $9402 | $9398 | $9620 |
| **4/16** | $9544 | $9646 | $9899 |
| **5/16** | $9512 | $9483 | $9809 |
| **6/16** | $9237 | $9338 | $9480 |
| **7/16** | $9638 | $9800 | $9960 |
| **8/16** | $9630 | $9862 | $9967 |
| **9/16** | $9732 | $9983 | $10090 |
| **10/16** | $9497 | $9840 | $9883 |
| **11/16** | $9284 | $9612 | $9687 |
| **12/16** | $9593 | $9858 | $10018 |
| **1/17** | $9832 | $10207 | $10373 |
| **2/17** | $9951 | $10370 | $10538 |
| **3/17** | $10222 | $10633 | $10805 |
| **4/17** | $10501 | $10860 | $11037 |
| **5/17** | $10883 | $11213 | $11395 |
| **6/17** | $10891 | $11248 | $11430 |
| **7/17** | $11268 | $11662 | $11851 |
| **8/17** | $11332 | $11723 | $11913 |
| **9/17** | $11515 | $11941 | $12135 |
| **10/17** | $11707 | $12165 | $12363 |
| **11/17** | $11699 | $12264 | $12463 |
| **12/17** | $11875 | $12538 | $12742 |
| **1/18** | $12609 | $13237 | $13451 |
| **2/18** | $11924 | $12613 | $12817 |
| **3/18** | $11811 | $12390 | $12591 |
| **4/18** | $11786 | $12588 | $12792 |
| **5/18** | $11472 | $12297 | $12497 |
| **6/18** | $11246 | $12066 | $12262 |
| **7/18** | $11559 | $12355 | $12555 |
| **8/18** | $11365 | $12096 | $12292 |
| **9/18** | $11268 | $12151 | $12348 |
| **10/18** | $10306 | $11163 | $11344 |
| **11/18** | $10460 | $11269 | $11451 |
| **12/18** | $9990 | $10758 | $10933 |
| **1/19** | $10598 | $11571 | $11759 |
| **2/19** | $10801 | $11797 | $11989 |
| **3/19** | $10971 | $11868 | $12060 |
| **4/19** | $11166 | $12181 | $12379 |
| **5/19** | $10712 | $11527 | $11715 |
| **6/19** | $11426 | $12222 | $12420 |
| **7/19** | $11247 | $12074 | $12270 |
| **8/19** | $10874 | $11701 | $11891 |
| **9/19** | $11004 | $12002 | $12197 |
| **10/19** | $11336 | $12421 | $12622 |
| **11/19** | $11539 | $12530 | $12733 |
| **12/19** | $12132 | $13073 | $13285 |
| **1/20** | $11651 | $12722 | $12928 |
| **2/20** | $10886 | $11716 | $11906 |
| **3/20** | $9477 | $10020 | $10182 |
| **4/20** | $10186 | $10779 | $10954 |
| **5/20** | $10821 | $11132 | $11312 |
| **6/20** | $11562 | $11635 | $11824 |
| **7/20** | $12547 | $12153 | $12351 |
| **8/20** | $12995 | $12674 | $12879 |
| **9/20** | $12873 | $12362 | $12563 |
| **10/20** | $12775 | $12096 | $12293 |
| **11/20** | $14558 | $13724 | $13946 |
| **12/20** | $15696 | $14465 | $14700 |
| **1/21** | $15533 | $14497 | $14732 |
| **2/21** | $15891 | $14784 | $15024 |
| **3/21** | $15769 | $14971 | $15214 |
| **4/21** | $16535 | $15411 | $15661 |
| **5/21** | $17056 | $15893 | $16151 |
| **6/21** | $16820 | $15790 | $16047 |
| **7/21** | $16673 | $15530 | $15782 |
| **8/21** | $17015 | $15825 | $16082 |
| **9/21** | $16225 | $15319 | $15567 |
| **10/21** | $16828 | $15684 | $15939 |
| **11/21** | $15753 | $14978 | $15221 |
| **12/21** | $15928 | $15597 | $15850 |
| **1/22** | $15077 | $15022 | $15266 |
| **2/22** | $14744 | $14725 | $14964 |
| **3/22** | $14954 | $14748 | $14988 |
| **4/22** | $13717 | $13822 | $14047 |
| **5/22** | $13919 | $13922 | $14147 |
| **6/22** | $12437 | $12724 | $12930 |
| **7/22** | $12490 | $13160 | $13373 |
| **8/22** | $12060 | $12736 | $12943 |
| **9/22** | $10946 | $11464 | $11650 |
| **10/22** | $11384 | $11806 | $11998 |
| **11/22** | $12946 | $13200 | $13414 |
| **12/22** | $12389 | $13101 | $13314 |
| **1/23** | $13770 | $14164 | $14393 |
| **2/23** | $12982 | $13666 | $13888 |
| **3/23** | $13761 | $14001 | $14228 |
| **4/23** | $13797 | $14244 | $14475 |
| **5/23** | $13115 | $13726 | $13949 |
| **6/23** | $13717 | $14342 | $14574 |
| **7/23** | $14222 | $14925 | $15167 |
| **8/23** | $13265 | $14251 | $14482 |
| **9/23** | $12867 | $13801 | $14025 |
| **10/23** | $12344 | $13231 | $13446 |
| **11/23** | $13053 | $14422 | $14656 |
| **12/23** | $13815 | $15147 | $15393 |
| **1/24** | $13379 | $14996 | $15240 |
| **2/24** | $13715 | $15376 | $15626 |
| **3/24** | $14569 | $15857 | $16114 |
| **4/24** | $14460 | $15572 | $15825 |
| **5/24** | $15114 | $16024 | $16284 |
| **6/24** | $14968 | $16009 | $16269 |
| **7/24** | $14968 | $16379 | $16645 |
| **8/24** | $15432 | $16846 | $17119 |
| **9/24** | $15668 | $17300 | $17580 |
| **10/24** | $15132 | $16451 | $16718 |
| **11/24** | $15105 | $16302 | $16566 |
| **12/24** | $14681 | $15985 | $16244 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 6.27% | 3.89% | 3.91% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 4.80% |
| Active International Allocation Blend Index | 5.53% | 4.10% | 4.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Active International Allocation Blend Index is a performance linked benchmark of the old and new benchmark of the Fund, the old benchmark represented by MSCI EAFE Index (index that is designed to measure the international equity market performance of developed markets, excluding the United States and Canada) from the Fund's inception to December 31, 2016 and the new benchmark represented by MSCI All Country World ex USA Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $137481862 |
| # of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $717211 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg211.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 23.9% |
| China | 4.4% |
| Korea, Republic of | 5.2% |
| Taiwan | 5.6% |
| India | 6.7% |
| United States | 7.7% |
| Japan | 7.9% |
| Germany | 8.3% |
| Canada | 8.8% |
| France | 9.7% |
| United Kingdom | 11.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.6% |
| Tencent Holdings Ltd. | 4.4% |
| Unilever PLC | 3.7% |
| Sony Group Corp. | 3.6% |
| Despegar.com Corp. | 3.1% |
| Samsung Electronics Co. Ltd. | 2.9% |
| SAP SE | 2.7% |
| HDFC Bank Ltd. | 2.4% |
| Sea Ltd. | 2.4% |
| Rheinmetall AG | 2.4% |
| Total | 33.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSLLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class R6 MAIJX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $88 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World ex USA Index:

↑ Stock selection in consumer discretionary and communication services

↑ Overweight to and stock selection in semiconductors, led by the allocation to a Taiwan semiconductor foundry

↑ Overweight to aerospace and defense, zero allocation to Mexico and autos, and underweight utilities

↑ Top stock contributors included a Chinese internet company, a U.K.-based personal care products company and an Israel-based security software developer

↓ Underweight to and stock selection in financials and stock selection in technology

↓ Overweight to materials, and overweight to and stock selection within energy

↓ Overweight to and stock selection in France, and underweight to and stock selection in Japan

↓ Top stock detractors included an Ireland-based discount airline, a Canada-based rail transportation company and a France-based IT services provider

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg260.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country World ex USA Net Index** |
| **10/19** | $5000000 | $5000000 |
| **11/19** | $5094271 | $5000000 |
| **12/19** | $5357332 | $5262511 |
| **1/20** | $5148032 | $5121142 |
| **2/20** | $4817560 | $4716341 |
| **3/20** | $4197005 | $4033447 |
| **4/20** | $4512790 | $4339105 |
| **5/20** | $4795528 | $4481112 |
| **6/20** | $5129673 | $4683614 |
| **7/20** | $5570303 | $4892429 |
| **8/20** | $5772259 | $5101858 |
| **9/20** | $5724524 | $4976442 |
| **10/20** | $5684133 | $4869455 |
| **11/20** | $6480940 | $5524470 |
| **12/20** | $6994123 | $5823071 |
| **1/21** | $6928002 | $5835727 |
| **2/21** | $7093305 | $5951252 |
| **3/21** | $7041877 | $6026498 |
| **4/21** | $7390849 | $6203898 |
| **5/21** | $7629619 | $6397955 |
| **6/21** | $7530437 | $6356502 |
| **7/21** | $7467990 | $6251746 |
| **8/21** | $7629619 | $6370581 |
| **9/21** | $7276974 | $6166592 |
| **10/21** | $7556151 | $6313791 |
| **11/21** | $7078611 | $6029493 |
| **12/21** | $7161032 | $6278671 |
| **1/22** | $6785188 | $6047301 |
| **2/22** | $6641248 | $5927599 |
| **3/22** | $6737208 | $5937047 |
| **4/22** | $6185437 | $5564243 |
| **5/22** | $6281397 | $5604183 |
| **6/22** | $5613674 | $5122070 |
| **7/22** | $5649659 | $5297417 |
| **8/22** | $5457738 | $5127039 |
| **9/22** | $4957945 | $4614693 |
| **10/22** | $5161861 | $4752587 |
| **11/22** | $5873566 | $5313617 |
| **12/22** | $5625000 | $5273885 |
| **1/23** | $6255879 | $5701640 |
| **2/23** | $5901773 | $5501503 |
| **3/23** | $6259949 | $5635991 |
| **4/23** | $6280300 | $5733905 |
| **5/23** | $5975036 | $5525431 |
| **6/23** | $6251809 | $5773353 |
| **7/23** | $6487880 | $6008077 |
| **8/23** | $6056440 | $5736718 |
| **9/23** | $5881422 | $5555529 |
| **10/23** | $5645351 | $5326314 |
| **11/23** | $5975036 | $5805761 |
| **12/23** | $6331474 | $6097453 |
| **1/24** | $6133352 | $6036887 |
| **2/24** | $6293535 | $6189724 |
| **3/24** | $6689779 | $6383214 |
| **4/24** | $6643410 | $6268589 |
| **5/24** | $6951132 | $6450558 |
| **6/24** | $6887901 | $6444424 |
| **7/24** | $6892117 | $6593641 |
| **8/24** | $7111316 | $6781423 |
| **9/24** | $7225130 | $6964031 |
| **10/24** | $6984855 | $6622342 |
| **11/24** | $6976424 | $6562398 |
| **12/24** | $6789613 | $6434889 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 10/31/19 (Inception)* |
| Class R6 | 7.24% | 4.85% | 6.10% |
| MSCI All Country World ex USA Net Index | 5.53% | 4.10% | 5.00% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $137481862 |
| # of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $717211 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg258.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 23.9% |
| China | 4.4% |
| Korea, Republic of | 5.2% |
| Taiwan | 5.6% |
| India | 6.7% |
| United States | 7.7% |
| Japan | 7.9% |
| Germany | 8.3% |
| Canada | 8.8% |
| France | 9.7% |
| United Kingdom | 11.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.6% |
| Tencent Holdings Ltd. | 4.4% |
| Unilever PLC | 3.7% |
| Sony Group Corp. | 3.6% |
| Despegar.com Corp. | 3.1% |
| Samsung Electronics Co. Ltd. | 2.9% |
| SAP SE | 2.7% |
| HDFC Bank Ltd. | 2.4% |
| Sea Ltd. | 2.4% |
| Rheinmetall AG | 2.4% |
| Total | 33.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MAIJX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio

# Class A MSHNX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $128 | 1.20% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↓ Stock selection in consumer discretionary, where the largest detractor was a holding in a contemporary carpets and floor coverings company

↓ Stock selection and average overweight in industrials, dampened by a leading North American Class 1 freight railway

↓ Stock selection and average underweight in information technology, which lagged primarily because of underweight exposures to some of the "Magnificent 7" companies that drove significant performance gains within the Index in 2024

↑ Stock selection and average underweight in energy, where a holding in a Texas landowner was the largest contributor

↑ Average overweight consumer discretionary

↑ Stock selection in materials, driven by a precious metals streaming and royalty company

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg063.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **S&P 500<sup>®</sup> Index** |
| **3/20** | $9479 | $10000 |
| **4/20** | $10863 | $11282 |
| **5/20** | $11659 | $11819 |
| **6/20** | $11905 | $12054 |
| **7/20** | $12607 | $12734 |
| **8/20** | $13365 | $13649 |
| **9/20** | $13052 | $13131 |
| **10/20** | $12806 | $12782 |
| **11/20** | $14057 | $14181 |
| **12/20** | $14697 | $14726 |
| **1/21** | $14114 | $14577 |
| **2/21** | $14476 | $14979 |
| **3/21** | $14727 | $15635 |
| **4/21** | $15602 | $16470 |
| **5/21** | $15290 | $16585 |
| **6/21** | $15924 | $16972 |
| **7/21** | $16628 | $17375 |
| **8/21** | $16950 | $17903 |
| **9/21** | $16095 | $17071 |
| **10/21** | $17242 | $18267 |
| **11/21** | $16709 | $18140 |
| **12/21** | $17108 | $18953 |
| **1/22** | $15267 | $17972 |
| **2/22** | $15040 | $17434 |
| **3/22** | $15303 | $18081 |
| **4/22** | $13689 | $16505 |
| **5/22** | $13522 | $16535 |
| **6/22** | $12924 | $15170 |
| **7/22** | $14323 | $16569 |
| **8/22** | $13498 | $15893 |
| **9/22** | $12458 | $14429 |
| **10/22** | $13474 | $15598 |
| **11/22** | $14514 | $16469 |
| **12/22** | $13545 | $15520 |
| **1/23** | $15087 | $16496 |
| **2/23** | $14708 | $16093 |
| **3/23** | $15564 | $16684 |
| **4/23** | $15381 | $16944 |
| **5/23** | $15845 | $17018 |
| **6/23** | $16531 | $18143 |
| **7/23** | $16983 | $18725 |
| **8/23** | $16408 | $18427 |
| **9/23** | $15234 | $17549 |
| **10/23** | $14377 | $17180 |
| **11/23** | $15845 | $18749 |
| **12/23** | $17082 | $19600 |
| **1/24** | $16960 | $19930 |
| **2/24** | $18764 | $20994 |
| **3/24** | $19333 | $21669 |
| **4/24** | $17706 | $20784 |
| **5/24** | $18045 | $21815 |
| **6/24** | $17896 | $22598 |
| **7/24** | $18723 | $22873 |
| **8/24** | $18845 | $23428 |
| **9/24** | $18953 | $23928 |
| **10/24** | $18574 | $23711 |
| **11/24** | $20011 | $25103 |
| **12/24** | $19370 | $24504 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 3/31/20 (Inception)* |
| Class A | 13.39% | 16.22% |
| Class A, with 5.25% maximum front end sales charge | 7.42% | 14.92% |
| S&P 500<sup>®</sup> Index | 25.02% | 20.75% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4625370 |
| # of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg146.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.3% |
| Energy | 1.1% |
| Materials | 2.8% |
| Domestic Alternative | 3.4% |
| Consumer Staples | 5.1% |
| Short-Term Investments | 5.2% |
| Financials | 5.5% |
| Real Estate | 6.3% |
| Industrials | 10.9% |
| Health Care | 11.5% |
| Information Technology | 23.1% |
| Consumer Discretionary | 24.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Cloudflare, Inc. | 11.1% |
| Floor & Decor Holdings, Inc. | 6.3% |
| Amazon.com, Inc. | 5.4% |
| LVMH Moet Hennessy Louis Vuitton SE | 5.4% |
| ASML Holding NV | 5.1% |
| Royalty Pharma PLC | 5.0% |
| Union Pacific Corp. | 5.0% |
| American Tower Corp. | 4.9% |
| Danaher Corp. | 4.9% |
| Intercontinental Exchange, Inc. | 4.9% |
| Total | 58.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSHNX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio

# Class C MSHOX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $207 | 1.95% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↓ Stock selection in consumer discretionary, where the largest detractor was a holding in a contemporary carpets and floor coverings company

↓ Stock selection and average overweight in industrials, dampened by a leading North American Class 1 freight railway

↓ Stock selection and average underweight in information technology, which lagged primarily because of underweight exposures to some of the "Magnificent 7" companies that drove significant performance gains within the Index in 2024

↑ Stock selection and average underweight in energy, where a holding in a Texas landowner was the largest contributor

↑ Average overweight consumer discretionary

↑ Stock selection in materials, driven by a precious metals streaming and royalty company

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg112.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** |
| **3/20** | $10000 | $10000 |
| **4/20** | $11460 | $11282 |
| **5/20** | $12280 | $11819 |
| **6/20** | $12540 | $12054 |
| **7/20** | $13260 | $12734 |
| **8/20** | $14060 | $13649 |
| **9/20** | $13720 | $13131 |
| **10/20** | $13450 | $12782 |
| **11/20** | $14750 | $14181 |
| **12/20** | $15415 | $14726 |
| **1/21** | $14789 | $14577 |
| **2/21** | $15149 | $14979 |
| **3/21** | $15394 | $15635 |
| **4/21** | $16307 | $16470 |
| **5/21** | $15978 | $16585 |
| **6/21** | $16625 | $16972 |
| **7/21** | $17347 | $17375 |
| **8/21** | $17676 | $17903 |
| **9/21** | $16774 | $17071 |
| **10/21** | $17952 | $18267 |
| **11/21** | $17389 | $18140 |
| **12/21** | $17807 | $18953 |
| **1/22** | $15871 | $17972 |
| **2/22** | $15632 | $17434 |
| **3/22** | $15883 | $18081 |
| **4/22** | $14211 | $16505 |
| **5/22** | $14022 | $16535 |
| **6/22** | $13393 | $15170 |
| **7/22** | $14839 | $16569 |
| **8/22** | $13959 | $15893 |
| **9/22** | $12890 | $14429 |
| **10/22** | $13921 | $15598 |
| **11/22** | $15003 | $16469 |
| **12/22** | $13984 | $15520 |
| **1/23** | $15567 | $16496 |
| **2/23** | $15168 | $16093 |
| **3/23** | $16044 | $16684 |
| **4/23** | $15838 | $16944 |
| **5/23** | $16301 | $17018 |
| **6/23** | $17010 | $18143 |
| **7/23** | $17460 | $18725 |
| **8/23** | $16855 | $18427 |
| **9/23** | $15632 | $17549 |
| **10/23** | $14743 | $17180 |
| **11/23** | $16250 | $18749 |
| **12/23** | $17500 | $19600 |
| **1/24** | $17357 | $19930 |
| **2/24** | $19203 | $20994 |
| **3/24** | $19761 | $21669 |
| **4/24** | $18087 | $20784 |
| **5/24** | $18430 | $21815 |
| **6/24** | $18273 | $22598 |
| **7/24** | $19088 | $22873 |
| **8/24** | $19203 | $23428 |
| **9/24** | $19317 | $23928 |
| **10/24** | $18917 | $23711 |
| **11/24** | $20362 | $25103 |
| **12/24** | $19701 | $24504 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 3/31/20 (Inception)* |
| Class C | 12.58% | 15.33% |
| Class C, with 1% maximum contingent deferred sales charge | 11.58% | 15.33% |
| S&P 500<sup>®</sup> Index | 25.02% | 20.75% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4625370 |
| # of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg195.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.3% |
| Energy | 1.1% |
| Materials | 2.8% |
| Domestic Alternative | 3.4% |
| Consumer Staples | 5.1% |
| Short-Term Investments | 5.2% |
| Financials | 5.5% |
| Real Estate | 6.3% |
| Industrials | 10.9% |
| Health Care | 11.5% |
| Information Technology | 23.1% |
| Consumer Discretionary | 24.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Cloudflare, Inc. | 11.1% |
| Floor & Decor Holdings, Inc. | 6.3% |
| Amazon.com, Inc. | 5.4% |
| LVMH Moet Hennessy Louis Vuitton SE | 5.4% |
| ASML Holding NV | 5.1% |
| Royalty Pharma PLC | 5.0% |
| Union Pacific Corp. | 5.0% |
| American Tower Corp. | 4.9% |
| Danaher Corp. | 4.9% |
| Intercontinental Exchange, Inc. | 4.9% |
| Total | 58.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSHOX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio

# Class I MSHMX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $91 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↓ Stock selection in consumer discretionary, where the largest detractor was a holding in a contemporary carpets and floor coverings company

↓ Stock selection and average overweight in industrials, dampened by a leading North American Class 1 freight railway

↓ Stock selection and average underweight in information technology, which lagged primarily because of underweight exposures to some of the "Magnificent 7" companies that drove significant performance gains within the Index in 2024

↑ Stock selection and average underweight in energy, where a holding in a Texas landowner was the largest contributor

↑ Average overweight consumer discretionary

↑ Stock selection in materials, driven by a precious metals streaming and royalty company

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg208.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** |
| **3/20** | $1000000 | $1000000 |
| **4/20** | $1147000 | $1000000 |
| **5/20** | $1231000 | $1181928 |
| **6/20** | $1257000 | $1205433 |
| **7/20** | $1331000 | $1273401 |
| **8/20** | $1412000 | $1364934 |
| **9/20** | $1380000 | $1313071 |
| **10/20** | $1354000 | $1278151 |
| **11/20** | $1486000 | $1418063 |
| **12/20** | $1554582 | $1472585 |
| **1/21** | $1494097 | $1457718 |
| **2/21** | $1532298 | $1497914 |
| **3/21** | $1558827 | $1563517 |
| **4/21** | $1652208 | $1646960 |
| **5/21** | $1620374 | $1658463 |
| **6/21** | $1687226 | $1697179 |
| **7/21** | $1762568 | $1737495 |
| **8/21** | $1796524 | $1790325 |
| **9/21** | $1707388 | $1707058 |
| **10/21** | $1828359 | $1826657 |
| **11/21** | $1773179 | $1814000 |
| **12/21** | $1816566 | $1895297 |
| **1/22** | $1620044 | $1797221 |
| **2/22** | $1597369 | $1743409 |
| **3/22** | $1626343 | $1808141 |
| **4/22** | $1455017 | $1650468 |
| **5/22** | $1437380 | $1653496 |
| **6/22** | $1374392 | $1517010 |
| **7/22** | $1523043 | $1656885 |
| **8/22** | $1434861 | $1589314 |
| **9/22** | $1325262 | $1442941 |
| **10/22** | $1433601 | $1559763 |
| **11/22** | $1545719 | $1646929 |
| **12/22** | $1443269 | $1552042 |
| **1/23** | $1607512 | $1649563 |
| **2/23** | $1567421 | $1609315 |
| **3/23** | $1659242 | $1668400 |
| **4/23** | $1639843 | $1694441 |
| **5/23** | $1690280 | $1701806 |
| **6/23** | $1763995 | $1814254 |
| **7/23** | $1813139 | $1872537 |
| **8/23** | $1751063 | $1842723 |
| **9/23** | $1626910 | $1754866 |
| **10/23** | $1536383 | $1717967 |
| **11/23** | $1694159 | $1874861 |
| **12/23** | $1824928 | $1960037 |
| **1/24** | $1813477 | $1992975 |
| **2/24** | $2006705 | $2099391 |
| **3/24** | $2068251 | $2166938 |
| **4/24** | $1893631 | $2078430 |
| **5/24** | $1932276 | $2181488 |
| **6/24** | $1916532 | $2259765 |
| **7/24** | $2005273 | $2287271 |
| **8/24** | $2018155 | $2342753 |
| **9/24** | $2031037 | $2392787 |
| **10/24** | $1990960 | $2371088 |
| **11/24** | $2145542 | $2510274 |
| **12/24** | $2076408 | $2450433 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 3/31/20 (Inception)* |
| Class I | 13.78% | 16.62% |
| S&P 500<sup>®</sup> Index | 25.02% | 20.75% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4625370 |
| # of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg094.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.3% |
| Energy | 1.1% |
| Materials | 2.8% |
| Domestic Alternative | 3.4% |
| Consumer Staples | 5.1% |
| Short-Term Investments | 5.2% |
| Financials | 5.5% |
| Real Estate | 6.3% |
| Industrials | 10.9% |
| Health Care | 11.5% |
| Information Technology | 23.1% |
| Consumer Discretionary | 24.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Cloudflare, Inc. | 11.1% |
| Floor & Decor Holdings, Inc. | 6.3% |
| Amazon.com, Inc. | 5.4% |
| LVMH Moet Hennessy Louis Vuitton SE | 5.4% |
| ASML Holding NV | 5.1% |
| Royalty Pharma PLC | 5.0% |
| Union Pacific Corp. | 5.0% |
| American Tower Corp. | 4.9% |
| Danaher Corp. | 4.9% |
| Intercontinental Exchange, Inc. | 4.9% |
| Total | 58.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSHMX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio

# Class R6 MSHPX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $86 | 0.80% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↓ Stock selection in consumer discretionary, where the largest detractor was a holding in a contemporary carpets and floor coverings company

↓ Stock selection and average overweight in industrials, dampened by a leading North American Class 1 freight railway

↓ Stock selection and average underweight in information technology, which lagged primarily because of underweight exposures to some of the "Magnificent 7" companies that drove significant performance gains within the Index in 2024

↑ Stock selection and average underweight in energy, where a holding in a Texas landowner was the largest contributor

↑ Average overweight consumer discretionary

↑ Stock selection in materials, driven by a precious metals streaming and royalty company

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg188.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **S&P 500<sup>®</sup> Index** |
| **3/20** | $5000000 | $5000000 |
| **4/20** | $5735000 | $5000000 |
| **5/20** | $6155000 | $5909638 |
| **6/20** | $6290000 | $6027164 |
| **7/20** | $6655000 | $6367006 |
| **8/20** | $7060000 | $6824670 |
| **9/20** | $6900000 | $6565355 |
| **10/20** | $6775000 | $6390757 |
| **11/20** | $7435000 | $7090315 |
| **12/20** | $7772594 | $7362925 |
| **1/21** | $7475485 | $7288590 |
| **2/21** | $7661178 | $7489572 |
| **3/21** | $7799122 | $7817583 |
| **4/21** | $8266008 | $8234798 |
| **5/21** | $8106842 | $8292313 |
| **6/21** | $8441091 | $8485896 |
| **7/21** | $8817783 | $8687477 |
| **8/21** | $8987560 | $8951626 |
| **9/21** | $8541896 | $8535288 |
| **10/21** | $9152031 | $9133285 |
| **11/21** | $8870838 | $9070001 |
| **12/21** | $9090206 | $9476483 |
| **1/22** | $8107481 | $8986103 |
| **2/22** | $8000389 | $8717047 |
| **3/22** | $8138978 | $9040706 |
| **4/22** | $7282244 | $8252341 |
| **5/22** | $7194051 | $8267480 |
| **6/22** | $6879075 | $7585051 |
| **7/22** | $7628717 | $8284427 |
| **8/22** | $7187751 | $7946572 |
| **9/22** | $6639693 | $7214704 |
| **10/22** | $7175152 | $7798817 |
| **11/22** | $7742109 | $8234646 |
| **12/22** | $7227095 | $7760211 |
| **1/23** | $8048797 | $8247815 |
| **2/23** | $7848224 | $8046577 |
| **3/23** | $8307600 | $8342000 |
| **4/23** | $8210549 | $8472206 |
| **5/23** | $8462883 | $8509032 |
| **6/23** | $8838148 | $9071269 |
| **7/23** | $9077542 | $9362684 |
| **8/23** | $8773447 | $9213616 |
| **9/23** | $8145848 | $8774330 |
| **10/23** | $7692941 | $8589837 |
| **11/23** | $8482293 | $9374307 |
| **12/23** | $9142915 | $9800187 |
| **1/24** | $9078478 | $9964873 |
| **2/24** | $10052195 | $10496953 |
| **3/24** | $10360061 | $10834688 |
| **4/24** | $9493739 | $10392150 |
| **5/24** | $9679891 | $10907441 |
| **6/24** | $9601135 | $11298823 |
| **7/24** | $10045035 | $11436357 |
| **8/24** | $10109472 | $11713765 |
| **9/24** | $10181069 | $11963937 |
| **10/24** | $9980598 | $11855441 |
| **11/24** | $10753843 | $12551369 |
| **12/24** | $10413936 | $12252167 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 3/31/20 (Inception)* |
| Class R6 | 13.90% | 16.69% |
| S&P 500<sup>®</sup> Index | 25.02% | 20.75% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4625370 |
| # of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg064.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.3% |
| Energy | 1.1% |
| Materials | 2.8% |
| Domestic Alternative | 3.4% |
| Consumer Staples | 5.1% |
| Short-Term Investments | 5.2% |
| Financials | 5.5% |
| Real Estate | 6.3% |
| Industrials | 10.9% |
| Health Care | 11.5% |
| Information Technology | 23.1% |
| Consumer Discretionary | 24.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Cloudflare, Inc. | 11.1% |
| Floor & Decor Holdings, Inc. | 6.3% |
| Amazon.com, Inc. | 5.4% |
| LVMH Moet Hennessy Louis Vuitton SE | 5.4% |
| ASML Holding NV | 5.1% |
| Royalty Pharma PLC | 5.0% |
| Union Pacific Corp. | 5.0% |
| American Tower Corp. | 4.9% |
| Danaher Corp. | 4.9% |
| Intercontinental Exchange, Inc. | 4.9% |
| Total | 58.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSHPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - US Core Portfolio

# Class A MUOAX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - US Core Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $122 | 1.07% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↑Stock selection in an artificial intelligence chip designer and a global provider of entertainment services

↑Underweight to the health care sector

↑Underweight to the lowest quality stocks

↓Not owning the full suite of uber-growth, mega-cap technology stocks

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg243.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **S&P 500<sup>®</sup> Index** |
| **5/16** | $9479 | $10000 |
| **5/16** | $9479 | $9991 |
| **6/16** | $9431 | $10017 |
| **7/16** | $9886 | $10386 |
| **8/16** | $9810 | $10400 |
| **9/16** | $9886 | $10402 |
| **10/16** | $9564 | $10213 |
| **11/16** | $9877 | $10591 |
| **12/16** | $9981 | $10800 |
| **1/17** | $10105 | $11005 |
| **2/17** | $10602 | $11442 |
| **3/17** | $10506 | $11455 |
| **4/17** | $10564 | $11573 |
| **5/17** | $10726 | $11736 |
| **6/17** | $10698 | $11809 |
| **7/17** | $10956 | $12052 |
| **8/17** | $11023 | $12089 |
| **9/17** | $11223 | $12338 |
| **10/17** | $11443 | $12626 |
| **11/17** | $11778 | $13013 |
| **12/17** | $11857 | $13158 |
| **1/18** | $12470 | $13911 |
| **2/18** | $12067 | $13399 |
| **3/18** | $11588 | $13058 |
| **4/18** | $11588 | $13108 |
| **5/18** | $11857 | $13424 |
| **6/18** | $11809 | $13507 |
| **7/18** | $12087 | $14009 |
| **8/18** | $12431 | $14466 |
| **9/18** | $12604 | $14548 |
| **10/18** | $11608 | $13554 |
| **11/18** | $11703 | $13830 |
| **12/18** | $10510 | $12581 |
| **1/19** | $11333 | $13589 |
| **2/19** | $11807 | $14026 |
| **3/19** | $11923 | $14298 |
| **4/19** | $12698 | $14877 |
| **5/19** | $11952 | $13932 |
| **6/19** | $12688 | $14914 |
| **7/19** | $12998 | $15128 |
| **8/19** | $12814 | $14888 |
| **9/19** | $13104 | $15167 |
| **10/19** | $13395 | $15495 |
| **11/19** | $13956 | $16058 |
| **12/19** | $14261 | $16542 |
| **1/20** | $14515 | $16536 |
| **2/20** | $13214 | $15175 |
| **3/20** | $11082 | $13300 |
| **4/20** | $12637 | $15006 |
| **5/20** | $13605 | $15720 |
| **6/20** | $13967 | $16033 |
| **7/20** | $14779 | $16937 |
| **8/20** | $16109 | $18154 |
| **9/20** | $15513 | $17464 |
| **10/20** | $15131 | $17000 |
| **11/20** | $16921 | $18861 |
| **12/20** | $17651 | $19586 |
| **1/21** | $17465 | $19388 |
| **2/21** | $18534 | $19923 |
| **3/21** | $18877 | $20796 |
| **4/21** | $20271 | $21905 |
| **5/21** | $20330 | $22058 |
| **6/21** | $20614 | $22573 |
| **7/21** | $21497 | $23110 |
| **8/21** | $22262 | $23812 |
| **9/21** | $21458 | $22705 |
| **10/21** | $23263 | $24295 |
| **11/21** | $23028 | $24127 |
| **12/21** | $23930 | $25208 |
| **1/22** | $22194 | $23904 |
| **2/22** | $21811 | $23188 |
| **3/22** | $22439 | $24049 |
| **4/22** | $20487 | $21952 |
| **5/22** | $20310 | $21992 |
| **6/22** | $18750 | $20177 |
| **7/22** | $20801 | $22037 |
| **8/22** | $19898 | $21139 |
| **9/22** | $18200 | $19192 |
| **10/22** | $19054 | $20746 |
| **11/22** | $20124 | $21905 |
| **12/22** | $19044 | $20643 |
| **1/23** | $20428 | $21940 |
| **2/23** | $19820 | $21405 |
| **3/23** | $19221 | $22191 |
| **4/23** | $19476 | $22537 |
| **5/23** | $19221 | $22635 |
| **6/23** | $20674 | $24130 |
| **7/23** | $21096 | $24906 |
| **8/23** | $20909 | $24509 |
| **9/23** | $19849 | $23341 |
| **10/23** | $19388 | $22850 |
| **11/23** | $21331 | $24937 |
| **12/23** | $22417 | $26069 |
| **1/24** | $23281 | $26507 |
| **2/24** | $24863 | $27923 |
| **3/24** | $25767 | $28821 |
| **4/24** | $24735 | $27644 |
| **5/24** | $26395 | $29015 |
| **6/24** | $27446 | $30056 |
| **7/24** | $27162 | $30422 |
| **8/24** | $27879 | $31160 |
| **9/24** | $28085 | $31825 |
| **10/24** | $28163 | $31537 |
| **11/24** | $29912 | $33388 |
| **12/24** | $28743 | $32592 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class A | 28.22% | 15.05% | 13.77% |
| Class A, with 5.25% maximum front end sales charge | 21.51% | 13.81% | 13.07% |
| S&P 500<sup>®</sup> Index | 25.02% | 14.53% | 14.73% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $384870184 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 32% |
| Total Advisory Fees Paid | $1727795 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg126.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.9% |
| Short-Term Investments | 1.3% |
| Materials | 1.7% |
| Health Care | 2.2% |
| Energy | 2.4% |
| Real Estate | 3.7% |
| Consumer Staples | 4.6% |
| Industrials | 6.4% |
| Communication Services | 10.1% |
| Consumer Discretionary | 13.6% |
| Financials | 24.8% |
| Information Technology | 28.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.6% |
| Apple, Inc. | 7.4% |
| Microsoft Corp. | 7.0% |
| Alphabet, Inc. | 6.7% |
| Amazon.com, Inc. | 5.9% |
| JPMorgan Chase & Co. | 5.0% |
| Ameriprise Financial, Inc. | 4.6% |
| Costco Wholesale Corp. | 4.6% |
| Progressive Corp. | 4.3% |
| Brown & Brown, Inc. | 4.1% |
| Total | 59.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MUOAX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - US Core Portfolio

# Class C MUOCX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - US Core Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $208 | 1.83% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↑Stock selection in an artificial intelligence chip designer and a global provider of entertainment services

↑Underweight to the health care sector

↑Underweight to the lowest quality stocks

↓Not owning the full suite of uber-growth, mega-cap technology stocks

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg087.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** |
| **5/16** | $10000 | $10000 |
| **5/16** | $10000 | $9991 |
| **6/16** | $9950 | $10017 |
| **7/16** | $10420 | $10386 |
| **8/16** | $10330 | $10400 |
| **9/16** | $10400 | $10402 |
| **10/16** | $10060 | $10213 |
| **11/16** | $10380 | $10591 |
| **12/16** | $10479 | $10800 |
| **1/17** | $10610 | $11005 |
| **2/17** | $11123 | $11442 |
| **3/17** | $11022 | $11455 |
| **4/17** | $11063 | $11573 |
| **5/17** | $11234 | $11736 |
| **6/17** | $11204 | $11809 |
| **7/17** | $11465 | $12052 |
| **8/17** | $11526 | $12089 |
| **9/17** | $11727 | $12338 |
| **10/17** | $11948 | $12626 |
| **11/17** | $12291 | $13013 |
| **12/17** | $12361 | $13158 |
| **1/18** | $12995 | $13911 |
| **2/18** | $12562 | $13399 |
| **3/18** | $12059 | $13058 |
| **4/18** | $12059 | $13108 |
| **5/18** | $12321 | $13424 |
| **6/18** | $12261 | $13507 |
| **7/18** | $12552 | $14009 |
| **8/18** | $12895 | $14466 |
| **9/18** | $13066 | $14548 |
| **10/18** | $12019 | $13554 |
| **11/18** | $12120 | $13830 |
| **12/18** | $10885 | $12581 |
| **1/19** | $11719 | $13589 |
| **2/19** | $12207 | $14026 |
| **3/19** | $12318 | $14298 |
| **4/19** | $13111 | $14877 |
| **5/19** | $12329 | $13932 |
| **6/19** | $13081 | $14914 |
| **7/19** | $13386 | $15128 |
| **8/19** | $13192 | $14888 |
| **9/19** | $13477 | $15167 |
| **10/19** | $13772 | $15495 |
| **11/19** | $14341 | $16058 |
| **12/19** | $14640 | $16542 |
| **1/20** | $14896 | $16536 |
| **2/20** | $13555 | $15175 |
| **3/20** | $11354 | $13300 |
| **4/20** | $12951 | $15006 |
| **5/20** | $13924 | $15720 |
| **6/20** | $14282 | $16033 |
| **7/20** | $15101 | $16937 |
| **8/20** | $16463 | $18154 |
| **9/20** | $15838 | $17464 |
| **10/20** | $15439 | $17000 |
| **11/20** | $17251 | $18861 |
| **12/20** | $17984 | $19586 |
| **1/21** | $17779 | $19388 |
| **2/21** | $18857 | $19923 |
| **3/21** | $19196 | $20796 |
| **4/21** | $20603 | $21905 |
| **5/21** | $20654 | $22058 |
| **6/21** | $20921 | $22573 |
| **7/21** | $21805 | $23110 |
| **8/21** | $22565 | $23812 |
| **9/21** | $21733 | $22705 |
| **10/21** | $23551 | $24295 |
| **11/21** | $23294 | $24127 |
| **12/21** | $24198 | $25208 |
| **1/22** | $22431 | $23904 |
| **2/22** | $22031 | $23188 |
| **3/22** | $22647 | $24049 |
| **4/22** | $20675 | $21952 |
| **5/22** | $20480 | $21992 |
| **6/22** | $18898 | $20177 |
| **7/22** | $20942 | $22037 |
| **8/22** | $20018 | $21139 |
| **9/22** | $18302 | $19192 |
| **10/22** | $19155 | $20746 |
| **11/22** | $20213 | $21905 |
| **12/22** | $19124 | $20643 |
| **1/23** | $20501 | $21940 |
| **2/23** | $19874 | $21405 |
| **3/23** | $19268 | $22191 |
| **4/23** | $19515 | $22537 |
| **5/23** | $19237 | $22635 |
| **6/23** | $20686 | $24130 |
| **7/23** | $21087 | $24906 |
| **8/23** | $20892 | $24509 |
| **9/23** | $19813 | $23341 |
| **10/23** | $19350 | $22850 |
| **11/23** | $21272 | $24937 |
| **12/23** | $22330 | $26069 |
| **1/24** | $23183 | $26507 |
| **2/24** | $24745 | $27923 |
| **3/24** | $25619 | $28821 |
| **4/24** | $24581 | $27644 |
| **5/24** | $26226 | $29015 |
| **6/24** | $27271 | $30056 |
| **7/24** | $26988 | $30422 |
| **8/24** | $27700 | $31160 |
| **9/24** | $27905 | $31825 |
| **10/24** | $27983 | $31537 |
| **11/24** | $29721 | $33388 |
| **12/24** | $28559 | $32592 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class C, with conversion to Class A after 8 years | 27.29% | 14.19% | 12.98% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 26.29% | 14.19% | 12.98% |
| S&P 500<sup>®</sup> Index | 25.02% | 14.53% | 14.73% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $384870184 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 32% |
| Total Advisory Fees Paid | $1727795 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg201.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.9% |
| Short-Term Investments | 1.3% |
| Materials | 1.7% |
| Health Care | 2.2% |
| Energy | 2.4% |
| Real Estate | 3.7% |
| Consumer Staples | 4.6% |
| Industrials | 6.4% |
| Communication Services | 10.1% |
| Consumer Discretionary | 13.6% |
| Financials | 24.8% |
| Information Technology | 28.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.6% |
| Apple, Inc. | 7.4% |
| Microsoft Corp. | 7.0% |
| Alphabet, Inc. | 6.7% |
| Amazon.com, Inc. | 5.9% |
| JPMorgan Chase & Co. | 5.0% |
| Ameriprise Financial, Inc. | 4.6% |
| Costco Wholesale Corp. | 4.6% |
| Progressive Corp. | 4.3% |
| Brown & Brown, Inc. | 4.1% |
| Total | 59.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MUOCX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - US Core Portfolio

# Class I MUOIX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - US Core Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $91 | 0.80% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↑Stock selection in an artificial intelligence chip designer and a global provider of entertainment services

↑Underweight to the health care sector

↑Underweight to the lowest quality stocks

↓Not owning the full suite of uber-growth, mega-cap technology stocks

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg051.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** |
| **5/16** | $1000000 | $1000000 |
| **5/16** | $1000000 | $1000000 |
| **6/16** | $996000 | $1001651 |
| **7/16** | $1044000 | $1038580 |
| **8/16** | $1036000 | $1040039 |
| **9/16** | $1044000 | $1040235 |
| **10/16** | $1011000 | $1021260 |
| **11/16** | $1044000 | $1059082 |
| **12/16** | $1055044 | $1080016 |
| **1/17** | $1069178 | $1100500 |
| **2/17** | $1121678 | $1144197 |
| **3/17** | $1112592 | $1145531 |
| **4/17** | $1118649 | $1157296 |
| **5/17** | $1135813 | $1173582 |
| **6/17** | $1133793 | $1180907 |
| **7/17** | $1161053 | $1205190 |
| **8/17** | $1169130 | $1208879 |
| **9/17** | $1190332 | $1233816 |
| **10/17** | $1214562 | $1262608 |
| **11/17** | $1249899 | $1301332 |
| **12/17** | $1259035 | $1315801 |
| **1/18** | $1323965 | $1391136 |
| **2/18** | $1281354 | $1339862 |
| **3/18** | $1231642 | $1305812 |
| **4/18** | $1231642 | $1310823 |
| **5/18** | $1260049 | $1342390 |
| **6/18** | $1254976 | $1350652 |
| **7/18** | $1286427 | $1400915 |
| **8/18** | $1322950 | $1446564 |
| **9/18** | $1342226 | $1454798 |
| **10/18** | $1235700 | $1355362 |
| **11/18** | $1245846 | $1382982 |
| **12/18** | $1120552 | $1258111 |
| **1/19** | $1208014 | $1358931 |
| **2/19** | $1258434 | $1402564 |
| **3/19** | $1271811 | $1429818 |
| **4/19** | $1354128 | $1487711 |
| **5/19** | $1275926 | $1393170 |
| **6/19** | $1354128 | $1491355 |
| **7/19** | $1387056 | $1512789 |
| **8/19** | $1367505 | $1488826 |
| **9/19** | $1399403 | $1516682 |
| **10/19** | $1431301 | $1549533 |
| **11/19** | $1492011 | $1605780 |
| **12/19** | $1524006 | $1654245 |
| **1/20** | $1552171 | $1653597 |
| **2/20** | $1414478 | $1517474 |
| **3/20** | $1184991 | $1330046 |
| **4/20** | $1352934 | $1500550 |
| **5/20** | $1456203 | $1572018 |
| **6/20** | $1495842 | $1603281 |
| **7/20** | $1582421 | $1693683 |
| **8/20** | $1726373 | $1815425 |
| **9/20** | $1662742 | $1746445 |
| **10/20** | $1622060 | $1700001 |
| **11/20** | $1813995 | $1886089 |
| **12/20** | $1892867 | $1958606 |
| **1/21** | $1872986 | $1938833 |
| **2/21** | $1988086 | $1992296 |
| **3/21** | $2025755 | $2079550 |
| **4/21** | $2176431 | $2190533 |
| **5/21** | $2183756 | $2205832 |
| **6/21** | $2214100 | $2257327 |
| **7/21** | $2309319 | $2310950 |
| **8/21** | $2391982 | $2381216 |
| **9/21** | $2306180 | $2270466 |
| **10/21** | $2500803 | $2429539 |
| **11/21** | $2475690 | $2412704 |
| **12/21** | $2574114 | $2520832 |
| **1/22** | $2387781 | $2390387 |
| **2/22** | $2346955 | $2318815 |
| **3/22** | $2414998 | $2404912 |
| **4/22** | $2205635 | $2195199 |
| **5/22** | $2186793 | $2199226 |
| **6/22** | $2019303 | $2017694 |
| **7/22** | $2240180 | $2203734 |
| **8/22** | $2143873 | $2113862 |
| **9/22** | $1961728 | $1919178 |
| **10/22** | $2054894 | $2074558 |
| **11/22** | $2170044 | $2190492 |
| **12/22** | $2053865 | $2064288 |
| **1/23** | $2203866 | $2193995 |
| **2/23** | $2138831 | $2140464 |
| **3/23** | $2074844 | $2219049 |
| **4/23** | $2103166 | $2253685 |
| **5/23** | $2075893 | $2263482 |
| **6/23** | $2233237 | $2413042 |
| **7/23** | $2279391 | $2490561 |
| **8/23** | $2259461 | $2450907 |
| **9/23** | $2146173 | $2334053 |
| **10/23** | $2096872 | $2284976 |
| **11/23** | $2306664 | $2493653 |
| **12/23** | $2424895 | $2606941 |
| **1/24** | $2519617 | $2650748 |
| **2/24** | $2691170 | $2792287 |
| **3/24** | $2789050 | $2882128 |
| **4/24** | $2678540 | $2764408 |
| **5/24** | $2858513 | $2901481 |
| **6/24** | $2973232 | $3005592 |
| **7/24** | $2942711 | $3042177 |
| **8/24** | $3020594 | $3115970 |
| **9/24** | $3044801 | $3182518 |
| **10/24** | $3054273 | $3153657 |
| **11/24** | $3243718 | $3338780 |
| **12/24** | $3118664 | $3259190 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class I | 28.61% | 15.40% | 14.14% |
| S&P 500<sup>®</sup> Index | 25.02% | 14.53% | 14.73% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $384870184 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 32% |
| Total Advisory Fees Paid | $1727795 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg068.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.9% |
| Short-Term Investments | 1.3% |
| Materials | 1.7% |
| Health Care | 2.2% |
| Energy | 2.4% |
| Real Estate | 3.7% |
| Consumer Staples | 4.6% |
| Industrials | 6.4% |
| Communication Services | 10.1% |
| Consumer Discretionary | 13.6% |
| Financials | 24.8% |
| Information Technology | 28.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.6% |
| Apple, Inc. | 7.4% |
| Microsoft Corp. | 7.0% |
| Alphabet, Inc. | 6.7% |
| Amazon.com, Inc. | 5.9% |
| JPMorgan Chase & Co. | 5.0% |
| Ameriprise Financial, Inc. | 4.6% |
| Costco Wholesale Corp. | 4.6% |
| Progressive Corp. | 4.3% |
| Brown & Brown, Inc. | 4.1% |
| Total | 59.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MUOIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - US Core Portfolio

# Class R6 MUOSX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - US Core Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $86 | 0.75% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↑Stock selection in an artificial intelligence chip designer and a global provider of entertainment services

↑Underweight to the health care sector

↑Underweight to the lowest quality stocks

↓Not owning the full suite of uber-growth, mega-cap technology stocks

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg031.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **S&P 500<sup>®</sup> Index** |
| **5/16** | $5000000 | $5000000 |
| **5/16** | $5000000 | $5000000 |
| **6/16** | $4980000 | $5008254 |
| **7/16** | $5220000 | $5192902 |
| **8/16** | $5180000 | $5200193 |
| **9/16** | $5220000 | $5201176 |
| **10/16** | $5055000 | $5106301 |
| **11/16** | $5220000 | $5295412 |
| **12/16** | $5276054 | $5400082 |
| **1/17** | $5346738 | $5502502 |
| **2/17** | $5609278 | $5720984 |
| **3/17** | $5563838 | $5727657 |
| **4/17** | $5594132 | $5786480 |
| **5/17** | $5679962 | $5867912 |
| **6/17** | $5669864 | $5904536 |
| **7/17** | $5811232 | $6025949 |
| **8/17** | $5846574 | $6044396 |
| **9/17** | $5952600 | $6169081 |
| **10/17** | $6073773 | $6313039 |
| **11/17** | $6250483 | $6506659 |
| **12/17** | $6298101 | $6579004 |
| **1/18** | $6622902 | $6955678 |
| **2/18** | $6409751 | $6699312 |
| **3/18** | $6161075 | $6529061 |
| **4/18** | $6161075 | $6554113 |
| **5/18** | $6303176 | $6711949 |
| **6/18** | $6277801 | $6753261 |
| **7/18** | $6435127 | $7004574 |
| **8/18** | $6617827 | $7232820 |
| **9/18** | $6714253 | $7273989 |
| **10/18** | $6181375 | $6776810 |
| **11/18** | $6237201 | $6914911 |
| **12/18** | $5603059 | $6290557 |
| **1/19** | $6040798 | $6794656 |
| **2/19** | $6298292 | $7012820 |
| **3/19** | $6365240 | $7149091 |
| **4/19** | $6777230 | $7438555 |
| **5/19** | $6385840 | $6965848 |
| **6/19** | $6777230 | $7456775 |
| **7/19** | $6942026 | $7563945 |
| **8/19** | $6849328 | $7444130 |
| **9/19** | $7003824 | $7583412 |
| **10/19** | $7163470 | $7747667 |
| **11/19** | $7467312 | $8028899 |
| **12/19** | $7629533 | $8271227 |
| **1/20** | $7775753 | $8267984 |
| **2/20** | $7081209 | $7587370 |
| **3/20** | $5932341 | $6650232 |
| **4/20** | $6773104 | $7502750 |
| **5/20** | $7290095 | $7860092 |
| **6/20** | $7488536 | $8016407 |
| **7/20** | $7927194 | $8468413 |
| **8/20** | $8642626 | $9077127 |
| **9/20** | $8324076 | $8732226 |
| **10/20** | $8125635 | $8500003 |
| **11/20** | $9086508 | $9430447 |
| **12/20** | $9481376 | $9793031 |
| **1/21** | $9381848 | $9694163 |
| **2/21** | $9958064 | $9961478 |
| **3/21** | $10146644 | $10397748 |
| **4/21** | $10900963 | $10952663 |
| **5/21** | $10937632 | $11029161 |
| **6/21** | $11089543 | $11286635 |
| **7/21** | $11571469 | $11554748 |
| **8/21** | $11985297 | $11906078 |
| **9/21** | $11550516 | $11352329 |
| **10/21** | $12530084 | $12147693 |
| **11/21** | $12404364 | $12063522 |
| **12/21** | $12900086 | $12604162 |
| **1/22** | $11967045 | $11951934 |
| **2/22** | $11762614 | $11594077 |
| **3/22** | $12103332 | $12024559 |
| **4/22** | $11054970 | $10975996 |
| **5/22** | $10960618 | $10996132 |
| **6/22** | $10121929 | $10088470 |
| **7/22** | $11227950 | $11018672 |
| **8/22** | $10745704 | $10569310 |
| **9/22** | $9828388 | $9595891 |
| **10/22** | $10300150 | $10372788 |
| **11/22** | $10876749 | $10952461 |
| **12/22** | $10299214 | $10321440 |
| **1/23** | $11050636 | $10969976 |
| **2/23** | $10719590 | $10702320 |
| **3/23** | $10404308 | $11095247 |
| **4/23** | $10546185 | $11268427 |
| **5/23** | $10404308 | $11317408 |
| **6/23** | $11197768 | $12065209 |
| **7/23** | $11423720 | $12452804 |
| **8/23** | $11329136 | $12254536 |
| **9/23** | $10756373 | $11670266 |
| **10/23** | $10514657 | $11424881 |
| **11/23** | $11570852 | $12468263 |
| **12/23** | $12158159 | $13034703 |
| **1/24** | $12638156 | $13253742 |
| **2/24** | $13497930 | $13961434 |
| **3/24** | $13988476 | $14410638 |
| **4/24** | $13429359 | $13822041 |
| **5/24** | $14341881 | $14507403 |
| **6/24** | $14916822 | $15027959 |
| **7/24** | $14763856 | $15210885 |
| **8/24** | $15154183 | $15579851 |
| **9/24** | $15275501 | $15912591 |
| **10/24** | $15322973 | $15768286 |
| **11/24** | $16277692 | $16693902 |
| **12/24** | $15646465 | $16295949 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class R6 | 28.69% | 15.45% | 14.19% |
| S&P 500<sup>®</sup> Index | 25.02% | 14.53% | 14.73% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $384870184 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 32% |
| Total Advisory Fees Paid | $1727795 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg099.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.9% |
| Short-Term Investments | 1.3% |
| Materials | 1.7% |
| Health Care | 2.2% |
| Energy | 2.4% |
| Real Estate | 3.7% |
| Consumer Staples | 4.6% |
| Industrials | 6.4% |
| Communication Services | 10.1% |
| Consumer Discretionary | 13.6% |
| Financials | 24.8% |
| Information Technology | 28.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.6% |
| Apple, Inc. | 7.4% |
| Microsoft Corp. | 7.0% |
| Alphabet, Inc. | 6.7% |
| Amazon.com, Inc. | 5.9% |
| JPMorgan Chase & Co. | 5.0% |
| Ameriprise Financial, Inc. | 4.6% |
| Costco Wholesale Corp. | 4.6% |
| Progressive Corp. | 4.3% |
| Brown & Brown, Inc. | 4.1% |
| Total | 59.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MUOSX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio

# Class A MSVEX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $123 | 1.29% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000<sup>®</sup> Health Care Net Index:

↓ Stock selection and average overweight in life sciences tools and services, where a life sciences and technology platform was the largest detractor

↓ Stock selection in biotechnology, led lower by a clinical stage biotechnology company that is a leader in gene editing technology

↓ Stock selection in health care services, where the greatest detractor was a health care services platform offering physicians a value-based care model for their Medicare Advantage patients

↑ Average underweight and stock selection in managed health care, where a diversified health care company was the largest contributor

↑ Stock selection in pharmaceuticals, led by a developer of mental health illness therapies

↑ Stock selection and average overweight in health care technology, led by a digital platform for U.S. medical professionals

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg145.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with maximum sales charge** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Health Care Index** |
| **12/21** | $9479 | $10000 | $10000 |
| **1/22** | $7469 | $9412 | $9161 |
| **2/22** | $7469 | $9175 | $9074 |
| **3/22** | $7517 | $9472 | $9534 |
| **4/22** | $6114 | $8622 | $8948 |
| **5/22** | $5706 | $8611 | $9009 |
| **6/22** | $5706 | $7890 | $8816 |
| **7/22** | $6275 | $8630 | $9157 |
| **8/22** | $5877 | $8308 | $8654 |
| **9/22** | $5526 | $7538 | $8391 |
| **10/22** | $5801 | $8156 | $9131 |
| **11/22** | $6076 | $8582 | $9536 |
| **12/22** | $5682 | $8079 | $9350 |
| **1/23** | $6042 | $8636 | $9276 |
| **2/23** | $5740 | $8434 | $8858 |
| **3/23** | $5944 | $8659 | $9034 |
| **4/23** | $6032 | $8752 | $9319 |
| **5/23** | $5974 | $8786 | $8956 |
| **6/23** | $6402 | $9386 | $9334 |
| **7/23** | $6616 | $9722 | $9415 |
| **8/23** | $6217 | $9534 | $9323 |
| **9/23** | $5721 | $9080 | $8962 |
| **10/23** | $5254 | $8840 | $8593 |
| **11/23** | $5614 | $9664 | $9088 |
| **12/23** | $6188 | $10176 | $9574 |
| **1/24** | $6022 | $10289 | $9801 |
| **2/24** | $6285 | $10846 | $10169 |
| **3/24** | $6314 | $11196 | $10379 |
| **4/24** | $5799 | $10703 | $9817 |
| **5/24** | $5721 | $11209 | $10062 |
| **6/24** | $5750 | $11556 | $10262 |
| **7/24** | $6042 | $11771 | $10570 |
| **8/24** | $6246 | $12027 | $11130 |
| **9/24** | $6227 | $12276 | $10942 |
| **10/24** | $5867 | $12186 | $10469 |
| **11/24** | $6013 | $12996 | $10516 |
| **12/24** | $5623 | $12599 | $9864 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 12/31/21 (Inception)* |
| Class A | (9.12)% | (15.97)% |
| Class A, with 5.25% maximum front end sales charge | (13.86)% | (17.46)% |
| Russell 3000<sup>®</sup> Index | 23.81% | 8.01% |
| Russell 3000<sup>®</sup> Health Care Index | 3.03% | (0.45)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the Russell 3000<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2021737 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Industry Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg251.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference1</sup> | 4.7% |
| Health Care Providers & Services | 6.1% |
| Health Care Technology | 7.8% |
| Health Care Equipment & Supplies | 13.3% |
| Pharmaceuticals | 15.4% |
| Life Sciences Tools & Services | 20.0% |
| Biotechnology | 32.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Industries and/or investment types representing less than 5% of total investments. |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Eli Lilly & Co. | 8.1% |
| Argenx SE | 7.8% |
| Exact Sciences Corp. | 6.1% |
| UnitedHealth Group, Inc. | 5.4% |
| Thermo Fisher Scientific, Inc. | 4.7% |
| Intuitive Surgical, Inc. | 4.5% |
| Vertex Pharmaceuticals, Inc. | 4.0% |
| Alnylam Pharmaceuticals, Inc. | 3.9% |
| Align Technology, Inc. | 3.9% |
| Inspire Medical Systems, Inc. | 3.6% |
| Total | 52.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSVEX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio

# Class C MSVMX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $194 | 2.04% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000<sup>®</sup> Health Care Net Index:

↓ Stock selection and average overweight in life sciences tools and services, where a life sciences and technology platform was the largest detractor

↓ Stock selection in biotechnology, led lower by a clinical stage biotechnology company that is a leader in gene editing technology

↓ Stock selection in health care services, where the greatest detractor was a health care services platform offering physicians a value-based care model for their Medicare Advantage patients

↑ Average underweight and stock selection in managed health care, where a diversified health care company was the largest contributor

↑ Stock selection in pharmaceuticals, led by a developer of mental health illness therapies

↑ Stock selection and average overweight in health care technology, led by a digital platform for U.S. medical professionals

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg037.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Health Care Index** |
| **12/21** | $10000 | $10000 | $10000 |
| **1/22** | $7870 | $9412 | $9161 |
| **2/22** | $7870 | $9175 | $9074 |
| **3/22** | $7920 | $9472 | $9534 |
| **4/22** | $6430 | $8622 | $8948 |
| **5/22** | $6000 | $8611 | $9009 |
| **6/22** | $6000 | $7890 | $8816 |
| **7/22** | $6590 | $8630 | $9157 |
| **8/22** | $6160 | $8308 | $8654 |
| **9/22** | $5800 | $7538 | $8391 |
| **10/22** | $6080 | $8156 | $9131 |
| **11/22** | $6370 | $8582 | $9536 |
| **12/22** | $5955 | $8079 | $9350 |
| **1/23** | $6321 | $8636 | $9276 |
| **2/23** | $6006 | $8434 | $8858 |
| **3/23** | $6209 | $8659 | $9034 |
| **4/23** | $6301 | $8752 | $9319 |
| **5/23** | $6240 | $8786 | $8956 |
| **6/23** | $6678 | $9386 | $9334 |
| **7/23** | $6902 | $9722 | $9415 |
| **8/23** | $6484 | $9534 | $9323 |
| **9/23** | $5955 | $9080 | $8962 |
| **10/23** | $5466 | $8840 | $8593 |
| **11/23** | $5843 | $9664 | $9088 |
| **12/23** | $6433 | $10176 | $9574 |
| **1/24** | $6250 | $10289 | $9801 |
| **2/24** | $6515 | $10846 | $10169 |
| **3/24** | $6545 | $11196 | $10379 |
| **4/24** | $6016 | $10703 | $9817 |
| **5/24** | $5924 | $11209 | $10062 |
| **6/24** | $5955 | $11556 | $10262 |
| **7/24** | $6250 | $11771 | $10570 |
| **8/24** | $6464 | $12027 | $11130 |
| **9/24** | $6433 | $12276 | $10942 |
| **10/24** | $6057 | $12186 | $10469 |
| **11/24** | $6199 | $12996 | $10516 |
| **12/24** | $5802 | $12599 | $9864 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 12/31/21 (Inception)* |
| Class C | (9.81)% | (16.59)% |
| Class C, with 1% maximum contingent deferred sales charge | (10.71)% | (16.59)% |
| Russell 3000<sup>®</sup> Index | 23.81% | 8.01% |
| Russell 3000<sup>®</sup> Health Care Index | 3.03% | (0.45)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the Russell 3000<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2021737 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Industry Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg028.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference1</sup> | 4.7% |
| Health Care Providers & Services | 6.1% |
| Health Care Technology | 7.8% |
| Health Care Equipment & Supplies | 13.3% |
| Pharmaceuticals | 15.4% |
| Life Sciences Tools & Services | 20.0% |
| Biotechnology | 32.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Industries and/or investment types representing less than 5% of total investments. |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Eli Lilly & Co. | 8.1% |
| Argenx SE | 7.8% |
| Exact Sciences Corp. | 6.1% |
| UnitedHealth Group, Inc. | 5.4% |
| Thermo Fisher Scientific, Inc. | 4.7% |
| Intuitive Surgical, Inc. | 4.5% |
| Vertex Pharmaceuticals, Inc. | 4.0% |
| Alnylam Pharmaceuticals, Inc. | 3.9% |
| Align Technology, Inc. | 3.9% |
| Inspire Medical Systems, Inc. | 3.6% |
| Total | 52.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSVMX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio

# Class I MSVDX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $90 | 0.94% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000<sup>®</sup> Health Care Net Index:

↓ Stock selection and average overweight in life sciences tools and services, where a life sciences and technology platform was the largest detractor

↓ Stock selection in biotechnology, led lower by a clinical stage biotechnology company that is a leader in gene editing technology

↓ Stock selection in health care services, where the greatest detractor was a health care services platform offering physicians a value-based care model for their Medicare Advantage patients

↑ Average underweight and stock selection in managed health care, where a diversified health care company was the largest contributor

↑ Stock selection in pharmaceuticals, led by a developer of mental health illness therapies

↑ Stock selection and average overweight in health care technology, led by a digital platform for U.S. medical professionals

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg017.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Health Care Index** |
| **12/21** | $1000000 | $1000000 | $1000000 |
| **1/22** | $788000 | $1000000 | $1000000 |
| **2/22** | $788000 | $917457 | $907372 |
| **3/22** | $794000 | $947215 | $953379 |
| **4/22** | $646000 | $862210 | $894820 |
| **5/22** | $603000 | $861054 | $900867 |
| **6/22** | $603000 | $789019 | $881611 |
| **7/22** | $664000 | $863044 | $915688 |
| **8/22** | $621000 | $830835 | $865423 |
| **9/22** | $585000 | $753793 | $839130 |
| **10/22** | $614000 | $815608 | $913114 |
| **11/22** | $643000 | $858180 | $953565 |
| **12/22** | $601613 | $807931 | $934961 |
| **1/23** | $639729 | $863575 | $927595 |
| **2/23** | $607794 | $843391 | $885782 |
| **3/23** | $629427 | $865943 | $903354 |
| **4/23** | $639729 | $875169 | $931932 |
| **5/23** | $633548 | $878574 | $895638 |
| **6/23** | $678875 | $938567 | $933380 |
| **7/23** | $701538 | $972212 | $941516 |
| **8/23** | $660332 | $953445 | $932286 |
| **9/23** | $606764 | $908028 | $896189 |
| **10/23** | $557316 | $883958 | $859316 |
| **11/23** | $596462 | $966385 | $908767 |
| **12/23** | $657241 | $1017644 | $957414 |
| **1/24** | $639729 | $1028922 | $980128 |
| **2/24** | $667543 | $1084618 | $1016888 |
| **3/24** | $670633 | $1119605 | $1037863 |
| **4/24** | $617065 | $1070341 | $981651 |
| **5/24** | $607794 | $1120911 | $1006202 |
| **6/24** | $611914 | $1155612 | $1026170 |
| **7/24** | $642819 | $1177093 | $1056953 |
| **8/24** | $665483 | $1202717 | $1113025 |
| **9/24** | $663422 | $1227596 | $1094200 |
| **10/24** | $624276 | $1218581 | $1046893 |
| **11/24** | $639729 | $1299646 | $1051566 |
| **12/24** | $598963 | $1259922 | $986422 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 12/31/21 (Inception)* |
| Class I | (8.87)% | (15.71)% |
| Russell 3000<sup>®</sup> Index | 23.81% | 8.01% |
| Russell 3000<sup>®</sup> Health Care Index | 3.03% | (0.45)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the Russell 3000<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2021737 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Industry Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg129.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference1</sup> | 4.7% |
| Health Care Providers & Services | 6.1% |
| Health Care Technology | 7.8% |
| Health Care Equipment & Supplies | 13.3% |
| Pharmaceuticals | 15.4% |
| Life Sciences Tools & Services | 20.0% |
| Biotechnology | 32.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Industries and/or investment types representing less than 5% of total investments. |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Eli Lilly & Co. | 8.1% |
| Argenx SE | 7.8% |
| Exact Sciences Corp. | 6.1% |
| UnitedHealth Group, Inc. | 5.4% |
| Thermo Fisher Scientific, Inc. | 4.7% |
| Intuitive Surgical, Inc. | 4.5% |
| Vertex Pharmaceuticals, Inc. | 4.0% |
| Alnylam Pharmaceuticals, Inc. | 3.9% |
| Align Technology, Inc. | 3.9% |
| Inspire Medical Systems, Inc. | 3.6% |
| Total | 52.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSVDX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio

# Class R6 MSVOX
![Image](tm2521106d1_tsrimg016.jpg)

#### Annual Shareholder Report December 31, 2024
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $85 | 0.89% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000<sup>®</sup> Health Care Net Index:

↓ Stock selection and average overweight in life sciences tools and services, where a life sciences and technology platform was the largest detractor

↓ Stock selection in biotechnology, led lower by a clinical stage biotechnology company that is a leader in gene editing technology

↓ Stock selection in health care services, where the greatest detractor was a health care services platform offering physicians a value-based care model for their Medicare Advantage patients

↑ Average underweight and stock selection in managed health care, where a diversified health care company was the largest contributor

↑ Stock selection in pharmaceuticals, led by a developer of mental health illness therapies

↑ Stock selection and average overweight in health care technology, led by a digital platform for U.S. medical professionals

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2521106d1_tsrimg165.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Health Care Index** |
| **12/21** | $5000000 | $5000000 | $5000000 |
| **1/22** | $3940000 | $5000000 | $5000000 |
| **2/22** | $3940000 | $4587283 | $4536861 |
| **3/22** | $3970000 | $4736077 | $4766894 |
| **4/22** | $3230000 | $4311050 | $4474101 |
| **5/22** | $3015000 | $4305270 | $4504337 |
| **6/22** | $3015000 | $3945097 | $4408054 |
| **7/22** | $3320000 | $4315218 | $4578438 |
| **8/22** | $3105000 | $4154177 | $4327117 |
| **9/22** | $2925000 | $3768964 | $4195651 |
| **10/22** | $3070000 | $4078042 | $4565570 |
| **11/22** | $3215000 | $4290900 | $4767824 |
| **12/22** | $3009649 | $4039653 | $4674807 |
| **1/23** | $3200329 | $4317875 | $4637974 |
| **2/23** | $3045724 | $4216955 | $4428911 |
| **3/23** | $3148794 | $4329713 | $4516770 |
| **4/23** | $3200329 | $4375843 | $4659658 |
| **5/23** | $3169408 | $4392868 | $4478189 |
| **6/23** | $3401316 | $4692837 | $4666900 |
| **7/23** | $3514693 | $4861060 | $4707578 |
| **8/23** | $3303399 | $4767224 | $4661431 |
| **9/23** | $3035417 | $4540141 | $4480944 |
| **10/23** | $2788048 | $4419788 | $4296581 |
| **11/23** | $2983882 | $4831926 | $4543835 |
| **12/23** | $3293092 | $5088220 | $4787072 |
| **1/24** | $3205483 | $5144611 | $4900641 |
| **2/24** | $3344627 | $5423092 | $5084442 |
| **3/24** | $3360088 | $5598026 | $5189317 |
| **4/24** | $3092105 | $5351704 | $4908256 |
| **5/24** | $3045724 | $5604556 | $5031012 |
| **6/24** | $3061184 | $5778058 | $5130849 |
| **7/24** | $3220943 | $5885467 | $5284765 |
| **8/24** | $3334320 | $6013585 | $5565123 |
| **9/24** | $3324013 | $6137982 | $5471002 |
| **10/24** | $3128180 | $6092907 | $5234464 |
| **11/24** | $3205483 | $6498232 | $5257829 |
| **12/24** | $3003083 | $6299612 | $4932111 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 12/31/21 (Inception)* |
| Class R6 | (8.81)% | (15.63)% |
| Russell 3000<sup>®</sup> Index | 23.81% | 8.01% |
| Russell 3000<sup>®</sup> Health Care Index | 3.03% | (0.45)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the Russell 3000<sup>®</sup> Index effective May 1, 2024. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2021737 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Industry Weightings (% of total investments)
![Group By Asset Type Chart](tm2521106d1_tsrimg136.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference1</sup> | 4.7% |
| Health Care Providers & Services | 6.1% |
| Health Care Technology | 7.8% |
| Health Care Equipment & Supplies | 13.3% |
| Pharmaceuticals | 15.4% |
| Life Sciences Tools & Services | 20.0% |
| Biotechnology | 32.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Industries and/or investment types representing less than 5% of total investments. |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Eli Lilly & Co. | 8.1% |
| Argenx SE | 7.8% |
| Exact Sciences Corp. | 6.1% |
| UnitedHealth Group, Inc. | 5.4% |
| Thermo Fisher Scientific, Inc. | 4.7% |
| Intuitive Surgical, Inc. | 4.5% |
| Vertex Pharmaceuticals, Inc. | 4.0% |
| Alnylam Pharmaceuticals, Inc. | 3.9% |
| Align Technology, Inc. | 3.9% |
| Inspire Medical Systems, Inc. | 3.6% |
| Total | 52.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2521106d1_tsrimg176.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2024

## MSVOX -TSR-AR
(b) Not applicable.

**Item 2. Code of Ethics**

The registrant has adopted a code of ethics (the "Code of Ethics") that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1 (212) 259-1155. The Registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

**Item 3. Audit Committee Financial Expert**

The registrant's Board of Directors has determined that Jakki L. Haussler, an "independent" Trustee, is an "audit committee financial expert" serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or the liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Directors in the absence of such designation or identification.

**Item 4. Principal Accountant Fees and Services**

(a) – (d)

The following table presents the aggregate fees billed to the registrant for the registrant's fiscal years ended December 31, 2023 and December 31, 2024 by the registrant's principal accountant, Ernst & Young LLP, for professional services rendered for the audit of the registrant's annual financial statements and fees billed for other services rendered by Ernst & Young LLP during those periods.

2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Registrant |  | Covered Entities(1) |  |
| Audit Fees | $1576082 |  | $N/A |  |
| Non-Audit Fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Audit Related Fees | $— | (2) | $— | (2) |
| &nbsp;&nbsp;&nbsp;Tax Fees | $— | (3) | $— | (4) |
| &nbsp;&nbsp;&nbsp;All Other Fees | $— |  | $— | (5) |
| Total Non-Audit Fees | $— |  | $— |  |
| Total | $1576082 |  | $— |  |

---

2023

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Registrant |  | Covered Entities(1) |  |
| Audit Fees | $1768833 |  | $N/A |  |
| Non-Audit Fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Audit Related Fees | $— | (2) | $— | (2) |
| &nbsp;&nbsp;&nbsp;Tax Fees | $— | (3) | $— | (4) |
| &nbsp;&nbsp;&nbsp;All Other Fees | $— |  | $1627962 | (5) |
| Total Non-Audit Fees | $— |  | $1627962 |  |
| Total | $1768833 |  | $1627962 |  |

---

N/A – Not applicable, as not required by Item 4.

(1) Covered Entities include the Adviser (excluding sub-advisors) and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant.

(2) Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Covered Entities' and funds advised by the Adviser or its affiliates, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.

(3) Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the preparation and review of the Registrant's tax returns.

(4) Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of Covered Entities' tax returns.

(5) The Fees included under "All Other Fees" are for services provided by Ernst & Young LLP related to surprise examinations for certain investment accounts to satisfy SEC Custody Rules and consulting services related to merger integration for sister entity to the Adviser.

(e)(1) The registrant's audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant's principal accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the Audit Committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant's audit committee at least annually. The registrant's audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant's principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant's audit committee pursuant to the "de minimis exception" set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) See table above.

(h) The registrant's audit committee has considered whether the provision by the registrant's principal accountant of non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants**

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act whose members are:

Nancy C. Everett, Eddie A. Grier and Jakki L. Haussler.

**Item 6. Schedule of Investments**

(a) Please
 see the schedule of investments contained in the Financial Statements and Financial Highlights
 included under Item 7 of this Form N-CSR.

(b) Not
 applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

![](j2538662_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Advantage Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j2538662_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsolidatedPortfolioofInvestments-2) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsolidatedStatementofAssetsandLiabilities-2) | 4 |
| [Consolidated Statement of Operations](#ConsolidatedStatementofOperations-2) | 6 |
| [Consolidated Statements of Changes in Net Assets](#ConsolidatedStatementsofChangesinNetAssets-2) | 7 |
| [Consolidated Financial Highlights](#ConsolidatedFinancialHighlights-2) | 9 |
| [Notes to Consolidated Financial Statements](#NotestoConsolidatedFinancialStatements-2) | 14 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-2) | 24 |
| [Federal Tax Notice](#FederalTaxNotice-2) | 25 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments

**Advantage Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (94.9%)** | **Common Stocks (94.9%)** | **Common Stocks (94.9%)** |
| Automobiles (9.5%) | Automobiles (9.5%) | Automobiles (9.5%) |
| Tesla, Inc. (a) | 45805 | $18498 |
| Biotechnology (1.0%) | Biotechnology (1.0%) | Biotechnology (1.0%) |
| Roivant Sciences Ltd. (a) | 172772 | 2044 |
| Broadline Retail (9.8%) | Broadline Retail (9.8%) | Broadline Retail (9.8%) |
| Amazon.com, Inc. (a) | 43616 | 9569 |
| MercadoLibre, Inc. (a) | 5634 | 9580 |
|  |  | 19149 |
| Capital Markets (2.0%) | Capital Markets (2.0%) | Capital Markets (2.0%) |
| Coinbase Global, Inc., Class A (a) | 3373 | 837 |
| Intercontinental Exchange, Inc. | 20339 | 3031 |
|  |  | 3868 |
| Entertainment (5.4%) | Entertainment (5.4%) | Entertainment (5.4%) |
| ROBLOX Corp., Class A (a) | 183185 | 10599 |
| Financial Services (6.0%) | Financial Services (6.0%) | Financial Services (6.0%) |
| Adyen NV (Netherlands) (a) | 4765 | 7081 |
| Block, Inc., Class A (a) | 54937 | 4669 |
|  |  | 11750 |
| Ground Transportation (2.6%) | Ground Transportation (2.6%) | Ground Transportation (2.6%) |
| Uber Technologies, Inc. (a) | 34959 | 2109 |
| Union Pacific Corp. | 13126 | 2993 |
|  |  | 5102 |
| Hotels, Restaurants & Leisure (10.0%) | Hotels, Restaurants & Leisure (10.0%) | Hotels, Restaurants & Leisure (10.0%) |
| Airbnb, Inc., Class A (a) | 54101 | 7110 |
| DoorDash, Inc., Class A (a) | 74124 | 12434 |
|  |  | 19544 |
| Information Technology Services (20.6%) | Information Technology Services (20.6%) | Information Technology Services (20.6%) |
| Cloudflare, Inc., Class A (a) | 170645 | 18375 |
| Shopify, Inc., Class A (Canada) (a) | 115726 | 12305 |
| Snowflake, Inc., Class A (a) | 61470 | 9492 |
|  |  | 40172 |
| Life Sciences Tools & Services (1.6%) | Life Sciences Tools & Services (1.6%) | Life Sciences Tools & Services (1.6%) |
| Danaher Corp. | 13281 | 3049 |
| Media (5.3%) | Media (5.3%) | Media (5.3%) |
| Trade Desk, Inc., Class A (a) | 88058 | 10350 |
| Pharmaceuticals (3.2%) | Pharmaceuticals (3.2%) | Pharmaceuticals (3.2%) |
| Royalty Pharma PLC, Class A | 244112 | 6227 |
| Semiconductors & Semiconductor Equipment (3.6%) | Semiconductors & Semiconductor Equipment (3.6%) | Semiconductors & Semiconductor Equipment (3.6%) |
| ASML Holding NV (Registered) (Netherlands) | 10205 | 7073 |
| Software (7.5%) | Software (7.5%) | Software (7.5%) |
| Crowdstrike Holdings, Inc., Class A (a) | 20941 | 7165 |
| MicroStrategy, Inc., Class A (a) | 15277 | 4424 |
| Procore Technologies, Inc. (a) | 40606 | 3043 |
|  |  | 14632 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Specialized REITs (1.6%) | Specialized REITs (1.6%) | Specialized REITs (1.6%) |
| American Tower Corp. REIT | 16692 | $3062 |
| Specialty Retail (2.4%) | Specialty Retail (2.4%) | Specialty Retail (2.4%) |
| Floor & Decor Holdings, Inc., Class A (a) | 46864 | 4672 |
| Textiles, Apparel & Luxury Goods (2.8%) | Textiles, Apparel & Luxury Goods (2.8%) | Textiles, Apparel & Luxury Goods (2.8%) |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 8222 | 5408 |
| **Total Common Stocks (Cost $127,665)** | **Total Common Stocks (Cost $127,665)** | 185199 |
| **Investment Company (3.0%)** | **Investment Company (3.0%)** | **Investment Company (3.0%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $4,238)** | 109531 | 5810 |
| **Short-Term Investment (2.3%)** | **Short-Term Investment (2.3%)** | **Short-Term Investment (2.3%)** |
| Investment Company (2.3%) | Investment Company (2.3%) | Investment Company (2.3%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $4,426)** | 4426161 | 4426 |
| **Total Investments Excluding Purchased <br>Options (100.2%) (Cost $136,329)** | **Total Investments Excluding Purchased <br>Options (100.2%) (Cost $136,329)** | 195435 |
| **Total Purchased Options Outstanding (0.3%)<br>(Cost $927)** | **Total Purchased Options Outstanding (0.3%)<br>(Cost $927)** | 583 |
| **Total Investments (100.5%) (Cost $137,256) (b)(c)(d)** | **Total Investments (100.5%) (Cost $137,256) (b)(c)(d)** | 196018 |
| Liabilities in Excess of Other Assets (–0.5%) | Liabilities in Excess of Other Assets (–0.5%) | (1022) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $194996 |

---

(a) Non-income producing security.

(b) The approximate fair value and percentage of net assets, $12,489,000 and 6.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements.

(c) Securities are available for collateral in connection with purchased options.

(d) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $144,886,000. The aggregate gross unrealized appreciation is approximately $63,014,000 and the aggregate gross unrealized depreciation is approximately $11,881,000, resulting in net unrealized appreciation of approximately $51,133,000.

ETF Exchange Traded Fund.

REIT Real Estate Investment Trust.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments (cont'd)

**Advantage Portfolio**

**Call Options Purchased:**

The Fund had the following call options purchased open at December 31, 2024:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** | **Premiums<br>Paid<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.66 | Sep-25 | 19367044 | $19367 | $121 |  | $80 | $41 |
| Goldman Sachs International | USD/CNH CNH | 7.69 | Jan-25 | 51817605 | 51818 |  | @ | 196 | (196) |
| Standard Chartered Bank | USD/CNH CNH | 7.76 | Oct-25 | 36830549 | 36831 | 206 |  | 160 | 46 |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.77 | Jul-25 | 17819117 | 17819 | 68 |  | 78 | (10) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.78 | Mar-25 | 48537601 | 48538 | 35 |  | 206 | (171) |
| Goldman Sachs International | USD/CNH CNH | 8.02 | Dec-25 | 43649426 | 43649 | 153 |  | 207 | (54) |
|  |  |  |  |  |  | $583 |  | $927 | $(344) |

---

@ Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 26.1% |
| Information Technology Services | 20.5 |
| Hotels, Restaurants & Leisure | 10.0 |
| Broadline Retail | 9.8 |
| Automobiles | 9.4 |
| Software | 7.5 |
| Financial Services | 6.0 |
| Entertainment | 5.4 |
| Media | 5.3 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Advantage Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $132,830) | $191592 |
| Investment in Security of Affiliated Issuer, at Value (Cost $4,426) | 4426 |
| Total Investments in Securities, at Value (Cost $137,256) | 196018 |
| Foreign Currency, at Value (Cost $2) | 2 |
| Receivable for Fund Shares Sold | 172 |
| Dividends Receivable | 30 |
| Receivable from Affiliate | 22 |
| Tax Reclaim Receivable | 3 |
| Other Assets | 54 |
| **Total Assets** | 196301 |
| **Liabilities:** | **Liabilities:** |
| Payable for Fund Shares Redeemed | 357 |
| Payable for Investments Purchased | 306 |
| Due to Broker | 300 |
| Payable for Advisory Fees | 227 |
| Payable for Shareholder Services Fees — Class A | 10 |
| Payable for Distribution and Shareholder Services Fees — Class L |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 16 |
| Payable for Professional Fees | 15 |
| Payable for Administration Fees | 14 |
| Payable for Sub Transfer Agency Fees — Class I | 8 |
| Payable for Sub Transfer Agency Fees — Class A | 2 |
| Payable for Sub Transfer Agency Fees — Class L |  |
| Payable for Sub Transfer Agency Fees — Class C | 2 |
| Payable for Custodian Fees | 7 |
| Payable for Transfer Agency Fees — Class I | 1 |
| Payable for Transfer Agency Fees — Class A | 1 |
| Payable for Transfer Agency Fees — Class L |  |
| Payable for Transfer Agency Fees — Class C | 1 |
| Payable for Transfer Agency Fees — Class R6 |  |
| Other Liabilities | 38 |
| **Total Liabilities** | 1305 |
| **Net Assets** | $194996 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $292607 |
| Total Accumulated Loss | (97611 |
| **Net Assets** | $194996 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Advantage Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $104895 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 4412725 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $23.77 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $46723 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 2086011 |
| **Net Asset Value, Redemption Price Per Share** | $22.40 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $1.24 |
| **Maximum Offering Price Per Share** | $23.64 |
| **CLASS L:** | **CLASS L:** |
| **Net Assets** | $1659 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 70735 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $23.45 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $18241 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 892098 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $20.45 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $23478 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 980963 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $23.93 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Advantage Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $4 of Foreign Taxes Withheld) | $582 |
| Dividends from Security of Affiliated Issuer (Note G) | 157 |
| Total Investment Income | 739 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 1163 |
| Shareholder Services Fees — Class A (Note D) | 105 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 11 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 189 |
| Professional Fees | 192 |
| Sub Transfer Agency Fees — Class I | 90 |
| Sub Transfer Agency Fees — Class A | 39 |
| Sub Transfer Agency Fees — Class L | 1 |
| Sub Transfer Agency Fees — Class C | 14 |
| Administration Fees (Note C) | 143 |
| Registration Fees | 74 |
| Shareholder Reporting Fees | 43 |
| Transfer Agency Fees — Class I (Note E) | 9 |
| Transfer Agency Fees — Class A (Note E) | 6 |
| Transfer Agency Fees — Class L (Note E) | 3 |
| Transfer Agency Fees — Class C (Note E) | 6 |
| Transfer Agency Fees — Class R6 (Note E) | 3 |
| Custodian Fees (Note F) | 23 |
| Directors' Fees and Expenses | 4 |
| Pricing Fees | 2 |
| Interest Expenses | 1 |
| Other Expenses | 27 |
| Total Expenses | 2148 |
| Waiver of Advisory Fees (Note B) | (223 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (58 |
| Reimbursement of Class Specific Expenses — Class L (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (3 |
| Distribution Fees — Class L Shares waived (Note D) | (11 |
| Rebate from Morgan Stanley Affiliate (Note G) | (6 |
| Net Expenses | 1845 |
| **Net Investment Loss** | (1106 |
| **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 30803 |
| Foreign Currency Transaction | 1 |
| Net Realized Gain | 30804 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | 23324 |
| Foreign Currency Translation | (— |
| Net Change in Unrealized Appreciation (Depreciation) | 23324 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 54128 |
| Net Increase in Net Assets Resulting from Operations | $53022 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Advantage Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Loss | $(1106) | $(1566) |
| Net Realized Gain (Loss) | 30804 | (8250) |
| Net Change in Unrealized Appreciation (Depreciation) | 23324 | 89276 |
| Net Increase in Net Assets Resulting from Operations | 53022 | 79460 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (1623) |  |
| **Class A** | (593) |  |
| **Class L** | (23) |  |
| **Class C** | (117) |  |
| **Class R6** | (339) |  |
| Total Dividends and Distributions to Shareholders | (2695) |  |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 14034 | 45229 |
| Distributions Reinvested | 1553 |  |
| Redeemed | (61067) | (83720) |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 4999 | 5695 |
| Distributions Reinvested | 582 |  |
| Redeemed | (17153) | (15983) |
| **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested | 23 |  |
| Redeemed | (417) | (213) |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 1113 | 1188 |
| Distributions Reinvested | 115 |  |
| Redeemed | (9926) | (7762) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 17997 | 603 |
| Distributions Reinvested | 339 |  |
| Redeemed | (14953) | (9070) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (62761) | (64033) |
| Total Increase (Decrease) in Net Assets | (12434) | 15427 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 207430 | 192003 |
| End of Period | $194996 | $207430 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Advantage Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets (cont'd) | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 725 | 3161 |
| Shares Issued on Distributions Reinvested | 61 |  |
| Shares Redeemed | (3187) | (5625) |
| Net Decrease in Class I Shares Outstanding | (2401) | (2464) |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 261 | 398 |
| Shares Issued on Distributions Reinvested | 24 |  |
| Shares Redeemed | (961) | (1121) |
| Net Decrease in Class A Shares Outstanding | (676) | (723) |
| **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested | 1 |  |
| Shares Redeemed | (23) | (13) |
| Net Decrease in Class L Shares Outstanding | (22) | (13) |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 59 | 96 |
| Shares Issued on Distributions Reinvested | 5 |  |
| Shares Redeemed | (601) | (603) |
| Net Decrease in Class C Shares Outstanding | (537) | (507) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 791 | 42 |
| Shares Issued on Distributions Reinvested | 13 |  |
| Shares Redeemed | (794) | (562) |
| Net Increase (Decrease) in Class R6 Shares Outstanding | 10 | (520) |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Advantage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $17.70 | $12.10 | $33.57 | $43.28 | $26.06 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.08) | (0.08) | (0.14) | (0.32) | (0.19) |
| Net Realized and Unrealized Gain (Loss) | 6.51 | 5.68 | (17.90) | (1.61) | 19.64 |
| Total from Investment Operations | 6.43 | 5.60 | (18.04) | (1.93) | 19.45 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.36) |  |  |  |  |
| Net Realized Gain |  |  | (3.43) | (7.78) | (2.23) |
| Total Distributions | (0.36) |  | (3.43) | (7.78) | (2.23) |
| **Net Asset Value, End of Period** | $23.77 | $17.70 | $12.10 | $33.57 | $43.28 |
| **Total Return<sup>(3)</sup>** | 36.16% | 46.28%<sup>(4)</sup> | (54.54)% | (4.45)% | 74.79% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $104895 | $120584 | $112250 | $576158 | $656030 |
| Ratio of Expenses Before Expense Limitation | 1.03% | 1.01% | 0.97% | 0.88% | 0.89% |
| Ratio of Expenses After Expense Limitation | 0.85%<sup>(5)</sup> | 0.81%<sup>(5)(6)</sup> | 0.85%<sup>(5)</sup> | 0.85%<sup>(5)</sup> | 0.84%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 0.85%<sup>(5)</sup> | N/A | 0.85%<sup>(5)</sup> | N/A | N/A |
| Ratio of Net Investment Loss | (0.43)%<sup>(5)</sup> | (0.54)%<sup>(5)(6)</sup> | (0.68)%<sup>(5)</sup> | (0.73)%<sup>(5)</sup> | (0.54)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% |
| Portfolio Turnover Rate | 57% | 42% | 51% | 69% | 73% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.85% | (0.58)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Advantage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $16.70 | $11.45 | $32.26 | $42.02 | $25.42 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.14) | (0.12) | (0.19) | (0.44) | (0.28) |
| Net Realized and Unrealized Gain (Loss) | 6.13 | 5.37 | (17.19) | (1.54) | 19.11 |
| Total from Investment Operations | 5.99 | 5.25 | (17.38) | (1.98) | 18.83 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.29) |  |  |  |  |
| Net Realized Gain |  |  | (3.43) | (7.78) | (2.23) |
| Total Distributions | (0.29) |  | (3.43) | (7.78) | (2.23) |
| **Net Asset Value, End of Period** | $22.40 | $16.70 | $11.45 | $32.26 | $42.02 |
| **Total Return<sup>(3)</sup>** | 35.75% | 45.85%<sup>(4)</sup> | (54.71)% | (4.72)% | 74.27% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $46723 | $46114 | $39913 | $117424 | $130176 |
| Ratio of Expenses Before Expense Limitation | 1.29% | 1.26% | 1.23% | 1.14% | N/A |
| Ratio of Expenses After Expense Limitation | 1.17%<sup>(5)</sup> | 1.13%<sup>(5)(6)</sup> | 1.19%<sup>(5)</sup> | 1.14%<sup>(5)</sup> | 1.15%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 1.17%<sup>(5)</sup> | N/A | 1.19%<sup>(5)</sup> | N/A | N/A |
| Ratio of Net Investment Loss | (0.76)%<sup>(5)</sup> | (0.87)%<sup>(5)(6)</sup> | (1.02)%<sup>(5)</sup> | (1.02)%<sup>(5)</sup> | (0.84)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% |
| Portfolio Turnover Rate | 57% | 42% | 51% | 69% | 73% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.18% | (0.92)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Advantage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $17.47 | $11.96 | $33.31 | $43.04 | $25.95 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.11) | (0.10) | (0.16) | (0.36) | (0.21) |
| Net Realized and Unrealized Gain (Loss) | 6.42 | 5.61 | (17.76) | (1.59) | 19.53 |
| Total from Investment Operations | 6.31 | 5.51 | (17.92) | (1.95) | 19.32 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.33) |  |  |  |  |
| Net Realized Gain |  |  | (3.43) | (7.78) | (2.23) |
| Total Distributions | (0.33) |  | (3.43) | (7.78) | (2.23) |
| **Net Asset Value, End of Period** | $23.45 | $17.47 | $11.96 | $33.31 | $43.04 |
| **Total Return<sup>(3)</sup>** | 35.97% | 46.07%<sup>(4)</sup> | (54.61)% | (4.54)% | 74.65% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1659 | $1616 | $1261 | $4120 | $5391 |
| Ratio of Expenses Before Expense Limitation | 1.95% | 1.92% | 1.79% | 1.65% | 1.66% |
| Ratio of Expenses After Expense Limitation | 0.99%<sup>(5)</sup> | 0.94%<sup>(5)(6)</sup> | 0.99%<sup>(5)</sup> | 0.94%<sup>(5)</sup> | 0.95%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 0.99%<sup>(5)</sup> | N/A | 0.99%<sup>(5)</sup> | N/A | N/A |
| Ratio of Net Investment Loss | (0.57)%<sup>(5)</sup> | (0.68)%<sup>(5)(6)</sup> | (0.81)%<sup>(5)</sup> | (0.82)%<sup>(5)</sup> | (0.64)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% |
| Portfolio Turnover Rate | 57% | 42% | 51% | 69% | 73% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class L shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class L shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.99% | (0.73)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Advantage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $15.26 | $10.55 | $30.48 | $40.44 | $24.68 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.25) | (0.21) | (0.31) | (0.71) | (0.50) |
| Net Realized and Unrealized Gain (Loss) | 5.57 | 4.92 | (16.19) | (1.47) | 18.49 |
| Total from Investment Operations | 5.32 | 4.71 | (16.50) | (2.18) | 17.99 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.13) |  |  |  |  |
| Net Realized Gain |  |  | (3.43) | (7.78) | (2.23) |
| Total Distributions | (0.13) |  | (3.43) | (7.78) | (2.23) |
| **Net Asset Value, End of Period** | $20.45 | $15.26 | $10.55 | $30.48 | $40.44 |
| **Total Return<sup>(3)</sup>** | 34.81% | 44.64%<sup>(4)</sup> | (55.02)% | (5.41)% | 73.10% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $18241 | $21811 | $20422 | $68793 | $71419 |
| Ratio of Expenses Before Expense Limitation | 2.04% | 2.01% | 1.95% | 1.84% | N/A |
| Ratio of Expenses After Expense Limitation | 1.92%<sup>(5)</sup> | 1.89%<sup>(5)(6)</sup> | 1.90%<sup>(5)</sup> | 1.84%<sup>(5)</sup> | 1.85%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 1.92%<sup>(5)</sup> | N/A | 1.90%<sup>(5)</sup> | N/A | N/A |
| Ratio of Net Investment Loss | (1.50)%<sup>(5)</sup> | (1.62)%<sup>(5)(6)</sup> | (1.72)%<sup>(5)</sup> | (1.72)%<sup>(5)</sup> | (1.55)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% |
| Portfolio Turnover Rate | 57% | 42% | 51% | 69% | 73% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.93% | (1.66)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Advantage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $17.82 | $12.18 | $33.74 | $43.41 | $26.12 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(3)</sup> | (0.08) | (0.07) | (0.13) | (0.29) | (0.16) |
| Net Realized and Unrealized Gain (Loss) | 6.55 | 5.71 | (18.00) | (1.60) | 19.68 |
| Total from Investment Operations | 6.47 | 5.64 | (18.13) | (1.89) | 19.52 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.36) |  |  |  |  |
| Net Realized Gain |  |  | (3.43) | (7.78) | (2.23) |
| Total Distributions | (0.36) |  | (3.43) | (7.78) | (2.23) |
| **Net Asset Value, End of Period** | $23.93 | $17.82 | $12.18 | $33.74 | $43.41 |
| **Total Return<sup>(4)</sup>** | 36.19% | 46.31%<sup>(5)</sup> | (54.53)% | (4.36)% | 74.93% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $23478 | $17305 | $18157 | $47842 | $41263 |
| Ratio of Expenses Before Expense Limitation | 0.96% | 0.90% | 0.86% | 0.77% | N/A |
| Ratio of Expenses After Expense Limitation | 0.81%<sup>(6)</sup> | 0.77%<sup>(6)(7)</sup> | 0.81%<sup>(6)</sup> | 0.77%<sup>(6)</sup> | 0.79%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 0.81%<sup>(6)</sup> | N/A | 0.81%<sup>(6)</sup> | N/A | N/A |
| Ratio of Net Investment Loss | (0.39)%<sup>(6)</sup> | (0.50)%<sup>(6)(7)</sup> | (0.64)%<sup>(6)</sup> | (0.65)%<sup>(6)</sup> | (0.47)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 57% | 42% | 51% | 69% | 73% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.81% | (0.54)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying consolidated financial statements relate to the Advantage Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued five classes of shares — Class I, Class A, Class L, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. On April 30, 2015, the Fund suspended offering of Class L shares. Existing Class L shareholders may invest through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi- Class Fund, even though Class L shares are closed to investors.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Advantage Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoin ETFs"). The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and

accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of December 31, 2024, the Subsidiary represented approximately $5,813,000 or approximately 2.98% of the net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

**1. Security Valuation:** (1) 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; (2) 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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; (3) 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 a reputable broker/ dealer or valued by a pricing service/vendor; (4) 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"), 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; (5) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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; (6) 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 (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

• 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobiles | $18498 | $— | $— | $18498 |
| Biotechnology | 2044 |  |  | 2044 |
| Broadline Retail | 19149 |  |  | 19149 |
| Capital Markets | 3868 |  |  | 3868 |
| Entertainment | 10599 |  |  | 10599 |
| Financial Services | 4669 | 7081 |  | 11750 |
| Ground Transportation | 5102 |  |  | 5102 |
| Hotels, Restaurants & <br>Leisure | 19544 |  |  | 19544 |
| Information Technology <br>Services | 40172 |  |  | 40172 |
| Life Sciences Tools & <br>Services | 3049 |  |  | 3049 |
| Media | 10350 |  |  | 10350 |
| Pharmaceuticals | 6227 |  |  | 6227 |
| Semiconductors & <br>Semiconductor <br>Equipment | 7073 |  |  | 7073 |
| Software | 14632 |  |  | 14632 |
| Specialized REITs | 3062 |  |  | 3062 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Specialty Retail | $4672 | $— | $— | $4672 |
| Textiles, Apparel & <br>Luxury Goods |  | 5408 |  | 5408 |
| **Total Common Stocks** | **172710** | **12489** | **—** | **185199** |
| **Investment Company** | 5810 |  |  | 5810 |
| **Call Options Purchased** |  | 583 |  | 583 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 4426 |  |  | 4426 |
| **Total Assets** | $**182946** | $**13072** | $**—** | $**196018** |

---

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

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Derivatives:** The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. 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 and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

**Options:** With respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency ex-change risk in the normal course of pursuing its investment objectives. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium paid by the Fund. The Fund may purchase and/or sell put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Consolidated Statement of Assets and Liabilities. Upon the exercise or closing of a purchased call option, the premium paid is added to the cost of the security or financial instrument purchased. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. As the buyer of a call option, the Fund pays the premium to the option writer and has the right to purchase the underlying security from the option writer at the exercise price. If the market price of the underlying security rises above the exercise price, the Fund could exercise the option and acquire the underlying security at a below-market price, which could result in a gain to the Fund, minus the premium paid. As the buyer of a put option, the Fund pays the premium to the option writer and has the right to sell the underlying security to the option writer at the exercise price. If the market price of the underlying security declines below the exercise price, the Fund could exercise the option and sell the underlying security at an above-market price, which could result in a gain to the Fund, minus the premium paid. Premiums paid for purchasing options which expired are treated as realized losses. When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments

are accounted for and their effects on the Fund's financial position and results of operations.

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<br>Consolidated Statement of<br>Assets and Liabilities<br>Location** | **Primary Risk<br>Exposure** | **Value <br>(000)** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | Currency Risk | $583<br> (a) |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended December 31, 2024 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $(679)(a) |

---

(a) Amounts are included in Realized Gain on Investments Sold in the Consolidated Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $213<br> (a) |

---

(a) Amounts are included in Change in Unrealized Appreciation (Depreciation) on Investments in the Consolidated Statement of Operations.

At December 31, 2024, the Fund's derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** |
| **Derivatives** | **Assets(b)<br>(000)** | **Liabilities(b)<br>(000)** |
| Purchased Options | $583<br> (a) | $— |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

(b) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in the<br>Consolidated<br>Statement of Assets<br>and Liabilities(a)<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received(b)<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| Goldman Sachs <br>International | $153 | $— | $— | $153 |
| JPMorgan Chase <br>Bank NA | 224 |  | (224) | 0 |
| Standard Chartered <br>Bank | 206 |  |  | 206 |
| Total | $583 | $— | $(224) | $359 |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received or pledged may be more than the amount shown here due to overcollateralization.

For the year ended December 31, 2024, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Purchased Options:** | **Purchased Options:** |
| Average monthly notional amount | 174,291,000 |

---

**5. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**6. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**7. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**8. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **First $750<br>million** | **Next $750<br>million** | **Over $1.5<br>billion** |
| 0.65% | 0.60% | 0.55% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.52% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.85% for Class I shares, 1.20% for Class A shares, 0.99% for Class L shares, 1.95% for Class C shares and 0.81% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $223,000 of advisory fees were waived and approximately $63,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares. The Distributor has agreed to waive for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate, the 12b-1 fees on Class L shares of the Fund to the extent it exceeds 0.04% of the average daily net assets of such shares on an annualized basis. For the year ended December 31, 2024, this waiver amounted to approximately $11,000.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to approximately $2,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $101,896,000 and $169,311,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $6,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated <br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $2145 | $115318 | $113037 | $157 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated <br>Investment<br>Company (cont'd)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in <br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $4426 |

---

During the year ended December 31, 2024, the Fund incurred less than $500 in brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of the Fund.

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions<br>Paid From:** | **2024 <br>Distributions<br>Paid From:** | **2023 <br>Distributions<br>Paid From:** | **2023 <br>Distributions<br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $2695 | $— | $— | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations

which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, due to tax adjustments related to the Subsidiary, resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Accumulated<br>Loss<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $3730 | $(3730) |

---

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $6 | $— |

---

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $91,405,000 and $55,703,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $21,558,000.

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 55.8%.

**K. Market Risk and Risks Relating to Certain Financial Instruments:**

**Bitcoin:** The Fund may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by bitcoin ETFs (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin ETFs investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile and subject to sharp declines. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Bitcoin ETF exposure could result in substantial losses to the Fund.

**Market:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and

financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Advantage Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Advantage Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the consolidated portfolio of investments, as of December 31, 2024, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the four years in the period then ended, the financial highlights for the year ended December 31, 2020 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, its consolidated financial highlights for each of the four years in the period then ended and its financial highlights for the year ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2538662_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024. For corporate shareholders 5.84% of the dividends qualified for the dividends received deduction.

The Fund designated approximately $80,000 of its distributions paid as qualified business income.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $158,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j2538662_za004.jpg)

MAPPX-NCSR 12.31.24

------

![](j2538663_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

American Resilience Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j2538663_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#PortfolioInvstmnts-3) | 2 |
| [Statement of Assets and Liabilities](#StmtofAsstsandLiabilities-3) | 4 |
| [Statement of Operations](#StmtofOP-3) | 5 |
| [Statements of Changes in Net Assets](#StmtsofCNA-3) | 6 |
| [Financial Highlights](#FinHighlights-3) | 7 |
| [Notes to Financial Statements](#NotestoFinStmts-3) | 11 |
| [Report of Independent Registered Public Accounting Firm](#RepofIndRegPubAccFirm-3) | 18 |
| [Federal Tax Notice](#FederalTaxNotice-3) | 19 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments

**American Resilience Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (91.6%)** | **Common Stocks (91.6%)** | **Common Stocks (91.6%)** |
| Beverages (4.9%) | Beverages (4.9%) | Beverages (4.9%) |
| Coca-Cola Co. | 570 | $35 |
| Constellation Brands, Inc., Class A | 144 | 32 |
|  |  | 67 |
| Capital Markets (8.5%) | Capital Markets (8.5%) | Capital Markets (8.5%) |
| CME Group, Inc. | 159 | 37 |
| FactSet Research Systems, Inc. | 39 | 19 |
| Intercontinental Exchange, Inc. | 297 | 44 |
| S&P Global, Inc. | 34 | 17 |
|  |  | 117 |
| Electronic Equipment, Instruments & Components (1.4%) | Electronic Equipment, Instruments & Components (1.4%) | Electronic Equipment, Instruments & Components (1.4%) |
| CDW Corp. | 110 | 19 |
| Financial Services (7.0%) | Financial Services (7.0%) | Financial Services (7.0%) |
| Jack Henry & Associates, Inc. | 78 | 13 |
| Visa, Inc., Class A | 262 | 83 |
|  |  | 96 |
| Health Care Equipment & Supplies (7.9%) | Health Care Equipment & Supplies (7.9%) | Health Care Equipment & Supplies (7.9%) |
| Abbott Laboratories | 280 | 32 |
| Becton Dickinson & Co. | 158 | 36 |
| Hologic, Inc. (a) | 277 | 20 |
| Steris PLC | 100 | 20 |
|  |  | 108 |
| Health Care Providers & Services (2.9%) | Health Care Providers & Services (2.9%) | Health Care Providers & Services (2.9%) |
| UnitedHealth Group, Inc. | 79 | 40 |
| Hotels, Restaurants & Leisure (2.5%) | Hotels, Restaurants & Leisure (2.5%) | Hotels, Restaurants & Leisure (2.5%) |
| Booking Holdings, Inc. | 7 | 35 |
| Household Products (3.6%) | Household Products (3.6%) | Household Products (3.6%) |
| Procter & Gamble Co. | 295 | 49 |
| Information Technology Services (4.3%) | Information Technology Services (4.3%) | Information Technology Services (4.3%) |
| Accenture PLC, Class A | 168 | 59 |
| Insurance (5.8%) | Insurance (5.8%) | Insurance (5.8%) |
| Aon PLC, Class A | 146 | 52 |
| Arthur J Gallagher & Co. | 94 | 27 |
|  |  | 79 |
| Interactive Media & Services (4.9%) | Interactive Media & Services (4.9%) | Interactive Media & Services (4.9%) |
| Alphabet, Inc., Class A | 352 | 67 |
| Life Sciences Tools & Services (7.2%) | Life Sciences Tools & Services (7.2%) | Life Sciences Tools & Services (7.2%) |
| IQVIA Holdings, Inc. (a) | 142 | 28 |
| Revvity, Inc. | 260 | 29 |
| Thermo Fisher Scientific, Inc. | 80 | 42 |
|  |  | 99 |
| Machinery (2.8%) | Machinery (2.8%) | Machinery (2.8%) |
| Otis Worldwide Corp. | 415 | 38 |
| Pharmaceuticals (1.5%) | Pharmaceuticals (1.5%) | Pharmaceuticals (1.5%) |
| Zoetis, Inc. | 129 | 21 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Professional Services (7.2%) | Professional Services (7.2%) | Professional Services (7.2%) |
| Automatic Data Processing, Inc. | 140 | $41 |
| Broadridge Financial Solutions, Inc. | 160 | 36 |
| Equifax, Inc. | 80 | 21 |
|  |  | 98 |
| Semiconductors & Semiconductor Equipment (3.6%) | Semiconductors & Semiconductor Equipment (3.6%) | Semiconductors & Semiconductor Equipment (3.6%) |
| Texas Instruments, Inc. | 264 | 49 |
| Software (11.5%) | Software (11.5%) | Software (11.5%) |
| Constellation Software, Inc. (Canada) | 8 | 25 |
| Microsoft Corp. | 218 | 92 |
| Roper Technologies, Inc. | 77 | 40 |
|  |  | 157 |
| Specialty Retail (2.6%) | Specialty Retail (2.6%) | Specialty Retail (2.6%) |
| AutoZone, Inc. (a) | 11 | 35 |
| Tobacco (1.5%) | Tobacco (1.5%) | Tobacco (1.5%) |
| Philip Morris International, Inc. | 171 | 21 |
| **Total Common Stocks (Cost $1,100)** | **Total Common Stocks (Cost $1,100)** | 1254 |
|  | **No. of<br>Warrants** |  |
| **Warrants (0.0%)** | **Warrants (0.0%)** | **Warrants (0.0%)** |
| Software (0.0%) | Software (0.0%) | Software (0.0%) |
| Constellation Software, Inc.<br>expires 3/31/40 (a)(b) **(Cost $—)** | 16 |  |
|  | **Shares** |  |
| **Short-Term Investment (1.4%)** | **Short-Term Investment (1.4%)** | **Short-Term Investment (1.4%)** |
| Investment Company (1.4%) | Investment Company (1.4%) | Investment Company (1.4%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $19)** | 18597 | 19 |
| **Total Investments (93.0%) (Cost $1,119) (c)** | **Total Investments (93.0%) (Cost $1,119) (c)** | 1273 |
| Other Assets in Excess of Liabilities (7.0%) | Other Assets in Excess of Liabilities (7.0%) | 96 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $1369 |

---

(a) Non-income producing security.

(b) At December 31, 2024, 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) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $1,127,000. The aggregate gross unrealized appreciation is approximately $172,000 and the aggregate gross unrealized depreciation is approximately $26,000, resulting in net unrealized appreciation of approximately $146,000.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments (cont'd)

**American Resilience Portfolio**

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 30.2% |
| Software | 12.3 |
| Capital Markets | 9.2 |
| Health Care Equipment & Supplies | 8.5 |
| Life Sciences Tools & Services | 7.8 |
| Professional Services | 7.6 |
| Financial Services | 7.6 |
| Insurance | 6.2 |
| Beverages | 5.3 |
| Interactive Media & Services | 5.3 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**American Resilience Portfolio**

---

| | | |
|:---|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2024<br>(000)** | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $1,100) | $1254 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $19) | 19 |  |
| Total Investments in Securities, at Value (Cost $1,119) | 1273 |  |
| Foreign Currency, at Value (Cost $—@) |  | @ |
| Due from Adviser | 78 |  |
| Dividends Receivable | 2 |  |
| Receivable for Fund Shares Sold | 1 |  |
| Receivable from Affiliate |  | @ |
| Other Assets | 34 |  |
| **Total Assets** | 1388 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Professional Fees | 4 |  |
| Payable for Custodian Fees | 4 |  |
| Payable for Administration Fees |  | @ |
| Payable for Transfer Agency Fees — Class I |  | @ |
| Payable for Transfer Agency Fees — Class A |  | @ |
| Payable for Transfer Agency Fees — Class C |  | @ |
| Payable for Transfer Agency Fees — Class R6 |  | @ |
| Payable for Shareholder Services Fees — Class A |  | @ |
| Payable for Distribution and Shareholder Services Fees — Class C |  | @ |
| Other Liabilities | 11 |  |
| **Total Liabilities** | 19 |  |
| **Net Assets** | $1369 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $1204 |  |
| Total Distributable Earnings | 165 |  |
| **Net Assets** | $1369 |  |
| **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $1186 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 101925 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $11.64 |  |
| **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $61 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5263 |  |
| **Net Asset Value, Redemption Price Per Share** | $11.62 |  |
| **Maximum Sales Load** | 5.25 | % |
| **Maximum Sales Charge** | $0.64 |  |
| **Maximum Offering Price Per Share** | $12.26 |  |
| **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $60 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5201 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $11.54 |  |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $62 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5302 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $11.64 |  |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**American Resilience Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $—@ of Foreign Taxes Withheld) | $16 |
| Dividends from Security of Affiliated Issuer (Note G) | 1 |
| Total Investment Income | 17 |
| **Expenses:** | **Expenses:** |
| Professional Fees | 150 |
| Registration Fees | 55 |
| Shareholder Reporting Fees | 16 |
| Custodian Fees (Note F) | 10 |
| Transfer Agency Fees — Class I (Note E) | 2 |
| Transfer Agency Fees — Class A (Note E) | 2 |
| Transfer Agency Fees — Class C (Note E) | 2 |
| Transfer Agency Fees — Class R6 (Note E) | 2 |
| Advisory Fees (Note B) | 7 |
| Pricing Fees | 3 |
| Directors' Fees and Expenses | 2 |
| Administration Fees (Note C) | 1 |
| Shareholder Services Fees — Class A (Note D) |  |
| Distribution and Shareholder Services Fees — Class C (Note D) | 1 |
| Sub Transfer Agency Fees — Class I |  |
| Sub Transfer Agency Fees — Class A |  |
| Other Expenses | 19 |
| Total Expenses | 272 |
| Expenses Reimbursed by Adviser (Note B) | (248 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2 |
| Waiver of Advisory Fees (Note B) | (7 |
| Rebate from Morgan Stanley Affiliate (Note G) | (— |
| Net Expenses | 9 |
| **Net Investment Income** | 8 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold | 69 |
| Foreign Currency Transaction | (— |
| Net Realized Gain | 69 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | 43 |
| Foreign Currency Translation | (— |
| Net Change in Unrealized Appreciation (Depreciation) | 43 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 112 |
| Net Increase in Net Assets Resulting from Operations | $120 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**American Resilience Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $8 | $10 |
| Net Realized Gain (Loss) | 69 | (— |
| Net Change in Unrealized Appreciation (Depreciation) | 43 | 172 |
| Net Increase in Net Assets Resulting from Operations | 120 | 182 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (53 | (12 |
| **Class A** | (3 | (1 |
| **Class C** | (2 | (— |
| **Class R6** | (3 | (1 |
| Total Dividends and Distributions to Shareholders | (61 | (14 |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 135 | 3 |
| Distributions Reinvested | 53 | 12 |
| Redeemed | (4 | (— |
| **Class A:** | **Class A:** | **Class A:** |
| Distributions Reinvested | 3 | 1 |
| **Class C:** | **Class C:** | **Class C:** |
| Distributions Reinvested | 2 |  |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Distributions Reinvested | 3 | 1 |
| Net Increase in Net Assets Resulting from Capital Share Transactions | 192 | 17 |
| Total Increase in Net Assets | 251 | 185 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 1118 | 933 |
| End of Period | $1369 | $1118 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 11 |  |
| Shares Issued on Distributions Reinvested | 4 | 1 |
| Shares Redeemed | (— | (— |
| Net Increase in Class I Shares Outstanding | 15 | 1 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Issued on Distributions Reinvested |  |  |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Issued on Distributions Reinvested |  |  |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Issued on Distributions Reinvested |  |  |
| Net Increase in Class R6 Shares Outstanding |  |  |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**American Resilience Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **Period from<br>July 29, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $11.01 | $9.33 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.07 | 0.10 | 0.04 |
| Net Realized and Unrealized Gain (Loss) | 1.11 | 1.72 | (0.71) |
| Total from Investment Operations | 1.18 | 1.82 | (0.67) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.11) | (0.14) |  |
| Net Realized Gain | (0.44) |  |  |
| Total Distributions | (0.55) | (0.14) |  |
| **Net Asset Value, End of Period** | $11.64 | $11.01 | $9.33 |
| **Total Return<sup>(3)</sup>** | 10.56% | 19.54%<sup>(4)</sup> | (6.70)%<sup>(5)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1186 | $952 | $793 |
| Ratio of Expenses Before Expense Limitation | 21.08% | 29.44% | 36.85%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 0.70%<sup>(7)</sup> | 0.50%<sup>(7)(8)</sup> | 0.70%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income | 0.63%<sup>(7)</sup> | 0.95%<sup>(7)(8)</sup> | 0.91%<sup>(6)(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(6)(9)</sup> |
| Portfolio Turnover Rate | 43% | 35% | 6%<sup>(5)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.22% for Class I shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class I shares would have been 19.32%.

(5) Not annualized.

(6) Annualized.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.70% | 0.75% |

---

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**American Resilience Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **Period from<br>July 29, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $10.99 | $9.31 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.03 | 0.06 | 0.02 |
| Net Realized and Unrealized Gain (Loss) | 1.10 | 1.73 | (0.71) |
| Total from Investment Operations | 1.13 | 1.79 | (0.69) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.06) | (0.11) |  |
| Net Realized Gain | (0.44) |  |  |
| Total Distributions | (0.50) | (0.11) |  |
| **Net Asset Value, End of Period** | $11.62 | $10.99 | $9.31 |
| **Total Return<sup>(3)</sup>** | 10.21% | 19.20%<sup>(4)</sup> | (6.90)%<sup>(5)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $61 | $55 | $47 |
| Ratio of Expenses Before Expense Limitation | 24.76% | 33.82% | 41.47%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 1.05%<sup>(7)</sup> | 0.85%<sup>(7)(8)</sup> | 1.05%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income | 0.29%<sup>(7)</sup> | 0.61%<sup>(7)(8)</sup> | 0.56%<sup>(6)(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(6)(9)</sup> |
| Portfolio Turnover Rate | 43% | 35% | 6%<sup>(5)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.22% for Class A shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class A shares would have been 18.98%.

(5) Not annualized.

(6) Annualized.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.05% | 0.41% |

---

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**American Resilience Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **Period from<br>July 29, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $10.95 | $9.29 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.05) | (0.02) | (0.01) |
| Net Realized and Unrealized Gain (Loss) | 1.08 | 1.71 | (0.70) |
| Total from Investment Operations | 1.03 | 1.69 | (0.71) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.03) |  |
| Net Realized Gain | (0.44) |  |  |
| Total Distributions | (0.44) | (0.03) |  |
| **Net Asset Value, End of Period** | $11.54 | $10.95 | $9.29 |
| **Total Return<sup>(3)</sup>** | 9.31% | 18.21%<sup>(4)</sup> | (7.10)%<sup>(5)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $60 | $55 | $46 |
| Ratio of Expenses Before Expense Limitation | 25.56% | 34.58% | 42.21%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 1.80%<sup>(7)</sup> | 1.60%<sup>(7)(8)</sup> | 1.80%<sup>(6)(7)</sup> |
| Ratio of Net Investment Loss | (0.46)%<sup>(7)</sup> | (0.15)%<sup>(7)(8)</sup> | (0.20)%<sup>(6)(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(6)(9)</sup> |
| Portfolio Turnover Rate | 43% | 35% | 6%<sup>(5)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.22% for Class C shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class C shares would have been 17.99%.

(5) Not annualized.

(6) Annualized.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.80% | (0.35)% |

---

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**American Resilience Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Class R6** | **Class R6** |
| | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **Period from<br>July 29, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $11.01 | $9.33 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.08 | 0.10 | 0.04 |
| Net Realized and Unrealized Gain (Loss) | 1.10 | 1.73 | (0.71) |
| Total from Investment Operations | 1.18 | 1.83 | (0.67) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.11) | (0.15) |  |
| Net Realized Gain | (0.44) |  |  |
| Total Distributions | (0.55) | (0.15) |  |
| **Net Asset Value, End of Period** | $11.64 | $11.01 | $9.33 |
| **Total Return<sup>(3)</sup>** | 10.61% | 19.60%<sup>(4)</sup> | (6.70)%<sup>(5)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $62 | $56 | $47 |
| Ratio of Expenses Before Expense Limitation | 24.27% | 33.36% | 41.22%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 0.65%<sup>(7)</sup> | 0.45%<sup>(7)(8)</sup> | 0.65%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income | 0.69%<sup>(7)</sup> | 1.00%<sup>(7)(8)</sup> | 0.95%<sup>(6)(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(6)(9)</sup> |
| Portfolio Turnover Rate | 43% | 35% | 6%<sup>(5)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.22% for Class R6 shares due to the reimbursement of transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class R6 shares would have been 19.38%.

(5) Not annualized.

(6) Annualized.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.65% | 0.80% |

---

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relate to the American Resilience Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued four classes of shares — Class I, Class A, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) 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; (2) 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; (3) 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") (the "Sub-Adviser"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines 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; (5) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | $1254<br><sup>(1)</sup> | $— | $— |  | $1254 |  |
| **Warrants** |  |  |  | † |  | † |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 19 |  |  |  | 19 |  |
| **Total Assets** | $**1273** | $**—** | $**—** | **†** | $**1273** | **†** |

---

(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.

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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Warrants<br>(000)** | **Warrants<br>(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 <br>still held as of December 31, 2024 | $— |  |

---

† Includes a security valued at zero.

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**5. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

**6. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**7. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory/Sub-Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory

Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **First $500<br>million** | **Next $500<br>million** | **Over $1<br>billion** |
| 0.55% | 0.50% | 0.45% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.00% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.70% for Class I shares, 1.05% for Class A shares, 1.80% for Class C shares and 0.65% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $7,000 of advisory fees were waived and approximately $256,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement. As of December 31, 2024, amounts owed by the Adviser to the Fund are reflected in Due from Adviser on the Statement of Assets and Liabilities.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to less than $500.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases

and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $650,000 and $509,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated <br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales <br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $21 | $559 | $561 | $1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated <br>Investment<br>Company (cont'd)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in <br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $19 |

---

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the three-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for

tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024<br>Distributions<br>Paid From:** | **2024<br>Distributions<br>Paid From:** | **2023<br>Distributions<br>Paid From:** | **2023<br>Distributions<br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $11 | $50 | $14 | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, due to a nondeductible expense, resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Total<br>Distributable<br>Earnings<br>(000)** | **Total<br>Distributable<br>Earnings<br>(000)** | **Paid-in<br>Capital<br>(000)** | **Paid-in<br>Capital<br>(000)** |
| $— | @ | $(— | @) |

---

@ Amount is less than $500.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $3 | $17 |

---

During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $2,000.

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

**J. Other:** At December 31, 2024, the Fund did not have record owners of 10% or greater.

**K. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of American Resilience Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of American Resilience Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period from July 29, 2022 (commencement of operations) through December 31, 2022 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended and the period from July 29, 2022 (commencement of operations) through December 31, 2022, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2538663_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024. For corporate shareholders 100.00% of the dividends qualified for the dividends received deduction.

The Fund designated and paid approximately $50,000 as a long-term capital gain distribution.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $16,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j2538663_za004.jpg)

MSCUX-NCSR 12.31.24

------

![](j2538664_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Asia Opportunity Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j2538664_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsolidatedPortfolioofInvestments-4) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsolidatedStatementofAssetsandLiabilities-4) | 3 |
| [Consolidated Statement of Operations](#ConsolidatedStatementofOperations-4) | 5 |
| [Consolidated Statements of Changes in Net Assets](#ConsolidatedStatementsofChangesinNetAssets-4) | 6 |
| [Consolidated Financial Highlights](#ConsolidatedFinancialHighlights-4) | 7 |
| [Notes to Consolidated Financial Statements](#NotestoConsolidatedFinancialStatements-4) | 11 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-4) | 20 |
| [Federal Tax Notice](#FederalTaxNotice-4) | 21 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments

**Asia Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (98.8%)** | **Common Stocks (98.8%)** | **Common Stocks (98.8%)** |
| China (47.8%) | China (47.8%) | China (47.8%) |
| China Resources Mixc Lifestyle Services Ltd. (a) | 388800 | $1437 |
| Full Truck Alliance Co. Ltd. ADR | 518189 | 5607 |
| Greentown Service Group Co. Ltd. (a) | 1304000 | 638 |
| Haidilao International Holding Ltd. (a) | 2400000 | 4845 |
| KE Holdings, Inc. ADR | 203476 | 3748 |
| Kuaishou Technology (a)(b) | 411400 | 2158 |
| Kweichow Moutai Co. Ltd., Class A | 26394 | 5511 |
| Meituan, Class B (a)(b) | 395720 | 7694 |
| PDD Holdings, Inc. ADR (b) | 30617 | 2969 |
| Qifu Technology, Inc. ADR | 149273 | 5729 |
| Shenzhen Mindray Bio-Medical Electronics <br>Co. Ltd., Class A | 51500 | 1799 |
| Tencent Holdings Ltd. (a) | 105300 | 5620 |
| Trip.com Group Ltd. ADR (b) | 146296 | 10044 |
| Wuliangye Yibin Co. Ltd., Class A | 107100 | 2055 |
|  |  | 59854 |
| Hong Kong (2.5%) | Hong Kong (2.5%) | Hong Kong (2.5%) |
| AIA Group Ltd. | 427100 | 3068 |
| India (26.9%) | India (26.9%) | India (26.9%) |
| Axis Bank Ltd. | 302963 | 3757 |
| HDFC Bank Ltd. | 312860 | 6470 |
| ICICI Bank Ltd. ADR | 284095 | 8483 |
| Indian Hotels Co. Ltd. | 114791 | 1173 |
| MakeMyTrip Ltd. (b) | 27406 | 3077 |
| Niva Bupa Health Insurance Co. Ltd. (b) | 494849 | 486 |
| Titan Co. Ltd. | 109528 | 4152 |
| Zomato Ltd. (b) | 1872486 | 6066 |
|  |  | 33664 |
| Korea, Republic of (12.1%) | Korea, Republic of (12.1%) | Korea, Republic of (12.1%) |
| Coupang, Inc. (b) | 354421 | 7790 |
| KakaoBank Corp. | 229744 | 3246 |
| NAVER Corp. (b) | 25700 | 3429 |
| Webtoon Entertainment, Inc. (b)(c) | 45965 | 625 |
|  |  | 15090 |
| Singapore (4.4%) | Singapore (4.4%) | Singapore (4.4%) |
| Grab Holdings Ltd., Class A (b) | 1178290 | 5562 |
| Taiwan (5.1%) | Taiwan (5.1%) | Taiwan (5.1%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 196000 | 6370 |
| **Total Common Stocks (Cost $91,779)** | **Total Common Stocks (Cost $91,779)** | 123608 |
| **Short-Term Investments (1.3%)** | **Short-Term Investments (1.3%)** | **Short-Term Investments (1.3%)** |
| Investment Company (1.3%) | Investment Company (1.3%) | Investment Company (1.3%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $1,657)** | 1656659 | 1657 |
| Securities held as Collateral on Loaned Securities (0.0%)‡ | Securities held as Collateral on Loaned Securities (0.0%)‡ | Securities held as Collateral on Loaned Securities (0.0%)‡ |
| Investment Company (0.0%)‡ | Investment Company (0.0%)‡ | Investment Company (0.0%)‡ |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) | 3030 | 3 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Repurchase Agreement (0.0%)‡ | Repurchase Agreement (0.0%)‡ | Repurchase Agreement (0.0%)‡ |
| Merrill Lynch & Co., Inc., (4.45%, dated <br>12/31/24, due 1/2/25; proceeds $1; <br>fully collateralized by a U.S. Government <br>obligation; 4.63% due 4/30/29; valued at $1) | $1 | $1 |
| **Total Securities held as Collateral on <br>Loaned Securities (Cost $3)** | **Total Securities held as Collateral on <br>Loaned Securities (Cost $3)** | 4 |
| **Total Short-Term Investments (Cost $1,660)** | **Total Short-Term Investments (Cost $1,660)** | 1661 |
| **Total Investments (100.1%) (Cost $93,439)<br>Including $4 of Securities Loaned (d)(e)** | **Total Investments (100.1%) (Cost $93,439)<br>Including $4 of Securities Loaned (d)(e)** | 125269 |
| Liabilities in Excess of Other Assets (–0.1%) | Liabilities in Excess of Other Assets (–0.1%) | (175) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $125094 |

---

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) Security trades on the Hong Kong exchange.

(b) Non-income producing security.

(c) All or a portion of this security was on loan at December 31, 2024.

(d) The approximate fair value and percentage of net assets, $69,488,000 and 55.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements.

(e) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $104,758,000. The aggregate gross unrealized appreciation is approximately $41,576,000 and the aggregate gross unrealized depreciation is approximately $21,921,000, resulting in net unrealized appreciation of approximately $19,655,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Hotels, Restaurants & Leisure | 26.2% |
| Other\* | 18.2 |
| Banks | 17.6 |
| Interactive Media & Services | 9.4 |
| Ground Transportation | 8.9 |
| Broadline Retail | 8.6 |
| Beverages | 6.0 |
| Semiconductors & Semiconductor Equipment | 5.1 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Asia Opportunity Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> (Cost $91,779) | $123609 |
| Investment in Security of Affiliated Issuer, at Value (Cost $1,660) | 1660 |
| Total Investments in Securities, at Value (Cost $93,439) | 125269 |
| Foreign Currency, at Value (Cost $—@) |  |
| Cash | 1 |
| Receivable for Investments Sold | 851 |
| Receivable for Fund Shares Sold | 181 |
| Dividends Receivable | 19 |
| Receivable from Affiliate | 6 |
| Cash from Securities Lending |  |
| Other Assets | 58 |
| **Total Assets** | 126385 |
| **Liabilities:** | **Liabilities:** |
| Deferred Capital Gain Country Tax | 856 |
| Payable for Advisory Fees | 228 |
| Payable for Fund Shares Redeemed | 79 |
| Payable for Custodian Fees | 58 |
| Payable for Professional Fees | 15 |
| Payable for Shareholder Services Fees Class A | 4 |
| Payable for Distribution and Shareholder Services Fees Class C | 6 |
| Payable for Administration Fees | 9 |
| Payable for Sub Transfer Agency Fees — Class I | 7 |
| Payable for Sub Transfer Agency Fees — Class A | 2 |
| Payable for Sub Transfer Agency Fees — Class C |  |
| Collateral on Securities Loaned, at Value | 4 |
| Payable for Transfer Agency Fees — Class I | 1 |
| Payable for Transfer Agency Fees — Class A | 1 |
| Payable for Transfer Agency Fees — Class C |  |
| Payable for Transfer Agency Fees — Class R6 |  |
| Other Liabilities | 21 |
| **Total Liabilities** | 1291 |
| **Net Assets** | $125094 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $236004 |
| Total Accumulated Loss | (110910 |
| **Net Assets** | $125094 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Asia Opportunity Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $96057 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 4508413 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $21.31 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $19120 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 915780 |
| **Net Asset Value, Redemption Price Per Share** | $20.88 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $1.16 |
| **Maximum Offering Price Per Share** | $22.04 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $6772 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 341569 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $19.83 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $3145 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 147092 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $21.38 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $4 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Asia Opportunity Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $105 of Foreign Taxes Withheld) | $1779 |
| Dividends from Security of Affiliated Issuer (Note G) | 115 |
| Income from Securities Loaned — Net | 1 |
| Total Investment Income | 1895 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 1044 |
| Professional Fees | 191 |
| Shareholder Services Fees — Class A (Note D) | 51 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 78 |
| Sub Transfer Agency Fees — Class I | 89 |
| Sub Transfer Agency Fees — Class A | 17 |
| Sub Transfer Agency Fees — Class C | 5 |
| Administration Fees (Note C) | 104 |
| Custodian Fees (Note F) | 90 |
| Registration Fees | 61 |
| Shareholder Reporting Fees | 28 |
| Transfer Agency Fees — Class I (Note E) | 5 |
| Transfer Agency Fees — Class A (Note E) | 4 |
| Transfer Agency Fees — Class C (Note E) | 3 |
| Transfer Agency Fees — Class R6 (Note E) | 3 |
| Directors' Fees and Expenses | 4 |
| Pricing Fees | 2 |
| Other Expenses | 27 |
| Total Expenses | 1806 |
| Waiver of Advisory Fees (Note B) | (181 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (45 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (3 |
| Rebate from Morgan Stanley Affiliate (Note G) | (4 |
| Net Expenses | 1573 |
| **Net Investment Income** | 322 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $221 of Capital Gain Country Tax) | 4333 |
| Foreign Currency Transaction | (59 |
| Net Realized Gain | 4274 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $214) | 17717 |
| Foreign Currency Translation |  |
| Net Change in Unrealized Appreciation (Depreciation) | 17717 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 21991 |
| Net Increase in Net Assets Resulting from Operations | $22313 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Asia Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $322 | $274 |
| Net Realized Gain (Loss) | 4274 | (30134) |
| Net Change in Unrealized Appreciation (Depreciation) | 17717 | 11801 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 22313 | (18059) |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (1725) | (275) |
| **Class A** | (293) |  |
| **Class C** | (51) |  |
| **Class R6** | (58) | (33) |
| Total Dividends and Distributions to Shareholders | (2127) | (308) |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions <br>for all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions <br>for all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions <br>for all periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 19915 | 57083 |
| Distributions Reinvested | 1710 | 272 |
| Redeemed | (40571) | (98173) |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 4170 | 8380 |
| Distributions Reinvested | 245 |  |
| Redeemed | (11805) | (11576) |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 110 | 460 |
| Distributions Reinvested | 51 |  |
| Redeemed | (3792) | (4113) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 137 | 22 |
| Distributions Reinvested | 58 | 33 |
| Redeemed | (6752) | (82) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (36524) | (47694) |
| Redemption Fees | 2 | 1 |
| Total Decrease in Net Assets | (16336) | (66060) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 141430 | 207490 |
| End of Period | $125094 | $141430 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 1056 | 2873 |
| Shares Issued on Distributions Reinvested | 77 | 15 |
| Shares Redeemed | (2097) | (5320) |
| Net Decrease in Class I Shares Outstanding | (964) | (2432) |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 216 | 435 |
| Shares Issued on Distributions Reinvested | 11 |  |
| Shares Redeemed | (630) | (636) |
| Net Decrease in Class A Shares Outstanding | (403) | (201) |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 7 | 25 |
| Shares Issued on Distributions Reinvested | 2 |  |
| Shares Redeemed | (212) | (236) |
| Net Decrease in Class C Shares Outstanding | (203) | (211) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 7 | 1 |
| Shares Issued on Distributions Reinvested | 3 | 2 |
| Shares Redeemed | (399) | (4) |
| Net Decrease in Class R6 Shares Outstanding | (389) | (1) |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Asia Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $18.11 | $19.49 | $24.99 | $31.72 | $21.02 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.07 | 0.05 | 0.00<br><sup>(3)</sup> | (0.12) | (0.12) |
| Net Realized and Unrealized Gain (Loss) | 3.52 | (1.38) | (5.50) | (6.39) | 11.16 |
| Total from Investment Operations | 3.59 | (1.33) | (5.50) | (6.51) | 11.04 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.39) | (0.05) |  |  |  |
| Net Realized Gain |  |  |  | (0.22) | (0.34) |
| Total Distributions | (0.39) | (0.05) |  | (0.22) | (0.34) |
| **Redemption Fees** | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $21.31 | $18.11 | $19.49 | $24.99 | $31.72 |
| **Total Return<sup>(4)</sup>** | 19.72% | (6.83)%<sup>(5)</sup> | (22.01)% | (20.52)% | 52.53% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $96057 | $99101 | $154092 | $320534 | $366758 |
| Ratio of Expenses Before Expense Limitation | 1.28% | 1.22% | 1.17% | 1.05% | N/A |
| Ratio of Expenses After Expense Limitation | 1.10%<sup>(6)</sup> | 1.07%<sup>(6)(7)</sup> | 1.10%<sup>(6)</sup> | 1.05%<sup>(6)</sup> | 1.06%<sup>(6)</sup> |
| Ratio of Net Investment Income (Loss) | 0.36%<sup>(6)</sup> | 0.25%<sup>(6)(7)</sup> | 0.01%<sup>(6)</sup> | (0.41)%<sup>(6)</sup> | (0.48)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 19% | 16% | 14% | 65% | 44% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.09% | 0.23% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Asia Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $17.75 | $19.12 | $24.58 | $31.29 | $20.79 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.01 | (0.02) | (0.06) | (0.20) | (0.19) |
| Net Realized and Unrealized Gain (Loss) | 3.44 | (1.35) | (5.40) | (6.29) | 11.03 |
| Total from Investment Operations | 3.45 | (1.37) | (5.46) | (6.49) | 10.84 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.32) |  |  |  |  |
| Net Realized Gain |  |  |  | (0.22) | (0.34) |
| Total Distributions | (0.32) |  |  | (0.22) | (0.34) |
| **Redemption Fees** | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $20.88 | $17.75 | $19.12 | $24.58 | $31.29 |
| **Total Return<sup>(4)</sup>** | 19.36% | (7.17)%<sup>(5)</sup> | (22.21)% | (20.74)% | 52.15% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $19120 | $23418 | $29072 | $77496 | $98559 |
| Ratio of Expenses Before Expense Limitation | 1.54% | 1.53% | 1.42% | 1.32% | N/A |
| Ratio of Expenses After Expense Limitation | 1.40%<sup>(6)</sup> | 1.40%<sup>(6)(7)</sup> | 1.38%<sup>(6)</sup> | 1.32%<sup>(6)</sup> | 1.34%<sup>(6)</sup> |
| Ratio of Net Investment Income (Loss) | 0.05%<sup>(6)</sup> | (0.08)%<sup>(6)(7)</sup> | (0.29)%<sup>(6)</sup> | (0.69)%<sup>(6)</sup> | (0.76)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 19% | 16% | 14% | 65% | 44% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.43% | (0.11)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Asia Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $16.86 | $18.29 | $23.69 | $30.39 | $20.35 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.12) | (0.15) | (0.19) | (0.41) | (0.36) |
| Net Realized and Unrealized Gain (Loss) | 3.24 | (1.28) | (5.21) | (6.07) | 10.74 |
| Total from Investment Operations | 3.12 | (1.43) | (5.40) | (6.48) | 10.38 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.15) |  |  |  |  |
| Net Realized Gain |  |  |  | (0.22) | (0.34) |
| Total Distributions | (0.15) |  |  | (0.22) | (0.34) |
| **Redemption Fees** | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $19.83 | $16.86 | $18.29 | $23.69 | $30.39 |
| **Total Return<sup>(4)</sup>** | 18.47% | (7.82)%<sup>(5)</sup> | (22.79)% | (21.32)% | 51.02% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $6772 | $9174 | $13816 | $18947 | $19042 |
| Ratio of Expenses Before Expense Limitation | 2.29% | 2.26% | 2.15% | 2.05% | N/A |
| Ratio of Expenses After Expense Limitation | 2.15%<sup>(6)</sup> | 2.14%<sup>(6)(7)</sup> | 2.11%<sup>(6)</sup> | 2.05%<sup>(6)</sup> | 2.08%<sup>(6)</sup> |
| Ratio of Net Investment Loss | (0.70)%<sup>(6)</sup> | (0.82)%<sup>(6)(7)</sup> | (1.00)%<sup>(6)</sup> | (1.41)%<sup>(6)</sup> | (1.49)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 19% | 16% | 14% | 65% | 44% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 2.16% | (0.84)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Asia Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $18.15 | $19.55 | $25.04 | $31.76 | $21.04 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(3)</sup> | 0.08 | 0.06 | 0.01 | (0.09) | (0.09) |
| Net Realized and Unrealized Gain (Loss) | 3.54 | (1.40) | (5.50) | (6.41) | 11.15 |
| Total from Investment Operations | 3.62 | (1.34) | (5.49) | (6.50) | 11.06 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.40) | (0.06) |  |  |  |
| Net Realized Gain |  |  |  | (0.22) | (0.34) |
| Total Distributions | (0.40) | (0.06) |  | (0.22) | (0.34) |
| **Redemption Fees** | 0.01 | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> |
| **Net Asset Value, End of Period** | $21.38 | $18.15 | $19.55 | $25.04 | $31.76 |
| **Total Return<sup>(5)</sup>** | 19.90% | (6.80)%<sup>(6)</sup> | (21.96)% | (20.46)% | 52.58% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3145 | $9737 | $10510 | $13400 | $26707 |
| Ratio of Expenses Before Expense Limitation | 1.28% | 1.17% | 1.12% | 0.98% | 1.03% |
| Ratio of Expenses After Expense Limitation | 1.05%<sup>(7)</sup> | 1.02%<sup>(7)(8)</sup> | 1.05%<sup>(7)</sup> | 0.98%<sup>(7)</sup> | 1.01%<sup>(7)</sup> |
| Ratio of Net Investment Income (Loss) | 0.41%<sup>(7)</sup> | 0.29%<sup>(7)(8)</sup> | 0.06%<sup>(7)</sup> | (0.31)%<sup>(7)</sup> | (0.32)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% |
| Portfolio Turnover Rate | 19% | 16% | 14% | 65% | 44% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Amount is less than $0.005 per share.

(5) Calculated based on the net asset value as of the last business day of the period.

(6) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.04% | 0.27% |

---

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying consolidated financial statements relate to the Asia Opportunity Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued four classes of shares — Class I, Class A, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Asia Opportunity Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoin ETFs").The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of December 31, 2024, the Subsidiary represented 0% of the net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

**1. Security Valuation:** (1) 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; (2) 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; (3) fixed income securities may be

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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 Company ("MSIM Company") (the "Sub-Adviser"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines 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; (5) 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 (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Banks | $8483 | $13473 | $— | $21956 |
| Beverages |  | 7566 |  | 7566 |
| Broadline Retail | 10759 |  |  | 10759 |
| Consumer Finance | 5729 |  |  | 5729 |
| Ground Transportation | 11169 |  |  | 11169 |
| Health Care Equipment & <br>Supplies |  | 1799 |  | 1799 |
| Hotels, Restaurants & <br>Leisure | 13121 | 19778 |  | 32899 |
| Insurance | 486 | 3068 |  | 3554 |
| Interactive Media & <br>Services | 625 | 11207 |  | 11832 |
| Real Estate Management & <br>Development | 3748 | 2075 |  | 5823 |
| Semiconductors & <br>Semiconductor <br>Equipment |  | 6370 |  | 6370 |
| Textiles, Apparel & <br>Luxury Goods |  | 4152 |  | 4152 |
| **Total Common Stocks** | **54120** | **69488** | **—** | **123608** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 1660 |  |  | 1660 |
| Repurchase Agreement |  | 1 |  | 1 |
| **Total Short-Term <br>Investments** | **1660** | **1** | **—** | **1661** |
| **Total Assets** | $**55780** | $**69489** | $**—** | $**125269** |

---

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

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Securities Lending:** The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Consolidated Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** |
| **Gross Asset<br>Amount<br>Presented in the<br>Consolidated<br>Statement<br>of Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| $4<br> (a) | $— | $(4)(b)(c) | $0 |

---

(a) Represents market value of loaned securities at year end.

(b) The Fund received cash collateral of approximately $4,000, which was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Fund as reported in the Consolidated Portfolio of Investments. As of December 31, 2024, there was uninvested cash of less than $500, which is not reflected in the Consolidated Portfolio of Investments.

(c) The actual collateral received is greater than the amount shown here due to overcollateralization.

FASB ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous<br>(000)** | **<30 days<br>(000)** | **Between<br>30 &<br>90 days<br>(000)** | **>90 Days<br>(000)** | **Total<br>(000)** |
| **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** |
| Common Stocks | $4 | $— | $— | $— | $4 |
| **Total Borrowings** | $**4** | $**—** | $**—** | $**—** | $**4** |
| **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** |  |  |  |  | $**4** |

---

**5. Redemption Fees:** The Fund will assess a 2% redemption fee on Class I shares, Class A shares, Class C shares and Class R6 shares, which is paid directly to the Fund, for shares redeemed or exchanged within thirty days of

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

purchase, subject to certain exceptions. The redemption fee is designed to protect the Fund and its remaining shareholders from the effects of short-term trading. These fees, if any, are included in the Consolidated Statements of Changes in Net Assets.

**6. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**7. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**8. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**9. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,*

(ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

**B. Advisory/Sub-Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **First $750<br>million** | **Next $750<br>million** | **Over $1.5<br>billion** |
| 0.80% | 0.75% | 0.70% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.66% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.10% for Class I shares, 1.45% for Class A shares, 2.20% for Class C shares and 1.05% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $181,000 of advisory fees were waived and approximately $48,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to approximately $1,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $24,566,000 and $65,524,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Fund.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $— | $40504 | $38844 | $115 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain (Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $1660 |

---

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024<br>Distributions<br>Paid From:** | **2024<br>Distributions<br>Paid From:** | **2023<br>Distributions<br>Paid From:** | **2023<br>Distributions<br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $2127 | $— | $308 | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2024.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $1903 | $— |

---

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $80,288,000 and $52,144,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $3,830,000.

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 89.8%.

**K. Market Risk and Risks Relating to Certain Financial Instruments:**

**Bitcoin:** The Fund may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets

designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by bitcoin ETFs (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin ETFs investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile and subject to sharp declines. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Bitcoin ETF exposure could result in substantial losses to the Fund.

**Market:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Asia Opportunity Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Asia Opportunity Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the consolidated portfolio of investments, as of December 31, 2024, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the four years in the period then ended, the financial highlights for the year ended December 31, 2020 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, its consolidated financial highlights for each of the four years in the period then ended and its financial highlights for the year ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2538664_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $756,000 as taxable at this lower rate.

The Fund intends to pass through foreign tax credits of approximately $319,000 and has derived net income from sources within foreign countries amounting to approximately $2,065,000.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j2538664_za004.jpg)

MSAUX-NCSR 12.31.24

------

![](j2538665_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Developing

Opportunity Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j2538665_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsolidatedPortfolioofInvestments-5) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsolidatedStatementofAssetsandLiabilities-5) | 3 |
| [Consolidated Statement of Operations](#ConsolidatedStatementofOperations-5) | 4 |
| [Consolidated Statements of Changes in Net Assets](#ConsolidatedStatementsofChangesinNetAssets-5) | 5 |
| [Consolidated Financial Highlights](#ConsolidatedFinancialHighlights-5) | 6 |
| [Notes to Consolidated Financial Statements](#NotestoConsolidatedFinancialStatements-5) | 10 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm) | 18 |
| [Federal Tax Notice](#FederalTaxNotice-5) | 19 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments

**Developing Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (100.7%)** | **Common Stocks (100.7%)** | **Common Stocks (100.7%)** |
| Brazil (6.3%) | Brazil (6.3%) | Brazil (6.3%) |
| Cia de Saneamento Basico do Estado de Sao Paulo <br>SABESP | 56830 | $813 |
| NU Holdings Ltd., Class A (a) | 110116 | 1141 |
|  |  | 1954 |
| China (39.2%) | China (39.2%) | China (39.2%) |
| China Resources Mixc Lifestyle Services Ltd. (b) | 104400 | 386 |
| Full Truck Alliance Co. Ltd. ADR | 93578 | 1012 |
| Haidilao International Holding Ltd. (b) | 455000 | 919 |
| KE Holdings, Inc. ADR | 41153 | 758 |
| Kuaishou Technology (a)(b) | 76000 | 399 |
| Kweichow Moutai Co. Ltd., Class A | 5389 | 1125 |
| Meituan, Class B (a)(b) | 101680 | 1977 |
| PDD Holdings, Inc. ADR (a) | 5529 | 536 |
| Qifu Technology, Inc. ADR | 27856 | 1069 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br>Class A | 8700 | 304 |
| Tencent Holdings Ltd. (b) | 21600 | 1153 |
| Trip.com Group Ltd. ADR (a) | 30635 | 2103 |
| Wuliangye Yibin Co. Ltd., Class A | 20100 | 386 |
|  |  | 12127 |
| India (26.7%) | India (26.7%) | India (26.7%) |
| Axis Bank Ltd. | 83514 | 1036 |
| HDFC Bank Ltd. | 74755 | 1546 |
| ICICI Bank Ltd. ADR | 64800 | 1935 |
| Indian Hotels Co. Ltd. | 30847 | 315 |
| MakeMyTrip Ltd. (a) | 6887 | 773 |
| Niva Bupa Health Insurance Co. Ltd. (a) | 182393 | 179 |
| Titan Co. Ltd. | 24361 | 924 |
| Zomato Ltd. (a) | 472011 | 1529 |
|  |  | 8237 |
| Korea, Republic of (11.3%) | Korea, Republic of (11.3%) | Korea, Republic of (11.3%) |
| Coupang, Inc. (a) | 84500 | 1857 |
| KakaoBank Corp. | 42386 | 599 |
| NAVER Corp. (a) | 6570 | 876 |
| Webtoon Entertainment, Inc. (a) | 11536 | 157 |
|  |  | 3489 |
| Poland (1.0%) | Poland (1.0%) | Poland (1.0%) |
| Allegro.eu SA (a) | 46938 | 307 |
| Singapore (3.8%) | Singapore (3.8%) | Singapore (3.8%) |
| Grab Holdings Ltd., Class A (a) | 250385 | 1182 |
| Taiwan (5.5%) | Taiwan (5.5%) | Taiwan (5.5%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 52000 | 1690 |
| United States (6.9%) | United States (6.9%) | United States (6.9%) |
| MercadoLibre, Inc. (a) | 1255 | 2134 |
| **Total Investments (100.7%) (Cost $22,478) (c)(d)** | **Total Investments (100.7%) (Cost $22,478) (c)(d)** | 31120 |
| Liabilities in Excess of Other Assets (–0.7%) | Liabilities in Excess of Other Assets (–0.7%) | (211) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $30909 |

---

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 approximate fair value and percentage of net assets, $16,284,000 and 52.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements.

(d) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $27,877,000. The aggregate gross unrealized appreciation is approximately $10,365,000 and the aggregate gross unrealized depreciation is approximately $7,347,000, resulting in net unrealized appreciation of approximately $3,018,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Hotels, Restaurants & Leisure | 24.6% |
| Banks | 20.1 |
| Other\* | 19.0 |
| Broadline Retail | 15.5 |
| Interactive Media & Services | 8.3 |
| Ground Transportation | 7.1 |
| Semiconductors & Semiconductor Equipment | 5.4 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Developing Opportunity Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $22,478) | $31120 |
| Foreign Currency, at Value (Cost $—@) |  |
| Receivable for Investments Sold | 562 |
| Dividends Receivable | 5 |
| Receivable from Affiliate | 2 |
| Receivable for Fund Shares Sold | 1 |
| Other Assets | 52 |
| **Total Assets** | 31742 |
| **Liabilities:** | **Liabilities:** |
| Payable to Bank | 536 |
| Deferred Capital Gain Country Tax | 226 |
| Payable for Custodian Fees | 18 |
| Payable for Professional Fees | 14 |
| Payable for Fund Shares Redeemed | 12 |
| Payable for Advisory Fees | 6 |
| Payable for Shareholder Services Fees — Class A | 1 |
| Payable for Distribution and Shareholder Services Fees — Class C | 2 |
| Payable for Administration Fees | 2 |
| Payable for Transfer Agency Fees — Class I | 1 |
| Payable for Transfer Agency Fees — Class A |  |
| Payable for Transfer Agency Fees — Class C |  |
| Payable for Transfer Agency Fees — Class R6 |  |
| Payable for Sub Transfer Agency Fees — Class I | 1 |
| Payable for Sub Transfer Agency Fees — Class A |  |
| Payable for Sub Transfer Agency Fees — Class C |  |
| Other Liabilities | 14 |
| **Total Liabilities** | 833 |
| **Net Assets** | $30909 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $105902 |
| Total Accumulated Loss | (74993 |
| **Net Assets** | $30909 |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $23319 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 2324741 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $10.03 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $4940 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 498327 |
| **Net Asset Value, Redemption Price Per Share** | $9.91 |
| **Maximum Sales Load** | 5.25 |
| **Maximum Sales Charge** | $0.55 |
| **Maximum Offering Price Per Share** | $10.46 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $2640 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 275439 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $9.58 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $10 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 1009 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $10.05 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Developing Opportunity Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $25 of Foreign Taxes Withheld) | $315 |
| Dividends from Security of Affiliated Issuer (Note G) | 33 |
| Total Investment Income | 348 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 305 |
| Professional Fees | 185 |
| Registration Fees | 57 |
| Shareholder Services Fees — Class A (Note D) | 13 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 29 |
| Custodian Fees (Note F) | 39 |
| Administration Fees (Note C) | 27 |
| Shareholder Reporting Fees | 21 |
| Sub Transfer Agency Fees — Class I | 11 |
| Sub Transfer Agency Fees — Class A | 3 |
| Sub Transfer Agency Fees — Class C | 2 |
| Transfer Agency Fees — Class I (Note E) | 4 |
| Transfer Agency Fees — Class A (Note E) | 3 |
| Transfer Agency Fees — Class C (Note E) | 3 |
| Transfer Agency Fees — Class R6 (Note E) | 2 |
| Pricing Fees | 2 |
| Directors' Fees and Expenses | 2 |
| Other Expenses | 22 |
| Total Expenses | 730 |
| Waiver of Advisory Fees (Note B) | (287 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (— |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2 |
| Rebate from Morgan Stanley Affiliate (Note G) | (1 |
| Net Expenses | 438 |
| **Net Investment Loss** | (90 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $35 of Capital Gain Country Tax) | 634 |
| Foreign Currency Transaction | (35 |
| Net Realized Gain | 599 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $77) | 4722 |
| Foreign Currency Translation |  |
| Net Change in Unrealized Appreciation (Depreciation) | 4722 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 5321 |
| Net Increase in Net Assets Resulting from Operations | $5231 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Developing Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Loss | $(90 | $(80 |
| Net Realized Gain (Loss) | 599 | (8013 |
| Net Change in Unrealized Appreciation (Depreciation) | 4722 | 11309 |
| Net Increase in Net Assets Resulting from Operations | 5231 | 3216 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (184 |  |
| **Class A** | (22 |  |
| **Class R6** | (— |  |
| Total Dividends and Distributions to Shareholders | (206 |  |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 6186 | 4936 |
| Distributions Reinvested | 178 |  |
| Redeemed | (13892 | (46845 |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 283 | 1028 |
| Distributions Reinvested | 22 |  |
| Redeemed | (1081 | (1334 |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 64 | 51 |
| Redeemed | (1110 | (1021 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed |  | 1 |
| Distributions Reinvested |  |  |
| Redeemed | (1 |  |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (9351 | (43184 |
| Redemption Fees |  | 6 |
| Total Decrease in Net Assets | (4326 | (39962 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 35235 | 75197 |
| End of Period | $30909 | $35235 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 702 | 578 |
| Shares Issued on Distributions Reinvested | 17 |  |
| Shares Redeemed | (1515 | (5498 |
| Net Decrease in Class I Shares Outstanding | (796 | (4920 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 32 | 121 |
| Shares Issued on Distributions Reinvested | 2 |  |
| Shares Redeemed | (118 | (159 |
| Net Decrease in Class A Shares Outstanding | (84 | (38 |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 7 | 6 |
| Shares Redeemed | (125 | (125 |
| Net Decrease in Class C Shares Outstanding | (118 | (119 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed |  |  |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (— |  |
| Net Increase (Decrease) in Class R6 Shares Outstanding | (— |  |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Developing Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **Period from<br>February 14, 2020<sup>(1)</sup> to**<br>**December 31, 2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $8.65 | $8.21 | $11.79 | $14.50 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(3)</sup> | (0.01) | (0.00)<sup>(4)</sup> | (0.04) | (0.10) | (0.10) |
| Net Realized and Unrealized Gain (Loss) | 1.47 | 0.44 | (3.54) | (2.61) | 4.60 |
| Total from Investment Operations | 1.46 | 0.44 | (3.58) | (2.71) | 4.50 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.08) |  |  |  |  |
| **Redemption Fees** |  | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> |
| **Net Asset Value, End of Period** | $10.03 | $8.65 | $8.21 | $11.79 | $14.50 |
| **Total Return<sup>(5)</sup>** | 16.79% | 5.36%<sup>(6)</sup> | (30.36)% | (18.69)% | 45.00%<sup>(7)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $23319 | $26984 | $66056 | $197435 | $234923 |
| Ratio of Expenses Before Expense Limitation | 2.00% | 1.69% | 1.45% | 1.23% | 1.41%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 1.15%<sup>(9)</sup> | 1.12%<sup>(9)(10)</sup> | 1.15%<sup>(9)</sup> | 1.15%<sup>(9)</sup> | 1.14%<sup>(8)(9)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 1.15%<sup>(9)</sup> | N/A | N/A |
| Ratio of Net Investment Loss | (0.12)%<sup>(9)</sup> | (0.04)%<sup>(9)(10)</sup> | (0.42)%<sup>(9)</sup> | (0.73)%<sup>(9)</sup> | (0.87)%<sup>(8)(9)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01%<sup>(8)</sup> |
| Portfolio Turnover Rate | 29% | 15% | 31% | 64% | 18%<sup>(7)</sup> |

---

(1) Commencement of Operations.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Amount is less than $0.005 per share.

(5) Calculated based on the net asset value as of the last business day of the period.

(6) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(7) Not annualized.

(8) Annualized.

(9) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(10) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.15% | (0.07)% |

---

(11) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Developing Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **Period from<br>February 14, 2020<sup>(1)</sup> to**<br>**December 31, 2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $8.55 | $8.15 | $11.73 | $14.47 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(3)</sup> | (0.04) | (0.03) | (0.06) | (0.14) | (0.13) |
| Net Realized and Unrealized Gain (Loss) | 1.44 | 0.43 | (3.52) | (2.60) | 4.60 |
| Total from Investment Operations | 1.40 | 0.40 | (3.58) | (2.74) | 4.47 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.04) |  |  |  |  |
| **Redemption Fees** |  | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> |
| **Net Asset Value, End of Period** | $9.91 | $8.55 | $8.15 | $11.73 | $14.47 |
| **Total Return<sup>(5)</sup>** | 16.40% | 4.91%<sup>(6)</sup> | (30.52)% | (18.94)% | 44.70%<sup>(7)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $4940 | $4981 | $5057 | $11974 | $11721 |
| Ratio of Expenses Before Expense Limitation | 2.32% | 1.99% | 1.69% | 1.48% | 1.72%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 1.47%<sup>(9)</sup> | 1.44%<sup>(9)(10)</sup> | 1.45%<sup>(9)</sup> | 1.46%<sup>(9)</sup> | 1.44%<sup>(8)(9)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 1.44%<sup>(9)</sup> | N/A | N/A |
| Ratio of Net Investment Loss | (0.44)%<sup>(9)</sup> | (0.38)%<sup>(9)(10)</sup> | (0.69)%<sup>(9)</sup> | (1.03)%<sup>(9)</sup> | (1.17)%<sup>(8)(9)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01%<sup>(8)</sup> |
| Portfolio Turnover Rate | 29% | 15% | 31% | 64% | 18%<sup>(7)</sup> |

---

(1) Commencement of Operations.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Amount is less than $0.005 per share.

(5) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(6) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(7) Not annualized.

(8) Annualized.

(9) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(10) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.50% | (0.44)% |

---

(11) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Developing Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **Period from<br>February 14, 2020<sup>(1)</sup> to**<br>**December 31, 2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $8.29 | $7.97 | $11.55 | $14.36 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(3)</sup> | (0.11) | (0.09) | (0.12) | (0.24) | (0.22) |
| Net Realized and Unrealized Gain (Loss) | 1.40 | 0.41 | (3.46) | (2.57) | 4.58 |
| Total from Investment Operations | 1.29 | 0.32 | (3.58) | (2.81) | 4.36 |
| **Redemption Fees** |  | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> |
| **Net Asset Value, End of Period** | $9.58 | $8.29 | $7.97 | $11.55 | $14.36 |
| **Total Return<sup>(5)</sup>** | 15.56% | 4.15%<sup>(6)</sup> | (31.08)% | (19.57)% | 43.60%<sup>(7)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2640 | $3260 | $4076 | $6911 | $5893 |
| Ratio of Expenses Before Expense Limitation | 3.10% | 2.74% | 2.45% | 2.21% | 2.53%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 2.25%<sup>(9)</sup> | 2.20%<sup>(9)(10)</sup> | 2.21%<sup>(9)</sup> | 2.19%<sup>(9)</sup> | 2.24%<sup>(8)(9)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 2.20%<sup>(9)</sup> | N/A | N/A |
| Ratio of Net Investment Loss | (1.22)%<sup>(9)</sup> | (1.12)%<sup>(9)(10)</sup> | (1.44)%<sup>(9)</sup> | (1.78)%<sup>(9)</sup> | (1.97)%<sup>(8)(9)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01%<sup>(8)</sup> |
| Portfolio Turnover Rate | 29% | 15% | 31% | 64% | 18%<sup>(7)</sup> |

---

(1) Commencement of Operations.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Amount is less than $0.005 per share.

(5) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(6) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(7) Not annualized.

(8) Annualized.

(9) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(10) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 2.25% | (1.17)% |

---

(11) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Developing Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **Period from<br>February 14, 2020<sup>(2)</sup> to**<br>**December 31, 2020<sup>(3)</sup>** |
| **Net Asset Value, Beginning of Period** | $8.67 | $8.23 | $11.80 | $14.51 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(4)</sup> | (0.00)<sup>(5)</sup> | 0.00<br><sup>(5)</sup> | (0.03) | (0.10) | (0.07) |
| Net Realized and Unrealized Gain (Loss) | 1.46 | 0.44 | (3.54) | (2.61) | 4.58 |
| Total from Investment Operations | 1.46 | 0.44 | (3.57) | (2.71) | 4.51 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.08) |  |  |  |  |
| **Redemption Fees** |  | 0.00<br><sup>(5)</sup> | 0.00<br><sup>(5)</sup> | 0.00<br><sup>(5)</sup> | 0.00<br><sup>(5)</sup> |
| **Net Asset Value, End of Period** | $10.05 | $8.67 | $8.23 | $11.80 | $14.51 |
| **Total Return<sup>(6)</sup>** | 16.81% | 5.35%<sup>(7)</sup> | (30.25)% | (18.68)% | 45.10%<sup>(8)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $10 | $10 | $8 | $12 | $15 |
| Ratio of Expenses Before Expense Limitation | 25.49% | 29.92% | 24.48% | 17.42% | 17.67%<sup>(9)</sup> |
| Ratio of Expenses After Expense Limitation | 1.10%<sup>(10)</sup> | 1.03%<sup>(10)(11)</sup> | 1.11%<sup>(10)(12)</sup> | 1.10%<sup>(10)</sup> | 1.09%<sup>(9)(10)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 1.10%<sup>(10)</sup> | N/A | N/A |
| Ratio of Net Investment Income (Loss) | (0.07)%<sup>(10)</sup> | 0.05%<sup>(10)(11)</sup> | (0.34)%<sup>(10)</sup> | (0.69)%<sup>(10)</sup> | (0.67)%<sup>(9)(10)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(13)</sup> | 0.00%<sup>(13)</sup> | 0.00%<sup>(13)</sup> | 0.00%<sup>(13)</sup> | 0.01%<sup>(9)</sup> |
| Portfolio Turnover Rate | 29% | 15% | 31% | 64% | 18%<sup>(8)</sup> |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Commencement of Operations.

(3) Not consolidated.

(4) Per share amount is based on average shares outstanding.

(5) Amount is less than $0.005 per share.

(6) Calculated based on the net asset value as of the last business day of the period.

(7) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(8) Not annualized.

(9) Annualized.

(10) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(11) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.09% | (0.01)% |

---

(12) Ratio is above the expense limitation due to interest expenses, which are not included in the determination of the expense limitation. Refer to Footnote B in the Notes to Consolidated Financial Statements.

(13) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying consolidated financial statements relate to the Developing Opportunity Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued four classes of shares — Class I, Class A, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Developing Opportunity Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoin ETFs").The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of December 31, 2024, the Subsidiary represented 0% of the net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

**1. Security Valuation:** (1) 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; (2) 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; (3) fixed income securities may be valued by an outside pricing

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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; (5) 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 (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Banks | $3076 | $3181 | $— | $6257 |
| Beverages |  | 1511 |  | 1511 |
| Broadline Retail | 4527 | 307 |  | 4834 |
| Consumer Finance | 1069 |  |  | 1069 |
| Ground Transportation | 2194 |  |  | 2194 |
| Health Care Equipment & <br>Supplies |  | 304 |  | 304 |
| Hotels, Restaurants & <br>Leisure | 2876 | 4740 |  | 7616 |
| Insurance | 179 |  |  | 179 |
| Interactive Media & <br>Services | 157 | 2428 |  | 2585 |
| Real Estate Management & <br>Development | 758 | 386 |  | 1144 |
| Semiconductors & <br>Semiconductor <br>Equipment |  | 1690 |  | 1690 |
| Textiles, Apparel & Luxury <br>Goods |  | 924 |  | 924 |
| Water Utilities |  | 813 |  | 813 |
| **Total Assets** | $**14836** | $**16284** | $**—** | $**31120** |

---

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

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the

results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Redemption Fees:** The Fund will assess a 2% redemption fee on Class I shares, Class A shares, Class C shares and Class R6 shares, which is paid directly to the Fund, for shares redeemed or exchanged within thirty days of purchase, subject to certain exceptions. The redemption fee is designed to protect the Fund and its remaining shareholders from the effects of short-term trading. These fees, if any, are included in the Consolidated Statements of Changes in Net Assets.

**5. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**6. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**7. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer

agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**8. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | |
|:---|:---|
| **First $1<br>billion** | **Over $1<br>billion** |
| 0.90% | 0.85% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.05% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.15% for Class I shares, 1.50% for Class A shares, 2.25% for Class C shares and 1.10% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $287,000 of advisory fees were waived and approximately $4,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to less than $500.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $9,543,000 and $19,146,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated <br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales <br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $95 | $12206 | $12301 | $33 |

---

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated <br>Investment<br>Company (cont'd)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in <br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $— |

---

During the year ended December 31, 2024, the Fund incurred less than $500 in brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of the Fund.

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | |
|:---|:---|
| **2024 Distributions <br>Paid From:<br>Ordinary Income <br>(000)** | **2023 Distributions <br>Paid From:<br>Ordinary Income <br>(000)** |
| $206 | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2024.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income <br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain <br>(000)** |
| $332 | $— |

---

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $44,079,000 and $34,198,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 89.4%.

**K. Market Risk and Risks Relating to Certain Financial Instruments:**

**Bitcoin:** The Fund may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the

oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by bitcoin ETFs (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin ETFs investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile and subject to sharp declines. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Bitcoin ETF exposure could result in substantial losses to the Fund.

**Market:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Developing Opportunity Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Developing Opportunity Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the consolidated portfolio of investments, as of December 31, 2024, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the four years in the period then ended, the financial highlights for the period from February 14, 2020 (commencement of operations) through December 31, 2020 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, its consolidated financial highlights for each of the four years in the period then ended and its financial highlights for the period from February 14, 2020 (commencement of operations) through December 31, 2020, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2538665_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $153,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j2538665_za004.jpg)

MDOAX-NCSR 12.31.24

------

![](j2538666_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Emerging Markets

ex China Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j2538666_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#PortfolioInvestments-6) | 2 |
| [Statement of Assets and Liabilities](#StmtofAssetsandLiabilities-6) | 4 |
| [Statement of Operations](#StmtofOperations-6) | 5 |
| [Statements of Changes in Net Assets](#StmtsofCNA-6) | 6 |
| [Financial Highlights](#FinancialHighlights-6) | 7 |
| [Notes to Financial Statements](#NotestoFinStmts-6) | 11 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndRegPublicAccFirm-6) | 19 |
| [Federal Tax Notice](#FedTaxNotice-6) | 20 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments

**Emerging Markets ex China Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (99.0%)** | **Common Stocks (99.0%)** | **Common Stocks (99.0%)** |
| Brazil (5.1%) | Brazil (5.1%) | Brazil (5.1%) |
| Itau Unibanco Holding SA (Preference) | 12241 | $61 |
| NU Holdings Ltd., Class A (a) | 1386 | 14 |
| Raia Drogasil SA | 18297 | 65 |
| Rede D'Or Sao Luiz SA | 19496 | 80 |
| Vale SA | 4833 | 43 |
| WEG SA | 10817 | 92 |
|  |  | 355 |
| Egypt (0.8%) | Egypt (0.8%) | Egypt (0.8%) |
| Commercial International Bank — Egypt (CIB) | 35158 | 54 |
| India (31.2%) | India (31.2%) | India (31.2%) |
| Axis Bank Ltd. | 2435 | 30 |
| Bajaj Auto Ltd. | 687 | 71 |
| Bajaj Finance Ltd. | 891 | 71 |
| CG Power & Industrial Solutions Ltd. | 9236 | 78 |
| Delhivery Ltd. (a) | 7787 | 31 |
| HDFC Asset Management Co. Ltd. | 847 | 41 |
| HDFC Bank Ltd. | 10260 | 212 |
| Hindalco Industries Ltd. | 14710 | 103 |
| Hitachi Energy India Ltd. | 356 | 60 |
| ICICI Bank Ltd. | 14170 | 212 |
| IDFC First Bank Ltd. (a) | 65200 | 48 |
| Infosys Ltd. | 4193 | 92 |
| Infosys Ltd. ADR | 3149 | 69 |
| Larsen & Toubro Ltd. | 1915 | 81 |
| Macrotech Developers Ltd. | 5091 | 82 |
| Mahindra & Mahindra Ltd. | 5707 | 200 |
| MakeMyTrip Ltd. (a) | 365 | 41 |
| Max Healthcare Institute Ltd. | 9017 | 119 |
| Pidilite Industries Ltd. | 1858 | 63 |
| Reliance Industries Ltd. | 12768 | 181 |
| Samvardhana Motherson International Ltd. | 25452 | 46 |
| Star Health & Allied Insurance Co. Ltd. (a) | 8897 | 49 |
| State Bank of India | 17247 | 160 |
| United Breweries Ltd. | 1566 | 37 |
|  |  | 2177 |
| Indonesia (4.7%) | Indonesia (4.7%) | Indonesia (4.7%) |
| Bank Central Asia Tbk. PT | 132600 | 79 |
| Bank Mandiri Persero Tbk. PT | 201000 | 71 |
| Bank Rakyat Indonesia Persero Tbk. PT | 250000 | 63 |
| Bank Syariah Indonesia Tbk. PT | 220000 | 37 |
| Cisarua Mountain Dairy Tbk. PT | 169700 | 57 |
| Indosat Tbk. PT | 139800 | 22 |
|  |  | 329 |
| Korea, Republic of (8.7%) | Korea, Republic of (8.7%) | Korea, Republic of (8.7%) |
| DB Insurance Co. Ltd. | 354 | 25 |
| HYBE Co. Ltd. (a) | 111 | 14 |
| Hyundai Marine & Fire Insurance Co. Ltd. | 980 | 16 |
| Hyundai Motor Co. | 192 | 27 |
| KB Financial Group, Inc. | 2004 | 113 |
| Kia Corp. | 692 | 47 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| KT&G Corp. | 473 | $| 34 |
| NAVER Corp. (a) | 260 |  | 35 |
| Samsung Electronics Co. Ltd. | 6185 |  | 221 |
| Samsung Life Insurance Co. Ltd. | 105 |  | 7 |
| SK Hynix, Inc. | 603 |  | 69 |
|  |  |  | 608 |
| Malaysia (1.8%) | Malaysia (1.8%) | Malaysia (1.8%) | Malaysia (1.8%) |
| CIMB Group Holdings Bhd. | 31200 |  | 57 |
| Frontken Corp. Bhd. | 47400 |  | 47 |
| Malayan Banking Bhd. | 8500 |  | 20 |
|  |  |  | 124 |
| Mexico (4.3%) | Mexico (4.3%) | Mexico (4.3%) | Mexico (4.3%) |
| Gruma SAB de CV, Class B | 5401 |  | 84 |
| Grupo Financiero Banorte SAB de CV Series O | 12071 |  | 78 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 13456 |  | 19 |
| Qualitas Controladora SAB de CV | 6855 |  | 58 |
| Wal-Mart de Mexico SAB de CV | 22529 |  | 59 |
|  |  |  | 298 |
| Peru (1.0%) | Peru (1.0%) | Peru (1.0%) | Peru (1.0%) |
| Credicorp Ltd. | 397 |  | 73 |
| Poland (3.1%) | Poland (3.1%) | Poland (3.1%) | Poland (3.1%) |
| Allegro.eu SA (a) | 8122 |  | 53 |
| Grupa Kety SA | 635 |  | 105 |
| Powszechny Zaklad Ubezpieczen SA | 5304 |  | 59 |
|  |  |  | 217 |
| Saudi Arabia (1.3%) | Saudi Arabia (1.3%) | Saudi Arabia (1.3%) | Saudi Arabia (1.3%) |
| Bupa Arabia for Cooperative Insurance Co. | 1603 |  | 88 |
| South Africa (6.2%) | South Africa (6.2%) | South Africa (6.2%) | South Africa (6.2%) |
| AVI Ltd. | 14619 |  | 85 |
| Capitec Bank Holdings Ltd. | 877 |  | 146 |
| Clicks Group Ltd. | 2797 |  | 55 |
| OUTsurance Group Ltd. | 21371 |  | 75 |
| Standard Bank Group Ltd. | 5787 |  | 68 |
|  |  |  | 429 |
| Sweden (1.2%) | Sweden (1.2%) | Sweden (1.2%) | Sweden (1.2%) |
| Medicover AB | 4953 |  | 86 |
| Taiwan (26.9%) | Taiwan (26.9%) | Taiwan (26.9%) | Taiwan (26.9%) |
| Advantech Co. Ltd. | 3000 |  | 32 |
| Airtac International Group | 1000 |  | 26 |
| Alchip Technologies Ltd. | 1000 |  | 100 |
| ASE Technology Holding Co. Ltd. | 24000 |  | 118 |
| Delta Electronics, Inc. | 5000 |  | 65 |
| Fubon Financial Holding Co. Ltd. | 16150 |  | 44 |
| Hon Hai Precision Industry Co. Ltd. | 26000 |  | 145 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 37000 |  | 1203 |
| Unimicron Technology Corp. | 15000 |  | 64 |
| Wiwynn Corp. | 1000 |  | 79 |
|  |  |  | 1876 |
| Thailand (0.9%) | Thailand (0.9%) | Thailand (0.9%) | Thailand (0.9%) |
| Tisco Financial Group PCL | 21100 |  | 61 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments (cont'd)

**Emerging Markets ex China Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United Kingdom (1.3%) | United Kingdom (1.3%) | United Kingdom (1.3%) |
| Antofagasta PLC | 4708 | $93 |
| United States (0.5%) | United States (0.5%) | United States (0.5%) |
| MercadoLibre, Inc. (a) | 19 | 32 |
| **Total Common Stocks (Cost $5,675)** | **Total Common Stocks (Cost $5,675)** | 6900 |
| **Short-Term Investment (0.6%)** | **Short-Term Investment (0.6%)** | **Short-Term Investment (0.6%)** |
| Investment Company (0.6%) | Investment Company (0.6%) | Investment Company (0.6%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 4.42% (See Note G) <br>**(Cost $39)** | 38664 | 39 |
| **Total Investments (99.6%) (Cost $5,714) (b)(c)** | **Total Investments (99.6%) (Cost $5,714) (b)(c)** | 6939 |
| Other Assets in Excess of Liabilities (0.4%) | Other Assets in Excess of Liabilities (0.4%) | 31 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $6970 |

---

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 approximate fair value and percentage of net assets, $6,319,000 and 90.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(c) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $5,727,000. The aggregate gross unrealized appreciation is approximately $1,503,000 and the aggregate gross unrealized depreciation is approximately $368,000, resulting in net unrealized appreciation of approximately $1,135,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 48.5% |
| Banks | 23.9 |
| Semiconductors & Semiconductor Equipment | 21.5 |
| Insurance | 6.1 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Emerging Markets ex China Portfolio**

---

| | | |
|:---|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2024<br>(000)** | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $5,675) | $6900 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $39) | 39 |  |
| Total Investments in Securities, at Value (Cost $5,714) | 6939 |  |
| Foreign Currency, at Value (Cost $3) | 3 |  |
| Due from Adviser | 92 |  |
| Dividends Receivable | 7 |  |
| Tax Reclaim Receivable | 1 |  |
| Receivable from Affiliate |  | @ |
| Other Assets | 41 |  |
| **Total Assets**  | 7083 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Deferred Capital Gain Country Tax | 77 |  |
| Payable for Professional Fees | 16 |  |
| Payable for Custodian Fees | 8 |  |
| Payable for Administration Fees |  | @ |
| Payable for Transfer Agency Fees — Class I |  | @ |
| Payable for Transfer Agency Fees — Class A |  | @ |
| Payable for Transfer Agency Fees — Class C |  | @ |
| Payable for Transfer Agency Fees — Class R6 |  | @ |
| Payable for Shareholder Services Fees — Class A |  | @ |
| Payable for Distribution and Shareholder Services Fees — Class C |  | @ |
| Other Liabilities | 12 |  |
| **Total Liabilities**  | 113 |  |
| **Net Assets**  | $6970 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $5813 |  |
| Total Distributable Earnings | 1157 |  |
| **Net Assets**  | $6970 |  |
| **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets**  | $6763 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 548883 |  |
| **Net Asset Value, Offering and Redemption Price Per Share**  | $12.32 |  |
| **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets**  | $69 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5620 |  |
| **Net Asset Value, Redemption Price Per Share**  | $12.30 |  |
| **Maximum Sales Load**  | 5.25 | % |
| **Maximum Sales Charge**  | $0.68 |  |
| **Maximum Offering Price Per Share**  | $12.98 |  |
| **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets**  | $68 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5543 |  |
| **Net Asset Value, Offering and Redemption Price Per Share**  | $12.27 |  |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $70 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5662 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $12.32 |  |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Emerging Markets ex China Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $30 of Foreign Taxes Withheld) | $150 |
| Dividends from Security of Affiliated Issuer (Note G) | 6 |
| Total Investment Income | 156 |
| **Expenses:** | **Expenses:** |
| Professional Fees | 190 |
| Registration Fees | 57 |
| Advisory Fees (Note B) | 53 |
| Custodian Fees (Note F) | 21 |
| Shareholder Reporting Fees | 18 |
| Transfer Agency Fees — Class I (Note E) | 2 |
| Transfer Agency Fees — Class A (Note E) | 2 |
| Transfer Agency Fees — Class C (Note E) | 2 |
| Transfer Agency Fees — Class R6 (Note E) | 2 |
| Pricing Fees | 7 |
| Administration Fees (Note C) | 6 |
| Directors' Fees and Expenses | 2 |
| Shareholder Services Fees — Class A (Note D) |  |
| Distribution and Shareholder Services Fees — Class C (Note D) | 1 |
| Sub Transfer Agency Fees — Class I |  |
| Sub Transfer Agency Fees — Class A |  |
| Sub Transfer Agency Fees — Class C |  |
| Other Expenses | 20 |
| Total Expenses | 383 |
| Expenses Reimbursed by Adviser (Note B) | (251 |
| Waiver of Advisory Fees (Note B) | (53 |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2 |
| Rebate from Morgan Stanley Affiliate (Note G) | (— |
| Net Expenses | 73 |
| **Net Investment Income**  | 83 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $8 of Capital Gain Country Tax) | 342 |
| Foreign Currency Transaction | (5 |
| Futures Contracts | 2 |
| Net Realized Gain | 339 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $13) | (66 |
| Foreign Currency Translation | (— |
| Futures Contracts | (2 |
| Net Change in Unrealized Appreciation (Depreciation) | (68 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)**  | 271 |
| Net Increase in Net Assets Resulting from Operations | $354 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Emerging Markets ex China Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $83 | $99 |
| Net Realized Gain | 339 | 191 |
| Net Change in Unrealized Appreciation (Depreciation) | (68 | 881 |
| Net Increase in Net Assets Resulting from Operations | 354 | 1171 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I**  | (417 | (382 |
| **Class A**  | (4 | (4 |
| **Class C**  | (4 | (3 |
| **Class R6** | (4 | (4 |
| Total Dividends and Distributions to Shareholders | (429 | (393 |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Distributions Reinvested | 417 | 382 |
| **Class A:** | **Class A:** | **Class A:** |
| Distributions Reinvested | 4 | 4 |
| **Class C:** | **Class C:** | **Class C:** |
| Distributions Reinvested | 4 | 3 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Distributions Reinvested | 4 | 4 |
| Net Increase in Net Assets Resulting from Capital Share Transactions | 429 | 393 |
| Total Increase in Net Assets | 354 | 1171 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 6616 | 5445 |
| End of Period | $6970 | $6616 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Issued on Distributions Reinvested | 32 | 32 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Issued on Distributions Reinvested |  |  |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Issued on Distributions Reinvested |  |  |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Issued on Distributions Reinvested |  |  |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Emerging Markets ex China Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **Period from<br>September 30, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $12.43 | $10.89 | $10.00 |
| **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.16 | 0.20 | 0.01 |
| Net Realized and Unrealized Gain | 0.53 | 2.13 | 0.88 |
| Total from Investment Operations | 0.69 | 2.33 | 0.89 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.15) | (0.21) |  |
| Net Realized Gain | (0.65) | (0.58) |  |
| Total Distributions | (0.80) | (0.79) |  |
| **Net Asset Value, End of Period** | $12.32 | $12.43 | $10.89 |
| **Total Return<sup>(3)</sup>** | 5.31% | 21.57%<sup>(4)</sup> | 8.90%<sup>(5)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $6763 | $6419 | $5283 |
| Ratio of Expenses Before Expense Limitation | 5.26% | 7.05% | 8.64%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 0.98%<sup>(7)</sup> | 0.96%<sup>(7)(8)</sup> | 0.98%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income | 1.21%<sup>(7)</sup> | 1.70%<sup>(7)(8)</sup> | 0.25%<sup>(6)(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01%<sup>(6)</sup> |
| Portfolio Turnover Rate | 32% | 40% | 21%<sup>(5)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(5) Not annualized.

(6) Annualized.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.99% | 1.67% |

---

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Emerging Markets ex China Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **Period from<br>September 30, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $12.41 | $10.88 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.11 | 0.16 | (0.00)<sup>(3)</sup> |
| Net Realized and Unrealized Gain | 0.53 | 2.11 | 0.88 |
| Total from Investment Operations | 0.64 | 2.27 | 0.88 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.10) | (0.16) |  |
| Net Realized Gain | (0.65) | (0.58) |  |
| Total Distributions | (0.75) | (0.74) |  |
| **Net Asset Value, End of Period** | $12.30 | $12.41 | $10.88 |
| **Total Return<sup>(4)</sup>** | 4.94% | 21.10%<sup>(5)</sup> | 8.80%<sup>(6)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $69 | $66 | $54 |
| Ratio of Expenses Before Expense Limitation | 8.43% | 10.80% | 13.28%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation | 1.35%<sup>(8)</sup> | 1.32%<sup>(8)(9)</sup> | 1.34%<sup>(7)(8)</sup> |
| Ratio of Net Investment Income (Loss) | 0.84%<sup>(8)</sup> | 1.34%<sup>(8)(9)</sup> | (0.11)%<sup>(7)(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01%<sup>(7)</sup> |
| Portfolio Turnover Rate | 32% | 40% | 21%<sup>(6)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(6) Not annualized.

(7) Annualized.

(8) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(9) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.35% | 1.31% |

---

(10) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Emerging Markets ex China Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **Period from<br>September 30, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $12.38 | $10.86 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.01 | 0.07 | (0.02) |
| Net Realized and Unrealized Gain | 0.53 | 2.11 | 0.88 |
| Total from Investment Operations | 0.54 | 2.18 | 0.86 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.00)<sup>(3)</sup> | (0.08) |  |
| Net Realized Gain | (0.65) | (0.58) |  |
| Total Distributions | (0.65) | (0.66) |  |
| **Net Asset Value, End of Period** | $12.27 | $12.38 | $10.86 |
| **Total Return<sup>(4)</sup>** | 4.19% | 20.22%<sup>(5)</sup> | 8.60%<sup>(6)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $68 | $65 | $54 |
| Ratio of Expenses Before Expense Limitation | 9.22% | 11.57% | 14.04%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(8)</sup> | 2.07%<sup>(8)(9)</sup> | 2.09%<sup>(7)(8)</sup> |
| Ratio of Net Investment Income (Loss) | 0.09%<sup>(8)</sup> | 0.58%<sup>(8)(9)</sup> | (0.85)%<sup>(7)(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01%<sup>(7)</sup> |
| Portfolio Turnover Rate | 32% | 40% | 21%<sup>(6)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(6) Not annualized.

(7) Annualized.

(8) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(9) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 2.10% | 0.55% |

---

(10) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Emerging Markets ex China Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Class R6** | **Class R6** |
| | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **Period from<br>September 30, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $12.43 | $10.89 | $10.00 |
| **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.17 | 0.20 | 0.01 |
| Net Realized and Unrealized Gain | 0.53 | 2.13 | 0.88 |
| Total from Investment Operations | 0.70 | 2.33 | 0.89 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.16) | (0.21) |  |
| Net Realized Gain | (0.65) | (0.58) |  |
| Total Distributions | (0.81) | (0.79) |  |
| **Net Asset Value, End of Period** | $12.32 | $12.43 | $10.89 |
| **Total Return<sup>(3)</sup>** | 5.34% | 21.61%<sup>(4)</sup> | 8.90%<sup>(5)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $70 | $66 | $54 |
| Ratio of Expenses Before Expense Limitation | 8.16% | 10.54% | 13.03%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(7)</sup> | 0.92%<sup>(7)(8)</sup> | 0.94%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income | 1.24%<sup>(7)</sup> | 1.74%<sup>(7)(8)</sup> | 0.29%<sup>(6)(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01%<sup>(6)</sup> |
| Portfolio Turnover Rate | 32% | 40% | 21%<sup>(5)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(5) Not annualized.

(6) Annualized.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.95% | 1.71% |

---

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relate to the Emerging Markets ex China Portfolio. The Fund seeks to provide long-term capital appreciation.

The Fund has issued four classes of shares — Class I, Class A, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) 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; (2) 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; (3) 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 Company ("MSIM Company") (the "Sub-Adviser"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines 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; (5) futures are valued at the settlement price on

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (6) 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 (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Air Freight & Logistics | $— | $31 | $— | $31 |
| Automobile Components |  | 46 |  | 46 |
| Automobiles |  | 345 |  | 345 |
| Banks | 219 | 1438 |  | 1657 |
| Beverages |  | 37 |  | 37 |
| Broadline Retail | 32 | 53 |  | 85 |
| Capital Markets |  | 41 |  | 41 |
| Chemicals |  | 63 |  | 63 |
| Commercial Services & <br>Supplies |  | 47 |  | 47 |
| Construction & Engineering |  | 81 |  | 81 |
| Consumer Finance |  | 71 |  | 71 |
| Consumer Staples <br>Distribution & Retail | 59 | 120 |  | 179 |
| Electrical Equipment |  | 230 |  | 230 |
| Electronic Equipment, <br>Instruments & <br>Components |  | 274 |  | 274 |
| Entertainment |  | 14 |  | 14 |
| Food Products | 84 | 142 |  | 226 |
| Health Care Providers & <br>Services |  | 285 |  | 285 |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Hotels, Restaurants & <br>Leisure | $41 | $— | $— | $41 |
| Household Products | 19 |  |  | 19 |
| Information Technology <br>Services | 69 | 92 |  | 161 |
| Insurance | 58 | 363 |  | 421 |
| Interactive Media & <br>Services |  | 35 |  | 35 |
| Machinery |  | 26 |  | 26 |
| Metals & Mining |  | 344 |  | 344 |
| Oil, Gas & Consumable <br>Fuels |  | 181 |  | 181 |
| Real Estate Management & <br>Development |  | 82 |  | 82 |
| Semiconductors & <br>Semiconductor <br>Equipment |  | 1490 |  | 1490 |
| Tech Hardware, Storage & <br>Peripherals |  | 332 |  | 332 |
| Tobacco |  | 34 |  | 34 |
| Wireless <br>Telecommunication <br>Services |  | 22 |  | 22 |
| **Total Common Stocks** | **581** | **6319** | **—** | **6900** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 39 |  |  | 39 |
| **Total Assets** | $**620** | $**6319** | $**—** | $**6939** |

---

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

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations

arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

**4. Derivatives:** The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. 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 and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

**Futures:** A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures

contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin) and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contract. A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time.

As of December 31, 2024, the Fund did not have any open futures contracts.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended December 31, 2024 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Equity Risk | Futures Contracts | $2 |
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Equity Risk | Futures Contracts | $(2) |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

For the year ended December 31, 2024, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Futures Contracts:** | **Futures Contracts:** |
| Average monthly notional value | $7000 |

---

**5. Redemption Fees:** The Fund will assess a 2% redemption fee on Class I shares, Class A shares, Class C shares and Class R6 shares, which is paid directly to the Fund, for shares redeemed or exchanged within thirty days of purchase, subject to certain exceptions. The redemption fee is designed to protect the Fund and its remaining shareholders from the effects of short-term trading. These fees, if any, are included in the Statements of Changes in Net Assets.

**6. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**7. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**8. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services,

transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**9. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory/Sub-Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | |
|:---|:---|
| **First $1<br>billion** | **Over $1<br>billion** |
| 0.75% | 0.70% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.00% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.99% for Class I shares, 1.35% for Class A shares, 2.10% for Class C shares and 0.95% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $53,000 of advisory fees were waived and approximately $257,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement. As of December 31, 2024, amounts owed by the Adviser to the Fund are reflected in Due from Adviser on the Statement of Assets and Liabilities.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc.

("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to less than $500.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $2,490,000 and $2,212,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated <br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales <br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $214 | $1719 | $1894 | $6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated <br>Investment<br>Company (cont'd)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in <br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $39 |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned.

Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the three-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions <br>Paid From:** | **2024 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $98 | $331 | $360 | $33 |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2024.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $— | $23 |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund did not have record owners of 10% or greater.

**K. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell

securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Emerging Markets ex China Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Emerging Markets ex China Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period from September 30, 2022 (commencement of operations) through December 31, 2022 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended and the period from September 30, 2022 (commencement of operations) through December 31, 2022, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2538666_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024.

The Fund designated and paid approximately $331,000 as a long-term capital gain distribution.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $107,000 as taxable at this lower rate.

The Fund intends to pass through foreign tax credits of approximately $36,000 and has derived net income from sources within foreign countries amounting to approximately $182,000.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j2538666_za004.jpg)

MSDQX-NCSR 12.31.24

------

![](j2538667_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Emerging Markets Leaders Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j2538667_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#portfolioofinvestments-7) | 2 |
| [Statement of Assets and Liabilities](#statmentofassetsandliabilities-7) | 3 |
| [Statement of Operations](#statmentofoperations-7) | 5 |
| [Statements of Changes in Net Assets](#statementsofchangesinnetassets-7) | 6 |
| [Financial Highlights](#financialhighlights-7) | 7 |
| [Notes to Financial Statements](#notestofinancialstatements-7) | 12 |
| [Report of Independent Registered Public Accounting Firm](#reportofindependentregisteredpublicaccountingfirm-7) | 19 |
| [Federal Tax Notice](#federaltaxnotice-7) | 20 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments

**Emerging Markets Leaders Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (97.5%)** | **Common Stocks (97.5%)** | **Common Stocks (97.5%)** |
| Argentina (4.5%) | Argentina (4.5%) | Argentina (4.5%) |
| Globant SA (a) | 39472 | $8464 |
| Brazil (10.6%) | Brazil (10.6%) | Brazil (10.6%) |
| Localiza Rent a Car SA | 1417438 | 7383 |
| NU Holdings Ltd., Class A (a) | 457302 | 4738 |
| Raia Drogasil SA | 1086503 | 3867 |
| WEG SA | 463562 | 3955 |
|  |  | 19943 |
| India (46.9%) | India (46.9%) | India (46.9%) |
| Aarti Pharmalabs Ltd. | 202698 | 1622 |
| Ambuja Cements Ltd. | 528094 | 3297 |
| Astral Ltd. | 281711 | 5431 |
| Bharti Airtel Ltd. | 367163 | 6798 |
| Cholamandalam Investment & Finance Co. Ltd. | 5774 | 80 |
| Divi's Laboratories Ltd. | 43022 | 3062 |
| GMR Airports Ltd. (a) | 3097258 | 2831 |
| HDFC Bank Ltd. | 371940 | 7692 |
| HDFC Bank Ltd. ADR | 36424 | 2326 |
| ICICI Bank Ltd. | 561163 | 8385 |
| KEI Industries Ltd. | 196488 | 10156 |
| Oberoi Realty Ltd. | 190344 | 5128 |
| Poly Medicure Ltd. | 26826 | 818 |
| Timken India Ltd. | 60909 | 2217 |
| Titan Co. Ltd. | 151961 | 5761 |
| Trent Ltd. | 55041 | 4567 |
| TVS Motor Co. Ltd. | 220137 | 6077 |
| Varun Beverages Ltd. | 1306148 | 9718 |
| Zomato Ltd. (a) | 710619 | 2302 |
|  |  | 88268 |
| Korea, Republic of (3.1%) | Korea, Republic of (3.1%) | Korea, Republic of (3.1%) |
| Coupang, Inc. (a) | 268802 | 5908 |
| Mexico (3.5%) | Mexico (3.5%) | Mexico (3.5%) |
| Fomento Economico Mexicano SAB de CV ADR | 30077 | 2571 |
| Grupo Financiero Banorte SAB de CV Series O | 612735 | 3937 |
|  |  | 6508 |
| Taiwan (20.3%) | Taiwan (20.3%) | Taiwan (20.3%) |
| E Ink Holdings, Inc. | 683000 | 5687 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 646000 | 20995 |
| Unimicron Technology Corp. | 1311000 | 5618 |
| Voltronic Power Technology Corp. | 104334 | 5906 |
|  |  | 38206 |
| United States (8.6%) | United States (8.6%) | United States (8.6%) |
| MercadoLibre, Inc. (a) | 9465 | 16095 |
| **Total Common Stocks (Cost $146,183)** | **Total Common Stocks (Cost $146,183)** | 183392 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Short-Term Investment (3.8%)** | **Short-Term Investment (3.8%)** | **Short-Term Investment (3.8%)** |
| Investment Company (3.8%) | Investment Company (3.8%) | Investment Company (3.8%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 4.42% (See Note G) <br>**(Cost $7,211)** | 7210890 | $7211 |
| **Total Investments (101.3%) (Cost $153,394) (b)(c)** | **Total Investments (101.3%) (Cost $153,394) (b)(c)** | 190603 |
| Liabilities in Excess of Other Assets (–1.3%) | Liabilities in Excess of Other Assets (–1.3%) | (2455) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $188148 |

---

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 approximate fair value and percentage of net assets, $139,353,000 and 74.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(c) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $157,867,000. The aggregate gross unrealized appreciation is approximately $51,841,000 and the aggregate gross unrealized depreciation is approximately $21,258,000, resulting in net unrealized appreciation of approximately $30,583,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of <br>Total Investments** |
| Other\* | 40.4% |
| Banks | 14.2 |
| Broadline Retail | 11.5 |
| Semiconductors & Semiconductor Equipment | 11.0 |
| Electrical Equipment | 10.5 |
| Beverages | 6.4 |
| Electronic Equipment, Instruments & Components | 6.0 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Emerging Markets Leaders Portfolio**

---

| | |
|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $146,183) | $183392 |
| Investment in Security of Affiliated Issuer, at Value (Cost $7,211) | 7211 |
| Total Investments in Securities, at Value (Cost $153,394) | 190603 |
| Foreign Currency, at Value (Cost $504) | 502 |
| Dividends Receivable | 242 |
| Receivable for Fund Shares Sold | 119 |
| Receivable from Affiliate | 29 |
| Tax Reclaim Receivable | 7 |
| Other Assets | 64 |
| **Total Assets** | 191566 |
| **Liabilities:** | **Liabilities:** |
| Deferred Capital Gain Country Tax | 2658 |
| Payable for Advisory Fees | 305 |
| Payable for Fund Shares Redeemed | 288 |
| Payable for Custodian Fees | 75 |
| Payable for Sub Transfer Agency Fees — Class I | 32 |
| Payable for Sub Transfer Agency Fees — Class A | 1 |
| Payable for Sub Transfer Agency Fees — Class C |  |
| Payable for Professional Fees | 14 |
| Payable for Administration Fees | 13 |
| Payable for Shareholder Services Fees — Class A | 2 |
| Payable for Distribution and Shareholder Services Fees — Class C | 2 |
| Payable for Transfer Agency Fees — Class I | 1 |
| Payable for Transfer Agency Fees — Class A | 1 |
| Payable for Transfer Agency Fees — Class C |  |
| Payable for Transfer Agency Fees — Class R6 | 1 |
| Payable for Transfer Agency Fees — Class IR |  |
| Other Liabilities | 25 |
| **Total Liabilities** | 3418 |
| **Net Assets** | $188148 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $252340 |
| Total Accumulated Loss | (64192 |
| **Net Assets** | $188148 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Emerging Markets Leaders Portfolio**

---

| | |
|:---|:---|
| Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $176361 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 11697323 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $15.08 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $8839 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 604313 |
| **Net Asset Value, Redemption Price Per Share** | $14.63 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $0.81 |
| **Maximum Offering Price Per Share** | $15.44 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $2542 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 186195 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $13.66 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $398 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 26261 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $15.14 |
| **CLASS IR:** | **CLASS IR:** |
| **Net Assets** | $8 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 517 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $15.13 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Emerging Markets Leaders Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $311 of Foreign Taxes Withheld) | $1730 |
| Dividends from Security of Affiliated Issuer (Note G) | 345 |
| Total Investment Income | 2075 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 1818 |
| Sub Transfer Agency Fees — Class I | 207 |
| Sub Transfer Agency Fees — Class A | 12 |
| Sub Transfer Agency Fees — Class C | 2 |
| Professional Fees | 219 |
| Custodian Fees (Note F) | 202 |
| Administration Fees (Note C) | 194 |
| Registration Fees | 78 |
| Shareholder Services Fees — Class A (Note D) | 26 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 30 |
| Shareholder Reporting Fees | 42 |
| Transfer Agency Fees — Class I (Note E) | 11 |
| Transfer Agency Fees — Class A (Note E) | 3 |
| Transfer Agency Fees — Class C (Note E) | 3 |
| Transfer Agency Fees — Class R6 (Note E) | 5 |
| Transfer Agency Fees — Class IR (Note E) | 2 |
| Directors' Fees and Expenses | 5 |
| Pricing Fees | 3 |
| Other Expenses | 26 |
| Total Expenses | 2888 |
| Waiver of Advisory Fees (Note B) | (226 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (116 |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (— |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (1 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (5 |
| Reimbursement of Class Specific Expenses — Class IR (Note B) | (2 |
| Rebate from Morgan Stanley Affiliate (Note G) | (10 |
| Net Expenses | 2528 |
| **Net Investment Loss** | (453 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $3,898 of Capital Gain Country Tax) | 22296 |
| Foreign Currency Transaction | (371 |
| Net Realized Gain | 21925 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Decrease in Deferred Capital Gain Country Tax of $1,786) | (12770 |
| Foreign Currency Translation | (7 |
| Net Change in Unrealized Appreciation (Depreciation) | (12777 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 9148 |
| Net Increase in Net Assets Resulting from Operations | $8695 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Emerging Markets Leaders Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Loss | $(453 | $(320 |
| Net Realized Gain (Loss) | 21925 | (30926 |
| Net Change in Unrealized Appreciation (Depreciation) | (12777 | 62134 |
| Net Increase in Net Assets Resulting from Operations | 8695 | 30888 |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 66017 | 102975 |
| Redeemed | (154030 | (135373 |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 1528 | 2068 |
| Redeemed | (3851 | (5617 |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 126 | 365 |
| Redeemed | (1060 | (1483 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 137 | 379 |
| Redeemed | (125 | (10090 |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (91258 | (46776 |
| Redemption Fees |  |  |
| Total Decrease in Net Assets | (82563 | (15888 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 270711 | 286599 |
| End of Period | $188148 | $270711 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 4363 | 7547 |
| Shares Redeemed | (10016 | (9964 |
| Net Decrease in Class I Shares Outstanding | (5653 | (2417 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 102 | 157 |
| Shares Redeemed | (257 | (418 |
| Net Decrease in Class A Shares Outstanding | (155 | (261 |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 9 | 29 |
| Shares Redeemed | (76 | (119 |
| Net Decrease in Class C Shares Outstanding | (67 | (90 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 9 | 27 |
| Shares Redeemed | (8 | (711 |
| Net Increase (Decrease) in Class R6 Shares Outstanding | 1 | (684 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Emerging Markets Leaders Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $14.75 | $13.15 | $19.77 | $19.43 | $12.70 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.02) | (0.01) | (0.08) | (0.19) | (0.11) |
| Net Realized and Unrealized Gain (Loss) | 0.35 | 1.61 | (6.54) | 0.55 | 7.62 |
| Total from Investment Operations | 0.33 | 1.60 | (6.62) | 0.36 | 7.51 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (0.02) | (0.78) |
| **Redemption Fees** | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $15.08 | $14.75 | $13.15 | $19.77 | $19.43 |
| **Total Return<sup>(3)</sup>** | 2.24% | 12.17%<sup>(4)</sup> | (33.49)% | 1.84% | 59.36% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $176361 | $255999 | $259940 | $339152 | $80465 |
| Ratio of Expenses Before Expense Limitation | 1.16% | 1.13% | 1.27% | 1.23% | 1.47% |
| Ratio of Expenses After Expense Limitation | 1.02%<sup>(5)(6)</sup> | 1.03%<sup>(6)(7)</sup> | 1.15%<sup>(6)(8)</sup> | 1.18%<sup>(6)</sup> | 1.15%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | 1.18%<sup>(6)</sup> | N/A |
| Ratio of Net Investment Loss | (0.17)%<sup>(6)</sup> | (0.08)%<sup>(6)</sup> | (0.50)%<sup>(6)</sup> | (0.92)%<sup>(6)</sup> | (0.73)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> | 0.01% |
| Portfolio Turnover Rate | 58% | 54% | 62% | 27% | 57% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(5) Effective June 18, 2024, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.99% for Class I shares. Prior to June 18, 2024, the maximum ratio was 1.05% for Class I shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.05% | (0.10)% |

---

(8) Effective October 1, 2022, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.05% for Class I shares. Prior to October 1, 2022, the maximum ratio was 1.20% for Class I shares.

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Emerging Markets Leaders Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $14.36 | $12.84 | $19.37 | $19.09 | $12.53 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.08) | (0.05) | (0.12) | (0.24) | (0.17) |
| Net Realized and Unrealized Gain (Loss) | 0.35 | 1.57 | (6.41) | 0.54 | 7.51 |
| Total from Investment Operations | 0.27 | 1.52 | (6.53) | 0.30 | 7.34 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (0.02) | (0.78) |
| **Redemption Fees** | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $14.63 | $14.36 | $12.84 | $19.37 | $19.09 |
| **Total Return<sup>(3)</sup>** | 1.88% | 11.84%<sup>(4)</sup> | (33.71)% | 1.56% | 58.81% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $8839 | $10912 | $13113 | $25015 | $7925 |
| Ratio of Expenses Before Expense Limitation | 1.46% | 1.40% | 1.55% | 1.52% | 1.82% |
| Ratio of Expenses After Expense Limitation | 1.37%<sup>(5)(6)</sup> | 1.36%<sup>(6)(7)</sup> | 1.45%<sup>(6)(8)</sup> | 1.47%<sup>(6)</sup> | 1.50%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | 1.47%<sup>(6)</sup> | N/A |
| Ratio of Net Investment Loss | (0.51)%<sup>(6)</sup> | (0.41)%<sup>(6)(7)</sup> | (0.83)%<sup>(6)</sup> | (1.21)%<sup>(6)</sup> | (1.13)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> | 0.01% |
| Portfolio Turnover Rate | 58% | 54% | 62% | 27% | 57% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(5) Effective June 18, 2024, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.35% for Class A shares. Prior to June 18, 2024, the maximum ratio was 1.40% for Class A shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.38% | (0.43)% |

---

(8) Effective October 1, 2022, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.40% for Class A shares. Prior to October 1, 2022, the maximum ratio was 1.55% for Class A shares.

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Emerging Markets Leaders Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $13.51 | $12.17 | $18.49 | $18.37 | $12.17 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.18) | (0.15) | (0.22) | (0.38) | (0.27) |
| Net Realized and Unrealized Gain (Loss) | 0.33 | 1.49 | (6.10) | 0.52 | 7.25 |
| Total from Investment Operations | 0.15 | 1.34 | (6.32) | 0.14 | 6.98 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (0.02) | (0.78) |
| **Redemption Fees** | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $13.66 | $13.51 | $12.17 | $18.49 | $18.37 |
| **Total Return<sup>(3)</sup>** | 1.11% | 11.01%<sup>(4)</sup> | (34.18)% | 0.75% | 57.59% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2542 | $3421 | $4179 | $8220 | $3395 |
| Ratio of Expenses Before Expense Limitation | 2.24% | 2.16% | 2.28% | 2.29% | 2.63% |
| Ratio of Expenses After Expense Limitation | 2.12%<sup>(5)(6)</sup> | 2.12%<sup>(6)(7)</sup> | 2.17%<sup>(6)(8)</sup> | 2.24%<sup>(6)</sup> | 2.29%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | 2.24%<sup>(6)</sup> | N/A |
| Ratio of Net Investment Loss | (1.26)%<sup>(6)</sup> | (1.17)%<sup>(6)(7)</sup> | (1.56)%<sup>(6)</sup> | (1.98)%<sup>(6)</sup> | (1.88)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> | 0.01% |
| Portfolio Turnover Rate | 58% | 54% | 62% | 27% | 57% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(5) Effective June 18, 2024, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 2.10% for Class C shares. Prior to June 18, 2024, the maximum ratio was 2.15% for Class C shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 2.14% | (1.19)% |

---

(8) Effective October 1, 2022, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 2.15% for Class C shares. Prior to October 1, 2022, the maximum ratio was 2.30% for Class C shares.

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Emerging Markets Leaders Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $14.81 | $13.19 | $19.81 | $19.45 | $12.71 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.02) | (0.01) | (0.09) | (0.17) | (0.09) |
| Net Realized and Unrealized Gain (Loss) | 0.34 | 1.63 | (6.53) | 0.55 | 7.61 |
| Total from Investment Operations | 0.32 | 1.62 | (6.62) | 0.38 | 7.52 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (0.02) | (0.78) |
| **Redemption Fees** | 0.01 | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $15.14 | $14.81 | $13.19 | $19.81 | $19.45 |
| **Total Return<sup>(4)</sup>** | 2.23% | 12.28%<sup>(5)</sup> | (33.42)% | 1.94% | 59.39% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $398 | $371 | $9360 | $41692 | $27230 |
| Ratio of Expenses Before Expense Limitation | 2.35% | 1.08% | 1.20% | 1.16% | 1.42% |
| Ratio of Expenses After Expense Limitation | 0.97%<sup>(6)(7)</sup> | 0.99%<sup>(7)(8)</sup> | 1.08%<sup>(7)(9)</sup> | 1.10%<sup>(7)</sup> | 1.09%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | 1.10%<sup>(7)</sup> | N/A |
| Ratio of Net Investment Loss | (0.12)%<sup>(7)</sup> | (0.03)%<sup>(7)(8)</sup> | (0.59)%<sup>(7)</sup> | (0.84)%<sup>(7)</sup> | (0.65)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 58% | 54% | 62% | 27% | 57% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(6) Effective June 18, 2024, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.95% for Class R6 shares. Prior to June 18, 2024, the maximum ratio was 1.00% for Class R6 shares.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.00% | (0.04)% |

---

(9) Effective October 1, 2022, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.00% for Class R6 shares. Prior to October 1, 2022, the maximum ratio was 1.10% for Class R6 shares.

(10) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Emerging Markets Leaders Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **Period from<br>April 12, 2021<sup>(1)</sup> to**<br>**December 31, 2021** |
| **Net Asset Value, Beginning of Period** | $14.80 | $13.18 | $19.81 | $19.37 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.02) | (0.01) | (0.07) | (0.12) |
| Net Realized and Unrealized Gain (Loss) | 0.35 | 1.63 | (6.56) | 0.58 |
| Total from Investment Operations | 0.33 | 1.62 | (6.63) | 0.46 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (0.02) |
| **Redemption Fees** | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $15.13 | $14.80 | $13.18 | $19.81 |
| **Total Return<sup>(4)</sup>** | 2.23% | 12.29%<sup>(5)</sup> | (33.47)% | 2.36%<sup>(6)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $8 | $8 | $7 | $10 |
| Ratio of Expenses Before Expense Limitation | 26.19% | 29.98% | 11.47% | 14.15%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation | 0.97%<sup>(8)(9)</sup> | 0.98%<sup>(9)(10)</sup> | 1.08%<sup>(9)(11)</sup> | 1.10%<sup>(7)(9)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | 1.10%<sup>(7)(9)</sup> |
| Ratio of Net Investment Loss | (0.11)%<sup>(9)</sup> | (0.04)%<sup>(9)(10)</sup> | (0.44)%<sup>(9)</sup> | (0.80)%<sup>(7)(9)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.01% | 0.00%<sup>(12)</sup> |
| Portfolio Turnover Rate | 58% | 54% | 62% | 27% |

---

(1) Commencement of Offering.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class IR shares.

(6) Not annualized.

(7) Annualized.

(8) Effective June 18, 2024, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.95% for Class IR shares. Prior to June 18, 2024, the maximum ratio was 1.00% for Class IR shares.

(9) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(10) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class IR shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.00% | (0.06)% |

---

(11) Effective October 1, 2022, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.00% for Class IR shares. Prior to October 1, 2022, the maximum ratio was 1.10% for Class IR shares.

(12) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relate to the Emerging Markets Leaders Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued five classes of shares — Class I, Class A, Class C, Class R6 and Class IR. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) 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; (2) all other equity portfolio securities for which over-thecounter ("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; (3) 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 Company ("MSIM Company") (the "Sub- Adviser"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines 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; (5) foreign exchange transactions ("spot

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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 (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobiles | $— | $6077 | $— | $6077 |
| Banks | 11001 | 16077 |  | 27078 |
| Beverages | 2571 | 9718 |  | 12289 |
| Broadline Retail | 22003 |  |  | 22003 |
| Building Products |  | 5431 |  | 5431 |
| Construction Materials |  | 3297 |  | 3297 |
| Consumer Finance |  | 80 |  | 80 |
| Consumer Staples <br>Distribution & Retail |  | 3867 |  | 3867 |
| Electrical Equipment |  | 20017 |  | 20017 |
| Electronic Equipment, <br>Instruments & <br>Components |  | 11305 |  | 11305 |
| Ground Transportation |  | 7383 |  | 7383 |
| Health Care Equipment & <br>Supplies |  | 818 |  | 818 |
| Hotels, Restaurants & <br>Leisure |  | 2302 |  | 2302 |
| Information Technology <br>Services | 8464 |  |  | 8464 |
| Life Sciences Tools & <br>Services |  | 3062 |  | 3062 |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Machinery | $— | $2217 | $— | $2217 |
| Pharmaceuticals |  | 1622 |  | 1622 |
| Real Estate Management <br>& Development |  | 5128 |  | 5128 |
| Semiconductors & <br>Semiconductor <br>Equipment |  | 20995 |  | 20995 |
| Specialty Retail |  | 4567 |  | 4567 |
| Textiles, Apparel & <br>Luxury Goods |  | 5761 |  | 5761 |
| Transportation <br>Infrastructure |  | 2831 |  | 2831 |
| Wireless <br>Telecommunication <br>Services |  | 6798 |  | 6798 |
| **Total Common Stocks** | **44039** | **139353** | **—** | **183392** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 7211 |  |  | 7211 |
| **Total Assets** | $**51250** | $**139353** | $**—** | $**190603** |

---

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

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax

regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Redemption Fees:** The Fund will assess a 2% redemption fee on Class I shares, Class A shares, Class C shares, Class R6 shares and Class IR shares, which is paid directly to the Fund, for shares redeemed or exchanged within thirty days of purchase, subject to certain exceptions. The redemption fee is designed to protect the Fund and its

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

remaining shareholders from the effects of short-term trading. These fees, if any, are included in the Statements of Changes in Net Assets.

**5. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**6. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**7. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**8. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at

the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory/Sub-Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | |
|:---|:---|
| **First $1<br>billion** | **Over $1<br>billion** |
| 0.75% | 0.70% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.65% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.05% for Class I shares, 1.40% for Class A shares, 2.15% for Class C shares, 1.00% for Class R6 shares and 1.00% for Class IR shares. Effective June 18, 2024, the Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses will not exceed 0.99% for Class I shares, 1.35% for Class A shares, 2.10% for Class C shares, 0.95% for Class R6 shares and 0.95% for Class IR shares. The fee waivers and/or expense reimbursements will continue until at least June 18, 2025 or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $226,000 of advisory fees were waived and approximately $124,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the

Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to approximately $1,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $137,103,000 and $237,150,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $10,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated <br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales <br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $3947 | $150825 | $147561 | $345 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated <br>Investment<br>Company (cont'd)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in <br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $7211 |

---

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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the

benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. There were no distributions paid during fiscal years 2024 and 2023.

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, primarily due to a net operating loss, resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Accumulated<br>Loss<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $4665 | $(4665) |

---

At December 31, 2024, the Fund had no distributable earnings on a tax basis.

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $70,259,000 and $24,046,000 respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $21,713,000.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Fund's next taxable year. For the year ended December 31, 2024, the Fund intends to defer to January 1, 2025 for U.S. federal income tax purposes the following losses:

---

| | |
|:---|:---|
| **Qualified Late <br>Year Ordinary<br>Losses<br>(000)** | **Post-October<br>Capital Losses<br>(000)** |
| $372 | $— |

---

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 72.6%.

**K. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental

or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Emerging Markets Leaders Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Emerging Markets Leaders Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2538667_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $858,000 as taxable at this lower rate.

The Fund intends to pass through foreign tax credits of approximately $4,215,000 has derived net income from sources within foreign countries amounting to approximately $5,915,000.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j2538667_za004.jpg)

MELAX-NCSR 12.31.24

------

![](j2538668_aa005.jpg)

Morgan Stanley Institutional Fund, Inc.

Emerging Markets

Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j2538668_aa006.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#portfolioofinvestments-8) | 2 |
| [Statement of Assets and Liabilities](#statementofassetsandliabilities-8) | 4 |
| [Statement of Operations](#statementofoperations-8) | 6 |
| [Statements of Changes in Net Assets](#statementsofchangesinnetassets-8) | 7 |
| [Financial Highlights](#financialhighlights-8) | 9 |
| [Notes to Financial Statements](#notestofinancialstatements-8) | 15 |
| [Report of Independent Registered Public Accounting Firm](#reportofindependentregisteredpublicaccountingfirm-8) | 23 |
| [Federal Tax Notice](#federaltaxnotice-8) | 24 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments

**Emerging Markets Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (97.9%)** | **Common Stocks (97.9%)** | **Common Stocks (97.9%)** |
| Brazil (5.0%) | Brazil (5.0%) | Brazil (5.0%) |
| Itau Unibanco Holding SA (Preference) | 941625 | $4658 |
| NU Holdings Ltd., Class A (a) | 129404 | 1341 |
| Raia Drogasil SA | 1272406 | 4529 |
| Rede D'Or Sao Luiz SA | 441813 | 1817 |
| Vale SA | 314064 | 2777 |
| WEG SA | 1257684 | 10732 |
|  |  | 25854 |
| China (22.1%) | China (22.1%) | China (22.1%) |
| Alibaba Group Holding Ltd. (b) | 1346900 | 14255 |
| Baidu, Inc. ADR (a) | 15730 | 1326 |
| Bank of Jiangsu Co. Ltd., Class A | 2603900 | 3503 |
| BYD Co. Ltd., H Shares (b) | 235500 | 8010 |
| China Construction Bank Corp., H Shares (b) | 14562120 | 12064 |
| China Merchants Bank Co. Ltd., H Shares (b) | 1340500 | 6842 |
| JD.com, Inc., Class A (b) | 96723 | 1680 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br>Class A | 451259 | 2839 |
| KE Holdings, Inc. ADR | 75680 | 1394 |
| Kweichow Moutai Co. Ltd., Class A | 12749 | 2662 |
| Meituan, Class B (a)(b) | 227190 | 4417 |
| NARI Technology Co. Ltd., Class A | 1102700 | 3811 |
| NetEase, Inc. (b) | 173200 | 3083 |
| Ping An Insurance Group Co. of China Ltd., <br>Class H (b) | 430500 | 2527 |
| Postal Savings Bank of China Co. Ltd., <br>Class H (b) | 2904000 | 1705 |
| Proya Cosmetics Co. Ltd., Class A | 142228 | 1651 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 386800 | 3104 |
| Tencent Holdings Ltd. (b) | 507700 | 27097 |
| Trip.com Group Ltd. ADR (a) | 127540 | 8757 |
| Yum China Holdings, Inc. | 86324 | 4158 |
|  |  | 114885 |
| India (24.7%) | India (24.7%) | India (24.7%) |
| Axis Bank Ltd. | 278543 | 3454 |
| Bajaj Auto Ltd. | 46753 | 4796 |
| Bajaj Finance Ltd. | 54849 | 4361 |
| CG Power & Industrial Solutions Ltd. | 239607 | 2032 |
| Coforge Ltd. | 11338 | 1274 |
| Delhivery Ltd. (a) | 300380 | 1212 |
| HDFC Asset Management Co. Ltd. | 94968 | 4649 |
| HDFC Bank Ltd. | 181893 | 3762 |
| HDFC Bank Ltd. ADR | 84064 | 5368 |
| Hindalco Industries Ltd. | 343359 | 2409 |
| Hitachi Energy India Ltd. | 28188 | 4729 |
| ICICI Bank Ltd. ADR | 17712 | 529 |
| ICICI Bank Ltd. | 678823 | 10143 |
| IDFC First Bank Ltd. (a) | 4906960 | 3610 |
| Infosys Ltd. ADR (c) | 392278 | 8599 |
| Larsen & Toubro Ltd. | 126396 | 5313 |
| Macrotech Developers Ltd. | 324503 | 5256 |
| Mahindra & Mahindra Ltd. | 446735 | 15637 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| MakeMyTrip Ltd. (a) | 27423 | $| 3079 |
| Max Healthcare Institute Ltd. | 416339 |  | 5473 |
| Pidilite Industries Ltd. | 119321 |  | 4046 |
| Reliance Industries Ltd. | 724632 |  | 10263 |
| Samvardhana Motherson International Ltd. | 1525014 |  | 2769 |
| Star Health & Allied Insurance Co. Ltd. (a) | 420666 |  | 2331 |
| State Bank of India | 968353 |  | 8972 |
| United Breweries Ltd. | 167493 |  | 3981 |
|  |  |  | 128047 |
| Indonesia (2.8%) | Indonesia (2.8%) | Indonesia (2.8%) | Indonesia (2.8%) |
| Bank Central Asia Tbk. PT | 8567400 |  | 5135 |
| Bank Mandiri Persero Tbk. PT | 9960300 |  | 3506 |
| Bank Rakyat Indonesia Persero Tbk. PT | 11262700 |  | 2844 |
| Cisarua Mountain Dairy Tbk. PT | 8739300 |  | 2933 |
|  |  |  | 14418 |
| Korea, Republic of (6.5%) | Korea, Republic of (6.5%) | Korea, Republic of (6.5%) | Korea, Republic of (6.5%) |
| DB Insurance Co. Ltd. | 26611 |  | 1849 |
| HYBE Co. Ltd. (a) | 8387 |  | 1094 |
| Hyundai Marine & Fire Insurance Co. Ltd. | 76765 |  | 1283 |
| Hyundai Motor Co. | 13090 |  | 1858 |
| KB Financial Group, Inc. | 74500 |  | 4195 |
| Kia Corp. | 45425 |  | 3074 |
| KT&G Corp. | 34021 |  | 2462 |
| NAVER Corp. (a) | 18986 |  | 2533 |
| Samsung Electronics Co. Ltd. | 296830 |  | 10593 |
| Samsung Life Insurance Co. Ltd. | 7525 |  | 482 |
| SK Hynix, Inc. | 39646 |  | 4543 |
|  |  |  | 33966 |
| Malaysia (1.5%) | Malaysia (1.5%) | Malaysia (1.5%) | Malaysia (1.5%) |
| CIMB Group Holdings Bhd. | 2414300 |  | 4423 |
| Malayan Banking Bhd. | 1457700 |  | 3338 |
|  |  |  | 7761 |
| Mexico (4.6%) | Mexico (4.6%) | Mexico (4.6%) | Mexico (4.6%) |
| Gruma SAB de CV, Class B | 431635 |  | 6735 |
| Grupo Financiero Banorte SAB de CV Series O | 986020 |  | 6335 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 1024509 |  | 1443 |
| Qualitas Controladora SAB de CV | 422486 |  | 3536 |
| Wal-Mart de Mexico SAB de CV | 2280876 |  | 6003 |
|  |  |  | 24052 |
| Poland (2.1%) | Poland (2.1%) | Poland (2.1%) | Poland (2.1%) |
| Allegro.eu SA (a) | 764552 |  | 5010 |
| Powszechny Zaklad Ubezpieczen SA | 508150 |  | 5645 |
|  |  |  | 10655 |
| Saudi Arabia (1.5%) | Saudi Arabia (1.5%) | Saudi Arabia (1.5%) | Saudi Arabia (1.5%) |
| Alinma Bank | 530702 |  | 4088 |
| Bupa Arabia for Cooperative Insurance Co. | 63019 |  | 3469 |
|  |  |  | 7557 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments (cont'd)

**Emerging Markets Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| South Africa (4.0%) | South Africa (4.0%) | South Africa (4.0%) |
| AVI Ltd. | 618620 | $3597 |
| Capitec Bank Holdings Ltd. | 47414 | 7877 |
| Clicks Group Ltd. | 199139 | 3939 |
| Standard Bank Group Ltd. | 458983 | 5390 |
|  |  | 20803 |
| Taiwan (20.5%) | Taiwan (20.5%) | Taiwan (20.5%) |
| Advantech Co. Ltd. | 217000 | 2288 |
| Airtac International Group | 97448 | 2503 |
| Alchip Technologies Ltd. | 36000 | 3587 |
| ASE Technology Holding Co. Ltd. | 852000 | 4184 |
| Delta Electronics, Inc. | 264000 | 3456 |
| Fubon Financial Holding Co. Ltd. | 1195100 | 3286 |
| Hon Hai Precision Industry Co. Ltd. | 1590000 | 8889 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2083205 | 67704 |
| Unimicron Technology Corp. | 891000 | 3818 |
| Wiwynn Corp. | 86722 | 6885 |
|  |  | 106600 |
| Thailand (0.7%) | Thailand (0.7%) | Thailand (0.7%) |
| Tisco Financial Group PCL (c) | 1219200 | 3520 |
| United Arab Emirates (0.5%) | United Arab Emirates (0.5%) | United Arab Emirates (0.5%) |
| Americana Restaurants International <br>PLC — Foreign Co. | 4148753 | 2515 |
| United Kingdom (0.9%) | United Kingdom (0.9%) | United Kingdom (0.9%) |
| Antofagasta PLC | 240782 | 4770 |
| United States (0.5%) | United States (0.5%) | United States (0.5%) |
| MercadoLibre, Inc. (a) | 1444 | 2455 |
| **Total Common Stocks (Cost $394,575)** | **Total Common Stocks (Cost $394,575)** | 507858 |
| **Short-Term Investments (4.6%)** | **Short-Term Investments (4.6%)** | **Short-Term Investments (4.6%)** |
| Investment Company (3.3%) | Investment Company (3.3%) | Investment Company (3.3%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 4.42% (See Note G) <br>**(Cost $17,046)** | 17045593 | 17046 |
| Securities held as Collateral on Loaned Securities (1.3%) | Securities held as Collateral on Loaned Securities (1.3%) | Securities held as Collateral on Loaned Securities (1.3%) |
| Investment Company (1.3%) | Investment Company (1.3%) | Investment Company (1.3%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 4.42% (See Note G) <br>**(Cost $6,758)** | 6758138 | 6758 |
| **Total Short-Term Investments (Cost $23,804)** | **Total Short-Term Investments (Cost $23,804)** | 23804 |
| **Total Investments (102.5%) (Cost $418,379)<br>including $8,245 of Securities Loaned (d)(e)** | **Total Investments (102.5%) (Cost $418,379)<br>including $8,245 of Securities Loaned (d)(e)** | 531662 |
| Liabilities in Excess of Other Assets (–2.5%) | Liabilities in Excess of Other Assets (–2.5%) | (12763) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $518899 |

---

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 at December 31, 2024.

(d) The approximate fair value and percentage of net assets, $446,800,000 and 86.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(e) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $422,178,000. The aggregate gross unrealized appreciation is approximately $138,337,000 and the aggregate gross unrealized depreciation is approximately $34,990,000, resulting in net unrealized appreciation of approximately $103,347,000.

ADR American Depositary Receipt.

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\*\* | 50.3% |
| Banks | 22.2 |
| Semiconductors & Semiconductor Equipment | 15.2 |
| Automobiles | 6.4 |
| Interactive Media & Services | 5.9 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2024.

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

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Emerging Markets Portfolio**

---

| | | |
|:---|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2024<br>(000)** | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> (Cost $394,575) | $507858 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $23,804) | 23804 |  |
| Total Investments in Securities, at Value (Cost $418,379) | 531662 |  |
| Foreign Currency, at Value (Cost $1,252) | 1215 |  |
| Dividends Receivable | 545 |  |
| Receivable for Fund Shares Sold | 516 |  |
| Tax Reclaim Receivable | 88 |  |
| Receivable from Affiliate | 47 |  |
| Receivable from Securities Lending Income | 4 |  |
| Other Assets | 95 |  |
| **Total Assets** | 534172 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Deferred Capital Gain Country Tax | 7242 |  |
| Collateral on Securities Loaned, at Value | 6758 |  |
| Payable for Advisory Fees | 940 |  |
| Payable for Custodian Fees | 121 |  |
| Payable for Fund Shares Redeemed | 63 |  |
| Payable for Administration Fees | 24 |  |
| Payable for Professional Fees | 23 |  |
| Payable for Sub Transfer Agency Fees — Class I | 14 |  |
| Payable for Sub Transfer Agency Fees — Class A | 1 |  |
| Payable for Sub Transfer Agency Fees — Class L |  | @ |
| Payable for Sub Transfer Agency Fees — Class C |  | @ |
| Payable for Transfer Agency Fees | 10 |  |
| Payable for Transfer Agency Fees — Class I | 6 |  |
| Payable for Transfer Agency Fees — Class A | 1 |  |
| Payable for Transfer Agency Fees — Class L |  | @ |
| Payable for Transfer Agency Fees — Class C |  | @ |
| Payable for Transfer Agency Fees — Class R6 | 1 |  |
| Payable for Transfer Agency Fees — Class IR |  | @ |
| Payable for Shareholder Services Fees — Class A | 1 |  |
| Payable for Distribution and Shareholder Services Fees — Class L |  | @ |
| Payable for Distribution and Shareholder Services Fees — Class C |  | @ |
| Other Liabilities | 68 |  |
| **Total Liabilities** | 15273 |  |
| **Net Assets** | $518899 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | 404329 |  |
| Total Distributable Earnings | 114570 |  |
| **Net Assets** | $518899 |  |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Emerging Markets Portfolio**

---

| | |
|:---|:---|
| Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $122217 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5738923 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $21.30 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $5579 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 270276 |
| **Net Asset Value, Redemption Price Per Share** | $20.64 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $1.14 |
| **Maximum Offering Price Per Share** | $21.78 |
| **CLASS L:** | **CLASS L:** |
| **Net Assets** | $170 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 8469 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $20.03 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $325 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 16252 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $19.98 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $390597 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 18356761 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $21.28 |
| **CLASS IR:** | **CLASS IR:** |
| **Net Assets** | $11 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 522 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $21.28 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $8245 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Emerging Markets Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $1,621 of Foreign Taxes Withheld) | $11728 |
| Dividends from Security of Affiliated Issuer (Note G) | 525 |
| Income from Securities Loaned — Net | 20 |
| Total Investment Income | 12273 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 3908 |
| Administration Fees (Note C) | 417 |
| Custodian Fees (Note F) | 346 |
| Professional Fees | 224 |
| Sub Transfer Agency Fees — Class I | 112 |
| Sub Transfer Agency Fees — Class A | 6 |
| Sub Transfer Agency Fees — Class L |  |
| Sub Transfer Agency Fees — Class C |  |
| Registration Fees | 89 |
| Transfer Agency Fees — Class I (Note E) | 38 |
| Transfer Agency Fees — Class A (Note E) | 4 |
| Transfer Agency Fees — Class L (Note E) | 2 |
| Transfer Agency Fees — Class C (Note E) | 3 |
| Transfer Agency Fees — Class R6 (Note E) | 5 |
| Transfer Agency Fees — Class IR (Note E) | 2 |
| Shareholder Reporting Fees | 36 |
| Shareholder Services Fees — Class A (Note D) | 14 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 1 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 3 |
| Directors' Fees and Expenses | 12 |
| Pricing Fees | 10 |
| Other Expenses | 55 |
| Total Expenses | 5287 |
| Waiver of Advisory Fees (Note B) | (147 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (99 |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (1 |
| Reimbursement of Class Specific Expenses — Class L (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (3 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (5 |
| Reimbursement of Class Specific Expenses — Class IR (Note B) | (2 |
| Rebate from Morgan Stanley Affiliate (Note G) | (15 |
| Net Expenses | 5013 |
| **Net Investment Income** | 7260 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $1,967 of Capital Gain Country Tax) | 24122 |
| Foreign Currency Transaction | (520 |
| Net Realized Gain | 23602 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $535) | 7531 |
| Foreign Currency Translation | (65 |
| Net Change in Unrealized Appreciation (Depreciation) | 7466 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 31068 |
| Net Increase in Net Assets Resulting from Operations | $38328 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Emerging Markets Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $7260 | $9281 |
| Net Realized Gain (Loss) | 23602 | (10613 |
| Net Change in Unrealized Appreciation (Depreciation) | 7466 | 58406 |
| Net Increase in Net Assets Resulting from Operations | 38328 | 57074 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (1533 | (3598 |
| **Class A** | (53 | (109 |
| **Class L** | (1 | (3 |
| **Class C** | (2 | (2 |
| **Class R6** | (5025 | (9018 |
| **Class IR** | (— | (— |
| Total Dividends and Distributions to Shareholders | (6614 | (12730 |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions <br>for all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions <br>for all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions <br>for all periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 43650 | 16589 |
| Distributions Reinvested | 1476 | 3458 |
| Redeemed | (78466 | (30405 |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 2258 | 659 |
| Distributions Reinvested | 53 | 108 |
| Redeemed | (2117 | (1170 |
| **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested | 1 | 3 |
| Redeemed | (12 | (17 |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 181 | 23 |
| Distributions Reinvested | 2 | 2 |
| Redeemed | (35 | (213 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 50694 | 20889 |
| Distributions Reinvested | 5025 | 9018 |
| Redeemed | (52753 | (24682 |
| **Class IR:** | **Class IR:** | **Class IR:** |
| Distributions Reinvested |  |  |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (30043 | (5738 |
| Redemption Fees |  |  |
| Total Increase in Net Assets | 1671 | 38606 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 517228 | 478622 |
| End of Period | $518899 | $517228 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Emerging Markets Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets (cont'd) | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 2050 | 874 |
| Shares Issued on Distributions Reinvested | 67 | 178 |
| Shares Redeemed | (3792 | (1600 |
| Net Decrease in Class I Shares Outstanding | (1675 | (548 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 109 | 35 |
| Shares Issued on Distributions Reinvested | 2 | 6 |
| Shares Redeemed | (100 | (63 |
| Net Increase (Decrease) in Class A Shares Outstanding | 11 | (22 |
| **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (1 | (1 |
| Net Decrease in Class L Shares Outstanding | (1 | (1 |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 9 | 1 |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (2 | (12 |
| Net Increase (Decrease) in Class C Shares Outstanding | 7 | (11 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 2303 | 1101 |
| Shares Issued on Distributions Reinvested | 228 | 466 |
| Shares Redeemed | (2437 | (1296 |
| Net Increase in Class R6 Shares Outstanding | 94 | 271 |
| **Class IR:** | **Class IR:** | **Class IR:** |
| Shares Issued on Distributions Reinvested |  |  |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Emerging Markets Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $19.95 | $18.24 | $25.44 | $26.85 | $23.69 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.29 | 0.35 | 0.34 | 0.17 | 0.13 |
| Net Realized and Unrealized Gain (Loss) | 1.33 | 1.85 | (6.72) | 0.73 | 3.32 |
| Total from Investment Operations | 1.62 | 2.20 | (6.38) | 0.90 | 3.45 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.21) | (0.49) | (0.15) | (0.46) | (0.14) |
| Net Realized Gain | (0.06) |  | (0.67) | (1.85) | (0.15) |
| Total Distributions | (0.27) | (0.49) | (0.82) | (2.31) | (0.29) |
| **Redemption Fees** | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $21.30 | $19.95 | $18.24 | $25.44 | $26.85 |
| **Total Return<sup>(3)</sup>** | 8.07% | 12.16%<sup>(4)</sup> | (25.06)% | 3.55% | 14.58% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $122217 | $147876 | $145218 | $272406 | $312834 |
| Ratio of Expenses Before Expense Limitation | 1.10% | 1.12% | 1.16% | 1.09% | 1.10% |
| Ratio of Expenses After Expense Limitation | 0.99%<sup>(5)</sup> | 0.97%<sup>(5)(6)(7)</sup> | 1.05%<sup>(5)</sup> | 1.05%<sup>(5)</sup> | 1.05%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 1.05%<sup>(5)</sup> | 1.05%<sup>(5)</sup> | 1.05%<sup>(5)</sup> |
| Ratio of Net Investment Income | 1.37%<sup>(5)</sup> | 1.84%<sup>(5)(6)</sup> | 1.68%<sup>(5)</sup> | 0.61%<sup>(5)</sup> | 0.58%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 41% | 34% | 38% | 39% | 57% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.01% | 1.80% |

---

(7) Effective April 28, 2023, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.99% for Class I shares. Prior to April 28, 2023, the maximum ratio was 1.05% for Class I shares.

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Emerging Markets Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $19.34 | $17.70 | $24.69 | $26.13 | $23.05 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.21 | 0.27 | 0.26 | 0.08 | 0.05 |
| Net Realized and Unrealized Gain (Loss) | 1.29 | 1.79 | (6.51) | 0.71 | 3.22 |
| Total from Investment Operations | 1.50 | 2.06 | (6.25) | 0.79 | 3.27 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.14) | (0.42) | (0.07) | (0.38) | (0.04) |
| Net Realized Gain | (0.06) |  | (0.67) | (1.85) | (0.15) |
| Total Distributions | (0.20) | (0.42) | (0.74) | (2.23) | (0.19) |
| **Redemption Fees** | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $20.64 | $19.34 | $17.70 | $24.69 | $26.13 |
| **Total Return<sup>(3)</sup>** | 7.69% | 11.73%<sup>(4)</sup> | (25.31)% | 3.23% | 14.21% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $5579 | $5011 | $4978 | $9222 | $7907 |
| Ratio of Expenses Before Expense Limitation | 1.40% | 1.44% | 1.48% | 1.39% | 1.43% |
| Ratio of Expenses After Expense Limitation | 1.35%<sup>(5)</sup> | 1.33%<sup>(5)(6)(7)</sup> | 1.38%<sup>(5)</sup> | 1.36%<sup>(5)</sup> | 1.38%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 1.38%<sup>(5)</sup> | 1.36%<sup>(5)</sup> | 1.38%<sup>(5)</sup> |
| Ratio of Net Investment Income | 1.01%<sup>(5)</sup> | 1.48%<sup>(5)(6)</sup> | 1.30%<sup>(5)</sup> | 0.28%<sup>(5)</sup> | 0.24%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 41% | 34% | 38% | 39% | 57% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.37% | 1.44% |

---

(7) Effective April 28, 2023, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.35% for Class A shares. Prior to April 28, 2023, the maximum ratio was 1.40% for Class A shares.

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Emerging Markets Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $18.78 | $17.20 | $24.05 | $25.51 | $22.59 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.10 | 0.18 | 0.16 | (0.06) | (0.08) |
| Net Realized and Unrealized Gain (Loss) | 1.24 | 1.74 | (6.34) | 0.68 | 3.15 |
| Total from Investment Operations | 1.34 | 1.92 | (6.18) | 0.62 | 3.07 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.03) | (0.34) |  | (0.23) |  |
| Net Realized Gain | (0.06) |  | (0.67) | (1.85) | (0.15) |
| Total Distributions | (0.09) | (0.34) | (0.67) | (2.08) | (0.15) |
| **Redemption Fees** | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $20.03 | $18.78 | $17.20 | $24.05 | $25.51 |
| **Total Return<sup>(3)</sup>** | 7.12% | 11.19%<sup>(4)</sup> | (25.68)% | 2.64% | 13.65% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $170 | $170 | $169 | $233 | $215 |
| Ratio of Expenses Before Expense Limitation | 3.03% | 3.19% | 2.88% | 2.69% | 3.06% |
| Ratio of Expenses After Expense Limitation | 1.85%<sup>(5)</sup> | 1.83%<sup>(5)(6)(7)</sup> | 1.90%<sup>(5)</sup> | 1.90%<sup>(5)</sup> | 1.90%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 1.90%<sup>(5)</sup> | 1.90%<sup>(5)</sup> | 1.90%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | 0.51%<sup>(5)</sup> | 0.98%<sup>(5)(6)</sup> | 0.87%<sup>(5)</sup> | (0.23)%<sup>(5)</sup> | (0.40)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 41% | 34% | 38% | 39% | 57% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class L shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class L shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.87% | 0.94% |

---

(7) Effective April 28, 2023, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.85% for Class L shares. Prior to April 28, 2023, the maximum ratio was 1.90% for Class L shares.

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Emerging Markets Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $18.78 | $17.12 | $24.01 | $25.29 | $22.45 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.05 | 0.13 | 0.09 | (0.10) | (0.11) |
| Net Realized and Unrealized Gain (Loss) | 1.25 | 1.74 | (6.31) | 0.67 | 3.10 |
| Total from Investment Operations | 1.30 | 1.87 | (6.22) | 0.57 | 2.99 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.04) | (0.21) |  |  |  |
| Net Realized Gain | (0.06) |  | (0.67) | (1.85) | (0.15) |
| Total Distributions | (0.10) | (0.21) | (0.67) | (1.85) | (0.15) |
| **Redemption Fees** | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $19.98 | $18.78 | $17.12 | $24.01 | $25.29 |
| **Total Return<sup>(3)</sup>** | 6.89% | 10.93%<sup>(4)</sup> | (25.89)% | 2.43% | 13.32% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $325 | $173 | $338 | $531 | $530 |
| Ratio of Expenses Before Expense Limitation | 3.13% | 3.13% | 2.97% | 2.42% | 2.60% |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(5)</sup> | 2.10%<sup>(5)(6)(7)</sup> | 2.15%<sup>(5)</sup> | 2.15%<sup>(5)</sup> | 2.15%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 2.15%<sup>(5)</sup> | 2.15%<sup>(5)</sup> | 2.15%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | 0.26%<sup>(5)</sup> | 0.71%<sup>(5)(6)</sup> | 0.47%<sup>(5)</sup> | (0.39)%<sup>(5)</sup> | (0.53)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 41% | 34% | 38% | 39% | 57% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 2.12% | 0.69% |

---

(7) Effective April 28, 2023, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 2.10% for Class C shares. Prior to April 28, 2023, the maximum ratio was 2.15% for Class C shares.

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Emerging Markets Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $19.93 | $18.23 | $25.43 | $26.85 | $23.68 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.30 | 0.36 | 0.35 | 0.20 | 0.15 |
| Net Realized and Unrealized Gain (Loss) | 1.33 | 1.85 | (6.71) | 0.72 | 3.33 |
| Total from Investment Operations | 1.63 | 2.21 | (6.36) | 0.92 | 3.48 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.22) | (0.51) | (0.17) | (0.49) | (0.16) |
| Net Realized Gain | (0.06) |  | (0.67) | (1.85) | (0.15) |
| Total Distributions | (0.28) | (0.51) | (0.84) | (2.34) | (0.31) |
| **Redemption Fees** | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $21.28 | $19.93 | $18.23 | $25.43 | $26.85 |
| **Total Return<sup>(4)</sup>** | 8.13% | 12.18%<sup>(5)</sup> | (24.98)% | 3.63% | 14.73% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $390597 | $363988 | $327910 | $439730 | $440346 |
| Ratio of Expenses Before Expense Limitation | 0.98% | 1.00% | 1.06% | 0.98% | 1.00% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(6)</sup> | 0.91%<sup>(6)(7)</sup> | 0.95%<sup>(6)</sup> | 0.95%<sup>(6)</sup> | 0.95%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 0.95%<sup>(6)</sup> | 0.95%<sup>(6)</sup> | 0.95%<sup>(6)</sup> |
| Ratio of Net Investment Income | 1.41%<sup>(6)</sup> | 1.90%<sup>(6)(7)</sup> | 1.75%<sup>(6)</sup> | 0.71%<sup>(6)</sup> | 0.67%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 41% | 34% | 38% | 39% | 57% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.95% | 1.86% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Emerging Markets Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $19.93 | $18.23 | $25.43 | $26.85 | $23.68 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.30 | 0.36 | 0.35 | 0.20 | 0.12 |
| Net Realized and Unrealized Gain (Loss) | 1.33 | 1.85 | (6.71) | 0.72 | 3.36 |
| Total from Investment Operations | 1.63 | 2.21 | (6.36) | 0.92 | 3.48 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.22) | (0.51) | (0.17) | (0.49) | (0.16) |
| Net Realized Gain | (0.06) |  | (0.67) | (1.85) | (0.15) |
| Total Distributions | (0.28) | (0.51) | (0.84) | (2.34) | (0.31) |
| **Redemption Fees** | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $21.28 | $19.93 | $18.23 | $25.43 | $26.85 |
| **Total Return<sup>(3)</sup>** | 8.13% | 12.18%<sup>(4)</sup> | (24.98)% | 3.63% | 14.73% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $11 | $10 | $9 | $12 | $12 |
| Ratio of Expenses Before Expense Limitation | 19.80% | 22.94% | 22.06% | 16.98% | 21.21% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(5)</sup> | 0.91%<sup>(5)(6)</sup> | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> |
| Ratio of Net Investment Income | 1.40%<sup>(5)</sup> | 1.89%<sup>(5)(6)</sup> | 1.75%<sup>(5)</sup> | 0.71%<sup>(5)</sup> | 0.55%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 41% | 34% | 38% | 39% | 57% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class IR shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class IR shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.95% | 1.85% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relate to the Emerging Markets Portfolio. The Fund seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of issuers in emerging market countries.

The Fund has issued six classes of shares — Class I, Class A, Class L, Class C, Class R6 and Class IR. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. On April 30, 2015, the Fund suspended offering of Class L shares. Existing Class L shareholders may invest through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) 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; (2) 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; (3) 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 Company ("MSIM Company") (the "Sub-Adviser"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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; (5) 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 (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Air Freight & Logistics | $— | $1212 | $— | $1212 |
| Automobile Components |  | 2769 |  | 2769 |
| Automobiles |  | 33375 |  | 33375 |
| Banks | 13573 | 103029 |  | 116602 |
| Beverages |  | 6643 |  | 6643 |
| Broadline Retail | 2455 | 20945 |  | 23400 |
| Capital Markets |  | 4649 |  | 4649 |
| Chemicals |  | 4046 |  | 4046 |
| Construction & <br>Engineering |  | 5313 |  | 5313 |
| Consumer Finance |  | 4361 |  | 4361 |
| Consumer Staples <br>Distribution & Retail | 6003 | 8468 |  | 14471 |
| Electrical Equipment |  | 21304 |  | 21304 |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Electronic Equipment, <br>Instruments & <br>Components | $— | $16163 | $— | $16163 |
| Entertainment |  | 4177 |  | 4177 |
| Food Products | 6735 | 6530 |  | 13265 |
| Health Care Providers & <br>Services |  | 7290 |  | 7290 |
| Hotels, Restaurants & <br>Leisure | 15994 | 6932 |  | 22926 |
| Household Products | 1443 |  |  | 1443 |
| Information Technology <br>Services | 8599 | 1274 |  | 9873 |
| Insurance | 3536 | 20872 |  | 24408 |
| Interactive Media & <br>Services | 1326 | 29630 |  | 30956 |
| Machinery |  | 5607 |  | 5607 |
| Metals & Mining |  | 9956 |  | 9956 |
| Oil, Gas & Consumable <br>Fuels |  | 10263 |  | 10263 |
| Personal Care Products |  | 1651 |  | 1651 |
| Pharmaceuticals |  | 2839 |  | 2839 |
| Real Estate Management & <br>Development | 1394 | 5256 |  | 6650 |
| Semiconductors & <br>Semiconductor <br>Equipment |  | 80018 |  | 80018 |
| Tech Hardware, <br>Storage & Peripherals |  | 19766 |  | 19766 |
| Tobacco |  | 2462 |  | 2462 |
| **Total Common Stocks** | **61058** | **446800** | **—** | **507858** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 23804 |  |  | 23804 |
| **Total Assets** | $**84862** | $**446800** | $**—** | $**531662** |

---

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

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period

end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

**4. Securities Lending:** The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Gross Amount Not Offset in the Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Statement of Assets and Liabilities** |
| **Gross Asset <br>Amount<br>Presented in the <br>Statement of <br>Assets and <br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| $8245<br> (a) | $— | $8245<br> (b)(c) | $0 |

---

(a) Represents market value of loaned securities at year end.

(b) The Fund received cash collateral of approximately $6,758,000, which was subsequently invested Morgan Stanley Institutional Liquidity Fund as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $1,830,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

(c) The actual collateral received is greater than the amount shown here due to overcollateralization.

FASB ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous<br>(000)** | **<30 days<br>(000)** | **Between<br>30 &<br>90 days<br>(000)** | **>90 Days<br>(000)** | **Total<br>(000)** |
| **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** |
| Common Stocks | $6758 | $— | $— | $— | $6758 |
| **Total Borrowings** | $**6758** | $**—** | $**—** | $**—** | $**6758** |
| **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** |  |  |  |  | $**6758** |

---

**5. Redemption Fees:** The Fund will assess a 2% redemption fee, on Class I shares, Class A shares, Class L shares, Class C shares, Class R6 shares and Class IR shares which is paid directly to the Fund, for shares redeemed or exchanged within thirty days of purchase, subject to certain exceptions. The redemption fee is designed to protect the Fund and its remaining shareholders from the effects of short-term trading. These fees, if any, are included in the Statements of Changes in Net Assets.

**6. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**7. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**8. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**9. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory/Sub-Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **First $1<br>billion** | **Next $1.5<br>billion** | **Over $2.5<br>billion** |
| 0.75% | 0.70% | 0.65% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.72% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.99% for Class I shares, 1.35% for Class A shares, 1.85% for Class L shares, 2.10% for Class C shares, 0.95% for Class R6 shares and 0.95% for Class IR shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $147,000 of advisory fees were waived and approximately $112,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to approximately $5,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $210,867,000 and $250,825,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $15,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $7878 | $182305 | $166379 | $525 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain <br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $23804 |

---

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to

short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions <br>Paid From:** | **2024 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $4790 | $1824 | $12730 | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2024.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $— | $11270 |

---

During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $14,381,000.

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 79.4%.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

**K. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Emerging Markets Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Emerging Markets Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2538668_fa007.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024.

The Fund designated and paid approximately $1,824,000 as a long-term capital gain distribution.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $7,400,000 as taxable at this lower rate.

The Fund intends to pass through foreign tax credits of approximately $3,665,000 and has derived net income from sources within foreign countries amounting to approximately $14,885,000.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j2538668_za008.jpg)

MMKBX-NCSR 12.31.24

------

![](j2538669_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Global Concentrated Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j2538669_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#portfolioofinvestments-9) | 2 |
| [Statement of Assets and Liabilities](#statementofassetsandliabilities-9) | 3 |
| [Statement of Operations](#statementofoperations-9) | 4 |
| [Statements of Changes in Net Assets](#statementsofchangesinnetassets-9) | 5 |
| [Financial Highlights](#financialhighlights-9) | 6 |
| [Notes to Financial Statements](#notestofinancialstatements-9) | 10 |
| [Report of Independent Registered Public Accounting Firm](#reportofindependentregisteredpublicaccountingfirm-9) | 16 |
| [Federal Tax Notice](#federaltaxnotice-9) | 17 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments

**Global Concentrated Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (99.5%)** | **Common Stocks (99.5%)** | **Common Stocks (99.5%)** |
| China (4.9%) | China (4.9%) | China (4.9%) |
| Tencent Holdings Ltd. ADR | 209011 | $11115 |
| Italy (5.6%) | Italy (5.6%) | Italy (5.6%) |
| Ferrari NV | 30093 | 12785 |
| Japan (6.4%) | Japan (6.4%) | Japan (6.4%) |
| Mitsui & Co. Ltd. ADR | 20616 | 8586 |
| Sumitomo Mitsui Financial Group, Inc. ADR | 400805 | 5807 |
|  |  | 14393 |
| Taiwan (6.8%) | Taiwan (6.8%) | Taiwan (6.8%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 77679 | 15341 |
| United States (75.8%) | United States (75.8%) | United States (75.8%) |
| Ameriprise Financial, Inc. | 23241 | 12374 |
| CBRE Group, Inc., Class A (a) | 61632 | 8092 |
| Costco Wholesale Corp. | 15368 | 14081 |
| CRH PLC | 172622 | 15971 |
| Eli Lilly & Co. | 6949 | 5365 |
| JPMorgan Chase & Co. | 49663 | 11905 |
| LPL Financial Holdings, Inc. | 20612 | 6730 |
| Mastercard, Inc., Class A | 11871 | 6251 |
| Microsoft Corp. | 38647 | 16290 |
| Netflix, Inc. (a) | 14455 | 12884 |
| NextEra Energy, Inc. | 57196 | 4100 |
| NVIDIA Corp. | 171378 | 23014 |
| Progressive Corp. | 65127 | 15605 |
| United Rentals, Inc. | 14956 | 10536 |
| Waste Management, Inc. | 40553 | 8183 |
|  |  | 171381 |
| **Total Common Stocks (Cost $164,142)** | **Total Common Stocks (Cost $164,142)** | 225015 |
| **Short-Term Investment (1.0%)** | **Short-Term Investment (1.0%)** | **Short-Term Investment (1.0%)** |
| Investment Company (1.0%) | Investment Company (1.0%) | Investment Company (1.0%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $2,219)** | 2219366 | 2219 |
| **Total Investments (100.5%) (Cost $166,361) (b)** | **Total Investments (100.5%) (Cost $166,361) (b)** | 227234 |
| Liabilities in Excess of Other Assets (–0.5%) | Liabilities in Excess of Other Assets (–0.5%) | (1112) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $226122 |

---

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 December 31, 2024, the aggregate cost for federal income tax purposes is approximately $167,505,000. The aggregate gross unrealized appreciation is approximately $61,488,000 and the aggregate gross unrealized depreciation is approximately $1,760,000, resulting in net unrealized appreciation of approximately $59,728,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 20.0% |
| Semiconductors & Semiconductor Equipment | 16.9 |
| Trading Companies & Distributors | 8.4 |
| Capital Markets | 8.4 |
| Banks | 7.7 |
| Software | 7.2 |
| Construction Materials | 7.0 |
| Insurance | 6.9 |
| Consumer Staples Distribution & Retail | 6.2 |
| Entertainment | 5.7 |
| Automobiles | 5.6 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Concentrated Portfolio**

---

| | | |
|:---|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2024<br>(000)** | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $164,142) | $225015 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $2,219) | 2219 |  |
| Total Investments in Securities, at Value (Cost $166,361) | 227234 |  |
| Receivable for Fund Shares Sold | 222 |  |
| Dividends Receivable | 37 |  |
| Tax Reclaim Receivable | 7 |  |
| Receivable from Affiliate | 7 |  |
| Other Assets | 37 |  |
| **Total Assets** | 227544 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased | 907 |  |
| Payable for Advisory Fees | 381 |  |
| Payable for Fund Shares Redeemed | 77 |  |
| Payable for Administration Fees | 16 |  |
| Payable for Professional Fees | 12 |  |
| Payable for Shareholder Services Fees — Class A | 3 |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 7 |  |
| Payable for Sub Transfer Agency Fees — Class I | 6 |  |
| Payable for Sub Transfer Agency Fees — Class A |  | @ |
| Payable for Sub Transfer Agency Fees — Class C |  | @ |
| Payable for Custodian Fees | 3 |  |
| Payable for Transfer Agency Fees — Class I | 1 |  |
| Payable for Transfer Agency Fees — Class A |  | @ |
| Payable for Transfer Agency Fees — Class C |  | @ |
| Payable for Transfer Agency Fees — Class R6 |  | @ |
| Other Liabilities | 9 |  |
| **Total Liabilities** | 1422 |  |
| **Net Assets** | $226122 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $177555 |  |
| Total Distributable Earnings | 48567 |  |
| **Net Assets** | $226122 |  |
| **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $203761 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 8693170 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $23.44 |  |
| **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $14600 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 630547 |  |
| **Net Asset Value, Redemption Price Per Share** | $23.15 |  |
| **Maximum Sales Load** | 5.25 | % |
| **Maximum Sales Charge** | $1.28 |  |
| **Maximum Offering Price Per Share** | $24.43 |  |
| **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $7746 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 350285 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $22.11 |  |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $15 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 633 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $23.47 |  |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Concentrated Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $76 of Foreign Taxes Withheld) | $1694 |
| Dividends from Security of Affiliated Issuer (Note G) | 104 |
| Total Investment Income | 1798 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 1346 |
| Professional Fees | 150 |
| Administration Fees (Note C) | 144 |
| Sub Transfer Agency Fees — Class I | 111 |
| Sub Transfer Agency Fees — Class A | 8 |
| Sub Transfer Agency Fees — Class C | 5 |
| Shareholder Services Fees — Class A (Note D) | 29 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 64 |
| Registration Fees | 69 |
| Shareholder Reporting Fees | 22 |
| Custodian Fees (Note F) | 11 |
| Transfer Agency Fees — Class I (Note E) | 3 |
| Transfer Agency Fees — Class A (Note E) | 3 |
| Transfer Agency Fees — Class C (Note E) | 3 |
| Transfer Agency Fees — Class R6 (Note E) | 2 |
| Directors' Fees and Expenses | 6 |
| Pricing Fees | 2 |
| Other Expenses | 19 |
| Total Expenses | 1997 |
| Waiver of Advisory Fees (Note B) | (63) |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (34) |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2) |
| Rebate from Morgan Stanley Affiliate (Note G) | (4) |
| Net Expenses | 1894 |
| **Net Investment Loss** | (96) |
| **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 1404 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | 39302 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 40706 |
| Net Increase in Net Assets Resulting from Operations | $40610 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Concentrated Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $(96 | $718 |
| Net Realized Gain (Loss) | 1404 | (6666 |
| Net Change in Unrealized Appreciation (Depreciation) | 39302 | 21060 |
| Net Increase in Net Assets Resulting from Operations | 40610 | 15112 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (393 | (748 |
| **Class A** |  | (44 |
| **Class R6** | (— | (— |
| Total Dividends and Distributions to Shareholders | (393 | (792 |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 94143 | 41049 |
| Distributions Reinvested | 393 | 748 |
| Redeemed | (22105 | (29464 |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 7442 | 1554 |
| Distributions Reinvested |  | 44 |
| Redeemed | (3651 | (1301 |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 2674 | 515 |
| Redeemed | (1657 | (1207 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 40 |  |
| Distributions Reinvested |  |  |
| Redeemed | (42 | (7 |
| Net Increase in Net Assets Resulting from Capital Share Transactions | 77237 | 11931 |
| Total Increase in Net Assets | 117454 | 26251 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 108668 | 82417 |
| End of Period | $226122 | $108668 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 4271 | 2449 |
| Shares Issued on Distributions Reinvested | 16 | 43 |
| Shares Redeemed | (993 | (1796 |
| Net Increase in Class I Shares Outstanding | 3294 | 696 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 333 | 96 |
| Shares Issued on Distributions Reinvested |  | 3 |
| Shares Redeemed | (165 | (82 |
| Net Increase in Class A Shares Outstanding | 168 | 17 |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 124 | 33 |
| Shares Redeemed | (81 | (77 |
| Net Increase (Decrease) in Class C Shares Outstanding | 43 | (44 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 2 |  |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (2 | (— |
| Net Increase (Decrease) in Class R6 Shares Outstanding |  | (— |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Concentrated Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $17.67 | $15.04 | $19.41 | $17.12 | $13.86 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.00<br><sup>(2)</sup> | 0.13 | 0.03 | 0.01 | 0.03 |
| Net Realized and Unrealized Gain (Loss) | 5.82 | 2.64 | (4.36) | 3.02 | 3.23 |
| Total from Investment Operations | 5.82 | 2.77 | (4.33) | 3.03 | 3.26 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.05) | (0.14) | (0.03) |  | (0.00)<sup>(2)</sup> |
| Net Realized Gain |  |  | (0.00)<sup>(2)</sup> | (0.74) |  |
| Paid-in-Capital |  |  | (0.01) |  |  |
| Total Distributions | (0.05) | (0.14) | (0.04) | (0.74) | (0.00)<sup>(2)</sup> |
| **Net Asset Value, End of Period** | $23.44 | $17.67 | $15.04 | $19.41 | $17.12 |
| **Total Return<sup>(3)</sup>** | 32.91% | 18.42%<sup>(4)</sup> | (22.28)% | 17.83% | 23.52% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $203761 | $95405 | $70730 | $98522 | $45946 |
| Ratio of Expenses Before Expense Limitation | 1.06% | 1.12% | 1.20% | 1.17% | 1.81% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(5)</sup> | 0.99%<sup>(5)(6)</sup> | 1.00%<sup>(5)</sup> | 1.00%<sup>(5)</sup> | 0.99%<sup>(5)</sup> |
| Ratio of Net Investment Income | 0.00%<sup>(5)(7)</sup> | 0.78%<sup>(5)(6)</sup> | 0.20%<sup>(5)</sup> | 0.04%<sup>(5)</sup> | 0.21%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 43% | 51% | 34% | 33% | 54% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.00% | 0.77% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Concentrated Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $17.47 | $14.88 | $19.20 | $17.00 | $13.80 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.06) | 0.08 | (0.01) | (0.05) | (0.02) |
| Net Realized and Unrealized Gain (Loss) | 5.74 | 2.60 | (4.31) | 2.99 | 3.22 |
| Total from Investment Operations | 5.68 | 2.68 | (4.32) | 2.94 | 3.20 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.09) |  |  | (0.00)<sup>(2)</sup> |
| Net Realized Gain |  |  | (0.00)<sup>(2)</sup> | (0.74) |  |
| Total Distributions |  | (0.09) | (0.00)<sup>(2)</sup> | (0.74) | (0.00)<sup>(2)</sup> |
| **Net Asset Value, End of Period** | $23.15 | $17.47 | $14.88 | $19.20 | $17.00 |
| **Total Return<sup>(3)</sup>** | 32.51% | 18.05%<sup>(4)</sup> | (22.49)% | 17.42% | 23.19% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $14600 | $8088 | $6631 | $8245 | $6091 |
| Ratio of Expenses Before Expense Limitation | 1.33% | 1.41% | 1.49% | 1.45% | 2.13% |
| Ratio of Expenses After Expense Limitation | 1.29%<sup>(5)</sup> | 1.27%<sup>(5)(6)</sup> | 1.30%<sup>(5)</sup> | 1.30%<sup>(5)</sup> | 1.31%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | (0.29)%<sup>(5)</sup> | 0.49%<sup>(5)(6)</sup> | (0.08)%<sup>(5)</sup> | (0.29)%<sup>(5)</sup> | (0.14)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 43% | 51% | 34% | 33% | 54% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.29% | 0.47% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Concentrated Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $16.82 | $14.35 | $18.66 | $16.66 | $13.63 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.22) | (0.04) | (0.13) | (0.18) | (0.12) |
| Net Realized and Unrealized Gain (Loss) | 5.51 | 2.51 | (4.18) | 2.92 | 3.15 |
| Total from Investment Operations | 5.29 | 2.47 | (4.31) | 2.74 | 3.03 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  |  |  |  | (0.00)<sup>(2)</sup> |
| Net Realized Gain |  |  | (0.00)<sup>(2)</sup> | (0.74) |  |
| Total Distributions |  |  | (0.00)<sup>(2)</sup> | (0.74) | (0.00)<sup>(2)</sup> |
| **Net Asset Value, End of Period** | $22.11 | $16.82 | $14.35 | $18.66 | $16.66 |
| **Total Return<sup>(3)</sup>** | 31.45% | 17.21%<sup>(4)</sup> | (23.09)% | 16.58% | 22.23% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $7746 | $5164 | $5040 | $7969 | $3568 |
| Ratio of Expenses Before Expense Limitation | 2.10% | 2.17% | 2.24% | 2.21% | 2.91% |
| Ratio of Expenses After Expense Limitation | 2.06%<sup>(5)</sup> | 2.04%<sup>(5)(6)</sup> | 2.05%<sup>(5)</sup> | 2.06%<sup>(5)</sup> | 2.09%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (1.06)%<sup>(5)</sup> | (0.27)%<sup>(5)(6)</sup> | (0.83)%<sup>(5)</sup> | (1.00)%<sup>(5)</sup> | (0.91)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 43% | 51% | 34% | 33% | 54% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 2.05% | (0.28)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Concentrated Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $17.70 | $15.06 | $19.44 | $17.14 | $13.86 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.01 | 0.14 | 0.03 | 0.04 | 0.03 |
| Net Realized and Unrealized Gain (Loss) | 5.82 | 2.65 | (4.36) | 3.00 | 3.25 |
| Total from Investment Operations | 5.83 | 2.79 | (4.33) | 3.04 | 3.28 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.06) | (0.15) | (0.04) |  | (0.00)<sup>(3)</sup> |
| Net Realized Gain |  |  | (0.00)<sup>(3)</sup> | (0.74) |  |
| Paid-in-Capital |  |  | (0.01) |  |  |
| Total Distributions | (0.06) | (0.15) | (0.05) | (0.74) | (0.00)<sup>(3)</sup> |
| **Net Asset Value, End of Period** | $23.47 | $17.70 | $15.06 | $19.44 | $17.14 |
| **Total Return<sup>(4)</sup>** | 32.90% | 18.51%<sup>(5)</sup> | (22.25)% | 17.86% | 23.67% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $15 | $11 | $16 | $73 | $43 |
| Ratio of Expenses Before Expense Limitation | 9.05% | 19.78% | 9.89% | 7.26% | 9.20% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(6)</sup> | 0.93%<sup>(6)(7)</sup> | 0.95%<sup>(6)</sup> | 0.95%<sup>(6)</sup> | 0.95%<sup>(6)</sup> |
| Ratio of Net Investment Income | 0.06%<sup>(6)</sup> | 0.84%<sup>(6)(7)</sup> | 0.17%<sup>(6)</sup> | 0.21%<sup>(6)</sup> | 0.22%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 43% | 51% | 34% | 33% | 54% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.95% | 0.82% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relate to the Global Concentrated Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued four classes of shares — Class I, Class A, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) 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; (2) 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; (3) 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"), 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 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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; and (5) investments in mutual funds, including the

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobiles | $12785 | $— | $— | $12785 |
| Banks | 17712 |  |  | 17712 |
| Capital Markets | 19104 |  |  | 19104 |
| Commercial Services & <br>Supplies | 8183 |  |  | 8183 |
| Construction Materials | 15971 |  |  | 15971 |
| Consumer Staples <br>Distribution & Retail | 14081 |  |  | 14081 |
| Electric Utilities | 4100 |  |  | 4100 |
| Entertainment | 12884 |  |  | 12884 |
| Financial Services | 6251 |  |  | 6251 |
| Insurance | 15605 |  |  | 15605 |
| Interactive Media & <br>Services | 11115 |  |  | 11115 |
| Pharmaceuticals | 5365 |  |  | 5365 |
| Real Estate <br>Management & <br>Development | 8092 |  |  | 8092 |
| Semiconductors & <br>Semiconductor <br>Equipment | 38355 |  |  | 38355 |
| Software | 16290 |  |  | 16290 |
| Trading Companies & <br>Distributors | 19122 |  |  | 19122 |
| **Total Common Stocks** | **225015** | **—** | **—** | **225015** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 2219 |  |  | 2219 |
| **Total Assets** | $**227234** | $**—** | $**—** | $**227234** |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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

**3. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**4. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**5. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**6. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial

Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **First $750<br>million** | **Next $750<br>million** | **Over $1.5<br>billion** |
| 0.75% | 0.70% | 0.65% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.71% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00% for Class I shares, 1.35% for Class A shares, 2.10% for Class C shares and 0.95% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $63,000 of advisory fees were waived and approximately $36,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to less than $500.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $151,778,000 and $75,204,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $655 | $77687 | $76123 | $104 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $2219 |

---

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions <br>Paid From:** | **2024 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $393 | $— | $792 | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2024.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $176 | $— |

---

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $6,405,000 and $1,397,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $4,377,000.

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Fund's next taxable year. For the year ended

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

December 31, 2024, the Fund intends to defer to January 1, 2025 for U.S. federal income tax purposes the following losses:

---

| | |
|:---|:---|
| **Qualified<br>Late Year<br>Ordinary<br>Losses<br>(000)** | **Post-<br>October<br>Capital<br>Losses<br>(000)** |
| $— | $3508 |

---

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 92.1%.

**K. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may

result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Global Concentrated Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Global Concentrated Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2538669_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024. For corporate shareholders 100% of the dividends qualified for the dividends received deduction.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $1,537,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

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MLNAX-NCSR 12.31.24

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Morgan Stanley Institutional Fund, Inc.

Global Core Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

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| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#PortfolioofInvestments-10) | 2 |
| [Statement of Assets and Liabilities](#StatementofAssetsandLiabilities-10) | 3 |
| [Statement of Operations](#StatementofOperations-10) | 4 |
| [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-10) | 5 |
| [Financial Highlights](#FinancialHighlights-10) | 6 |
| [Notes to Financial Statements](#NotestoFinancialStatements-10) | 10 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-10) | 17 |
| [Federal Tax Notice](#FederalTaxNotice-10) | 18 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

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***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments

**Global Core Portfolio**

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| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** |
| China (3.8%) | China (3.8%) | China (3.8%) |
| JD.com, Inc. ADR | 2579 | $89 |
| NetEase, Inc. ADR | 2242 | 200 |
| Tencent Holdings Ltd. ADR | 20525 | 1092 |
|  |  | 1381 |
| France (1.3%) | France (1.3%) | France (1.3%) |
| Hermes International SCA ADR | 691 | 165 |
| LVMH Moet Hennessy Louis Vuitton SE | 467 | 307 |
|  |  | 472 |
| Ireland (0.5%) | Ireland (0.5%) | Ireland (0.5%) |
| Ryanair Holdings PLC ADR | 3941 | 172 |
| Italy (5.4%) | Italy (5.4%) | Italy (5.4%) |
| Ferrari NV | 4717 | 2004 |
| Japan (6.1%) | Japan (6.1%) | Japan (6.1%) |
| Mitsui & Co. Ltd. ADR | 2060 | 858 |
| Nippon Telegraph & Telephone Corp. ADR | 6655 | 166 |
| Sumitomo Mitsui Financial Group, Inc. ADR | 85016 | 1232 |
|  |  | 2256 |
| Taiwan (4.6%) | Taiwan (4.6%) | Taiwan (4.6%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 8547 | 1688 |
| United Kingdom (0.4%) | United Kingdom (0.4%) | United Kingdom (0.4%) |
| Experian PLC ADR | 3344 | 143 |
| United States (77.2%) | United States (77.2%) | United States (77.2%) |
| Alphabet, Inc., Class A | 6729 | 1274 |
| Amazon.com, Inc. (a) | 7638 | 1676 |
| Ameriprise Financial, Inc. | 3787 | 2016 |
| Apple, Inc. | 8233 | 2062 |
| Applied Materials, Inc. | 882 | 143 |
| Brown & Brown, Inc. | 8849 | 903 |
| CBRE Group, Inc., Class A (a) | 5621 | 738 |
| Chevron Corp. | 3588 | 520 |
| Costco Wholesale Corp. | 295 | 270 |
| CRH PLC | 26517 | 2453 |
| Eli Lilly & Co. | 189 | 146 |
| Fortune Brands Innovations, Inc. | 2409 | 165 |
| Jack Henry & Associates, Inc. | 1625 | 285 |
| Jefferies Financial Group, Inc. | 4387 | 344 |
| JPMorgan Chase & Co. | 8314 | 1993 |
| Lennar Corp., Class A | 1434 | 195 |
| Linde PLC | 1397 | 585 |
| LPL Financial Holdings, Inc. | 1497 | 489 |
| Lululemon Athletica, Inc. (a) | 340 | 130 |
| Masterbrand, Inc. (a) | 4463 | 65 |
| Mastercard, Inc., Class A | 1393 | 733 |
| McDonald's Corp. | 771 | 223 |
| MercadoLibre, Inc. (a) | 123 | 209 |
| Microsoft Corp. | 4673 | 1970 |
| Netflix, Inc. (a) | 1255 | 1119 |
| NextEra Energy, Inc. | 5477 | 393 |
| NVIDIA Corp. | 17027 | 2286 |
| Progressive Corp. | 4973 | 1191 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Target Corp. | 444 | $60 |
| TJX Cos., Inc. | 12169 | 1470 |
| Tyler Technologies, Inc. (a) | 1092 | 630 |
| United Rentals, Inc. | 1309 | 922 |
| Valero Energy Corp. | 1025 | 126 |
| Waste Management, Inc. | 3068 | 619 |
|  |  | 28403 |
| **Total Common Stocks (Cost $24,070)** | **Total Common Stocks (Cost $24,070)** | 36519 |
| **Short-Term Investment (0.7%)** | **Short-Term Investment (0.7%)** | **Short-Term Investment (0.7%)** |
| Investment Company (0.7%) | Investment Company (0.7%) | Investment Company (0.7%) |
| Morgan Stanley Institutional Liquidity Funds — <br>Treasury Securities Portfolio — Institutional <br>Class, 4.29% (See Note G) **(Cost $251)** | 250877 | 251 |
| **Total Investments (100.0%) (Cost $24,321) (b)(c)** | **Total Investments (100.0%) (Cost $24,321) (b)(c)** | 36770 |
| Liabilities in Excess of Other Assets (–0.0%)‡ | Liabilities in Excess of Other Assets (–0.0%)‡ | (1) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $36769 |

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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) The approximate fair value and percentage of net assets, $307,000 and 0.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(c) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $24,491,000. The aggregate gross unrealized appreciation is approximately $12,556,000 and the aggregate gross unrealized depreciation is approximately $277,000, resulting in net unrealized appreciation of approximately $12,279,000.

ADR American Depositary Receipt.

**Portfolio Composition**

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| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 30.0% |
| Semiconductors & Semiconductor Equipment | 11.2 |
| Banks | 8.7 |
| Capital Markets | 7.7 |
| Software | 7.1 |
| Construction Materials | 6.7 |
| Interactive Media & Services | 6.5 |
| Insurance | 5.7 |
| Tech Hardware, Storage & Peripherals | 5.6 |
| Automobiles | 5.4 |
| Broadline Retail | 5.4 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the financial statements.

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Core Portfolio**

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| | | |
|:---|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2024<br>(000)** | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $24,070) | $36519 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $251) | 251 |  |
| Total Investments in Securities, at Value (Cost $24,321) | 36770 |  |
| Receivable for Investments Sold | 110 |  |
| Dividends Receivable | 4 |  |
| Tax Reclaim Receivable | 1 |  |
| Receivable from Affiliate | 1 |  |
| Other Assets | 31 |  |
| **Total Assets**  | 36917 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased | 114 |  |
| Payable for Professional Fees | 14 |  |
| Payable for Shareholder Services Fees — Class A | 2 |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 2 |  |
| Payable for Administration Fees | 3 |  |
| Payable for Custodian Fees | 2 |  |
| Payable for Advisory Fees | 1 |  |
| Payable for Sub Transfer Agency Fees — Class I | 1 |  |
| Payable for Sub Transfer Agency Fees — Class C |  | @ |
| Payable for Transfer Agency Fees — Class I |  | @ |
| Payable for Transfer Agency Fees — Class A |  | @ |
| Payable for Transfer Agency Fees — Class C |  | @ |
| Payable for Transfer Agency Fees — Class R6 |  | @ |
| Other Liabilities | 9 |  |
| **Total Liabilities** | 148 |  |
| **Net Assets** | $36769 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $25003 |  |
| Total Distributable Earnings | 11766 |  |
| **Net Assets** | $36769 |  |
| **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $26030 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 1240882 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $20.98 |  |
| **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $7869 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 379529 |  |
| **Net Asset Value, Redemption Price Per Share** | $20.73 |  |
| **Maximum Sales Load** | 5.25 | % |
| **Maximum Sales Charge** | $1.15 |  |
| **Maximum Offering Price Per Share** | $21.88 |  |
| **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $2857 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 144857 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $19.72 |  |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $13 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 612 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $20.99 |  |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Core Portfolio**

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| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $12 of Foreign Taxes Withheld) | $333 |
| Dividends from Security of Affiliated Issuer (Note G) | 13 |
| Total Investment Income | 346 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 239 |
| Professional Fees | 153 |
| Registration Fees | 58 |
| Shareholder Services Fees — Class A (Note D) | 16 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 29 |
| Administration Fees (Note C) | 25 |
| Shareholder Reporting Fees | 21 |
| Sub Transfer Agency Fees — Class I | 14 |
| Sub Transfer Agency Fees — Class A | 4 |
| Sub Transfer Agency Fees — Class C | 2 |
| Transfer Agency Fees — Class I (Note E) | 3 |
| Transfer Agency Fees — Class A (Note E) | 3 |
| Transfer Agency Fees — Class C (Note E) | 3 |
| Transfer Agency Fees — Class R6 (Note E) | 2 |
| Custodian Fees (Note F) | 8 |
| Pricing Fees | 4 |
| Directors' Fees and Expenses | 2 |
| Interest Expenses | 1 |
| Other Expenses | 14 |
| Total Expenses | 601 |
| Waiver of Advisory Fees (Note B) | (222 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (5 |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (— |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2 |
| Rebate from Morgan Stanley Affiliate (Note G) | (1 |
| Net Expenses | 371 |
| **Net Investment Loss** | (25 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold | 1484 |
| Foreign Currency Transaction | (— |
| Net Realized Gain | 1484 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | 4771 |
| Foreign Currency Translation | (— |
| Net Change in Unrealized Appreciation (Depreciation) | 4771 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 6255 |
| Net Increase in Net Assets Resulting from Operations | $6230 |

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@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Core Portfolio**

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| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $(25 | $114 |
| Net Realized Gain (Loss) | 1484 | (1686 |
| Net Change in Unrealized Appreciation (Depreciation) | 4771 | 5252 |
| Net Increase in Net Assets Resulting from Operations | 6230 | 3680 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (44 | (110 |
| **Class A** |  | (24 |
| **Class R6** | (— | (— |
| Total Dividends and Distributions to Shareholders | (44 | (134 |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 9465 | 9652 |
| Distributions Reinvested | 44 | 110 |
| Redeemed | (3937 | (10426 |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 2131 | 1173 |
| Distributions Reinvested |  | 24 |
| Redeemed | (743 | (688 |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 418 | 672 |
| Redeemed | (760 | (594 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Distributions Reinvested |  |  |
| Redeemed |  | (7 |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | 6618 | (84 |
| Total Increase in Net Assets | 12804 | 3462 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 23965 | 20503 |
| End of Period | $36769 | $23965 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 490 | 632 |
| Shares Issued on Distributions Reinvested | 2 | 7 |
| Shares Redeemed | (202 | (678 |
| Net Increase (Decrease) in Class I Shares Outstanding | 290 | (39 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 107 | 76 |
| Shares Issued on Distributions Reinvested |  | 1 |
| Shares Redeemed | (39 | (43 |
| Net Increase in Class A Shares Outstanding | 68 | 34 |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 23 | 44 |
| Shares Redeemed | (41 | (40 |
| Net Increase (Decrease) in Class C Shares Outstanding | (18 | 4 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed |  | (— |
| Net Increase (Decrease) in Class R6 Shares Outstanding |  | (— |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Core Portfolio**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $16.95 | $14.47 | $18.01 | $15.99 | $13.19 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.02 | 0.11 | 0.07 | 0.01 | 0.02 |
| Net Realized and Unrealized Gain (Loss) | 4.05 | 2.49 | (3.56) | 2.78 | 2.78 |
| Total from Investment Operations | 4.07 | 2.60 | (3.49) | 2.79 | 2.80 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.04) | (0.12) | (0.05) |  |  |
| Net Realized Gain |  |  |  | (0.77) |  |
| Total Distributions | (0.04) | (0.12) | (0.05) | (0.77) |  |
| **Net Asset Value, End of Period** | $20.98 | $16.95 | $14.47 | $18.01 | $15.99 |
| **Total Return<sup>(2)</sup>** | 23.98% | 17.96%<sup>(3)</sup> | (19.37)% | 17.63% | 21.23% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $26030 | $16116 | $14324 | $18041 | $9849 |
| Ratio of Expenses Before Expense Limitation | 1.72% | 1.99% | 2.25% | 2.13% | 2.93% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(4)</sup> | 0.96%<sup>(4)(5)</sup> | 0.99%<sup>(4)</sup> | 0.99%<sup>(4)</sup> | 0.99%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 1.00%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 0.09%<sup>(4)</sup> | 0.70%<sup>(4)(5)</sup> | 0.48%<sup>(4)</sup> | 0.06%<sup>(4)</sup> | 0.18%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 39% | 18% | 17% | 23% | 30% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

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| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.00% | 0.66% |

---

(6) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Core Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $16.78 | $14.33 | $17.85 | $15.92 | $13.17 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.04) | 0.06 | 0.01 | (0.05) | (0.02) |
| Net Realized and Unrealized Gain (Loss) | 3.99 | 2.46 | (3.52) | 2.75 | 2.77 |
| Total from Investment Operations | 3.95 | 2.52 | (3.51) | 2.70 | 2.75 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.07) | (0.01) |  |  |
| Net Realized Gain |  |  |  | (0.77) |  |
| Total Distributions |  | (0.07) | (0.01) | (0.77) |  |
| **Net Asset Value, End of Period** | $20.73 | $16.78 | $14.33 | $17.85 | $15.92 |
| **Total Return<sup>(2)</sup>** | 23.54% | 17.62%<sup>(3)</sup> | (19.64)% | 17.14% | 20.88% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $7869 | $5221 | $3978 | $2678 | $1869 |
| Ratio of Expenses Before Expense Limitation | 2.00% | 2.32% | 2.60% | 2.51% | 3.32% |
| Ratio of Expenses After Expense Limitation | 1.30%<sup>(4)</sup> | 1.29%<sup>(4)(5)</sup> | 1.35%<sup>(4)</sup> | 1.35%<sup>(4)</sup> | 1.35%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 1.30%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | (0.21)%<sup>(4)</sup> | 0.36%<sup>(4)(5)</sup> | 0.09%<sup>(4)</sup> | (0.31)%<sup>(4)</sup> | (0.18)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 39% | 18% | 17% | 23% | 30% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.32% | 0.33% |

---

(6) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Core Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $16.09 | $13.79 | $17.29 | $15.55 | $12.97 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.19) | (0.06) | (0.09) | (0.18) | (0.12) |
| Net Realized and Unrealized Gain (Loss) | 3.82 | 2.36 | (3.41) | 2.69 | 2.70 |
| Total from Investment Operations | 3.63 | 2.30 | (3.50) | 2.51 | 2.58 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (0.77) |  |
| **Net Asset Value, End of Period** | $19.72 | $16.09 | $13.79 | $17.29 | $15.55 |
| **Total Return<sup>(2)</sup>** | 22.62% | 16.68%<sup>(3)</sup> | (20.24)% | 16.32% | 19.89% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2857 | $2618 | $2186 | $2893 | $1998 |
| Ratio of Expenses Before Expense Limitation | 2.80% | 3.12% | 3.38% | 3.25% | 4.11% |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(4)</sup> | 2.07%<sup>(4)(5)</sup> | 2.10%<sup>(4)</sup> | 2.10%<sup>(4)</sup> | 2.10%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 2.10%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (1.01)%<sup>(4)</sup> | (0.41)%<sup>(4)(5)</sup> | (0.65)%<sup>(4)</sup> | (1.06)%<sup>(4)</sup> | (0.94)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 39% | 18% | 17% | 23% | 30% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 2.10% | (0.44)% |

---

(6) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Core Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $16.96 | $14.48 | $18.01 | $15.99 | $13.18 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.03 | 0.11 | 0.08 | 0.02 | 0.03 |
| Net Realized and Unrealized Gain (Loss) | 4.05 | 2.50 | (3.55) | 2.77 | 2.78 |
| Total from Investment Operations | 4.08 | 2.61 | (3.47) | 2.79 | 2.81 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.05) | (0.13) | (0.06) |  |  |
| Net Realized Gain |  |  |  | (0.77) |  |
| Total Distributions | (0.05) | (0.13) | (0.06) | (0.77) |  |
| **Net Asset Value, End of Period** | $20.99 | $16.96 | $14.48 | $18.01 | $15.99 |
| **Total Return<sup>(3)</sup>** | 24.02% | 18.00%<sup>(4)</sup> | (19.28)% | 17.55% | 21.40% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $13 | $10 | $15 | $29 | $16 |
| Ratio of Expenses Before Expense Limitation | 20.37% | 16.70% | 15.01% | 13.09% | 18.19% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(5)</sup> | 0.93%<sup>(5)(6)</sup> | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 0.95%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 0.13%<sup>(5)</sup> | 0.72%<sup>(5)(6)</sup> | 0.49%<sup>(5)</sup> | 0.10%<sup>(5)</sup> | 0.22%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 39% | 18% | 17% | 23% | 30% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.95% | 0.70% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relate to the Global Core Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued four classes of shares — Class I, Class A, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) 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; (2) all other equity portfolio securities for which over-thecounter ("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; (3) 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"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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; (5) 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

close of the NYSE; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobiles | $2004 | $— | $— | $2004 |
| Banks | 3225 |  |  | 3225 |
| Broadline Retail | 1974 |  |  | 1974 |
| Building Products | 230 |  |  | 230 |
| Capital Markets | 2849 |  |  | 2849 |
| Chemicals | 585 |  |  | 585 |
| Commercial Services & <br>Supplies | 619 |  |  | 619 |
| Construction Materials | 2453 |  |  | 2453 |
| Consumer Staples <br>Distribution & Retail | 330 |  |  | 330 |
| Diversified <br>Telecommunication <br>Services | 166 |  |  | 166 |
| Electric Utilities | 393 |  |  | 393 |
| Entertainment | 1319 |  |  | 1319 |
| Financial Services | 1018 |  |  | 1018 |
| Hotels, Restaurants & <br>Leisure | 223 |  |  | 223 |
| Household Durables | 195 |  |  | 195 |
| Insurance | 2094 |  |  | 2094 |
| Interactive Media & <br>Services | 2366 |  |  | 2366 |
| Oil, Gas & Consumable <br>Fuels | 646 |  |  | 646 |
| Passenger Airlines | 172 |  |  | 172 |
| Pharmaceuticals | 146 |  |  | 146 |
| Professional Services | 143 |  |  | 143 |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Real Estate Management & <br>Development | $738 | $— | $— | $738 |
| Semiconductors & <br>Semiconductor <br>Equipment | 4117 |  |  | 4117 |
| Software | 2600 |  |  | 2600 |
| Specialty Retail | 1470 |  |  | 1470 |
| Tech Hardware, Storage & <br>Peripherals | 2062 |  |  | 2062 |
| Textiles, Apparel & Luxury <br>Goods | 295 | 307 |  | 602 |
| Trading Companies & <br>Distributors | 1780 |  |  | 1780 |
| **Total Common Stocks** | **36212** | **307** | **—** | **36519** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 251 |  |  | 251 |
| **Total Assets** | $**36463** | $**307** | $**—** | $**36770** |

---

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

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion

of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**5. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**6. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**7. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid

quarterly, at the annual rate based on the daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **First $750<br>million** | **Next $750<br>million** | **Over $1.5<br>billion** |
| 0.75% | 0.70% | 0.65% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.05% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00% for Class I shares, 1.35% for Class A shares, 2.10% for Class C shares and 0.95% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $222,000 of advisory fees were waived and approximately $7,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to less than $500.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $18,680,000 and $12,157,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $125 | $10529 | $10403 | $13 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain <br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $251 |

---

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions <br>Paid From:** | **2024 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $44 | $— | $134 | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations

which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, due to a nondeductible expense, resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Distributable<br>Earnings<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $1 | $(1) |

---

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income <br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain <br>(000)** |
| $27 | $— |

---

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term capital losses of approximately $307,000 that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $1,679,000.

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Fund's next taxable year. For the year ended December 31, 2024, the Fund intends to defer to January 1, 2025 for U.S. federal income tax purposes the following losses:

---

| | |
|:---|:---|
| **Qualified<br>Late Year<br>Ordinary<br>Losses<br>(000)** | **Post-<br>October<br>Capital<br>Losses<br>(000)** |
| $— | $212 |

---

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 98.1%.

**K. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in

turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Global Core Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Global Core Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386610_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024. For corporate shareholders 100% of the dividends qualified for the dividends received deduction.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $319,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386610_za004.jpg)

MLMAX-NCSR 12.31.24

------

![](j25386611_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Global Endurance Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386611_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024** 

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#portfolioofinvestments-11) | 2 |
| [Statement of Assets and Liabilities](#statementofassetsandliabilities-11) | 3 |
| [Statement of Operations](#statementofoperations-11) | 5 |
| [Statements of Changes in Net Assets](#statementsofchangesinnetassets-11) | 6 |
| [Financial Highlights](#financialhighlights-11) | 7 |
| [Notes to Financial Statements](#notestofinancialstatements-11) | 11 |
| [Report of Independent Registered Public Accounting Firm](#reportofindependentregisteredpublicaccountingfirm-11) | 19 |
| [Federal Tax Notice](#federaltaxnotice-11) | 20 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments

**Global Endurance Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (99.8%)** | **Common Stocks (99.8%)** | **Common Stocks (99.8%)** |
| Australia (0.8%) | Australia (0.8%) | Australia (0.8%) |
| IREN Ltd. (a) | 24000 | $236 |
| France (2.3%) | France (2.3%) | France (2.3%) |
| LVMH Moet Hennessy Louis Vuitton SE | 968 | 637 |
| Germany (4.0%) | Germany (4.0%) | Germany (4.0%) |
| Delivery Hero SE (a) | 39209 | 1106 |
| Israel (3.2%) | Israel (3.2%) | Israel (3.2%) |
| Global-e Online Ltd. (a) | 16421 | 895 |
| Japan (2.7%) | Japan (2.7%) | Japan (2.7%) |
| Sansan, Inc. (a) | 52800 | 757 |
| Sweden (1.5%) | Sweden (1.5%) | Sweden (1.5%) |
| Evolution AB | 5574 | 426 |
| United Kingdom (17.0%) | United Kingdom (17.0%) | United Kingdom (17.0%) |
| Babcock International Group PLC | 199625 | 1249 |
| Domino's Pizza Group PLC | 117687 | 464 |
| Victoria PLC (a) | 3567471 | 3049 |
|  |  | 4762 |
| United States (68.3%) | United States (68.3%) | United States (68.3%) |
| Appian Corp., Class A (a) | 101497 | 3347 |
| Applied Materials, Inc. | 4712 | 766 |
| Arbutus Biopharma Corp. (a) | 170805 | 559 |
| Avadel Pharmaceuticals PLC (a) | 100708 | 1058 |
| Biohaven Ltd. (a) | 11496 | 429 |
| Bit Digital, Inc. (a) | 77314 | 227 |
| Cigna Group | 1541 | 426 |
| Core & Main, Inc., Class A (a) | 15410 | 785 |
| Credit Acceptance Corp. (a) | 980 | 460 |
| Exelixis, Inc. (a) | 24646 | 821 |
| Fastly, Inc., Class A (a) | 87723 | 828 |
| HCA Healthcare, Inc. | 2153 | 646 |
| Hut 8 Corp. (a) | 12864 | 264 |
| Immunovant, Inc. (a) | 31935 | 791 |
| Lithia Motors, Inc., Class A | 3574 | 1278 |
| Procore Technologies, Inc. (a) | 10067 | 754 |
| Roivant Sciences Ltd. (a) | 52061 | 616 |
| Royalty Pharma PLC, Class A | 28790 | 734 |
| Sotera Health Co. (a) | 60009 | 821 |
| Talen Energy Corp. (a) | 6756 | 1361 |
| Tesla, Inc. (a) | 2757 | 1113 |
| Vistra Corp. | 7448 | 1027 |
|  |  | 19111 |
| **Total Common Stocks (Cost $31,217)** | **Total Common Stocks (Cost $31,217)** | 27930 |
| **Short-Term Investment (2.6%)** | **Short-Term Investment (2.6%)** | **Short-Term Investment (2.6%)** |
| Investment Company (2.6%) | Investment Company (2.6%) | Investment Company (2.6%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $739)** | 738636 | 739 |
| **Total Investments (102.4%) (Cost $31,956) (b)(c)** | **Total Investments (102.4%) (Cost $31,956) (b)(c)** | 28669 |
| Liabilities in Excess of Other Assets (–2.4%) | Liabilities in Excess of Other Assets (–2.4%) | (676) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $27993 |

---

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 approximate fair value and percentage of net assets, $7,262,000 and 25.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(c) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $34,106,000. The aggregate gross unrealized appreciation is approximately $3,923,000 and the aggregate gross unrealized depreciation is approximately $9,360,000, resulting in net unrealized depreciation of approximately $5,437,000.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 37.2% |
| Software | 19.5 |
| Biotechnology | 11.2 |
| Household Durables | 10.6 |
| Independent Power & Renewable Electricity Producers | 8.3 |
| Hotels, Restaurants & Leisure | 7.0 |
| Pharmaceuticals | 6.2 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Endurance Portfolio**

---

| | |
|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $31,217) | $27930 |
| Investment in Security of Affiliated Issuer, at Value (Cost $739) | 739 |
| Total Investments in Securities, at Value (Cost $31,956) | 28669 |
| Foreign Currency, at Value (Cost $—@) |  |
| Receivable for Investments Sold | 171 |
| Receivable for Fund Shares Sold | 20 |
| Due from Adviser | 16 |
| Dividends Receivable | 6 |
| Receivable from Affiliate | 3 |
| Receivable from Securities Lending Income |  |
| Other Assets | 50 |
| **Total Assets** | 28935 |
| **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased | 888 |
| Payable for Professional Fees | 15 |
| Payable for Fund Shares Redeemed | 14 |
| Payable for Custodian Fees | 6 |
| Payable for Administration Fees | 2 |
| Payable for Transfer Agency Fees — Class I | 2 |
| Payable for Transfer Agency Fees — Class A |  |
| Payable for Transfer Agency Fees — Class C |  |
| Payable for Transfer Agency Fees — Class R6 |  |
| Payable for Sub Transfer Agency Fees — Class I | 1 |
| Payable for Sub Transfer Agency Fees — Class A |  |
| Payable for Sub Transfer Agency Fees — Class C |  |
| Payable for Shareholder Services Fees — Class A |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 1 |
| Other Liabilities | 13 |
| **Total Liabilities** | 942 |
| **Net Assets** | $27993 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $72689 |
| Total Accumulated Loss | (44696 |
| **Net Assets** | $27993 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Endurance Portfolio**

---

| | |
|:---|:---|
| Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $24735 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 1478682 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $16.73 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $2197 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 133122 |
| **Net Asset Value, Redemption Price Per Share** | $16.50 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $0.91 |
| **Maximum Offering Price Per Share** | $17.41 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $1034 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 65249 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $15.85 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $27 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 1633 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $16.75 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Endurance Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $4 of Foreign Taxes Withheld) | $283 |
| Income from Securities Loaned — Net | 193 |
| Dividends from Security of Affiliated Issuer (Note G) | 49 |
| Total Investment Income | 525 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 318 |
| Professional Fees | 167 |
| Registration Fees | 59 |
| Administration Fees (Note C) | 32 |
| Shareholder Reporting Fees | 23 |
| Sub Transfer Agency Fees — Class I | 19 |
| Sub Transfer Agency Fees — Class A | 3 |
| Sub Transfer Agency Fees — Class C | 1 |
| Shareholder Services Fees — Class A (Note D) | 9 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 10 |
| Transfer Agency Fees — Class I (Note E) | 10 |
| Transfer Agency Fees — Class A (Note E) | 3 |
| Transfer Agency Fees — Class C (Note E) | 3 |
| Transfer Agency Fees — Class R6 (Note E) | 2 |
| Custodian Fees (Note F) | 16 |
| Pricing Fees | 2 |
| Directors' Fees and Expenses | 2 |
| Interest Expenses | 1 |
| Other Expenses | 21 |
| Total Expenses | 701 |
| Waiver of Advisory Fees (Note B) | (262) |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (11) |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (1) |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (2) |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2) |
| Rebate from Morgan Stanley Affiliate (Note G) | (2) |
| Net Expenses | 421 |
| **Net Investment Income** | 104 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold | 2298 |
| Foreign Currency Transaction | (7) |
| Net Realized Gain | 2291 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | 269 |
| Foreign Currency Translation | 1 |
| Net Change in Unrealized Appreciation (Depreciation) | 270 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 2561 |
| Net Increase in Net Assets Resulting from Operations | $2665 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Endurance Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $104 | $817 |
| Net Realized Gain (Loss) | 2291 | (200 |
| Net Change in Unrealized Appreciation (Depreciation) | 270 | 15798 |
| Net Increase in Net Assets Resulting from Operations | 2665 | 16415 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (137 | (649 |
| **Class A** |  | (114 |
| **Class C** |  | (10 |
| **Class R6** | (— | (— |
| Total Dividends and Distributions to Shareholders | (137 | (773 |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 4445 | 10916 |
| Distributions Reinvested | 137 | 649 |
| Redeemed | (18417 | (6181 |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 1044 | 11155 |
| Distributions Reinvested |  | 114 |
| Redeemed | (6369 | (8393 |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 171 | 267 |
| Distributions Reinvested |  | 10 |
| Redeemed | (98 | (215 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed |  | 15 |
| Distributions Reinvested |  |  |
| Redeemed |  | (8 |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | (19087 | 8329 |
| Total Increase (Decrease) in Net Assets | (16559 | 23971 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 44552 | 20581 |
| End of Period | $27993 | $44552 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 283 | 835 |
| Shares Issued on Distributions Reinvested | 8 | 42 |
| Shares Redeemed | (1090 | (430 |
| Net Increase (Decrease) in Class I Shares Outstanding | (799 | 447 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 66 | 739 |
| Shares Issued on Distributions Reinvested |  | 8 |
| Shares Redeemed | (410 | (583 |
| Net Increase (Decrease) in Class A Shares Outstanding | (344 | 164 |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 11 | 19 |
| Shares Issued on Distributions Reinvested |  | 1 |
| Shares Redeemed | (6 | (18 |
| Net Increase in Class C Shares Outstanding | 5 | 2 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed |  | 1 |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed |  | (1 |
| Net Increase in Class R6 Shares Outstanding |  |  |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Endurance Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.87 | $9.37 | $27.75 | $26.51 | $13.03 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.05 | 0.31 | (0.13) | (0.28) | (0.09) |
| Net Realized and Unrealized Gain (Loss) | 0.90 | 6.48 | (18.25) | 2.82 | 14.41 |
| Total from Investment Operations | 0.95 | 6.79 | (18.38) | 2.54 | 14.32 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.09) | (0.29) |  | (0.02) | (0.03) |
| Net Realized Gain |  |  |  | (1.28) | (0.81) |
| Total Distributions | (0.09) | (0.29) |  | (1.30) | (0.84) |
| **Net Asset Value, End of Period** | $16.73 | $15.87 | $9.37 | $27.75 | $26.51 |
| **Total Return<sup>(2)</sup>** | 5.98% | 72.56%<sup>(3)</sup> | (66.23)% | 9.59% | 110.03% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $24735 | $36150 | $17152 | $70478 | $7854 |
| Ratio of Expenses Before Expense Limitation | 1.69% | 1.62% | 1.67% | 1.34% | 5.12% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(4)</sup> | 0.87%<sup>(4)(5)</sup> | 1.00%<sup>(4)</sup> | 0.99%<sup>(4)</sup> | 1.00%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 1.00%<sup>(4)</sup> | N/A | 1.00%<sup>(4)</sup> | N/A | N/A |
| Ratio of Net Investment Income (Loss) | 0.32%<sup>(4)</sup> | 2.23%<sup>(4)(5)</sup> | (0.87)%<sup>(4)</sup> | (0.85)%<sup>(4)</sup> | (0.52)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.01% | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 157% | 130% | 67% | 75% | 46% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.99% | 2.11% |

---

(6) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Endurance Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.63 | $9.23 | $27.45 | $26.33 | $12.99 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.00)<sup>(2)</sup> | 0.26 | (0.17) | (0.38) | (0.19) |
| Net Realized and Unrealized Gain (Loss) | 0.87 | 6.38 | (18.05) | 2.80 | 14.34 |
| Total from Investment Operations | 0.87 | 6.64 | (18.22) | 2.42 | 14.15 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.24) |  | (0.02) | (0.00)<sup>(2)</sup> |
| Net Realized Gain |  |  |  | (1.28) | (0.81) |
| Total Distributions |  | (0.24) |  | (1.30) | (0.81) |
| **Net Asset Value, End of Period** | $16.50 | $15.63 | $9.23 | $27.45 | $26.33 |
| **Total Return<sup>(3)</sup>** | 5.57% | 72.03%<sup>(4)</sup> | (66.38)% | 9.20% | 109.10% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2197 | $7463 | $2898 | $5239 | $2462 |
| Ratio of Expenses Before Expense Limitation | 2.04% | 1.95% | 1.99% | 1.70% | 5.67% |
| Ratio of Expenses After Expense Limitation | 1.35%<sup>(5)</sup> | 1.23%<sup>(5)(6)</sup> | 1.35%<sup>(5)</sup> | 1.35%<sup>(5)</sup> | 1.35%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 1.35%<sup>(5)</sup> | N/A | 1.35%<sup>(5)</sup> | N/A | N/A |
| Ratio of Net Investment Income (Loss) | (0.06)%<sup>(5)</sup> | 1.87%<sup>(5)(6)</sup> | (1.22)%<sup>(5)</sup> | (1.16)%<sup>(5)</sup> | (0.86)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 157% | 130% | 67% | 75% | 46% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.34% | 1.76% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Endurance Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.12 | $8.96 | $26.81 | $25.93 | $12.89 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.12) | 0.15 | (0.28) | (0.62) | (0.33) |
| Net Realized and Unrealized Gain (Loss) | 0.85 | 6.17 | (17.57) | 2.80 | 14.18 |
| Total from Investment Operations | 0.73 | 6.32 | (17.85) | 2.18 | 13.85 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.16) |  | (0.02) |  |
| Net Realized Gain |  |  |  | (1.28) | (0.81) |
| Total Distributions |  | (0.16) |  | (1.30) | (0.81) |
| **Net Asset Value, End of Period** | $15.85 | $15.12 | $8.96 | $26.81 | $25.93 |
| **Total Return<sup>(2)</sup>** | 4.83% | 70.62%<sup>(3)</sup> | (66.58)% | 8.41% | 107.59% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1034 | $913 | $519 | $1547 | $439 |
| Ratio of Expenses Before Expense Limitation | 2.96% | 3.03% | 3.05% | 2.53% | 7.61% |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(4)</sup> | 1.96%<sup>(4)(5)</sup> | 2.10%<sup>(4)</sup> | 2.10%<sup>(4)</sup> | 2.10%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 2.10%<sup>(4)</sup> | N/A | 2.10%<sup>(4)</sup> | N/A | N/A |
| Ratio of Net Investment Income (Loss) | (0.78)%<sup>(4)</sup> | 1.14%<sup>(4)(5)</sup> | (1.97)%<sup>(4)</sup> | (1.92)%<sup>(4)</sup> | (1.62)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.01% | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 157% | 130% | 67% | 75% | 46% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 2.09% | 1.01% |

---

(6) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Endurance Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.89 | $9.38 | $27.78 | $26.53 | $13.04 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.06 | 0.31 | (0.12) | (0.24) | (0.08) |
| Net Realized and Unrealized Gain (Loss) | 0.91 | 6.50 | (18.28) | 2.79 | 14.41 |
| Total from Investment Operations | 0.97 | 6.81 | (18.40) | 2.55 | 14.33 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.11) | (0.30) |  | (0.02) | (0.03) |
| Net Realized Gain |  |  |  | (1.28) | (0.81) |
| Total Distributions | (0.11) | (0.30) |  | (1.30) | (0.84) |
| **Net Asset Value, End of Period** | $16.75 | $15.89 | $9.38 | $27.78 | $26.53 |
| **Total Return<sup>(3)</sup>** | 6.05% | 72.66%<sup>(4)</sup> | (66.23)% | 9.62% | 110.08% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $27 | $26 | $12 | $31 | $28 |
| Ratio of Expenses Before Expense Limitation | 11.05% | 17.07% | 15.13% | 7.59% | 16.93% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(5)</sup> | 0.79%<sup>(5)(6)</sup> | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 0.95%<sup>(5)</sup> | N/A | 0.95%<sup>(5)</sup> | N/A | N/A |
| Ratio of Net Investment Income (Loss) | 0.35%<sup>(5)</sup> | 2.31%<sup>(5)(6)</sup> | (0.82)%<sup>(5)</sup> | (0.71)%<sup>(5)</sup> | (0.47)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 157% | 130% | 67% | 75% | 46% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.94% | 2.16% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relate to the Global Endurance Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued four classes of shares — Class I, Class A, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) 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; (2) 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; (3) 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"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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; (5) 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 (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

Funds, are valued at the net asset value ("NAV") 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.

**2. 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $— | $1249 | $— | $1249 |
| Automobiles | 1113 |  |  | 1113 |
| Biotechnology | 3216 |  |  | 3216 |
| Broadline Retail | 895 |  |  | 895 |
| Consumer Finance | 460 |  |  | 460 |
| Health Care Providers & <br>Services | 1072 |  |  | 1072 |
| Hotels, Restaurants & <br>Leisure | 426 | 1570 |  | 1996 |
| Household Durables |  | 3049 |  | 3049 |
| Independent Power & <br>Renewable Electricity <br>Producers | 2388 |  |  | 2388 |
| Information Technology <br>Services | 828 |  |  | 828 |
| Life Sciences Tools & <br>Services | 821 |  |  | 821 |
| Pharmaceuticals | 1792 |  |  | 1792 |
| Semiconductors & <br>Semiconductor <br>Equipment | 766 |  |  | 766 |
| Software | 4828 | 757 |  | 5585 |
| Specialty Retail | 1278 |  |  | 1278 |
| Textiles, Apparel & <br>Luxury Goods |  | 637 |  | 637 |
| Trading Companies & <br>Distributors | 785 |  |  | 785 |
| **Total Common Stocks** | **20668** | **7262** | **—** | **27930** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 739 |  |  | 739 |
| **Total Assets** | $**21407** | $**7262** | $**—** | $**28669** |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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

**3. Repurchase Agreements:** The Fund may enter into repurchase agreements under which the Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

**4. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations

arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

**5. Securities Lending:** The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

At December 31, 2024 the Fund did not have any outstanding securities on loan.

**6. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**7. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**8. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains

and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**9. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | |
|:---|:---|
| **First $1<br>billion** | **Over $1<br>billion** |
| 0.80% | 0.75% |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.14% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00% for Class I shares, 1.35% for Class A shares, 2.10% for Class C shares and 0.95% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $262,000 of advisory fees were waived and approximately $16,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement. As of December 31, 2024, amounts owed by the Adviser to the Fund are reflected in Due from Adviser on the Statement of Assets and Liabilities.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of

0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to approximately $1,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with** **Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $61,000,000 and $76,508,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024,

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $4068 | $35480 | $38809 | $49 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain <br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $739 |

---

During the year ended December 31, 2024, the Fund incurred approximately $1,000 in brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of the Fund.

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she

receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions <br>Paid From:** | **2024 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $137 | $— | $773 | $— |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2024.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $10 | $— |

---

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $8,397,000 and $28,912,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $1,921,000.

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Fund's next taxable year. For the year ended December 31, 2024, the Fund intends to defer to January 1, 2025 for U.S. federal income tax purposes the following losses:

---

| | |
|:---|:---|
| **Qualified<br>Late Year<br>Ordinary<br>Losses<br>(000)** | **Post-October<br>Capital<br>Losses<br>(000)** |
| $— | $1948 |

---

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street.

This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 81.6%.

**K. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Global Endurance Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Global Endurance Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386611_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024. For corporate shareholders 100% of the dividends qualified for the dividends received deduction.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $236,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386611_za004.jpg)

MSJAX-NCSR 12.31.24

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![](j25386612_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Global Franchise Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386612_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#portfolioofinvestments-12) | 2 |
| [Statement of Assets and Liabilities](#statementofassetsandliabilities-12) | 3 |
| [Statement of Operations](#statementofoperations-12) | 5 |
| [Statements of Changes in Net Assets](#statementsofchangesinnetassets-12) | 6 |
| [Financial Highlights](#financialhighlights-12) | 8 |
| [Notes to Financial Statements](#notestofinancialstatements-12) | 13 |
| [Report of Independent Registered Public Accounting Firm](#reportofindependentregisteredpublicaccountingfirm-12) | 20 |
| [Federal Tax Notice](#federaltaxnotice-12) | 21 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments

**Global Franchise Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (98.2%)** | **Common Stocks (98.2%)** | **Common Stocks (98.2%)** |
| France (8.0%) | France (8.0%) | France (8.0%) |
| L'Oreal SA | 325475 | $115219 |
| LVMH Moet Hennessy Louis Vuitton SE | 88190 | 58011 |
| Pernod Ricard SA | 413480 | 46718 |
|  |  | 219948 |
| Germany (7.3%) | Germany (7.3%) | Germany (7.3%) |
| SAP SE | 815164 | 200509 |
| United Kingdom (6.5%) | United Kingdom (6.5%) | United Kingdom (6.5%) |
| Experian PLC | 898481 | 38617 |
| Haleon PLC | 11540285 | 54414 |
| RELX PLC (Euronext NV) | 402756 | 18239 |
| RELX PLC (LSE) | 1537710 | 69672 |
|  |  | 180942 |
| United States (76.4%) | United States (76.4%) | United States (76.4%) |
| Abbott Laboratories | 773251 | 87462 |
| Accenture PLC, Class A | 320347 | 112695 |
| Alphabet, Inc., Class A | 427348 | 80897 |
| Aon PLC, Class A | 309580 | 111189 |
| Arthur J Gallagher & Co. | 222227 | 63079 |
| Automatic Data Processing, Inc. | 261971 | 76687 |
| AutoZone, Inc. (a) | 15270 | 48895 |
| Becton Dickinson & Co. | 374004 | 84850 |
| Booking Holdings, Inc. | 11072 | 55010 |
| Broadridge Financial Solutions, Inc. | 187325 | 42352 |
| CDW Corp. | 207148 | 36052 |
| CME Group, Inc. | 333193 | 77377 |
| Coca-Cola Co. | 1311998 | 81685 |
| Constellation Brands, Inc., Class A | 308075 | 68085 |
| Equifax, Inc. | 127774 | 32563 |
| FactSet Research Systems, Inc. | 58745 | 28214 |
| Hologic, Inc. (a) | 531335 | 38304 |
| Intercontinental Exchange, Inc. | 532474 | 79344 |
| Jack Henry & Associates, Inc. | 159637 | 27984 |
| Microsoft Corp. | 507348 | 213847 |
| Otis Worldwide Corp. | 479117 | 44371 |
| Philip Morris International, Inc. | 290580 | 34971 |
| Procter & Gamble Co. | 546805 | 91672 |
| Roper Technologies, Inc. | 135658 | 70522 |
| S&P Global, Inc. | 61650 | 30704 |
| Steris PLC | 171670 | 35289 |
| Thermo Fisher Scientific, Inc. | 144129 | 74980 |
| UnitedHealth Group, Inc. | 156373 | 79103 |
| Visa, Inc., Class A | 573890 | 181372 |
| Zoetis, Inc. | 138213 | 22519 |
|  |  | 2112074 |
| **Total Common Stocks (Cost $1,819,186)** | **Total Common Stocks (Cost $1,819,186)** | 2713473 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Short-Term Investment (1.1%)** | **Short-Term Investment (1.1%)** | **Short-Term Investment (1.1%)** |
| Investment Company (1.1%) | Investment Company (1.1%) | Investment Company (1.1%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $30,160)** | 30160060 | $30160 |
| **Total Investments (99.3%) (Cost $1,849,346) (b)(c)** | **Total Investments (99.3%) (Cost $1,849,346) (b)(c)** | 2743633 |
| Other Assets in Excess of Liabilities (0.7%) | Other Assets in Excess of Liabilities (0.7%) | 19853 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $2763486 |

---

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 approximate fair value and percentage of net assets, $601,399,000 and 21.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(c) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $1,859,618,000. The aggregate gross unrealized appreciation is approximately $931,728,000 and the aggregate gross unrealized depreciation is approximately $47,835,000, resulting in net unrealized appreciation of approximately $883,893,000.

Euronext NV Euronext Amsterdam Stock Market.

LSE London Stock Exchange.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 28.0% |
| Software | 17.7 |
| Professional Services | 10.1 |
| Health Care Equipment & Supplies | 9.0 |
| Capital Markets | 7.8 |
| Financial Services | 7.6 |
| Beverages | 7.2 |
| Insurance | 6.4 |
| Personal Care Products | 6.2 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Franchise Portfolio**

---

| | | |
|:---|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2024<br>(000)** | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $1,819,186) | $2713473 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $30,160) | 30160 |  |
| Total Investments in Securities, at Value (Cost $1,849,346) | 2743633 |  |
| Foreign Currency, at Value (Cost $2,886) | 2847 |  |
| Receivable for Investments Sold | 17555 |  |
| Dividends Receivable | 2987 |  |
| Receivable for Fund Shares Sold | 2049 |  |
| Tax Reclaim Receivable | 872 |  |
| Receivable from Affiliate | 149 |  |
| Other Assets | 138 |  |
| **Total Assets** | 2770230 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Advisory Fees | 5227 |  |
| Payable for Fund Shares Redeemed | 702 |  |
| Payable for Sub Transfer Agency Fees — Class I | 219 |  |
| Payable for Sub Transfer Agency Fees — Class A | 23 |  |
| Payable for Sub Transfer Agency Fees — Class L |  | @ |
| Payable for Sub Transfer Agency Fees — Class C | 6 |  |
| Payable for Administration Fees | 195 |  |
| Payable for Shareholder Service Fees — Class A | 66 |  |
| Payable for Distribution and Shareholder Services Fees — Class L | 5 |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 76 |  |
| Payable for Custodian Fees | 34 |  |
| Payable for Professional Fees | 15 |  |
| Payable for Transfer Agency Fees — Class I | 5 |  |
| Payable for Transfer Agency Fees — Class A | 1 |  |
| Payable for Transfer Agency Fees — Class L |  | @ |
| Payable for Transfer Agency Fees — Class C | 1 |  |
| Payable for Transfer Agency Fees — Class R6 | 1 |  |
| Other Liabilities | 168 |  |
| **Total Liabilities** | 6744 |  |
| **Net Assets** | $2763486 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $1843752 |  |
| Total Distributable Earnings | 919734 |  |
| **Net Assets** | $2763486 |  |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Franchise Portfolio**

---

| | |
|:---|:---|
| Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $1959326 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 58378457 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $33.56 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $295908 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 9083636 |
| **Net Asset Value, Redemption Price Per Share** | $32.58 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $1.81 |
| **Maximum Offering Price Per Share** | $34.39 |
| **CLASS L:** | **CLASS L:** |
| **Net Assets** | $7868 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 242102 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $32.50 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $85085 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 2700892 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $31.50 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $415299 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 12369443 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $33.57 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Franchise Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $1,033 of Foreign Taxes Withheld) | $43413 |
| Dividends from Security of Affiliated Issuer (Note G) | 2303 |
| Total Investment Income | 45716 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 20891 |
| Administration Fees (Note C) | 2302 |
| Sub Transfer Agency Fees — Class I | 1952 |
| Sub Transfer Agency Fees — Class A | 262 |
| Sub Transfer Agency Fees — Class L | 5 |
| Sub Transfer Agency Fees — Class C | 68 |
| Shareholder Service Fees — Class A (Note D) | 804 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 62 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 972 |
| Professional Fees | 185 |
| Registration Fees | 122 |
| Custodian Fees (Note F) | 103 |
| Shareholder Reporting Fees | 95 |
| Transfer Agency Fees — Class I (Note E) | 29 |
| Transfer Agency Fees — Class A (Note E) | 6 |
| Transfer Agency Fees — Class L (Note E) | 2 |
| Transfer Agency Fees — Class C (Note E) | 4 |
| Transfer Agency Fees — Class R6 (Note E) | 5 |
| Directors' Fees and Expenses | 45 |
| Pricing Fees | 3 |
| Other Expenses | 160 |
| Total Expenses | 28077 |
| Rebate from Morgan Stanley Affiliate (Note G) | (88) |
| Net Expenses | 27989 |
| **Net Investment Income** | 17727 |
| **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 333101 |
| Foreign Currency Transaction | 58 |
| Net Realized Gain | 333159 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | (104299) |
| Foreign Currency Translation | (98) |
| Net Change in Unrealized Appreciation (Depreciation) | (104397) |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 228762 |
| Net Increase in Net Assets Resulting from Operations | $246489 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Franchise Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $17727 | $24360 |
| Net Realized Gain | 333159 | 61013 |
| Net Change in Unrealized Appreciation (Depreciation) | (104397) | 365660 |
| Net Increase in Net Assets Resulting from Operations | 246489 | 451033 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (215059) | (41648) |
| **Class A** | (32968) | (5853) |
| **Class L** | (846) | (104) |
| **Class C** | (9319) | (1178) |
| **Class R6** | (44297) | (6476) |
| Total Dividends and Distributions to Shareholders | (302489) | (55259) |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 357569 | 351348 |
| Distributions Reinvested | 209335 | 40461 |
| Redeemed | (734749) | (556850) |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 43740 | 46023 |
| Distributions Reinvested | 31210 | 5586 |
| Redeemed | (111660) | (86953) |
| **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested | 846 | 104 |
| Redeemed | (836) | (471) |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 7409 | 8550 |
| Distributions Reinvested | 9171 | 1144 |
| Redeemed | (33469) | (30484) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 111868 | 4831 |
| Distributions Reinvested | 44297 | 6248 |
| Redeemed | (46528) | (259847) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (111797) | (470310) |
| Total Decrease in Net Assets | (167797) | (74536) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 2931283 | 3005819 |
| End of Period | $2763486 | $2931283 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Franchise Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets (cont'd) | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 9846 | 10888 |
| Shares Issued on Distributions Reinvested | 6089 | 1192 |
| Shares Redeemed | (20425) | (17209) |
| Net Decrease in Class I Shares Outstanding | (4490) | (5129) |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 1243 | 1457 |
| Shares Issued on Distributions Reinvested | 935 | 169 |
| Shares Redeemed | (3195) | (2745) |
| Net Decrease in Class A Shares Outstanding | (1017) | (1119) |
| **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested | 25 | 3 |
| Shares Redeemed | (24) | (15) |
| Net Increase (Decrease) in Class L Shares Outstanding | 1 | (12) |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 218 | 277 |
| Shares Issued on Distributions Reinvested | 284 | 36 |
| Shares Redeemed | (985) | (993) |
| Net Decrease in Class C Shares Outstanding | (483) | (680) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 2984 | 150 |
| Shares Issued on Distributions Reinvested | 1288 | 184 |
| Shares Redeemed | (1251) | (8005) |
| Net Increase (Decrease) in Class R6 Shares Outstanding | 3021 | (7671) |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Franchise Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $34.36 | $30.10 | $36.99 | $31.20 | $28.53 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.24 | 0.29 | 0.25 | 0.27 | 0.30 |
| Net Realized and Unrealized Gain (Loss) | 2.93 | 4.64 | (6.63) | 6.54 | 3.45 |
| Total from Investment Operations | 3.17 | 4.93 | (6.38) | 6.81 | 3.75 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.25) | (0.30) | (0.25) | (0.27) | (0.28) |
| Net Realized Gain | (3.72) | (0.37) | (0.26) | (0.74) | (0.80) |
| Paid-in-Capital |  |  |  | (0.01) |  |
| Total Distributions | (3.97) | (0.67) | (0.51) | (1.02) | (1.08) |
| **Net Asset Value, End of Period** | $33.56 | $34.36 | $30.10 | $36.99 | $31.20 |
| **Total Return<sup>(2)</sup>** | 8.97% | 16.42%<sup>(3)</sup> | (17.24)% | 21.92% | 13.22% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1959326 | $2160291 | $2046621 | $2790499 | $2300448 |
| Ratio of Expenses Before Expense Limitation | 0.93% | 0.92% | 0.92% | 0.91% | N/A |
| Ratio of Expenses After Expense Limitation | 0.93%<sup>(4)</sup> | 0.92%<sup>(4)</sup> | 0.92%<sup>(4)</sup> | 0.91%<sup>(4)</sup> | 0.92%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | N/A | 0.92%<sup>(4)</sup> |
| Ratio of Net Investment Income | 0.66%<sup>(4)</sup> | 0.88%<sup>(4)</sup> | 0.79%<sup>(4)</sup> | 0.79%<sup>(4)</sup> | 1.04%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> |
| Portfolio Turnover Rate | 35% | 15% | 15% | 17% | 19% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Franchise Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $33.46 | $29.32 | $36.05 | $30.44 | $27.86 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.15 | 0.20 | 0.17 | 0.18 | 0.22 |
| Net Realized and Unrealized Gain (Loss) | 2.85 | 4.53 | (6.46) | 6.37 | 3.37 |
| Total from Investment Operations | 3.00 | 4.73 | (6.29) | 6.55 | 3.59 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.16) | (0.22) | (0.18) | (0.19) | (0.21) |
| Net Realized Gain | (3.72) | (0.37) | (0.26) | (0.74) | (0.80) |
| Paid-in-Capital |  |  |  | (0.01) |  |
| Total Distributions | (3.88) | (0.59) | (0.44) | (0.94) | (1.01) |
| **Net Asset Value, End of Period** | $32.58 | $33.46 | $29.32 | $36.05 | $30.44 |
| **Total Return<sup>(2)</sup>** | 8.71% | 16.16%<sup>(3)</sup> | (17.45)% | 21.61% | 12.95% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $295908 | $337938 | $328979 | $395450 | $317673 |
| Ratio of Expenses Before Expense Limitation | 1.16% | 1.17% | 1.16% | 1.16% | N/A |
| Ratio of Expenses After Expense Limitation | 1.16%<sup>(4)</sup> | 1.16%<sup>(4)(5)</sup> | 1.16%<sup>(4)</sup> | 1.16%<sup>(4)</sup> | 1.16%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | N/A | 1.16%<sup>(4)</sup> |
| Ratio of Net Investment Income | 0.43%<sup>(4)</sup> | 0.64%<sup>(4)(5)</sup> | 0.57%<sup>(4)</sup> | 0.54%<sup>(4)</sup> | 0.77%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 35% | 15% | 15% | 17% | 19% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.17% | 0.63% |

---

(6) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Franchise Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $33.41 | $29.29 | $36.01 | $30.41 | $27.84 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.03) | 0.04 | 0.02 | 0.01 | 0.07 |
| Net Realized and Unrealized Gain (Loss) | 2.84 | 4.51 | (6.45) | 6.36 | 3.36 |
| Total from Investment Operations | 2.81 | 4.55 | (6.43) | 6.37 | 3.43 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.06) | (0.03) | (0.02) | (0.06) |
| Net Realized Gain | (3.72) | (0.37) | (0.26) | (0.74) | (0.80) |
| Paid-in-Capital |  |  |  | (0.01) |  |
| Total Distributions | (3.72) | (0.43) | (0.29) | (0.77) | (0.86) |
| **Net Asset Value, End of Period** | $32.50 | $33.41 | $29.29 | $36.01 | $30.41 |
| **Total Return<sup>(2)</sup>** | 8.15% | 15.57%<sup>(3)</sup> | (17.86)% | 21.02% | 12.38% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $7868 | $8048 | $7397 | $9473 | $8390 |
| Ratio of Expenses Before Expense Limitation | 1.67% | 1.67% | 1.66% | 1.66% | N/A |
| Ratio of Expenses After Expense Limitation | 1.67%<sup>(4)</sup> | 1.66%<sup>(4)(5)</sup> | 1.66%<sup>(4)</sup> | 1.66%<sup>(4)</sup> | 1.66%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | N/A | 1.66%<sup>(4)</sup> |
| Ratio of Net Investment Income (Loss) | (0.08)%<sup>(4)</sup> | 0.13%<sup>(4)(5)</sup> | 0.06%<sup>(4)</sup> | 0.05%<sup>(4)</sup> | 0.26%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 35% | 15% | 15% | 17% | 19% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class L shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class L shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.67% | 0.12% |

---

(6) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Franchise Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $32.56 | $28.57 | $35.18 | $29.77 | $27.30 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.11) | (0.03) | (0.06) | (0.06) | 0.01 |
| Net Realized and Unrealized Gain (Loss) | 2.77 | 4.39 | (6.29) | 6.21 | 3.27 |
| Total from Investment Operations | 2.66 | 4.36 | (6.35) | 6.15 | 3.28 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  |  |  |  | (0.01) |
| Net Realized Gain | (3.72) | (0.37) | (0.26) | (0.74) | (0.80) |
| Paid-in-Capital |  |  |  | (0.00)<sup>(2)</sup> |  |
| Total Distributions | (3.72) | (0.37) | (0.26) | (0.74) | (0.81) |
| **Net Asset Value, End of Period** | $31.50 | $32.56 | $28.57 | $35.18 | $29.77 |
| **Total Return<sup>(3)</sup>** | 7.90% | 15.29%<sup>(4)</sup> | (18.06)% | 20.74% | 12.09% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $85085 | $103671 | $110399 | $157721 | $125919 |
| Ratio of Expenses Before Expense Limitation | 1.90% | 1.91% | 1.90% | 1.90% | N/A |
| Ratio of Expenses After Expense Limitation | 1.90%<sup>(5)</sup> | 1.90%<sup>(5)(6)</sup> | 1.90%<sup>(5)</sup> | 1.90%<sup>(5)</sup> | 1.91%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | N/A | 1.91%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | (0.31)%<sup>(5)</sup> | (0.10)%<sup>(5)(6)</sup> | (0.19)%<sup>(5)</sup> | (0.20)%<sup>(5)</sup> | 0.03%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 35% | 15% | 15% | 17% | 19% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.91% | (0.11)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Franchise Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $34.37 | $30.11 | $37.01 | $31.21 | $28.53 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.28 | 0.31 | 0.29 | 0.31 | 0.33 |
| Net Realized and Unrealized Gain (Loss) | 2.93 | 4.65 | (6.64) | 6.54 | 3.45 |
| Total from Investment Operations | 3.21 | 4.96 | (6.35) | 6.85 | 3.78 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.29) | (0.33) | (0.29) | (0.30) | (0.30) |
| Net Realized Gain | (3.72) | (0.37) | (0.26) | (0.74) | (0.80) |
| Paid-in-Capital |  |  |  | (0.01) |  |
| Total Distributions | (4.01) | (0.70) | (0.55) | (1.05) | (1.10) |
| **Net Asset Value, End of Period** | $33.57 | $34.37 | $30.11 | $37.01 | $31.21 |
| **Total Return<sup>(3)</sup>** | 9.07% | 16.52%<sup>(4)</sup> | (17.17)% | 22.05% | 13.33% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $415299 | $321335 | $512423 | $605486 | $370127 |
| Ratio of Expenses Before Expense Limitation | 0.83% | 0.83% | 0.83% | 0.82% | N/A |
| Ratio of Expenses After Expense Limitation | 0.83%<sup>(5)</sup> | 0.82%<sup>(5)(6)</sup> | 0.83%<sup>(5)</sup> | 0.82%<sup>(5)</sup> | 0.83%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | N/A | 0.83%<sup>(5)</sup> |
| Ratio of Net Investment Income | 0.76%<sup>(5)</sup> | 0.97%<sup>(5)(6)</sup> | 0.90%<sup>(5)</sup> | 0.90%<sup>(5)</sup> | 1.14%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 35% | 15% | 15% | 17% | 19% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.83% | 0.96% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relate to the Global Franchise Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued five classes of shares — Class I, Class A, Class L, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. On April 30, 2015, the Fund suspended offering of Class L shares. Existing Class L shareholders may invest through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) 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; (2) 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; (3) 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") (the "Sub-Adviser"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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; (5) 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 (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Beverages | $149770 | $46718 | $— | $196488 |
| Capital Markets | 215639 |  |  | 215639 |
| Electronic Equipment, <br>Instruments & <br>Components | 36052 |  |  | 36052 |
| Financial Services | 209356 |  |  | 209356 |
| Health Care <br>Equipment & <br>Supplies | 245905 |  |  | 245905 |
| Health Care <br>Providers & <br>Services | 79103 |  |  | 79103 |
| Hotels, Restaurants & <br>Leisure | 55010 |  |  | 55010 |
| Household Products | 91672 |  |  | 91672 |
| Information Technology <br>Services | 112695 |  |  | 112695 |
| Insurance | 174268 |  |  | 174268 |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Interactive Media & <br>Services | $80897 | $— | $— | $80897 |
| Life Sciences Tools & <br>Services | 74980 |  |  | 74980 |
| Machinery | 44371 |  |  | 44371 |
| Personal Care Products |  | 169633 |  | 169633 |
| Pharmaceuticals | 22519 |  |  | 22519 |
| Professional Services | 151602 | 126528 |  | 278130 |
| Software | 284369 | 200509 |  | 484878 |
| Specialty Retail | 48895 |  |  | 48895 |
| Textiles, Apparel & <br>Luxury Goods |  | 58011 |  | 58011 |
| Tobacco | 34971 |  |  | 34971 |
| **Total Common Stocks** | **2112074** | **601399** | **—** | **2713473** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 30160 |  |  | 30160 |
| **Total Assets** | $**2142234** | $**601399** | $**—** | $**2743633** |

---

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

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign

currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**5. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**6. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**7. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory/Sub-Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory

Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **First $500<br>million** | **Next $500<br>million** | **Over $1<br>billion** |
| 0.80% | 0.75% | 0.70% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.72% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00% for Class I shares, 1.35% for Class A shares, 1.85% for Class L shares, 2.10% for Class C shares and 0.95% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. This arrangement had no effect for the year ended December 31, 2024.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to approximately $4,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other

assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $983,256,000 and $1,366,072,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $88,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $64813 | $659770 | $694423 | $2303 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31, <br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $30160 |

---

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.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

For the year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each

of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024<br>Distributions<br>Paid From:** | **2024<br>Distributions<br>Paid From:** | **2023<br>Distributions<br>Paid From:** | **2023<br>Distributions<br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $21420 | $281069 | $23775 | $31484 |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2024.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $6550 | $29378 |

---

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 59.9%.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

**K. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Global Franchise Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Global Franchise Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386612_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024. For corporate shareholders 100% of the dividends qualified for the dividends received deduction.

The Fund designated and paid approximately $281,069,000 as a long-term capital gain distribution.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $42,903,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386612_za004.jpg)

MSFBX-NCSR 12.31.24

------

![](j25386613_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Global Insight

Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386613_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsolidatedPortfolioofInvestments-13) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsolidatedStatementofAssetsandLiabilities-13) | 4 |
| [Consolidated Statement of Operations](#ConsolidatedStatementofOperations-13) | 6 |
| [Consolidated Statements of Changes in Net Assets](#ConsolidatedStatementsofChangesinNetAssets-13) | 7 |
| [Consolidated Financial Highlights](#ConsolidatedFinancialHighlights-13) | 9 |
| [Notes to Consolidated Financial Statements](#NotestoConsolidatedFinancialStatements-13) | 14 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-13) | 25 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments

**Global Insight Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (94.5%)** | **Common Stocks (94.5%)** | **Common Stocks (94.5%)** |
| Brazil (0.4%) | Brazil (0.4%) | Brazil (0.4%) |
| NU Holdings Ltd., Class A (a) | 27964 | $290 |
| Canada (6.3%) | Canada (6.3%) | Canada (6.3%) |
| Shopify, Inc., Class A (a) | 41040 | 4364 |
| Israel (6.6%) | Israel (6.6%) | Israel (6.6%) |
| Global-e Online Ltd. (a) | 84061 | 4584 |
| Korea, Republic of (2.5%) | Korea, Republic of (2.5%) | Korea, Republic of (2.5%) |
| Coupang, Inc. (a) | 78115 | 1717 |
| Netherlands (9.4%) | Netherlands (9.4%) | Netherlands (9.4%) |
| Adyen NV (a) | 2729 | 4055 |
| ASML Holding NV (Registered) | 3551 | 2461 |
|  |  | 6516 |
| Singapore (3.1%) | Singapore (3.1%) | Singapore (3.1%) |
| Grab Holdings Ltd., Class A (a) | 375288 | 1771 |
| Sea Ltd. ADR (a) | 3446 | 366 |
|  |  | 2137 |
| United States (66.2%) | United States (66.2%) | United States (66.2%) |
| Affirm Holdings, Inc. (a) | 71796 | 4372 |
| Agilon Health, Inc. (a) | 156814 | 298 |
| Arbutus Biopharma Corp. (a) | 224495 | 734 |
| Aurora Innovation, Inc. (a) | 492440 | 3102 |
| Carvana Co. (a) | 11911 | 2422 |
| Cloudflare, Inc., Class A (a) | 52730 | 5678 |
| DoorDash, Inc., Class A (a) | 20396 | 3422 |
| Intellia Therapeutics, Inc. (a) | 12533 | 146 |
| IonQ, Inc. (a) | 24754 | 1034 |
| MercadoLibre, Inc. (a) | 2193 | 3729 |
| MicroStrategy, Inc., Class A (a) | 5466 | 1583 |
| Peloton Interactive, Inc., Class A (a) | 197119 | 1715 |
| ProKidney Corp. (a) | 45310 | 77 |
| ROBLOX Corp., Class A (a) | 50975 | 2949 |
| Roivant Sciences Ltd. (a) | 60654 | 718 |
| Royalty Pharma PLC, Class A | 90116 | 2299 |
| Samsara, Inc., Class A (a) | 55690 | 2433 |
| Tesla, Inc. (a) | 15324 | 6188 |
| Trade Desk, Inc., Class A (a) | 25222 | 2964 |
| XOMA Royalty Corp. (a) | 3348 | 88 |
|  |  | 45951 |
| **Total Common Stocks (Cost $38,500)** | **Total Common Stocks (Cost $38,500)** | 65559 |
| **Preferred Stock (0.1%)** | **Preferred Stock (0.1%)** | **Preferred Stock (0.1%)** |
| United States (0.1%) | United States (0.1%) | United States (0.1%) |
| Lookout, Inc., Series F (a)(b)(c)<br>(acquisition cost — $73; acquired 6/17/14) | 6374 | 33 |
| **Investment Company (2.8%)** | **Investment Company (2.8%)** | **Investment Company (2.8%)** |
| United States (2.8%) | United States (2.8%) | United States (2.8%) |
| iShares Bitcoin Trust ETF, (a) **(Cost $1,418)** | 36663 | 1945 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Short-Term Investment (2.4%)** | **Short-Term Investment (2.4%)** | **Short-Term Investment (2.4%)** |
| Investment Company (2.4%) | Investment Company (2.4%) | Investment Company (2.4%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $1,665)** | 1664519 | $1665 |
| **Total Investments Excluding Purchased<br>Options (99.8%) (Cost $41,656)** | **Total Investments Excluding Purchased<br>Options (99.8%) (Cost $41,656)** | 69202 |
| **Total Purchased Options Outstanding (0.3%)<br>(Cost $352)** | **Total Purchased Options Outstanding (0.3%)<br>(Cost $352)** | 224 |
| **Total Investments (100.1%) (Cost $42,008) (d)(e)(f)** | **Total Investments (100.1%) (Cost $42,008) (d)(e)(f)** | 69426 |
| Liabilities in Excess of Other Assets (–0.1%) | Liabilities in Excess of Other Assets (–0.1%) | (43) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $69383 |

---

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 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 December 31, 2024 amounts to approximately $33,000 and represents 0.1% of net assets.

(c) At December 31, 2024, the Fund held a fair valued security valued at approximately $33,000, representing 0.1% 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) Securities are available for collateral in connection with purchased options.

(e) The approximate fair value and percentage of net assets, $4,055,000 and 5.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements.

(f) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $47,436,000. The aggregate gross unrealized appreciation is approximately $30,587,000 and the aggregate gross unrealized depreciation is approximately $8,595,000, resulting in net unrealized appreciation of approximately $21,992,000.

ADR American Depositary Receipt.

ETF Exchange Traded Fund.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments (cont'd)

**Global Insight Portfolio**

**Call Options Purchased:**

The Fund had the following call options purchased open at December 31, 2024:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** | **Premiums<br>Paid<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.66 | Sep-25 | 7437834 | $7438 | $46 |  | $31 | $15 |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 7.69 | Jan-25 | 19293019 | 19293 |  | @ | 73 | (73) |
| Standard Chartered Bank | USD/CNH CNH | 7.76 | Oct-25 | 13974746 | 13975 | 78 |  | 61 | 17 |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.77 | Jul-25 | 6763419 | 6763 | 26 |  | 29 | (3) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.78 | Mar-25 | 17900646 | 17901 | 13 |  | 76 | (63) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 8.02 | Dec-25 | 17249729 | 17250 | 61 |  | 82 | (21) |
|  |  |  |  |  |  | $224 |  | $352 | $(128) |

---

@ Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 39.7% |
| Information Technology Services | 14.5 |
| Broadline Retail | 14.4 |
| Financial Services | 12.1 |
| Software | 10.4 |
| Automobiles | 8.9 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Insight Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $40,343) | $67761 |
| Investment in Security of Affiliated Issuer, at Value (Cost $1,665) | 1665 |
| Total Investments in Securities, at Value (Cost $42,008) | 69426 |
| Foreign Currency, at Value (Cost $5) | 5 |
| Receivable for Investments Sold | 442 |
| Receivable for Fund Shares Sold | 8 |
| Receivable from Affiliate | 7 |
| Tax Reclaim Receivable | 5 |
| Dividends Receivable | 1 |
| Other Assets | 54 |
| **Total Assets** | 69948 |
| **Liabilities:** | **Liabilities:** |
| Payable for Fund Shares Redeemed | 316 |
| Payable for Investments Purchased | 104 |
| Payable for Advisory Fees | 83 |
| Payable for Professional Fees | 19 |
| Payable for Shareholder Services Fees — Class A | 5 |
| Payable for Distribution and Shareholder Services Fees — Class L |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 4 |
| Payable for Custodian Fees | 6 |
| Payable for Administration Fees | 5 |
| Payable for Transfer Agency Fees — Class I | 1 |
| Payable for Transfer Agency Fees — Class A | 1 |
| Payable for Transfer Agency Fees — Class L |  |
| Payable for Transfer Agency Fees — Class C |  |
| Payable for Transfer Agency Fees — Class R6 |  |
| Other Liabilities | 21 |
| **Total Liabilities** | 565 |
| **Net Assets** | $69383 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $157552 |
| Total Accumulated Loss | (88169 |
| **Net Assets** | $69383 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Insight Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $42508 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 2483914 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $17.11 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $22411 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 1380366 |
| **Net Asset Value, Redemption Price Per Share** | $16.24 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $0.90 |
| **Maximum Offering Price Per Share** | $17.14 |
| **CLASS L:** | **CLASS L:** |
| **Net Assets** | $256 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 17529 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $14.61 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $4169 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 297474 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $14.01 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $39 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 2299 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $17.10 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Insight Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers\* | $192 |
| Dividends from Security of Affiliated Issuer (Note G) | 65 |
| Income from Securities Loaned — Net | 1 |
| Total Investment Income | 258 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 543 |
| Professional Fees | 180 |
| Shareholder Services Fees — Class A (Note D) | 48 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 2 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 38 |
| Administration Fees (Note C) | 54 |
| Sub Transfer Agency Fees — Class I | 29 |
| Sub Transfer Agency Fees — Class A | 19 |
| Sub Transfer Agency Fees — Class L |  |
| Sub Transfer Agency Fees — Class C | 3 |
| Registration Fees | 46 |
| Shareholder Reporting Fees | 27 |
| Transfer Agency Fees — Class I (Note E) | 6 |
| Transfer Agency Fees — Class A (Note E) | 4 |
| Transfer Agency Fees — Class L (Note E) | 2 |
| Transfer Agency Fees — Class C (Note E) | 3 |
| Transfer Agency Fees — Class R6 (Note E) | 2 |
| Custodian Fees (Note F) | 16 |
| Directors' Fees and Expenses | 3 |
| Pricing Fees | 2 |
| Other Expenses | 25 |
| Total Expenses | 1052 |
| Waiver of Advisory Fees (Note B) | (252 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (13 |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (— |
| Reimbursement of Class Specific Expenses — Class L (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2 |
| Rebate from Morgan Stanley Affiliate (Note G) | (3 |
| Net Expenses | 780 |
| **Net Investment Loss** | (522 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold | 19693 |
| Foreign Currency Transaction | (3 |
| Net Realized Gain | 19690 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | 6817 |
| Foreign Currency Translation |  |
| Net Change in Unrealized Appreciation (Depreciation) | 6817 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 26507 |
| Net Increase in Net Assets Resulting from Operations | $25985 |

---

\* Includes foreign tax reclaims for previously withheld taxes on dividends earned in certain European Union countries in the amount of approximately $104,000.

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Insight Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Loss | $(522) | $(676) |
| Net Realized Gain (Loss) | 19690 | (24959) |
| Net Change in Unrealized Appreciation (Depreciation) | 6817 | 59915 |
| Net Increase in Net Assets Resulting from Operations | 25985 | 34280 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (633) |  |
| **Class A** | (260) |  |
| **Class L** | (2) |  |
| **Class C** | (27) |  |
| **Class R6** | (1) |  |
| Total Dividends and Distributions to Shareholders | (923) |  |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 9317 | 8973 |
| Distributions Reinvested | 633 |  |
| Redeemed | (36075) | (35837) |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 3861 | 2245 |
| Distributions Reinvested | 260 |  |
| Redeemed | (9926) | (8820) |
| **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested | 2 |  |
| Redeemed | (83) | (3) |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 149 | 434 |
| Distributions Reinvested | 27 |  |
| Redeemed | (1852) | (2054) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 79 |  |
| Distributions Reinvested | 1 |  |
| Redeemed | (53) |  |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (33660) | (35062) |
| Total Decrease in Net Assets | (8598) | (782) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 77981 | 78763 |
| End of Period | $69383 | $77981 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Insight Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets (cont'd) | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 668 | 942 |
| Shares Issued on Distributions Reinvested | 33 |  |
| Shares Redeemed | (2682 | (3590 |
| Net Decrease in Class I Shares Outstanding | (1981 | (2648 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 266 | 237 |
| Shares Issued on Distributions Reinvested | 14 |  |
| Shares Redeemed | (795 | (938 |
| Net Decrease in Class A Shares Outstanding | (515 | (701 |
| **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (8 | (— |
| Net Decrease in Class L Shares Outstanding | (8 | (— |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 14 | 48 |
| Shares Issued on Distributions Reinvested | 2 |  |
| Shares Redeemed | (181 | (253 |
| Net Decrease in Class C Shares Outstanding | (165 | (205 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 6 |  |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (4 |  |
| Net Increase in Class R6 Shares Outstanding | 2 |  |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Global Insight Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $11.69 | $7.75 | $18.32 | $33.83 | $17.96 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.08) | (0.06) | (0.07) | (0.04) | (0.24) |
| Net Realized and Unrealized Gain (Loss) | 5.73 | 4.00 | (10.49) | (5.05) | 17.29 |
| Total from Investment Operations | 5.65 | 3.94 | (10.56) | (5.09) | 17.05 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.23) |  |  | (0.01) |  |
| Net Realized Gain |  |  | (0.01) | (10.41) | (1.18) |
| Total Distributions | (0.23) |  | (0.01) | (10.42) | (1.18) |
| **Net Asset Value, End of Period** | $17.11 | $11.69 | $7.75 | $18.32 | $33.83 |
| **Total Return<sup>(3)</sup>** | 48.13% | 50.84%<sup>(4)</sup> | (57.65)% | (14.25)% | 94.98% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $42508 | $52218 | $55114 | $201294 | $314038 |
| Ratio of Expenses Before Expense Limitation | 1.40% | 1.37% | 1.34% | 1.08% | N/A |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(5)</sup> | 0.96%<sup>(5)(6)</sup> | 1.00%<sup>(5)</sup> | 1.00%<sup>(5)(7)</sup> | 1.09%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 1.00%<sup>(5)</sup> | 1.00%<sup>(5)(7)</sup> | N/A |
| Ratio of Net Investment Loss | (0.62)%<sup>(5)</sup> | (0.67)%<sup>(5)(6)</sup> | (0.71)%<sup>(5)</sup> | (0.12)%<sup>(5)</sup> | (0.94)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 54% | 43% | 51% | 112% | 85% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.00% | (0.71)% |

---

(7) Effective March 31, 2021, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.00% for Class I shares. Prior to March 31, 2021, the maximum ratio was 1.10% for Class I shares.

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Global Insight Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $11.11 | $7.38 | $17.52 | $32.98 | $17.57 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.12) | (0.09) | (0.11) | (0.13) | (0.29) |
| Net Realized and Unrealized Gain (Loss) | 5.44 | 3.82 | (10.02) | (4.92) | 16.88 |
| Total from Investment Operations | 5.32 | 3.73 | (10.13) | (5.05) | 16.59 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.19) |  |  |  |  |
| Net Realized Gain |  |  | (0.01) | (10.41) | (1.18) |
| Total Distributions | (0.19) |  | (0.01) | (10.41) | (1.18) |
| **Net Asset Value, End of Period** | $16.24 | $11.11 | $7.38 | $17.52 | $32.98 |
| **Total Return<sup>(3)</sup>** | 47.68% | 50.54%<sup>(4)</sup> | (57.83)% | (14.49)% | 94.46% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $22411 | $21056 | $19176 | $72157 | $103550 |
| Ratio of Expenses Before Expense Limitation | 1.69% | 1.69% | 1.64% | 1.36% | N/A |
| Ratio of Expenses After Expense Limitation | 1.32%<sup>(5)</sup> | 1.28%<sup>(5)(6)</sup> | 1.32%<sup>(5)</sup> | 1.30%<sup>(5)(7)</sup> | 1.35%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 1.32%<sup>(5)</sup> | 1.30%<sup>(5)(7)</sup> | N/A |
| Ratio of Net Investment Loss | (0.94)%<sup>(5)</sup> | (0.99)%<sup>(5)(6)</sup> | (1.03)%<sup>(5)</sup> | (0.41)%<sup>(5)</sup> | (1.20)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 54% | 43% | 51% | 112% | 85% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.32% | (1.03)% |

---

(7) Effective March 31, 2021, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.32% for Class A shares. Prior to March 31, 2021, the maximum ratio was 1.42% for Class A shares.

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Global Insight Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $10.02 | $6.69 | $15.97 | $31.34 | $16.82 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.16) | (0.13) | (0.14) | (0.30) | (0.40) |
| Net Realized and Unrealized Gain (Loss) | 4.87 | 3.46 | (9.13) | (4.66) | 16.10 |
| Total from Investment Operations | 4.71 | 3.33 | (9.27) | (4.96) | 15.70 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.12) |  |  |  |  |
| Net Realized Gain |  |  | (0.01) | (10.41) | (1.18) |
| Total Distributions | (0.12) |  | (0.01) | (10.41) | (1.18) |
| **Net Asset Value, End of Period** | $14.61 | $10.02 | $6.69 | $15.97 | $31.34 |
| **Total Return<sup>(3)</sup>** | 46.85% | 49.78%<sup>(4)</sup> | (58.06)% | (14.96)% | 93.38% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $256 | $253 | $171 | $602 | $923 |
| Ratio of Expenses Before Expense Limitation | 3.07% | 3.18% | 2.72% | 2.04% | 2.09% |
| Ratio of Expenses After Expense Limitation | 1.85%<sup>(5)</sup> | 1.80%<sup>(5)(6)</sup> | 1.85%<sup>(5)</sup> | 1.87%<sup>(5)(7)</sup> | 1.94%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 1.85%<sup>(5)</sup> | 1.87%<sup>(5)(7)</sup> | N/A |
| Ratio of Net Investment Loss | (1.47)%<sup>(5)</sup> | (1.51)%<sup>(5)(6)</sup> | (1.54)%<sup>(5)</sup> | (0.98)%<sup>(5)</sup> | (1.79)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 54% | 43% | 51% | 112% | 85% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class L shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class L shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.85% | (1.56)% |

---

(7) Effective March 31, 2021, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.85% for Class L shares. Prior to March 31, 2021, the maximum ratio was 1.95% for Class L shares.

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Global Insight Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $9.62 | $6.45 | $15.40 | $30.73 | $16.54 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.18) | (0.14) | (0.16) | (0.34) | (0.43) |
| Net Realized and Unrealized Gain (Loss) | 4.66 | 3.31 | (8.78) | (4.58) | 15.80 |
| Total from Investment Operations | 4.48 | 3.17 | (8.94) | (4.92) | 15.37 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.09) |  |  |  |  |
| Net Realized Gain |  |  | (0.01) | (10.41) | (1.18) |
| Total Distributions | (0.09) |  | (0.01) | (10.41) | (1.18) |
| **Net Asset Value, End of Period** | $14.01 | $9.62 | $6.45 | $15.40 | $30.73 |
| **Total Return<sup>(3)</sup>** | 46.49% | 49.15%<sup>(4)</sup> | (58.07)% | (15.14)% | 92.97% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $4169 | $4448 | $4298 | $17824 | $20633 |
| Ratio of Expenses Before Expense Limitation | 2.47% | 2.44% | 2.36% | 2.08% | N/A |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(5)</sup> | 2.06%<sup>(5)(6)</sup> | 2.06%<sup>(5)</sup> | 2.04%<sup>(5)(7)</sup> | 2.11%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 2.06%<sup>(5)</sup> | 2.04%<sup>(5)(7)</sup> | N/A |
| Ratio of Net Investment Loss | (1.72)%<sup>(5)</sup> | (1.77)%<sup>(5)(6)</sup> | (1.76)%<sup>(5)</sup> | (1.14)%<sup>(5)</sup> | (1.96)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 54% | 43% | 51% | 112% | 85% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 2.10% | (1.81)% |

---

(7) Effective March 31, 2021, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 2.10% for Class C shares. Prior to March 31, 2021, the maximum ratio was 2.20% for Class C shares.

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Global Insight Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **Period from<br>June 14, 2021<sup>(2)</sup> to**<br>**December 31, 2021** |
| **Net Asset Value, Beginning of Period** | $11.69 | $7.74 | $18.30 | $33.39 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(3)</sup> | (0.07) | (0.06) | (0.07) | (0.20) |
| Net Realized and Unrealized Gain (Loss) | 5.72 | 4.01 | (10.48) | (4.45) |
| Total from Investment Operations | 5.65 | 3.95 | (10.55) | (4.65) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.24) |  |  | (0.03) |
| Net Realized Gain |  |  | (0.01) | (10.41) |
| Total Distributions | (0.24) |  | (0.01) | (10.44) |
| **Net Asset Value, End of Period** | $17.10 | $11.69 | $7.74 | $18.30 |
| **Total Return<sup>(4)</sup>** | 48.11% | 51.03%<sup>(5)</sup> | (57.66)% | (13.11)%<sup>(6)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $39 | $6 | $4 | $9 |
| Ratio of Expenses Before Expense Limitation | 9.95% | 51.28% | 44.13% | 17.00%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(8)</sup> | 0.90%<sup>(8)(9)</sup> | 0.95%<sup>(8)</sup> | 0.95%<sup>(7)(8)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 0.95%<sup>(8)</sup> | 0.95%<sup>(7)(8)</sup> |
| Ratio of Net Investment Loss | (0.57)%<sup>(8)</sup> | (0.60)%<sup>(8)(9)</sup> | (0.67)%<sup>(8)</sup> | (0.62)%<sup>(7)(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(7)(10)</sup> |
| Portfolio Turnover Rate | 54% | 43% | 51% | 112% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Commencement of Offering.

(3) Per share amount is based on average shares outstanding.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(6) Not annualized.

(7) Annualized.

(8) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(9) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.95% | (0.65)% |

---

(10) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying consolidated financial statements relate to the Global Insight Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued five classes of shares — Class I, Class A, Class L, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. On April 30, 2015, the Fund suspended offering of Class L shares. Existing Class L shareholders may invest through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Global Insight Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoin ETFs"). The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All

intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of December 31, 2024, the Subsidiary represented approximately $1,947,000 or approximately 2.81% of the net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

**1. Security Valuation:** (1) 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; (2) 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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; (3) 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 a reputable broker/dealer or valued by a pricing service/vendor; (4) 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"), 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; (5) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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; (6) 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 (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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.)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

• 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobiles | $6188 | $— | $— | $6188 |
| Banks | 290 |  |  | 290 |
| Biotechnology | 1763 |  |  | 1763 |
| Broadline Retail | 10030 |  |  | 10030 |
| Entertainment | 3315 |  |  | 3315 |
| Financial Services | 4372 | 4055 |  | 8427 |
| Ground Transportation | 1771 |  |  | 1771 |
| Health Care Providers & <br>Services | 298 |  |  | 298 |
| Hotels, Restaurants & <br>Leisure | 3422 |  |  | 3422 |
| Information Technology <br>Services | 10042 |  |  | 10042 |
| Leisure Products | 1715 |  |  | 1715 |
| Media | 2964 |  |  | 2964 |
| Pharmaceuticals | 2299 |  |  | 2299 |
| Semiconductors & <br>Semiconductor <br>Equipment | 2461 |  |  | 2461 |
| Software | 7118 |  |  | 7118 |
| Specialty Retail | 2422 |  |  | 2422 |
| Tech Hardware, Storage & <br>Peripherals | 1034 |  |  | 1034 |
| **Total Common Stocks** | **61504** | **4055** | **—** | **65559** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** |
| Software | $— | $— | $33 | $33 |
| **Investment Company** | 1945 |  |  | 1945 |
| **Call Options Purchased** |  | 224 |  | 224 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 1665 |  |  | 1665 |
| **Total Assets** | $**65114** | $**4279** | $**33** | $**69426** |

---

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

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

---

| | |
|:---|:---|
| | **Preferred<br>Stock<br>(000)** |
| **Beginning Balance** | $19 |
| Purchases |  |
| Sales |  |
| Transfers in |  |
| Transfers out |  |
| Corporate actions |  |
| Change in unrealized appreciation (depreciation) | 14 |
| Realized gains (losses) |  |
| **Ending Balance** | $33 |
| Net change in unrealized appreciation (depreciation) from<br>investments still held as of December 31, 2024 | $14 |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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 December 31, 2024. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment's fair value as of December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value at<br>December 31, 2024<br>(000)** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Amount\*** | **Impact to<br>Valuation from an<br>Increase in Input\*\*** |
| Preferred Stock | $33 | Market Transaction<br>Method | Precedent <br>Transaction | $5.96 | Increase |
|  |  | Discounted Cash Flow | Weighted Average<br>Cost of Capital | 16.5% | Decrease |
|  |  |  | Perpetual Growth Rate | 3.5% | Increase |
|  |  | Market Comparable<br>Companies | Enterprise Value/<br>Revenue | 4.7x | Increase |
|  |  |  | Discount for Lack <br>of Marketability | 5.0% | 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.

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of

foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Derivatives:** The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. 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 and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further

the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

**Options:** With respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency ex-change risk in the normal course of pursuing its investment objectives. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium paid by the Fund. The Fund may purchase and/or sell put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Consolidated Statement of Assets and Liabilities. Upon the exercise or closing of a purchased call option, the premium paid is added to the cost of the security or financial instrument purchased. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. As the buyer of a call option, the Fund pays the premium to the option writer and has the right to purchase the underlying security from the option writer at the exercise price. If the market price of the underlying security rises above the exercise price, the Fund could exercise the option and acquire the underlying security at a below-market price, which could result in a gain to the Fund, minus the premium paid. As the buyer of a put option, the Fund pays the premium to the option writer and has the right to sell the underlying security to the option writer at the exercise price. If the market price of the underlying security declines below the exercise price, the Fund could exercise the option and sell the underlying security at an

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

above-market price, which could result in a gain to the Fund, minus the premium paid. Premiums paid for purchasing options which expired are treated as realized losses. When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<br>Consolidated Statement <br>of Assets and<br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | <br>Currency Risk | $224<br> (a) |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended December 31, 2024 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $(258)(a) |

---

(a) Amounts are included in Realized Gain on Investments Sold in the Consolidated Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $85<br> (a) |

---

(a) Amounts are included in Change in Unrealized Appreciation (Depreciation) on Investments in the Consolidated Statement of Operations.

At December 31, 2024, the Fund's derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** |
| **Derivatives** | **Assets(b)<br>(000)** | **Liabilities(b)<br>(000)** |
| Purchased Options | $224<br> (a) | $— |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

(b) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities(a)<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| Goldman Sachs & Co. LLC | $61 | $— | $— | $61 |
| JPMorgan Chase Bank NA | 85 |  |  | 85 |
| Standard Chartered Bank | 78 |  |  | 78 |
| Total | $224 | $— | $— | $224 |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

For the year ended December 31, 2024, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Purchased Options:** | **Purchased Options:** |
| Average monthly notional amount | 64,946,000 |

---

**5. Securities Lending:** The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Consolidated Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral

plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

At December 31, 2024, the Fund did not have any outstanding securities on loan.

**6. Restricted Securities:** The Fund invests in unregistered or otherwise restricted securities. The term "restricted securities" refers to securities that are unregistered or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale. As a result, restricted securities may be more difficult to value and the Fund may have difficulty disposing of such assets either in a timely manner or for a reasonable price. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered so that the Fund can sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and the acquirer of the securities. The Fund would, in either case, bear market risks during that period. Restricted securities are identified in the Consolidated Portfolio of Investments.

**7. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**8. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**9. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**10. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | |
|:---|:---|
| **First $1<br>billion** | **Over $1<br>billion** |
| 0.80% | 0.75% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.43% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest

and other extraordinary expenses (including litigation), will not exceed 1.00% for Class I shares, 1.32% for Class A shares, 1.85% for Class L shares, 2.10% for Class C shares and 0.95% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $252,000 of advisory fees were waived and approximately $17,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to approximately $1,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $36,116,000 and $71,574,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $1663 | $39604 | $39602 | $65 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain <br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $1665 |

---

During the year ended December 31, 2024, the Fund incurred less than $500 in brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of the Fund.

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions <br>Paid From:** | **2024 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $923 | $— | $— | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, primarily due to tax adjustments related to the Subsidiary, resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Accumulated<br>Loss<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $1738 | $(1738) |

---

At December 31, 2024, the Fund had no distributable earnings on a tax basis.

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $43,496,000 and $67,265,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $11,642,000.

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Fund's next taxable year. For the year ended December 31, 2024, the Fund intends to defer to January 1, 2025 for U.S. federal income tax purposes the following losses:

---

| | |
|:---|:---|
| **Qualified<br>Late Year<br>Ordinary<br>Losses<br>(000)** | **Post-<br>October<br>Capital<br>Losses<br>(000)** |
| $3 | $— |

---

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 76.8%.

**K. Market Risk and Risks Relating to Certain Financial Instruments:** 

**Bitcoin:** The Fund may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by bitcoin ETFs (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin ETFs investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile and subject to sharp declines. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Bitcoin ETF exposure could result in substantial losses to the Fund.

**Market:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries,

companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Global Insight Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Global Insight Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the consolidated portfolio of investments, as of December 31, 2024, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the four years in the period then ended, the financial highlights for the year ended December 31, 2020 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, its consolidated financial highlights for each of the four years in the period then ended and its financial highlights for the year ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386613_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386613_za004.jpg)

MIGPX-NCSR 12.31.24

------

![](j25386614_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Global Opportunity Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386614_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsolidatedPortfolioofInvestments-14) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsolidatedStatementofAssetsandLiabilities-14) | 4 |
| [Consolidated Statement of Operations](#ConsolidatedStatementofOperations-14) | 6 |
| [Consolidated Statements of Changes in Net Assets](#ConsolidatedStatementsofChangesinNetAssets-14) | 7 |
| [Consolidated Financial Highlights](#ConsolidatedFinancialHighlights-14) | 9 |
| [Notes to Consolidated Financial Statements](#NotestoConsolidatedFinancialStatements-14) | 15 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-14) | 24 |
| [Federal Tax Notice](#FederalTaxNotice-14) | 25 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments

**Global Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (95.5%)** | **Common Stocks (95.5%)** | **Common Stocks (95.5%)** |
| Brazil (1.8%) | Brazil (1.8%) | Brazil (1.8%) |
| NU Holdings Ltd., Class A (a) | 5364390 | $55575 |
| Canada (2.5%) | Canada (2.5%) | Canada (2.5%) |
| Shopify, Inc., Class A (a) | 726707 | 77271 |
| China (4.8%) | China (4.8%) | China (4.8%) |
| Meituan, Class B (a)(b) | 3541800 | 68864 |
| Trip.com Group Ltd. ADR (a) | 1142420 | 78439 |
|  |  | 147303 |
| Denmark (4.8%) | Denmark (4.8%) | Denmark (4.8%) |
| DSV AS | 704034 | 149935 |
| France (6.5%) | France (6.5%) | France (6.5%) |
| Hermes International SCA | 37192 | 89237 |
| Schneider Electric SE | 445575 | 110929 |
|  |  | 200166 |
| India (6.1%) | India (6.1%) | India (6.1%) |
| HDFC Bank Ltd. | 3986284 | 82437 |
| ICICI Bank Ltd. ADR | 3543633 | 105813 |
|  |  | 188250 |
| Italy (2.6%) | Italy (2.6%) | Italy (2.6%) |
| Moncler SpA | 1504044 | 79399 |
| Japan (0.9%) | Japan (0.9%) | Japan (0.9%) |
| Keyence Corp. | 72100 | 29307 |
| Korea, Republic of (3.3%) | Korea, Republic of (3.3%) | Korea, Republic of (3.3%) |
| Coupang, Inc. (a) | 4203256 | 92387 |
| KakaoBank Corp. | 611700 | 8643 |
|  |  | 101030 |
| Netherlands (1.5%) | Netherlands (1.5%) | Netherlands (1.5%) |
| ASML Holding NV | 68417 | 47922 |
| Singapore (0.9%) | Singapore (0.9%) | Singapore (0.9%) |
| Grab Holdings Ltd., Class A (a) | 5762393 | 27198 |
| Sweden (4.0%) | Sweden (4.0%) | Sweden (4.0%) |
| Spotify Technology SA (a) | 277777 | 124272 |
| Switzerland (0.8%) | Switzerland (0.8%) | Switzerland (0.8%) |
| On Holding AG, Class A (a) | 451165 | 24710 |
| Taiwan (2.5%) | Taiwan (2.5%) | Taiwan (2.5%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2394000 | 77805 |
| United Kingdom (1.5%) | United Kingdom (1.5%) | United Kingdom (1.5%) |
| London Stock Exchange Group PLC | 321233 | 45344 |
| United States (51.0%) | United States (51.0%) | United States (51.0%) |
| Airbnb, Inc., Class A (a) | 593798 | 78031 |
| Amazon.com, Inc. (a) | 623419 | 136772 |
| Block, Inc., Class A (a) | 916989 | 77935 |
| Crowdstrike Holdings, Inc., Class A (a) | 191340 | 65469 |
| Deckers Outdoor Corp. (a) | 61891 | 12570 |
| DoorDash, Inc., Class A (a) | 853604 | 143192 |
| Liberty Media Corp.-Liberty Formula One, <br>Class C (a) | 354904 | 32885 |
| Magic Leap, Inc., Class A (a)(c)(d)<br>(acquisition cost — $3,175; acquired <br>12/22/15) | 6530 |  |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Mastercard, Inc., Class A | 161658 | $85124 |
| MercadoLibre, Inc. (a) | 80442 | 136787 |
| Meta Platforms, Inc., Class A | 360283 | 210949 |
| Salesforce, Inc. | 92083 | 30786 |
| ServiceNow, Inc. (a) | 201965 | 214107 |
| TKO Group Holdings, Inc. (a) | 364054 | 51736 |
| Uber Technologies, Inc. (a) | 2474825 | 149282 |
| Visa, Inc., Class A | 319869 | 101091 |
| Walt Disney Co. | 458382 | 51041 |
|  |  | 1577757 |
| **Total Common Stocks (Cost $1,434,507)** | **Total Common Stocks (Cost $1,434,507)** | 2953244 |
| **Short-Term Investment (5.3%)** | **Short-Term Investment (5.3%)** | **Short-Term Investment (5.3%)** |
| Investment Company (5.3%) | Investment Company (5.3%) | Investment Company (5.3%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $163,938)** | 163938148 | 163938 |
| **Total Investments (100.8%) (Cost $1,598,445) (e)(f)** | **Total Investments (100.8%) (Cost $1,598,445) (e)(f)** | 3117182 |
| Liabilities in Excess of Other Assets (–0.8%) | Liabilities in Excess of Other Assets (–0.8%) | (24146) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $3093036 |

---

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 December 31, 2024 amounts to $0 and represents 0.0% of net assets.

(d) At December 31, 2024, 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 approximate fair value and percentage of net assets, $789,822,000 and 25.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements.

(f) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $1,653,941,000. The aggregate gross unrealized appreciation is approximately $1,555,597,000 and the aggregate gross unrealized depreciation is approximately $94,925,000, resulting in net unrealized appreciation of approximately $1,460,672,000.

ADR American Depositary Receipt.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments (cont'd)

**Global Opportunity Portfolio**

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 17.2% |
| Hotels, Restaurants & Leisure | 11.8 |
| Broadline Retail | 11.7 |
| Software | 10.0 |
| Financial Services | 8.4 |
| Entertainment | 8.3 |
| Banks | 8.1 |
| Interactive Media & Services | 6.8 |
| Textiles, Apparel & Luxury Goods | 6.7 |
| Ground Transportation | 5.7 |
| Short-Term Investments | 5.3 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statement of Assets and Liabilities | **December 31, 2024<br>(000)** | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $1,434,507) | $2953244 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $163,938) | 163938 |  |
| Total Investments in Securities, at Value (Cost $1,598,445) | 3117182 |  |
| Foreign Currency, at Value (Cost $13,819) | 13802 |  |
| Cash | 3 |  |
| Receivable for Investments Sold | 5370 |  |
| Receivable for Fund Shares Sold | 2108 |  |
| Receivable from Affiliate | 649 |  |
| Tax Reclaim Receivable | 574 |  |
| Dividends Receivable | 419 |  |
| Receivable from Securities Lending Income | 13 |  |
| Other Assets | 222 |  |
| **Total Assets** | 3140342 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased | 31706 |  |
| Payable for Fund Shares Redeemed | 6109 |  |
| Payable for Advisory Fees | 5736 |  |
| Deferred Capital Gain Country Tax | 2537 |  |
| Payable for Shareholder Services Fees — Class A | 215 |  |
| Payable for Distribution and Shareholder Services Fees — Class L | 10 |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 152 |  |
| Payable for Sub Transfer Agency Fees — Class I | 138 |  |
| Payable for Sub Transfer Agency Fees — Class A | 67 |  |
| Payable for Sub Transfer Agency Fees — Class L | 1 |  |
| Payable for Sub Transfer Agency Fees — Class C | 14 |  |
| Payable for Administration Fees | 219 |  |
| Payable for Custodian Fees | 104 |  |
| Payable for Transfer Agency Fees — Class I | 7 |  |
| Payable for Transfer Agency Fees — Class A | 30 |  |
| Payable for Transfer Agency Fees — Class L | 5 |  |
| Payable for Transfer Agency Fees — Class C | 1 |  |
| Payable for Transfer Agency Fees — Class R6 | 2 |  |
| Payable for Transfer Agency Fees — Class IR |  | @ |
| Payable for Professional Fees | 14 |  |
| Other Liabilities | 239 |  |
| **Total Liabilities** | 47306 |  |
| **Net Assets** | $3093036 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $1491016 |  |
| Total Distributable Earnings | 1602020 |  |
| **Net Assets** | $3093036 |  |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Opportunity Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $1746323 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 50041020 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $34.90 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $970542 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 29857834 |
| **Net Asset Value, Redemption Price Per Share** | $32.51 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $1.80 |
| **Maximum Offering Price Per Share** | $34.31 |
| **CLASS L:** | **CLASS L:** |
| **Net Assets** | $36990 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 1165921 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $31.73 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $171195 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5891117 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $29.06 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $167967 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 4769557 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $35.22 |
| **CLASS IR:** | **CLASS IR:** |
| **Net Assets** | $19 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 542 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $35.26 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Opportunity Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers\* (Net of $1,081 of Foreign Taxes Withheld) | $8847 |
| Dividends from Security of Affiliated Issuer (Note G) | 3743 |
| Income from Securities Loaned — Net | 139 |
| Total Investment Income | 12729 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 22196 |
| Shareholder Services Fees — Class A (Note D) | 2355 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 271 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 1764 |
| Sub Transfer Agency Fees — Class I | 1371 |
| Sub Transfer Agency Fees — Class A | 972 |
| Sub Transfer Agency Fees — Class L | 18 |
| Sub Transfer Agency Fees — Class C | 147 |
| Administration Fees (Note C) | 2408 |
| Transfer Agency Fees — Class I (Note E) | 45 |
| Transfer Agency Fees — Class A (Note E) | 190 |
| Transfer Agency Fees — Class L (Note E) | 34 |
| Transfer Agency Fees — Class C (Note E) | 6 |
| Transfer Agency Fees — Class R6 (Note E) | 11 |
| Transfer Agency Fees — Class IR (Note E) | 2 |
| Custodian Fees (Note F) | 249 |
| Professional Fees | 216 |
| Shareholder Reporting Fees | 143 |
| Registration Fees | 124 |
| Directors' Fees and Expenses | 44 |
| Interest Expenses | 9 |
| Pricing Fees | 2 |
| Other Expenses | 155 |
| Total Expenses | 32732 |
| Distribution Fees — Class L Shares waived (Note D) | (163 |
| Rebate from Morgan Stanley Affiliate (Note G) | (145 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (7 |
| Reimbursement of Class Specific Expenses — Class IR (Note B) | (— |
| Net Expenses | 32417 |
| **Net Investment Loss** | (19688 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $2,374 of Capital Gain Country Tax) | 412440 |
| Foreign Currency Transaction | (9 |
| Net Realized Gain | 412431 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Decrease in Deferred Capital Gain Country Tax of $2,228) | 327696 |
| Foreign Currency Translation | (38 |
| Net Change in Unrealized Appreciation (Depreciation) | 327658 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 740089 |
| Net Increase in Net Assets Resulting from Operations | $720401 |

---

\* Includes foreign tax reclaims for previously withheld taxes on dividends earned in certain European Union countries in the amount of approximately $823,000.

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Loss | $(19688) | $(17619) |
| Net Realized Gain | 412431 | 165286 |
| Net Change in Unrealized Appreciation (Depreciation) | 327658 | 879851 |
| Net Increase in Net Assets Resulting from Operations | 720401 | 1027518 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (151464) | (32938) |
| **Class A** | (89475) | (19667) |
| **Class L** | (3492) | (756) |
| **Class C** | (17473) | (4378) |
| **Class R6** | (13791) | (1284) |
| **Class IR** | (2) | (2538) |
| Total Dividends and Distributions to Shareholders | (275697) | (61561) |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 275265 | 313332 |
| Distributions Reinvested | 146476 | 31657 |
| Redeemed | (494469) | (532631) |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 48623 | 55572 |
| Distributions Reinvested | 88122 | 19420 |
| Redeemed | (180421) | (163105) |
| **Class L:** | **Class L:** | **Class L:** |
| Exchanged | 1 | 7 |
| Distributions Reinvested | 3350 | 722 |
| Redeemed | (4717) | (3152) |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 7319 | 14807 |
| Distributions Reinvested | 17143 | 4303 |
| Redeemed | (55175) | (51061) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 139005 | 12496 |
| Distributions Reinvested | 13327 | 1238 |
| Redeemed | (40474) | (58262) |
| **Class IR:** | **Class IR:** | **Class IR:** |
| Distributions Reinvested | 2 | 2538 |
| Redeemed | (151848) | (27332) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (188471) | (379451) |
| Total Increase in Net Assets | 256233 | 586506 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 2836803 | 2250297 |
| End of Period | $3093036 | $2836803 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets (cont'd) | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 8078 | 12247 |
| Shares Issued on Distributions Reinvested | 4006 | 1068 |
| Shares Redeemed | (14451 | (20846) |
| Net Decrease in Class I Shares Outstanding | (2367 | (7531) |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 1544 | 2223 |
| Shares Issued on Distributions Reinvested | 2588 | 697 |
| Shares Redeemed | (5694 | (6728) |
| Net Decrease in Class A Shares Outstanding | (1562 | (3808) |
| **Class L:** | **Class L:** | **Class L:** |
| Shares Exchanged |  | 1 |
| Shares Issued on Distributions Reinvested | 101 | 26 |
| Shares Redeemed | (148 | (130) |
| Net Decrease in Class L Shares Outstanding | (47 | (103) |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 256 | 664 |
| Shares Issued on Distributions Reinvested | 563 | 170 |
| Shares Redeemed | (1925 | (2283) |
| Net Decrease in Class C Shares Outstanding | (1106 | (1449) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 3641 | 467 |
| Shares Issued on Distributions Reinvested | 361 | 41 |
| Shares Redeemed | (1235 | (2215) |
| Net Increase (Decrease) in Class R6 Shares Outstanding | 2767 | (1707) |
| **Class IR:** | **Class IR:** | **Class IR:** |
| Shares Issued on Distributions Reinvested |  | 85 |
| Shares Redeemed | (4079 | (1145) |
| Net Decrease in Class IR Shares Outstanding | (4079 | (1060) |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Global Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $29.81 | $20.34 | $42.69 | $44.75 | $29.12 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.17) | (0.13) | (0.19) | (0.36) | (0.28) |
| Net Realized and Unrealized Gain (Loss) | 8.49 | 10.24 | (17.49) | 0.40 | 16.43 |
| Total from Investment Operations | 8.32 | 10.11 | (17.68) | 0.04 | 16.15 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (3.23) | (0.64) | (4.67) | (2.10) | (0.52) |
| **Net Asset Value, End of Period** | $34.90 | $29.81 | $20.34 | $42.69 | $44.75 |
| **Total Return<sup>(3)</sup>** | 27.43% | 49.70%<sup>(4)</sup> | (41.54)% | 0.22% | 55.47% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1746323 | $1562251 | $1219122 | $4591358 | $4498617 |
| Ratio of Expenses Before Expense Limitation | 0.93% | 0.95% | 0.95% | 0.92% | N/A |
| Ratio of Expenses After Expense Limitation | 0.93%<sup>(5)</sup> | 0.90%<sup>(5)(6)</sup> | 0.95%<sup>(5)</sup> | 0.92%<sup>(5)</sup> | 0.92%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 0.93%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.50)%<sup>(5)</sup> | (0.52)%<sup>(5)(6)</sup> | (0.64)%<sup>(5)</sup> | (0.78)%<sup>(5)</sup> | (0.79)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% |
| Portfolio Turnover Rate | 19% | 11% | 23% | 21% | 22% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.10% for Class I shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class I shares would have been 49.60%.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.95% | (0.57)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Global Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $28.01 | $19.20 | $40.86 | $43.04 | $28.10 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.25) | (0.20) | (0.26) | (0.47) | (0.35) |
| Net Realized and Unrealized Gain (Loss) | 7.98 | 9.65 | (16.73) | 0.39 | 15.81 |
| Total from Investment Operations | 7.73 | 9.45 | (16.99) | (0.08) | 15.46 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (3.23) | (0.64) | (4.67) | (2.10) | (0.52) |
| **Net Asset Value, End of Period** | $32.51 | $28.01 | $19.20 | $40.86 | $43.04 |
| **Total Return<sup>(3)</sup>** | 27.09% | 49.29%<sup>(4)</sup> | (41.74)% | (0.05)% | 55.03% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $970542 | $880157 | $676246 | $1539078 | $1697016 |
| Ratio of Expenses Before Expense Limitation | 1.22% | 1.25% | 1.24% | 1.20% | N/A |
| Ratio of Expenses After Expense Limitation | 1.22%<sup>(5)</sup> | 1.20%<sup>(5)(6)</sup> | 1.24%<sup>(5)</sup> | 1.20%<sup>(5)</sup> | 1.20%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 1.22%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.79)%<sup>(5)</sup> | (0.82)%<sup>(5)(6)</sup> | (0.94)%<sup>(5)</sup> | (1.06)%<sup>(5)</sup> | (1.06)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% |
| Portfolio Turnover Rate | 19% | 11% | 23% | 21% | 22% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.05% for Class A shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class A shares would have been 49.24%.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.25% | (0.87)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Global Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $27.42 | $18.82 | $40.23 | $42.44 | $27.72 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.27) | (0.22) | (0.28) | (0.48) | (0.36) |
| Net Realized and Unrealized Gain (Loss) | 7.81 | 9.46 | (16.46) | 0.37 | 15.60 |
| Total from Investment Operations | 7.54 | 9.24 | (16.74) | (0.11) | 15.24 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (3.23) | (0.64) | (4.67) | (2.10) | (0.52) |
| **Net Asset Value, End of Period** | $31.73 | $27.42 | $18.82 | $40.23 | $42.44 |
| **Total Return<sup>(3)</sup>** | 26.98% | 49.17%<sup>(4)</sup> | (41.77)% | (0.12)% | 54.99% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $36990 | $33251 | $24766 | $48426 | $53675 |
| Ratio of Expenses Before Expense Limitation | 1.74% | 1.80% | 1.76% | 1.69% | 1.71% |
| Ratio of Expenses After Expense Limitation | 1.29%<sup>(5)</sup> | 1.30%<sup>(5)(6)</sup> | 1.31%<sup>(5)</sup> | 1.24%<sup>(5)</sup> | 1.25%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 1.29%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.86)%<sup>(5)</sup> | (0.92)%<sup>(5)(6)</sup> | (1.01)%<sup>(5)</sup> | (1.10)%<sup>(5)</sup> | (1.10)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% |
| Portfolio Turnover Rate | 19% | 11% | 23% | 21% | 22% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.05% for Class L shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class L shares would have been 49.12%.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class L shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.35% | (0.97)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Global Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $25.48 | $17.63 | $38.43 | $40.90 | $26.90 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.43) | (0.34) | (0.43) | (0.74) | (0.57) |
| Net Realized and Unrealized Gain (Loss) | 7.24 | 8.83 | (15.70) | 0.37 | 15.09 |
| Total from Investment Operations | 6.81 | 8.49 | (16.13) | (0.37) | 14.52 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (3.23) | (0.64) | (4.67) | (2.10) | (0.52) |
| **Net Asset Value, End of Period** | $29.06 | $25.48 | $17.63 | $38.43 | $40.90 |
| **Total Return<sup>(3)</sup>** | 26.16% | 48.23%<sup>(4)</sup> | (42.15)% | (0.77)% | 53.99% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $171195 | $178304 | $148874 | $411765 | $436790 |
| Ratio of Expenses Before Expense Limitation | 1.94% | 1.96% | 1.95% | 1.90% | N/A |
| Ratio of Expenses After Expense Limitation | 1.94%<sup>(5)</sup> | 1.91%<sup>(5)(6)</sup> | 1.95%<sup>(5)</sup> | 1.90%<sup>(5)</sup> | 1.91%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 1.94%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (1.52)%<sup>(5)</sup> | (1.53)%<sup>(5)(6)</sup> | (1.64)%<sup>(5)</sup> | (1.76)%<sup>(5)</sup> | (1.77)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% |
| Portfolio Turnover Rate | 19% | 11% | 23% | 21% | 22% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.06% for Class C shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class C shares would have been 48.17%.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.96% | (1.58)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Global Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $30.03 | $20.47 | $42.89 | $44.90 | $29.18 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(3)</sup> | (0.15) | (0.12) | (0.17) | (0.31) | (0.25) |
| Net Realized and Unrealized Gain (Loss) | 8.57 | 10.32 | (17.58) | 0.40 | 16.49 |
| Total from Investment Operations | 8.42 | 10.20 | (17.75) | 0.09 | 16.24 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (3.23) | (0.64) | (4.67) | (2.10) | (0.52) |
| **Net Asset Value, End of Period** | $35.22 | $30.03 | $20.47 | $42.89 | $44.90 |
| **Total Return<sup>(4)</sup>** | 27.56% | 49.82%<sup>(5)</sup> | (41.51)% | 0.33% | 55.67% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $167967 | $60134 | $75921 | $287811 | $367927 |
| Ratio of Expenses Before Expense Limitation | 0.87% | 0.88% | 0.87% | 0.82% | N/A |
| Ratio of Expenses After Expense Limitation | 0.85%<sup>(6)</sup> | 0.83%<sup>(6)(7)</sup> | 0.86%<sup>(6)</sup> | 0.82%<sup>(6)</sup> | 0.82%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 0.85%<sup>(6)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.43)%<sup>(6)</sup> | (0.45)%<sup>(6)(7)</sup> | (0.57)%<sup>(6)</sup> | (0.68)%<sup>(6)</sup> | (0.70)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 19% | 11% | 23% | 21% | 22% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Performance was positively impacted by approximately 0.05% for Class R6 shares due to the reimbursement of transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class R6 shares would have been 49.77%.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.86% | (0.48)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Global Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $30.08 | $20.50 | $42.94 | $44.96 | $29.22 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.14) | (0.11) | (0.16) | (0.32) | (0.24) |
| Net Realized and Unrealized Gain (Loss) | 8.55 | 10.33 | (17.61) | 0.40 | 16.50 |
| Total from Investment Operations | 8.41 | 10.22 | (17.77) | 0.08 | 16.26 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (3.23) | (0.64) | (4.67) | (2.10) | (0.52) |
| **Net Asset Value, End of Period** | $35.26 | $30.08 | $20.50 | $42.94 | $44.96 |
| **Total Return<sup>(3)</sup>** | 27.48% | 49.85%<sup>(4)</sup> | (41.51)% | 0.31% | 55.66% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $19 | $122706 | $105368 | $154979 | $114510 |
| Ratio of Expenses Before Expense Limitation | 0.85% | 0.86% | 0.86% | 0.82% | N/A |
| Ratio of Expenses After Expense Limitation | 0.85%<sup>(5)</sup> | 0.81%<sup>(5)(6)</sup> | 0.86%<sup>(5)</sup> | 0.82%<sup>(5)</sup> | 0.82%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 0.85%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.42)%<sup>(5)</sup> | (0.43)%<sup>(5)(6)</sup> | (0.57)%<sup>(5)</sup> | (0.68)%<sup>(5)</sup> | (0.69)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% |
| Portfolio Turnover Rate | 19% | 11% | 23% | 21% | 22% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.05% for Class IR shares due to the reimbursement of transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class IR shares would have been 49.80%.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class IR shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.86% | (0.48)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying consolidated financial statements relate to the Global Opportunity Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued six classes of shares — Class I, Class A, Class L, Class C, Class R6 and Class IR. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. On April 30, 2015, the Fund suspended offering of Class L shares. Existing Class L shareholders may invest through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors. Effective December 31, 2020, the Fund suspended offering of Class I, Class A, Class C, Class R6 and Class IR shares to new investors with certain exception. Effective January 2, 2023, the Fund recommenced offering Class I, Class A, Class C, Class R6 and Class IR shares.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Global Opportunity Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoin

ETFs"). The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of December 31, 2024, the Subsidiary represented 0% of the net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

**1. Security Valuation:** (1) 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; (2) 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

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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; (3) 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"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines 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; (5) 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 (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity

Funds, are valued at the net asset value ("NAV") 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.

**2. 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Air Freight & Logistics | $— | $149935 | $— |  | $149935 |  |
| Banks | 161388 | 91080 |  |  | 252468 |  |
| Broadline Retail | 365946 |  |  |  | 365946 |  |
| Capital Markets |  | 45344 |  |  | 45344 |  |
| Electrical Equipment |  | 110929 |  |  | 110929 |  |
| Electronic Equipment, <br>Instruments & <br>Components |  | 29307 |  | † | 29307 | † |
| Entertainment | 259934 |  |  |  | 259934 |  |
| Financial Services | 264150 |  |  |  | 264150 |  |
| Ground Transportation | 176480 |  |  |  | 176480 |  |
| Hotels, Restaurants & <br>Leisure | 299662 | 68864 |  |  | 368526 |  |
| Information Technology <br>Services | 77271 |  |  |  | 77271 |  |
| Interactive Media & <br>Services | 210949 |  |  |  | 210949 |  |
| Semiconductors & <br>Semiconductor <br>Equipment |  | 125727 |  |  | 125727 |  |
| Software | 310362 |  |  |  | 310362 |  |
| Textiles, Apparel & <br>Luxury Goods | 37280 | 168636 |  |  | 205916 |  |
| **Total Common Stocks** | **2163422** | **789822** | **—** | **†** | **2953244** | **†** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 163938 |  |  |  | 163938 |  |
| **Total Assets** | $**2327360** | $**789822** | $**—** | **†** | $**3117182** | **†** |

---

† Includes a security valued at zero.

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

---

| | | |
|:---|:---|:---|
| | **Common<br>Stock<br>(000)** | **Common<br>Stock<br>(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 <br>investments still held as of December 31, 2024 | $— |  |

---

† Includes a security valued at zero.

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Restricted Securities:** The Fund invests in unregistered or otherwise restricted securities. The term "restricted securities" refers to securities that are unregistered or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale. As a result, restricted securities may be more difficult to value and the Fund may have difficulty disposing of such assets either in a timely manner or for a reasonable price. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between

the time the decision is made to sell the security and the time the security is registered so that the Fund can sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and the acquirer of the securities. The Fund would, in either case, bear market risks during that period. Restricted securities are identified in the Consolidated Portfolio of Investments.

**5. Securities Lending:** The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Consolidated Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

At December 31, 2024, the Fund did not have any outstanding securities on loan.

**6. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

**7. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**8. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**9. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

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| | | |
|:---|:---|:---|
| **First $750<br>million** | **Next $750<br>million** | **Over $1.5<br>billion** |
| 0.80% | 0.75% | 0.70% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.73% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00% for Class I shares, 1.35% for Class A shares, 1.40% for Class L shares, 2.10% for Class C shares, 0.95% for Class R6 shares and 0.95% for Class IR shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $7,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares. The Distributor has agreed to waive for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate, the 12b-1 fees on Class L shares of the Fund to the extent it exceeds 0.30% of the average daily net assets of such shares on an annualized basis. For the year ended December 31, 2024, this waiver amounted to approximately $163,000.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement,

the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to approximately $36,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $554,644,000 and $1,137,595,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $145,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $39395 | $857727 | $733184 | $3743 |

---

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $163938 |

---

During the year ended December 31, 2024, the Fund incurred approximately $13,000 in brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of the Fund.

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded that there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

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| | | | |
|:---|:---|:---|:---|
| **2024<br>Distributions<br>Paid From:** | **2024<br>Distributions<br>Paid From:** | **2023<br>Distributions<br>Paid From:** | **2023<br>Distributions<br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $9393 | $266304 | $— | $61561 |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2024.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

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| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $690 | $140815 |

---

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 55.4%.

**K. Market Risk and Risks Relating to Certain Financial Instruments:**

**Bitcoin:** The Fund may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by bitcoin ETFs (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin

ETFs investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile and subject to sharp declines. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Bitcoin ETF exposure could result in substantial losses to the Fund.

**Market:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Global Opportunity Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Global Opportunity Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the consolidated portfolio of investments, as of December 31, 2024, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the four years in the period then ended, the financial highlights for the year ended December 31, 2020 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, its consolidated financial highlights for each of the four years in the period then ended and its financial highlights for the year ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386614_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024. For corporate shareholders 30.22% of the dividends qualified for the dividends received deduction.

The Fund designated and paid approximately $266,304,000 as a long-term capital gain distribution.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $9,003,000 as taxable at this lower rate.

The Fund has derived net income from sources within foreign countries amounting to approximately $6,374,000.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386614_za004.jpg)

MGGPX-NCSR 12.31.24

------

![](j25386615_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Global Permanence Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386615_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsolidatedPortfolioofInvestments-15) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsolidatedStatementofAssetsandLiabilities-15) | 4 |
| [Consolidated Statement of Operations](#ConsolidatedStatementofOperations-15) | 5 |
| [Consolidated Statements of Changes in Net Assets](#ConsolidatedStatementsofChangesinNetAssets-15) | 6 |
| [Consolidated Financial Highlights](#ConsolidatedFinancialHighlights-15) | 7 |
| [Notes to Consolidated Financial Statements](#NotestoConsolidatedFinancialStatements-15) | 11 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-15) | 21 |
| [Federal Tax Notice](#FederalTaxNotice-15) | 22 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments

**Global Permanence Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (91.0%)** | **Common Stocks (91.0%)** | **Common Stocks (91.0%)** |
| Brazil (0.1%) | Brazil (0.1%) | Brazil (0.1%) |
| Vale SA | 370 | $3 |
| Canada (6.2%) | Canada (6.2%) | Canada (6.2%) |
| Cameco Corp. | 808 | 42 |
| Canadian National Railway Co. | 1836 | 186 |
| Constellation Software, Inc. | 1 | 3 |
| FirstService Corp. | 21 | 4 |
| Topicus.com, Inc. | 49 | 4 |
|  |  | 239 |
| France (16.4%) | France (16.4%) | France (16.4%) |
| Airbus SE | 591 | 95 |
| Christian Dior SE | 92 | 58 |
| EssilorLuxottica SA | 81 | 20 |
| Eurofins Scientific SE | 3767 | 192 |
| Hermes International SCA | 2 | 5 |
| L'Oreal SA | 107 | 38 |
| LVMH Moet Hennessy Louis Vuitton SE | 285 | 187 |
| Remy Cointreau SA | 43 | 2 |
| Safran SA | 174 | 38 |
|  |  | 635 |
| Germany (0.5%) | Germany (0.5%) | Germany (0.5%) |
| Birkenstock Holding PLC (a) | 371 | 21 |
| India (0.5%) | India (0.5%) | India (0.5%) |
| HDFC Bank Ltd. ADR | 301 | 19 |
| Italy (0.2%) | Italy (0.2%) | Italy (0.2%) |
| Brunello Cucinelli SpA | 38 | 4 |
| Ferrari NV | 10 | 5 |
|  |  | 9 |
| Netherlands (5.1%) | Netherlands (5.1%) | Netherlands (5.1%) |
| ASML Holding NV (Registered) | 275 | 191 |
| Universal Music Group NV | 168 | 4 |
|  |  | 195 |
| United Kingdom (10.7%) | United Kingdom (10.7%) | United Kingdom (10.7%) |
| Babcock International Group PLC | 30358 | 190 |
| Rentokil Initial PLC | 37725 | 188 |
| Victoria PLC (a) | 40266 | 35 |
|  |  | 413 |
| United States (51.3%) | United States (51.3%) | United States (51.3%) |
| Amazon.com, Inc. (a) | 649 | 142 |
| American Tower Corp. REIT | 736 | 135 |
| Brown & Brown, Inc. | 37 | 4 |
| Celsius Holdings, Inc. (a) | 5075 | 134 |
| Cloudflare, Inc., Class A (a) | 3833 | 413 |
| Core & Main, Inc., Class A (a) | 3452 | 176 |
| Danaher Corp. | 585 | 134 |
| Floor & Decor Holdings, Inc., Class A (a) | 1782 | 178 |
| Intercontinental Exchange, Inc. | 897 | 134 |
| Landbridge Co. LLC | 371 | 24 |
| Linde PLC | 9 | 4 |
| MSCI, Inc. | 16 | 9 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Procore Technologies, Inc. (a) | 760 | $57 |
| QXO, Inc. | 3387 | 54 |
| Royal Gold, Inc. | 785 | 103 |
| Royalty Pharma PLC, Class A | 7539 | 192 |
| S&P Global, Inc. | 18 | 9 |
| Texas Pacific Land Corp. | 2 | 2 |
| Vail Resorts, Inc. | 332 | 62 |
| Veralto Corp. | 91 | 9 |
| Waste Connections, Inc. | 22 | 4 |
|  |  | 1979 |
| **Total Common Stocks (Cost $3,471)** | **Total Common Stocks (Cost $3,471)** | 3513 |
| **Investment Company (3.5%)** | **Investment Company (3.5%)** | **Investment Company (3.5%)** |
| United States (3.5%) | United States (3.5%) | United States (3.5%) |
| iShares Bitcoin Trust ETF, (a) **(Cost $101)** | 2600 | 138 |
|  | **No. of <br>Warrants** |  |
| **Warrants (0.0%)** | **Warrants (0.0%)** | **Warrants (0.0%)** |
| Canada (0.0%) | Canada (0.0%) | Canada (0.0%) |
| Constellation Software, Inc.<br>expires 3/31/40 (a)(b) **(Cost $—)** | 186 |  |
|  | **Shares** |  |
| **Short-Term Investment (2.2%)** | **Short-Term Investment (2.2%)** | **Short-Term Investment (2.2%)** |
| Investment Company (2.2%) | Investment Company (2.2%) | Investment Company (2.2%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $85)** | 85401 | 85 |
| **Total Investments Excluding Purchased <br>Options (96.7%) (Cost $3,657)** | **Total Investments Excluding Purchased <br>Options (96.7%) (Cost $3,657)** | 3736 |
| **Total Purchased Options Outstanding (0.4%)<br>(Cost $23)** | **Total Purchased Options Outstanding (0.4%)<br>(Cost $23)** | 14 |
| **Total Investments (97.1%) (Cost $3,680) (c)(d)(e)** | **Total Investments (97.1%) (Cost $3,680) (c)(d)(e)** | 3750 |
| Other Assets in Excess of Liabilities (2.9%) | Other Assets in Excess of Liabilities (2.9%) | 111 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $3861 |

---

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 December 31, 2024, 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 approximate fair value and percentage of net assets, $1,059,000 and 27.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements.

(d) Securities are available for collateral in connection with purchased options.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments (cont'd)

**Global Permanence Portfolio**

(e) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $3,745,000. The aggregate gross unrealized appreciation is approximately $542,000 and the aggregate gross unrealized depreciation is approximately $537,000, resulting in net unrealized appreciation of approximately $5,000.

ADR American Depositary Receipt.

REIT Real Estate Investment Trust.

ETF Exchange Traded Fund.

**Call Options Purchased:**

The Fund had the following call options purchased open at December 31, 2024:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** | **Premiums<br>Paid<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.66 | Sep-25 | 522551 | $523 | $4 |  | $3 | $1 |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 7.69 | Jan-25 | 1578869 | 1579 |  | @ | 6 | (6 |
| Standard Chartered Bank | USD/CNH CNH | 7.76 | Oct-25 | 955310 | 955 | 5 |  | 4 | 1 |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.77 | Jul-25 | 478198 | 478 | 2 |  | 2 | (— |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.78 | Mar-25 | 1045683 | 1046 |  | @ | 4 | (4 |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 8.02 | Dec-25 | 891152 | 891 | 3 |  | 4 | (1 |
|  |  |  |  |  |  | $14 |  | $23 | $(9 |

---

@&nbsp;&nbsp;&nbsp;&nbsp;Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 43.6% |
| Information Technology Services | 11.1 |
| Life Sciences Tools & Services | 8.7 |
| Aerospace & Defense | 8.6 |
| Textiles, Apparel & Luxury Goods | 7.4 |
| Commercial Services & Supplies | 5.4 |
| Pharmaceuticals | 5.1 |
| Semiconductors & Semiconductor Equipment | 5.1 |
| Ground Transportation | 5.0 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Permanence Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statement of Assets and Liabilities | **December 31, 2024<br>(000)** | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $3,595) | $3665 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $85) | 85 |  |
| Total Investments in Securities, at Value (Cost $3,680) | 3750 |  |
| Receivable for Investments Sold | 79 |  |
| Due from Adviser | 73 |  |
| Dividends Receivable | 3 |  |
| Receivable from Affiliate |  | @ |
| Other Assets | 25 |  |
| **Total Assets** | 3930 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased | 42 |  |
| Payable for Professional Fees | 12 |  |
| Payable for Custodian Fees | 4 |  |
| Payable for Administration Fees |  | @ |
| Payable for Transfer Agency Fees — Class I |  | @ |
| Payable for Transfer Agency Fees — Class A |  | @ |
| Payable for Transfer Agency Fees — Class C |  | @ |
| Payable for Transfer Agency Fees — Class R6 |  | @ |
| Payable for Sub Transfer Agency Fees — Class I |  | @ |
| Payable for Sub Transfer Agency Fees — Class A |  | @ |
| Payable for Sub Transfer Agency Fees — Class C |  | @ |
| Payable for Shareholder Services Fees — Class A |  | @ |
| Payable for Distribution and Shareholder Services Fees — Class C |  | @ |
| Other Liabilities | 11 |  |
| **Total Liabilities** | 69 |  |
| **Net Assets** | $3861 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $3620 |  |
| Total Distributable Earnings | 241 |  |
| **Net Assets** | $3861 |  |
| **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $3252 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 285458 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $11.39 |  |
| **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $396 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 35279 |  |
| **Net Asset Value, Redemption Price Per Share** | $11.22 |  |
| **Maximum Sales Load** | 5.25 | % |
| **Maximum Sales Charge** | $0.62 |  |
| **Maximum Offering Price Per Share** | $11.84 |  |
| **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $196 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 18310 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $10.68 |  |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $17 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 1524 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $11.42 |  |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Permanence Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $2 of Foreign Taxes Withheld) | $49 |
| Dividends from Security of Affiliated Issuer (Note G) | 4 |
| Total Investment Income | 53 |
| **Expenses:** | **Expenses:** |
| Professional Fees | 169 |
| Registration Fees | 56 |
| Advisory Fees (Note B) | 34 |
| Shareholder Reporting Fees | 21 |
| Custodian Fees (Note F) | 13 |
| Transfer Agency Fees — Class I (Note E) | 3 |
| Transfer Agency Fees — Class A (Note E) | 3 |
| Transfer Agency Fees — Class C (Note E) | 2 |
| Transfer Agency Fees — Class R6 (Note E) | 2 |
| Pricing Fees | 4 |
| Shareholder Services Fees — Class A (Note D) | 2 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 2 |
| Administration Fees (Note C) | 3 |
| Directors' Fees and Expenses | 2 |
| Sub Transfer Agency Fees — Class I | 1 |
| Sub Transfer Agency Fees — Class A |  |
| Other Expenses | 19 |
| Total Expenses | 336 |
| Expenses Reimbursed by Adviser (Note B) | (247 |
| Waiver of Advisory Fees (Note B) | (34 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (3 |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2 |
| Rebate from Morgan Stanley Affiliate (Note G) | (— |
| Net Expenses | 46 |
| **Net Investment Income** | 7 |
| **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 941 |
| Foreign Currency Transaction | 1 |
| Net Realized Gain | 942 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | (554 |
| Foreign Currency Translation | (— |
| Net Change in Unrealized Appreciation (Depreciation) | (554 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 388 |
| Net Increase in Net Assets Resulting from Operations | $395 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Permanence Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $7 | $(1 |
| Net Realized Gain | 942 | 291 |
| Net Change in Unrealized Appreciation (Depreciation) | (554 | 725 |
| Net Increase in Net Assets Resulting from Operations | 395 | 1015 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (595 | (205 |
| **Class A** | (73 | (98 |
| **Class C** | (42 | (12 |
| **Class R6** | (3 | (1 |
| Total Dividends and Distributions to Shareholders | (713 | (316 |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 294 | 1736 |
| Distributions Reinvested | 595 | 205 |
| Redeemed | (1483 | (1668 |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 35 | 2928 |
| Distributions Reinvested | 73 | 98 |
| Redeemed | (1564 | (2141 |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 40 | 913 |
| Distributions Reinvested | 42 | 12 |
| Redeemed | (82 | (790 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Distributions Reinvested | 3 | 1 |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | (2047 | 1294 |
| Total Increase (Decrease) in Net Assets | (2365 | 1993 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 6226 | 4233 |
| End of Period | $3861 | $6226 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 23 | 145 |
| Shares Issued on Distributions Reinvested | 50 | 17 |
| Shares Redeemed | (117 | (136 |
| Net Increase (Decrease) in Class I Shares Outstanding | (44 | 26 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 3 | 249 |
| Shares Issued on Distributions Reinvested | 6 | 8 |
| Shares Redeemed | (129 | (182 |
| Net Increase (Decrease) in Class A Shares Outstanding | (120 | 75 |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 3 | 79 |
| Shares Issued on Distributions Reinvested | 4 | 1 |
| Shares Redeemed | (7 | (70 |
| Net Increase (Decrease) in Class C Shares Outstanding | (— | 10 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Issued on Distributions Reinvested |  |  |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Global Permanence Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $12.40 | $10.80 | $13.72 | $13.41 | $10.63 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.03 | 0.03 | (0.00)<sup>(3)</sup> | (0.01) | (0.03) |
| Net Realized and Unrealized Gain (Loss) | 1.38 | 2.22 | (2.73) | 2.56 | 2.90 |
| Total from Investment Operations | 1.41 | 2.25 | (2.73) | 2.55 | 2.87 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.44) | (0.02) |  | (0.05) | (0.07) |
| Net Realized Gain | (1.98) | (0.63) | (0.19) | (2.19) | (0.02) |
| Total Distributions | (2.42) | (0.65) | (0.19) | (2.24) | (0.09) |
| **Net Asset Value, End of Period** | $11.39 | $12.40 | $10.80 | $13.72 | $13.41 |
| **Total Return<sup>(4)</sup>** | 10.69% | 20.92%<sup>(5)</sup> | (19.88)% | 19.73% | 27.06% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3252 | $4089 | $3278 | $3947 | $3202 |
| Ratio of Expenses Before Expense Limitation | 7.60% | 4.40% | 7.62% | 7.77% | 8.62% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(6)</sup> | 0.85%<sup>(6)(7)</sup> | 1.00%<sup>(6)</sup> | 1.00%<sup>(6)</sup> | 1.00%<sup>(6)</sup> |
| Ratio of Net Investment Income (Loss) | 0.24%<sup>(6)</sup> | 0.21%<sup>(6)(7)</sup> | (0.02)%<sup>(6)</sup> | (0.04)%<sup>(6)</sup> | (0.30)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 62% | 107% | 68% | 57% | 113% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Performance was positively impacted by approximately 0.19% for Class I shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class I shares would have been 20.73%.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.99% | 0.07% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Global Permanence Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $12.22 | $10.68 | $13.61 | $13.37 | $10.61 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.02) | (0.02) | (0.02) | (0.06) | (0.07) |
| Net Realized and Unrealized Gain (Loss) | 1.37 | 2.19 | (2.72) | 2.54 | 2.89 |
| Total from Investment Operations | 1.35 | 2.17 | (2.74) | 2.48 | 2.82 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.37) |  |  | (0.05) | (0.04) |
| Net Realized Gain | (1.98) | (0.63) | (0.19) | (2.19) | (0.02) |
| Total Distributions | (2.35) | (0.63) | (0.19) | (2.24) | (0.06) |
| **Net Asset Value, End of Period** | $11.22 | $12.22 | $10.68 | $13.61 | $13.37 |
| **Total Return<sup>(3)</sup>** | 10.37% | 20.42%<sup>(4)</sup> | (20.11)% | 19.27% | 26.57% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $396 | $1903 | $858 | $29 | $19 |
| Ratio of Expenses Before Expense Limitation | 8.22% | 4.69% | 8.05% | 17.77% | 26.08% |
| Ratio of Expenses After Expense Limitation | 1.35%<sup>(5)</sup> | 1.24%<sup>(5)(6)</sup> | 1.35%<sup>(5)</sup> | 1.35%<sup>(5)</sup> | 1.35%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (0.13)%<sup>(5)</sup> | (0.18)%<sup>(5)(6)</sup> | (0.20)%<sup>(5)</sup> | (0.42)%<sup>(5)</sup> | (0.65)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 62% | 107% | 68% | 57% | 113% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.20% for Class A shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class A shares would have been 20.22%.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.34% | (0.28)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Global Permanence Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $11.77 | $10.38 | $13.34 | $13.24 | $10.56 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.11) | (0.12) | (0.14) | (0.16) | (0.15) |
| Net Realized and Unrealized Gain (Loss) | 1.32 | 2.14 | (2.63) | 2.50 | 2.85 |
| Total from Investment Operations | 1.21 | 2.02 | (2.77) | 2.34 | 2.70 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.32) |  |  | (0.05) |  |
| Net Realized Gain | (1.98) | (0.63) | (0.19) | (2.19) | (0.02) |
| Total Distributions | (2.30) | (0.63) | (0.19) | (2.24) | (0.02) |
| **Net Asset Value, End of Period** | $10.68 | $11.77 | $10.38 | $13.34 | $13.24 |
| **Total Return<sup>(3)</sup>** | 9.60% | 19.56%<sup>(4)</sup> | (20.74)% | 18.39% | 25.60% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $196 | $218 | $84 | $16 | $13 |
| Ratio of Expenses Before Expense Limitation | 9.66% | 5.69% | 15.54% | 24.91% | 28.45% |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(5)</sup> | 2.04%<sup>(5)(6)</sup> | 2.10%<sup>(5)</sup> | 2.10%<sup>(5)</sup> | 2.10%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (0.85)%<sup>(5)</sup> | (0.98)%<sup>(5)(6)</sup> | (1.29)%<sup>(5)</sup> | (1.13)%<sup>(5)</sup> | (1.40)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 62% | 107% | 68% | 57% | 113% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.20% for Class C shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class C shares would have been 19.36%.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 2.09% | (1.03)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Global Permanence Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $12.42 | $10.82 | $13.73 | $13.42 | $10.64 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(3)</sup> | 0.04 | 0.03 | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> | (0.03) |
| Net Realized and Unrealized Gain (Loss) | 1.39 | 2.23 | (2.72) | 2.55 | 2.91 |
| Total from Investment Operations | 1.43 | 2.26 | (2.72) | 2.55 | 2.88 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.45) | (0.03) |  | (0.05) | (0.08) |
| Net Realized Gain | (1.98) | (0.63) | (0.19) | (2.19) | (0.02) |
| Total Distributions | (2.43) | (0.66) | (0.19) | (2.24) | (0.10) |
| **Net Asset Value, End of Period** | $11.42 | $12.42 | $10.82 | $13.73 | $13.42 |
| **Total Return<sup>(5)</sup>** | 10.83% | 20.95%<sup>(6)</sup> | (19.79)% | 19.71% | 27.09% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $17 | $16 | $13 | $16 | $14 |
| Ratio of Expenses Before Expense Limitation | 21.44% | 21.25% | 22.37% | 22.49% | 26.62% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(7)</sup> | 0.77%<sup>(7)(8)</sup> | 0.95%<sup>(7)</sup> | 0.95%<sup>(7)</sup> | 0.95%<sup>(7)</sup> |
| Ratio of Net Investment Income (Loss) | 0.29%<sup>(7)</sup> | 0.28%<sup>(7)(8)</sup> | 0.02%<sup>(7)</sup> | 0.01%<sup>(7)</sup> | (0.24)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 62% | 107% | 68% | 57% | 113% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Amount is less than $0.005 per share.

(5) Calculated based on the net asset value as of the last business day of the period.

(6) Performance was positively impacted by approximately 0.19% for Class R6 shares due to the reimbursement of transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class R6 shares would have been 20.76%.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.94% | 0.11% |

---

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying consolidated financial statements relate to the Global Permanence Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued four classes of shares — Class I, Class A, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Global Permanence Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoin ETFs"). The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of December 31, 2024, the Subsidiary represented approximately $141,000 or approximately 3.66% of the net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

**1. Security Valuation:** (1) 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; (2) 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; (3) 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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 a reputable broker/dealer or valued by a pricing service/vendor; (4) 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"), 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; (5) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines 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; (6) 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 (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $— | $323 | $— | $323 |
| Automobiles | 5 |  |  | 5 |
| Banks | 19 |  |  | 19 |
| Beverages | 134 | 2 |  | 136 |
| Broadline Retail | 142 |  |  | 142 |
| Capital Markets | 152 |  |  | 152 |
| Chemicals | 4 |  |  | 4 |
| Commercial Services & <br>Supplies | 13 | 188 |  | 201 |
| Entertainment |  | 4 |  | 4 |
| Ground Transportation | 186 |  |  | 186 |
| Health Care Equipment & <br>Supplies |  | 20 |  | 20 |
| Hotels, Restaurants & <br>Leisure | 62 |  |  | 62 |
| Household Durables |  | 35 |  | 35 |
| Information Technology <br>Services | 413 |  |  | 413 |
| Insurance | 4 |  |  | 4 |
| Life Sciences Tools & <br>Services | 134 | 192 |  | 326 |
| Metals & Mining | 103 | 3 |  | 106 |
| Oil, Gas & Consumable <br>Fuels | 44 |  |  | 44 |
| Personal Care Products |  | 38 |  | 38 |
| Pharmaceuticals | 192 |  |  | 192 |
| Real Estate Management & <br>Development | 28 |  |  | 28 |
| Semiconductors & <br>Semiconductor <br>Equipment | 191 |  |  | 191 |
| Software | 118 |  |  | 118 |
| Specialized REITs | 135 |  |  | 135 |
| Specialty Retail | 178 |  |  | 178 |
| Textiles, Apparel & <br>Luxury Goods | 21 | 254 |  | 275 |
| Trading Companies & <br>Distributors | 176 |  |  | 176 |
| **Total Common Stocks** | **2454** | **1059** | **—** | **3513** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Investment Company** | $138 | $— | $— |  | $138 |  |
| **Warrants** |  |  |  | † |  | † |
| **Call Options Purchased** |  | 14 |  |  | 14 |  |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 85 |  |  |  | 85 |  |
| **Total Assets** | $**2677** | $**1073** | $**—** | **†** | $**3750** | **†** |

---

† Includes a security valued at zero.

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

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

---

| | | |
|:---|:---|:---|
| | **Warrants<br>(000)** | **Warrants<br>(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 <br>investments still held as of December 31, 2024 | $— |  |

---

† Includes a security valued at zero.

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund

values the foreign shares at the closing exchange price of the local shares.

**4. Derivatives:** The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. 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 and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

**Options:** With respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

exchange risk in the normal course of pursuing its investment objectives. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium paid by the Fund. The Fund may purchase and/or sell put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Consolidated Statement of Assets and Liabilities. Upon the exercise or closing of a purchased call option, the premium paid is added to the cost of the security or financial instrument purchased. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. As the buyer of a call option, the Fund pays the premium to the option writer and has the right to purchase the underlying security from the option writer at the exercise price. If the market price of the underlying security rises above the exercise price, the Fund could exercise the option and acquire the underlying security at a below-market price, which could result in a gain to the Fund, minus the premium paid. As the buyer of a put option, the Fund pays the premium to the option writer and has the right to sell the underlying security to the option writer at the exercise price. If the market price of the underlying security declines below the exercise price, the Fund could exercise the option and sell the underlying security at an above-market price, which could result in a gain to the Fund, minus the premium paid. Premiums paid for purchasing options which expired are treated as realized losses. When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or

unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<br>Consolidated Statement <br>of Assets and<br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | <br>Currency Risk | $14<br> (a) |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended December 31, 2024 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $(25)(a) |

---

(a) Amounts are included in Realized Gain on Investments Sold in the Consolidated Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $11<br> (a) |

---

(a) Amounts are included in Change in Unrealized Appreciation (Depreciation) on Investments in the Consolidated Statement of Operations.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

At December 31, 2024, the Fund's derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** |
| **Derivatives** | **Assets(b)<br>(000)** | **Liabilities(b)<br>(000)** |
| Purchased Options | $14<br> (a) | $— |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

(b) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities(a)<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| Goldman Sachs & Co. LLC | $3 | $— | $— | $3 |
| JPMorgan Chase Bank NA | 6 |  |  | 6 |
| Standard Chartered Bank | 5 |  |  | 5 |
| Total | $14 | $— | $— | $14 |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

For the year ended December 31, 2024, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Purchased Options:** | **Purchased Options:** |
| Average monthly notional amount | 5,508,000 |

---

**5. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**6. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**7. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**8. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | |
|:---|:---|
| **First $1<br>billion** | **Over $1<br>billion** |
| 0.80% | 0.75% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.00% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00% for Class I shares, 1.35% for Class A shares, 2.10% for Class C shares and 0.95% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until

such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $34,000 of advisory fees were waived and approximately $256,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement. As of December 31, 2024, amounts owed by the Adviser to the Fund are reflected in Due from Adviser on the Consolidated Statement of Assets and Liabilities.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to less than $500.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $2,588,000 and $5,403,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by

less than $500 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $79 | $2264 | $2258 | $4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain <br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $85 |

---

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions <br>Paid From:** | **2024 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $189 | $524 | $55 | $261 |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains

(losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, due to tax adjustments related to the Subsidiary, resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Distributable<br>Earnings<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $26 | $(26) |

---

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $207 | $100 |

---

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 59.2%.

**K. Market Risk and Risks Relating to Certain Financial Instruments:**

**Bitcoin:** The Fund may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national,

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by bitcoin ETFs (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin ETFs investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile and subject to sharp declines. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Bitcoin ETF exposure could result in substantial losses to the Fund.

**Market:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could

have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Global Permanence Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Global Permanence Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the consolidated portfolio of investments, as of December 31, 2024, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the four years in the period then ended, the financial highlights for the year ended December 31, 2020 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, its consolidated financial highlights for each of the four years in the period then ended and its financial highlights for the year ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386615_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024. For corporate shareholders 6.35% of the dividends qualified for the dividends received deduction.

The Fund designated and paid approximately $524,000 as a long-term capital gain distribution.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $33,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386615_za004.jpg)

MGKAX-NCSR 12.31.24

------

![](j25386616_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Global Stars Portfolio

(formerly Global Sustain Portfolio)

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386616_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#PortfolioofInvestments-16) | 2 |
| [Statement of Assets and Liabilities](#StatementofAssetsandLiabilities-16) | 3 |
| [Statement of Operations](#StatementofOperations-16) | 5 |
| [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-16) | 6 |
| [Financial Highlights](#FinancialHighlights-16) | 8 |
| [Notes to Financial Statements](#NotestoFinancialStatements-16) | 13 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-16) | 20 |
| [Federal Tax Notice](#FederalTaxNotice-16) | 21 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments

**Global Stars Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (97.6%)** | **Common Stocks (97.6%)** | **Common Stocks (97.6%)** |
| Australia (4.3%) | Australia (4.3%) | Australia (4.3%) |
| CSL Ltd. | 9591 | $1673 |
| Xero Ltd. (a) | 8125 | 846 |
|  |  | 2519 |
| Canada (2.7%) | Canada (2.7%) | Canada (2.7%) |
| Constellation Software, Inc. | 509 | 1574 |
| China (8.1%) | China (8.1%) | China (8.1%) |
| Kweichow Moutai Co. Ltd., Class A | 4500 | 939 |
| Shenzhen Mindray Bio-Medical Electronics Co. <br>Ltd., Class A | 25300 | 884 |
| Tencent Holdings Ltd. (b) | 24500 | 1308 |
| Zhejiang Dingli Machinery Co. Ltd., Class A | 184800 | 1633 |
|  |  | 4764 |
| Denmark (2.1%) | Denmark (2.1%) | Denmark (2.1%) |
| DSV AS | 5826 | 1241 |
| Germany (7.8%) | Germany (7.8%) | Germany (7.8%) |
| SAP SE | 18694 | 4598 |
| Switzerland (6.1%) | Switzerland (6.1%) | Switzerland (6.1%) |
| Galderma Group AG (a) | 17114 | 1902 |
| On Holding AG, Class A (a) | 30913 | 1693 |
|  |  | 3595 |
| Taiwan (2.8%) | Taiwan (2.8%) | Taiwan (2.8%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 8220 | 1623 |
| United Kingdom (6.6%) | United Kingdom (6.6%) | United Kingdom (6.6%) |
| Experian PLC | 38642 | 1661 |
| Halma PLC | 44220 | 1484 |
| RELX PLC (LSE) | 16822 | 762 |
|  |  | 3907 |
| United States (57.1%) | United States (57.1%) | United States (57.1%) |
| Alphabet, Inc., Class A | 17295 | 3274 |
| Aon PLC, Class A | 4970 | 1785 |
| Automatic Data Processing, Inc. | 2990 | 875 |
| Booking Holdings, Inc. | 352 | 1749 |
| Broadridge Financial Solutions, Inc. | 7521 | 1700 |
| IDEXX Laboratories, Inc. (a) | 1425 | 589 |
| Intercontinental Exchange, Inc. | 10370 | 1545 |
| Mastercard, Inc., Class A | 3794 | 1998 |
| Microsoft Corp. | 4500 | 1897 |
| MSCI, Inc. | 2660 | 1596 |
| Netflix, Inc. (a) | 1510 | 1346 |
| Old Dominion Freight Line, Inc. | 5062 | 893 |
| Ryan Specialty Holdings, Inc. | 23077 | 1481 |
| S&P Global, Inc. | 2436 | 1213 |
| Salesforce, Inc. | 4403 | 1472 |
| Thermo Fisher Scientific, Inc. | 1984 | 1032 |
| Tradeweb Markets, Inc., Class A | 14413 | 1887 |
| Uber Technologies, Inc. (a) | 23330 | 1407 |
| UnitedHealth Group, Inc. | 4054 | 2051 |
| Visa, Inc., Class A | 8746 | 2764 |
| Zoetis, Inc. | 6344 | 1034 |
|  |  | 33588 |
| **Total Common Stocks (Cost $45,440)** | **Total Common Stocks (Cost $45,440)** | 57409 |

---

---

| | | |
|:---|:---|:---|
| | **No. of<br>Warrants** | **Value<br>(000)** |
| **Warrants (0.0%)** | **Warrants (0.0%)** | **Warrants (0.0%)** |
| Canada (0.0%) | Canada (0.0%) | Canada (0.0%) |
| Constellation Software, Inc.<br>expires 3/31/40 (a)(c) <br>**(Cost $—)** | 1639 | $— |
|  | **Shares** |  |
| **Short-Term Investment (1.4%)** | **Short-Term Investment (1.4%)** | **Short-Term Investment (1.4%)** |
| Investment Company (1.4%) | Investment Company (1.4%) | Investment Company (1.4%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $818)** | 818456 | 818 |
| **Total Investments (99.0%) (Cost $46,258) (d)(e)** | **Total Investments (99.0%) (Cost $46,258) (d)(e)** | 58227 |
| Other Assets in Excess of Liabilities (1.0%) | Other Assets in Excess of Liabilities (1.0%) | 567 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $58794 |

---

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 December 31, 2024, 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 approximate fair value and percentage of net assets, $18,931,000 and 32.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(e) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $46,427,000. The aggregate gross unrealized appreciation is approximately $12,748,000 and the aggregate gross unrealized depreciation is approximately $956,000, resulting in net unrealized appreciation of approximately $11,792,000.

ADR American Depositary Receipt.

LSE London Stock Exchange.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 36.0% |
| Software | 17.8 |
| Capital Markets | 10.7 |
| Professional Services | 8.6 |
| Financial Services | 8.2 |
| Interactive Media & Services | 7.9 |
| Insurance | 5.7 |
| Pharmaceuticals | 5.1 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Stars Portfolio**

---

| | | |
|:---|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2024<br>(000)** | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $45,440) | $57409 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $818) | 818 |  |
| Total Investments in Securities, at Value (Cost $46,258) | 58227 |  |
| Foreign Currency, at Value (Cost $311) | 308 |  |
| Receivable for Investments Sold | 832 |  |
| Due from Adviser | 103 |  |
| Tax Reclaim Receivable | 43 |  |
| Receivable for Fund Shares Sold | 39 |  |
| Dividends Receivable | 25 |  |
| Receivable from Affiliate | 3 |  |
| Other Assets | 44 |  |
| **Total Assets** | 59624 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased | 764 |  |
| Payable for Fund Shares Redeemed | 14 |  |
| Payable for Professional Fees | 12 |  |
| Payable for Sub Transfer Agency Fees — Class I | 10 |  |
| Payable for Sub Transfer Agency Fees — Class L |  | @ |
| Payable for Custodian Fees | 9 |  |
| Payable for Shareholder Services Fees — Class A | 1 |  |
| Payable for Distribution and Shareholder Services Fees — Class L | 1 |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 3 |  |
| Payable for Administration Fees | 4 |  |
| Payable for Transfer Agency Fees — Class I | 1 |  |
| Payable for Transfer Agency Fees — Class A | 1 |  |
| Payable for Transfer Agency Fees — Class L |  | @ |
| Payable for Transfer Agency Fees — Class C |  | @ |
| Payable for Transfer Agency Fees — Class R6 |  | @ |
| Other Liabilities | 10 |  |
| **Total Liabilities** | 830 |  |
| **Net Assets** | $58794 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $43012 |  |
| Total Distributable Earnings | 15782 |  |
| **Net Assets** | $58794 |  |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Stars Portfolio**

---

| | |
|:---|:---|
| Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $47436 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 2880869 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $16.47 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $6107 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 373096 |
| **Net Asset Value, Redemption Price Per Share** | $16.37 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $0.91 |
| **Maximum Offering Price Per Share** | $17.28 |
| **CLASS L:** | **CLASS L:** |
| **Net Assets** | $1328 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 84395 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $15.73 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $3865 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 255791 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $15.11 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $58 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 3548 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $16.47 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Stars Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $32 of Foreign Taxes Withheld) | $995 |
| Dividends from Security of Affiliated Issuer (Note G) | 59 |
| Total Investment Income | 1054 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 612 |
| Professional Fees | 263 |
| Sub Transfer Agency Fees — Class I | 89 |
| Sub Transfer Agency Fees — Class A | 4 |
| Sub Transfer Agency Fees — Class L | 1 |
| Sub Transfer Agency Fees — Class C | 2 |
| Administration Fees (Note C) | 72 |
| Registration Fees | 70 |
| Shareholder Services Fees — Class A (Note D) | 16 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 10 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 41 |
| Shareholder Reporting Fees | 30 |
| Custodian Fees (Note F) | 25 |
| Transfer Agency Fees — Class I (Note E) | 5 |
| Transfer Agency Fees — Class A (Note E) | 4 |
| Transfer Agency Fees — Class L (Note E) | 2 |
| Transfer Agency Fees — Class C (Note E) | 3 |
| Transfer Agency Fees — Class R6 (Note E) | 3 |
| Pricing Fees | 3 |
| Directors' Fees and Expenses | 3 |
| Other Expenses | 17 |
| Total Expenses | 1275 |
| Waiver of Advisory Fees (Note B) | (368) |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (57) |
| Reimbursement of Class Specific Expenses — Class L (Note B) | (1) |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (3) |
| Rebate from Morgan Stanley Affiliate (Note G) | (2) |
| Net Expenses | 844 |
| **Net Investment Income** | 210 |
| **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 25055 |
| Foreign Currency Transaction | 38 |
| Net Realized Gain | 25093 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | (11510) |
| Foreign Currency Translation | (9) |
| Net Change in Unrealized Appreciation (Depreciation) | (11519) |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 13574 |
| Net Increase in Net Assets Resulting from Operations | $13784 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Stars Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $210 | $404 |
| Net Realized Gain (Loss) | 25093 | (2166) |
| Net Change in Unrealized Appreciation (Depreciation) | (11519) | 19971 |
| Net Increase in Net Assets Resulting from Operations | 13784 | 18209 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (12607) | (379) |
| **Class A** | (1537) | (6) |
| **Class L** | (344) |  |
| **Class C** | (1035) |  |
| **Class R6** | (13) | (72) |
| Total Dividends and Distributions to Shareholders | (15536) | (457) |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions <br>for all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions <br>for all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions <br>for all periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 7502 | 24977 |
| Distributions Reinvested | 12289 | 372 |
| Redeemed | (52338) | (13229) |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 1156 | 721 |
| Distributions Reinvested | 1537 | 6 |
| Redeemed | (1738) | (1833) |
| **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested | 312 |  |
| Redeemed | (265) | (81) |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 83 | 171 |
| Distributions Reinvested | 1035 |  |
| Redeemed | (688) | (1350) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 29 | 23 |
| Distributions Reinvested | 13 | 72 |
| Redeemed | (14888) | (1) |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | (45961) | 9848 |
| Total Increase (Decrease) in Net Assets | (47713) | 27600 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 106507 | 78907 |
| End of Period | $58794 | $106507 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Global Stars Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets (cont'd) | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 388 | 1511 |
| Shares Issued on Distributions Reinvested | 728 | 21 |
| Shares Redeemed | (2652) | (798 |
| Net Increase (Decrease) in Class I Shares Outstanding | (1536) | 734 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 60 | 43 |
| Shares Issued on Distributions Reinvested | 92 |  |
| Shares Redeemed | (94) | (112 |
| Net Increase (Decrease) in Class A Shares Outstanding | 58 | (69 |
| **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested | 19 |  |
| Shares Redeemed | (14) | (5 |
| Net Increase (Decrease) in Class L Shares Outstanding | 5 | (5 |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 4 | 11 |
| Shares Issued on Distributions Reinvested | 67 |  |
| Shares Redeemed | (40) | (84 |
| Net Increase (Decrease) in Class C Shares Outstanding | 31 | (73 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 2 | 1 |
| Shares Issued on Distributions Reinvested | 1 | 4 |
| Shares Redeemed | (765) | (— |
| Net Increase (Decrease) in Class R6 Shares Outstanding | (762) | 5 |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Stars Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $18.41 | $15.20 | $19.30 | $16.57 | $14.66 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.06 | 0.08 | 0.08 | 0.09 | 0.08 |
| Net Realized and Unrealized Gain (Loss) | 3.06 | 3.22 | (4.08) | 2.98 | 2.25 |
| Total from Investment Operations | 3.12 | 3.30 | (4.00) | 3.07 | 2.33 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.11) | (0.09) | (0.05) | (0.07) | (0.06) |
| Net Realized Gain | (4.95) |  | (0.05) | (0.27) | (0.36) |
| Total Distributions | (5.06) | (0.09) | (0.10) | (0.34) | (0.42) |
| **Net Asset Value, End of Period** | $16.47 | $18.41 | $15.20 | $19.30 | $16.57 |
| **Total Return<sup>(2)</sup>** | 16.27% | 21.69%<sup>(3)</sup> | (20.69)% | 18.62% | 15.96% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $47436 | $81322 | $55997 | $80097 | $34042 |
| Ratio of Expenses Before Expense Limitation | 1.35% | 1.20% | 1.24% | 1.17% | 1.45% |
| Ratio of Expenses After Expense Limitation | 0.85%<sup>(4)(5)</sup> | 0.87%<sup>(5)(6)</sup> | 0.90%<sup>(5)</sup> | 0.90%<sup>(5)</sup> | 0.90%<sup>(5)</sup> |
| Ratio of Net Investment Income | 0.30%<sup>(5)</sup> | 0.50%<sup>(5)(6)</sup> | 0.47%<sup>(5)</sup> | 0.51%<sup>(5)</sup> | 0.52%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 73% | 34% | 26% | 11% | 20% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(4) Effective June 27, 2024, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.80% for Class I shares. Prior to June 27, 2024, the maximum ratio was 0.90% for Class I shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.90% | 0.47% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Stars Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $18.33 | $15.14 | $19.21 | $16.51 | $14.62 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.01) | 0.02 | 0.02 | 0.03 | 0.03 |
| Net Realized and Unrealized Gain (Loss) | 3.05 | 3.19 | (4.04) | 2.96 | 2.23 |
| Total from Investment Operations | 3.04 | 3.21 | (4.02) | 2.99 | 2.26 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.05) | (0.02) |  | (0.02) | (0.01) |
| Net Realized Gain | (4.95) |  | (0.05) | (0.27) | (0.36) |
| Total Distributions | (5.00) | (0.02) | (0.05) | (0.29) | (0.37) |
| **Net Asset Value, End of Period** | $16.37 | $18.33 | $15.14 | $19.21 | $16.51 |
| **Total Return<sup>(2)</sup>** | 15.91% | 21.19%<sup>(3)</sup> | (20.91)% | 18.20% | 15.53% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $6107 | $5775 | $5816 | $10812 | $4839 |
| Ratio of Expenses Before Expense Limitation | 1.63% | 1.51% | 1.51% | 1.46% | 1.76% |
| Ratio of Expenses After Expense Limitation | 1.17%<sup>(4)(5)</sup> | 1.22%<sup>(5)(6)</sup> | 1.25%<sup>(5)</sup> | 1.22%<sup>(5)</sup> | 1.24%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | (0.05)%<sup>(5)</sup> | 0.16%<sup>(5)(6)</sup> | 0.13%<sup>(5)</sup> | 0.18%<sup>(5)</sup> | 0.17%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 73% | 34% | 26% | 11% | 20% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(4) Effective June 27, 2024, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.15% for Class A shares. Prior to June 27, 2024, the maximum ratio was 1.25% for Class A shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.25% | 0.13% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Stars Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $17.83 | $14.78 | $18.86 | $16.28 | $14.48 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.11) | (0.06) | (0.06) | (0.05) | (0.05) |
| Net Realized and Unrealized Gain (Loss) | 2.96 | 3.11 | (3.97) | 2.90 | 2.21 |
| Total from Investment Operations | 2.85 | 3.05 | (4.03) | 2.85 | 2.16 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (4.95) |  | (0.05) | (0.27) | (0.36) |
| **Net Asset Value, End of Period** | $15.73 | $17.83 | $14.78 | $18.86 | $16.28 |
| **Total Return<sup>(2)</sup>** | 15.29% | 20.64%<sup>(3)</sup> | (21.35)% | 17.58% | 14.97% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1328 | $1421 | $1253 | $1684 | $1441 |
| Ratio of Expenses Before Expense Limitation | 2.24% | 2.07% | 2.05% | 2.08% | 2.32% |
| Ratio of Expenses After Expense Limitation | 1.70%<sup>(4)(5)</sup> | 1.72%<sup>(5)(6)</sup> | 1.75%<sup>(5)</sup> | 1.75%<sup>(5)</sup> | 1.75%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (0.58)%<sup>(5)</sup> | (0.34)%<sup>(5)(6)</sup> | (0.37)%<sup>(5)</sup> | (0.27)%<sup>(5)</sup> | (0.33)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 73% | 34% | 26% | 11% | 20% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class L shares.

(4) Effective June 27, 2024, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.65% for Class L shares. Prior to June 27, 2024, the maximum ratio was 1.75% for Class L shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class L shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.75% | (0.37)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Stars Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $17.33 | $14.40 | $18.41 | $15.94 | $14.22 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.15) | (0.09) | (0.09) | (0.09) | (0.08) |
| Net Realized and Unrealized Gain (Loss) | 2.88 | 3.02 | (3.87) | 2.83 | 2.16 |
| Total from Investment Operations | 2.73 | 2.93 | (3.96) | 2.74 | 2.08 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (4.95) |  | (0.05) | (0.27) | (0.36) |
| **Net Asset Value, End of Period** | $15.11 | $17.33 | $14.40 | $18.41 | $15.94 |
| **Total Return<sup>(2)</sup>** | 15.03% | 20.35%<sup>(3)</sup> | (21.54)% | 17.33% | 14.68% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3865 | $3890 | $4279 | $5551 | $3594 |
| Ratio of Expenses Before Expense Limitation | 2.37% | 2.23% | 2.25% | 2.22% | 2.51% |
| Ratio of Expenses After Expense Limitation | 1.92%<sup>(4)(5)</sup> | 1.96%<sup>(5)(6)</sup> | 1.98%<sup>(5)</sup> | 1.97%<sup>(5)</sup> | 1.99%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (0.80)%<sup>(5)</sup> | (0.60)%<sup>(5)(6)</sup> | (0.61)%<sup>(5)</sup> | (0.52)%<sup>(5)</sup> | (0.56)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 73% | 34% | 26% | 11% | 20% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(4) Effective June 27, 2024, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.90% for Class C shares. Prior to June 27, 2024, the maximum ratio was 2.00% for Class C shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.99% | (0.63)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Global Stars Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $18.41 | $15.20 | $19.29 | $16.57 | $14.66 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.11 | 0.09 | 0.09 | 0.11 | 0.09 |
| Net Realized and Unrealized Gain (Loss) | 3.02 | 3.21 | (4.07) | 2.96 | 2.25 |
| Total from Investment Operations | 3.13 | 3.30 | (3.98) | 3.07 | 2.34 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.12) | (0.09) | (0.06) | (0.08) | (0.07) |
| Net Realized Gain | (4.95) |  | (0.05) | (0.27) | (0.36) |
| Total Distributions | (5.07) | (0.09) | (0.11) | (0.35) | (0.43) |
| **Net Asset Value, End of Period** | $16.47 | $18.41 | $15.20 | $19.29 | $16.57 |
| **Total Return<sup>(3)</sup>** | 16.35% | 21.75%<sup>(4)</sup> | (20.60)% | 18.60% | 16.00% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $58 | $14099 | $11562 | $14563 | $9317 |
| Ratio of Expenses Before Expense Limitation | 1.07% | 1.12% | 1.14% | 1.12% | 1.41% |
| Ratio of Expenses After Expense Limitation | 0.85%<sup>(5)(6)</sup> | 0.82%<sup>(6)(7)</sup> | 0.85%<sup>(6)</sup> | 0.85%<sup>(6)</sup> | 0.85%<sup>(6)</sup> |
| Ratio of Net Investment Income | 0.55%<sup>(6)</sup> | 0.55%<sup>(6)(7)</sup> | 0.53%<sup>(6)</sup> | 0.60%<sup>(6)</sup> | 0.58%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 73% | 34% | 26% | 11% | 20% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(5) Effective June 27, 2024, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.75% for Class R6 shares. Prior to June 27, 2024, the maximum ratio was 0.85% for Class R6 shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.85% | 0.52% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relate to the Global Stars Portfolio (name changed on June 27, 2024, formerly Global Sustain Portfolio). The Fund seeks long-term capital appreciation.

The Fund has issued five classes of shares — Class I, Class A, Class L, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. On April 30, 2015, the Fund suspended offering of Class L shares. Existing Class L shareholders may invest through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) 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; (2) 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; (3) 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") (the "Sub-Adviser"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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; (5) 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 (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Air Freight & Logistics | $— | $1241 | $— | $1241 |
| Beverages |  | 939 |  | 939 |
| Biotechnology |  | 1673 |  | 1673 |
| Capital Markets | 6241 |  |  | 6241 |
| Electronic Equipment, <br>Instruments & <br>Components |  | 1484 |  | 1484 |
| Entertainment | 1346 |  |  | 1346 |
| Financial Services | 4762 |  |  | 4762 |
| Ground Transportation | 2300 |  |  | 2300 |
| Health Care Equipment & <br>Supplies | 589 | 884 |  | 1473 |
| Health Care Providers & <br>Services | 2051 |  |  | 2051 |
| Hotels, Restaurants & <br>Leisure | 1749 |  |  | 1749 |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Insurance | $3266 | $— | $— |  | $3266 |  |
| Interactive Media & <br>Services | 3274 | 1308 |  |  | 4582 |  |
| Life Sciences Tools & <br>Services | 1032 |  |  |  | 1032 |  |
| Machinery |  | 1633 |  |  | 1633 |  |
| Pharmaceuticals | 1034 | 1902 |  |  | 2936 |  |
| Professional Services | 2575 | 2423 |  |  | 4998 |  |
| Semiconductors & <br>Semiconductor <br>Equipment | 1623 |  |  |  | 1623 |  |
| Software | 4943 | 5444 |  |  | 10387 |  |
| Textiles, Apparel & <br>Luxury Goods | 1693 |  |  |  | 1693 |  |
| **Total Common Stocks** | **38478** | **18931** | **—** |  | **57409** |  |
| **Warrants** |  |  |  | † |  | † |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 818 |  |  |  | 818 |  |
| **Total Assets** | $**39296** | $**18931** | $**—** | **†** | $**58227** | **†** |

---

† Includes a security valued at zero.

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

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

---

| | | |
|:---|:---|:---|
| | **Warrants<br>(000)** | **Warrants<br>(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 <br>investments still held as of December 31, 2024 | $— |  |

---

† Includes a security valued at zero.

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**5. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**6. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**7. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory/Sub-Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | |
|:---|:---|
| **First $500<br>million** | **Over $500<br>million** |
| 0.70% | 0.65% |

---

Effective June 27, 2024, the Adviser provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | |
|:---|:---|
| **First $500<br>million** | **Over $500<br>million** |
| 0.65% | 0.60% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.27% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.90% for Class I shares, 1.25% for Class A shares, 1.75% for Class L shares, 2.00% for Class C shares and 0.85% for Class R6 shares. Effective June 27, 2024, the Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses will not exceed 0.80% for Class I shares, 1.15% for Class A shares,1.65% for Class L shares 1.90% for Class C shares and 0.75% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $368,000 of advisory fees were waived and approximately $61,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement. As of December 31, 2024, amounts owed by the Adviser to the Fund are reflected in Due from Adviser on the Statement of Assets and Liabilities.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to approximately $1,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $64,582,000 and $125,156,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio (the "Liquidity Fund"), an open-end management

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $1680 | $28060 | $28922 | $59 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $818 |

---

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she

receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024<br>Distributions<br>Paid From:** | **2024<br>Distributions<br>Paid From:** | **2023<br>Distributions<br>Paid From:** | **2023<br>Distributions<br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $943 | $14593 | $457 | $— |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2024.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $594 | $3398 |

---

During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $4,260,000.

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 63.6%.

**K. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions

and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Global Stars Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Global Stars Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386616_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024. For corporate shareholders 57.93% of the dividends qualified for the dividends received deduction.

The Fund designated and paid approximately $14,593,000 as a long-term capital gain distribution.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $959,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386616_za004.jpg)

MGQAX-NCSR 12.31.24

------

![](j25386617_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Growth Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386617_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsolidatedPortfolioofInvestments-17) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsolidatedStatementofAssetsandLiabilities-17) | 4 |
| [Consolidated Statement of Operations](#ConsolidatedStatementofOperations-17) | 6 |
| [Consolidated Statements of Changes in Net Assets](#ConsolidatedStatementsofChangesinNetAssets-17) | 7 |
| [Consolidated Financial Highlights](#ConsolidatedFinancialHighlights-17) | 9 |
| [Notes to Consolidated Financial Statements](#NotestoConsolidatedFinancialStatements-17) | 15 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-17) | 27 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments

**Growth Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (91.8%)** | **Common Stocks (91.8%)** | **Common Stocks (91.8%)** |
| Automobiles (9.5%) | Automobiles (9.5%) | Automobiles (9.5%) |
| Rivian Automotive, Inc., Class A (a) | 844740 | $11235 |
| Tesla, Inc. (a) | 959643 | 387542 |
|  |  | 398777 |
| Biotechnology (1.2%) | Biotechnology (1.2%) | Biotechnology (1.2%) |
| ProKidney Corp. (a)(b) | 2923850 | 4941 |
| Roivant Sciences Ltd. (a) | 3758716 | 44466 |
|  |  | 49407 |
| Broadline Retail (8.7%) | Broadline Retail (8.7%) | Broadline Retail (8.7%) |
| Global-e Online Ltd. (Israel) (a) | 2848720 | 155340 |
| MercadoLibre, Inc. (a) | 123225 | 209537 |
|  |  | 364877 |
| Capital Markets (0.4%) | Capital Markets (0.4%) | Capital Markets (0.4%) |
| Coinbase Global, Inc., Class A (a) | 73249 | 18188 |
| Electronic Equipment, Instruments & Components (0.0%) | Electronic Equipment, Instruments & Components (0.0%) | Electronic Equipment, Instruments & Components (0.0%) |
| Magic Leap, Inc., Class A (a)(c)(d) <br>(acquisition cost — $18,812; <br>acquired 12/22/15) | 38705 |  |
| Entertainment (5.1%) | Entertainment (5.1%) | Entertainment (5.1%) |
| ROBLOX Corp., Class A (a) | 3717636 | 215102 |
| Financial Services (8.9%) | Financial Services (8.9%) | Financial Services (8.9%) |
| Adyen NV (Netherlands) (a) | 75030 | 111501 |
| Affirm Holdings, Inc. (a) | 4295490 | 261595 |
|  |  | 373096 |
| Health Care Providers & Services (0.3%) | Health Care Providers & Services (0.3%) | Health Care Providers & Services (0.3%) |
| Agilon Health, Inc. (a) | 7700163 | 14630 |
| Hotels, Restaurants & Leisure (9.4%) | Hotels, Restaurants & Leisure (9.4%) | Hotels, Restaurants & Leisure (9.4%) |
| Airbnb, Inc., Class A (a) | 835336 | 109771 |
| DoorDash, Inc., Class A (a) | 1683952 | 282483 |
|  |  | 392254 |
| Information Technology Services (17.9%) | Information Technology Services (17.9%) | Information Technology Services (17.9%) |
| Cloudflare, Inc., Class A (a) | 3474537 | 374138 |
| Shopify, Inc., Class A (Canada) (a) | 2552467 | 271404 |
| Snowflake, Inc., Class A (a) | 687516 | 106159 |
|  |  | 751701 |
| Leisure Products (0.7%) | Leisure Products (0.7%) | Leisure Products (0.7%) |
| Peloton Interactive, Inc., Class A (a) | 3340432 | 29062 |
| Media (6.3%) | Media (6.3%) | Media (6.3%) |
| Trade Desk, Inc., Class A (a) | 2246222 | 263999 |
| Pharmaceuticals (3.3%) | Pharmaceuticals (3.3%) | Pharmaceuticals (3.3%) |
| Royalty Pharma PLC, Class A | 5352216 | 136535 |
| Semiconductors & Semiconductor Equipment (2.6%) | Semiconductors & Semiconductor Equipment (2.6%) | Semiconductors & Semiconductor Equipment (2.6%) |
| ASML Holding NV (Registered) (Netherlands) | 158295 | 109711 |
| Software (12.1%) | Software (12.1%) | Software (12.1%) |
| AppLovin Corp., Class A (a) | 209749 | 67923 |
| Aurora Innovation, Inc. (a) | 21879777 | 137842 |
| MicroStrategy, Inc., Class A (a) | 330188 | 95629 |
| Samsara, Inc., Class A (a) | 4659757 | 203585 |
|  |  | 504979 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Specialty Retail (4.6%) | Specialty Retail (4.6%) | Specialty Retail (4.6%) |
| Carvana Co. (a) | 957227 | $194662 |
| Textiles, Apparel & Luxury Goods (0.8%) | Textiles, Apparel & Luxury Goods (0.8%) | Textiles, Apparel & Luxury Goods (0.8%) |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 49739 | 32718 |
| **Total Common Stocks (Cost $2,377,325)** | **Total Common Stocks (Cost $2,377,325)** | 3849698 |
| **Preferred Stocks (3.5%)** | **Preferred Stocks (3.5%)** | **Preferred Stocks (3.5%)** |
| Financial Services (0.4%) | Financial Services (0.4%) | Financial Services (0.4%) |
| Stripe, Inc., Series I (a)(c)(d)<br>(acquisition cost — $12,876;<br>acquired 3/17/23) | 639525 | 17760 |
| Software (3.1%) | Software (3.1%) | Software (3.1%) |
| Databricks, Inc., Series H (a)(c)(d)<br>(acquisition cost — $102,163;<br>acquired 8/31/21) | 1390269 | 128600 |
| **Total Preferred Stocks (Cost $115,039)** | **Total Preferred Stocks (Cost $115,039)** | 146360 |
| **Investment Company (2.9%)** | **Investment Company (2.9%)** | **Investment Company (2.9%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $88,146)** | 2278016 | 120849 |
| **Short-Term Investments (2.9%)** | **Short-Term Investments (2.9%)** | **Short-Term Investments (2.9%)** |
| Investment Company (2.8%) | Investment Company (2.8%) | Investment Company (2.8%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $116,323)** | 116322637 | 116323 |
| Securities held as Collateral on Loaned Securities (0.1%) | Securities held as Collateral on Loaned Securities (0.1%) | Securities held as Collateral on Loaned Securities (0.1%) |
| Investment Company (0.1%) | Investment Company (0.1%) | Investment Company (0.1%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) | 3549292 | 3549 |
|  | **Face<br>Amount<br>(000)** |  |
| Repurchase Agreement (0.0%)‡ | Repurchase Agreement (0.0%)‡ | Repurchase Agreement (0.0%)‡ |
| Merrill Lynch & Co., Inc., (4.45%, <br>dated 12/31/24, due 1/2/25; <br>proceeds $710; fully collateralized by a <br>U.S. Government obligation; 4.63% <br>due 4/30/29; valued at $724) | $710 | 710 |
| **Total Securities held as Collateral on Loaned <br>Securities (Cost $4,259)** | **Total Securities held as Collateral on Loaned <br>Securities (Cost $4,259)** | 4259 |
| **Total Short-Term Investments (Cost $120,582)** | **Total Short-Term Investments (Cost $120,582)** | 120582 |
| **Total Investments Excluding Purchased<br>Options (101.1%) (Cost $2,701,092)** | **Total Investments Excluding Purchased<br>Options (101.1%) (Cost $2,701,092)** | 4237489 |
| **Total Purchased Options Outstanding (0.3%)<br>(Cost $20,399)** | **Total Purchased Options Outstanding (0.3%)<br>(Cost $20,399)** | 12961 |
| **Total Investments (101.4%) (Cost $2,721,491)<br>including $3,893 of Securities Loaned (e)(f)(g)** | **Total Investments (101.4%) (Cost $2,721,491)<br>including $3,893 of Securities Loaned (e)(f)(g)** | 4250450 |
| Liabilities in Excess of Other Assets (–1.4%) | Liabilities in Excess of Other Assets (–1.4%) | (59503) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $4190947 |

---

‡ Amount is less than 0.05%.

(a) Non-income producing security.

(b) All or a portion of this security was on loan at December 31, 2024.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments (cont'd)

**Growth Portfolio**

(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 December 31, 2024 amounts to approximately $146,360,000 and represents 3.5% of net assets.

(d) At December 31, 2024, the Fund held fair valued securities at approximately $146,360,000, representing 3.5% 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) Securities are available for collateral in connection with purchased options.

(f) The approximate fair value and percentage of net assets, $144,219,000 and 3.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements.

(g) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $2,903,513,000. The aggregate gross unrealized appreciation is approximately $1,760,926,000 and the aggregate gross unrealized depreciation is approximately $366,826,000, resulting in net unrealized appreciation of approximately $1,394,100,000.

ETF Exchange Traded Fund.

**Call Options Purchased:**

The Fund had the following call options purchased open at December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Premiums<br>Paid<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| JPMorgan Chase Bank NA | USD/CNH | 7.66 | Sep-25 | 429969490 | $429969 | $2692 | $1783 | $909 |
| Goldman Sachs & Co. LLC | USD/CNH | 7.69 | Jan-25 | 1367722139 | 1367722 | 3 | 5175 | (5172) |
| Standard Chartered Bank | USD/CNH | 7.76 | Oct-25 | 852322605 | 852323 | 4758 | 3710 | 1048 |
| JPMorgan Chase Bank NA | USD/CNH | 7.77 | Jul-25 | 392396616 | 392397 | 1495 | 1708 | (213) |
| JPMorgan Chase Bank NA | USD/CNH | 7.78 | Mar-25 | 794067491 | 794067 | 564 | 3371 | (2807) |
| Goldman Sachs & Co. LLC | USD/CNH | 8.02 | Dec-25 | 981418394 | 981418 | 3449 | 4652 | (1203) |
|  |  |  |  |  |  | $12961 | $20399 | $(7438) |

---

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\*\* | 19.4% |
| Information Technology Services | 17.8 |
| Software | 15.0 |
| Automobiles | 9.4 |
| Hotels, Restaurants & Leisure | 9.3 |
| Financial Services | 9.2 |
| Broadline Retail | 8.6 |
| Media | 6.2 |
| Entertainment | 5.1 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2024.

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

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Growth Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> (Cost $2,601,619) | $4130578 |
| Investment in Security of Affiliated Issuer, at Value (Cost $119,872) | 119872 |
| Total Investments in Securities, at Value (Cost $2,721,491) | 4250450 |
| Foreign Currency, at Value (Cost $2) | 2 |
| Receivable for Fund Shares Sold | 893 |
| Receivable from Affiliate | 511 |
| Cash from Securities Lending | 348 |
| Dividends Receivable | 85 |
| Receivable from Securities Lending Income | 19 |
| Other Assets | 439 |
| **Total Assets** | 4252747 |
| **Liabilities:** | **Liabilities:** |
| Payable for Fund Shares Redeemed | 19761 |
| Payable for Investments Purchased | 19415 |
| Due to Broker | 11790 |
| Collateral on Securities Loaned, at Value | 4607 |
| Payable for Advisory Fees | 4344 |
| Payable for Shareholder Services Fees — Class A | 486 |
| Payable for Distribution and Shareholder Services Fees — Class L | 49 |
| Payable for Distribution and Shareholder Services Fees — Class C | 154 |
| Payable for Administration Fees | 310 |
| Payable for Sub Transfer Agency Fees — Class I | 141 |
| Payable for Sub Transfer Agency Fees — Class A | 85 |
| Payable for Sub Transfer Agency Fees — Class L | 2 |
| Payable for Sub Transfer Agency Fees — Class C | 11 |
| Payable for Transfer Agency Fees — Class I | 15 |
| Payable for Transfer Agency Fees — Class A | 30 |
| Payable for Transfer Agency Fees — Class L | 3 |
| Payable for Transfer Agency Fees — Class C | 2 |
| Payable for Transfer Agency Fees — Class R6 | 2 |
| Payable for Transfer Agency Fees — Class IR |  |
| Payable for Directors' Fees and Expenses | 36 |
| Payable for Custodian Fees | 34 |
| Payable for Professional Fees | 17 |
| Other Liabilities | 506 |
| **Total Liabilities** | 61800 |
| **Net Assets** | $4190947 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $4907441 |
| Total Accumulated Loss | (716494 |
| **Net Assets** | $4190947 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Growth Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $1558991 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 27813677 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $56.05 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $2146997 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 42823195 |
| **Net Asset Value, Redemption Price Per Share** | $50.14 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $2.78 |
| **Maximum Offering Price Per Share** | $52.92 |
| **CLASS L:** | **CLASS L:** |
| **Net Assets** | $73277 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 1678653 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $43.65 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $169191 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 4024007 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $42.05 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $242472 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 4248754 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $57.07 |
| **CLASS IR:** | **CLASS IR:** |
| **Net Assets** | $19 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 331 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $56.90 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $3893 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Growth Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Security of Affiliated Issuer (Note G) | $6380 |
| Dividends from Securities of Unaffiliated Issuers | 5715 |
| Income from Securities Loaned — Net | 401 |
| Total Investment Income | 12496 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 17780 |
| Shareholder Services Fees — Class A (Note D) | 4543 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 452 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 1567 |
| Administration Fees (Note C) | 3378 |
| Sub Transfer Agency Fees — Class I | 1237 |
| Sub Transfer Agency Fees — Class A | 1540 |
| Sub Transfer Agency Fees — Class L | 39 |
| Sub Transfer Agency Fees — Class C | 132 |
| Transfer Agency Fees — Class I (Note E) | 87 |
| Transfer Agency Fees — Class A (Note E) | 185 |
| Transfer Agency Fees — Class L (Note E) | 16 |
| Transfer Agency Fees — Class C (Note E) | 10 |
| Transfer Agency Fees — Class R6 (Note E) | 12 |
| Transfer Agency Fees — Class IR (Note E) | 2 |
| Professional Fees | 231 |
| Shareholder Reporting Fees | 227 |
| Registration Fees | 138 |
| Custodian Fees (Note F) | 100 |
| Directors' Fees and Expenses | 70 |
| Pricing Fees | 3 |
| Other Expenses | 204 |
| Total Expenses | 31953 |
| Rebate from Morgan Stanley Affiliate (Note G) | (240 |
| Reimbursement of Class Specific Expenses — Class IR (Note B) | (2 |
| Net Expenses | 31711 |
| **Net Investment Loss** | (19215 |
| **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 515085 |
| Foreign Currency Transaction | 8 |
| Net Realized Gain | 515093 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | 1026813 |
| Foreign Currency Translation |  |
| Net Change in Unrealized Appreciation (Depreciation) | 1026813 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 1541906 |
| Net Increase in Net Assets Resulting from Operations | $1522691 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Growth Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Loss | $(19215 | $(20724 |
| Net Realized Gain (Loss) | 515093 | (1010447 |
| Net Change in Unrealized Appreciation (Depreciation) | 1026813 | 3120485 |
| Net Increase in Net Assets Resulting from Operations | 1522691 | 2089314 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (8733 |  |
| **Class A** | (9058 |  |
| **Class L** | (91 |  |
| **Class R6** | (2390 |  |
| **Class IR** | (— |  |
| Total Dividends and Distributions to Shareholders | (20272 |  |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 466163 | 366119 |
| Distributions Reinvested | 7708 |  |
| Redeemed | (1013772 | (881458 |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 64625 | 79489 |
| Distributions Reinvested | 8754 |  |
| Redeemed | (522920 | (462613 |
| **Class L:** | **Class L:** | **Class L:** |
| Exchanged | 4 |  |
| Distributions Reinvested | 90 |  |
| Redeemed | (11240 | (6786 |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 6137 | 10399 |
| Redeemed | (68103 | (47772 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 106093 | 160912 |
| Distributions Reinvested | 2289 |  |
| Redeemed | (1898961 | (420262 |
| **Class IR:** | **Class IR:** | **Class IR:** |
| Distributions Reinvested |  |  |
| Redeemed | (31 | (8 |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (2853164 | (1201980 |
| Total Increase (Decrease) in Net Assets | (1350745 | 887334 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 5541692 | 4654358 |
| End of Period | $4190947 | $5541692 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Growth Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets (cont'd) | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 10030 | 11924 |
| Shares Issued on Distributions Reinvested | 127 |  |
| Shares Redeemed | (23661 | (28077 |
| Net Decrease in Class I Shares Outstanding | (13504 | (16153 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 1625 | 2828 |
| Shares Issued on Distributions Reinvested | 162 |  |
| Shares Redeemed | (14068 | (16397 |
| Net Decrease in Class A Shares Outstanding | (12281 | (13569 |
| **Class L:** | **Class L:** | **Class L:** |
| Shares Exchanged |  |  |
| Shares Issued on Distributions Reinvested | 2 |  |
| Shares Redeemed | (349 | (274 |
| Net Decrease in Class L Shares Outstanding | (347 | (274 |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 199 | 428 |
| Shares Redeemed | (2187 | (1965 |
| Net Decrease in Class C Shares Outstanding | (1988 | (1537 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 2638 | 5114 |
| Shares Issued on Distributions Reinvested | 37 |  |
| Shares Redeemed | (45049 | (12821 |
| Net Decrease in Class R6 Shares Outstanding | (42374 | (7707 |
| **Class IR:** | **Class IR:** | **Class IR:** |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (1 | (— |
| Net Decrease in Class IR Shares Outstanding | (1 | (— |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $38.42 | $25.58 | $74.29 | $91.47 | $46.33 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.13) | (0.09) | (0.20) | (0.50) | (0.38) |
| Net Realized and Unrealized Gain (Loss) | 18.07 | 12.93 | (44.22) | 1.32 | 54.08 |
| Total from Investment Operations | 17.94 | 12.84 | (44.42) | 0.82 | 53.70 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.31) |  |  |  |  |
| Net Realized Gain |  |  | (4.29) | (18.00) | (8.56) |
| Total Distributions | (0.31) |  | (4.29) | (18.00) | (8.56) |
| **Net Asset Value, End of Period** | $56.05 | $38.42 | $25.58 | $74.29 | $91.47 |
| **Total Return<sup>(3)</sup>** | 46.63% | 50.25%<sup>(4)</sup> | (60.34)% | 0.43% | 115.57% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1558991 | $1587293 | $1469843 | $6234787 | $6816690 |
| Ratio of Expenses Before Expense Limitation | 0.62% | 0.56% | 0.64% | 0.56% | N/A |
| Ratio of Expenses After Expense Limitation | 0.61%<sup>(5)</sup> | 0.53%<sup>(5)(6)</sup> | 0.64%<sup>(5)</sup> | 0.56%<sup>(5)</sup> | 0.54%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (0.32)%<sup>(5)</sup> | (0.29)%<sup>(5)(6)</sup> | (0.46)%<sup>(5)</sup> | (0.51)%<sup>(5)</sup> | (0.53)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% |
| Portfolio Turnover Rate | 39% | 29% | 40% | 59% | 60% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.56% | (0.32)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $34.41 | $22.97 | $67.88 | $85.31 | $43.57 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.21) | (0.15) | (0.27) | (0.70) | (0.51) |
| Net Realized and Unrealized Gain (Loss) | 16.15 | 11.59 | (40.35) | 1.27 | 50.81 |
| Total from Investment Operations | 15.94 | 11.44 | (40.62) | 0.57 | 50.30 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.21) |  |  |  |  |
| Net Realized Gain |  |  | (4.29) | (18.00) | (8.56) |
| Total Distributions | (0.21) |  | (4.29) | (18.00) | (8.56) |
| **Net Asset Value, End of Period** | $50.14 | $34.41 | $22.97 | $67.88 | $85.31 |
| **Total Return<sup>(3)</sup>** | 46.28% | 49.87%<sup>(4)</sup> | (60.44)% | 0.16% | 115.09% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2146997 | $1896005 | $1577172 | $5307929 | $5465808 |
| Ratio of Expenses Before Expense Limitation | 0.87% | 0.82% | 0.89% | 0.82% | N/A |
| Ratio of Expenses After Expense Limitation | 0.86%<sup>(5)</sup> | 0.79%<sup>(5)(6)</sup> | 0.89%<sup>(5)</sup> | 0.82%<sup>(5)</sup> | 0.79%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (0.57)%<sup>(5)</sup> | (0.55)%<sup>(5)(6)</sup> | (0.71)%<sup>(5)</sup> | (0.77)%<sup>(5)</sup> | (0.77)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% |
| Portfolio Turnover Rate | 39% | 29% | 40% | 59% | 60% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.82% | (0.58)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $30.03 | $20.14 | $61.05 | $78.85 | $40.77 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.35) | (0.26) | (0.40) | (1.03) | (0.76) |
| Net Realized and Unrealized Gain (Loss) | 14.02 | 10.15 | (36.22) | 1.23 | 47.40 |
| Total from Investment Operations | 13.67 | 9.89 | (36.62) | 0.20 | 46.64 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.05) |  |  |  |  |
| Net Realized Gain |  |  | (4.29) | (18.00) | (8.56) |
| Total Distributions | (0.05) |  | (4.29) | (18.00) | (8.56) |
| **Net Asset Value, End of Period** | $43.65 | $30.03 | $20.14 | $61.05 | $78.85 |
| **Total Return<sup>(3)</sup>** | 45.52% | 49.11%<sup>(4)</sup> | (60.63)% | (0.30)% | 114.01% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $73277 | $60812 | $46313 | $151668 | $173317 |
| Ratio of Expenses Before Expense Limitation | 1.37% | 1.31% | 1.36% | 1.28% | N/A |
| Ratio of Expenses After Expense Limitation | 1.36%<sup>(5)</sup> | 1.28%<sup>(5)(6)</sup> | 1.36%<sup>(5)</sup> | 1.28%<sup>(5)</sup> | 1.29%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (1.06)%<sup>(5)</sup> | (1.04)%<sup>(5)(6)</sup> | (1.18)%<sup>(5)</sup> | (1.24)%<sup>(5)</sup> | (1.27)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% |
| Portfolio Turnover Rate | 39% | 29% | 40% | 59% | 60% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class L shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class L shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.31% | (1.07)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $28.96 | $19.48 | $59.49 | $77.49 | $40.23 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.41) | (0.31) | (0.48) | (1.23) | (0.93) |
| Net Realized and Unrealized Gain (Loss) | 13.50 | 9.79 | (35.24) | 1.23 | 46.75 |
| Total from Investment Operations | 13.09 | 9.48 | (35.72) | 0.00<br><sup>(3)</sup> | 45.82 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  | (4.29) | (18.00) | (8.56) |
| **Net Asset Value, End of Period** | $42.05 | $28.96 | $19.48 | $59.49 | $77.49 |
| **Total Return<sup>(4)</sup>** | 45.20% | 48.74%<sup>(5)</sup> | (60.73)% | (0.55)% | 113.48% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $169191 | $174107 | $147014 | $524748 | $514190 |
| Ratio of Expenses Before Expense Limitation | 1.62% | 1.57% | 1.61% | 1.55% | N/A |
| Ratio of Expenses After Expense Limitation | 1.61%<sup>(6)</sup> | 1.54%<sup>(6)(7)</sup> | 1.61%<sup>(6)</sup> | 1.55%<sup>(6)</sup> | 1.53%<sup>(6)</sup> |
| Ratio of Net Investment Loss | (1.31)%<sup>(6)</sup> | (1.30)%<sup>(6)(7)</sup> | (1.43)%<sup>(6)</sup> | (1.50)%<sup>(6)</sup> | (1.51)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 39% | 29% | 40% | 59% | 60% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.57% | (1.33)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $39.11 | $26.03 | $75.32 | $92.42 | $46.73 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(3)</sup> | (0.09) | (0.08) | (0.13) | (0.41) | (0.32) |
| Net Realized and Unrealized Gain (Loss) | 18.40 | 13.16 | (44.87) | 1.31 | 54.57 |
| Total from Investment Operations | 18.31 | 13.08 | (45.00) | 0.90 | 54.25 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.35) |  |  |  |  |
| Net Realized Gain |  |  | (4.29) | (18.00) | (8.56) |
| Total Distributions | (0.35) |  | (4.29) | (18.00) | (8.56) |
| **Net Asset Value, End of Period** | $57.07 | $39.11 | $26.03 | $75.32 | $92.42 |
| **Total Return<sup>(4)</sup>** | 46.76% | 50.31%<sup>(5)</sup> | (60.28)% | 0.51% | 115.76% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $242472 | $1823436 | $1413983 | $3585865 | $3743697 |
| Ratio of Expenses Before Expense Limitation | 0.52% | 0.51% | 0.50% | 0.46% | N/A |
| Ratio of Expenses After Expense Limitation | 0.52%<sup>(6)</sup> | 0.48%<sup>(6)(7)</sup> | 0.50%<sup>(6)</sup> | 0.46%<sup>(6)</sup> | 0.47%<sup>(6)</sup> |
| Ratio of Net Investment Loss | (0.22)%<sup>(6)</sup> | (0.24)%<sup>(6)(7)</sup> | (0.32)%<sup>(6)</sup> | (0.41)%<sup>(6)</sup> | (0.45)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 39% | 29% | 40% | 59% | 60% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.51% | (0.27)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $38.98 | $25.94 | $75.32 | $92.41 | $46.73 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.09) | (0.08) | (0.16) | (0.41) | (0.31) |
| Net Realized and Unrealized Gain (Loss) | 18.36 | 13.12 | (44.93) | 1.32 | 54.55 |
| Total from Investment Operations | 18.27 | 13.04 | (45.09) | 0.91 | 54.24 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.35) |  |  |  |  |
| Net Realized Gain |  |  | (4.29) | (18.00) | (8.56) |
| Total Distributions | (0.35) |  | (4.29) | (18.00) | (8.56) |
| **Net Asset Value, End of Period** | $56.90 | $38.98 | $25.94 | $75.32 | $92.41 |
| **Total Return<sup>(3)</sup>** | 46.81% | 50.33%<sup>(4)</sup> | (60.41)% | 0.52% | 115.74% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $19 | $39 | $33 | $319566 | $389971 |
| Ratio of Expenses Before Expense Limitation | 6.79% | 7.94% | 0.49% | 0.46% | N/A |
| Ratio of Expenses After Expense Limitation | 0.52%<sup>(5)</sup> | 0.48%<sup>(5)(6)</sup> | 0.49%<sup>(5)</sup> | 0.46%<sup>(5)</sup> | 0.47%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (0.21)%<sup>(5)</sup> | (0.23)%<sup>(5)(6)</sup> | (0.33)%<sup>(5)</sup> | (0.41)%<sup>(5)</sup> | (0.45)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% |
| Portfolio Turnover Rate | 39% | 29% | 40% | 59% | 60% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class IR shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class IR shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.51% | (0.26)% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying consolidated financial statements relate to the Growth Portfolio. The Fund seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of large capitalization companies.

The Fund has issued six classes of shares — Class I, Class A, Class L, Class C, Class R6 and Class IR. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. On April 30, 2015, the Fund suspended offering of Class L shares. Existing Class L shareholders may invest through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Growth Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoin ETFs"). The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and

consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of December 31, 2024, the Subsidiary represented approximately $120,868,000 or approximately 2.88% of the net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

**1. Security Valuation:** (1) 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; (2) 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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; (3) 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"), 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; (4) 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 a reputable broker/dealer or valued by a pricing service/vendor; (5) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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; (6) 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 (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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.)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

• 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobiles | $398777 | $— | $— |  | $398777 |  |
| Biotechnology | 49407 |  |  |  | 49407 |  |
| Broadline Retail | 364877 |  |  |  | 364877 |  |
| Capital Markets | 18188 |  |  |  | 18188 |  |
| Electronic Equipment, <br>Instruments & <br>Components |  |  |  | † |  | † |
| Entertainment | 215102 |  |  |  | 215102 |  |
| Financial Services | 261595 | 111501 |  |  | 373096 |  |
| Health Care Providers & <br>Services | 14630 |  |  |  | 14630 |  |
| Hotels, Restaurants & <br>Leisure | 392254 |  |  |  | 392254 |  |
| Information Technology <br>Services | 751701 |  |  |  | 751701 |  |
| Leisure Products | 29062 |  |  |  | 29062 |  |
| Media | 263999 |  |  |  | 263999 |  |
| Pharmaceuticals | 136535 |  |  |  | 136535 |  |
| Semiconductors & <br>Semiconductor <br>Equipment | 109711 |  |  |  | 109711 |  |
| Software | 504979 |  |  |  | 504979 |  |
| Specialty Retail | 194662 |  |  |  | 194662 |  |
| Textiles, Apparel & <br>Luxury Goods |  | 32718 |  |  | 32718 |  |
| **Total Common Stocks** | **3705479** | **144219** | **—** | **†** | **3849698** | **†** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| Financial Services | $— | $— | $17760 |  | $17760 |  |
| Software |  |  | 128600 |  | 128600 |  |
| **Total Preferred Stocks** | **—** | **—** | **146360** |  | **146360** |  |
| **Investment Company** | 120849 |  |  |  | 120849 |  |
| **Call Options Purchased** |  | 12961 |  |  | 12961 |  |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 119872 |  |  |  | 119872 |  |
| Repurchase Agreement |  | 710 |  |  | 710 |  |
| **Total Short-Term <br>Investments** | **119872** | **710** | **—** |  | **120582** |  |
| **Total Assets** | $**3946200** | $**157890** | $**146360** | **†** | $**4250450** | **†** |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **Common<br>Stock<br>(000)** | **Common<br>Stock<br>(000)** | **Preferred<br>Stocks<br>(000)** |
| **Beginning Balance** | $— | † | $145889 |
| Purchases |  |  |  |
| Sales |  |  | (33268) |
| Transfers in |  |  |  |
| Transfers out |  |  |  |
| Corporate actions |  |  |  |
| Change in unrealized appreciation (depreciation) |  |  | 35054 |
| Realized gains (losses) |  |  | (1315) |
| **Ending Balance** | $— | † | $146360 |
| Net change in unrealized appreciation (depreciation) <br>from investments still held as of <br>December 31, 2024 | $— |  | $35054 |

---

† Includes a security valued at zero.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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 December 31, 2024. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment's fair value as of December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value at<br>December 31, 2024<br>(000)** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Amount or Range/<br>Weighted Average\*** | **Amount or Range/<br>Weighted Average\*** | **Impact to<br>Valuation from an<br>Increase in Input\*\*** |
| Preferred Stocks | $146360 | Market Transaction <br>Method | Precedent<br>Transaction | $27.51–$92.50/$84.61 |  | Increase |
|  |  | Discounted Cash Flow | Weighted Average<br>Cost of Capital | 14.5 | % | Decrease |
|  |  |  | Perpetual Growth Rate | 3.5 | % | Increase |
|  |  | Market Comparable<br>Companies | Enterprise Value/<br>Revenue | 9.8 | x | Increase |
|  |  |  | Discount for Lack <br>of Marketability | 9.0 | % | 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.

**3. Repurchase Agreements:** The Fund may enter into repurchase agreements under which the Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

**4. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are

maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**5. Derivatives:** The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. 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 and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

**Options:** With respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency ex-change risk in the normal course of pursuing its investment objectives. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium paid by the Fund. The Fund may purchase and/or sell put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying (or similar) instrument. Purchasing put

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

options tends to decrease the Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Consolidated Statement of Assets and Liabilities. Upon the exercise or closing of a purchased call option, the premium paid is added to the cost of the security or financial instrument purchased. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. As the buyer of a call option, the Fund pays the premium to the option writer and has the right to purchase the underlying security from the option writer at the exercise price. If the market price of the underlying security rises above the exercise price, the Fund could exercise the option and acquire the underlying security at a below-market price, which could result in a gain to the Fund, minus the premium paid. As the buyer of a put option, the Fund pays the premium to the option writer and has the right to sell the underlying security to the option writer at the exercise price. If the market price of the underlying security declines below the exercise price, the Fund could exercise the option and sell the underlying security at an above-market price, which could result in a gain to the Fund, minus the premium paid. Premiums paid for purchasing options which expired are treated as realized losses. When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the

Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<br>Consolidated Statement <br>of Assets and<br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | <br>Currency Risk | $12961<br> (a) |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended December 31, 2024 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $(15448)(a) |

---

(a) Amounts are included in Realized Gain on Investments Sold in the Consolidated Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $5300<br> (a) |

---

(a) Amounts are included in Change in Unrealized Appreciation (Depreciation) on Investments in the Consolidated Statement of Operations.

At December 31, 2024, the Fund's derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** |
| **Derivatives** | **Assets(b)<br>(000)** | **Liabilities(b)<br>(000)** |
| Purchased Options | $12961<br> (a) | $— |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

(b) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities(a)<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| Goldman Sachs & Co. LLC | $3452 | $— | $(3180) | $272 |
| JPMorgan Chase Bank NA | 4751 |  | (4260) | 491 |
| Standard Chartered Bank | 4758 |  | (4350) | 408 |
| Total | $12961 | $— | $(11790) | $1171 |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

For the year ended December 31, 2024, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Purchased Options:** | **Purchased Options:** |
| Average monthly notional amount | 3,867,571,000 |

---

**6. Securities Lending:** The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Consolidated Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** |
| **Gross Asset <br>Amount<br>Presented in the <br>Consolidated<br>Statement of <br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| $3893<br> (a) | $— | $(3893)(b)(c) | $0 |

---

(a) Represents market value of loaned securities at year end.

(b) The Fund received cash collateral of approximately $4,607,000 of which approximately $4,259,000 was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Fund as reported in the Consolidated Portfolio of Investments. As of December 31, 2024, there was uninvested cash of approximately $348,000, which is not reflected in the Consolidated Portfolio of Investments.

(c) The actual collateral received is greater than the amount shown here due to overcollateralization.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

FASB ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous<br>(000)** | **<30 days<br>(000)** | **Between<br>30 &<br>90 days<br>(000)** | **>90 days<br>(000)** | **Total<br>(000)** |
| **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** |
| Common Stocks | $4607 | $— | $— | $— | $4607 |
| **Total Borrowings** | $**4607** | $**—** | $**—** | $**—** | $**4607** |
| **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** |  |  |  |  | $**4607** |

---

**7. Restricted Securities:** The Fund invests in unregistered or otherwise restricted securities. The term "restricted securities" refers to securities that are unregistered or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale. As a result, restricted securities may be more difficult to value and the Fund may have difficulty disposing of such assets either in a timely manner or for a reasonable price. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered so that the Fund can sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and the acquirer of the securities. The Fund would, in either case, bear market risks during that period. Restricted securities are identified in the Consolidated Portfolio of Investments.

**8. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**9. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**10. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**11. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | | | |
|:---|:---|:---|:---|
| **First $1<br>billion** | **Next $1<br>billion** | **Next $1<br>billion** | **Over $3<br>billion** |
| 0.50% | 0.45% | 0.40% | 0.35% |

---

For the year ended December 31, 2024, the advisory fee rate (net of rebate) was equivalent to an annual effective rate of 0.42% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.80% for Class I shares, 1.15% for Class A shares, 1.65% for Class L shares, 1.90% for Class C shares, 0.73% for Class R6 shares and 0.73% for Class IR shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $2,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect

subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to approximately $38,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $1,635,497,000 and $3,745,143,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $240,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $90692 | $2305399 | $2276219 | $6380 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain <br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $119872 |

---

During the year ended December 31, 2024, the Fund incurred approximately $23,000 in brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of the Fund.

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded noncontributory defined benefit pension plan covering certain independent Directors of the Fund who will have served as independent Directors for at least five years at the time of retirement. Benefits under this plan are based on factors which include years of service and compensation. The Directors voted to close the plan to new participants and eliminate the future benefits growth due to increases to compensation after July 31, 2003. Aggregate pension costs for the year ended December 31, 2024, included in "Directors' Fees and Expenses" in the Consolidated Statement of Operations amounted to approximately $2,000. At December 31, 2024, the Fund had an accrued pension liability of approximately $36,000, which is reflected as "Payable for Directors' Fees and Expenses" in the Consolidated Statement of Assets and Liabilities.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded that there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions <br>Paid From:** | **2024 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $20272 | $— | $— | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, due to tax adjustments related to redemptions in kind and the Subsidiary, resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Accumulated<br>Loss<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $128327 | $(128327) |

---

At December 31, 2024, the Fund had no distributable earnings on a tax basis.

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $908,374,000 and $1,177,563,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $458,784,000.

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Fund's next taxable year. For the year ended December 31, 2024, the Fund intends to defer to January 1, 2025 for U.S. federal income tax purposes the following losses:

---

| | |
|:---|:---|
| **Qualified<br>Late Year<br>Ordinary<br>Losses<br>(000)** | **Post-<br>October<br>Capital<br>Losses<br>(000)** |
| $664 | $— |

---

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 55.9%.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

**K. Market Risk and Risks Relating to Certain Financial Instruments:**

**Bitcoin:** The Fund may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by bitcoin ETFs (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin ETFs investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile and subject to sharp declines. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Bitcoin ETF exposure could result in substantial losses to the Fund.

**Market:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and

extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

**L. Redemptions in-kind:** On the date listed below, the Fund recorded a redemption in-kind of portfolio securities and cash. The redeeming shareholder generally receives a pro rata share of the securities held by the Fund. The distribution of such securities generated a realized loss for the Fund, which is included in Net Realized Gains (Loss) in the Consolidated Statement of Operations. For tax purposes, no gains or losses were recognized with respect to the portfolio securities redeemed in-kind.

---

| | | |
|:---|:---|:---|
| **Redemption<br>In-Kind Date** | **Portfolio Securities<br>and Cash** | **Net Realized<br>Gain (Loss)** |
| April 5, 2024 | $1362986295 | $(85767960) |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Growth Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Growth Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the consolidated portfolio of investments, as of December 31, 2024, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the four years in the period then ended, the financial highlights for the year ended December 31, 2020 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, its consolidated financial highlights for each of the four years in the period then ended and its financial highlights for the year ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386617_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386617_za004.jpg)

MSEGX-NCSR 12.31.24

------

![](j25386618_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Inception Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386618_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsolidatedPortfolioofInvestments-18) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsolidatedStatementofAssetsandLiabilities-18) | 5 |
| [Consolidated Statement of Operations](#ConsolidatedStatementofOperations-18) | 7 |
| [Consolidated Statements of Changes in Net Assets](#ConsolidatedStatementsofChangesinNetAssets-18) | 8 |
| [Consolidated Financial Highlights](#ConsolidatedFinancialHighlights-18) | 10 |
| [Notes to Consolidated Financial Statements](#NotestoConsolidatedFinancialStatements-18) | 15 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-18) | 27 |
| [Federal Tax Notice](#FederalTaxNotice-18) | 28 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments

**Inception Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (88.7%)** | **Common Stocks (88.7%)** | **Common Stocks (88.7%)** |
| Beverages (2.5%) | Beverages (2.5%) | Beverages (2.5%) |
| Celsius Holdings, Inc. (a) | 368335 | $9702 |
| Biotechnology (9.1%) | Biotechnology (9.1%) | Biotechnology (9.1%) |
| Altimmune, Inc. (a)(b) | 101540 | 732 |
| Arbutus Biopharma Corp. (a) | 2284467 | 7470 |
| Beam Therapeutics, Inc. (a) | 29843 | 740 |
| Biohaven Ltd. (a) | 26235 | 980 |
| Exelixis, Inc. (a) | 27573 | 918 |
| Immunovant, Inc. (a) | 81827 | 2027 |
| Intellia Therapeutics, Inc. (a) | 123952 | 1445 |
| ProKidney Corp. (a)(b) | 275498 | 466 |
| Recursion Pharmaceuticals, Inc., Class A (a) | 74570 | 504 |
| Roivant Sciences Ltd. (a) | 1599352 | 18921 |
| XOMA Royalty Corp. (a) | 28586 | 751 |
|  |  | 34954 |
| Broadline Retail (8.4%) | Broadline Retail (8.4%) | Broadline Retail (8.4%) |
| Global-e Online Ltd. (Israel) (a) | 589023 | 32119 |
| Chemicals (0.1%) | Chemicals (0.1%) | Chemicals (0.1%) |
| Ginkgo Bioworks Holdings, Inc. (a)(b) | 28362 | 278 |
| Financial Services (7.0%) | Financial Services (7.0%) | Financial Services (7.0%) |
| Affirm Holdings, Inc. (a) | 373469 | 22744 |
| Burford Capital Ltd. | 307772 | 3924 |
|  |  | 26668 |
| Health Care Equipment & Supplies (1.6%) | Health Care Equipment & Supplies (1.6%) | Health Care Equipment & Supplies (1.6%) |
| Inspire Medical Systems, Inc. (a) | 3681 | 682 |
| Outset Medical, Inc. (a) | 196183 | 218 |
| Semler Scientific, Inc. (a) | 96621 | 5218 |
|  |  | 6118 |
| Health Care Providers & Services (1.3%) | Health Care Providers & Services (1.3%) | Health Care Providers & Services (1.3%) |
| Agilon Health, Inc. (a) | 2668697 | 5071 |
| Health Care Technology (0.2%) | Health Care Technology (0.2%) | Health Care Technology (0.2%) |
| Schrodinger, Inc. (a) | 36276 | 700 |
| Hotels, Restaurants & Leisure (1.7%) | Hotels, Restaurants & Leisure (1.7%) | Hotels, Restaurants & Leisure (1.7%) |
| Vail Resorts, Inc. | 33663 | 6310 |
| Household Durables (0.4%) | Household Durables (0.4%) | Household Durables (0.4%) |
| Victoria PLC (United Kingdom) (a) | 1733113 | 1481 |
| Information Technology Services (7.4%) | Information Technology Services (7.4%) | Information Technology Services (7.4%) |
| Cloudflare, Inc., Class A (a) | 264852 | 28519 |
| Interactive Media & Services (4.9%) | Interactive Media & Services (4.9%) | Interactive Media & Services (4.9%) |
| ZoomInfo Technologies, Inc., Class A (a) | 1796645 | 18883 |
| Leisure Products (8.1%) | Leisure Products (8.1%) | Leisure Products (8.1%) |
| Peloton Interactive, Inc., Class A (a) | 3564956 | 31015 |
| Life Sciences Tools & Services (3.6%) | Life Sciences Tools & Services (3.6%) | Life Sciences Tools & Services (3.6%) |
| 10X Genomics, Inc., Class A (a) | 136090 | 1954 |
| MaxCyte, Inc. (a) | 1135603 | 4724 |
| Standard BioTools, Inc. (a) | 4083948 | 7147 |
|  |  | 13825 |
| Media (0.4%) | Media (0.4%) | Media (0.4%) |
| Ibotta, Inc., Class A (a) | 22493 | 1464 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Metals & Mining (0.2%) | Metals & Mining (0.2%) | Metals & Mining (0.2%) |
| MP Materials Corp. (a) | 42898 | $669 |
| Passenger Airlines (0.6%) | Passenger Airlines (0.6%) | Passenger Airlines (0.6%) |
| Joby Aviation, Inc. (a) | 284488 | 2313 |
| Personal Care Products (4.7%) | Personal Care Products (4.7%) | Personal Care Products (4.7%) |
| Oddity Tech Ltd., Class A (Israel) (a) | 429054 | 18029 |
| Pharmaceuticals (0.6%) | Pharmaceuticals (0.6%) | Pharmaceuticals (0.6%) |
| ATAI Life Sciences NV (a)(b) | 511994 | 681 |
| GH Research PLC (a)(b) | 74570 | 522 |
| Structure Therapeutics, Inc. ADR (China) (a) | 32698 | 887 |
|  |  | 2090 |
| Real Estate Management & Development (1.2%) | Real Estate Management & Development (1.2%) | Real Estate Management & Development (1.2%) |
| Landbridge Co. LLC (b) | 52639 | 3401 |
| Opendoor Technologies, Inc. (a) | 828281 | 1325 |
|  |  | 4726 |
| Software (15.2%) | Software (15.2%) | Software (15.2%) |
| Aurora Innovation, Inc. (a) | 2677389 | 16867 |
| Bill Holdings, Inc. (a) | 215016 | 18214 |
| Klaviyo, Inc., Class A (a) | 135418 | 5585 |
| MicroStrategy, Inc., Class A (a) | 29746 | 8615 |
| QXO, Inc. | 572137 | 9097 |
|  |  | 58378 |
| Specialty Retail (1.9%) | Specialty Retail (1.9%) | Specialty Retail (1.9%) |
| Beyond, Inc. (a) | 37577 | 185 |
| RH (a) | 4996 | 1966 |
| Wayfair, Inc., Class A (a) | 117113 | 5191 |
|  |  | 7342 |
| Tech Hardware, Storage & Peripherals (4.8%) | Tech Hardware, Storage & Peripherals (4.8%) | Tech Hardware, Storage & Peripherals (4.8%) |
| IonQ, Inc. (a) | 435870 | 18206 |
| Textiles, Apparel & Luxury Goods (0.3%) | Textiles, Apparel & Luxury Goods (0.3%) | Textiles, Apparel & Luxury Goods (0.3%) |
| Figs, Inc., Class A (a) | 192560 | 1192 |
| Trading Companies & Distributors (2.5%) | Trading Companies & Distributors (2.5%) | Trading Companies & Distributors (2.5%) |
| Core & Main, Inc., Class A (a) | 187229 | 9532 |
| **Total Common Stocks (Cost $291,721)** | **Total Common Stocks (Cost $291,721)** | 339584 |
| **Preferred Stocks (2.6%)** | **Preferred Stocks (2.6%)** | **Preferred Stocks (2.6%)** |
| Health Care Technology (1.0%) | Health Care Technology (1.0%) | Health Care Technology (1.0%) |
| Included Health, Inc., Series B (a)(c)(d)<br>(acquisition cost — $3,362;<br>acquired 7/03/14) | 3269139 | 3890 |
| Software (1.6%) | Software (1.6%) | Software (1.6%) |
| Lookout, Inc., Series F (a)(c)(d)<br>(acquisition cost — $13,476;<br>acquired 6/17/14) | 1179743 | 6052 |
| **Total Preferred Stocks (Cost $16,838)** | **Total Preferred Stocks (Cost $16,838)** | 9942 |
| **Investment Company (3.1%)** | **Investment Company (3.1%)** | **Investment Company (3.1%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $8,710)** | 225103 | 11942 |
|  | **No. of <br>Warrants** |  |
| **Warrants (0.0%)** | **Warrants (0.0%)** | **Warrants (0.0%)** |
| Life Sciences Tools & Services (0.0%) | Life Sciences Tools & Services (0.0%) | Life Sciences Tools & Services (0.0%) |
| SomaLogic, Inc.<br>expires 8/31/26 (a)(d) **(Cost $204)** | 61142 |  |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments (cont'd)

**Inception Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Short-Term Investments (7.5%)** | **Short-Term Investments (7.5%)** | **Short-Term Investments (7.5%)** |
| Investment Company (6.7%) | Investment Company (6.7%) | Investment Company (6.7%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $25,714)** | 25713847 | $25714 |
| Securities held as Collateral on Loaned Securities (0.8%) | Securities held as Collateral on Loaned Securities (0.8%) | Securities held as Collateral on Loaned Securities (0.8%) |
| Investment Company (0.7%) | Investment Company (0.7%) | Investment Company (0.7%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) | 2631044 | 2631 |
|  | **Face<br>Amount<br>(000)** |  |
| Repurchase Agreement (0.1%) | Repurchase Agreement (0.1%) | Repurchase Agreement (0.1%) |
| Merrill Lynch & Co., Inc., (4.45%, dated <br>12/31/24, due 1/2/25; proceeds $526; <br>fully collateralized by a U.S. Government <br>obligation; 4.63% due 4/30/29; <br>valued at $537) | $526 | 526 |
| **Total Securities held as Collateral on Loaned<br>Securities (Cost $3,157)** | **Total Securities held as Collateral on Loaned<br>Securities (Cost $3,157)** | 3157 |
| **Total Short-Term Investments (Cost $28,871)** | **Total Short-Term Investments (Cost $28,871)** | 28871 |
| **Total Investments Excluding Purchased<br>Options (101.9%) (Cost $346,344)** | **Total Investments Excluding Purchased<br>Options (101.9%) (Cost $346,344)** | 390339 |
| **Total Purchased Options Outstanding (0.3%) <br>(Cost $1,892)** | **Total Purchased Options Outstanding (0.3%) <br>(Cost $1,892)** | 1152 |
| **Total Investments (102.2%) (Cost $348,236) <br>including $3,278 of Securities Loaned (e)(f)(g)** | **Total Investments (102.2%) (Cost $348,236) <br>including $3,278 of Securities Loaned (e)(f)(g)** | 391491 |
| Liabilities in Excess of Other Assets (–2.2%) | Liabilities in Excess of Other Assets (–2.2%) | (8378) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $383113 |

---

(a) Non-income producing security.

(b) All or a portion of this security was on loan at December 31, 2024.

(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 December 31, 2024 amounts to approximately $9,942,000 and represents 2.6% of net assets.

(d) At December 31, 2024, the Fund held fair valued securities valued at approximately $9,942,000, representing 2.6% 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) Securities are available for collateral in connection with purchased options.

(f) The approximate fair value and percentage of net assets, $1,481,000 and 0.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements.

(g) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $383,777,000. The aggregate gross unrealized appreciation is approximately $109,524,000 and the aggregate gross unrealized depreciation is approximately $101,811,000, resulting in net unrealized appreciation of approximately $7,713,000.

ADR American Depositary Receipt.

ETF Exchange Traded Fund.

**Call Options Purchased:**

The Fund had the following call options purchased open at December 31, 2024:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** | **Premiums<br>Paid<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.66 | Sep-25 | 37545145 | $37545 | $235 |  | $156 | 79 |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 7.69 | Jan-25 | 111519585 | 111520 |  | @ | 422 | (422) |
| Standard Chartered Bank | USD/CNH CNH | 7.76 | Oct-25 | 71643928 | 71644 | 400 |  | 312 | 88 |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.77 | Jul-25 | 37836821 | 37837 | 144 |  | 165 | (21) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.78 | Mar-25 | 102122764 | 102123 | 73 |  | 433 | (360) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 8.02 | Dec-25 | 85292422 | 85292 | 300 |  | 404 | (104) |
|  |  |  |  |  |  | $1152 |  | $1892 | $(740) |

---

@ Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments (cont'd)

**Inception Portfolio**

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\*\* | 37.2% |
| Software | 16.6 |
| Biotechnology | 9.0 |
| Broadline Retail | 8.3 |
| Leisure Products | 8.0 |
| Information Technology Services | 7.4 |
| Financial Services | 6.9 |
| Short-Term Investments | 6.6 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2024.

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

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Inception Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> (Cost $319,891) | $363146 |
| Investment in Security of Affiliated Issuer, at Value (Cost $28,345) | 28345 |
| Total Investments in Securities, at Value (Cost $348,236) | 391491 |
| Foreign Currency, at Value (Cost $2) | 2 |
| Cash from Securities Lending | 258 |
| Receivable for Fund Shares Sold | 83 |
| Dividends Receivable | 75 |
| Receivable from Affiliate | 62 |
| Receivable from Securities Lending Income | 12 |
| Other Assets | 81 |
| **Total Assets** | 392064 |
| **Liabilities:** | **Liabilities:** |
| Collateral on Securities Loaned, at Value | 3415 |
| Payable for Investments Purchased | 2831 |
| Due to Broker | 1110 |
| Payable for Fund Shares Redeemed | 763 |
| Payable for Advisory Fees | 582 |
| Payable for Sub Transfer Agency Fees — Class I | 78 |
| Payable for Sub Transfer Agency Fees — Class A | 12 |
| Payable for Sub Transfer Agency Fees — Class L |  |
| Payable for Sub Transfer Agency Fees — Class C | 1 |
| Payable for Shareholder Services Fees — Class A | 29 |
| Payable for Distribution and Shareholder Services Fees — Class L |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 9 |
| Payable for Administration Fees | 27 |
| Payable for Professional Fees | 10 |
| Payable for Custodian Fees | 10 |
| Payable for Transfer Agency Fees — Class I | 3 |
| Payable for Transfer Agency Fees — Class A | 1 |
| Payable for Transfer Agency Fees — Class L | 1 |
| Payable for Transfer Agency Fees — Class C | 1 |
| Payable for Transfer Agency Fees — Class R6 | 1 |
| Other Liabilities | 67 |
| **Total Liabilities** | 8951 |
| **Net Assets** | $383113 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $1226855 |
| Total Accumulated Loss | (843742 |
| **Net Assets** | $383113 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Inception Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $183204 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 11560254 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $15.85 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $130950 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 12474014 |
| **Net Asset Value, Redemption Price Per Share** | $10.50 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $0.58 |
| **Maximum Offering Price Per Share** | $11.08 |
| **CLASS L:** | **CLASS L:** |
| **Net Assets** | $673 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 78272 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $8.59 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $10557 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 1099654 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $9.60 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $57729 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 3601768 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $16.03 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $3278 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Inception Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers | $536 |
| Dividends from Security of Affiliated Issuer (Note G) | 401 |
| Income from Securities Loaned — Net | 303 |
| Total Investment Income | 1240 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 3309 |
| Shareholder Services Fees — Class A (Note D) | 331 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 4 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 94 |
| Administration Fees (Note C) | 288 |
| Professional Fees | 194 |
| Sub Transfer Agency Fees — Class A | 117 |
| Sub Transfer Agency Fees — Class L |  |
| Sub Transfer Agency Fees — Class C | 12 |
| Registration Fees | 85 |
| Shareholder Reporting Fees | 69 |
| Transfer Agency Fees — Class I (Note E) | 20 |
| Transfer Agency Fees — Class A (Note E) | 9 |
| Transfer Agency Fees — Class L (Note E) | 3 |
| Transfer Agency Fees — Class C (Note E) | 3 |
| Transfer Agency Fees — Class R6 (Note E) | 6 |
| Custodian Fees (Note F) | 30 |
| Directors' Fees and Expenses | 8 |
| Pricing Fees | 4 |
| Other Expenses | 35 |
| Total Expenses | 4621 |
| Waiver of Advisory Fees (Note B) | (676 |
| Rebate from Morgan Stanley Affiliate (Note G) | (16 |
| Reimbursement of Class Specific Expenses — Class L (Note B) | (3 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (6 |
| Net Expenses | 3920 |
| **Net Investment Loss** | (2680 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold | 111563 |
| Foreign Currency Transaction | (— |
| Net Realized Gain | 111563 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | (30258 |
| Foreign Currency Translation | (— |
| Net Change in Unrealized Appreciation (Depreciation) | (30258 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 81305 |
| Net Increase in Net Assets Resulting from Operations | $78625 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Inception Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Loss | $(2680 | $(1373) |
| Net Realized Gain (Loss) | 111563 | (106305) |
| Net Change in Unrealized Appreciation (Depreciation) | (30258 | 269680 |
| Net Increase in Net Assets Resulting from Operations | 78625 | 162002 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (1717 |  |
| **Class A** | (1484 |  |
| **Class L** | (7 |  |
| **Class C** | (63 |  |
| **Class R6** | (547 |  |
| **Paid-In-Capital:** | **Paid-In-Capital:** | **Paid-In-Capital:** |
| **Class I** | (58 |  |
| **Class A** | (50 |  |
| **Class L** | (— |  |
| **Class C** | (2 |  |
| **Class R6** | (19 |  |
| Total Dividends and Distributions to Shareholders | (3947 |  |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 66164 | 95724 |
| Distributions Reinvested | 1772 |  |
| Redeemed | (122530 | (126212) |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 13919 | 67668 |
| Distributions Reinvested | 1534 |  |
| Redeemed | (90069 | (79946) |
| **Class L:** | **Class L:** | **Class L:** |
| Exchanged |  | 7 |
| Distributions Reinvested | 7 |  |
| Redeemed | (122 | (236) |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 879 | 1755 |
| Distributions Reinvested | 65 |  |
| Redeemed | (3589 | (3167) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 6102 | 13339 |
| Distributions Reinvested | 566 |  |
| Redeemed | (21231 | (14989) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (146533 | (46057) |
| Redemption Fees | 88 | 37 |
| Total Increase (Decrease) in Net Assets | (71767 | 115982 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 454880 | 338898 |
| End of Period | $383113 | $454880 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Inception Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets (cont'd) | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 5245 | 8900 |
| Shares Issued on Distributions Reinvested | 105 |  |
| Shares Redeemed | (10106) | (12362) |
| Net Decrease in Class I Shares Outstanding | (4756) | (3462) |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 1610 | 8832 |
| Shares Issued on Distributions Reinvested | 138 |  |
| Shares Redeemed | (11326) | (11628) |
| Net Decrease in Class A Shares Outstanding | (9578) | (2796) |
| **Class L:** | **Class L:** | **Class L:** |
| Shares Exchanged |  | 1 |
| Shares Issued on Distributions Reinvested | 1 |  |
| Shares Redeemed | (20) | (45) |
| Net Decrease in Class L Shares Outstanding | (19) | (44) |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 117 | 265 |
| Shares Issued on Distributions Reinvested | 6 |  |
| Shares Redeemed | (492) | (517) |
| Net Decrease in Class C Shares Outstanding | (369) | (252) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 486 | 1351 |
| Shares Issued on Distributions Reinvested | 33 |  |
| Shares Redeemed | (1759) | (1373) |
| Net Decrease in Class R6 Shares Outstanding | (1240) | (22) |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Inception Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $12.34 | $7.99 | $19.75 | $25.48 | $11.19 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.07) | (0.02) | (0.05) | (0.15) | (0.10) |
| Net Realized and Unrealized Gain (Loss) | 3.74 | 4.37 | (11.68) | (0.74) | 16.84 |
| Total from Investment Operations | 3.67 | 4.35 | (11.73) | (0.89) | 16.74 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.15) |  | (0.02) | (0.11) |  |
| Net Realized Gain |  |  | (0.01) | (4.76) | (2.45) |
| Paid-In-Capital | (0.01) |  |  |  |  |
| Total Distributions | (0.16) |  | (0.03) | (4.87) | (2.45) |
| **Redemption Fees** | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.03 | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $15.85 | $12.34 | $7.99 | $19.75 | $25.48 |
| **Total Return<sup>(4)</sup>** | 29.64% | 54.44%<sup>(5)</sup> | (59.42)% | (3.33)% | 150.57% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $183204 | $201414 | $157990 | $743854 | $464639 |
| Ratio of Expenses Before Expense Limitation | 1.13% | 1.11% | 1.41% | 1.12% | 1.18% |
| Ratio of Expenses After Expense Limitation | 0.94%<sup>(6)</sup> | 0.91%<sup>(6)(7)</sup> | 1.00%<sup>(6)</sup> | 1.00%<sup>(6)</sup> | 0.99%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 1.00%<sup>(6)</sup> | N/A | 0.99%<sup>(6)</sup> |
| Ratio of Net Investment Loss | (0.59)%<sup>(6)</sup> | (0.21)%<sup>(6)(7)</sup> | (0.43)%<sup>(6)</sup> | (0.49)%<sup>(6)</sup> | (0.54)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 100% | 72% | 100% | 111% | 132% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.94% | (0.24)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Inception Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $8.22 | $5.33 | $13.20 | $18.68 | $8.51 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.07) | (0.03) | (0.06) | (0.19) | (0.10) |
| Net Realized and Unrealized Gain (Loss) | 2.47 | 2.92 | (7.80) | (0.53) | 12.72 |
| Total from Investment Operations | 2.40 | 2.89 | (7.86) | (0.72) | 12.62 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.12) |  |  | (0.03) |  |
| Net Realized Gain |  |  | (0.01) | (4.76) | (2.45) |
| Paid-In-Capital | (0.00)<sup>(3)</sup> |  |  |  |  |
| Total Distributions | (0.12) |  | (0.01) | (4.79) | (2.45) |
| **Redemption Fees** | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.03 | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $10.50 | $8.22 | $5.33 | $13.20 | $18.68 |
| **Total Return<sup>(4)</sup>** | 29.14% | 54.22%<sup>(5)</sup> | (59.57)% | (3.70)% | 149.86% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $130950 | $181264 | $132493 | $450058 | $229641 |
| Ratio of Expenses Before Expense Limitation | 1.46% | 1.36% | 1.62% | 1.40% | 1.44% |
| Ratio of Expenses After Expense Limitation | 1.28%<sup>(6)</sup> | 1.16%<sup>(6)(7)</sup> | 1.35%<sup>(6)</sup> | 1.33%<sup>(6)</sup> | 1.25%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 1.35%<sup>(6)</sup> | N/A | 1.25%<sup>(6)</sup> |
| Ratio of Net Investment Loss | (0.94)%<sup>(6)</sup> | (0.46)%<sup>(6)(7)</sup> | (0.77)%<sup>(6)</sup> | (0.85)%<sup>(6)</sup> | (0.80)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 100% | 72% | 100% | 111% | 132% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.19% | (0.49)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Inception Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $6.76 | $4.42 | $10.99 | $16.45 | $7.65 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.10) | (0.06) | (0.08) | (0.27) | (0.16) |
| Net Realized and Unrealized Gain (Loss) | 2.02 | 2.40 | (6.48) | (0.45) | 11.41 |
| Total from Investment Operations | 1.92 | 2.34 | (6.56) | (0.72) | 11.25 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.09) |  |  |  |  |
| Net Realized Gain |  |  | (0.01) | (4.76) | (2.45) |
| Paid-In-Capital | (0.00)<sup>(3)</sup> |  |  |  |  |
| Total Distributions | (0.09) |  | (0.01) | (4.76) | (2.45) |
| **Redemption Fees** | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.02 | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $8.59 | $6.76 | $4.42 | $10.99 | $16.45 |
| **Total Return** | 28.33%<sup>(4)</sup> | 52.94%<sup>(4)(5)</sup> | (59.76)%<sup>(4)</sup> | (4.17)%<sup>(4)</sup> | 148.82%<sup>(6)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $673 | $656 | $623 | $1874 | $2543 |
| Ratio of Expenses Before Expense Limitation | 2.51% | 2.55% | 2.32% | 1.95% | 2.10% |
| Ratio of Expenses After Expense Limitation | 1.85%<sup>(7)</sup> | 1.82%<sup>(7)(8)</sup> | 1.85%<sup>(7)</sup> | 1.85%<sup>(7)</sup> | 1.84%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 1.85%<sup>(7)</sup> | N/A | 1.84%<sup>(7)</sup> |
| Ratio of Net Investment Loss | (1.50)%<sup>(7)</sup> | (1.12)%<sup>(7)(8)</sup> | (1.28)%<sup>(7)</sup> | (1.36)%<sup>(7)</sup> | (1.43)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% |
| Portfolio Turnover Rate | 100% | 72% | 100% | 111% | 132% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class L shares.

(6) Calculated using the NAV for US GAAP financial reporting purposes and as such differs from the total return presented in the Investment Overview.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class L shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.85% | (1.15)% |

---

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Inception Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $7.54 | $4.93 | $12.31 | $17.85 | $8.24 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.13) | (0.08) | (0.11) | (0.33) | (0.22) |
| Net Realized and Unrealized Gain (Loss) | 2.25 | 2.69 | (7.25) | (0.47) | 12.28 |
| Total from Investment Operations | 2.12 | 2.61 | (7.36) | (0.80) | 12.06 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.06) |  |  |  |  |
| Net Realized Gain |  |  | (0.01) | (4.76) | (2.45) |
| Paid-In-Capital | (0.00)<sup>(3)</sup> |  |  |  |  |
| Total Distributions | (0.06) |  | (0.01) | (4.76) | (2.45) |
| **Redemption Fees** | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | (0.01) | 0.02 | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $9.60 | $7.54 | $4.93 | $12.31 | $17.85 |
| **Total Return<sup>(4)</sup>** | 28.06% | 52.94%<sup>(5)</sup> | (59.90)% | (4.37)% | 147.97% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $10557 | $11076 | $8490 | $31148 | $12494 |
| Ratio of Expenses Before Expense Limitation | 2.28% | 2.22% | 2.33% | 2.12% | 2.26% |
| Ratio of Expenses After Expense Limitation | 2.09%<sup>(6)</sup> | 2.02%<sup>(6)(7)</sup> | 2.10%<sup>(6)</sup> | 2.05%<sup>(6)</sup> | 2.07%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 2.10%<sup>(6)</sup> | N/A | 2.07%<sup>(6)</sup> |
| Ratio of Net Investment Loss | (1.75)%<sup>(6)</sup> | (1.31)%<sup>(6)(7)</sup> | (1.53)%<sup>(6)</sup> | (1.55)%<sup>(6)</sup> | (1.61)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 100% | 72% | 100% | 111% | 132% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 2.05% | (1.34)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Inception Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $12.49 | $8.08 | $19.99 | $25.73 | $11.29 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(3)</sup> | (0.07) | (0.02) | (0.04) | (0.14) | (0.08) |
| Net Realized and Unrealized Gain (Loss) | 3.77 | 4.43 | (11.83) | (0.74) | 16.97 |
| Total from Investment Operations | 3.70 | 4.41 | (11.87) | (0.88) | 16.89 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.15) |  | (0.03) | (0.13) |  |
| Net Realized Gain |  |  | (0.01) | (4.76) | (2.45) |
| Paid-In-Capital | (0.01) |  |  |  |  |
| Total Distributions | (0.16) |  | (0.04) | (4.89) | (2.45) |
| **Redemption Fees** | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> | 0.03 | 0.00<br><sup>(4)</sup> |
| **Net Asset Value, End of Period** | $16.03 | $12.49 | $8.08 | $19.99 | $25.73 |
| **Total Return<sup>(5)</sup>** | 29.54% | 54.58%<sup>(6)</sup> | (59.39)% | (3.29)% | 150.79% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $57729 | $60470 | $39302 | $141933 | $154023 |
| Ratio of Expenses Before Expense Limitation | 1.13% | 1.11% | 1.15% | 1.00% | 1.11% |
| Ratio of Expenses After Expense Limitation | 0.93%<sup>(7)</sup> | 0.90%<sup>(7)(8)</sup> | 0.93%<sup>(7)</sup> | 0.93%<sup>(7)</sup> | 0.92%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 0.93%<sup>(7)</sup> | N/A | 0.92%<sup>(7)</sup> |
| Ratio of Net Investment Loss | (0.58)%<sup>(7)</sup> | (0.20)%<sup>(7)(8)</sup> | (0.37)%<sup>(7)</sup> | (0.44)%<sup>(7)</sup> | (0.49)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% |
| Portfolio Turnover Rate | 100% | 72% | 100% | 111% | 132% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Amount is less than $0.005 per share.

(5) Calculated based on the net asset value as of the last business day of the period.

(6) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.93% | (0.23)% |

---

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these Consolidated financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying consolidated financial statements relates to the Inception Portfolio. The Fund seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of small capitalization companies.

The Fund has issued five classes of shares — Class I, Class A, Class L, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. On April 30, 2015, the Fund suspended offering of Class L shares. Existing Class L shareholders may invest through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Inception Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoin ETFs"). The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and ac-

counts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of December 31, 2024, the Subsidiary represented approximately $11,952,000 or approximately 3.12% of the net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

**1. Security Valuation:** (1) 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; (2) 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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; (3) 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"), 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; (4) 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 a reputable broker/dealer or valued by a pricing service/vendor; (5) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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; (6) 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 (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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.)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

• 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Beverages | $9702 | $— | $— | $9702 |
| Biotechnology | 34954 |  |  | 34954 |
| Broadline Retail | 32119 |  |  | 32119 |
| Chemicals | 278 |  |  | 278 |
| Financial Services | 26668 |  |  | 26668 |
| Health Care Equipment & <br>Supplies | 6118 |  |  | 6118 |
| Health Care Providers & <br>Services | 5071 |  |  | 5071 |
| Health Care Technology | 700 |  |  | 700 |
| Hotels, Restaurants & <br>Leisure | 6310 |  |  | 6310 |
| Household Durables |  | 1481 |  | 1481 |
| Information Technology <br>Services | 28519 |  |  | 28519 |
| Interactive Media & <br>Services | 18883 |  |  | 18883 |
| Leisure Products | 31015 |  |  | 31015 |
| Life Sciences Tools & <br>Services | 13825 |  |  | 13825 |
| Media | 1464 |  |  | 1464 |
| Metals & Mining | 669 |  |  | 669 |
| Passenger Airlines | 2313 |  |  | 2313 |
| Personal Care Products | 18029 |  |  | 18029 |
| Pharmaceuticals | 2090 |  |  | 2090 |
| Real Estate Management & <br>Development | 4726 |  |  | 4726 |
| Software | 58378 |  |  | 58378 |
| Specialty Retail | 7342 |  |  | 7342 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Tech Hardware, Storage & <br>Peripherals | $18206 | $— | $— |  | $18206 |  |
| Textiles, Apparel & Luxury <br>Goods | 1192 |  |  |  | 1192 |  |
| Trading Companies & <br>Distributors | 9532 |  |  |  | 9532 |  |
| **Total Common Stocks** | **338103** | **1481** | **—** |  | **339584** |  |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| Health Care Technology |  |  | 3890 |  | 3890 |  |
| Software |  |  | 6052 |  | 6052 |  |
| **Total Preferred Stocks** | **—** | **—** | **9942** |  | **9942** |  |
| **Investment Company** | 11942 |  |  |  | 11942 |  |
| **Warrants** |  |  |  | † |  | † |
| **Call Options Purchased** |  | 1152 |  |  | 1152 |  |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 28345 |  |  |  | 28345 |  |
| Repurchase Agreement |  | 526 |  |  | 526 |  |
| **Total Short-Term <br>Investments** | **28345** | **526** | **—** |  | **28871** |  |
| **Total Assets** | $**378390** | $**3159** | $**9942** | **†** | $**391491** | **†** |

---

† Includes a security valued at zero.

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **Preferred<br>Stocks<br>(000)** | **Warrants<br>(000)** | **Warrants<br>(000)** |
| **Beginning Balance** | $8692 | $— |  |
| Purchases |  |  |  |
| Sales |  |  |  |
| Transfers in |  |  | † |
| Transfers out |  |  |  |
| Corporate actions |  |  |  |
| Change in unrealized appreciation (depreciation) | 1250 |  |  |
| Realized gains (losses) |  |  |  |
| **Ending Balance** | $9942 | $— | † |
| Net change in unrealized appreciation (depreciation) from<br>investments still held as of December 31, 2024 | $1250 | $— |  |

---

† 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 December 31, 2024. Various valuation techniques were used in the valuation of certain

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment's fair value as of December 31, 2024. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment's fair value as of December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value at<br>December 31, 2024<br>(000)** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Amount or Range/<br>Weighted Average\*** | **Amount or Range/<br>Weighted Average\*** | **Impact to<br>Valuation from an<br>Increase in Input\*\*** |
| Preferred Stocks | $9942 | Market Transaction <br>Method | Precedent<br>Transaction | $5.96 |  | Increase |
|  |  | Discounted Cash Flow | Weighted Average<br>Cost of Capital<br>Perpetual Growth Rate | <br>15.0%-17.0%/16.3%<br>3.0%-4.0%/3.5% |  | <br>Decrease<br>Increase |
|  |  | Market Comparable<br>Companies | Enterprise Value/<br>Revenue | <br>0.5x-21.9x/3.2x |  | <br>Increase |
|  |  |  | Discount for Lack of <br>Marketability | <br>5.0%-18.0%/10.1% |  | <br>Decrease |
|  |  | Comparable<br>Transactions | Enterprise Value/<br>Revenue | 3.0 | x | <br>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.

**3. Repurchase Agreements:** The Fund may enter into repurchase agreements under which the Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

**4. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**5. Derivatives:** The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also

affect the value of derivative instruments. 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 and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

**Options:** With respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency ex-change risk in the normal course of pursuing its investment objectives. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium paid by the Fund. The Fund may purchase and/or sell put and call options. Purchasing call options tends to increase the Fund's exposure to the

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

underlying (or similar) instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Consolidated Statement of Assets and Liabilities. Upon the exercise or closing of a purchased call option, the premium paid is added to the cost of the security or financial instrument purchased. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. As the buyer of a call option, the Fund pays the premium to the option writer and has the right to purchase the underlying security from the option writer at the exercise price. If the market price of the underlying security rises above the exercise price, the Fund could exercise the option and acquire the underlying security at a below-market price, which could result in a gain to the Fund, minus the premium paid. As the buyer of a put option, the Fund pays the premium to the option writer and has the right to sell the underlying security to the option writer at the exercise price. If the market price of the underlying security declines below the exercise price, the Fund could exercise the option and sell the underlying security at an above-market price, which could result in a gain to the Fund, minus the premium paid. Premiums paid for purchasing options which expired are treated as realized losses. When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about deriva-

tive instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<br>Consolidated Statement<br>of Assets and<br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | Currency Risk | $1152<br> (a) |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended December 31, 2024 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $(1245)(a) |

---

(a) Amounts are included in Realized Loss on Investments Sold in the Consolidated Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $280<br> (a) |

---

(a) Amounts are included in Change in Unrealized Appreciation (Depreciation) on Investments in the Consolidated Statement of Operations.

At December 31, 2024, the Fund's derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** |
| **Derivatives** | **Assets(b)<br>(000)** | **Liabilities(b)<br>(000)** |
| Purchased Options | $1152<br> (a) | $— |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

(b) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counter-

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

parties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities(a)<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received(b)<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| Goldman Sachs & <br>Co. LLC | $300 | $— | $(300) | $0 |
| JPMorgan Chase <br>Bank NA | 452 |  | (440) | 12 |
| Standard Chartered <br>Bank | 400 |  | (290) | 110 |
| Total | $1152 | $— | $(1030) | $122 |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received may be more than the amount shown here due to overcollateralization.

For the year ended December 31, 2024, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Purchased Options:** | **Purchased Options:** |
| Average monthly notional amount | 357,023,000 |

---

**6. Securities Lending:** The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Consolidated Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** |
| **Gross Asset<br>Amount<br>Presented in <br>the Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| $3278<br> (a) | $— | $3278<br> (b)(c) | $0 |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

(a) Represents market value of loaned securities at year end.

(b) The Fund received cash collateral of approximately $3,415,000 of which approximately $3,157,000 was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Fund as reported in the Consolidated Portfolio of Investments. As of December 31, 2024, there was uninvested cash of approximately $258,000, which is not reflected in the Consolidated Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $123,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Consolidated Portfolio of Investments.

(c) The actual collateral received is greater than the amount shown here due to overcollateralization.

FASB ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous<br>(000)** | **<30 days<br>(000)** | **Between<br>30 &<br>90 days<br>(000)** | **>90 Days<br>(000)** | **Total<br>(000)** |
| **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** |
| Common Stocks | $3415 | $— | $— | $— | $3415 |
| **Total Borrowings** | $**3415** | $**—** | $**—** | $**—** | $**3415** |
| **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** |  |  |  |  | $**3415** |

---

**7. Restricted Securities:** The Fund invests in unregistered or otherwise restricted securities. The term "restricted securities" refers to securities that are unregistered or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale. As a result, restricted securities may be more difficult to value and the Fund may have difficulty disposing of such assets either in a timely manner or for a reasonable price. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered so that the Fund can sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the re-

sult of a negotiation between the issuer and the acquirer of the securities. The Fund would, in either case, bear market risks during that period. Restricted securities are identified in the Consolidated Portfolio of Investments.

**8. Redemption Fees:** The Fund will assess a 2% redemption fee, on Class I shares, Class A shares, Class L shares, Class C shares and Class R6 shares, which is paid directly to the Fund, for shares redeemed or exchanged within thirty days of purchase, subject to certain exceptions. The redemption fee is designed to protect the Fund and its remaining shareholders from the effects of short-term trading. These fees, if any, are included in the Consolidated Statements of Changes in Net Assets.

**9. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**10. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**11. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**12. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | | | |
|:---|:---|:---|:---|
| **First $1<br>bilion** | **Next $500<br>million** | **Next $500<br>million** | **Over $2<br>billion** |
| 0.92% | 0.85% | 0.80% | 0.75% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.73% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00% for Class I shares, 1.35% for Class A shares, 1.85% for Class L shares, 2.10% for Class C shares and 0.93% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $676,000 of advisory fees were waived and approximately $9,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management

Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to approximately $3,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $361,092,000 and $527,257,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $16,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $18691 | $308647 | $298993 | $401 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $28345 |

---

During the year ended December 31, 2024, the Fund incurred approximately $5,000 in brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of the Fund.

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded that there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024<br>Distributions<br>Paid From:** | **2024<br>Distributions<br>Paid From:** | **2023 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Paid-in-<br>Capital<br>(000)** | **Ordinary<br>Income<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $3818 | $129 | $— | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations

which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, primarily due to tax adjustments related to the Subsidiary, resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Accumulated<br>Loss<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $7107 | $(7107) |

---

At December 31, 2024, the Fund had no distributable earnings on a tax basis.

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $431,637,000 and $416,654,000 respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $95,321,000.

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 73.1%.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

**K. Market Risk and Risks Relating to Certain Financial Instruments:**

**Bitcoin:** The Fund may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by bitcoin ETFs (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin ETFs investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile and subject to sharp declines. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Bitcoin ETF exposure could result in substantial losses to the Fund.

**Market:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme

weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Inception Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Inception Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the consolidated portfolio of investments, as of December 31, 2024, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the four years in the period then ended, the financial highlights for the year ended December 31, 2020 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, its consolidated financial highlights for each of the four years in the period then ended and its financial highlights for the year ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386618_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $245,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386618_za004.jpg)

MSSMX-NCSR 12.31.24

------

![](j25386619_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

International Advantage Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386619_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsPortfolioInvestments-19) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsStmtofAssetsandLiabilities-19) | 4 |
| [Consolidated Statement of Operations](#ConsStmtofOperations-19) | 6 |
| [Consolidated Statements of Changes in Net Assets](#ConsStmtsofCNA-19) | 7 |
| [Consolidated Financial Highlights](#ConsFinancialHighlights-19) | 8 |
| [Notes to Consolidated Financial Statements](#NotestoConsFS-19) | 13 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndRegPubAccFirm-19) | 22 |
| [Federal Tax Notice](#FederalTaxNotice-19) | 23 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments

**International Advantage Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (98.8%)** | **Common Stocks (98.8%)** | **Common Stocks (98.8%)** |
| Brazil (1.5%) | Brazil (1.5%) | Brazil (1.5%) |
| NU Holdings Ltd., Class A (a) | 4028369 | $41734 |
| Canada (10.5%) | Canada (10.5%) | Canada (10.5%) |
| Brookfield Corp. | 1185207 | 68090 |
| Brookfield Infrastructure Partners LP | 1332932 | 42374 |
| Canada Goose Holdings, Inc. (See Note G) (a)(b) | 3072613 | 30818 |
| Canadian Pacific Kansas City Ltd. | 1291037 | 93479 |
| Shopify, Inc., Class A (a) | 508410 | 54059 |
|  |  | 288820 |
| Denmark (8.2%) | Denmark (8.2%) | Denmark (8.2%) |
| DSV AS | 1059857 | 225713 |
| France (21.5%) | France (21.5%) | France (21.5%) |
| EssilorLuxottica SA | 117473 | 28655 |
| Hermes International SCA | 100360 | 240801 |
| L'Oreal SA | 295224 | 104510 |
| LVMH Moet Hennessy Louis Vuitton SE | 108368 | 71284 |
| Schneider Electric SE | 575461 | 143264 |
|  |  | 588514 |
| Germany (1.4%) | Germany (1.4%) | Germany (1.4%) |
| Birkenstock Holding PLC (a) | 689069 | 39043 |
| Hong Kong (2.6%) | Hong Kong (2.6%) | Hong Kong (2.6%) |
| AIA Group Ltd. | 9883100 | 70989 |
| India (8.2%) | India (8.2%) | India (8.2%) |
| HDFC Bank Ltd. | 4294107 | 88804 |
| ICICI Bank Ltd. ADR | 3234428 | 96580 |
| Titan Co. Ltd. | 1004997 | 38099 |
|  |  | 223483 |
| Italy (5.4%) | Italy (5.4%) | Italy (5.4%) |
| Moncler SpA | 2814703 | 148590 |
| Japan (5.3%) | Japan (5.3%) | Japan (5.3%) |
| Keyence Corp. | 274900 | 111739 |
| Sanrio Co. Ltd. | 950900 | 33147 |
|  |  | 144886 |
| Netherlands (5.4%) | Netherlands (5.4%) | Netherlands (5.4%) |
| Adyen NV (a) | 29539 | 43897 |
| ASML Holding NV | 147678 | 103439 |
|  |  | 147336 |
| Sweden (6.0%) | Sweden (6.0%) | Sweden (6.0%) |
| Spotify Technology SA (a) | 370051 | 165553 |
| Switzerland (5.6%) | Switzerland (5.6%) | Switzerland (5.6%) |
| Chocoladefabriken Lindt & Spruengli AG <br>(Registered) | 311 | 34177 |
| Cie Financiere Richemont SA, Class A <br>(Registered) | 269895 | 40828 |
| Straumann Holding AG (Registered) (a) | 626172 | 78874 |
|  |  | 153879 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Taiwan (5.5%) | Taiwan (5.5%) | Taiwan (5.5%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4666000 | $151645 |
| United Kingdom (4.8%) | United Kingdom (4.8%) | United Kingdom (4.8%) |
| London Stock Exchange Group PLC | 639946 | 90331 |
| Rightmove PLC | 5035729 | 40304 |
|  |  | 130635 |
| United States (6.9%) | United States (6.9%) | United States (6.9%) |
| Liberty Media Corp.-Liberty Formula One, <br>Class C (a) | 750312 | 69524 |
| MercadoLibre, Inc. (a) | 70369 | 119658 |
|  |  | 189182 |
| **Total Common Stocks (Cost $1,917,950)** | **Total Common Stocks (Cost $1,917,950)** | 2710002 |
| **Short-Term Investments (0.9%)** | **Short-Term Investments (0.9%)** | **Short-Term Investments (0.9%)** |
| Investment Company (0.6%) | Investment Company (0.6%) | Investment Company (0.6%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $15,829)** | 15828780 | 15829 |
| Securities held as Collateral on Loaned Securities (0.3%) | Securities held as Collateral on Loaned Securities (0.3%) | Securities held as Collateral on Loaned Securities (0.3%) |
| Investment Company (0.3%) | Investment Company (0.3%) | Investment Company (0.3%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) | 8020798 | 8021 |
|  | **Face<br>Amount<br>(000)** |  |
| Repurchase Agreement (0.0%)‡ | Repurchase Agreement (0.0%)‡ | Repurchase Agreement (0.0%)‡ |
| Merrill Lynch & Co., Inc., (4.45%, dated <br>12/31/24, due 1/2/25; proceeds $1,605; <br>fully collateralized by a U.S. Government <br>obligation; 4.63% due 4/30/29; <br>valued at $1,636) | $1604 | 1604 |
| **Total Securities held as Collateral on <br>Loaned Securities (Cost $9,625)** | **Total Securities held as Collateral on <br>Loaned Securities (Cost $9,625)** | 9625 |
| **Total Short-Term Investments (Cost $25,454)** | **Total Short-Term Investments (Cost $25,454)** | 25454 |
| **Total Investments (99.7%) (Cost $1,943,404)<br>including $20,427 of Securities Loaned (c)(d)** | **Total Investments (99.7%) (Cost $1,943,404)<br>including $20,427 of Securities Loaned (c)(d)** | 2735456 |
| Other Assets in Excess of Liabilities (0.3%) | Other Assets in Excess of Liabilities (0.3%) | 9242 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $2744698 |

---

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 at December 31, 2024.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments (cont'd)

**International Advantage Portfolio**

(c) The approximate fair value and percentage of net assets, $1,889,090,000 and 68.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements.

(d) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $1,960,045,000. The aggregate gross unrealized appreciation is approximately $908,589,000 and the aggregate gross unrealized depreciation is approximately $135,519,000, resulting in net unrealized appreciation of approximately $773,070,000.

ADR American Depositary Receipt.

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\*\* | 31.9% |
| Textiles, Apparel & Luxury Goods | 22.4 |
| Semiconductors & Semiconductor Equipment | 9.4 |
| Entertainment | 8.6 |
| Banks | 8.3 |
| Air Freight & Logistics | 8.3 |
| Capital Markets | 5.8 |
| Electrical Equipment | 5.3 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2024.

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

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Advantage Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statement of Assets and Liabilities | **December 31, 2024<br>(000)** | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> (Cost $1,851,406) | $2680788 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $91,998) | 54668 |  |
| Total Investments in Securities, at Value (Cost $1,943,404) | 2735456 |  |
| Foreign Currency, at Value (Cost $8) | 8 |  |
| Cash | 578 |  |
| Cash from Securities Lending | 785 |  |
| Receivable for Investments Sold | 69638 |  |
| Tax Reclaim Receivable | 4186 |  |
| Receivable for Fund Shares Sold | 1195 |  |
| Dividends Receivable | 638 |  |
| Receivable from Affiliate | 282 |  |
| Receivable from Securities Lending Income | 25 |  |
| Other Assets | 204 |  |
| **Total Assets** | 2812995 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased | 45400 |  |
| Collateral on Securities Loaned, at Value | 10410 |  |
| Payable for Advisory Fees | 5491 |  |
| Payable for Fund Shares Redeemed | 3698 |  |
| Deferred Capital Gain Country Tax | 2270 |  |
| Payable for Sub Transfer Agency Fees — Class I | 299 |  |
| Payable for Sub Transfer Agency Fees — Class A | 41 |  |
| Payable for Sub Transfer Agency Fees — Class L |  | @ |
| Payable for Sub Transfer Agency Fees — Class C | 2 |  |
| Payable for Administration Fees | 192 |  |
| Payable for Custodian Fees | 172 |  |
| Payable for Shareholder Services Fees — Class A | 67 |  |
| Payable for Distribution and Shareholder Services Fees — Class L |  | @ |
| Payable for Distribution and Shareholder Services Fees — Class C | 11 |  |
| Payable for Transfer Agency Fees — Class I | 21 |  |
| Payable for Transfer Agency Fees — Class A | 1 |  |
| Payable for Transfer Agency Fees — Class L |  | @ |
| Payable for Transfer Agency Fees — Class C | 1 |  |
| Payable for Transfer Agency Fees — Class R6 | 2 |  |
| Payable for Professional Fees | 13 |  |
| Other Liabilities | 206 |  |
| **Total Liabilities** | 68297 |  |
| **Net Assets** | $2744698 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $2440901 |  |
| Total Distributable Earnings | 303797 |  |
| **Net Assets** | $2744698 |  |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Advantage Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $2241808 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 93383356 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $24.01 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $310723 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 13314341 |
| **Net Asset Value, Redemption Price Per Share** | $23.34 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $1.29 |
| **Maximum Offering Price Per Share** | $24.63 |
| **CLASS L:** | **CLASS L:** |
| **Net Assets** | $443 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 20182 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $21.94 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $12327 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 573329 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $21.50 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $179397 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 7445264 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $24.10 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $20427 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Advantage Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $3,794 of Foreign Taxes Withheld) | $28064 |
| Dividends from Security of Affiliated Issuer (Note G) | 3013 |
| Income from Securities Loaned — Net | 605 |
| Total Investment Income | 31682 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 23307 |
| Sub Transfer Agency Fees — Class I | 2589 |
| Sub Transfer Agency Fees — Class A | 484 |
| Sub Transfer Agency Fees — Class L |  |
| Sub Transfer Agency Fees — Class C | 13 |
| Administration Fees (Note C) | 2433 |
| Shareholder Services Fees — Class A (Note D) | 867 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 3 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 149 |
| Custodian Fees (Note F) | 495 |
| Professional Fees | 205 |
| Shareholder Reporting Fees | 174 |
| Transfer Agency Fees — Class I (Note E) | 131 |
| Transfer Agency Fees — Class A (Note E) | 9 |
| Transfer Agency Fees — Class L (Note E) | 2 |
| Transfer Agency Fees — Class C (Note E) | 4 |
| Transfer Agency Fees — Class R6 (Note E) | 10 |
| Registration Fees | 95 |
| Directors' Fees and Expenses | 49 |
| Pricing Fees | 2 |
| Other Expenses | 181 |
| Total Expenses | 31202 |
| Rebate from Morgan Stanley Affiliate (Note G) | (116 |
| Reimbursement of Class Specific Expenses — Class L (Note B) | (1 |
| Net Expenses | 31085 |
| **Net Investment Income** | 597 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $3,942 of Capital Gain Country Tax) | 265453 |
| Investments in Affiliates | (16934 |
| Foreign Currency Transaction | (441 |
| Net Realized Gain | 248078 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Decrease in Deferred Capital Gain Country Tax of $5,356) | (52035 |
| Investments in Affiliates | 10694 |
| Foreign Currency Translation | (321 |
| Net Change in Unrealized Appreciation (Depreciation) | (41662 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 206416 |
| Net Increase in Net Assets Resulting from Operations | $207013 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Advantage Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $597 | $6823 |
| Net Realized Gain (Loss) | 248078 | (276070) |
| Net Change in Unrealized Appreciation (Depreciation) | (41662 | 786283 |
| Net Increase in Net Assets Resulting from Operations | 207013 | 517036 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (3090 | (1347) |
| **Class R6** | (449 | (306) |
| Total Dividends and Distributions to Shareholders | (3539 | (1653) |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 407392 | 700852 |
| Distributions Reinvested | 3057 | 1319 |
| Redeemed | (960992 | (893543) |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 38873 | 131644 |
| Redeemed | (126767 | (207529) |
| **Class L:** | **Class L:** | **Class L:** |
| Redeemed | (4 | (52) |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 491 | 993 |
| Redeemed | (8211 | (6747) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 26809 | 99191 |
| Distributions Reinvested | 407 | 223 |
| Redeemed | (55127 | (47200) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (674072 | (220849) |
| Total Increase (Decrease) in Net Assets | (470598 | 294534 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 3215296 | 2920762 |
| End of Period | $2744698 | $3215296 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 17340 | 32920 |
| Shares Issued on Distributions Reinvested | 123 | 59 |
| Shares Redeemed | (40847 | (41998) |
| Net Decrease in Class I Shares Outstanding | (23384 | (9019) |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 1704 | 6446 |
| Shares Redeemed | (5554 | (10212) |
| Net Decrease in Class A Shares Outstanding | (3850 | (3766) |
| **Class L:** | **Class L:** | **Class L:** |
| Shares Redeemed | (— | (2) |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 23 | 51 |
| Shares Redeemed | (390 | (349) |
| Net Decrease in Class C Shares Outstanding | (367 | (298) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 1126 | 4554 |
| Shares Issued on Distributions Reinvested | 16 | 10 |
| Shares Redeemed | (2332 | (2238) |
| Net Increase (Decrease) in Class R6 Shares Outstanding | (1190 | 2326 |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**International Advantage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $22.48 | $19.00 | $30.30 | $27.05 | $20.45 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.01 | 0.05 | 0.00<br><sup>(3)</sup> | (0.08) | (0.07) |
| Net Realized and Unrealized Gain (Loss) | 1.55 | 3.44 | (10.43) | 3.63 | 6.68 |
| Total from Investment Operations | 1.56 | 3.49 | (10.43) | 3.55 | 6.61 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.03) | (0.01) |  |  | (0.01) |
| Net Realized Gain |  |  | (0.87) | (0.30) |  |
| Total Distributions | (0.03) | (0.01) | (0.87) | (0.30) | (0.01) |
| **Redemption Fees** |  |  | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> |  |
| **Net Asset Value, End of Period** | $24.01 | $22.48 | $19.00 | $30.30 | $27.05 |
| **Total Return<sup>(4)</sup>** | 6.95% | 18.38%<sup>(5)</sup> | (34.46)% | 13.16% | 32.33% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2241808 | $2625192 | $2390415 | $5419831 | $3841122 |
| Ratio of Expenses Before Expense Limitation | 1.00% | 1.00% | 1.01% | 0.97% | N/A |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(6)</sup> | 0.97%<sup>(6)(7)</sup> | 1.01%<sup>(6)</sup> | 0.97%<sup>(6)</sup> | 0.98%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | N/A | 0.98%<sup>(6)</sup> |
| Ratio of Net Investment Income (Loss) | 0.04%<sup>(6)</sup> | 0.24%<sup>(6)(7)</sup> | 0.00%<sup>(6)</sup> | (0.28)%<sup>(6)</sup> | (0.31)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 26% | 32% | 19% | 22% | 18% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.99% | 0.22% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**International Advantage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $21.89 | $18.54 | $29.69 | $26.58 | $20.16 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.05) | (0.01) | (0.06) | (0.17) | (0.13) |
| Net Realized and Unrealized Gain (Loss) | 1.50 | 3.36 | (10.22) | 3.58 | 6.56 |
| Total from Investment Operations | 1.45 | 3.35 | (10.28) | 3.41 | 6.43 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  |  |  |  | (0.01) |
| Net Realized Gain |  |  | (0.87) | (0.30) |  |
| Total Distributions |  |  | (0.87) | (0.30) | (0.01) |
| **Redemption Fees** |  |  | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> |  |
| **Net Asset Value, End of Period** | $23.34 | $21.89 | $18.54 | $29.69 | $26.58 |
| **Total Return<sup>(4)</sup>** | 6.62% | 18.07%<sup>(5)</sup> | (34.66)% | 12.87% | 31.90% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $310723 | $375712 | $388125 | $776662 | $589317 |
| Ratio of Expenses Before Expense Limitation | 1.28% | 1.27% | 1.30% | 1.26% | N/A |
| Ratio of Expenses After Expense Limitation | 1.28%<sup>(6)</sup> | 1.25%<sup>(6)(7)</sup> | 1.30%<sup>(6)</sup> | 1.26%<sup>(6)</sup> | 1.27%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | N/A | 1.27%<sup>(6)</sup> |
| Ratio of Net Investment Loss | (0.24)%<sup>(6)</sup> | (0.03)%<sup>(6)(7)</sup> | (0.27)%<sup>(6)</sup> | (0.57)%<sup>(6)</sup> | (0.60)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 26% | 32% | 19% | 22% | 18% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.26% | (0.04)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**International Advantage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $20.70 | $17.64 | $28.46 | $25.64 | $19.56 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.17) | (0.12) | (0.18) | (0.32) | (0.24) |
| Net Realized and Unrealized Gain (Loss) | 1.41 | 3.18 | (9.77) | 3.44 | 6.33 |
| Total from Investment Operations | 1.24 | 3.06 | (9.95) | 3.12 | 6.09 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  |  |  |  | (0.01) |
| Net Realized Gain |  |  | (0.87) | (0.30) |  |
| Total Distributions |  |  | (0.87) | (0.30) | (0.01) |
| **Redemption Fees** |  |  | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> |  |
| **Net Asset Value, End of Period** | $21.94 | $20.70 | $17.64 | $28.46 | $25.64 |
| **Total Return<sup>(4)</sup>** | 5.99% | 17.35%<sup>(5)</sup> | (35.00)% | 12.21% | 31.14% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $443 | $421 | $403 | $279 | $350 |
| Ratio of Expenses Before Expense Limitation | 2.19% | 2.26% | 2.55% | 2.29% | 2.48% |
| Ratio of Expenses After Expense Limitation | 1.85%<sup>(6)</sup> | 1.82%<sup>(6)(7)</sup> | 1.85%<sup>(6)</sup> | 1.85%<sup>(6)</sup> | 1.84%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | N/A | 1.84%<sup>(6)</sup> |
| Ratio of Net Investment Loss | (0.80)%<sup>(6)</sup> | (0.61)%<sup>(6)(7)</sup> | (0.93)%<sup>(6)</sup> | (1.16)%<sup>(6)</sup> | (1.17)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 26% | 32% | 19% | 22% | 18% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class L shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class L shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.84% | (0.63)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**International Advantage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $20.31 | $17.33 | $28.03 | $25.29 | $19.31 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.20) | (0.14) | (0.20) | (0.35) | (0.26) |
| Net Realized and Unrealized Gain (Loss) | 1.39 | 3.12 | (9.63) | 3.39 | 6.25 |
| Total from Investment Operations | 1.19 | 2.98 | (9.83) | 3.04 | 5.99 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  |  |  |  | (0.01) |
| Net Realized Gain |  |  | (0.87) | (0.30) |  |
| Total Distributions |  |  | (0.87) | (0.30) | (0.01) |
| **Redemption Fees** |  |  | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> |  |
| **Net Asset Value, End of Period** | $21.50 | $20.31 | $17.33 | $28.03 | $25.29 |
| **Total Return<sup>(4)</sup>** | 5.86% | 17.20%<sup>(5)</sup> | (35.11)% | 12.06% | 31.03% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $12327 | $19092 | $21455 | $42922 | $24926 |
| Ratio of Expenses Before Expense Limitation | 2.00% | 1.97% | 2.01% | 1.96% | N/A |
| Ratio of Expenses After Expense Limitation | 2.00%<sup>(6)</sup> | 1.94%<sup>(6)(7)</sup> | 2.01%<sup>(6)</sup> | 1.96%<sup>(6)</sup> | 1.97%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | N/A | 1.97%<sup>(6)</sup> |
| Ratio of Net Investment Loss | (0.95)%<sup>(6)</sup> | (0.73)%<sup>(6)(7)</sup> | (1.02)%<sup>(6)</sup> | (1.27)%<sup>(6)</sup> | (1.29)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 26% | 32% | 19% | 22% | 18% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.96% | (0.75)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**International Advantage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $22.57 | $19.08 | $30.38 | $27.09 | $20.46 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(3)</sup> | 0.04 | 0.07 |  | (0.06) | (0.06) |
| Net Realized and Unrealized Gain (Loss) | 1.55 | 3.46 | (10.43) | 3.65 | 6.70 |
| Total from Investment Operations | 1.59 | 3.53 | (10.43) | 3.59 | 6.64 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.06) | (0.04) |  |  | (0.01) |
| Net Realized Gain |  |  | (0.87) | (0.30) |  |
| Total Distributions | (0.06) | (0.04) | (0.87) | (0.30) | (0.01) |
| **Redemption Fees** |  |  | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> |  |
| **Net Asset Value, End of Period** | $24.10 | $22.57 | $19.08 | $30.38 | $27.09 |
| **Total Return<sup>(5)</sup>** | 7.04% | 18.54%<sup>(6)</sup> | (34.40)% | 13.29% | 32.46% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $179397 | $194879 | $120364 | $273564 | $98182 |
| Ratio of Expenses Before Expense Limitation | 0.89% | 0.89% | 0.89% | 0.87% | N/A |
| Ratio of Expenses After Expense Limitation | 0.89%<sup>(7)</sup> | 0.86%<sup>(7)(8)</sup> | 0.89%<sup>(7)</sup> | 0.87%<sup>(7)</sup> | 0.89%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | N/A | 0.89%<sup>(7)</sup> |
| Ratio of Net Investment Income (Loss) | 0.15%<sup>(7)</sup> | 0.35%<sup>(7)(8)</sup> | 0.01%<sup>(7)</sup> | (0.19)%<sup>(7)</sup> | (0.26)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% |
| Portfolio Turnover Rate | 26% | 32% | 19% | 22% | 18% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Amount is less than $0.005 per share.

(5) Calculated based on the net asset value as of the last business day of the period.

(6) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.88% | 0.33% |

---

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying consolidated financial statements relate to the International Advantage Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued five classes of shares — Class I, Class A, Class L, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. On April 30, 2015, the Fund suspended offering of Class L shares. Existing Class L shareholders may invest through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, International Advantage Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoin ETFs").The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the

positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of December 31, 2024, the Subsidiary represented 0% of the net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

**1. Security Valuation:** (1) 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; (2) 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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; (3) 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 Company ("MSIM Company") (the "Sub-Adviser"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines 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; (5) 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 (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Air Freight & <br>Logistics | $— | $225713 | $— | $225713 |
| Banks | 138314 | 88804 |  | 227118 |
| Broadline Retail | 119658 |  |  | 119658 |
| Capital Markets | 68090 | 90331 |  | 158421 |
| Electrical Equipment |  | 143264 |  | 143264 |
| Electronic <br>Equipment, <br>Instruments & <br>Components |  | 111739 |  | 111739 |
| Entertainment | 235077 |  |  | 235077 |
| Financial Services |  | 43897 |  | 43897 |
| Food Products |  | 34177 |  | 34177 |
| Ground Transportation | 93479 |  |  | 93479 |
| Health Care <br>Equipment & <br>Supplies |  | 107529 |  | 107529 |
| Information <br>Technology <br>Services | 54059 |  |  | 54059 |
| Insurance |  | 70989 |  | 70989 |
| Interactive Media & <br>Services |  | 40304 |  | 40304 |
| Multi-Utilities | 42374 |  |  | 42374 |
| Personal Care <br>Products |  | 104510 |  | 104510 |
| Semiconductors & <br>Semiconductor <br>Equipment |  | 255084 |  | 255084 |
| Specialty Retail |  | 33147 |  | 33147 |
| Textiles, Apparel & <br>Luxury Goods | 69861 | 539602 |  | 609463 |
| **Total Common Stocks** | **820912** | **1889090** | **—** | **2710002** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | $23850 | $— | $— | $23850 |
| Repurchase Agreement |  | 1604 |  | 1604 |
| **Total Short-Term <br>Investments** | **23850** | **1604** | **—** | **25454** |
| **Total Assets** | $**844762** | $**1890694** | $**—** | $**2735456** |

---

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

**3. Repurchase Agreements:** The Fund may enter into repurchase agreements under which the Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

**4. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in

the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**5. Securities Lending:** The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Consolidated Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** |
| **Gross Asset <br>Amount<br>Presented in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| $20427<br> (a) | $— | $20427<br> (b)(c) | $0 |

---

(a) Represents market value of loaned securities at year end.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

(b) The Fund received cash collateral of approximately $10,410,000 of which approximately $9,625,000 was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Fund as reported in the Consolidated Portfolio of Investments. As of December 31, 2024, there was uninvested cash of approximately $785,000, which is not reflected in the Consolidated Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $10,465,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Consolidated Portfolio of Investments.

(c) The actual collateral received is greater than the amount shown here due to overcollateralization.

FASB ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous<br>(000)** | **<30 days<br>(000)** | **Between<br>30 &<br>90 days<br>(000)** | **>90 days<br>(000)** | **Total<br>(000)** |
| **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** |
| Common Stocks | $10410 | $— | $— | $— | $10410 |
| **Total Borrowings** | $**10410** | $**—** | $**—** | $**—** | $**10410** |
| **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** |  |  |  |  | $**10410** |

---

**6. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**7. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**8. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the

ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**9. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

**B. Advisory/Sub-Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | |
|:---|:---|
| **First $1<br>billion** | **Over $1<br>billion** |
| 0.80% | 0.75% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.76% of the Fund's average daily net assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00% for Class I shares, 1.35% for Class A shares, 1.85% for Class L shares, 2.10% for Class C shares and 0.95% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $1,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement.

The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to approximately $20,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $788,829,000 and $1,423,972,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $116,000 relating to the Fund's investment in the Liquidity Fund.

The Fund may invest in affiliated entities, deemed to be affiliates as a result of the Fund owning five percent or more of the entity's voting securities.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company/Issuer** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $101333 | $847647 | $925130 | $3013 |
| Canada Goose <br>Holdings, Inc. | 47171 |  | 10113 |  |
| Total | $148504 | $847647 | $935243 | $3013 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company/Issuer (cont'd)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $23850 |
| Canada Goose <br>Holdings, Inc. | (16934) | 10694 | 30818 |
| Total | $(16934) | $10694 | $54668 |

---

During the year ended December 31, 2024, the Fund incurred approximately $15,000 in brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of the Fund.

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions <br>Paid From:** | **2024 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $3539 | $— | $1653 | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, primarily due to a net operating loss, resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Distributable<br>Earnings<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $3787 | $(3787) |

---

At December 31, 2024, the Fund had no Distributable earnings on a tax basis.

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $49,220,000 and $407,321,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $242,605,000.

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Fund's next taxable year. For the year ended December 31, 2024, the Fund intends to defer to January 1, 2025 for U.S. federal income tax purposes the following losses:

---

| | |
|:---|:---|
| **Qualified<br>Late Year<br>Ordinary<br>Losses<br>(000)** | **Post-<br>October<br>Capital<br>Losses<br>(000)** |
| $— | $12621 |

---

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 68.5%.

**K. Market Risk and Risks Relating to Certain Financial Instruments:**

**Bitcoin:** The Fund may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by bitcoin ETFs (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin ETFs investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile and subject to sharp declines. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Bitcoin ETF exposure could result in substantial losses to the Fund.

**Market:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio

may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of International Advantage Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of International Advantage Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the consolidated portfolio of investments, as of December 31, 2024, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the four years in the period then ended, the financial highlights for the year ended December 31, 2020 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, its consolidated financial highlights for each of the four years in the period then ended and its financial highlights for the year ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386619_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $23,564,000 as taxable at this lower rate.

The Fund intends to pass through foreign tax credits of approximately $7,632,000 and has derived net income from sources within foreign countries amounting to approximately $30,664,000.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386619_za004.jpg)

MFAPX-NCSR 12.31.24

------

![](j25386620_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

International Equity Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386620_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#PortfolioofInvestments-20) | 2 |
| [Statement of Assets and Liabilities](#StatementofAssetsandLiabilities-20) | 4 |
| [Statement of Operations](#StatementofOperations-20) | 6 |
| [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-20) | 7 |
| [Financial Highlights](#FinancialHighlights-20) | 9 |
| [Notes to Financial Statements](#NotestoFinancialStatements-20) | 14 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-20) | 21 |
| [Federal Tax Notice](#FederalTaxNotice-20) | 22 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments

**International Equity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (98.8%)** | **Common Stocks (98.8%)** | **Common Stocks (98.8%)** |
| Australia (1.1%) | Australia (1.1%) | Australia (1.1%) |
| Aristocrat Leisure Ltd. | 163244 | $6894 |
| Belgium (1.6%) | Belgium (1.6%) | Belgium (1.6%) |
| KBC Group NV | 137456 | 10613 |
| Canada (4.7%) | Canada (4.7%) | Canada (4.7%) |
| Agnico Eagle Mines Ltd. | 121300 | 9490 |
| Constellation Software, Inc. | 4360 | 13482 |
| Tourmaline Oil Corp. | 161668 | 7481 |
|  |  | 30453 |
| China (5.1%) | China (5.1%) | China (5.1%) |
| ANTA Sports Products Ltd. (a) | 563200 | 5562 |
| Tencent Holdings Ltd. (a) | 268800 | 14347 |
| Tsingtao Brewery Co. Ltd., Class H (a) | 1750000 | 12739 |
|  |  | 32648 |
| Denmark (3.5%) | Denmark (3.5%) | Denmark (3.5%) |
| DSV AS | 43517 | 9268 |
| Tryg AS | 615263 | 12978 |
|  |  | 22246 |
| Finland (4.3%) | Finland (4.3%) | Finland (4.3%) |
| Kone OYJ, Class B | 289698 | 14123 |
| Nordea Bank Abp | 1253475 | 13676 |
|  |  | 27799 |
| France (17.5%) | France (17.5%) | France (17.5%) |
| Capgemini SE | 102384 | 16722 |
| Dassault Systemes SE | 381006 | 13184 |
| Legrand SA | 136729 | 13300 |
| L'Oreal SA | 61952 | 21931 |
| LVMH Moet Hennessy Louis Vuitton SE | 21191 | 13939 |
| Pernod Ricard SA | 86263 | 9747 |
| Safran SA | 52723 | 11552 |
| Sanofi SA | 120342 | 11699 |
|  |  | 112074 |
| Germany (12.7%) | Germany (12.7%) | Germany (12.7%) |
| Deutsche Boerse AG | 46813 | 10784 |
| Deutsche Post AG (Registered) | 103361 | 3649 |
| Infineon Technologies AG | 448073 | 14626 |
| Merck KGaA | 65555 | 9540 |
| QIAGEN NV (b) | 373686 | 16750 |
| SAP SE | 106749 | 26257 |
|  |  | 81606 |
| Hong Kong (2.3%) | Hong Kong (2.3%) | Hong Kong (2.3%) |
| AIA Group Ltd. (a) | 2018400 | 14498 |
| Italy (2.7%) | Italy (2.7%) | Italy (2.7%) |
| Davide Campari-Milano NV | 1786147 | 11178 |
| Moncler SpA | 122745 | 6480 |
|  |  | 17658 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Japan (5.3%) | Japan (5.3%) | Japan (5.3%) |
| Keyence Corp. | 28300 | $11503 |
| SMC Corp. | 31200 | 12115 |
| Sony Group Corp. | 483200 | 10184 |
|  |  | 33802 |
| Korea, Republic of (1.2%) | Korea, Republic of (1.2%) | Korea, Republic of (1.2%) |
| Samsung Electronics Co. Ltd. | 213459 | 7618 |
| Netherlands (4.1%) | Netherlands (4.1%) | Netherlands (4.1%) |
| ASML Holding NV | 19603 | 13730 |
| Universal Music Group NV | 483791 | 12375 |
|  |  | 26105 |
| Singapore (1.1%) | Singapore (1.1%) | Singapore (1.1%) |
| DBS Group Holdings Ltd. | 212610 | 6813 |
| Sweden (4.5%) | Sweden (4.5%) | Sweden (4.5%) |
| Epiroc AB, Class A | 404099 | 7043 |
| Evolution AB | 105869 | 8164 |
| Hexagon AB, Class B | 1448995 | 13834 |
|  |  | 29041 |
| Switzerland (2.0%) | Switzerland (2.0%) | Switzerland (2.0%) |
| Novartis AG (Registered) | 58522 | 5698 |
| Roche Holding AG (Genusschein) | 25541 | 7141 |
|  |  | 12839 |
| Taiwan (1.4%) | Taiwan (1.4%) | Taiwan (1.4%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 47029 | 9288 |
| United Kingdom (23.7%) | United Kingdom (23.7%) | United Kingdom (23.7%) |
| Anglo American PLC | 406839 | 12029 |
| Associated British Foods PLC | 361552 | 9223 |
| AstraZeneca PLC | 107934 | 14072 |
| Experian PLC | 166153 | 7141 |
| Haleon PLC | 2950251 | 13911 |
| Halma PLC | 524337 | 17591 |
| Hiscox Ltd. | 639525 | 8655 |
| London Stock Exchange Group PLC | 66932 | 9448 |
| NatWest Group PLC | 1573594 | 7886 |
| Reckitt Benckiser Group PLC | 125481 | 7595 |
| RELX PLC (Euronext NV) | 113901 | 5158 |
| RELX PLC (LSE) | 102598 | 4649 |
| Rightmove PLC | 1541254 | 12336 |
| Shell PLC | 392287 | 12228 |
| St. James's Place PLC | 952386 | 10311 |
|  |  | 152233 |
| **Total Common Stocks (Cost $490,333)** | **Total Common Stocks (Cost $490,333)** | 634228 |
|  | **No. of<br>Warrants** |  |
| **Warrants (0.0%)** | **Warrants (0.0%)** | **Warrants (0.0%)** |
| Canada (0.0%) | Canada (0.0%) | Canada (0.0%) |
| Constellation Software, Inc.<br>expires 3/31/40 (b)(c) **(Cost $—)** | 18454 |  |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments (cont'd)

**International Equity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Short-Term Investment (0.3%)** | **Short-Term Investment (0.3%)** | **Short-Term Investment (0.3%)** |
| Investment Company (0.3%) | Investment Company (0.3%) | Investment Company (0.3%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $1,669)** | 1668942 | $1669 |
| **Total Investments (99.1%) (Cost $492,002) (d)(e)** | **Total Investments (99.1%) (Cost $492,002) (d)(e)** | 635897 |
| Other Assets in Excess of Liabilities (0.9%) | Other Assets in Excess of Liabilities (0.9%) | 5675 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $641572 |

---

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 December 31, 2024, 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 approximate fair value and percentage of net assets, $594,487,000 and 92.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(e) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $511,367,000. The aggregate gross unrealized appreciation is approximately $158,707,000 and the aggregate gross unrealized depreciation is approximately $34,586,000, resulting in net unrealized appreciation of approximately $124,121,000.

ADR American Depositary Receipt.

Euronext NV Euronext Amsterdam Stock Market.

LSE London Stock Exchange.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 43.4% |
| Software | 8.3 |
| Pharmaceuticals | 7.5 |
| Electronic Equipment, Instruments & Components | 6.8 |
| Banks | 6.2 |
| Semiconductors & Semiconductor Equipment | 5.9 |
| Insurance | 5.7 |
| Personal Care Products | 5.7 |
| Beverages | 5.3 |
| Machinery | 5.2 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Equity Portfolio**

---

| | | |
|:---|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2024<br>(000)** | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $490,333) | $634228 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $1,669) | 1669 |  |
| Total Investments in Securities, at Value (Cost $492,002) | 635897 |  |
| Foreign Currency, at Value (Cost $372) | 370 |  |
| Cash | 349 |  |
| Tax Reclaim Receivable | 5341 |  |
| Receivable for Investments Sold | 2383 |  |
| Dividends Receivable | 467 |  |
| Receivable for Fund Shares Sold | 97 |  |
| Receivable from Affiliate | 26 |  |
| Other Assets | 150 |  |
| **Total Assets** | 645080 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Advisory Fees | 1445 |  |
| Payable for Fund Shares Redeemed | 1265 |  |
| Due to Broker | 349 |  |
| Payable for Sub Transfer Agency Fees — Class I | 155 |  |
| Payable for Sub Transfer Agency Fees — Class A | 21 |  |
| Payable for Sub Transfer Agency Fees — Class L | 1 |  |
| Payable for Sub Transfer Agency Fees — Class C |  | @ |
| Payable for Custodian Fees | 58 |  |
| Payable for Administration Fees | 49 |  |
| Payable for Professional Fees | 13 |  |
| Payable for Shareholder Services Fees — Class A | 10 |  |
| Payable for Distribution and Shareholder Services Fees — Class L | 2 |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 1 |  |
| Payable for Transfer Agency Fees — Class I | 3 |  |
| Payable for Transfer Agency Fees — Class A | 1 |  |
| Payable for Transfer Agency Fees — Class L | 1 |  |
| Payable for Transfer Agency Fees — Class C |  | @ |
| Payable for Transfer Agency Fees — Class R6 | 1 |  |
| Other Liabilities | 133 |  |
| **Total Liabilities** | 3508 |  |
| **Net Assets** | $641572 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $428254 |  |
| Total Distributable Earnings | 213318 |  |
| **Net Assets** | $641572 |  |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Equity Portfolio**

---

| | |
|:---|:---|
| Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $466727 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 46524766 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $10.03 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $34343 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 3374458 |
| **Net Asset Value, Redemption Price Per Share** | $10.18 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $0.56 |
| **Maximum Offering Price Per Share** | $10.74 |
| **CLASS L:** | **CLASS L:** |
| **Net Assets** | $2961 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 303839 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $9.74 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $381 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 40437 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $9.42 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $137160 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 13699308 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $10.01 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Equity Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers\* (Net of $2,846 of Foreign Taxes Withheld) | $31311 |
| Dividends from Security of Affiliated Issuer (Note G) | 788 |
| Total Investment Income | 32099 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 9610 |
| Sub Transfer Agency Fees — Class I | 1144 |
| Sub Transfer Agency Fees — Class A | 92 |
| Sub Transfer Agency Fees — Class L | 4 |
| Sub Transfer Agency Fees — Class C | 1 |
| Administration Fees (Note C) | 961 |
| Professional Fees | 190 |
| Custodian Fees (Note F) | 170 |
| Shareholder Services Fees — Class A (Note D) | 103 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 29 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 10 |
| Registration Fees | 77 |
| Shareholder Reporting Fees | 63 |
| Transfer Agency Fees — Class I (Note E) | 17 |
| Transfer Agency Fees — Class A (Note E) | 7 |
| Transfer Agency Fees — Class L (Note E) | 4 |
| Transfer Agency Fees — Class C (Note E) | 3 |
| Transfer Agency Fees — Class R6 (Note E) | 4 |
| Directors' Fees and Expenses | 21 |
| Pricing Fees | 4 |
| Other Expenses | 101 |
| Total Expenses | 12615 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (767) |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (41) |
| Reimbursement of Class Specific Expenses — Class L (Note B) | (2) |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (2) |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (4) |
| Waiver of Advisory Fees (Note B) | (267) |
| Rebate from Morgan Stanley Affiliate (Note G) | (30) |
| Net Expenses | 11502 |
| **Net Investment Income** | 20597 |
| **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 288014 |
| Foreign Currency Transaction | 437 |
| Net Realized Gain | 288451 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | (251530) |
| Foreign Currency Translation | (453) |
| Net Change in Unrealized Appreciation (Depreciation) | (251983) |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 36468 |
| Net Increase in Net Assets Resulting from Operations | $57065 |

---

\* Includes foreign tax reclaims for previously withheld taxes on dividends earned in certain European Union countries in the amount of approximately $2,276,000.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Equity Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $20597 | $21603 |
| Net Realized Gain | 288451 | 25729 |
| Net Change in Unrealized Appreciation (Depreciation) | (251983) | 164765 |
| Net Increase in Net Assets Resulting from Operations | 57065 | 212097 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (161214) | (46352) |
| **Class A** | (10455) | (1036) |
| **Class L** | (1069) | (134) |
| **Class C** | (275) | (37) |
| **Class R6** | (41663) | (10417) |
| Total Dividends and Distributions to Shareholders | (214676) | (57976) |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 98444 | 347460 |
| Distributions Reinvested | 160765 | 46225 |
| Redeemed | (761118) | (145138) |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 747 | 1776 |
| Distributions Reinvested | 10142 | 1009 |
| Redeemed | (10842) | (326077) |
| **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested | 1057 | 133 |
| Redeemed | (953) | (287) |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 50 | 90 |
| Distributions Reinvested | 275 | 37 |
| Redeemed | (793) | (239) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 9368 | 25604 |
| Distributions Reinvested | 40504 | 9991 |
| Redeemed | (115610) | (69924) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (567964) | (109340) |
| Total Increase (Decrease) in Net Assets | (725575) | 44781 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 1367147 | 1322366 |
| End of Period | $641572 | $1367147 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Equity Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets (cont'd) | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 7126 | 25814 |
| Shares Issued on Distributions Reinvested | 15639 | 3489 |
| Shares Redeemed | (55652) | (10954) |
| Net Increase (Decrease) in Class I Shares Outstanding | (32887) | 18349 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 54 | 135 |
| Shares Issued on Distributions Reinvested | 972 | 75 |
| Shares Redeemed | (821) | (24428) |
| Net Increase (Decrease) in Class A Shares Outstanding | 205 | (24218) |
| **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested | 106 | 10 |
| Shares Redeemed | (91) | (22) |
| Net Increase (Decrease) in Class L Shares Outstanding | 15 | (12) |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 4 | 7 |
| Shares Issued on Distributions Reinvested | 28 | 3 |
| Shares Redeemed | (77) | (19) |
| Net Decrease in Class C Shares Outstanding | (45) | (9) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 682 | 1911 |
| Shares Issued on Distributions Reinvested | 3948 | 755 |
| Shares Redeemed | (8650) | (5170) |
| Net Decrease in Class R6 Shares Outstanding | (4020) | (2504) |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**International Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $13.58 | $12.14 | $15.22 | $16.20 | $14.74 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.24 | 0.22 | 0.23 | 0.29 | 0.18 |
| Net Realized and Unrealized Gain (Loss) | 0.24 | 1.82 | (2.40) | 0.34 | 1.50 |
| Total from Investment Operations | 0.48 | 2.04 | (2.17) | 0.63 | 1.68 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.47) | (0.31) | (0.13) | (0.33) | (0.22) |
| Net Realized Gain | (3.56) | (0.29) | (0.78) | (1.28) |  |
| Total Distributions | (4.03) | (0.60) | (0.91) | (1.61) | (0.22) |
| **Net Asset Value, End of Period** | $10.03 | $13.58 | $12.14 | $15.22 | $16.20 |
| **Total Return<sup>(2)</sup>** | 2.81% | 16.91%<sup>(3)</sup> | (14.18)% | 4.19% | 11.42% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $466727 | $1078331 | $741596 | $1531709 | $1658464 |
| Ratio of Expenses Before Expense Limitation | 1.05% | 1.02% | 1.03% | 1.01% | 1.00% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(4)</sup> | 0.94%<sup>(4)(5)</sup> | 0.95%<sup>(4)</sup> | 0.95%<sup>(4)</sup> | 0.95%<sup>(4)</sup> |
| Ratio of Net Investment Income | 1.73%<sup>(4)</sup> | 1.63%<sup>(4)(5)</sup> | 1.76%<sup>(4)</sup> | 1.70%<sup>(4)</sup> | 1.28%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 49% | 28% | 36% | 20% | 20% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.95% | 1.62% |

---

(6) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**International Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $13.72 | $12.08 | $15.17 | $16.15 | $14.67 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.19 | 0.17 | 0.06 | 0.25 | 0.11 |
| Net Realized and Unrealized Gain (Loss) | 0.25 | 1.80 | (2.25) | 0.36 | 1.50 |
| Total from Investment Operations | 0.44 | 1.97 | (2.19) | 0.61 | 1.61 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.42) | (0.04) | (0.12) | (0.31) | (0.13) |
| Net Realized Gain | (3.56) | (0.29) | (0.78) | (1.28) |  |
| Total Distributions | (3.98) | (0.33) | (0.90) | (1.59) | (0.13) |
| **Net Asset Value, End of Period** | $10.18 | $13.72 | $12.08 | $15.17 | $16.15 |
| **Total Return<sup>(2)</sup>** | 2.50% | 16.38%<sup>(3)</sup> | (14.37)% | 4.07% | 11.00% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $34343 | $43492 | $330721 | $58739 | $60346 |
| Ratio of Expenses Before Expense Limitation | 1.42% | 1.38% | 1.26% | 1.07% | 1.43% |
| Ratio of Expenses After Expense Limitation | 1.30%<sup>(4)</sup> | 1.30%<sup>(4)</sup> | 1.23%<sup>(4)</sup> | 1.07%<sup>(4)</sup> | 1.30%<sup>(4)</sup> |
| Ratio of Net Investment Income | 1.37%<sup>(4)</sup> | 1.28%<sup>(4)</sup> | 0.50%<sup>(4)</sup> | 1.57%<sup>(4)</sup> | 0.80%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> |
| Portfolio Turnover Rate | 49% | 28% | 36% | 20% | 20% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**International Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $13.30 | $11.91 | $14.93 | $15.91 | $14.50 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.12 | 0.10 | 0.10 | 0.14 | 0.06 |
| Net Realized and Unrealized Gain (Loss) | 0.24 | 1.77 | (2.33) | 0.35 | 1.45 |
| Total from Investment Operations | 0.36 | 1.87 | (2.23) | 0.49 | 1.51 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.36) | (0.19) | (0.01) | (0.19) | (0.10) |
| Net Realized Gain | (3.56) | (0.29) | (0.78) | (1.28) |  |
| Total Distributions | (3.92) | (0.48) | (0.79) | (1.47) | (0.10) |
| **Net Asset Value, End of Period** | $9.74 | $13.30 | $11.91 | $14.93 | $15.91 |
| **Total Return<sup>(2)</sup>** | 1.92% | 15.80%<sup>(3)</sup> | (14.86)% | 3.34% | 10.40% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2961 | $3843 | $3579 | $5394 | $5513 |
| Ratio of Expenses Before Expense Limitation | 1.88% | 1.84% | 1.85% | 1.79% | 1.83% |
| Ratio of Expenses After Expense Limitation | 1.80%<sup>(4)</sup> | 1.79%<sup>(4)(5)</sup> | 1.80%<sup>(4)</sup> | 1.79%<sup>(4)</sup> | 1.80%<sup>(4)</sup> |
| Ratio of Net Investment Income | 0.87%<sup>(4)</sup> | 0.78%<sup>(4)(5)</sup> | 0.77%<sup>(4)</sup> | 0.88%<sup>(4)</sup> | 0.41%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 49% | 28% | 36% | 20% | 20% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class L shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class L shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.80% | 0.77% |

---

(6) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**International Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $12.98 | $11.63 | $14.63 | $15.64 | $14.26 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.08 | 0.07 | 0.06 | 0.09 | 0.02 |
| Net Realized and Unrealized Gain (Loss) | 0.24 | 1.73 | (2.28) | 0.34 | 1.43 |
| Total from Investment Operations | 0.32 | 1.80 | (2.22) | 0.43 | 1.45 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.32) | (0.16) |  | (0.16) | (0.07) |
| Net Realized Gain | (3.56) | (0.29) | (0.78) | (1.28) |  |
| Total Distributions | (3.88) | (0.45) | (0.78) | (1.44) | (0.07) |
| **Net Asset Value, End of Period** | $9.42 | $12.98 | $11.63 | $14.63 | $15.64 |
| **Total Return<sup>(2)</sup>** | 1.69% | 15.56%<sup>(3)</sup> | (15.12)% | 3.02% | 10.17% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $381 | $1109 | $1098 | $929 | $776 |
| Ratio of Expenses Before Expense Limitation | 2.30% | 2.32% | 2.28% | 2.33% | 2.41% |
| Ratio of Expenses After Expense Limitation | 2.05%<sup>(4)</sup> | 2.04%<sup>(4)(5)</sup> | 2.05%<sup>(4)</sup> | 2.05%<sup>(4)</sup> | 2.05%<sup>(4)</sup> |
| Ratio of Net Investment Income | 0.62%<sup>(4)</sup> | 0.53%<sup>(4)(5)</sup> | 0.48%<sup>(4)</sup> | 0.58%<sup>(4)</sup> | 0.15%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 49% | 28% | 36% | 20% | 20% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 2.05% | 0.52% |

---

(6) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**International Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $13.57 | $12.13 | $15.21 | $16.19 | $14.74 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.25 | 0.22 | 0.22 | 0.30 | 0.18 |
| Net Realized and Unrealized Gain (Loss) | 0.23 | 1.82 | (2.38) | 0.33 | 1.50 |
| Total from Investment Operations | 0.48 | 2.04 | (2.16) | 0.63 | 1.68 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.48) | (0.31) | (0.14) | (0.33) | (0.23) |
| Net Realized Gain | (3.56) | (0.29) | (0.78) | (1.28) |  |
| Total Distributions | (4.04) | (0.60) | (0.92) | (1.61) | (0.23) |
| **Net Asset Value, End of Period** | $10.01 | $13.57 | $12.13 | $15.21 | $16.19 |
| **Total Return<sup>(3)</sup>** | 2.81% | 16.96%<sup>(4)</sup> | (14.14)% | 4.24% | 11.39% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $137160 | $240372 | $245372 | $453413 | $468152 |
| Ratio of Expenses Before Expense Limitation | 0.94% | 0.93% | 0.92% | 0.91% | 0.91% |
| Ratio of Expenses After Expense Limitation | 0.91%<sup>(5)</sup> | 0.90%<sup>(5)(6)</sup> | 0.92%<sup>(5)</sup> | 0.91%<sup>(5)</sup> | 0.91%<sup>(5)</sup> |
| Ratio of Net Investment Income | 1.76%<sup>(5)</sup> | 1.67%<sup>(5)(6)</sup> | 1.67%<sup>(5)</sup> | 1.76%<sup>(5)</sup> | 1.31%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 49% | 28% | 36% | 20% | 20% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.91% | 1.66% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relate to the International Equity Portfolio. The Fund seeks long-term capital appreciation by investing primarily in equity securities of non-U.S. issuers.

The Fund has issued five classes of shares — Class I, Class A, Class L, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. On April 30, 2015, the Fund suspended offering of Class L shares. Existing Class L shareholders may invest through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) 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; (2) 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; (3) 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") (the "Sub-Adviser"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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; (5) 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 (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $— | $11552 | $— | $11552 |
| Air Freight & Logistics |  | 12917 |  | 12917 |
| Banks |  | 38988 |  | 38988 |
| Beverages |  | 33664 |  | 33664 |
| Capital Markets |  | 30543 |  | 30543 |
| Electrical Equipment |  | 13300 |  | 13300 |
| Electronic Equipment, <br>Instruments & <br>Components |  | 42928 |  | 42928 |
| Entertainment |  | 12375 |  | 12375 |
| Food Products |  | 9223 |  | 9223 |
| Hotels, Restaurants & <br>Leisure |  | 15058 |  | 15058 |
| Household Durables |  | 10184 |  | 10184 |
| Household Products |  | 7595 |  | 7595 |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Information Technology <br>Services | $— | $16722 | $— |  | $16722 |  |
| Insurance |  | 36131 |  |  | 36131 |  |
| Interactive Media & <br>Services |  | 26683 |  |  | 26683 |  |
| Life Sciences Tools & <br>Services |  | 16750 |  |  | 16750 |  |
| Machinery |  | 33281 |  |  | 33281 |  |
| Metals & Mining | 9490 | 12029 |  |  | 21519 |  |
| Oil, Gas & Consumable <br>Fuels | 7481 | 12228 |  |  | 19709 |  |
| Personal Care Products |  | 35842 |  |  | 35842 |  |
| Pharmaceuticals |  | 48150 |  |  | 48150 |  |
| Professional Services |  | 16948 |  |  | 16948 |  |
| Semiconductors & <br>Semiconductor <br>Equipment | 9288 | 28356 |  |  | 37644 |  |
| Software | 13482 | 39441 |  |  | 52923 |  |
| Tech Hardware, <br>Storage & <br>Peripherals |  | 7618 |  |  | 7618 |  |
| Textiles, Apparel & <br>Luxury Goods |  | 25981 |  |  | 25981 |  |
| **Total Common Stocks** | **39741** | **594487** | **—** |  | **634228** |  |
| **Warrants** |  |  |  | † |  | † |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 1669 |  |  |  | 1669 |  |
| **Total Assets** | $**41410** | $**594487** | $**—** | **†** | $**635897** | **†** |

---

† Includes a security valued at zero.

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

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

---

| | | |
|:---|:---|:---|
| | **Warrants<br>(000)** | **Warrants<br>(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 <br>(depreciation) from investments still <br>held as of December 31, 2024 | $— |  |

---

† Includes a security valued at zero.

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**5. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**6. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in

doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**7. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory/Sub-Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | |
|:---|:---|
| **First $3<br>billion** | **Over $3<br>billion** |
| 0.80% | 0.75% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.78% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.95% for Class I shares, 1.30% for Class A shares, 1.80% for Class L shares, 2.05% for Class C shares and 0.91% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $267,000 of advisory fees were waived and approximately $816,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to approximately $3,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $569,027,000 and $1,306,793,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Treasury Securities

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $30,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $24332 | $316198 | $338861 | $788 |

---

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| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain <br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $1669 |

---

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she

receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions <br>Paid From:** | **2024 <br>Distributions <br>Paid From:** | **2023<br>Distributions<br>Paid From:** | **2023<br>Distributions<br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $31118 | $183558 | $40051 | $17925 |

---

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2024.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $9678 | $79627 |

---

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 72.0%.

**K. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due

to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

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**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of International Equity Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of International Equity Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386620_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year end December 31, 2024.

The Fund designated and paid approximately $183,558,000 as a long-term capital gain distribution.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $28,082,000 as taxable at this lower rate.

The Fund intends to pass through foreign tax credits of approximately $2,794,000 and has derived net income from sources within foreign countries amounting to approximately $31,672,000.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

(This page has been left blank intentionally.)

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Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386620_za004.jpg)

MIQBX-NCSR 12.31.24

------

![](j25386621_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

International Opportunity Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386621_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsolidatedPortfolioofInvestments-21) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsolidatedStatementofAssetsandLiabilities-21) | 3 |
| [Consolidated Statement of Operations](#ConsolidatedStatementofOperations-21) | 5 |
| [Consolidated Statements of Changes in Net Assets](#ConsolidatedStatementsofChangesinNetAssets-21) | 6 |
| [Consolidated Financial Highlights](#ConsolidatedFinancialHighlights-21) | 8 |
| [Notes to Consolidated Financial Statements](#NotestoConsolidatedFinancialStatements-21) | 14 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-21) | 23 |
| [Federal Tax Notice](#FederalTaxNotice-21) | 24 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments

**International Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (98.4%)** | **Common Stocks (98.4%)** | **Common Stocks (98.4%)** |
| Brazil (5.2%) | Brazil (5.2%) | Brazil (5.2%) |
| Cia de Saneamento Basico do Estado <br>de Sao Paulo SABESP | 799591 | $11438 |
| NU Holdings Ltd., Class A (a) | 2550296 | 26421 |
|  |  | 37859 |
| Canada (4.4%) | Canada (4.4%) | Canada (4.4%) |
| Canadian Pacific Kansas City Ltd. | 114805 | 8313 |
| Shopify, Inc., Class A (a) | 222610 | 23670 |
|  |  | 31983 |
| China (13.1%) | China (13.1%) | China (13.1%) |
| Kweichow Moutai Co. Ltd., Class A | 69231 | 14455 |
| Meituan, Class B (a)(b) | 1488720 | 28946 |
| PDD Holdings, Inc. ADR (a) | 90173 | 8746 |
| Tencent Holdings Ltd. (b) | 212100 | 11320 |
| Trip.com Group Ltd. ADR (a) | 454721 | 31221 |
|  |  | 94688 |
| Denmark (6.5%) | Denmark (6.5%) | Denmark (6.5%) |
| DSV AS | 219999 | 46852 |
| France (12.0%) | France (12.0%) | France (12.0%) |
| Hermes International SCA | 13084 | 31393 |
| L'Oreal SA | 31719 | 11229 |
| LVMH Moet Hennessy Louis Vuitton SE | 22587 | 14858 |
| Schneider Electric SE | 117544 | 29263 |
|  |  | 86743 |
| India (13.2%) | India (13.2%) | India (13.2%) |
| Axis Bank Ltd. | 888175 | 11013 |
| HDFC Bank Ltd. | 1302140 | 26928 |
| ICICI Bank Ltd. ADR | 1018040 | 30399 |
| Titan Co. Ltd. | 363331 | 13774 |
| Zomato Ltd. (a) | 4254501 | 13782 |
|  |  | 95896 |
| Italy (3.3%) | Italy (3.3%) | Italy (3.3%) |
| Moncler SpA | 457094 | 24130 |
| Japan (5.8%) | Japan (5.8%) | Japan (5.8%) |
| Keyence Corp. | 38600 | 15690 |
| Sanrio Co. Ltd. | 745000 | 25969 |
|  |  | 41659 |
| Korea, Republic of (6.6%) | Korea, Republic of (6.6%) | Korea, Republic of (6.6%) |
| Coupang, Inc. (a) | 1407673 | 30941 |
| KakaoBank Corp. | 1167589 | 16497 |
|  |  | 47438 |
| Netherlands (4.2%) | Netherlands (4.2%) | Netherlands (4.2%) |
| Adyen NV (a) | 7155 | 10633 |
| ASML Holding NV | 28501 | 19963 |
|  |  | 30596 |
| Singapore (1.9%) | Singapore (1.9%) | Singapore (1.9%) |
| Grab Holdings Ltd., Class A (a) | 2990363 | 14114 |
| Sweden (4.8%) | Sweden (4.8%) | Sweden (4.8%) |
| Spotify Technology SA (a) | 77701 | 34762 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Switzerland (2.0%) | Switzerland (2.0%) | Switzerland (2.0%) |
| On Holding AG, Class A (a) | 263601 | $14437 |
| Taiwan (4.1%) | Taiwan (4.1%) | Taiwan (4.1%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 913000 | 29673 |
| United Kingdom (3.2%) | United Kingdom (3.2%) | United Kingdom (3.2%) |
| London Stock Exchange Group PLC | 161981 | 22864 |
| United States (8.1%) | United States (8.1%) | United States (8.1%) |
| Liberty Media Corp. — Liberty Formula One, <br>Class C (a) | 193018 | 17885 |
| MercadoLibre, Inc. (a) | 23933 | 40697 |
|  |  | 58582 |
| **Total Common Stocks (Cost $487,774)**  | **Total Common Stocks (Cost $487,774)**  | 712276 |
| **Short-Term Investment (1.7%)** | **Short-Term Investment (1.7%)** | **Short-Term Investment (1.7%)** |
| Investment Company (1.7%) | Investment Company (1.7%) | Investment Company (1.7%) |
| Morgan Stanley Institutional Liquidity<br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $12,161)** | 12160642 | 12161 |
| **Total Investments (100.1%) (Cost $499,935) (c)(d)** | **Total Investments (100.1%) (Cost $499,935) (c)(d)** | 724437 |
| Liabilities in Excess of Other Assets (–0.1%) | Liabilities in Excess of Other Assets (–0.1%) | (984) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $723453 |

---

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 approximate fair value and percentage of net assets, $430,670,000 and 59.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements.

(d) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $515,877,000. The aggregate gross unrealized appreciation is approximately $268,513,000 and the aggregate gross unrealized depreciation is approximately $60,558,000, resulting in net unrealized appreciation of approximately $207,955,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 29.2% |
| Banks | 15.3 |
| Textiles, Apparel & Luxury Goods | 13.6 |
| Broadline Retail | 11.1 |
| Hotels, Restaurants & Leisure | 10.2 |
| Entertainment | 7.3 |
| Semiconductors & Semiconductor Equipment | 6.8 |
| Air Freight & Logistics | 6.5 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Opportunity Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $487,774) | $712276 |
| Investment in Security of Affiliated Issuer, at Value (Cost $12,161) | 12161 |
| Total Investments in Securities, at Value (Cost $499,935) | 724437 |
| Foreign Currency, at Value (Cost $9) | 9 |
| Cash | 2 |
| Receivable for Investments Sold | 3876 |
| Tax Reclaim Receivable | 408 |
| Receivable for Fund Shares Sold | 205 |
| Dividends Receivable | 103 |
| Receivable from Affiliate | 38 |
| Other Assets | 132 |
| **Total Assets** | 729210 |
| **Liabilities:** | **Liabilities:** |
| Payable for Fund Shares Redeemed | 1666 |
| Payable for Investments Purchased | 1591 |
| Payable for Advisory Fees | 1492 |
| Deferred Capital Gain Country Tax | 564 |
| Payable for Sub Transfer Agency Fees — Class I | 74 |
| Payable for Sub Transfer Agency Fees — Class A | 18 |
| Payable for Sub Transfer Agency Fees — Class L |  |
| Payable for Sub Transfer Agency Fees — Class C | 2 |
| Payable for Custodian Fees | 90 |
| Payable for Shareholder Services Fees — Class A | 37 |
| Payable for Distribution and Shareholder Services Fees — Class L |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 16 |
| Payable for Administration Fees | 52 |
| Payable for Professional Fees | 17 |
| Payable for Transfer Agency Fees — Class I | 6 |
| Payable for Transfer Agency Fees — Class A | 2 |
| Payable for Transfer Agency Fees — Class L |  |
| Payable for Transfer Agency Fees — Class C | 1 |
| Payable for Transfer Agency Fees — Class R6 | 2 |
| Payable for Transfer Agency Fees — Class IR |  |
| Other Liabilities | 127 |
| **Total Liabilities** | 5757 |
| **Net Assets** | $723453 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $861434 |
| Total Accumulated Loss | (137981 |
| **Net Assets** | $723453 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Opportunity Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $534510 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 18711583 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $28.57 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $167662 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 6084786 |
| **Net Asset Value, Redemption Price Per Share** | $27.55 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $1.53 |
| **Maximum Offering Price Per Share** | $29.08 |
| **CLASS L:** | **CLASS L:** |
| **Net Assets** | $203 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 7950 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $25.60 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $17885 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 714111 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $25.05 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $3180 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 110742 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $28.72 |
| **CLASS IR:** | **CLASS IR:** |
| **Net Assets** | $13 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 442 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $28.72 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Opportunity Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers\* (Net of $822 of Foreign Taxes Withheld) | $5183 |
| Dividends from Security of Affiliated Issuer (Note G) | 564 |
| Income from Securities Loaned — Net | 74 |
| Total Investment Income | 5821 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 7384 |
| Sub Transfer Agency Fees — Class I | 565 |
| Sub Transfer Agency Fees — Class A | 239 |
| Sub Transfer Agency Fees — Class L |  |
| Sub Transfer Agency Fees — Class C | 20 |
| Administration Fees (Note C) | 739 |
| Shareholder Services Fees — Class A (Note D) | 481 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 1 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 214 |
| Professional Fees | 237 |
| Custodian Fees (Note F) | 220 |
| Registration Fees | 99 |
| Transfer Agency Fees — Class I (Note E) | 47 |
| Transfer Agency Fees — Class A (Note E) | 10 |
| Transfer Agency Fees — Class L (Note E) | 2 |
| Transfer Agency Fees — Class C (Note E) | 5 |
| Transfer Agency Fees — Class R6 (Note E) | 13 |
| Transfer Agency Fees — Class IR (Note E) | 2 |
| Shareholder Reporting Fees | 76 |
| Directors' Fees and Expenses | 17 |
| Interest Expenses | 11 |
| Pricing Fees | 2 |
| Other Expenses | 71 |
| Total Expenses | 10455 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (253 |
| Reimbursement of Class Specific Expenses — Class L (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (13 |
| Reimbursement of Class Specific Expenses — Class IR (Note B) | (2 |
| Waiver of Advisory Fees (Note B) | (163 |
| Rebate from Morgan Stanley Affiliate (Note G) | (22 |
| Net Expenses | 10000 |
| **Net Investment Loss** | (4179 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $1,017 of Capital Gain Country Tax) | 188393 |
| Foreign Currency Transaction | (481 |
| Net Realized Gain | 187912 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Decrease in Deferred Capital Gain Country Tax of $1,398) | (4821 |
| Foreign Currency Translation | (32 |
| Net Change in Unrealized Appreciation (Depreciation) | (4853 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 183059 |
| Net Increase in Net Assets Resulting from Operations | $178880 |

---

\* Includes foreign tax reclaims for previously withheld taxes on dividends earned in certain European Union countries in the amount of approximately $179,000.

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Loss | $(4179 | $(3508) |
| Net Realized Gain (Loss) | 187912 | (93646) |
| Net Change in Unrealized Appreciation (Depreciation) | (4853 | 326112 |
| Net Increase in Net Assets Resulting from Operations | 178880 | 228958 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (851 |  |
| **Class R6** | (7 |  |
| **Class IR** | (— |  |
| Total Dividends and Distributions to Shareholders | (858 |  |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 75619 | 159442 |
| Distributions Reinvested | 830 |  |
| Redeemed | (331767 | (278543) |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 25246 | 27984 |
| Redeemed | (96570 | (85941) |
| **Class L:** | **Class L:** | **Class L:** |
| Redeemed | (32 |  |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 464 | 829 |
| Redeemed | (11145 | (10009) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 1218 | 8578 |
| Distributions Reinvested | 7 |  |
| Redeemed | (33774 | (132028) |
| **Class IR:** | **Class IR:** | **Class IR:** |
| Distributions Reinvested |  |  |
| Redeemed | (161578 | (14000) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (531482 | (323688) |
| Redemption Fees | 5 | 14 |
| Total Decrease in Net Assets | (353455 | (94716) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 1076908 | 1171624 |
| End of Period | $723453 | $1076908 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets (cont'd) | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 2856 | 7063 |
| Shares Issued on Distributions Reinvested | 28 |  |
| Shares Redeemed | (12650 | (12350) |
| Net Decrease in Class I Shares Outstanding | (9766 | (5287) |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 989 | 1264 |
| Shares Redeemed | (3737 | (3916) |
| Net Decrease in Class A Shares Outstanding | (2748 | (2652) |
| **Class L:** | **Class L:** | **Class L:** |
| Shares Redeemed | (2 |  |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 19 | 41 |
| Shares Redeemed | (478 | (493) |
| Net Decrease in Class C Shares Outstanding | (459 | (452) |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 48 | 378 |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (1355 | (5678) |
| Net Decrease in Class R6 Shares Outstanding | (1307 | (5300) |
| **Class IR:** | **Class IR:** | **Class IR:** |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (5400 | (624) |
| Net Decrease in Class IR Shares Outstanding | (5400 | (624) |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**International Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $23.98 | $19.80 | $38.44 | $41.46 | $26.73 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.10) | (0.05) | (0.10) | (0.30) | (0.22) |
| Net Realized and Unrealized Gain (Loss) | 4.73 | 4.23 | (16.71) | (1.90) | 15.05 |
| Total from Investment Operations | 4.63 | 4.18 | (16.81) | (2.20) | 14.83 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.04) |  |  |  |  |
| Net Realized Gain |  |  | (1.83) | (0.82) | (0.10) |
| Total Distributions | (0.04) |  | (1.83) | (0.82) | (0.10) |
| **Redemption Fees**  | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $28.57 | $23.98 | $19.80 | $38.44 | $41.46 |
| **Total Return<sup>(4)</sup>** | 19.32% | 21.11%<sup>(5)</sup> | (43.76)% | (5.24)% | 55.49% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $534510 | $682842 | $668597 | $3229961 | $3152320 |
| Ratio of Expenses Before Expense Limitation | 1.06% | 0.94% | 1.11% | 0.99% | 0.98% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(6)</sup> | 0.91%<sup>(6)(7)</sup> | 1.00%<sup>(6)</sup> | 0.99%<sup>(6)</sup> | 0.97%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 1.00%<sup>(6)</sup> | N/A | 1.00%<sup>(6)</sup> | 0.99%<sup>(6)</sup> | N/A |
| Ratio of Net Investment Loss | (0.37)%<sup>(6)</sup> | (0.21)%<sup>(6)(7)</sup> | (0.39)%<sup>(6)</sup> | (0.70)%<sup>(6)</sup> | (0.70)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 28% | 20% | 18% | 36% | 25% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.94% | (0.24)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**International Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period**  | $23.17 | $19.19 | $37.49 | $40.57 | $26.23 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.18) | (0.12) | (0.19) | (0.41) | (0.30) |
| Net Realized and Unrealized Gain (Loss) | 4.56 | 4.10 | (16.28) | (1.85) | 14.74 |
| Total from Investment Operations | 4.38 | 3.98 | (16.47) | (2.26) | 14.44 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  | (1.83) | (0.82) | (0.10) |
| **Redemption Fees** | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $27.55 | $23.17 | $19.19 | $37.49 | $40.57 |
| **Total Return<sup>(4)</sup>** | 18.90% | 20.74%<sup>(5)</sup> | (43.96)% | (5.50)% | 55.06% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $167662 | $204639 | $220442 | $638203 | $683897 |
| Ratio of Expenses Before Expense Limitation | 1.34% | 1.26% | 1.35% | 1.28% | 1.26% |
| Ratio of Expenses After Expense Limitation | 1.32%<sup>(6)</sup> | 1.23%<sup>(6)(7)</sup> | 1.35%<sup>(6)</sup> | 1.28%<sup>(6)</sup> | 1.25%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 1.32%<sup>(6)</sup> | N/A | 1.35%<sup>(6)</sup> | 1.28%<sup>(6)</sup> | N/A |
| Ratio of Net Investment Loss | (0.69)%<sup>(6)</sup> | (0.53)%<sup>(6)(7)</sup> | (0.78)%<sup>(6)</sup> | (0.99)%<sup>(6)</sup> | (0.96)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 28% | 20% | 18% | 36% | 25% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.26% | (0.56)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**International Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period**  | $21.64 | $18.04 | $35.60 | $38.79 | $25.23 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.29) | (0.23) | (0.29) | (0.62) | (0.44) |
| Net Realized and Unrealized Gain (Loss) | 4.25 | 3.83 | (15.44) | (1.75) | 14.10 |
| Total from Investment Operations | 3.96 | 3.60 | (15.73) | (2.37) | 13.66 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  | (1.83) | (0.82) | (0.10) |
| **Redemption Fees**  | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $25.60 | $21.64 | $18.04 | $35.60 | $38.79 |
| **Total Return<sup>(4)</sup>** | 18.30% | 20.02%<sup>(5)</sup> | (44.24)% | (6.04)% | 54.15% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $203 | $205 | $171 | $448 | $533 |
| Ratio of Expenses Before Expense Limitation | 3.02% | 3.03% | 2.62% | 2.15% | 2.14% |
| Ratio of Expenses After Expense Limitation | 1.85%<sup>(6)</sup> | 1.82%<sup>(6)(7)</sup> | 1.85%<sup>(6)</sup> | 1.85%<sup>(6)</sup> | 1.84%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 1.85%<sup>(6)</sup> | N/A | 1.85%<sup>(6)</sup> | 1.85%<sup>(6)</sup> | N/A |
| Ratio of Net Investment Loss | (1.22)%<sup>(6)</sup> | (1.10)%<sup>(6)(7)</sup> | (1.25)%<sup>(6)</sup> | (1.56)%<sup>(6)</sup> | (1.54)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 28% | 20% | 18% | 36% | 25% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class L shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class L shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.85% | (1.13)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**International Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period**  | $21.21 | $17.71 | $35.08 | $38.29 | $24.94 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.33) | (0.25) | (0.34) | (0.66) | (0.48) |
| Net Realized and Unrealized Gain (Loss) | 4.17 | 3.75 | (15.20) | (1.73) | 13.93 |
| Total from Investment Operations | 3.84 | 3.50 | (15.54) | (2.39) | 13.45 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  | (1.83) | (0.82) | (0.10) |
| **Redemption Fees**  | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $25.05 | $21.21 | $17.71 | $35.08 | $38.29 |
| **Total Return<sup>(4)</sup>** | 18.06% | 19.83%<sup>(5)</sup> | (44.36)% | (6.17)% | 53.94% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $17885 | $24887 | $28775 | $91503 | $90845 |
| Ratio of Expenses Before Expense Limitation | 2.07% | 1.99% | 2.07% | 1.98% | 1.98% |
| Ratio of Expenses After Expense Limitation | 2.06%<sup>(6)</sup> | 1.97%<sup>(6)(7)</sup> | 2.06%<sup>(6)</sup> | 1.98%<sup>(6)</sup> | 1.97%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 2.06%<sup>(6)</sup> | N/A | 2.06%<sup>(6)</sup> | 1.98%<sup>(6)</sup> | N/A |
| Ratio of Net Investment Loss | (1.43)%<sup>(6)</sup> | (1.26)%<sup>(6)(7)</sup> | (1.47)%<sup>(6)</sup> | (1.69)%<sup>(6)</sup> | (1.68)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 28% | 20% | 18% | 36% | 25% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(5) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.99% | (1.28)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**International Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period**  | $24.10 | $19.90 | $38.58 | $41.56 | $26.77 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(3)</sup> | (0.08) | (0.05) | (0.09) | (0.25) | (0.18) |
| Net Realized and Unrealized Gain (Loss) | 4.75 | 4.25 | (16.76) | (1.91) | 15.07 |
| Total from Investment Operations | 4.67 | 4.20 | (16.85) | (2.16) | 14.89 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.06) |  |  |  |  |
| Net Realized Gain |  |  | (1.83) | (0.82) | (0.10) |
| Total Distributions | (0.06) |  | (1.83) | (0.82) | (0.10) |
| **Redemption Fees**  | 0.01 | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> |
| **Net Asset Value, End of Period** | $28.72 | $24.10 | $19.90 | $38.58 | $41.56 |
| **Total Return<sup>(5)</sup>** | 19.42% | 21.11%<sup>(6)</sup> | (43.70)% | (5.13)% | 55.63% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3180 | $34160 | $133702 | $131721 | $101008 |
| Ratio of Expenses Before Expense Limitation | 1.11% | 0.96% | 0.94% | 0.90% | 0.90% |
| Ratio of Expenses After Expense Limitation | 0.94%<sup>(7)</sup> | 0.92%<sup>(7)(8)</sup> | 0.92%<sup>(7)</sup> | 0.88%<sup>(7)</sup> | 0.88%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 0.94%<sup>(7)</sup> | N/A | 0.92%<sup>(7)</sup> | 0.88%<sup>(7)</sup> | N/A |
| Ratio of Net Investment Loss | (0.30)%<sup>(7)</sup> | (0.22)%<sup>(7)(8)</sup> | (0.35)%<sup>(7)</sup> | (0.59)%<sup>(7)</sup> | (0.59)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% |
| Portfolio Turnover Rate | 28% | 20% | 18% | 36% | 25% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Amount is less than $0.005 per share.

(5) Calculated based on the net asset value as of the last business day of the period.

(6) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.94% | (0.24)% |

---

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**International Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period**  | $24.11 | $19.91 | $38.60 | $41.58 | $26.78 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.08) | (0.05) | (0.09) | (0.25) | (0.19) |
| Net Realized and Unrealized Gain (Loss) | 4.75 | 4.25 | (16.77) | (1.91) | 15.09 |
| Total from Investment Operations | 4.67 | 4.20 | (16.86) | (2.16) | 14.90 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.06) |  |  |  |  |
| Net Realized Gain |  |  | (1.83) | (0.82) | (0.10) |
| Total Distributions | (0.06) |  | (1.83) | (0.82) | (0.10) |
| **Redemption Fees**  | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period**  | $28.72 | $24.11 | $19.91 | $38.60 | $41.58 |
| **Total Return<sup>(4)</sup>**  | 19.37% | 21.09%<sup>(5)</sup> | (43.70)% | (5.13)% | 55.64% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $13 | $130175 | $119937 | $141615 | $149281 |
| Ratio of Expenses Before Expense Limitation | 0.95% | 0.94% | 0.92% | 0.88% | 0.89% |
| Ratio of Expenses After Expense Limitation | 0.94%<sup>(6)</sup> | 0.91%<sup>(6)(7)</sup> | 0.92%<sup>(6)</sup> | 0.88%<sup>(6)</sup> | 0.88%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 0.94%<sup>(6)</sup> | N/A | 0.92%<sup>(6)</sup> | 0.88%<sup>(6)</sup> | N/A |
| Ratio of Net Investment Loss | (0.30)%<sup>(6)</sup> | (0.21)%<sup>(6)(7)</sup> | (0.36)%<sup>(6)</sup> | (0.59)%<sup>(6)</sup> | (0.60)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% |
| Portfolio Turnover Rate | 28% | 20% | 18% | 36% | 25% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class IR shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class IR shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.94% | (0.24)% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying consolidated financial statements relate to the International Opportunity Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued six classes of shares — Class I, Class A, Class L, Class C, Class R6 and Class IR. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. On April 30, 2015, the Fund suspended offering of Class L shares. Existing Class L shareholders may invest through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, International Opportunity Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoin ETFs").The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the

positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of December 31, 2024, the Subsidiary represented 0% of the net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

**1. Security Valuation:** (1) 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; (2) 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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; (3) 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"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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; (5) 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 (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Air Freight & Logistics | $— | $46852 | $— | $46852 |
| Banks | 56820 | 54438 |  | 111258 |
| Beverages |  | 14455 |  | 14455 |
| Broadline Retail | 80384 |  |  | 80384 |
| Capital Markets |  | 22864 |  | 22864 |
| Electrical Equipment |  | 29263 |  | 29263 |
| Electronic Equipment, <br>Instruments & <br>Components |  | 15690 |  | 15690 |
| Entertainment | 52647 |  |  | 52647 |
| Financial Services |  | 10633 |  | 10633 |
| Ground Transportation | 22427 |  |  | 22427 |
| Hotels, Restaurants & <br>Leisure | 31221 | 42728 |  | 73949 |
| Information Technology <br>Services | 23670 |  |  | 23670 |
| Interactive Media & <br>Services |  | 11320 |  | 11320 |
| Personal Care Products |  | 11229 |  | 11229 |
| Semiconductors & <br>Semiconductor <br>Equipment |  | 49636 |  | 49636 |
| Specialty Retail |  | 25969 |  | 25969 |
| Textiles, Apparel & <br>Luxury Goods | 14437 | 84155 |  | 98592 |
| Water Utilities |  | 11438 |  | 11438 |
| **Total Common Stocks** | **281606** | **430670** | **—** | **712276** |
| **Short-Term Investment**  | **Short-Term Investment**  | **Short-Term Investment**  | **Short-Term Investment**  | **Short-Term Investment**  |
| Investment Company | 12161 |  |  | 12161 |
| **Total Assets** | $**293767** | $**430670** | $**—** | $**724437** |

---

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

**3. Repurchase Agreements:** The Fund may enter into repurchase agreements under which the Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

**4. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**5. Securities Lending:** The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the

fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Consolidated Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

At December 31, 2024, the Fund did not have any outstanding securities on loan.

**6. Redemption Fees:** The Fund will assess a 2% redemption fee, on Class I shares, Class A shares, Class L shares, Class C shares, Class R6 shares and Class IR shares which is paid directly to the Fund, for shares redeemed or exchanged within thirty days of purchase, subject to certain exceptions. The redemption fee is designed to protect the Fund and its remaining shareholders from the effects of short-term trading. These fees, if any, are included in the Consolidated Statements of Changes in Net Assets.

**7. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

**8. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**9. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**10. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | |
|:---|:---|
| **First $1<br>billion** | **Over $1<br>billion** |
| 0.80% | 0.75% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.78% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00% for Class I shares, 1.35% for Class A shares, 1.85% for Class L shares, 2.10% for Class C shares, 0.94% for Class R6 shares and 0.94% for Class IR shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $163,000 of advisory fees were waived and approximately $270,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency

Fees" in the Consolidated Statement of Operations, amounted to approximately $7,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $256,434,000 and $794,259,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $22,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $16307 | $307576 | $311722 | $564 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain <br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $12161 |

---

During the year ended December 31, 2024, the Fund incurred approximately $5,000 in brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of the Fund.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded that there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions <br>Paid From:** | **2024 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $858 | $— | $— | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, primarily due to a net operating loss resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Accumulated<br>Loss<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $10633 | $(10633) |

---

At December 31, 2024, the Fund had no distributable earnings on a tax basis.

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $153,543,000 and $192,308,000, respectively, that do not have an expiration date.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $164,447,000.

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 62.5%.

**K. Market Risk and Risks Relating to Certain Financial Instruments:**

**Bitcoin:** The Fund may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by bitcoin ETFs (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin ETFs investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile and subject to sharp declines.

The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Bitcoin ETF exposure could result in substantial losses to the Fund.

**Market:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or negatively impact broad segments of businesses and populations and have a significant and

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

rapid negative impact on the performance of the Fund's investments, and exacerbate preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of International Opportunity Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of International Opportunity Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the consolidated portfolio of investments, as of December 31, 2024, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the four years in the period then ended, the financial highlights for the year ended December 31, 2020 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, its consolidated financial highlights for each of the four years in the period then ended and its financial highlights for the year ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386621_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $4,939,000 as taxable at this lower rate.

The Fund intends to pass through foreign tax credits of approximately $1,809,000 and has derived net income from sources within foreign countries amounting to approximately $6,622,000.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386621_za004.jpg)

MIOPX-NCSR 12.31.24

------

![](j25386622_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

International Resilience Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386622_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#PortfolioofInvestments-22) | 2 |
| [Statement of Assets and Liabilities](#StatementofAssetsandLiabilities-22) | 4 |
| [Statement of Operations](#StatementofOperations-22) | 5 |
| [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-22) | 6 |
| [Financial Highlights](#FinancialHighlights-22) | 7 |
| [Notes to Financial Statements](#NotestoFinancialStatements-22) | 11 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-22) | 18 |
| [Federal Tax Notice](#FederalTaxNotice-22) | 19 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments

**International Resilience Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (93.6%)** | **Common Stocks (93.6%)** | **Common Stocks (93.6%)** |
| Australia (1.6%) | Australia (1.6%) | Australia (1.6%) |
| Aristocrat Leisure Ltd. | 722 | $31 |
| Canada (2.4%) | Canada (2.4%) | Canada (2.4%) |
| Constellation Software, Inc. | 15 | 46 |
| Denmark (1.8%) | Denmark (1.8%) | Denmark (1.8%) |
| DSV AS | 166 | 35 |
| Finland (2.5%) | Finland (2.5%) | Finland (2.5%) |
| Kone OYJ, Class B | 971 | 47 |
| France (19.8%) | France (19.8%) | France (19.8%) |
| Capgemini SE | 335 | 55 |
| Dassault Systemes SE | 1288 | 45 |
| Legrand SA | 504 | 49 |
| L'Oreal SA | 208 | 74 |
| LVMH Moet Hennessy Louis Vuitton SE | 71 | 47 |
| Pernod Ricard SA | 357 | 40 |
| Safran SA | 192 | 42 |
| Sanofi SA | 230 | 22 |
|  |  | 374 |
| Germany (15.5%) | Germany (15.5%) | Germany (15.5%) |
| Deutsche Boerse AG | 252 | 58 |
| Infineon Technologies AG | 900 | 29 |
| Merck KGaA | 223 | 33 |
| QIAGEN NV (a) | 1298 | 58 |
| SAP SE | 467 | 115 |
|  |  | 293 |
| Hong Kong (2.4%) | Hong Kong (2.4%) | Hong Kong (2.4%) |
| AIA Group Ltd. | 6400 | 46 |
| Italy (3.3%) | Italy (3.3%) | Italy (3.3%) |
| Davide Campari-Milano NV | 6123 | 38 |
| Moncler SpA | 472 | 25 |
|  |  | 63 |
| Japan (2.2%) | Japan (2.2%) | Japan (2.2%) |
| Keyence Corp. | 100 | 41 |
| Netherlands (5.4%) | Netherlands (5.4%) | Netherlands (5.4%) |
| ASML Holding NV | 79 | 55 |
| Universal Music Group NV | 1869 | 48 |
|  |  | 103 |
| Sweden (4.4%) | Sweden (4.4%) | Sweden (4.4%) |
| Epiroc AB, Class A | 1546 | 27 |
| Hexagon AB, Class B | 5887 | 56 |
|  |  | 83 |
| Switzerland (0.9%) | Switzerland (0.9%) | Switzerland (0.9%) |
| Alcon AG | 197 | 17 |
| Taiwan (2.1%) | Taiwan (2.1%) | Taiwan (2.1%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 199 | 39 |
| United Kingdom (18.9%) | United Kingdom (18.9%) | United Kingdom (18.9%) |
| AstraZeneca PLC | 344 | 45 |
| Experian PLC | 997 | 43 |
| Haleon PLC | 13007 | 61 |
| Halma PLC | 1959 | 66 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| London Stock Exchange Group PLC | 347 | $49 |
| RELX PLC (LSE) | 1008 | 45 |
| Rightmove PLC | 5958 | 48 |
|  |  | 357 |
| United States (10.4%) | United States (10.4%) | United States (10.4%) |
| Aon PLC, Class A | 115 | 41 |
| Procter & Gamble Co. | 290 | 49 |
| Thermo Fisher Scientific, Inc. | 73 | 38 |
| Visa, Inc., Class A | 214 | 68 |
|  |  | 196 |
| **Total Common Stocks (Cost $1,598)** | **Total Common Stocks (Cost $1,598)** | 1771 |
|  | **No. of<br>Warrants** |  |
| **Warrants (0.0%)** | **Warrants (0.0%)** | **Warrants (0.0%)** |
| Canada (0.0%) | Canada (0.0%) | Canada (0.0%) |
| Constellation Software, Inc.<br>expires 3/31/40 (a)(b) **(Cost $—)** | 31 |  |
|  | **Shares** |  |
| **Short-Term Investment (1.2%)** | **Short-Term Investment (1.2%)** | **Short-Term Investment (1.2%)** |
| Investment Company (1.2%) | Investment Company (1.2%) | Investment Company (1.2%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $23)** | 23181 | 23 |
| **Total Investments (94.8%) (Cost $1,621) (c)(d)** | **Total Investments (94.8%) (Cost $1,621) (c)(d)** | 1794 |
| Other Assets in Excess of Liabilities (5.2%) | Other Assets in Excess of Liabilities (5.2%) | 98 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $1892 |

---

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 December 31, 2024, 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 approximate fair value and percentage of net assets, $1,490,000 and 78.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(d) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $1,634,000. The aggregate gross unrealized appreciation is approximately $261,000 and the aggregate gross unrealized depreciation is approximately $102,000, resulting in net unrealized appreciation of approximately $159,000.

ADR American Depositary Receipt.

LSE London Stock Exchange.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments (cont'd)

**International Resilience Portfolio**

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 48.1% |
| Software | 11.5 |
| Electronic Equipment, Instruments & Components | 9.0 |
| Personal Care Products | 7.5 |
| Semiconductors & Semiconductor Equipment | 6.9 |
| Capital Markets | 6.0 |
| Pharmaceuticals | 5.6 |
| Life Sciences Tools & Services | 5.4 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Resilience Portfolio**

---

| | | |
|:---|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2024<br>(000)** | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $1,598) | $1771 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $23) | 23 |  |
| Total Investments in Securities, at Value (Cost $1,621) | 1794 |  |
| Foreign Currency, at Value (Cost $4) | 4 |  |
| Due from Adviser | 90 |  |
| Receivable for Investments Sold | 4 |  |
| Tax Reclaim Receivable |  | @ |
| Dividends Receivable |  | @ |
| Receivable from Affiliate |  | @ |
| Other Assets | 34 |  |
| **Total Assets** | 1926 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Professional Fees | 13 |  |
| Payable for Custodian Fees | 12 |  |
| Payable for Administration Fees |  | @ |
| Payable for Transfer Agency Fees — Class I |  | @ |
| Payable for Transfer Agency Fees — Class A |  | @ |
| Payable for Transfer Agency Fees — Class C |  | @ |
| Payable for Transfer Agency Fees — Class R6 |  | @ |
| Payable for Shareholder Services Fees — Class A |  | @ |
| Payable for Distribution and Shareholder Services Fees — Class C |  | @ |
| Other Liabilities | 9 |  |
| **Total Liabilities** | 34 |  |
| **Net Assets** | $1892 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $1716 |  |
| Total Distributable Earnings | 176 |  |
| **Net Assets** | $1892 |  |
| **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $1699 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 152408 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $11.14 |  |
| **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $77 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 6907 |  |
| **Net Asset Value, Redemption Price Per Share** | $11.11 |  |
| **Maximum Sales Load** | 5.25 | % |
| **Maximum Sales Charge** | $0.62 |  |
| **Maximum Offering Price Per Share** | $11.73 |  |
| **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $57 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5223 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $10.99 |  |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $59 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5297 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $11.15 |  |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Resilience Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $4 of Foreign Taxes Withheld) | $26 |
| Dividends from Security of Affiliated Issuer (Note G) | 1 |
| Total Investment Income | 27 |
| **Expenses:** | **Expenses:** |
| Professional Fees | 151 |
| Registration Fees | 55 |
| Custodian Fees (Note F) | 30 |
| Shareholder Reporting Fees | 18 |
| Advisory Fees (Note B) | 13 |
| Transfer Agency Fees — Class I (Note E) | 2 |
| Transfer Agency Fees — Class A (Note E) | 2 |
| Transfer Agency Fees — Class C (Note E) | 2 |
| Transfer Agency Fees — Class R6 (Note E) | 2 |
| Pricing Fees | 4 |
| Directors' Fees and Expenses | 2 |
| Administration Fees (Note C) | 1 |
| Shareholder Services Fees — Class A (Note D) |  |
| Distribution and Shareholder Services Fees — Class C (Note D) | 1 |
| Sub Transfer Agency Fees — Class I |  |
| Sub Transfer Agency Fees — Class A |  |
| Sub Transfer Agency Fees — Class C |  |
| Other Expenses | 19 |
| Total Expenses | 302 |
| Expenses Reimbursed by Adviser (Note B) | (266 |
| Waiver of Advisory Fees (Note B) | (13 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (1 |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2 |
| Rebate from Morgan Stanley Affiliate (Note G) | (— |
| Net Expenses | 16 |
| **Net Investment Income** | 11 |
| **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 86 |
| Foreign Currency Transaction | (1 |
| Net Realized Gain | 85 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | (32 |
| Foreign Currency Translation | (— |
| Net Change in Unrealized Appreciation (Depreciation) | (32 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 53 |
| Net Increase in Net Assets Resulting from Operations | $64 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**International Resilience Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $11 | $14 |
| Net Realized Gain (Loss) | 85 | (3 |
| Net Change in Unrealized Appreciation (Depreciation) | (32 | 230 |
| Net Increase in Net Assets Resulting from Operations | 64 | 241 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (61 | (31 |
| **Class A** | (3 | (1 |
| **Class C** | (2 | (1 |
| **Class R6** | (2 | (1 |
| Total Dividends and Distributions to Shareholders | (68 | (34 |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 106 | 1 |
| Distributions Reinvested | 61 | 31 |
| Redeemed | (2 |  |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 18 |  |
| Distributions Reinvested | 3 | 1 |
| **Class C:** | **Class C:** | **Class C:** |
| Distributions Reinvested | 2 | 1 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Distributions Reinvested | 2 | 1 |
| Net Increase in Net Assets Resulting from Capital Share Transactions | 190 | 35 |
| Total Increase in Net Assets | 186 | 242 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 1706 | 1464 |
| End of Period | $1892 | $1706 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 9 |  |
| Shares Issued on Distributions Reinvested | 5 | 3 |
| Shares Redeemed | (— |  |
| Net Increase in Class I Shares Outstanding | 14 | 3 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 2 |  |
| Shares Issued on Distributions Reinvested |  |  |
| Net Increase in Class A Shares Outstanding | 2 |  |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Issued on Distributions Reinvested |  |  |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Issued on Distributions Reinvested |  |  |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**International Resilience Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **Period from<br>July 29, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $11.14 | $9.76 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.07 | 0.10 | 0.00<br><sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | 0.35 | 1.51 | (0.24) |
| Total from Investment Operations | 0.42 | 1.61 | (0.24) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.07) | (0.08) |  |
| Net Realized Gain | (0.35) | (0.15) |  |
| Total Distributions | (0.42) | (0.23) |  |
| **Net Asset Value, End of Period** | $11.14 | $11.14 | $9.76 |
| **Total Return<sup>(4)</sup>** | 3.65% | 16.54%<sup>(5)</sup> | (2.40)%<sup>(6)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1699 | $1536 | $1317 |
| Ratio of Expenses Before Expense Limitation | 15.98% | 19.42% | 25.45%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation | 0.85%<sup>(8)</sup> | 0.73%<sup>(8)(9)</sup> | 0.84%<sup>(7)(8)</sup> |
| Ratio of Net Investment Income | 0.64%<sup>(8)</sup> | 0.91%<sup>(8)(9)</sup> | 0.01%<sup>(7)(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01%<sup>(7)</sup> |
| Portfolio Turnover Rate | 48% | 25% | 7%<sup>(6)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Performance was positively impacted by approximately 0.10% for Class I shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class I shares would have been 16.44%.

(6) Not annualized.

(7) Annualized.

(8) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(9) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.85% | 0.79% |

---

(10) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**International Resilience Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **Period from<br>July 29, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $11.12 | $9.75 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.03 | 0.06 | (0.01) |
| Net Realized and Unrealized Gain (Loss) | 0.35 | 1.51 | (0.24) |
| Total from Investment Operations | 0.38 | 1.57 | (0.25) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.04) | (0.05) |  |
| Net Realized Gain | (0.35) | (0.15) |  |
| Total Distributions | (0.39) | (0.20) |  |
| **Net Asset Value, End of Period** | $11.11 | $11.12 | $9.75 |
| **Total Return<sup>(3)</sup>** | 3.30% | 16.06%<sup>(4)</sup> | (2.50)%<sup>(5)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $77 | $57 | $49 |
| Ratio of Expenses Before Expense Limitation | 19.68% | 23.60% | 30.17%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 1.20%<sup>(7)</sup> | 1.08%<sup>(7)(8)</sup> | 1.20%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income (Loss) | 0.28%<sup>(7)</sup> | 0.55%<sup>(7)(8)</sup> | (0.35)%<sup>(6)(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(6)(9)</sup> |
| Portfolio Turnover Rate | 48% | 25% | 7%<sup>(5)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.10% for Class A shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class A shares would have been 15.96%.

(5) Not annualized.

(6) Annualized.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.20% | 0.43% |

---

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**International Resilience Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **Period from<br>July 29, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $11.05 | $9.71 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.05) | (0.02) | (0.04) |
| Net Realized and Unrealized Gain (Loss) | 0.34 | 1.51 | (0.25) |
| Total from Investment Operations | 0.29 | 1.49 | (0.29) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (0.35) | (0.15) |  |
| **Net Asset Value, End of Period** | $10.99 | $11.05 | $9.71 |
| **Total Return<sup>(3)</sup>** | 2.52% | 15.33%<sup>(4)</sup> | (2.90)%<sup>(5)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $57 | $56 | $49 |
| Ratio of Expenses Before Expense Limitation | 20.59% | 24.37% | 30.92%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 1.95%<sup>(7)</sup> | 1.83%<sup>(7)(8)</sup> | 1.95%<sup>(6)(7)</sup> |
| Ratio of Net Investment Loss | (0.46)%<sup>(7)</sup> | (0.19)%<sup>(7)(8)</sup> | (1.10)%<sup>(6)(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(6)(9)</sup> |
| Portfolio Turnover Rate | 48% | 25% | 7%<sup>(5)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.10% for Class C shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class C shares would have been 15.23%.

(5) Not annualized.

(6) Annualized.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.95% | (0.31)% |

---

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**International Resilience Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Class R6** | **Class R6** |
| | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **Period from<br>July 29, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $11.14 | $9.76 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.08 | 0.10 | 0.00<br><sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | 0.36 | 1.52 | (0.24) |
| Total from Investment Operations | 0.44 | 1.62 | (0.24) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.08) | (0.09) |  |
| Net Realized Gain | (0.35) | (0.15) |  |
| Total Distributions | (0.43) | (0.24) |  |
| **Net Asset Value, End of Period** | $11.15 | $11.14 | $9.76 |
| **Total Return<sup>(4)</sup>** | 3.79% | 16.60%<sup>(5)</sup> | (2.40)%<sup>(6)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $59 | $57 | $49 |
| Ratio of Expenses Before Expense Limitation | 19.30% | 23.18% | 29.95%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation | 0.80%<sup>(8)</sup> | 0.68%<sup>(8)(9)</sup> | 0.80%<sup>(7)(8)</sup> |
| Ratio of Net Investment Income | 0.69%<sup>(8)</sup> | 0.96%<sup>(8)(9)</sup> | 0.05%<sup>(7)(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(7)(10)</sup> |
| Portfolio Turnover Rate | 48% | 25% | 7%<sup>(6)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Performance was positively impacted by approximately 0.11% for Class R6 shares due to the reimbursement of transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class R6 shares would have been 16.49%.

(6) Not annualized.

(7) Annualized.

(8) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(9) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.80% | 0.84% |

---

(10) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relate to the International Resilience Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued four classes of shares — Class I, Class A, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) 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; (2) 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; (3) 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") (the "Sub-Adviser"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines 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; (5) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $— | $42 | $— | $42 |
| Air Freight & Logistics |  | 35 |  | 35 |
| Beverages |  | 78 |  | 78 |
| Capital Markets |  | 107 |  | 107 |
| Electrical Equipment |  | 49 |  | 49 |
| Electronic Equipment, <br>Instruments & <br>Components |  | 163 |  | 163 |
| Entertainment |  | 48 |  | 48 |
| Financial Services | 68 |  |  | 68 |
| Health Care Equipment & <br>Supplies |  | 17 |  | 17 |
| Hotels, Restaurants & <br>Leisure |  | 31 |  | 31 |
| Household Products | 49 |  |  | 49 |
| Information Technology <br>Services |  | 55 |  | 55 |
| Insurance | 41 | 46 |  | 87 |
| Interactive Media & <br>Services |  | 48 |  | 48 |
| Life Sciences Tools & <br>Services | 38 | 58 |  | 96 |
| Machinery |  | 74 |  | 74 |
| Personal Care Products |  | 135 |  | 135 |
| Pharmaceuticals |  | 100 |  | 100 |
| Professional Services |  | 88 |  | 88 |
| Semiconductors & <br>Semiconductor <br>Equipment | 39 | 84 |  | 123 |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Software | $46 | $160 | $— |  | $206 |  |
| Textiles, Apparel & <br>Luxury Goods |  | 72 |  |  | 72 |  |
| **Total Common Stocks** | **281** | **1490** | **—** |  | **1771** |  |
| **Warrants** |  |  |  | † |  | † |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 23 |  |  |  | 23 |  |
| **Total Assets** | $**304** | $**1490** | $**—** | **†** | $**1794** | **†** |

---

† Includes a security valued at zero.

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

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

---

| | | |
|:---|:---|:---|
| | **Warrants<br>(000)** | **Warrants<br>(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 <br>(depreciation) from investments still <br>held as of December 31, 2024 | $— |  |

---

† Includes a security valued at zero.

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the

results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**5. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**6. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**7. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments.

The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory/Sub-Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | |
|:---|:---|
| **First $500<br>million** | **Over $500<br>million** |
| 0.70% | 0.65% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.00% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.85% for Class I shares, 1.20% for Class A shares, 1.95% for Class C shares and 0.80% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $13,000 of advisory fees were waived and approximately $273,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement. As of December 31, 2024, amounts owed by the Adviser to the Fund are reflected in Due from Adviser on the Statement of Assets and Liabilities.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the

Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to less than $500.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $988,000 and $847,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $22 | $690 | $689 | $1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain <br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $23 |

---

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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax

return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the three-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions <br>Paid From:** | **2024 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $17 | $51 | $27 | $7 |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, due to a nondeductible expense, resulted in the following reclassification among the components of net assets at December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Total<br>Distributable<br>Earnings<br>(000)** | **Total<br>Distributable<br>Earnings<br>(000)** | **Paid-in-<br>Capital<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $— | @ | $(— | @) |

---

@ Value is less than $500.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $3 | $14 |

---

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund did not have record owners of 10% or greater.

**K. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of International Resilience Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of International Resilience Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period from July 29, 2022 (commencement of operations) through December 31, 2022 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended and the period from July 29, 2022 (commencement of operations) through December 31, 2022, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386622_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024. For corporate shareholders 8.07% of the dividends qualified for the dividends received deduction.

The Fund designated and paid approximately $51,000 as a long-term capital gain distribution.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $28,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386622_za004.jpg)

MSDFX-NCSR 12.31.24

------

![](j25386623_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Multi-Asset Real Return Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386623_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsolidatedPortfolioofInvestments-23) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsolidatedStatementofAssetsandLiabilities-23) | 6 |
| [Consolidated Statement of Operations](#ConsolidatedStatementofOperations-23) | 8 |
| [Consolidated Statements of Changes in Net Assets](#ConsolidatedStatementsofChangesinNetAssets-23) | 9 |
| [Consolidated Financial Highlights](#ConsolidatedFinancialHighlights-23) | 10 |
| [Notes to Consolidated Financial Statements](#NotestoConsolidatedFinancialStatements-23) | 14 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-23) | 26 |
| [Federal Tax Notice](#FederalTaxNotice-23) | 27 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments

**Multi-Asset Real Return Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (22.5%)** | **Common Stocks (22.5%)** | **Common Stocks (22.5%)** |
| Australia (1.7%) | Australia (1.7%) | Australia (1.7%) |
| Ampol Ltd. | 49 | $1 |
| BHP Group Ltd. | 1619 | 40 |
| BlueScope Steel Ltd. | 142 | 2 |
| Capricorn Metals Ltd. (a) | 587 | 2 |
| Emerald Resources NL (a) | 947 | 2 |
| Evolution Mining Ltd. | 3063 | 9 |
| Fortescue Ltd. | 541 | 6 |
| Genesis Minerals Ltd. (a) | 1789 | 3 |
| Gold Road Resources Ltd. | 1772 | 2 |
| James Hardie Industries PLC (a) | 141 | 4 |
| Mineral Resources Ltd. | 56 | 1 |
| Northern Star Resources Ltd. | 1952 | 19 |
| Orica Ltd. | 154 | 2 |
| Perseus Mining Ltd. | 2157 | 3 |
| Pilbara Minerals Ltd. (a) | 912 | 1 |
| Ramelius Resources Ltd. | 1810 | 2 |
| Regis Resources Ltd. (a) | 1156 | 2 |
| Rio Tinto Ltd. | 118 | 9 |
| Santos Ltd. | 676 | 3 |
| South32 Ltd. | 1447 | 3 |
| Vault Minerals Ltd. (a) | 10242 | 2 |
| West African Resources Ltd. (a) | 1621 | 1 |
| Westgold Resources Ltd. | 718 | 1 |
| Woodside Energy Group Ltd. | 396 | 6 |
|  |  | 126 |
| Austria (0.0%)‡ | Austria (0.0%)‡ | Austria (0.0%)‡ |
| OMV AG | 32 | 1 |
| Voestalpine AG | 39 | 1 |
|  |  | 2 |
| Belgium (0.0%)‡ | Belgium (0.0%)‡ | Belgium (0.0%)‡ |
| Syensqo SA | 23 | 1 |
| Umicore SA | 71 | 1 |
|  |  | 2 |
| Canada (4.7%) | Canada (4.7%) | Canada (4.7%) |
| Agnico Eagle Mines Ltd. (NYSE) | 489 | 38 |
| Agnico Eagle Mines Ltd. (TSX) | 159 | 12 |
| Alamos Gold, Inc., Class A | 608 | 11 |
| ARC Resources Ltd. | 123 | 2 |
| Aya Gold & Silver, Inc. (a) | 184 | 1 |
| B2Gold Corp. | 1945 | 5 |
| Barrick Gold Corp. (NYSE) | 1791 | 28 |
| Barrick Gold Corp. (LSE) (TSX) | 562 | 9 |
| Calibre Mining Corp. (a) | 1115 | 2 |
| Cameco Corp. | 89 | 5 |
| Canadian Natural Resources Ltd. | 440 | 14 |
| CCL Industries, Inc., Class B | 48 | 2 |
| Cenovus Energy, Inc. | 291 | 4 |
| Centerra Gold, Inc. | 323 | 2 |
| Dundee Precious Metals, Inc. | 281 | 3 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| Eldorado Gold Corp. (a) | 308 | $| 5 |
| Enbridge, Inc. | 442 |  | 19 |
| Equinox Gold Corp. (a) | 486 |  | 2 |
| First Majestic Silver Corp. | 432 |  | 2 |
| First Quantum Minerals Ltd. (a) | 226 |  | 3 |
| Fortuna Mining Corp. (a) | 461 |  | 2 |
| Franco-Nevada Corp. (NYSE) | 189 |  | 22 |
| Franco-Nevada Corp. (TSX) | 61 |  | 7 |
| IAMGOLD Corp. (a) | 749 |  | 4 |
| Imperial Oil Ltd. | 38 |  | 2 |
| Ivanhoe Mines Ltd., Class A (a)(b) | 203 |  | 2 |
| K92 Mining, Inc. (a) | 359 |  | 2 |
| Keyera Corp. | 48 |  | 1 |
| Kinross Gold Corp. (NYSE) | 1855 |  | 17 |
| Kinross Gold Corp. (TSX) | 392 |  | 4 |
| Lundin Mining Corp. (b) | 210 |  | 2 |
| MAG Silver Corp. (a) | 155 |  | 2 |
| MEG Energy Corp. | 57 |  | 1 |
| New Gold, Inc. (a) | 1043 |  | 3 |
| Nutrien Ltd. | 158 |  | 7 |
| OceanaGold Corp. | 1055 |  | 3 |
| Osisko Gold Royalties Ltd. | 281 |  | 5 |
| Pan American Silver Corp. (NYSE) (b) | 117 |  | 2 |
| Pan American Silver Corp. (TSX) | 547 |  | 11 |
| Parkland Corp. | 31 |  | 1 |
| Pembina Pipeline Corp. | 120 |  | 4 |
| Sandstorm Gold Ltd. | 449 |  | 3 |
| SilverCrest Metals, Inc. (a) | 222 |  | 2 |
| South Bow Corp. (b) | 43 |  | 1 |
| SSR Mining, Inc. (a) | 306 |  | 2 |
| Suncor Energy, Inc. | 266 |  | 10 |
| TC Energy Corp. (b) | 216 |  | 10 |
| Teck Resources Ltd., Class B | 148 |  | 6 |
| Torex Gold Resources, Inc. (a) | 132 |  | 3 |
| Tourmaline Oil Corp. (b) | 70 |  | 3 |
| Wesdome Gold Mines Ltd. (a) | 228 |  | 2 |
| West Fraser Timber Co. Ltd. | 18 |  | 2 |
| Wheaton Precious Metals Corp. (NYSE) | 446 |  | 25 |
| Wheaton Precious Metals Corp. (TSX) | 145 |  | 8 |
|  |  |  | 350 |
| China (0.3%) | China (0.3%) | China (0.3%) | China (0.3%) |
| Zhaojin Mining Industry Co. Ltd., H Shares (c) | 4383 |  | 6 |
| Zijin Mining Group Co. Ltd., H Shares (c) | 8084 |  | 15 |
|  |  |  | 21 |
| Denmark (0.1%) | Denmark (0.1%) | Denmark (0.1%) | Denmark (0.1%) |
| Novozymes AS Series B | 119 |  | 7 |
| Finland (0.1%) | Finland (0.1%) | Finland (0.1%) | Finland (0.1%) |
| Neste OYJ | 89 |  | 1 |
| Stora Enso OYJ, Class R | 187 |  | 2 |
| UPM-Kymmene OYJ | 171 |  | 5 |
|  |  |  | 8 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments (cont'd)

**Multi-Asset Real Return Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| France (0.8%) | France (0.8%) | France (0.8%) |
| Air Liquide SA | 184 | $30 |
| ArcelorMittal SA | 163 | 4 |
| Arkema SA | 19 | 1 |
| TotalEnergies SE | 453 | 25 |
|  |  | 60 |
| Germany (0.4%) | Germany (0.4%) | Germany (0.4%) |
| BASF SE | 285 | 13 |
| Covestro AG (a) | 61 | 4 |
| Evonik Industries AG | 75 | 1 |
| Heidelberg Materials AG | 41 | 5 |
| Symrise AG | 42 | 4 |
|  |  | 27 |
| Ireland (0.3%) | Ireland (0.3%) | Ireland (0.3%) |
| CRH PLC | 223 | 21 |
| Israel (0.0%)‡ | Israel (0.0%)‡ | Israel (0.0%)‡ |
| ICL Group Ltd. | 244 | 1 |
| Italy (0.1%) | Italy (0.1%) | Italy (0.1%) |
| Eni SpA | 458 | 6 |
| Tenaris SA | 99 | 2 |
|  |  | 8 |
| Japan (0.7%) | Japan (0.7%) | Japan (0.7%) |
| Asahi Kasei Corp. | 401 | 3 |
| ENEOS Holdings, Inc. | 599 | 3 |
| Idemitsu Kosan Co. Ltd. | 202 | 1 |
| Inpex Corp. (b) | 203 | 3 |
| JFE Holdings, Inc. | 184 | 2 |
| Mitsubishi Chemical Group Corp. | 410 | 2 |
| Mitsui Chemicals, Inc. | 54 | 1 |
| Nippon Paint Holdings Co. Ltd. | 303 | 2 |
| Nippon Sanso Holdings Corp. | 56 | 2 |
| Nippon Steel Corp. | 273 | 5 |
| Nissan Chemical Corp. | 39 | 1 |
| Nitto Denko Corp. | 230 | 4 |
| Shin-Etsu Chemical Co. Ltd. | 576 | 19 |
| Sumitomo Metal Mining Co. Ltd. | 79 | 2 |
| Toray Industries, Inc. | 443 | 3 |
|  |  | 53 |
| Netherlands (0.1%) | Netherlands (0.1%) | Netherlands (0.1%) |
| Akzo Nobel NV | 54 | 3 |
| DSM-Firmenich AG | 59 | 6 |
| OCI NV | 36 | 1 |
|  |  | 10 |
| Norway (0.1%) | Norway (0.1%) | Norway (0.1%) |
| Aker BP ASA | 66 | 1 |
| Equinor ASA | 188 | 5 |
| Norsk Hydro ASA | 424 | 2 |
| Yara International ASA | 54 | 1 |
|  |  | 9 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Peru (0.1%) | Peru (0.1%) | Peru (0.1%) |
| Cia de Minas Buenaventura SAA ADR | 381 | $4 |
| Portugal (0.0%)‡ | Portugal (0.0%)‡ | Portugal (0.0%)‡ |
| Galp Energia SGPS SA | 97 | 2 |
| South Africa (0.3%) | South Africa (0.3%) | South Africa (0.3%) |
| DRDGOLD Ltd. ADR | 134 | 1 |
| Gold Fields Ltd. ADR | 1110 | 15 |
| Harmony Gold Mining Co. Ltd. ADR | 949 | 8 |
|  |  | 24 |
| Spain (0.1%) | Spain (0.1%) | Spain (0.1%) |
| Repsol SA | 254 | 3 |
| Sweden (0.1%) | Sweden (0.1%) | Sweden (0.1%) |
| Boliden AB | 87 | 2 |
| Holmen AB, Class B | 24 | 1 |
| Svenska Cellulosa AB SCA, Class B | 194 | 3 |
|  |  | 6 |
| Switzerland (0.6%) | Switzerland (0.6%) | Switzerland (0.6%) |
| Clariant AG (Registered) (a) | 74 | 1 |
| EMS-Chemie Holding AG (Registered) | 2 | 1 |
| Givaudan SA (Registered) | 3 | 13 |
| Holcim AG (a) | 167 | 16 |
| SIG Group AG (a) | 97 | 2 |
| Sika AG (Registered) (a) | 49 | 12 |
|  |  | 45 |
| United Kingdom (1.9%) | United Kingdom (1.9%) | United Kingdom (1.9%) |
| Anglo American PLC | 406 | 12 |
| Anglogold Ashanti PLC (LSE) | 176 | 4 |
| Anglogold Ashanti PLC (NYSE) | 644 | 15 |
| Antofagasta PLC | 126 | 2 |
| BP PLC | 3571 | 18 |
| Croda International PLC | 42 | 2 |
| Endeavour Mining PLC (LSE) | 58 | 1 |
| Endeavour Mining PLC (TSX) | 375 | 7 |
| Glencore PLC (a) | 3309 | 15 |
| Mondi PLC | 141 | 2 |
| Rio Tinto PLC | 359 | 21 |
| Shell PLC | 1356 | 42 |
|  |  | 141 |
| United States (10.0%) | United States (10.0%) | United States (10.0%) |
| Air Products & Chemicals, Inc. | 71 | 21 |
| Albemarle Corp. | 38 | 3 |
| Amcor PLC | 462 | 4 |
| APA Corp. | 77 | 2 |
| Avery Dennison Corp. | 25 | 5 |
| Baker Hughes Co. | 209 | 9 |
| Ball Corp. | 101 | 6 |
| Celanese Corp. | 33 | 2 |
| CF Industries Holdings, Inc. | 61 | 5 |
| Cheniere Energy, Inc. | 49 | 11 |
| Chevron Corp. | 372 | 54 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments (cont'd)

**Multi-Asset Real Return Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United States (cont'd) | United States (cont'd) | United States (cont'd) |
| Cleveland-Cliffs, Inc. (a) | 162 | $2 |
| Coeur Mining, Inc. (a) | 585 | 3 |
| ConocoPhillips | 278 | 28 |
| Corteva, Inc. | 225 | 13 |
| Coterra Energy, Inc. | 158 | 4 |
| Crown Holdings, Inc. | 39 | 3 |
| Devon Energy Corp. | 133 | 4 |
| Diamondback Energy, Inc. | 35 | 6 |
| Dow, Inc. | 224 | 9 |
| DuPont de Nemours, Inc. | 138 | 10 |
| Eastman Chemical Co. | 38 | 3 |
| Ecolab, Inc. | 83 | 19 |
| EOG Resources, Inc. | 122 | 15 |
| EQT Corp. | 81 | 4 |
| Expand Energy Corp. | 23 | 2 |
| Exxon Mobil Corp. | 944 | 101 |
| FMC Corp. | 39 | 2 |
| Freeport-McMoRan, Inc. | 458 | 17 |
| Halliburton Co. | 186 | 5 |
| Hecla Mining Co. | 950 | 5 |
| Hess Corp. | 57 | 8 |
| HF Sinclair Corp. | 33 | 1 |
| International Flavors & Fragrances, Inc. | 82 | 7 |
| International Paper Co. | 105 | 6 |
| Kinder Morgan, Inc. | 417 | 11 |
| Linde PLC | 155 | 65 |
| LyondellBasell Industries NV, Class A | 84 | 6 |
| Marathon Petroleum Corp. | 79 | 11 |
| Martin Marietta Materials, Inc. | 20 | 10 |
| Mosaic Co. | 105 | 3 |
| Newmont Corp. (TSX) | 1498 | 56 |
| Nucor Corp. | 78 | 9 |
| Occidental Petroleum Corp. | 137 | 7 |
| ONEOK, Inc. | 121 | 12 |
| Ovintiv, Inc. | 53 | 2 |
| Packaging Corp. of America | 28 | 6 |
| Phillips 66 | 91 | 10 |
| PPG Industries, Inc. | 75 | 9 |
| Reliance, Inc. | 19 | 5 |
| Royal Gold, Inc. | 99 | 13 |
| RPM International, Inc. | 41 | 5 |
| Schlumberger NV | 297 | 11 |
| Sherwin-Williams Co. | 78 | 26 |
| Smurfit WestRock PLC | 165 | 9 |
| Steel Dynamics, Inc. | 50 | 6 |
| Targa Resources Corp. | 44 | 8 |
| Texas Pacific Land Corp. | 4 | 4 |
| Valero Energy Corp. | 71 | 9 |
| Vulcan Materials Co. | 42 | 11 |
| Westlake Corp. | 12 | 1 |
| Williams Cos., Inc. | 253 | 14 |
|  |  | 738 |
| **Total Common Stocks (Cost $1,675)** | **Total Common Stocks (Cost $1,675)** | 1668 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| **U.S. Treasury Security (54.3%)** | **U.S. Treasury Security (54.3%)** | **U.S. Treasury Security (54.3%)** |
| United States (54.3%) | United States (54.3%) | United States (54.3%) |
| U.S. Treasury Inflation-Indexed Notes,<br>1.88%, 7/15/34 <br>**(Cost $4,270)** | $4156 | $4028 |
|  | **Shares** |  |
| **Short-Term Investments (25.1%)** | **Short-Term Investments (25.1%)** | **Short-Term Investments (25.1%)** |
| Investment Company (25.0%) | Investment Company (25.0%) | Investment Company (25.0%) |
| Morgan Stanley Institutional <br>Liquidity Funds — Treasury Portfolio — <br>Institutional Class 4.35% (See Note G)<br>**(Cost $1,851)** | 1850569 | 1851 |
| Securities held as Collateral on Loaned Securities (0.1%) | Securities held as Collateral on Loaned Securities (0.1%) | Securities held as Collateral on Loaned Securities (0.1%) |
| Investment Company (0.1%) | Investment Company (0.1%) | Investment Company (0.1%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class 4.29% (See Note G) | 5813 | 6 |
|  | **Face<br>Amount<br>(000)** |  |
| Repurchase Agreement (0.0%)‡ | Repurchase Agreement (0.0%)‡ | Repurchase Agreement (0.0%)‡ |
| Merrill Lynch & Co., Inc., (4.45%, dated <br>12/31/24, due 1/2/25; proceeds $1; fully <br>collateralized by a U.S. Government obligation; <br>4.63% due 4/30/29; valued at $1) | $1 | 1 |
| **Total Securities held as Collateral on <br>Loaned Securities (Cost $7)** | **Total Securities held as Collateral on <br>Loaned Securities (Cost $7)** | 7 |
| **Total Short-Term Investments (Cost $1,858)** | **Total Short-Term Investments (Cost $1,858)** | 1858 |
| **Total Investments (101.9%) (Cost $7,803)<br>Including $23 of Securities Loaned (d)(e)(f)** | **Total Investments (101.9%) (Cost $7,803)<br>Including $23 of Securities Loaned (d)(e)(f)** | 7554 |
| Liabilities in Excess of Other Assets (–1.9%) | Liabilities in Excess of Other Assets (–1.9%) | (139) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $7415 |

---

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 at December 31, 2024.

(c) Security trades on the Hong Kong exchange.

(d) Securities are available for collateral in connection with foreign currency forward exchange contracts, futures contract and swap agreement.

(e) The approximate fair value and percentage of net assets, $526,000 and 7.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements.

(f) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $7,913,000. The aggregate gross unrealized appreciation is approximately $129,000 and the aggregate gross unrealized depreciation is approximately $700,000, resulting in net unrealized depreciation of approximately $571,000.

NYSE New York Stock Exchange.

TSX Toronto Stock Exchange.

LSE London Stock Exchange.

ADR American Depositary Receipt.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

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 December 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Delivery<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| BNP Paribas SA | 10 |  | $13 |  | 3/13/25 | $— | @ |
| Citibank NA | 12 |  | $16 |  | 3/13/25 |  | @ |
| Goldman Sachs International | $— | @ |  | @ | 3/13/25 | (— | @) |
| Goldman Sachs International | $15 |  | 15 |  | 3/13/25 | (— | @) |
| Goldman Sachs International | $1 |  | 10 |  | 3/13/25 | (— | @) |
| JPMorgan Chase Bank NA | 1 |  | $1 |  | 3/13/25 |  | @ |
| JPMorgan Chase Bank NA | $— | @ |  | @ | 3/13/25 | (— | @) |
| JPMorgan Chase Bank NA | $9 |  | 1361 |  | 3/13/25 | (— | @) |
|  |  |  |  |  |  | $(— | @) |

---

**Futures Contract:**

The Fund had the following futures contract open at December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Unrealized<br>Depreciation<br>(000)** |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| COMEX Gold 100 OZ (United States) | 6 | Feb-25 | $1 | $1585 | $(57) |

---

**Total Return Swap Agreement:**

The Fund had the following total return swap agreement open at December 31, 2024:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty** | **Index** | **Pay/Receive<br>Total Return<br>of Reference<br>Index** | **Floating<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Upfront<br>Payment<br>Paid<br>(000)** | **Unrealized<br>Depreciation<br>(000)** |
| Goldman <br>Sachs & Co. LLC | S&P GSCI<br>Total Return Index | Pay | USB3MTA + 0.10% | Maturity | 4/16/25 | $403 | $(29) | $— | $(29) |

---

@&nbsp;&nbsp;&nbsp;&nbsp;Value is less than $500.

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

SEK — Swedish Krona

USD — United States Dollar

**Portfolio Composition\***

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** | **Percentage of<br>Total Investments** |
| U.S. Treasury Security | 53.4 | % |
| Short-Term Investments | 24.5 |  |
| Metals & Mining | 8.4 |  |
| Oil, Gas & Consumable Fuels | 6.9 |  |
| Other\*\* | 6.8 |  |
| Total Investments | 100.0 | %\*\*\* |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2024.

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

\*\*\* Does not include an open futures contract with a value of approximately $1,585,000 and unrealized depreciation of approximately $57,000. 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 $29,000.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Multi-Asset Real Return Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> (Cost $5,946) | $5697 |
| Investment in Security of Affiliated Issuer, at Value (Cost $1,857) | 1857 |
| Total Investments in Securities, at Value (Cost $7,803) | 7554 |
| Foreign Currency, at Value (Cost $17) | 17 |
| Cash from Securities Lending | 1 |
| Receivable for Variation Margin on Futures Contracts | 157 |
| Due from Adviser | 80 |
| Interest Receivable | 36 |
| Receivable from Affiliate | 9 |
| Receivable for Investments Sold | 4 |
| Tax Reclaim Receivable | 2 |
| Dividends Receivable | 1 |
| Unrealized Appreciation on Foreign Currency Forward Exchange Contracts |  |
| Receivable from Securities Lending Income |  |
| Receivable for Fund Shares Sold |  |
| Due from Broker |  |
| Other Assets | 37 |
| **Total Assets** | 7898 |
| **Liabilities:** | **Liabilities:** |
| Payable for Fund Shares Redeemed | 307 |
| Unrealized Depreciation on Swap Agreements | 29 |
| Payable to Bank | 22 |
| Payable for Professional Fees | 21 |
| Payable for Custodian Fees | 17 |
| Collateral on Securities Loaned, at Value | 8 |
| Payable for Shareholder Services Fees — Class A | 1 |
| Payable for Distribution and Shareholder Services Fees — Class C | 2 |
| Deferred Capital Gain Country Tax | 2 |
| Payable for Administration Fees | 1 |
| Payable for Transfer Agency Fees — Class I |  |
| Payable for Transfer Agency Fees — Class A | 1 |
| Payable for Transfer Agency Fees — Class C |  |
| Payable for Transfer Agency Fees — Class R6 |  |
| Unrealized Depreciation on Foreign Currency Forward Exchange Contracts |  |
| Payable for Sub Transfer Agency Fees — Class I |  |
| Payable for Sub Transfer Agency Fees — Class A |  |
| Payable for Sub Transfer Agency Fees — Class C |  |
| Other Liabilities | 72 |
| **Total Liabilities** | 483 |
| **Net Assets** | $7415 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $8288 |
| Total Accumulated Loss | (873 |
| **Net Assets** | $7415 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Multi-Asset Real Return Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $1809 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 185206 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $9.77 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $3457 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 354635 |
| **Net Asset Value, Redemption Price Per Share** | $9.75 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $0.54 |
| **Maximum Offering Price Per Share** | $10.29 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $2139 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 221281 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $9.67 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $10 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 995 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $9.73 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $23 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Multi-Asset Real Return Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Interest from Securities of Unaffiliated Issuers | $648 |
| Dividends from Security of Affiliated Issuer (Note G) | 219 |
| Dividends from Securities of Unaffiliated Issuers (Net of $6 of Foreign Taxes Withheld) | 93 |
| Income from Securities Loaned — Net |  |
| Total Investment Income | 960 |
| **Expenses:** | **Expenses:** |
| Professional Fees | 192 |
| Advisory Fees (Note B) | 127 |
| Registration Fees | 59 |
| Custodian Fees (Note F) | 45 |
| Shareholder Services Fees — Class A (Note D) | 10 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 31 |
| Administration Fees (Note C) | 17 |
| Transfer Agency Fees — Class I (Note E) | 3 |
| Transfer Agency Fees — Class A (Note E) | 3 |
| Transfer Agency Fees — Class C (Note E) | 2 |
| Transfer Agency Fees — Class R6 (Note E) | 3 |
| Sub Transfer Agency Fees — Class I | 3 |
| Sub Transfer Agency Fees — Class A | 3 |
| Sub Transfer Agency Fees — Class C | 2 |
| Directors' Fees and Expenses | 2 |
| Shareholder Reporting Fees |  |
| Pricing Fees |  |
| Other Expenses | 36 |
| Total Expenses | 538 |
| Expenses Reimbursed by Adviser (Note B) | (194 |
| Waiver of Advisory Fees (Note B) | (127 |
| Rebate from Morgan Stanley Affiliate (Note G) | (8 |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (1 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (3 |
| Net Expenses | 205 |
| **Net Investment Income** | 755 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold | 769 |
| Foreign Currency Forward Exchange Contracts | (116 |
| Foreign Currency Transaction |  |
| Futures Contracts | 131 |
| Swap Agreements | (74 |
| Net Realized Gain | 710 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Decrease in Deferred Capital Gain Country Tax of $—@) | (946 |
| Foreign Currency Forward Exchange Contracts | 56 |
| Foreign Currency Translation | (2 |
| Futures Contracts | (870 |
| Swap Agreements | 495 |
| Net Change in Unrealized Appreciation (Depreciation) | (1267 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | (557 |
| Net Increase in Net Assets Resulting from Operations | $198 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Multi-Asset Real Return Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $755 | $1237 |
| Net Realized Gain | 710 | 873 |
| Net Change in Unrealized Appreciation (Depreciation) | (1267 | (527 |
| Net Increase in Net Assets Resulting from Operations | 198 | 1583 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (193 | (1253 |
| **Class A** | (400 | (189 |
| **Class C** | (275 | (137 |
| **Class R6** | (1 | (1 |
| Total Dividends and Distributions to Shareholders | (869 | (1580 |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 44 | 11223 |
| Distributions Reinvested | 193 | 1253 |
| Redeemed | (26386 | (17120 |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 766 | 1993 |
| Distributions Reinvested | 400 | 189 |
| Redeemed | (1635 | (3485 |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 139 | 970 |
| Distributions Reinvested | 275 | 137 |
| Redeemed | (1491 | (2574 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 7 |  |
| Distributions Reinvested | 1 | 1 |
| Redeemed | (12 |  |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (27699 | (7413 |
| Total Decrease in Net Assets | (28370 | (7410 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 35785 | 43195 |
| End of Period | $7415 | $35785 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 4 | 1016 |
| Shares Issued on Distributions Reinvested | 19 | 118 |
| Shares Redeemed | (2408 | (1580 |
| Net Decrease in Class I Shares Outstanding | (2385 | (446 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 71 | 182 |
| Shares Issued on Distributions Reinvested | 39 | 18 |
| Shares Redeemed | (155 | (322 |
| Net Decrease in Class A Shares Outstanding | (45 | (122 |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 13 | 93 |
| Shares Issued on Distributions Reinvested | 27 | 13 |
| Shares Redeemed | (146 | (241 |
| Net Decrease in Class C Shares Outstanding | (106 | (135 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 1 |  |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (1 |  |
| Net Increase (Decrease) in Class R6 Shares Outstanding | (— |  |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Multi-Asset Real Return Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $10.85 | $10.80 | $10.93 | $10.38 | $10.51 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.41 | 0.40 | 0.44 | 0.21 | 0.16 |
| Net Realized and Unrealized Gain (Loss) | (0.38) | 0.17 | (0.10) | 2.04 | (0.14) |
| Total from Investment Operations | 0.03 | 0.57 | 0.34 | 2.25 | 0.02 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (1.11) | (0.52) | (0.43) | (0.26) | (0.15) |
| Net Realized Gain |  |  | (0.04) | (1.44) |  |
| Total Distributions | (1.11) | (0.52) | (0.47) | (1.70) | (0.15) |
| **Net Asset Value, End of Period** | $9.77 | $10.85 | $10.80 | $10.93 | $10.38 |
| **Total Return<sup>(3)</sup>** | (0.10)% | 5.41%<sup>(4)</sup> | 3.11% | 22.11% | 0.39% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1809 | $27897 | $32578 | $30776 | $17942 |
| Ratio of Expenses Before Expense Limitation | 2.30% | 1.56% | 2.03% | 2.76% | 2.93% |
| Ratio of Expenses After Expense Limitation | 0.75%<sup>(5)</sup> | 0.73%<sup>(5)(6)</sup> | 0.76%<sup>(5)</sup> | 0.79%<sup>(5)</sup> | 0.77%<sup>(5)</sup> |
| Ratio of Net Investment Income | 3.80%<sup>(5)</sup> | 3.71%<sup>(5)(6)</sup> | 4.03%<sup>(5)</sup> | 1.80%<sup>(5)</sup> | 1.68%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.04% | 0.04% | 0.03% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 310% | 519% | 797% | 232% | 68% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.76% | 3.68% |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Multi-Asset Real Return Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br><br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $10.87 | $10.81 | $10.95 | $10.41 | $10.53 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.37 | 0.36 | 0.53 | 0.29 | 0.11 |
| Net Realized and Unrealized Gain (Loss) | (0.39) | 0.18 | (0.23) | 1.92 | (0.12) |
| Total from Investment Operations | (0.02) | 0.54 | 0.30 | 2.21 | (0.01) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (1.10) | (0.48) | (0.40) | (0.23) | (0.11) |
| Net Realized Gain |  |  | (0.04) | (1.44) |  |
| Total Distributions | (1.10) | (0.48) | (0.44) | (1.67) | (0.11) |
| **Net Asset Value, End of Period** | $9.75 | $10.87 | $10.81 | $10.95 | $10.41 |
| **Total Return<sup>(3)</sup>** | (0.59)% | 5.09%<sup>(4)</sup> | 2.75% | 21.62% | 0.07% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3457 | $4347 | $5646 | $826 | $43 |
| Ratio of Expenses Before Expense Limitation | 2.69% | 1.96% | 2.37% | 4.14% | 10.61% |
| Ratio of Expenses After Expense Limitation | 1.11%<sup>(5)</sup> | 1.09%<sup>(5)(6)</sup> | 1.10%<sup>(5)</sup> | 1.14%<sup>(5)</sup> | 1.14%<sup>(5)</sup> |
| Ratio of Net Investment Income | 3.44%<sup>(5)</sup> | 3.35%<sup>(5)(6)</sup> | 4.94%<sup>(5)</sup> | 2.48%<sup>(5)</sup> | 1.18%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.04% | 0.04% | 0.03% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 310% | 519% | 797% | 232% | 68% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.11% | 3.33% |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Multi-Asset Real Return Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $10.78 | $10.73 | $10.90 | $10.36 | $10.50 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.29 | 0.28 | 0.45 | 0.08 | 0.05 |
| Net Realized and Unrealized Gain (Loss) | (0.39) | 0.17 | (0.23) | 2.04 | (0.14) |
| Total from Investment Operations | (0.10) | 0.45 | 0.22 | 2.12 | (0.09) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (1.01) | (0.40) | (0.35) | (0.14) | (0.05) |
| Net Realized Gain |  |  | (0.04) | (1.44) |  |
| Total Distributions | (1.01) | (0.40) | (0.39) | (1.58) | (0.05) |
| **Net Asset Value, End of Period** | $9.67 | $10.78 | $10.73 | $10.90 | $10.36 |
| **Total Return<sup>(3)</sup>** | (1.27)% | 4.25%<sup>(4)</sup> | 2.00% | 20.80% | (0.81)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2139 | $3527 | $4957 | $943 | $218 |
| Ratio of Expenses Before Expense Limitation | 3.41% | 2.67% | 3.09% | 4.04% | 5.10% |
| Ratio of Expenses After Expense Limitation | 1.85%<sup>(5)</sup> | 1.84%<sup>(5)(6)</sup> | 1.82%<sup>(5)</sup> | 1.89%<sup>(5)</sup> | 1.89%<sup>(5)</sup> |
| Ratio of Net Investment Income | 2.70%<sup>(5)</sup> | 2.60%<sup>(5)(6)</sup> | 4.23%<sup>(5)</sup> | 0.69%<sup>(5)</sup> | 0.54%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.04% | 0.04% | 0.03% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 310% | 519% | 797% | 232% | 68% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.86% | 2.58% |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Multi-Asset Real Return Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $10.85 | $10.80 | $10.93 | $10.38 | $10.51 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(3)</sup> | 0.42 | 0.41 | 0.44 | 0.20 | 0.16 |
| Net Realized and Unrealized Gain (Loss) | (0.40) | 0.17 | (0.09) | 2.05 | (0.13) |
| Total from Investment Operations | 0.02 | 0.58 | 0.35 | 2.25 | 0.03 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (1.14) | (0.53) | (0.44) | (0.26) | (0.16) |
| Net Realized Gain |  |  | (0.04) | (1.44) |  |
| Total Distributions | (1.14) | (0.53) | (0.48) | (1.70) | (0.16) |
| **Net Asset Value, End of Period** | $9.73 | $10.85 | $10.80 | $10.93 | $10.38 |
| **Total Return<sup>(4)</sup>** | (0.19)% | 5.46%<sup>(5)</sup> | 3.16% | 22.16% | 0.42% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $10 | $14 | $14 | $13 | $11 |
| Ratio of Expenses Before Expense Limitation | 18.01% | 20.91% | 17.86% | 21.20% | 22.80% |
| Ratio of Expenses After Expense Limitation | 0.71%<sup>(6)</sup> | 0.69%<sup>(6)(7)</sup> | 0.72%<sup>(6)</sup> | 0.74%<sup>(6)</sup> | 0.74%<sup>(6)</sup> |
| Ratio of Net Investment Income | 3.85%<sup>(6)</sup> | 3.75%<sup>(6)(7)</sup> | 4.03%<sup>(6)</sup> | 1.75%<sup>(6)</sup> | 1.62%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.04% | 0.04% | 0.03% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 310% | 519% | 797% | 232% | 68% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.71% | 3.73% |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these consolidated financial statements, management has evaluated subsequent events occurring after the date of the Fund's consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying consolidated financial statements relates to the Multi-Asset Real Return Portfolio. The Fund seeks total return, targeted to be in excess of inflation, through capital appreciation and current income.

The Fund has issued four classes of shares — Class I, Class A, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Multi-Asset Real Return Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest, directly or indirectly through the use of derivatives, in securities, commodities, commodity related instruments and other investments, primarily futures, swaps and notes. The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of December 31, 2024, the Subsidiary

represented approximately $1,032,000 or approximately 13.92% of the net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to the commodity markets within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

**1. Security Valuation:** (1) 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; (2) 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

from one or more reputable brokers/dealers; (3) 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; (4) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a reputable broker/dealer. Notes to Consolidated Financial Statements Morgan Stanley Institutional Fund, Inc. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange. Total return swaps may also be fair valued using direct accrual/return calculations if prices on the reference asset on the total return leg of the swap are available from a pricing service/vendor for such instrument. In the event that the reference asset on the total return leg of the swap is a benchmark index, then price of such reference asset may be obtained from a pricing service provider or from the benchmark index sponsor; (5) 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"), 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; (6) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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; (7) 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 (8) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

The Fund invests a significant portion of its assets in securities of real estate investment trusts ("REITs"). The market's perception of prospective declines in private real estate values and other financial assets may result in increased volatility of market prices that can negatively impact the valuation of certain issuers held by the Fund.

**2. 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Chemicals | $216 | $142 | $— | $358 |
| Construction Materials | 21 | 46 |  | 67 |
| Containers & Packaging | 41 | 2 |  | 43 |
| Energy Equipment & <br>Services | 25 | 2 |  | 27 |
| Metals & Mining | 428 | 204 |  | 632 |
| Oil, Gas & Consumable <br>Fuels | 405 | 121 |  | 526 |
| Paper & Forest Products | 2 | 13 |  | 15 |
| **Total Common Stocks** | **1138** | **530** | **—** | **1668** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **U.S. Treasury Security** | $— | $4028 | $— | $4028 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 1857 |  |  | 1857 |
| Repurchase Agreement |  | 1 |  | 1 |
| **Total Short-Term <br>Investments** | **1857** | **1** | **—** | **1858** |
| **Foreign Currency <br>Forward Exchange <br>Contracts** |  |  |  |  |
| **Total Assets** | **2995** | **4559** | **—** | **7554** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency Forward <br>Exchange Contracts** |  | (— |  | (— |
| **Future Contract** | (57) |  |  | (57 |
| **Total Return Swap <br>Agreement** |  | (29 |  | (29 |
| **Total Liabilities** | **(57)** | **(29** | **—** | **(86** |
| **Total** | $**2938** | $**4530** | $**—** | $**7468** |

---

@ Value is less than $500.

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

**3. Repurchase Agreements:** The Fund may enter into repurchase agreements under which the Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

**4. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of

lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**5. Treasury Inflation-Protected Securities:** The Fund may invest in Treasury Inflation-Protected Securities ("TIPS"), including structured bonds in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost. Such adjustments may have a significant impact on the Fund's distributions and may result in a return of capital to shareholders. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

**6. Derivatives:** The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. 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,

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

risks that the transactions may not be liquid, risks arising from margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

**Foreign Currency Forward Exchange Contracts:** In connection with its investments in foreign securities and the Fund also entered into contracts with banks and brokers/dealers to purchase or sell foreign currencies at a future date. A foreign currency forward exchange contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. In addition, the Fund may use cross currency hedging or proxy hedging with respect to currencies in which the Fund has or expects to have portfolio or currency exposure. Cross currency hedges involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange

rate between any two currencies. To the extent hedged by the use of currency contracts, the precise matching of the currency 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. Furthermore, 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. There is additional risk to the extent that currency contracts create exposure to currencies in which the Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts. The use of currency 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. A currency contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized gain or loss. The Fund records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

**Futures:** A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin) and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contract. A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time.

**Swaps:** The Fund may enter into OTC swap contracts or cleared swap transactions. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indices, reference rates, currencies or other instruments. Typically swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Fund's obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each party. Cleared swap transactions may help reduce counterparty credit risk. In a cleared swap, the Fund's ultimate counterparty is a clearinghouse rather than a swap dealer, bank or other financial institution. OTC swap agreements are not entered into or traded on exchanges and often there is no central clearing or guaranty function for OTC swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. During the period swap agreements are open, payments are received from or made to the counterparty or clearing-house based on changes in the value of the contract or variation margin, respectively. The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis based on the type of market participant and U.S. Commodities Futures Trading

Commission ("CFTC") approval of contracts for central clearing and exchange trading.

The Fund may enter into total return swaps in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include, but not be limited to, a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swaps may be used to obtain long or short exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swaps may effectively add leverage to the Fund's portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. Total return swaps are subject to the risk that a counterparty will default on its payment obligations to the Fund thereunder, and conversely, that the Fund will not be able to meet its obligation to the counterparty.

The Fund may enter into interest rate swaps which is an agreement between two parties to exchange their respective commitments to pay or receive interest. Interest rate swaps are generally entered into on a net basis. Interest rate swaps do not involve the delivery of securities, other underlying assets, or principal. Accordingly, the risk of market loss with respect to interest rate swaps is typically limited to the net amount of interest payments that the Fund is contractually obligated to make.

When the Fund has an unrealized loss on a swap agreement, the Fund has instructed the custodian to pledge cash or liquid securities as collateral with a value approximately equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate. If applicable, cash collateral is included with "Due from (to) Broker" in the Consolidated Statement of Assets and Liabilities.

Upfront payments paid or received by the Fund will be reflected as an asset or liability, respectively, in the Consolidated Statement of Assets and Liabilities. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. For OTC swaps, once the interim payments are settled in cash, the net

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

amount is recorded as realized gain (loss) on swap agreement in the Consolidated Statement Operations, in addition to any realized gains (loss) recorded upon the termination of swap agreements.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<br>Consolidated <br>Statement of Assets and<br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Foreign Currency <br>Forward Exchange <br>Contracts | Unrealized Appreciation on <br>Foreign Currency<br>Forward Exchange<br>Contracts | <br>Currency Risk | $— |
|  | **Liability Derivatives<br>Consolidated <br>Statement of Assets and<br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Foreign Currency<br>Forward Exchange <br>Contracts | Unrealized Depreciation on <br>Foreign Currency<br>Forward Exchange<br>Contracts | <br>Currency Risk | $(— |
| Futures Contracts | Variation Margin <br>on Futures Contracts | <br>Commodity Risk | (57 |
| Swap Agreements | Unrealized Depreciation on <br>Swap Agreements | <br>Equity Risk | (29 |
| Total |  |  | $(86 |

---

@ Value is less than $500.

(a) This amount represents the cumulative appreciation (depreciation) as reported in the Consolidated Portfolio of Investments. The Consolidated Statement of Assets and Liabilities only reflects the current day's net variation margin.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended December 31, 2024 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Currency Risk | Foreign Currency<br>Forward Exchange<br>Contracts | $(116) |
| Commodity Risk | Futures Contracts | 450 |
| Interest Rate Risk | Futures Contracts | (319) |
| Interest Rate Risk | Swap Agreements | (74) |
| Total |  | $(59) |

---

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Currency Risk | Foreign Currency<br>Forward Exchange<br>Contracts | $56 |
| Commodity Risk | Futures Contracts | (57) |
| Interest Rate Risk | Futures Contracts | (813) |
| Equity Risk | Swap Agreements | (29) |
| Interest Rate Risk | Swap Agreements | 524 |
| Total |  | $(319) |

---

At December 31, 2024, the Fund's derivative assets and liabilities are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** |
| **Derivatives(a)** | **Assets(b) <br>(000)** | **Assets(b) <br>(000)** | **Liabilities(b)<br>(000)** |
| Foreign Currency Forward Exchange Contracts | $— | @ | $(— |
| Swap Agreements |  |  | (29 |
| Total | $— |  | $(29 |

---

@ Value is less than $500.

(a) Excludes exchange-traded derivatives.

(b) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of December 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in <br>the Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Gross Asset<br>Derivatives<br>Presented in <br>the Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| BNP Paribas SA | $— | @ | $— |  | $— | $— | @ |
| Citibank NA |  | @ |  |  |  |  | @ |
| JPMorgan Chase Bank NA |  | @ | (— | @) |  | 0 |  |
| Total | $— | @ | $(— | @) | $— | $— | @ |
| **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** |
| **Counterparty** | **Gross Liability<br>Derivatives<br>Presented in<br>the Statement of<br>Assets and<br>Liabilities<br>(000)** | **Gross Liability<br>Derivatives<br>Presented in<br>the Statement of<br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Pledged<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| Goldman Sachs <br>International | $29 |  | $— |  | $— | $29 |  |
| JPMorgan Chase <br>Bank NA |  | @ | (— | @) |  | 0 |  |
| Total | $29 |  | $(— | @) | $— | $29 |  |

---

@ Value is less than $500.

For the year ended December 31, 2024, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Foreign Currency Forward Exchange Contracts:** | **Foreign Currency Forward Exchange Contracts:** |
| Average monthly principal amount | $2828000 |
| **Futures Contracts:** | **Futures Contracts:** |
| Average monthly notional value | $9263000 |
| **Swap Agreements:** | **Swap Agreements:** |
| Average monthly notional amount | $6880000 |

---

**7. Securities Lending:** The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any

interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Consolidated Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities** |
| **Gross Asset <br>Amount<br>Presented in <br>the Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| $23<br> (a) | $— | $23<br> (b)(c) | $0 |

---

(a) Represents market value of loaned securities at year end.

(b) The Fund received cash collateral of approximately $8,000 of which approximately $7,000 was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Fund as reported in the Consolidated Portfolio of Investments. As of December 31, 2024, there was uninvested cash of approximately $1,000, which is not reflected in the Consolidated Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $17,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Consolidated Portfolio of Investments.

(c) The actual collateral received is greater than the amount shown here due to overcollateralization.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

FASB ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous<br>(000)** | **<30 days<br>(000)** | **Between<br>30 &<br>90 days<br>(000)** | **>90 Days<br>(000)** | **Total<br>(000)** |
| **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** |
| Common Stocks | $8 | $— | $— | $— | $8 |
| **Total Borrowings** | $**8** | $**—** | $**—** | $**—** | $**8** |
| **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** |  |  |  |  | $**8** |

---

**8. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**9. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**10. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are

accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**11. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | |
|:---|:---|
| **First $1<br>billion** | **Over $1<br>billion** |
| 0.60% | 0.55% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.00% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.80% for Class I shares, 1.15% for Class A shares, 1.90% for Class C shares and 0.75% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $127,000 of advisory fees were waived and approximately $198,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement. As of December 31, 2024, amounts owed by the Adviser to the Fund are reflected in Due from Adviser on the Consolidated Statement of Assets and Liabilities.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of

0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to less than $500.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $7,945,000 and $15,486,000, respectively. For the year ended December 31, 2024, purchases and sales of long-term U.S. Government securities were approximately $27,435,000 and $24,857,000, respectively.

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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

its investment in the Liquidity Fund. For the year ended December 31, 2024, advisory fees paid were reduced by approximately $8,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated <br>Investment <br>Company** | **Value <br>December 31, <br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds <br>from Sales <br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $9269 | $59643 | $67055 | $219 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated <br>Investment <br>Company (cont'd)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31, <br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $1857 |

---

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more

of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024<br>Distributions<br>Paid From:** | **2024<br>Distributions<br>Paid From:** | **2023<br>Distributions<br>Paid From:** | **2023<br>Distributions<br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $869 | $— | $1580 | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, primarily due to tax adjustments related to the Subsidiary and a nondeductible expense, resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Accumulated<br>Loss<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $(1486) | $1486 |

---

At December 31, 2024, the Fund had no distributable earnings on a tax basis.

At December 31, 2024, the Fund had available for federal income tax purposes unused long-term capital losses of approximately $484,000 that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 88.6%.

**K. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and

global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Multi-Asset Real Return Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Multi-Asset Real Return Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the consolidated portfolio of investments, as of December 31, 2024, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the four years in the period then ended, the financial highlights for the year ended December 31, 2020 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, its consolidated financial highlights for each of the four years in the period then ended and its financial highlights for the year ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386623_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024.

The Fund designated approximately $293,000 of its distributions paid as qualified interest income.

The Fund designated approximately $293,000 of its distributions paid as business interest income.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $86,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

(This page has been left blank intentionally.)

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386623_za004.jpg)

MRJAX-NCSR 12.31.24

------

![](j25386624_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Next Gen Emerging Markets Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386624_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#PortfolioofInvestments-24) | 2 |
| [Statement of Assets and Liabilities](#StatementofAssetsandLiabilities-24) | 4 |
| [Statement of Operations](#StatementofOperations-24) | 6 |
| [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-24) | 7 |
| [Financial Highlights](#FinancialHighlights-24) | 9 |
| [Notes to Financial Statements](#NotestoFinancialStatements-24) | 14 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-24) | 21 |
| [Federal Tax Notice](#FederalTaxNoticeunaudited-24) | 22 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments

**Next Gen Emerging Markets Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (98.6%)** | **Common Stocks (98.6%)** | **Common Stocks (98.6%)** |
| Argentina (3.8%) | Argentina (3.8%) | Argentina (3.8%) |
| Despegar.com Corp. (a) | 29136 | $561 |
| Vista Energy SAB de CV ADR (a) | 4782 | 258 |
|  |  | 819 |
| Australia (0.9%) | Australia (0.9%) | Australia (0.9%) |
| Perseus Mining Ltd. | 116575 | 185 |
| Bangladesh (4.0%) | Bangladesh (4.0%) | Bangladesh (4.0%) |
| BRAC Bank PLC | 666099 | 272 |
| Square Pharmaceuticals PLC | 324469 | 591 |
|  |  | 863 |
| Egypt (4.7%) | Egypt (4.7%) | Egypt (4.7%) |
| Commercial International Bank — Egypt (CIB) GDR | 427596 | 634 |
| Fawry for Banking & Payment Technology <br>Services SAE (a) | 2263555 | 381 |
|  |  | 1015 |
| Germany (0.7%) | Germany (0.7%) | Germany (0.7%) |
| Jumia Technologies AG ADR (a) | 39584 | 151 |
| Indonesia (14.0%) | Indonesia (14.0%) | Indonesia (14.0%) |
| Bank Mandiri Persero Tbk. PT | 491100 | 173 |
| Cisarua Mountain Dairy Tbk. PT | 1512600 | 508 |
| Map Aktif Adiperkasa PT | 11430800 | 760 |
| Medikaloka Hermina Tbk. PT | 8760200 | 887 |
| Selamat Sempurna Tbk. PT | 2447900 | 289 |
| Sumber Alfaria Trijaya Tbk. PT | 2251800 | 398 |
|  |  | 3015 |
| Kazakhstan (8.2%) | Kazakhstan (8.2%) | Kazakhstan (8.2%) |
| Halyk Savings Bank of Kazakhstan JSC GDR | 25206 | 488 |
| Kaspi.KZ JSC ADR | 5377 | 509 |
| NAC Kazatomprom JSC GDR | 20484 | 773 |
|  |  | 1770 |
| Kenya (2.0%) | Kenya (2.0%) | Kenya (2.0%) |
| Safaricom PLC | 3207641 | 430 |
| Nigeria (1.5%) | Nigeria (1.5%) | Nigeria (1.5%) |
| Guaranty Trust Holding Co. PLC | 8831203 | 325 |
| Pakistan (6.0%) | Pakistan (6.0%) | Pakistan (6.0%) |
| Meezan Bank Ltd. | 514196 | 442 |
| Systems Ltd. | 380682 | 850 |
|  |  | 1292 |
| Peru (2.9%) | Peru (2.9%) | Peru (2.9%) |
| Credicorp Ltd. | 2386 | 437 |
| Southern Copper Corp. | 1983 | 181 |
|  |  | 618 |
| Philippines (8.5%) | Philippines (8.5%) | Philippines (8.5%) |
| Bank of the Philippine Islands | 184920 | 389 |
| BDO Unibank, Inc. | 139260 | 345 |
| Century Pacific Food, Inc. | 1225900 | 888 |
| International Container Terminal Services, Inc. | 31520 | 210 |
|  |  | 1832 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Poland (0.8%) | Poland (0.8%) | Poland (0.8%) |
| Grupa Kety SA | 1043 | $173 |
| Slovenia (2.9%) | Slovenia (2.9%) | Slovenia (2.9%) |
| Nova Ljubljanska Banka DD GDR | 24874 | 636 |
| South Africa (1.1%) | South Africa (1.1%) | South Africa (1.1%) |
| Standard Bank Group Ltd. | 20691 | 243 |
| Turkey (2.0%) | Turkey (2.0%) | Turkey (2.0%) |
| Logo Yazilim Sanayi Ve Ticaret AS | 142204 | 433 |
| United Arab Emirates (2.6%) | United Arab Emirates (2.6%) | United Arab Emirates (2.6%) |
| Emaar Properties PJSC | 160122 | 561 |
| United States (8.8%) | United States (8.8%) | United States (8.8%) |
| Dlocal Ltd. (a) | 18670 | 210 |
| EPAM Systems, Inc. (a) | 1594 | 372 |
| Grid Dynamics Holdings, Inc. (a) | 21352 | 475 |
| MercadoLibre, Inc. (a) | 488 | 830 |
|  |  | 1887 |
| Vietnam (23.2%) | Vietnam (23.2%) | Vietnam (23.2%) |
| Bank for Foreign Trade of Vietnam JSC (a) | 179757 | 643 |
| Binh Minh Plastics JSC | 108900 | 560 |
| FPT Corp. | 297014 | 1775 |
| Mobile World Investment Corp. | 253488 | 606 |
| Phu Nhuan Jewelry JSC | 216200 | 830 |
| Vietnam Dairy Products JSC | 237992 | 592 |
|  |  | 5006 |
| **Total Investments (98.6%) (Cost $16,203) (b)(c)** | **Total Investments (98.6%) (Cost $16,203) (b)(c)** | 21254 |
| Other Assets in Excess of Liabilities (1.4%) | Other Assets in Excess of Liabilities (1.4%) | 292 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $21546 |

---

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 approximate fair value and percentage of net assets, $16,889,000 and 78.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(c) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $16,372,000. The aggregate gross unrealized appreciation is approximately $5,524,000 and the aggregate gross unrealized depreciation is approximately $670,000, resulting in net unrealized appreciation of approximately $4,854,000.

ADR American Depositary Receipt.

GDR Global Depositary Receipt.

PJSC Public Joint Stock Company.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments (cont'd)

**Next Gen Emerging Markets Portfolio**

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 44.1% |
| Banks | 23.6 |
| Information Technology Services | 16.4 |
| Food Products | 9.4 |
| Specialty Retail | 6.5 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Next Gen Emerging Markets Portfolio**

---

| | |
|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $16,203) | $21254 |
| Foreign Currency, at Value (Cost $66) | 66 |
| Receivable for Investments Sold | 211 |
| Due from Adviser | 100 |
| Dividends Receivable | 47 |
| Tax Reclaim Receivable | 25 |
| Receivable for Fund Shares Sold | 23 |
| Receivable from Affiliate | 1 |
| Other Assets | 52 |
| **Total Assets** | 21779 |
| **Liabilities:** | **Liabilities:** |
| Payable for Professional Fees | 50 |
| Payable for Investments Purchased | 43 |
| Payable for Custodian Fees | 32 |
| Payable to Bank | 31 |
| Deferred Capital Gain Country Tax | 30 |
| Payable for Fund Shares Redeemed | 13 |
| Payable for Sub Transfer Agency Fees — Class I | 3 |
| Payable for Sub Transfer Agency Fees — Class A |  |
| Payable for Sub Transfer Agency Fees — Class L |  |
| Payable for Sub Transfer Agency Fees — Class C |  |
| Payable for Administration Fees | 1 |
| Payable for Transfer Agency Fees — Class I | 1 |
| Payable for Transfer Agency Fees — Class A |  |
| Payable for Transfer Agency Fees — Class L |  |
| Payable for Transfer Agency Fees — Class C |  |
| Payable for Transfer Agency Fees — Class R6 |  |
| Payable for Shareholder Services Fees — Class A | 1 |
| Payable for Distribution and Shareholder Services Fees — Class L |  |
| Payable for Distribution and Shareholder Services Fees — Class C |  |
| Other Liabilities | 28 |
| **Total Liabilities** | 233 |
| **Net Assets** | $21546 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $133847 |
| Total Accumulated Loss | (112301 |
| **Net Assets** | $21546 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Next Gen Emerging Markets Portfolio**

---

| | |
|:---|:---|
| Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $17549 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 1092662 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $16.06 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $3540 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 222194 |
| **Net Asset Value, Redemption Price Per Share** | $15.93 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $0.88 |
| **Maximum Offering Price Per Share** | $16.81 |
| **CLASS L:** | **CLASS L:** |
| **Net Assets** | $121 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 7704 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $15.70 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $300 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 19596 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $15.30 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $36 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 2247 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $16.13 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Next Gen Emerging Markets Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $98 of Foreign Taxes Withheld) | $897 |
| Dividends from Security of Affiliated Issuer (Note G) | 30 |
| Total Investment Income | 927 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 328 |
| Professional Fees | 253 |
| Custodian Fees (Note F) | 72 |
| Registration Fees | 68 |
| Shareholder Reporting Fees | 26 |
| Sub Transfer Agency Fees — Class I | 19 |
| Sub Transfer Agency Fees — Class A | 5 |
| Sub Transfer Agency Fees — Class L |  |
| Sub Transfer Agency Fees — Class C |  |
| Administration Fees (Note C) | 22 |
| Transfer Agency Fees — Class I (Note E) | 9 |
| Transfer Agency Fees — Class A (Note E) | 3 |
| Transfer Agency Fees — Class L (Note E) | 2 |
| Transfer Agency Fees — Class C (Note E) | 3 |
| Transfer Agency Fees — Class R6 (Note E) | 3 |
| Shareholder Services Fees — Class A (Note D) | 10 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 1 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 4 |
| Pricing Fees | 3 |
| Directors' Fees and Expenses | 2 |
| Other Expenses | 22 |
| Total Expenses | 855 |
| Waiver of Advisory Fees (Note B) | (328 |
| Expenses Reimbursed by Adviser (Note B) | (139 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (16 |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (3 |
| Reimbursement of Class Specific Expenses — Class L (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (3 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (3 |
| Rebate from Morgan Stanley Affiliate (Note G) | (1 |
| Net Expenses | 360 |
| **Net Investment Income** | 567 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $81 of Capital Gain Country Tax) | 2610 |
| Foreign Currency Transaction | (28 |
| Net Realized Gain | 2582 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $30) | (212 |
| Foreign Currency Translation | 16 |
| Net Change in Unrealized Appreciation (Depreciation) | (196 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 2386 |
| Net Increase in Net Assets Resulting from Operations | $2953 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Next Gen Emerging Markets Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $567 | $578 |
| Net Realized Gain (Loss) | 2582 | (3130 |
| Net Change in Unrealized Appreciation (Depreciation) | (196) | 5050 |
| Net Increase in Net Assets Resulting from Operations | 2953 | 2498 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (565) | (369 |
| **Class A** | (104) | (42 |
| **Class L** | (2) | (1 |
| **Class C** | (6) | (1 |
| **Class R6** | (1) | (1 |
| Total Dividends and Distributions to Shareholders | (678) | (414 |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 2333 | 1938 |
| Distributions Reinvested | 549 | 358 |
| Redeemed | (14784) | (12957 |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 176 | 577 |
| Distributions Reinvested | 104 | 42 |
| Redeemed | (1322) | (2319 |
| **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested | 2 | 1 |
| Redeemed | (134) | (9 |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed |  | 18 |
| Distributions Reinvested | 6 | 1 |
| Redeemed | (154) | (109 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 2 | 25 |
| Distributions Reinvested | 1 | 1 |
| Redeemed | (9) | (28 |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (13230) | (12461 |
| Redemption Fees |  |  |
| Total Decrease in Net Assets | (10955) | (10377 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 32501 | 42878 |
| End of Period | $21546 | $32501 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Next Gen Emerging Markets Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets (cont'd) | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 150 | 136 |
| Shares Issued on Distributions Reinvested | 34 | 25 |
| Shares Redeemed | (938 | (910 |
| Net Decrease in Class I Shares Outstanding | (754 | (749 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 11 | 41 |
| Shares Issued on Distributions Reinvested | 7 | 3 |
| Shares Redeemed | (85 | (166 |
| Net Decrease in Class A Shares Outstanding | (67 | (122 |
| **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (9 | (1 |
| Net Decrease in Class L Shares Outstanding | (9 | (1 |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed |  | 1 |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (10 | (8 |
| Net Decrease in Class C Shares Outstanding | (10 | (7 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed |  | 2 |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (— | (2 |
| Net Increase in Class R6 Shares Outstanding | (— | (— |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Next Gen Emerging Markets Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $14.91 | $14.03 | $22.48 | $19.49 | $17.10 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.33 | 0.23 | 0.13 | (0.02) | 0.04 |
| Net Realized and Unrealized Gain (Loss) | 1.34 | 0.85 | (8.58) | 3.01 | 2.36 |
| Total from Investment Operations | 1.67 | 1.08 | (8.45) | 2.99 | 2.40 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.52) | (0.20) |  |  | (0.01) |
| **Redemption Fees** |  | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $16.06 | $14.91 | $14.03 | $22.48 | $19.49 |
| **Total Return** | 12.36%<sup>(3)</sup> | 7.73%<sup>(4)(5)</sup> | (37.59)%<sup>(3)</sup> | 15.34%<sup>(3)</sup> | 14.02%<sup>(3)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $17549 | $27525 | $36405 | $124931 | $55533 |
| Ratio of Expenses Before Expense Limitation | 3.03% | 2.47% | 2.30% | 2.21% | 2.13% |
| Ratio of Expenses After Expense Limitation | 1.25%<sup>(6)</sup> | 1.12%<sup>(6)(7)</sup> | 1.24%<sup>(6)</sup> | 1.51%<sup>(6)</sup> | 1.90%<sup>(6)(8)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | 1.51%<sup>(6)</sup> | 1.85%<sup>(6)</sup> |
| Ratio of Net Investment Income (Loss) | 2.14%<sup>(6)</sup> | 1.62%<sup>(6)(7)</sup> | 0.77%<sup>(6)</sup> | (0.11)%<sup>(6)</sup> | 0.24%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 40% | 33% | 78% | 56% | 56% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Calculated using the NAV for US GAAP financial reporting purposes and as such differs from the total return presented in the Fund Report and Performance Summary.

(5) Performance was positively impacted by approximately 0.15% for Class I shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class I shares would have been 7.58%.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.25% | 1.49% |

---

(8) Ratio is above the expense limitation due to interest expenses, which are not included in the determination of the expense limitation. Refer to Footnote B in the Notes to Financial Statements.

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Next Gen Emerging Markets Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $14.79 | $13.91 | $22.37 | $19.47 | $17.15 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.28 | 0.18 | 0.10 | (0.08) | 0.01 |
| Net Realized and Unrealized Gain (Loss) | 1.32 | 0.84 | (8.56) | 2.98 | 2.32 |
| Total from Investment Operations | 1.60 | 1.02 | (8.46) | 2.90 | 2.33 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.46) | (0.14) |  |  | (0.01) |
| **Redemption Fees** |  | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $15.93 | $14.79 | $13.91 | $22.37 | $19.47 |
| **Total Return** | 11.99%<sup>(3)</sup> | 7.37%<sup>(4)(5)</sup> | (37.82)%<sup>(3)</sup> | 14.89%<sup>(3)</sup> | 13.57%<sup>(3)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3540 | $4282 | $5719 | $9154 | $8436 |
| Ratio of Expenses Before Expense Limitation | 3.38% | 2.84% | 2.66% | 2.70% | 2.44% |
| Ratio of Expenses After Expense Limitation | 1.60%<sup>(6)</sup> | 1.47%<sup>(6)(7)</sup> | 1.59%<sup>(6)</sup> | 1.96%<sup>(6)</sup> | 2.26%<sup>(6)(8)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | 1.96%<sup>(6)</sup> | 2.20%<sup>(6)</sup> |
| Ratio of Net Investment Income (Loss) | 1.79%<sup>(6)</sup> | 1.27%<sup>(6)(7)</sup> | 0.68%<sup>(6)</sup> | (0.38)%<sup>(6)</sup> | 0.07%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 40% | 33% | 78% | 56% | 56% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.14% for Class A shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class A shares would have been 7.23%.

(5) Calculated using the NAV for US GAAP financial reporting purposes and as such differs from the total return presented in the Fund Report and Performance Summary. Does not reflect the deduction of sales charge.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.60% | 1.14% |

---

(8) Ratio is above the expense limitation due to interest expenses, which are not included in the determination of the expense limitation. Refer to Footnote B in the Notes to Financial Statements.

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Next Gen Emerging Markets Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $14.53 | $13.68 | $22.11 | $19.34 | $17.11 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.20 | 0.11 | 0.01 | (0.19) | (0.06) |
| Net Realized and Unrealized Gain (Loss) | 1.30 | 0.82 | (8.44) | 2.96 | 2.30 |
| Total from Investment Operations | 1.50 | 0.93 | (8.43) | 2.77 | 2.24 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.33) | (0.08) |  |  | (0.01) |
| **Redemption Fees** |  | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $15.70 | $14.53 | $13.68 | $22.11 | $19.34 |
| **Total Return** | 11.38%<sup>(3)</sup> | 6.81%<sup>(4)(5)</sup> | (38.13)%<sup>(3)</sup> | 14.32%<sup>(3)</sup> | 13.01%<sup>(3)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $121 | $235 | $229 | $396 | $378 |
| Ratio of Expenses Before Expense Limitation | 5.15% | 4.38% | 4.02% | 3.67% | 3.44% |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(6)</sup> | 1.96%<sup>(6)(7)</sup> | 2.09%<sup>(6)</sup> | 2.46%<sup>(6)</sup> | 2.76%<sup>(6)(8)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | 2.46%<sup>(6)</sup> | 2.70%<sup>(6)</sup> |
| Ratio of Net Investment Income (Loss) | 1.29%<sup>(6)</sup> | 0.77%<sup>(6)(7)</sup> | 0.06%<sup>(6)</sup> | (0.86)%<sup>(6)</sup> | (0.39)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 40% | 33% | 78% | 56% | 56% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Calculated using the NAV for US GAAP financial reporting purposes and as such differs from the total return presented in the Fund Report and Performance Summary.

(5) Performance was positively impacted by approximately 0.15% for Class L shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class L shares would have been 6.66%.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class L shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 2.10% | 0.63% |

---

(8) Ratio is above the expense limitation due to interest expenses, which are not included in the determination of the expense limitation. Refer to Footnote B in the Notes to Financial Statements.

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Next Gen Emerging Markets Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $14.20 | $13.36 | $21.65 | $18.99 | $16.85 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.15 | 0.07 | (0.02) | (0.24) | (0.10) |
| Net Realized and Unrealized Gain (Loss) | 1.27 | 0.81 | (8.27) | 2.90 | 2.25 |
| Total from Investment Operations | 1.42 | 0.88 | (8.29) | 2.66 | 2.15 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.32) | (0.04) |  |  | (0.01) |
| **Redemption Fees** |  | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $15.30 | $14.20 | $13.36 | $21.65 | $18.99 |
| **Total Return** | 11.12%<sup>(3)</sup> | 6.59%<sup>(4)(5)</sup> | (38.29)%<sup>(3)</sup> | 14.01%<sup>(3)</sup> | 12.74%<sup>(3)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $300 | $419 | $485 | $897 | $843 |
| Ratio of Expenses Before Expense Limitation | 4.78% | 4.20% | 3.75% | 3.67% | 3.42% |
| Ratio of Expenses After Expense Limitation | 2.35%<sup>(6)</sup> | 2.21%<sup>(6)(7)</sup> | 2.34%<sup>(6)</sup> | 2.71%<sup>(6)</sup> | 3.00%<sup>(6)(8)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | 2.71%<sup>(6)</sup> | 2.95%<sup>(6)</sup> |
| Ratio of Net Investment Income (Loss) | 1.04%<sup>(6)</sup> | 0.52%<sup>(6)(7)</sup> | (0.14)%<sup>(6)</sup> | (1.13)%<sup>(6)</sup> | (0.66)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 40% | 33% | 78% | 56% | 56% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.15% for Class C shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class C shares would have been 6.44%.

(5) Calculated using the NAV for US GAAP financial reporting purposes and as such differs from the total return presented in the Fund Report and Performance Summary. Does not reflect the deduction of sales charge.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 2.35% | 0.38% |

---

(8) Ratio is above the expense limitation due to interest expenses, which are not included in the determination of the expense limitation. Refer to Footnote B in the Notes to Financial Statements.

(9) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Next Gen Emerging Markets Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $14.97 | $14.09 | $22.48 | $19.49 | $17.09 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.35 | 0.24 | (0.13) | (0.07) | 0.09 |
| Net Realized and Unrealized Gain (Loss) | 1.34 | 0.85 | (8.26) | 3.06 | 2.32 |
| Total from Investment Operations | 1.69 | 1.09 | (8.39) | 2.99 | 2.41 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.53) | (0.21) |  |  | (0.01) |
| **Redemption Fees** |  | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $16.13 | $14.97 | $14.09 | $22.48 | $19.49 |
| **Total Return** | 12.45%<sup>(4)</sup> | 7.76%<sup>(5)(6)</sup> | (37.32)%<sup>(4)</sup> | 15.34%<sup>(4)</sup> | 14.02%<sup>(4)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $36 | $40 | $40 | $40244 | $318 |
| Ratio of Expenses Before Expense Limitation | 9.96% | 8.23% | 2.24% | 1.80% | 2.20% |
| Ratio of Expenses After Expense Limitation | 1.20%<sup>(7)</sup> | 1.08%<sup>(7)(8)</sup> | 1.19%<sup>(7)</sup> | 1.24%<sup>(7)</sup> | 1.86%<sup>(7)(9)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | 1.24%<sup>(7)</sup> | 1.80%<sup>(7)</sup> |
| Ratio of Net Investment Income (Loss) | 2.19%<sup>(7)</sup> | 1.67%<sup>(7)(8)</sup> | (0.65)%<sup>(7)</sup> | (0.29)%<sup>(7)</sup> | 0.55%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> |
| Portfolio Turnover Rate | 40% | 33% | 78% | 56% | 56% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Calculated using the NAV for US GAAP financial reporting purposes and as such differs from the total return presented in the Fund Report and Performance Summary.

(6) Performance was positively impacted by approximately 0.15% for Class R6 shares due to the reimbursement of transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class R6 shares would have been 7.61%.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.20% | 1.55% |

---

(9) Ratio is above the expense limitation due to interest expenses, which are not included in the determination of the expense limitation. Refer to Footnote B in the Notes to Financial Statements.

(10) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relate to the Next Gen Emerging Markets Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued five classes of shares — Class I, Class A, Class L, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. On April 30, 2015, the Fund suspended offering of Class L shares. Existing Class L shareholders may invest through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) 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; (2) 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; (3) 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"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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; (5) 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 (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobile Components | $— | $289 | $— | $289 |
| Banks | 437 | 4590 |  | 5027 |
| Broadline Retail | 981 |  |  | 981 |
| Building Products |  | 560 |  | 560 |
| Consumer Finance | 509 |  |  | 509 |
| Consumer Staples <br>Distribution & Retail |  | 398 |  | 398 |
| Financial Services | 591 |  |  | 591 |
| Food Products |  | 1988 |  | 1988 |
| Health Care Providers & <br>Services |  | 887 |  | 887 |
| Hotels, Restaurants & <br>Leisure | 561 |  |  | 561 |
| Information Technology <br>Services | 847 | 2625 |  | 3472 |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Metals & Mining | $181 | $358 | $— | $539 |
| Oil, Gas & Consumable <br>Fuels | 258 | 773 |  | 1031 |
| Pharmaceuticals |  | 591 |  | 591 |
| Real Estate <br>Management & <br>Development |  | 561 |  | 561 |
| Software |  | 433 |  | 433 |
| Specialty Retail |  | 1366 |  | 1366 |
| Textiles, Apparel & <br>Luxury Goods |  | 830 |  | 830 |
| Transportation <br>Infrastructure |  | 210 |  | 210 |
| Wireless <br>Telecommunication <br>Services |  | 430 |  | 430 |
| **Total Assets** | $**4365** | $**16889** | $**—** | $**21254** |

---

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

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of

gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

A significant portion of the Fund's net assets consist of securities of issuers located in emerging markets, which are denominated in foreign currencies. Such securities may be concentrated in a limited number of countries and regions and may vary throughout the year. Changes in currency exchange rates will affect the value of securities and investment income from foreign currency denominated securities. Emerging market securities are often subject to greater price volatility, limited capitalization and liquidity, and higher rates of inflation than securities of companies based in the U.S. In addition, emerging market issuers may be subject to substantial governmental involvement in the economy and greater social, economic and political uncertainty.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Redemption Fees:** The Fund will assess a 2% redemption fee, on Class I shares, Class A shares, Class L shares,

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

Class C shares and Class R6 shares, which is paid directly to the Fund, for shares redeemed or exchanged within thirty days of purchase, subject to certain exceptions. The redemption fee is designed to protect the Fund and its remaining shareholders from the effects of short-term trading. These fees, if any, are included in the Statements of Changes in Net Assets.

**5. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**6. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**7. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**8. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,*

(ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 1.20% of the daily net assets of the Fund.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.25% for Class I shares, 1.60% for Class A shares, 2.10% for Class L shares, 2.35% for Class C shares and 1.20% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $328,000 of advisory fees were waived and approximately $166,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement. As of December 31, 2024, amounts owed by the Adviser to the Fund are reflected in Due from Adviser on the Statement of Assets and Liabilities.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer

Agency Fees" in the Statement of Operations, amounted to approximately $1,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $10,793,000 and $24,114,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $320 | $12024 | $12344 | $30 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain <br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $— |

---

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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax

return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions <br>Paid From:** | **2024 <br>Distributions <br>Paid From:** | **2023<br>Distributions<br>Paid From:** | **2023<br>Distributions<br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $678 | $— | $414 | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, due to a distribution in excess of current earnings, resulted in the following reclassification among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Accumulated<br>Loss<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $49 | $(49) |

---

At December 31, 2024, the Fund had no distributable earnings on a tax basis.

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $113,262,000, and $3,880,000 respectively, that do not have an expiration date.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $1,076,000.

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 58.1%.

**K. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and

tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Next Gen Emerging Markets Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Next Gen Emerging Markets Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386624_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $768,000 as taxable at this lower rate.

The Fund intends to pass through foreign tax credits of approximately $176,000 and has derived net income from sources within foreign countries amounting to approximately $1,082,000.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

(This page has been left blank intentionally.)

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386624_za004.jpg)

MFMPX-NCSR 12.31.24

------

![](j25386625_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Passport Overseas Equity Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386625_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#PortfolioofInvestments-25) | 2 |
| [Statement of Assets and Liabilities](#StatementofAssetsandLiabilities-25) | 4 |
| [Statement of Operations](#StatementofOperations-25) | 6 |
| [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-25) | 7 |
| [Financial Highlights](#FinancialHighlights-25) | 9 |
| [Notes to Financial Statements](#NotestoFinancialStatements-25) | 15 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-25) | 25 |
| [Federal Tax Notice](#FederalTaxNotice-25) | 26 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments

**Passport Overseas Equity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (95.2%)** | **Common Stocks (95.2%)** | **Common Stocks (95.2%)** |
| Argentina (3.0%) | Argentina (3.0%) | Argentina (3.0%) |
| Despegar.com Corp. (a) | 217462 | $4186 |
| Canada (8.8%) | Canada (8.8%) | Canada (8.8%) |
| Agnico Eagle Mines Ltd. | 18826 | 1473 |
| Bank of Nova Scotia | 38856 | 2087 |
| Canadian Imperial Bank of Commerce | 33610 | 2126 |
| Canadian Natural Resources Ltd. | 21963 | 678 |
| Constellation Software, Inc. | 261 | 807 |
| Royal Bank of Canada | 20065 | 2419 |
| Suncor Energy, Inc. | 47726 | 1704 |
| Tourmaline Oil Corp. (b) | 17229 | 797 |
|  |  | 12091 |
| China (4.4%) | China (4.4%) | China (4.4%) |
| Tencent Holdings Ltd. (c) | 113300 | 6047 |
| Denmark (1.8%) | Denmark (1.8%) | Denmark (1.8%) |
| Novo Nordisk AS, Class B | 28479 | 2457 |
| Egypt (0.5%) | Egypt (0.5%) | Egypt (0.5%) |
| Commercial International Bank — Egypt (CIB) | 405712 | 627 |
| France (9.7%) | France (9.7%) | France (9.7%) |
| Air Liquide SA | 8531 | 1387 |
| Airbus SE | 15792 | 2529 |
| L'Oreal SA | 2965 | 1050 |
| Pernod Ricard SA | 9190 | 1038 |
| Sanofi SA | 19701 | 1915 |
| Schneider Electric SE | 8527 | 2123 |
| TotalEnergies SE | 41927 | 2336 |
| Verallia SA | 35612 | 894 |
|  |  | 13272 |
| Germany (8.2%) | Germany (8.2%) | Germany (8.2%) |
| Linde PLC | 4266 | 1805 |
| Rheinmetall AG | 5153 | 3292 |
| SAP SE | 15144 | 3725 |
| Siemens AG (Registered) | 12911 | 2518 |
|  |  | 11340 |
| India (6.7%) | India (6.7%) | India (6.7%) |
| Apollo Hospitals Enterprise Ltd. | 18435 | 1569 |
| HDFC Bank Ltd. ADR | 52453 | 3350 |
| ICICI Bank Ltd. | 120845 | 1806 |
| Reliance Industries Ltd. | 82156 | 1163 |
| State Bank of India | 145889 | 1351 |
|  |  | 9239 |
| Indonesia (0.7%) | Indonesia (0.7%) | Indonesia (0.7%) |
| Bank Central Asia Tbk. PT | 1664700 | 998 |
| Ireland (3.1%) | Ireland (3.1%) | Ireland (3.1%) |
| AIB Group PLC | 461383 | 2551 |
| Ryanair Holdings PLC ADR | 39700 | 1731 |
|  |  | 4282 |
| Israel (1.6%) | Israel (1.6%) | Israel (1.6%) |
| CyberArk Software Ltd. (a) | 6700 | 2232 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Japan (7.9%) | Japan (7.9%) | Japan (7.9%) |
| FANUC Corp. | 21750 | $568 |
| Hoya Corp. | 5900 | 732 |
| Keyence Corp. | 6500 | 2642 |
| Nikon Corp. | 183800 | 1894 |
| Sony Group Corp. | 146465 | 3087 |
| Sony Group Corp. ADR | 88710 | 1877 |
|  |  | 10800 |
| Korea, Republic of (5.1%) | Korea, Republic of (5.1%) | Korea, Republic of (5.1%) |
| Hanwha Aerospace Co. Ltd. | 9853 | 2172 |
| Samsung Electronics Co. Ltd. | 113200 | 4040 |
| SK Hynix, Inc. | 7352 | 843 |
|  |  | 7055 |
| Malaysia (1.1%) | Malaysia (1.1%) | Malaysia (1.1%) |
| CIMB Group Holdings Bhd. | 431100 | 790 |
| Malayan Banking Bhd. | 334600 | 766 |
|  |  | 1556 |
| Netherlands (3.8%) | Netherlands (3.8%) | Netherlands (3.8%) |
| ASML Holding NV | 2841 | 1990 |
| Universal Music Group NV | 69479 | 1777 |
| Wolters Kluwer NV | 8554 | 1421 |
|  |  | 5188 |
| Norway (1.7%) | Norway (1.7%) | Norway (1.7%) |
| Var Energi ASA | 735993 | 2297 |
| Singapore (2.4%) | Singapore (2.4%) | Singapore (2.4%) |
| Sea Ltd. ADR (a) | 31328 | 3324 |
| South Africa (1.4%) | South Africa (1.4%) | South Africa (1.4%) |
| Anglo American Platinum Ltd. (b) | 40646 | 1226 |
| Northam Platinum Holdings Ltd. | 128516 | 664 |
|  |  | 1890 |
| Spain (2.1%) | Spain (2.1%) | Spain (2.1%) |
| CaixaBank SA | 411029 | 2232 |
| Iberdrola SA | 49075 | 676 |
|  |  | 2908 |
| Switzerland (0.7%) | Switzerland (0.7%) | Switzerland (0.7%) |
| Nestle SA (Registered) | 10898 | 894 |
| Taiwan (5.5%) | Taiwan (5.5%) | Taiwan (5.5%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 201000 | 6532 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5467 | 1080 |
|  |  | 7612 |
| United Kingdom (11.8%) | United Kingdom (11.8%) | United Kingdom (11.8%) |
| AstraZeneca PLC | 22494 | 2933 |
| BAE Systems PLC | 52061 | 747 |
| Diageo PLC | 62003 | 1970 |
| Experian PLC | 43148 | 1854 |
| Glencore PLC (a) | 247966 | 1092 |
| Shell PLC | 81138 | 2529 |
| Unilever PLC | 32525 | 1853 |
| Unilever PLC CVA | 56188 | 3193 |
|  |  | 16171 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments (cont'd)

**Passport Overseas Equity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United States (3.2%) | United States (3.2%) | United States (3.2%) |
| MercadoLibre, Inc. (a) | 1578 | $2683 |
| Vertex Pharmaceuticals, Inc. (a) | 4261 | 1716 |
|  |  | 4399 |
| **Total Common Stocks (Cost $93,488)** | **Total Common Stocks (Cost $93,488)** | 130865 |
| **Preferred Stock (1.0%)** | **Preferred Stock (1.0%)** | **Preferred Stock (1.0%)** |
| United States (1.0%) | United States (1.0%) | United States (1.0%) |
| Neurogenesis, Inc., Series A (a)(d)(e)<br>(acquisition cost — $1,250; <br>acquired 12/16/21) | 32692 | 1375 |
| **Short-Term Investment (3.4%)** | **Short-Term Investment (3.4%)** | **Short-Term Investment (3.4%)** |
| Investment Company (3.4%) | Investment Company (3.4%) | Investment Company (3.4%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $4,737)** | 4737054 | 4737 |
| **Total Investments (99.6%) (Cost $99,475)<br>including $802 of Securities Loaned (f)(g)** | **Total Investments (99.6%) (Cost $99,475)<br>including $802 of Securities Loaned (f)(g)** | 136977 |
| Other Assets in Excess of Liabilities (0.4%) | Other Assets in Excess of Liabilities (0.4%) | 505 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $137482 |

---

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 at December 31, 2024.

(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 December 31, 2024 amounts to approximately $1,375,000 and represents 1.0% of net assets.

(e) At December 31, 2024, the Fund held a fair valued security valued at approximately $1,375,000, representing 1.0% 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.

(f) The approximate fair value and percentage of net assets, $95,968,000 and 69.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(g) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $100,254,000. The aggregate gross unrealized appreciation is approximately $41,701,000 and the aggregate gross unrealized depreciation is approximately $5,597,000, resulting in net unrealized appreciation of approximately $36,104,000.

ADR American Depositary Receipt.

CVA Certificaten Van Aandelen.

**Futures Contracts:**

The Fund had the following futures contracts open at December 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| FTSE 250 Index Index (United Kingdom) | 69 | Mar-25 | GBP |  | @ | $3600 | $(31) |
| Hang Seng Index (Hong Kong) | 33 | Jan-25 | HKD | 2 |  | 4267 | 21 |
|  |  |  |  |  |  |  | $(10) |

---

@&nbsp;&nbsp;&nbsp;&nbsp;Value is less than $500.

FTSE&nbsp;&nbsp;&nbsp;&nbsp;Financial Times Stock Exchange.

GBP — British Pound

HKD — Hong Kong Dollar

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** | **Percentage of<br>Total Investments** |
| Other\* | 51.9 | % |
| Banks | 15.4 |  |
| Oil, Gas & Consumable Fuels | 8.4 |  |
| Semiconductors & Semiconductor Equipment | 7.6 |  |
| Aerospace & Defense | 6.4 |  |
| Pharmaceuticals | 5.3 |  |
| Household Durables | 5.0 |  |
| 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 $7,867,000 and net unrealized depreciation of approximately $10,000.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Passport Overseas Equity Portfolio**

---

| | | |
|:---|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2024<br>(000)** | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> (Cost $94,738) | $132240 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $4,737) | 4737 |  |
| Total Investments in Securities, at Value (Cost $99,475) | 136977 |  |
| Receivable for Variation Margin on Futures Contracts | 1082 |  |
| Tax Reclaim Receivable | 272 |  |
| Receivable for Fund Shares Sold | 92 |  |
| Dividends Receivable | 49 |  |
| Receivable from Affiliate | 21 |  |
| Receivable from Securities Lending Income | 1 |  |
| Other Assets | 61 |  |
| **Total Assets** | 138555 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Deferred Capital Gain Country Tax | 502 |  |
| Payable for Fund Shares Redeemed | 264 |  |
| Payable for Advisory Fees | 125 |  |
| Payable to Bank | 87 |  |
| Payable for Professional Fees | 17 |  |
| Payable for Custodian Fees | 16 |  |
| Payable for Shareholder Services Fees — Class A | 10 |  |
| Payable for Distribution and Shareholder Services Fees — Class L | 3 |  |
| Payable for Distribution and Shareholder Services Fees — Class C |  | @ |
| Payable for Administration Fees | 10 |  |
| Payable for Sub Transfer Agency Fees — Class I | 7 |  |
| Payable for Sub Transfer Agency Fees — Class A | 3 |  |
| Payable for Sub Transfer Agency Fees — Class L |  | @ |
| Payable for Sub Transfer Agency Fees — Class C |  | @ |
| Payable for Transfer Agency Fees — Class I | 1 |  |
| Payable for Transfer Agency Fees — Class A | 1 |  |
| Payable for Transfer Agency Fees — Class L | 1 |  |
| Payable for Transfer Agency Fees — Class C |  | @ |
| Payable for Transfer Agency Fees — Class R6 |  | @ |
| Payable for Transfer Agency Fees — Class IR |  | @ |
| Other Liabilities | 26 |  |
| **Total Liabilities** | 1073 |  |
| **Net Assets** | $137482 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $97389 |  |
| Total Distributable Earnings | 40093 |  |
| **Net Assets** | $137482 |  |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Passport Overseas Equity Portfolio**

---

| | |
|:---|:---|
| Statement of Assets and Liabilities (cont'd) | **December 31, 2024<br>(000)** |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $86227 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5545322 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $15.55 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $46959 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 2945035 |
| **Net Asset Value, Redemption Price Per Share** | $15.95 |
| **Maximum Sales Load** | 5.25% |
| **Maximum Sales Charge** | $0.88 |
| **Maximum Offering Price Per Share** | $16.83 |
| **CLASS L:** | **CLASS L:** |
| **Net Assets** | $3981 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 252252 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $15.78 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $274 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 17497 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $15.68 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $27 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 1746 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $15.57 |
| **CLASS IR:** | **CLASS IR:** |
| **Net Assets** | $14 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 872 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $15.55 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $802 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Passport Overseas Equity Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers\* (Net of $327 of Foreign Taxes Withheld) | $2909 |
| Dividends from Securities of Affiliated Issuers (Note G) | 97 |
| Income from Securities Loaned — Net | 16 |
| Total Investment Income | 3022 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 1010 |
| Professional Fees | 223 |
| Shareholder Services Fees — Class A (Note D) | 127 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 32 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 3 |
| Administration Fees (Note C) | 124 |
| Sub Transfer Agency Fees — Class I | 73 |
| Sub Transfer Agency Fees — Class A | 38 |
| Sub Transfer Agency Fees — Class L | 3 |
| Sub Transfer Agency Fees — Class C |  |
| Registration Fees | 97 |
| Shareholder Reporting Fees | 43 |
| Custodian Fees (Note F) | 41 |
| Transfer Agency Fees — Class I (Note E) | 6 |
| Transfer Agency Fees — Class A (Note E) | 8 |
| Transfer Agency Fees — Class L (Note E) | 4 |
| Transfer Agency Fees — Class C (Note E) | 2 |
| Transfer Agency Fees — Class R6 (Note E) | 2 |
| Transfer Agency Fees — Class IR (Note E) | 2 |
| Pricing Fees | 5 |
| Directors' Fees and Expenses | 4 |
| Other Expenses | 31 |
| Total Expenses | 1878 |
| Waiver of Advisory Fees (Note B) | (257 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (30 |
| Reimbursement of Class Specific Expenses — Class L (Note B) | (— |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class IR (Note B) | (2 |
| Rebate from Morgan Stanley Affiliate (Note G) | (4 |
| Net Expenses | 1581 |
| **Net Investment Income** | 1441 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $29 of Capital Gain Country Tax) | 10341 |
| Foreign Currency Transaction | (40 |
| Futures Contracts | 704 |
| Net Realized Gain | 11005 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $191) | (1405 |
| Foreign Currency Translation | (87 |
| Futures Contracts | (10 |
| Net Change in Unrealized Appreciation (Depreciation) | (1502 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 9503 |
| Net Increase in Net Assets Resulting from Operations | $10944 |

---

\* Includes foreign tax reclaims for previously withheld taxes on dividends earned in certain European Union countries in the amount of approximately $189,000.

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Passport Overseas Equity Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $1441 | $2374 |
| Net Realized Gain (Loss) | 11005 | (2448 |
| Net Change in Unrealized Appreciation (Depreciation) | (1502 | 19557 |
| Net Increase in Net Assets Resulting from Operations | 10944 | 19483 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (2922 | (4000 |
| **Class A** | (1437 | (1493 |
| **Class L** | (98 | (103 |
| **Class C** | (6 | (9 |
| **Class R6** | (1 | (1 |
| **Class IR** | (— | (— |
| Total Dividends and Distributions to Shareholders | (4464 | (5606 |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for <br>all periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 11133 | 27518 |
| Distributions Reinvested | 2900 | 3977 |
| Redeemed | (51894 | (24654 |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 2495 | 2231 |
| Distributions Reinvested | 1419 | 1477 |
| Redeemed | (9535 | (9429 |
| **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested | 96 | 101 |
| Redeemed | (489 | (382 |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 3 | 56 |
| Distributions Reinvested | 6 | 9 |
| Redeemed | (177 | (131 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 13 | 3 |
| Distributions Reinvested | 1 | 1 |
| Redeemed | (4 | (12 |
| **Class IR:** | **Class IR:** | **Class IR:** |
| Distributions Reinvested |  |  |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | (44033 | 765 |
| Total Increase (Decrease) in Net Assets | (37553 | 14642 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 175035 | 160393 |
| End of Period | $137482 | $175035 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Passport Overseas Equity Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets (cont'd) | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 700 | 1840 |
| Shares Issued on Distributions Reinvested | 182 | 273 |
| Shares Redeemed | (3325 | (1659 |
| Net Increase (Decrease) in Class I Shares Outstanding | (2443 | 454 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 153 | 147 |
| Shares Issued on Distributions Reinvested | 87 | 99 |
| Shares Redeemed | (585 | (620 |
| Net Decrease in Class A Shares Outstanding | (345 | (374 |
| **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested | 6 | 7 |
| Shares Redeemed | (30 | (26 |
| Net Decrease in Class L Shares Outstanding | (24 | (19 |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed |  | 4 |
| Shares Issued on Distributions Reinvested |  | 1 |
| Shares Redeemed | (11 | (9 |
| Net Decrease in Class C Shares Outstanding | (11 | (4 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 1 |  |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (— | (1 |
| Net Increase (Decrease) in Class R6 Shares Outstanding | 1 | (1 |
| **Class IR:** | **Class IR:** | **Class IR:** |
| Shares Issued on Distributions Reinvested |  |  |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Passport Overseas Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.00 | $13.80 | $17.91 | $19.03 | $14.59 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.17 | 0.22 | 0.18 | 0.17 | 0.04 |
| Net Realized and Unrealized Gain (Loss) | 0.92 | 1.50 | (4.06) | 0.24 | 4.41 |
| Total from Investment Operations | 1.09 | 1.72 | (3.88) | 0.41 | 4.45 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.19) | (0.26) | (0.10) | (0.23) | (0.01) |
| Net Realized Gain | (0.35) | (0.26) | (0.13) | (1.30) |  |
| Total Distributions | (0.54) | (0.52) | (0.23) | (1.53) | (0.01) |
| **Net Asset Value, End of Period** | $15.55 | $15.00 | $13.80 | $17.91 | $19.03 |
| **Total Return<sup>(2)</sup>** | 7.19% | 12.52%<sup>(3)</sup> | (21.57)% | 2.33% | 30.48% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $86227 | $119815 | $104002 | $153810 | $146087 |
| Ratio of Expenses Before Expense Limitation | 1.10% | 1.02% | 1.08% | 0.95% | 1.02% |
| Ratio of Expenses After Expense Limitation | 0.90%<sup>(4)</sup> | 0.86%<sup>(4)(5)</sup> | 0.89%<sup>(4)</sup> | 0.89%<sup>(4)</sup> | 0.89%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 0.89%<sup>(4)</sup> | 0.89%<sup>(4)</sup> | 0.89%<sup>(4)</sup> |
| Ratio of Net Investment Income | 1.05%<sup>(4)</sup> | 1.48%<sup>(4)(5)</sup> | 1.18%<sup>(4)</sup> | 0.87%<sup>(4)</sup> | 0.24%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 30% | 14% | 25% | 39% | 37% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.89% | 1.45% |

---

(6) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Passport Overseas Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.37 | $14.13 | $18.32 | $19.43 | $14.94 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.12 | 0.18 | 0.13 | 0.11 | (0.01) |
| Net Realized and Unrealized Gain (Loss) | 0.95 | 1.53 | (4.13) | 0.25 | 4.51 |
| Total from Investment Operations | 1.07 | 1.71 | (4.00) | 0.36 | 4.50 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.14) | (0.21) | (0.06) | (0.17) | (0.01) |
| Net Realized Gain | (0.35) | (0.26) | (0.13) | (1.30) |  |
| Total Distributions | (0.49) | (0.47) | (0.19) | (1.47) | (0.01) |
| **Net Asset Value, End of Period** | $15.95 | $15.37 | $14.13 | $18.32 | $19.43 |
| **Total Return<sup>(2)</sup>** | 6.89% | 12.15%<sup>(3)</sup> | (21.77)% | 2.03% | 30.10% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $46959 | $50552 | $51769 | $71668 | $69135 |
| Ratio of Expenses Before Expense Limitation | 1.36% | 1.28% | 1.34% | 1.22% | 1.31% |
| Ratio of Expenses After Expense Limitation | 1.19%<sup>(4)</sup> | 1.16%<sup>(4)(5)</sup> | 1.18%<sup>(4)</sup> | 1.18%<sup>(4)</sup> | 1.19%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 1.18%<sup>(4)</sup> | 1.18%<sup>(4)</sup> | 1.19%<sup>(4)</sup> |
| Ratio of Net Investment Income (Loss) | 0.76%<sup>(4)</sup> | 1.18%<sup>(4)(5)</sup> | 0.88%<sup>(4)</sup> | 0.55%<sup>(4)</sup> | (0.06)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 30% | 14% | 25% | 39% | 37% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.19% | 1.15% |

---

(6) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Passport Overseas Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.21 | $13.99 | $18.16 | $19.27 | $14.90 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.03 | 0.09 | 0.05 | 0.00<br><sup>(2)</sup> | (0.09) |
| Net Realized and Unrealized Gain (Loss) | 0.94 | 1.51 | (4.09) | 0.24 | 4.47 |
| Total from Investment Operations | 0.97 | 1.60 | (4.04) | 0.24 | 4.38 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.05) | (0.12) |  | (0.05) | (0.01) |
| Net Realized Gain | (0.35) | (0.26) | (0.13) | (1.30) |  |
| Total Distributions | (0.40) | (0.38) | (0.13) | (1.35) | (0.01) |
| **Net Asset Value, End of Period** | $15.78 | $15.21 | $13.99 | $18.16 | $19.27 |
| **Total Return<sup>(3)</sup>** | 6.27% | 11.51%<sup>(4)</sup> | (22.22)% | 1.48% | 29.38% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3981 | $4206 | $4129 | $5475 | $5718 |
| Ratio of Expenses Before Expense Limitation | 1.92% | 1.84% | 1.90% | 1.76% | 1.86% |
| Ratio of Expenses After Expense Limitation | 1.75%<sup>(5)</sup> | 1.71%<sup>(5)(6)</sup> | 1.74%<sup>(5)</sup> | 1.74%<sup>(5)</sup> | 1.74%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 1.74%<sup>(5)</sup> | 1.74%<sup>(5)</sup> | 1.74%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | 0.20%<sup>(5)</sup> | 0.63%<sup>(5)(6)</sup> | 0.32%<sup>(5)</sup> | 0.02%<sup>(5)</sup> | (0.61)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 30% | 14% | 25% | 39% | 37% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class L shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class L shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.74% | 0.60% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Passport Overseas Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.12 | $13.89 | $18.08 | $19.22 | $14.89 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.01) | 0.06 | 0.01 | (0.02) | (0.12) |
| Net Realized and Unrealized Gain (Loss) | 0.92 | 1.50 | (4.07) | 0.21 | 4.46 |
| Total from Investment Operations | 0.91 | 1.56 | (4.06) | 0.19 | 4.34 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.00)<sup>(2)</sup> | (0.07) |  | (0.03) | (0.01) |
| Net Realized Gain | (0.35) | (0.26) | (0.13) | (1.30) |  |
| Total Distributions | (0.35) | (0.33) | (0.13) | (1.33) | (0.01) |
| **Net Asset Value, End of Period** | $15.68 | $15.12 | $13.89 | $18.08 | $19.22 |
| **Total Return<sup>(3)</sup>** | 5.98% | 11.27%<sup>(4)</sup> | (22.43)% | 1.23% | 29.13% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $274 | $433 | $459 | $821 | $144 |
| Ratio of Expenses Before Expense Limitation | 2.91% | 2.74% | 2.54% | 2.36% | 5.66% |
| Ratio of Expenses After Expense Limitation | 2.00%<sup>(5)</sup> | 1.96%<sup>(5)(6)</sup> | 1.99%<sup>(5)</sup> | 1.99%<sup>(5)</sup> | 1.99%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 1.99%<sup>(5)</sup> | 1.99%<sup>(5)</sup> | 1.99%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | (0.05)%<sup>(5)</sup> | 0.37%<sup>(5)(6)</sup> | 0.05%<sup>(5)</sup> | (0.09)%<sup>(5)</sup> | (0.81)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 30% | 14% | 25% | 39% | 37% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.99% | 0.34% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Passport Overseas Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.02 | $13.82 | $17.91 | $19.04 | $14.59 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.18 | 0.23 | 0.21 | 0.18 | 0.04 |
| Net Realized and Unrealized Gain (Loss) | 0.92 | 1.49 | (4.06) | 0.23 | 4.42 |
| Total from Investment Operations | 1.10 | 1.72 | (3.85) | 0.41 | 4.46 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.20) | (0.26) | (0.11) | (0.24) | (0.01) |
| Net Realized Gain | (0.35) | (0.26) | (0.13) | (1.30) |  |
| Total Distributions | (0.55) | (0.52) | (0.24) | (1.54) | (0.01) |
| **Net Asset Value, End of Period** | $15.57 | $15.02 | $13.82 | $17.91 | $19.04 |
| **Total Return<sup>(3)</sup>** | 7.24% | 12.56%<sup>(4)</sup> | (21.45)% | 2.39% | 30.55% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $27 | $16 | $23 | $32 | $14 |
| Ratio of Expenses Before Expense Limitation | 9.26% | 12.52% | 5.55% | 10.73% | 21.16% |
| Ratio of Expenses After Expense Limitation | 0.85%<sup>(5)</sup> | 0.81%<sup>(5)(6)</sup> | 0.84%<sup>(5)</sup> | 0.84%<sup>(5)</sup> | 0.84%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 0.84%<sup>(5)</sup> | 0.84%<sup>(5)</sup> | 0.84%<sup>(5)</sup> |
| Ratio of Net Investment Income | 1.10%<sup>(5)</sup> | 1.52%<sup>(5)(6)</sup> | 1.41%<sup>(5)</sup> | 0.89%<sup>(5)</sup> | 0.28%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 30% | 14% | 25% | 39% | 37% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.84% | 1.49% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Passport Overseas Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.00 | $13.81 | $17.91 | $19.04 | $14.59 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.18 | 0.23 | 0.18 | 0.18 | 0.04 |
| Net Realized and Unrealized Gain (Loss) | 0.92 | 1.48 | (4.04) | 0.23 | 4.42 |
| Total from Investment Operations | 1.10 | 1.71 | (3.86) | 0.41 | 4.46 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.20) | (0.26) | (0.11) | (0.24) | (0.01) |
| Net Realized Gain | (0.35) | (0.26) | (0.13) | (1.30) |  |
| Total Distributions | (0.55) | (0.52) | (0.24) | (1.54) | (0.01) |
| **Net Asset Value, End of Period** | $15.55 | $15.00 | $13.81 | $17.91 | $19.04 |
| **Total Return<sup>(2)</sup>** | 7.25% | 12.49%<sup>(3)</sup> | (21.51)% | 2.39% | 30.55% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $14 | $13 | $11 | $14 | $14 |
| Ratio of Expenses Before Expense Limitation | 15.19% | 19.62% | 18.22% | 14.38% | 20.70% |
| Ratio of Expenses After Expense Limitation | 0.85%<sup>(4)</sup> | 0.81%<sup>(4)(5)</sup> | 0.84%<sup>(4)</sup> | 0.84%<sup>(4)</sup> | 0.84%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | 0.84%<sup>(4)</sup> | 0.84%<sup>(4)</sup> | 0.84%<sup>(4)</sup> |
| Ratio of Net Investment Income | 1.10%<sup>(4)</sup> | 1.52%<sup>(4)(5)</sup> | 1.21%<sup>(4)</sup> | 0.92%<sup>(4)</sup> | 0.29%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 30% | 14% | 25% | 39% | 37% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class IR shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class IR shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.85% | 1.48% |

---

(6) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relate to the Passport Overseas Equity Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued six classes of shares — Class I, Class A, Class L, Class C, Class R6 and Class IR. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. On April 30, 2015, the Fund suspended offering of Class L shares. Existing Class L shareholders may invest through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) 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; (2) 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; (3) 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"), 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; (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) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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; (6) 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 (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Fund, are valued at the net asset value ("NAV") 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.

**2. 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $— | $8740 | $— | $8740 |
| Banks | 10609 | 10494 |  | 21103 |
| Beverages |  | 3008 |  | 3008 |
| Biotechnology | 1716 |  |  | 1716 |
| Broadline Retail | 2683 |  |  | 2683 |
| Chemicals |  | 3192 |  | 3192 |
| Containers & Packaging |  | 894 |  | 894 |
| Electric Utilities |  | 676 |  | 676 |
| Electrical Equipment |  | 2123 |  | 2123 |
| Electronic Equipment, <br>Instruments & <br>Components |  | 2642 |  | 2642 |
| Entertainment | 3324 | 1777 |  | 5101 |
| Food Products |  | 894 |  | 894 |

---

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Health Care Equipment & <br>Supplies | $— | $732 | $— | $732 |
| Health Care Providers & <br>Services |  | 1569 |  | 1569 |
| Hotels, Restaurants & <br>Leisure | 4186 |  |  | 4186 |
| Household Durables | 1877 | 4981 |  | 6858 |
| Industrial Conglomerates |  | 2518 |  | 2518 |
| Interactive Media & <br>Services |  | 6047 |  | 6047 |
| Machinery |  | 568 |  | 568 |
| Metals & Mining | 1473 | 2982 |  | 4455 |
| Oil, Gas & Consumable <br>Fuels | 3179 | 8325 |  | 11504 |
| Passenger Airlines | 1731 |  |  | 1731 |
| Personal Care Products |  | 6096 |  | 6096 |
| Pharmaceuticals |  | 7305 |  | 7305 |
| Professional Services |  | 3275 |  | 3275 |
| Semiconductors & <br>Semiconductor <br>Equipment | 1080 | 9365 |  | 10445 |
| Software | 3039 | 3725 |  | 6764 |
| Tech Hardware, Storage & <br>Peripherals |  | 4040 |  | 4040 |
| **Total Common Stocks** | **34897** | **95968** | **—** | **130865** |
| **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** |
| Biotechnology |  |  | 1375 | 1375 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 4737 |  |  | 4737 |
| **Futures Contracts** | 21 |  |  | 21 |
| **Total Assets** | **39655** | **95968** | **1375** | **136998** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Futures Contracts** | (31) |  |  | (31) |
| **Total** | $**39624** | $**95968** | $**1375** | $**136967** |

---

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

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

---

| | |
|:---|:---|
| | **Preferred<br>Stock<br>(000)** |
| **Beginning Balance** | $1250 |
| Purchases |  |
| Sales |  |
| Transfers in |  |
| Transfers out |  |
| Corporate actions |  |
| Change in unrealized appreciation (depreciation) | 125 |
| Realized gains (losses) |  |
| **Ending Balance** | $1375 |
| Net change in unrealized appreciation (depreciation) from investments <br>still held as of December 31, 2024 | $125 |

---

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 December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value at<br>December 31, 2024<br>(000)** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Amount** | **Impact to<br>Valuation from an<br>Increase in Input\*** |
| Preferred Stock | $1375 | 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.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

**3. Repurchase Agreements:** The Fund may enter into repurchase agreements under which the Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

**4. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and

unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

**5. Derivatives:** The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. 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 and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

**Futures:** A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures

contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin) and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contract. A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<br>Statement of Assets and<br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Futures Contracts | Variation Margin on<br>Futures Contracts | <br>Equity Risk | $21<br> (a) |
|  | **Liability Derivatives<br>Statement of Assets and<br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Futures Contracts | Variation Margin on<br>Futures Contracts | <br>Equity Risk | $(31)(a) |

---

(a) This amount represents the cumulative appreciation (depreciation) as reported in the Portfolio of Investments. The Statement of Assets and Liabilities only reflects the current day's net variation margin.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended December 31, 2024 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Equity Risk | Futures Contracts | $704 |
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Equity Risk | Futures Contracts | $(10) |

---

For the year ended December 31, 2024, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Futures Contracts:** | **Futures Contracts:** |
| Average monthly notional value | $9587000 |

---

**6. Securities Lending:** The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Gross Amount Not Offset in the Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Statement of Assets and Liabilities** |
| **Gross Asset <br>Amount<br>Presented in <br>the Statement of <br>Assets and <br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| $802<br> (a) | $— | $802<br> (b)(c) | $0 |

---

(a) Represents market value of loaned securities at period end.

(b) The Fund received non-cash collateral of approximately $846,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

(c) The actual collateral received is greater than the amount shown here due to overcollateralization.

**7. Restricted Securities:** The Fund invests in unregistered or otherwise restricted securities. The term "restricted securities" refers to securities that are unregistered or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale. As a result, restricted securities may be more difficult to value and the Fund may have difficulty disposing of such assets either in a timely manner or for a reasonable price. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered so that the Fund can sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and the acquirer of the securities. The Fund would, in either case, bear market risks during that period. Restricted securities are identified in the Portfolio of Investments.

**8. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**9. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

**10. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**11. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | |
|:---|:---|
| **First $1<br>billion** | **Over $1<br>billion** |
| 0.65% | 0.60% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.48% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.90% for Class I shares, 1.25% for Class A shares, 1.75% for Class L shares, 2.00% for Class C shares, 0.85% for Class R6 shares and 0.85% for Class IR shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $257,000 of advisory fees were waived and approximately $36,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to approximately $2,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $45,931,000 and $97,123,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $857 | $36387 | $32507 | $97 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $4737 |

---

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions<br>Paid From:** | **2024 <br>Distributions<br>Paid From:** | **2023 <br>Distributions<br>Paid From:** | **2023 <br>Distributions<br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $3095 | $1369 | $2695 | $2911 |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2024.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $— | $4847 |

---

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Fund's next taxable year. For the year ended December 31, 2024, the Fund intends to defer to January 1, 2025 for U.S. federal income tax purposes the following losses:

---

| | |
|:---|:---|
| **Qualified<br>Late Year<br>Ordinary<br>Losses<br>(000)** | **Post-<br>October<br>Capital<br>Losses<br>(000)** |
| $17 | $833 |

---

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 76.2%.

**K. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Passport Overseas Equity Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Passport Overseas Equity Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386625_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024.

The Fund designated and paid approximately $1,369,000 as a long-term capital gain distribution.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $2,597,000 as taxable at this lower rate.

The Fund intends to pass through foreign tax credits of approximately $341,000 and has derived net income from sources within foreign countries amounting to approximately $3,046,000.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386625_za004.jpg)

MSIBX-NCSR 12.31.24

------

![](j25386626_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

Permanence Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386626_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024 (unaudited)**

**Table of Contents**

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#consolidatedportfolioofinvestments-26) | 2 |
| [Consolidated Statement of Assets and Liabilities](#consolidatedstatementofassetsandliabilities-26) | 5 |
| [Consolidated Statement of Operations](#consolidatedstatementofoperations-26) | 6 |
| [Consolidated Statements of Changes in Net Assets](#consolidatedstatementsofchangesinnetassets-26) | 7 |
| [Consolidated Financial Highlights](#consolidatedfinancialhighlights-26) | 8 |
| [Notes to Consolidated Financial Statements](#notestoconsolidatedfinancialstatements-26) | 12 |
| [Report of Independent Registered Public Accounting Firm](#reportofindependentregisteredpublicaccountingfirm-26) | 22 |
| [Federal Tax Notice](#federaltaxnotice-26) | 23 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments

**Permanence Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (89.8%)** | **Common Stocks (89.8%)** | **Common Stocks (89.8%)** |
| Aerospace & Defense (0.3%) | Aerospace & Defense (0.3%) | Aerospace & Defense (0.3%) |
| Axon Enterprise, Inc. (a) | 7 | $4 |
| HEICO Corp., Class A | 22 | 4 |
| TransDigm Group, Inc. | 4 | 5 |
|  |  | 13 |
| Beverages (4.8%) | Beverages (4.8%) | Beverages (4.8%) |
| Celsius Holdings, Inc. (a) | 8417 | 222 |
| Broadline Retail (5.3%) | Broadline Retail (5.3%) | Broadline Retail (5.3%) |
| Amazon.com, Inc. (a) | 1121 | 246 |
| Capital Markets (5.3%) | Capital Markets (5.3%) | Capital Markets (5.3%) |
| Intercontinental Exchange, Inc. | 1491 | 222 |
| MSCI, Inc. | 19 | 11 |
| S&P Global, Inc. | 23 | 12 |
|  |  | 245 |
| Chemicals (0.2%) | Chemicals (0.2%) | Chemicals (0.2%) |
| Ecolab, Inc. | 19 | 5 |
| Sherwin-Williams Co. | 12 | 4 |
|  |  | 9 |
| Commercial Services & Supplies (0.5%) | Commercial Services & Supplies (0.5%) | 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%) | Construction Materials (0.1%) | Construction Materials (0.1%) |
| Martin Marietta Materials, Inc. | 8 | 4 |
| Distributors (0.1%) | Distributors (0.1%) | Distributors (0.1%) |
| Pool Corp. | 12 | 4 |
| Diversified Consumer Services (0.1%) | Diversified Consumer Services (0.1%) | Diversified Consumer Services (0.1%) |
| Service Corp. International | 54 | 4 |
| Entertainment (0.3%) | Entertainment (0.3%) | Entertainment (0.3%) |
| Netflix, Inc. (a) | 5 | 5 |
| Walt Disney Co. | 101 | 11 |
|  |  | 16 |
| Food Products (0.2%) | Food Products (0.2%) | Food Products (0.2%) |
| McCormick & Co., Inc. | 148 | 11 |
| Ground Transportation (4.9%) | Ground Transportation (4.9%) | Ground Transportation (4.9%) |
| Union Pacific Corp. | 994 | 227 |
| Health Care Equipment & Supplies (0.1%) | Health Care Equipment & Supplies (0.1%) | Health Care Equipment & Supplies (0.1%) |
| Intuitive Surgical, Inc. (a) | 9 | 5 |
| Health Care Technology (0.2%) | Health Care Technology (0.2%) | Health Care Technology (0.2%) |
| Veeva Systems, Inc., Class A (a) | 54 | 11 |
| Hotels, Restaurants & Leisure (4.3%) | Hotels, Restaurants & Leisure (4.3%) | Hotels, Restaurants & Leisure (4.3%) |
| Domino's Pizza, Inc. | 10 | 4 |
| McDonald's Corp. | 40 | 12 |
| Starbucks Corp. | 53 | 5 |
| Vail Resorts, Inc. | 962 | 180 |
|  |  | 201 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Household Durables (1.1%) | Household Durables (1.1%) | Household Durables (1.1%) |
| NVR, Inc. (a) | 3 | $25 |
| Victoria PLC (United Kingdom) (a) | 29426 | 25 |
|  |  | 50 |
| Information Technology Services (11.0%) | Information Technology Services (11.0%) | Information Technology Services (11.0%) |
| Cloudflare, Inc., Class A (a) | 4680 | 504 |
| Gartner, Inc. (a) | 9 | 4 |
|  |  | 508 |
| Insurance (0.1%) | Insurance (0.1%) | Insurance (0.1%) |
| Brown & Brown, Inc. | 44 | 4 |
| Life Sciences Tools & Services (5.9%) | Life Sciences Tools & Services (5.9%) | Life Sciences Tools & Services (5.9%) |
| Danaher Corp. | 977 | 224 |
| Illumina, Inc. (a) | 340 | 45 |
| Thermo Fisher Scientific, Inc. | 7 | 4 |
|  |  | 273 |
| Metals & Mining (2.5%) | Metals & Mining (2.5%) | Metals & Mining (2.5%) |
| Royal Gold, Inc. | 885 | 117 |
| Oil, Gas & Consumable Fuels (1.1%) | Oil, Gas & Consumable Fuels (1.1%) | Oil, Gas & Consumable Fuels (1.1%) |
| Cameco Corp. (Canada) | 911 | 47 |
| Texas Pacific Land Corp. | 3 | 3 |
|  |  | 50 |
| Pharmaceuticals (5.0%) | Pharmaceuticals (5.0%) | Pharmaceuticals (5.0%) |
| Royalty Pharma PLC, Class A | 8920 | 227 |
| Zoetis, Inc. | 22 | 4 |
|  |  | 231 |
| Real Estate Management & Development (1.3%) | Real Estate Management & Development (1.3%) | Real Estate Management & Development (1.3%) |
| Landbridge Co. LLC | 946 | 61 |
| Semiconductors & Semiconductor Equipment (5.0%) | Semiconductors & Semiconductor Equipment (5.0%) | Semiconductors & Semiconductor Equipment (5.0%) |
| ASML Holding NV (Registered) (Netherlands) | 334 | 231 |
| Software (6.7%) | Software (6.7%) | Software (6.7%) |
| Appfolio, Inc., Class A (a) | 49 | 12 |
| Cadence Design Systems, Inc. (a) | 15 | 4 |
| Guidewire Software, Inc. (a) | 23 | 4 |
| Procore Technologies, Inc. (a) | 2194 | 164 |
| QXO, Inc. | 7016 | 112 |
| Roper Technologies, Inc. | 8 | 4 |
| Synopsys, Inc. (a) | 8 | 4 |
| Tyler Technologies, Inc. (a) | 8 | 5 |
|  |  | 309 |
| Specialized REITs (4.9%) | Specialized REITs (4.9%) | Specialized REITs (4.9%) |
| American Tower Corp. REIT | 1224 | 225 |
| Specialty Retail (8.2%) | Specialty Retail (8.2%) | Specialty Retail (8.2%) |
| AutoZone, Inc. (a) | 23 | 74 |
| Floor & Decor Holdings, Inc., Class A (a) | 2889 | 288 |
| Home Depot, Inc. | 30 | 12 |
| Tractor Supply Co. | 85 | 4 |
|  |  | 378 |
| Textiles, Apparel & Luxury Goods (5.3%) | Textiles, Apparel & Luxury Goods (5.3%) | Textiles, Apparel & Luxury Goods (5.3%) |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 373 | 245 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments (cont'd)

**Permanence Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Trading Companies & Distributors (5.0%) | Trading Companies & Distributors (5.0%) | Trading Companies & Distributors (5.0%) |
| Core & Main, Inc., Class A (a) | 4346 | $221 |
| Fastenal Co. | 57 | 4 |
| Watsco, Inc. | 9 | 5 |
|  |  | 230 |
| **Total Common Stocks (Cost $3,830)** | **Total Common Stocks (Cost $3,830)** | 4154 |
| **Investment Company (3.4%)** | **Investment Company (3.4%)** | **Investment Company (3.4%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $113)** | 2924 | 155 |
|  | **No. of<br>Warrants** |  |
| **Warrants (0.0%)** | **Warrants (0.0%)** | **Warrants (0.0%)** |
| Software (0.0%) | Software (0.0%) | Software (0.0%) |
| Constellation Software, Inc.<br>expires 3/31/40 (a)(b) **(Cost $—)** | 58 |  |
|  | **Shares** |  |
| **Short-Term Investment (5.1%)** | **Short-Term Investment (5.1%)** | **Short-Term Investment (5.1%)** |
| Investment Company (5.1%) | Investment Company (5.1%) | Investment Company (5.1%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $237)** | 237328 | 237 |
| **Total Investments Excluding Purchased<br>Options (98.3%) (Cost $4,180)** | **Total Investments Excluding Purchased<br>Options (98.3%) (Cost $4,180)** | 4546 |
| **Total Purchased Options Outstanding (0.3%)<br>(Cost $23)** | **Total Purchased Options Outstanding (0.3%)<br>(Cost $23)** | 16 |
| **Total Investments (98.6%) (Cost $4,203) (c)(d)(e)** | **Total Investments (98.6%) (Cost $4,203) (c)(d)(e)** | 4562 |
| Other Assets in Excess of Liabilities (1.4%) | Other Assets in Excess of Liabilities (1.4%) | 63 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $4625 |

---

(a) Non-income producing security.

(b) At December 31, 2024, 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) Securities are available for collateral in connection with purchased options.

(d) The approximate fair value and percentage of net assets, $271,000 and 5.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements.

(e) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $4,281,000. The aggregate gross unrealized appreciation is approximately $722,000 and the aggregate gross unrealized depreciation is approximately $400,000, resulting in net unrealized appreciation of approximately $322,000.

ETF Exchange Traded Fund.

REIT Real Estate Investment Trust.

**Call Options Purchased:**

The Fund had the following call options purchased open at December 31, 2024:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** | **Premiums<br>Paid<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.66 | Sep-25 | 565030 | $565 | $4 |  | $3 | $1 |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 7.69 | Jan-25 | 1103570 | 1104 |  | @ | 4 | (4 |
| Standard Chartered Bank | USD/CNH CNH | 7.76 | Oct-25 | 1064506 | 1065 | 6 |  | 5 | 1 |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.77 | Jul-25 | 517348 | 517 | 2 |  | 2 | (— |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.78 | Mar-25 | 1081829 | 1082 | 1 |  | 5 | (4 |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 8.02 | Dec-25 | 1001958 | 1002 | 3 |  | 4 | (1 |
|  |  |  |  |  |  | $16 |  | $23 | $(7 |

---

@&nbsp;&nbsp;&nbsp;&nbsp;Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Portfolio of Investments (cont'd)

**Permanence Portfolio**

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 26.2% |
| Information Technology Services | 11.1 |
| Specialty Retail | 8.3 |
| Software | 6.9 |
| Life Sciences Tools & Services | 6.0 |
| Broadline Retail | 5.4 |
| Textiles, Apparel & Luxury Goods | 5.4 |
| Capital Markets | 5.3 |
| Short-Term Investments | 5.2 |
| Pharmaceuticals | 5.1 |
| Semiconductors & Semiconductor Equipment | 5.1 |
| Trading Companies & Distributors | 5.0 |
| Ground Transportation | 5.0 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Permanence Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statement of Assets and Liabilities | **December 31, 2024<br>(000)** | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $3,966) | $4325 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $237) | 237 |  |
| Total Investments in Securities, at Value (Cost $4,203) | 4562 |  |
| Foreign Currency, at Value (Cost $4) | 4 |  |
| Due from Adviser | 77 |  |
| Dividends Receivable | 5 |  |
| Receivable from Affiliate |  | @ |
| Other Assets | 22 |  |
| **Total Assets** | 4670 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Professional Fees | 17 |  |
| Payable for Investments Purchased | 13 |  |
| Payable for Custodian Fees | 3 |  |
| Payable for Administration Fees |  | @ |
| Payable for Transfer Agency Fees — Class I |  | @ |
| Payable for Transfer Agency Fees — Class A |  | @ |
| Payable for Transfer Agency Fees — Class C |  | @ |
| Payable for Transfer Agency Fees — Class R6 |  | @ |
| Payable for Sub Transfer Agency Fees — Class A |  | @ |
| Payable for Sub Transfer Agency Fees — Class C |  | @ |
| Payable for Shareholder Services Fees — Class A |  | @ |
| Payable for Distribution and Shareholder Services Fees — Class C |  | @ |
| Other Liabilities | 12 |  |
| **Total Liabilities** | 45 |  |
| **Net Assets** | $4625 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | 4074 |  |
| Total Distributable Earnings | 551 |  |
| **Net Assets** | $4625 |  |
| **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $3971 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 310852 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $12.78 |  |
| **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $553 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 43897 |  |
| **Net Asset Value, Redemption Price Per Share** | $12.59 |  |
| **Maximum Sales Load** | 5.25 | % |
| **Maximum Sales Charge** | $0.70 |  |
| **Maximum Offering Price Per Share** | $13.29 |  |
| **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $32 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 2659 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $12.21 |  |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $69 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5400 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $12.80 |  |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Permanence Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $1 of Foreign Taxes Withheld) | $49 |
| Dividends from Security of Affiliated Issuer (Note G) | 5 |
| Total Investment Income | 54 |
| **Expenses:** | **Expenses:** |
| Professional Fees | 168 |
| Registration Fees | 56 |
| Advisory Fees (Note B) | 29 |
| Shareholder Reporting Fees | 19 |
| Custodian Fees (Note F) | 11 |
| Transfer Agency Fees — Class I (Note E) | 3 |
| Transfer Agency Fees — Class A (Note E) | 3 |
| Transfer Agency Fees — Class C (Note E) | 2 |
| Transfer Agency Fees — Class R6 (Note E) | 2 |
| Pricing Fees | 6 |
| Administration Fees (Note C) | 4 |
| Directors' Fees and Expenses | 2 |
| Shareholder Services Fees — Class A (Note D) | 1 |
| Distribution and Shareholder Services Fees — Class C (Note D) |  |
| Sub Transfer Agency Fees — Class I | 1 |
| Sub Transfer Agency Fees — Class A |  |
| Sub Transfer Agency Fees — Class C |  |
| Other Expenses | 26 |
| Total Expenses | 333 |
| Expenses Reimbursed by Adviser (Note B) | (255 |
| Waiver of Advisory Fees (Note B) | (29 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (1 |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2 |
| Rebate from Morgan Stanley Affiliate (Note G) | (— |
| Net Expenses | 42 |
| **Net Investment Income** | 12 |
| **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 770 |
| Foreign Currency Transaction |  |
| Net Realized Gain | 770 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | (193 |
| Foreign Currency Translation | (— |
| Net Change in Unrealized Appreciation (Depreciation) | (193 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 577 |
| Net Increase in Net Assets Resulting from Operations | $589 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Permanence Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $12 | $9 |
| Net Realized Gain | 770 | 283 |
| Net Change in Unrealized Appreciation (Depreciation) | (193 | 633 |
| Net Increase in Net Assets Resulting from Operations | 589 | 925 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (503 | (331 |
| **Class A** | (76 | (62 |
| **Class C** | (4 | (5 |
| **Class R6** | (9 | (6 |
| Total Dividends and Distributions to Shareholders | (592 | (404 |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 15 | 183 |
| Distributions Reinvested | 503 | 331 |
| Redeemed | (167 | (485 |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 175 | 1181 |
| Distributions Reinvested | 76 | 62 |
| Redeemed | (359 | (921 |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed |  | 24 |
| Distributions Reinvested | 4 | 5 |
| Redeemed | (21 | (3 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed |  | 57 |
| Distributions Reinvested | 9 | 6 |
| Redeemed |  | (52 |
| Net Increase in Net Assets Resulting from Capital Share Transactions | 235 | 388 |
| Total Increase in Net Assets | 232 | 909 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 4393 | 3484 |
| End of Period | $4625 | $4393 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 1 | 14 |
| Shares Issued on Distributions Reinvested | 37 | 27 |
| Shares Redeemed | (11 | (36 |
| Net Increase in Class I Shares Outstanding | 27 | 5 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 12 | 92 |
| Shares Issued on Distributions Reinvested | 6 | 5 |
| Shares Redeemed | (26 | (72 |
| Net Increase (Decrease) in Class A Shares Outstanding | (8 | 25 |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed |  | 2 |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (1 | (— |
| Net Increase (Decrease) in Class C Shares Outstanding | (1 | 2 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed |  | 5 |
| Shares Issued on Distributions Reinvested | 1 |  |
| Shares Redeemed |  | (4 |
| Net Increase in Class R6 Shares Outstanding | 1 | 1 |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Permanence Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **Period from<br>March 31, 2020<sup>(1)</sup> to**<br>**December 31, 2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $12.75 | $11.16 | $14.42 | $14.65 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(3)</sup> | 0.05 | 0.04 | (0.02) | 0.00<br><sup>(4)</sup> | (0.00)<sup>(4)</sup> |
| Net Realized and Unrealized Gain (Loss) | 1.82 | 2.84 | (2.93) | 2.39 | 5.51 |
| Total from Investment Operations | 1.87 | 2.88 | (2.95) | 2.39 | 5.51 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.37) |  | (0.04) | (0.11) |  |
| Net Realized Gain | (1.47) | (1.29) | (0.27) | (2.51) | (0.86) |
| Total Distributions | (1.84) | (1.29) | (0.31) | (2.62) | (0.86) |
| **Net Asset Value, End of Period** | $12.78 | $12.75 | $11.16 | $14.42 | $14.65 |
| **Total Return<sup>(5)</sup>** | 13.78% | 26.44%<sup>(6)</sup> | (20.55)% | 16.85% | 55.46%<sup>(7)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3971 | $3624 | $3117 | $3807 | $3147 |
| Ratio of Expenses Before Expense Limitation | 7.16% | 7.44% | 8.14% | 7.49% | 10.85%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 0.85%<sup>(9)</sup> | 0.65%<sup>(9)(10)</sup> | 0.85%<sup>(9)</sup> | 0.85%<sup>(9)</sup> | 0.85%<sup>(8)(9)</sup> |
| Ratio of Net Investment Income (Loss) | 0.35%<sup>(9)</sup> | 0.31%<sup>(9)(10)</sup> | (0.14)%<sup>(9)</sup> | 0.01%<sup>(9)</sup> | (0.02)%<sup>(8)(9)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(8)(11)</sup> |
| Portfolio Turnover Rate | 74% | 100% | 57% | 70% | 68%<sup>(7)</sup> |

---

(1) Commencement of Operations.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Amount is less than $0.005 per share.

(5) Calculated based on the net asset value as of the last business day of the period.

(6) Performance was positively impacted by approximately 0.19% for Class I shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class I shares would have been 26.25%.

(7) Not annualized.

(8) Annualized.

(9) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(10) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.85% | 0.11% |

---

(11) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Permanence Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **Period from<br>March 31, 2020<sup>(1)</sup> to**<br>**December 31, 2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $12.60 | $11.07 | $14.31 | $14.61 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(3)</sup> | (0.00)<sup>(4)</sup> | (0.01) | (0.06) | (0.05) | (0.01) |
| Net Realized and Unrealized Gain (Loss) | 1.78 | 2.83 | (2.91) | 2.37 | 5.48 |
| Total from Investment Operations | 1.78 | 2.82 | (2.97) | 2.32 | 5.47 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.32) |  |  | (0.11) |  |
| Net Realized Gain | (1.47) | (1.29) | (0.27) | (2.51) | (0.86) |
| Total Distributions | (1.79) | (1.29) | (0.27) | (2.62) | (0.86) |
| **Net Asset Value, End of Period** | $12.59 | $12.60 | $11.07 | $14.31 | $14.61 |
| **Total Return<sup>(5)</sup>** | 13.39% | 26.11%<sup>(6)</sup> | (20.83)% | 16.41% | 55.05%<sup>(7)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $553 | $660 | $303 | $324 | $256 |
| Ratio of Expenses Before Expense Limitation | 7.95% | 8.09% | 9.60% | 8.83% | 17.41%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 1.20%<sup>(9)</sup> | 1.03%<sup>(9)(10)</sup> | 1.20%<sup>(9)</sup> | 1.20%<sup>(9)</sup> | 1.20%<sup>(8)(9)</sup> |
| Ratio of Net Investment Loss | (0.01)%<sup>(9)</sup> | (0.07)%<sup>(9)(10)</sup> | (0.51)%<sup>(9)</sup> | (0.33)%<sup>(9)</sup> | (0.06)%<sup>(8)(9)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(8)(11)</sup> |
| Portfolio Turnover Rate | 74% | 100% | 57% | 70% | 68%<sup>(7)</sup> |

---

(1) Commencement of Operations.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Amount is less than $0.005 per share.

(5) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(6) Performance was positively impacted by approximately 0.29% for Class A shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class A shares would have been 25.82%.

(7) Not annualized.

(8) Annualized.

(9) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(10) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.20% | (0.24)% |

---

(11) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Permanence Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **Period from<br>March 31, 2020<sup>(1)</sup> to**<br>**December 31, 2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $12.23 | $10.86 | $14.16 | $14.52 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(3)</sup> | (0.10) | (0.09) | (0.13) | (0.17) | (0.11) |
| Net Realized and Unrealized Gain (Loss) | 1.73 | 2.75 | (2.90) | 2.35 | 5.49 |
| Total from Investment Operations | 1.63 | 2.66 | (3.03) | 2.18 | 5.38 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.18) |  |  | (0.03) |  |
| Net Realized Gain | (1.47) | (1.29) | (0.27) | (2.51) | (0.86) |
| Total Distributions | (1.65) | (1.29) | (0.27) | (2.54) | (0.86) |
| **Net Asset Value, End of Period** | $12.21 | $12.23 | $10.86 | $14.16 | $14.52 |
| **Total Return<sup>(4)</sup>** | 12.58% | 25.15%<sup>(5)</sup> | (21.47)% | 15.52% | 54.15%<sup>(6)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $32 | $48 | $20 | $26 | $21 |
| Ratio of Expenses Before Expense Limitation | 13.89% | 14.88% | 19.54% | 18.17% | 24.15%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation | 1.95%<sup>(8)</sup> | 1.71%<sup>(8)(9)</sup> | 1.95%<sup>(8)</sup> | 1.95%<sup>(8)</sup> | 1.95%<sup>(7)(8)</sup> |
| Ratio of Net Investment Loss | (0.77)%<sup>(8)</sup> | (0.75)%<sup>(8)(9)</sup> | (1.24)%<sup>(8)</sup> | (1.09)%<sup>(8)</sup> | (1.08)%<sup>(7)(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(7)(10)</sup> |
| Portfolio Turnover Rate | 74% | 100% | 57% | 70% | 68%<sup>(6)</sup> |

---

(1) Commencement of Operations.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(5) Performance was positively impacted by approximately 0.31% for Class C shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class C shares would have been 24.84%.

(6) Not annualized.

(7) Annualized.

(8) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(9) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.95% | (0.99)% |

---

(10) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Consolidated Financial Highlights

**Permanence Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **Period from<br>March 31, 2020<sup>(2)</sup> to**<br>**December 31, 2020<sup>(3)</sup>** |
| **Net Asset Value, Beginning of Period** | $12.77 | $11.17 | $14.43 | $14.65 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(4)</sup> | 0.06 | 0.05 | (0.01) | 0.01 | 0.00<br><sup>(5)</sup> |
| Net Realized and Unrealized Gain (Loss) | 1.81 | 2.84 | (2.94) | 2.40 | 5.51 |
| Total from Investment Operations | 1.87 | 2.89 | (2.95) | 2.41 | 5.51 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.37) |  | (0.04) | (0.12) |  |
| Net Realized Gain | (1.47) | (1.29) | (0.27) | (2.51) | (0.86) |
| Total Distributions | (1.84) | (1.29) | (0.31) | (2.63) | (0.86) |
| **Net Asset Value, End of Period** | $12.80 | $12.77 | $11.17 | $14.43 | $14.65 |
| **Total Return<sup>(6)</sup>** | 13.90% | 26.51%<sup>(7)</sup> | (20.50)% | 16.95% | 55.45%<sup>(8)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $69 | $61 | $44 | $18 | $16 |
| Ratio of Expenses Before Expense Limitation | 10.50% | 11.18% | 12.68% | 20.29% | 25.34%<sup>(9)</sup> |
| Ratio of Expenses After Expense Limitation | 0.80%<sup>(10)</sup> | 0.61%<sup>(10)(11)</sup> | 0.80%<sup>(10)</sup> | 0.80%<sup>(10)</sup> | 0.80%<sup>(9)(10)</sup> |
| Ratio of Net Investment Income (Loss) | 0.40%<sup>(10)</sup> | 0.35%<sup>(10)(11)</sup> | (0.06)%<sup>(10)</sup> | 0.07%<sup>(10)</sup> | 0.03%<sup>(9)(10)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.00%<sup>(9)(12)</sup> |
| Portfolio Turnover Rate | 74% | 100% | 57% | 70% | 68%<sup>(8)</sup> |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Commencement of Operations.

(3) Not consolidated.

(4) Per share amount is based on average shares outstanding.

(5) Amount is less than $0.005 per share.

(6) Calculated based on the net asset value as of the last business day of the period.

(7) Performance was positively impacted by approximately 0.20% for Class R6 shares due to the reimbursement of transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class R6 shares would have been 26.31%.

(8) Not annualized.

(9) Annualized.

(10) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(11) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.80% | 0.16% |

---

(12) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying consolidated financial statements relate to the Permanence Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued four classes of shares — Class I, Class A, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Permanence Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoin ETFs"). The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of December 31, 2024, the Subsidiary

represented approximately $153,000 or approximately 3.31% of the net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

**1. Security Valuation:** (1) An equity portfolio security listed or traded on an exchange is valued at its latest re-ported 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; (2) 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

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

from one or more reputable brokers or dealers; (3) 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"), 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; (4) 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 a reputable broker/dealer or valued by a pricing service/vendor; (5) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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; (6) 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 (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") 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.

**2. 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.)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

• 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $13 | $— | $— | $13 |
| Beverages | 222 |  |  | 222 |
| Broadline Retail | 246 |  |  | 246 |
| Capital Markets | 244 |  |  | 244 |
| Chemicals | 8 |  |  | 8 |
| Commercial Services & <br>Supplies | 23 |  |  | 23 |
| Construction Materials | 4 |  |  | 4 |
| Distributors | 4 |  |  | 4 |
| Diversified Consumer <br>Services | 4 |  |  | 4 |
| Entertainment | 15 |  |  | 15 |
| Food Products | 11 |  |  | 11 |
| Ground Transportation | 227 |  |  | 227 |
| Health Care Equipment & <br>Supplies | 5 |  |  | 5 |
| Health Care Technology | 11 |  |  | 11 |
| Hotels, Restaurants & <br>Leisure | 201 |  |  | 201 |
| Household Durables | 25 | 25 |  | 50 |
| Information Technology <br>Services | 508 |  |  | 508 |
| Insurance | 5 |  |  | 5 |
| Life Sciences Tools & <br>Services | 273 |  |  | 273 |
| Metals & Mining | 117 |  |  | 117 |
| Oil, Gas & Consumable <br>Fuels | 50 |  |  | 50 |
| Pharmaceuticals | 232 |  |  | 232 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Real Estate <br>Management & <br>Development | $61 | $— | $— |  | $61 |  |
| Semiconductors & <br>Semiconductor <br>Equipment | 232 |  |  |  | 232 |  |
| Software | 310 |  |  |  | 310 |  |
| Specialized REITs | 225 |  |  |  | 225 |  |
| Specialty Retail | 379 |  |  |  | 379 |  |
| Textiles, Apparel & <br>Luxury Goods |  | 245 |  |  | 245 |  |
| Trading Companies & <br>Distributors | 229 |  |  |  | 229 |  |
| **Total Common Stocks** | **3884** | **270** | **—** |  | **4154** |  |
| **Investment Company** | 155 |  |  |  | 155 |  |
| **Warrants** |  |  |  | † |  | † |
| **Call Options Purchased** |  | 16 |  |  | 16 |  |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 237 |  |  |  | 237 |  |
| **Total Assets** | $**4276** | $**286** | $**—** | **†** | $**4562** | **†** |

---

† Includes a security valued at zero.

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

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

---

| | | |
|:---|:---|:---|
| | **Warrants<br>(000)** | **Warrants<br>(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 <br>investments still held as of December 31, 2024 | $— |  |

---

† Includes a security valued at zero.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of

lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Derivatives:** The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. 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 and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

**Options:** With respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency ex-change risk in the normal course of pursuing its investment objectives. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium paid by the Fund. The Fund may purchase and/or sell put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Consolidated Statement of Assets and Liabilities. Upon the exercise or closing of a purchased call option, the premium paid is added to the cost of the security or financial instrument purchased. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. As the buyer of a call option, the Fund pays the premium to the option writer and has the right to purchase the underlying security from the option writer at

the exercise price. If the market price of the underlying security rises above the exercise price, the Fund could exercise the option and acquire the underlying security at a below-market price, which could result in a gain to the Fund, minus the premium paid. As the buyer of a put option, the Fund pays the premium to the option writer and has the right to sell the underlying security to the option writer at the exercise price. If the market price of the underlying security declines below the exercise price, the Fund could exercise the option and sell the underlying security at an above-market price, which could result in a gain to the Fund, minus the premium paid. Premiums paid for purchasing options which expired are treated as realized losses. When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<br>Consolidated <br>Statement of Assets and<br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | Currency Risk | $16<br> (a) |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

contract for the year ended December 31, 2024 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $(14)(a) |

---

(a) Amounts are included in Realized Gain on Investments Sold in the Consolidated Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $4<br> (a) |

---

(a) Amounts are included in Change in Unrealized Appreciation (Depreciation) on Investments in the Consolidated Statement of Operations.

At December 31, 2024, the Fund's derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Consolidated Statement of Assets and Liabilities** |
| **Derivatives** | **Assets(b)<br>(000)** | **Liabilities(b)<br>(000)** |
| Purchased Options | $16<br> (a) | $— |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

(b) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing

standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities(a)<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| Goldman Sachs & Co. LLC | $3 | $— | $— | $3 |
| JPMorgan Chase Bank NA | 7 |  |  | 7 |
| Standard Chartered Bank | 6 |  |  | 6 |
| Total | $16 | $— | $— | $16 |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

For the year ended December 31, 2024, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Purchased Options:** | **Purchased Options:** |
| Average monthly notional amount | 3,954,000 |

---

**5. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**6. Dividends and Distributions to Shareholders:** Dividend income and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

**7. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**8. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid

quarterly, at the annual rate based on the daily net assets as follows:

---

| | |
|:---|:---|
| **First $1<br>billion** | **Over $1<br>billion** |
| 0.65% | 0.60% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.00% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.85% for Class I shares, 1.20% for Class A shares, 1.95% for Class C shares and 0.80% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $29,000 of advisory fees were waived and approximately $262,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement. As of December 31, 2024, amounts owed by the Adviser to the Fund are reflected in Due from Adviser on the Consolidated Statement of Assets and Liabilities.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to less than $500.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $3,214,000 and $3,725,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $70 | $2250 | $2083 | $5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain <br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $237 |

---

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions <br>Paid From:** | **2024 <br>Distributions <br>Paid From:** | **2023<br>Distributions <br>Paid From:** | **2023<br>Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $254 | $338 | $120 | $284 |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, due to tax adjustments related to the Subsidiary, resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Distributable<br>Earnings<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $33 | $(33) |

---

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $194 | $58 |

---

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Consolidated Financial Statements (cont'd)

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 36.1%.

**K. Market Risk and Risks Relating to Certain Financial Instruments:** 

**Bitcoin:** The Fund may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by bitcoin ETFs (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin ETFs investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile and subject to sharp declines. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Bitcoin ETF exposure could result in substantial losses to the Fund.

**Market:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations

for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Permanence Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Permanence Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the consolidated portfolio of investments, as of December 31, 2024, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the four years in the period then ended, the financial highlights for the period from March 31, 2020 (commencement of operations) through December 31, 2020 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, its consolidated financial highlights for each of the four years in the period then ended and its financial highlights for the period from March 31, 2020 (commencement of operations) through December 31, 2020, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386626_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024. For corporate shareholders 9.09% of the dividends qualified for the dividends received deduction.

The Fund designated and paid approximately $338,000 as a long-term capital gain distribution.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $32,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

(This page has been left blank intentionally.)

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386626_za004.jpg)

MSHNX-NCSR 12.31.24

------

![](j25386627_aa001.jpg)

Morgan Stanley Institutional Fund, Inc.

US Core Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386627_aa002.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#portfolioofinvestments-27) | 2 |
| [Statement of Assets and Liabilities](#statementofassetsandliabilities-27) | 3 |
| [Statement of Operations](#statementofoperations-27) | 4 |
| [Statements of Changes in Net Assets](#statementsofchangesinnetassets-27) | 5 |
| [Financial Highlights](#financialhighlights-27) | 6 |
| [Notes to Financial Statements](#notestofinancialstatements-27) | 10 |
| [Report of Independent Registered Public Accounting Firm](#reportofindependentregisteredpublicaccountingfirm-27) | 16 |
| [Federal Tax Notice](#federaltaxnotice-27) | 17 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments

**US Core Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (99.6%)** | **Common Stocks (99.6%)** | **Common Stocks (99.6%)** |
| Banks (5.1%) | Banks (5.1%) | Banks (5.1%) |
| JPMorgan Chase & Co. | 81564 | $19552 |
| Broadline Retail (5.9%) | Broadline Retail (5.9%) | Broadline Retail (5.9%) |
| Amazon.com, Inc. (a) | 103716 | 22754 |
| Capital Markets (7.8%) | Capital Markets (7.8%) | Capital Markets (7.8%) |
| Ameriprise Financial, Inc. | 33843 | 18019 |
| Jefferies Financial Group, Inc. | 78929 | 6188 |
| LPL Financial Holdings, Inc. | 17431 | 5691 |
|  |  | 29898 |
| Commercial Services & Supplies (3.9%) | Commercial Services & Supplies (3.9%) | Commercial Services & Supplies (3.9%) |
| Waste Management, Inc. | 74442 | 15022 |
| Construction Materials (1.7%) | Construction Materials (1.7%) | Construction Materials (1.7%) |
| CRH PLC | 70244 | 6499 |
| Consumer Staples Distribution & Retail (4.6%) | Consumer Staples Distribution & Retail (4.6%) | Consumer Staples Distribution & Retail (4.6%) |
| Costco Wholesale Corp. | 19356 | 17735 |
| Electric Utilities (1.0%) | Electric Utilities (1.0%) | Electric Utilities (1.0%) |
| NextEra Energy, Inc. | 51450 | 3688 |
| Entertainment (3.4%) | Entertainment (3.4%) | Entertainment (3.4%) |
| Netflix, Inc. (a) | 14830 | 13218 |
| Financial Services (3.7%) | Financial Services (3.7%) | Financial Services (3.7%) |
| Jack Henry & Associates, Inc. | 17498 | 3067 |
| Mastercard, Inc., Class A | 21283 | 11207 |
|  |  | 14274 |
| Hotels, Restaurants & Leisure (2.4%) | Hotels, Restaurants & Leisure (2.4%) | Hotels, Restaurants & Leisure (2.4%) |
| McDonald's Corp. | 31318 | 9079 |
| Household Durables (0.7%) | Household Durables (0.7%) | Household Durables (0.7%) |
| Lennar Corp., Class A | 20329 | 2772 |
| Insurance (8.4%) | Insurance (8.4%) | Insurance (8.4%) |
| Brown & Brown, Inc. | 156594 | 15976 |
| Progressive Corp. | 68904 | 16510 |
|  |  | 32486 |
| Interactive Media & Services (6.8%) | Interactive Media & Services (6.8%) | Interactive Media & Services (6.8%) |
| Alphabet, Inc., Class A | 138373 | 26194 |
| Oil, Gas & Consumable Fuels (2.4%) | Oil, Gas & Consumable Fuels (2.4%) | Oil, Gas & Consumable Fuels (2.4%) |
| Chevron Corp. | 47248 | 6843 |
| Valero Energy Corp. | 19558 | 2398 |
|  |  | 9241 |
| Pharmaceuticals (2.2%) | Pharmaceuticals (2.2%) | Pharmaceuticals (2.2%) |
| Eli Lilly & Co. | 11009 | 8499 |
| Real Estate Management & Development (3.4%) | Real Estate Management & Development (3.4%) | Real Estate Management & Development (3.4%) |
| CBRE Group, Inc., Class A (a) | 99222 | 13027 |
| Retail REITs (0.3%) | Retail REITs (0.3%) | Retail REITs (0.3%) |
| Agree Realty Corp. REIT | 19129 | 1348 |
| Semiconductors & Semiconductor Equipment (11.1%) | Semiconductors & Semiconductor Equipment (11.1%) | Semiconductors & Semiconductor Equipment (11.1%) |
| Applied Materials, Inc. | 32036 | 5210 |
| NVIDIA Corp. | 278097 | 37346 |
|  |  | 42556 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Software (10.1%) | Software (10.1%) | Software (10.1%) |
| Microsoft Corp. | 64135 | $27033 |
| Tyler Technologies, Inc. (a) | 20265 | 11685 |
|  |  | 38718 |
| Specialty Retail (4.5%) | Specialty Retail (4.5%) | Specialty Retail (4.5%) |
| Home Depot, Inc. | 4505 | 1753 |
| TJX Cos., Inc. | 128948 | 15578 |
|  |  | 17331 |
| Tech Hardware, Storage & Peripherals (7.4%) | Tech Hardware, Storage & Peripherals (7.4%) | Tech Hardware, Storage & Peripherals (7.4%) |
| Apple, Inc. | 114402 | 28649 |
| Textiles, Apparel & Luxury Goods (0.3%) | Textiles, Apparel & Luxury Goods (0.3%) | Textiles, Apparel & Luxury Goods (0.3%) |
| Lululemon Athletica, Inc. (a) | 2550 | 975 |
| Trading Companies & Distributors (2.5%) | Trading Companies & Distributors (2.5%) | Trading Companies & Distributors (2.5%) |
| United Rentals, Inc. | 13918 | 9804 |
| **Total Common Stocks (Cost $261,029)** | **Total Common Stocks (Cost $261,029)** | 383319 |
| **Short-Term Investment (1.3%)** | **Short-Term Investment (1.3%)** | **Short-Term Investment (1.3%)** |
| Investment Company (1.3%) | Investment Company (1.3%) | Investment Company (1.3%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) <br>**(Cost $4,857)** | 4856681 | 4857 |
| **Total Investments (100.9%) (Cost $265,886) (b)** | **Total Investments (100.9%) (Cost $265,886) (b)** | 388176 |
| Liabilities in Excess of Other Assets (–0.9%) | Liabilities in Excess of Other Assets (–0.9%) | (3306) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $384870 |

---

(a) Non-income producing security.

(b) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $271,208,000. The aggregate gross unrealized appreciation is approximately $122,775,000 and the aggregate gross unrealized depreciation is approximately $5,804,000, resulting in net unrealized appreciation of approximately $116,971,000.

REIT Real Estate Investment Trust.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 37.9% |
| Semiconductors & Semiconductor Equipment | 11.0 |
| Software | 10.0 |
| Insurance | 8.4 |
| Capital Markets | 7.7 |
| Tech Hardware, Storage & Peripherals | 7.4 |
| Interactive Media & Services | 6.7 |
| Broadline Retail | 5.9 |
| Banks | 5.0 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**US Core Portfolio**

---

| | | |
|:---|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2024<br>(000)** | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $261,029) | $383319 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $4,857) | 4857 |  |
| Total Investments in Securities, at Value (Cost $265,886) | 388176 |  |
| Receivable for Fund Shares Sold | 383 |  |
| Receivable from Affiliate | 14 |  |
| Dividends Receivable | 5 |  |
| Other Assets | 42 |  |
| **Total Assets** | 388620 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased | 2439 |  |
| Payable for Fund Shares Redeemed | 662 |  |
| Payable for Advisory Fees | 518 |  |
| Payable for Shareholder Services Fees — Class A | 16 |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 41 |  |
| Payable for Administration Fees | 26 |  |
| Payable for Sub Transfer Agency Fees — Class I | 12 |  |
| Payable for Sub Transfer Agency Fees — Class A | 3 |  |
| Payable for Sub Transfer Agency Fees — Class C | 2 |  |
| Payable for Professional Fees | 7 |  |
| Payable for Custodian Fees | 5 |  |
| Payable for Transfer Agency Fees — Class I | 1 |  |
| Payable for Transfer Agency Fees — Class A | 1 |  |
| Payable for Transfer Agency Fees — Class C | 1 |  |
| Payable for Transfer Agency Fees — Class R6 |  | @ |
| Other Liabilities | 16 |  |
| **Total Liabilities** | 3750 |  |
| **Net Assets** | $384870 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $301017 |  |
| Total Distributable Earnings | 83853 |  |
| **Net Assets** | $384870 |  |
| **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $259853 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 8777287 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $29.61 |  |
| **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $76184 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 2603586 |  |
| **Net Asset Value, Redemption Price Per Share** | $29.26 |  |
| **Maximum Sales Load** | 5.25 | % |
| **Maximum Sales Charge** | $1.62 |  |
| **Maximum Offering Price Per Share** | $30.88 |  |
| **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $48126 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 1739642 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $27.66 |  |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $707 |  |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 23876 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $29.63 |  |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**US Core Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers | $2569 |
| Dividends from Security of Affiliated Issuer (Note G) | 149 |
| Total Investment Income | 2718 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 1845 |
| Shareholder Services Fees — Class A (Note D) | 156 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 401 |
| Administration Fees (Note C) | 246 |
| Sub Transfer Agency Fees — Class I | 131 |
| Sub Transfer Agency Fees — Class A | 41 |
| Sub Transfer Agency Fees — Class C | 26 |
| Professional Fees | 145 |
| Registration Fees | 74 |
| Shareholder Reporting Fees | 33 |
| Transfer Agency Fees — Class I (Note E) | 4 |
| Transfer Agency Fees — Class A (Note E) | 4 |
| Transfer Agency Fees — Class C (Note E) | 4 |
| Transfer Agency Fees — Class R6 (Note E) | 2 |
| Custodian Fees (Note F) | 13 |
| Interest Expenses | 8 |
| Directors' Fees and Expenses | 6 |
| Pricing Fees | 3 |
| Other Expenses | 24 |
| Total Expenses | 3166 |
| Waiver of Advisory Fees (Note B) | (82) |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (33) |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2) |
| Rebate from Morgan Stanley Affiliate (Note G) | (6) |
| Net Expenses | 3043 |
| **Net Investment Loss** | (325) |
| **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 2737 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | 65871 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 68608 |
| Net Increase in Net Assets Resulting from Operations | $68283 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**US Core Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $(325 | $604 |
| Net Realized Gain (Loss) | 2737 | (31194 |
| Net Change in Unrealized Appreciation (Depreciation) | 65871 | 64508 |
| Net Increase in Net Assets Resulting from Operations | 68283 | 33918 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (195 | (465 |
| **Class A** |  | (31 |
| **Class R6** | (1 | (— |
| Total Dividends and Distributions to Shareholders | (196 | (496 |
| **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges pursuant to share class conversions for all <br>periods presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 124076 | 105800 |
| Distributions Reinvested | 194 | 465 |
| Redeemed | (54548 | (134135 |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 26311 | 9916 |
| Distributions Reinvested |  | 31 |
| Redeemed | (10204 | (12609 |
| **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 14538 | 6227 |
| Redeemed | (6458 | (16418 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 716 | 16 |
| Distributions Reinvested | 1 |  |
| Redeemed | (70 | (9 |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | 94556 | (40716 |
| Total Increase (Decrease) in Net Assets | 162643 | (7294 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 222227 | 229521 |
| End of Period | $384870 | $222227 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 4513 | 5145 |
| Shares Issued on Distributions Reinvested | 6 | 21 |
| Shares Redeemed | (2032 | (6587 |
| Net Increase (Decrease) in Class I Shares Outstanding | 2487 | (1421 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 961 | 479 |
| Shares Issued on Distributions Reinvested |  | 1 |
| Shares Redeemed | (379 | (613 |
| Net Increase (Decrease) in Class A Shares Outstanding | 582 | (133 |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 554 | 311 |
| Shares Redeemed | (249 | (849 |
| Net Increase (Decrease) in Class C Shares Outstanding | 305 | (538 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 25 | 1 |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (2 | (1 |
| Net Increase in Class R6 Shares Outstanding | 23 |  |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**US Core Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $23.04 | $19.58 | $24.59 | $18.09 | $14.61 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.02 | 0.10 | 0.08 | 0.05 | 0.06 |
| Net Realized and Unrealized Gain (Loss) | 6.57 | 3.43 | (5.05) | 6.46 | 3.47 |
| Total from Investment Operations | 6.59 | 3.53 | (4.97) | 6.51 | 3.53 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.02) | (0.07) | (0.03) | (0.01) |  |
| Net Realized Gain |  |  | (0.01) |  | (0.05) |
| Total Distributions | (0.02) | (0.07) | (0.04) | (0.01) | (0.05) |
| **Net Asset Value, End of Period** | $29.61 | $23.04 | $19.58 | $24.59 | $18.09 |
| **Total Return<sup>(2)</sup>** | 28.61% | 18.06%<sup>(3)</sup> | (20.21)% | 35.99% | 24.20% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $259853 | $144907 | $151003 | $110286 | $20377 |
| Ratio of Expenses Before Expense Limitation | 0.84% | 0.91% | 0.95% | 1.07% | 1.97% |
| Ratio of Expenses After Expense Limitation | 0.80%<sup>(4)</sup> | 0.79%<sup>(4)(5)</sup> | 0.80%<sup>(4)</sup> | 0.80%<sup>(4)</sup> | 0.80%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 0.80%<sup>(4)</sup> | N/A | 0.80%<sup>(4)</sup> | 0.80%<sup>(4)</sup> | 0.79%<sup>(4)</sup> |
| Ratio of Net Investment Income | 0.08%<sup>(4)</sup> | 0.48%<sup>(4)(5)</sup> | 0.37%<sup>(4)</sup> | 0.21%<sup>(4)</sup> | 0.42%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 32% | 45% | 23% | 26% | 54% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.80% | 0.47% |

---

(6) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**US Core Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $22.82 | $19.40 | $24.39 | $17.99 | $14.58 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.05) | 0.04 | 0.01 | (0.01) | 0.01 |
| Net Realized and Unrealized Gain (Loss) | 6.49 | 3.40 | (4.99) | 6.41 | 3.45 |
| Total from Investment Operations | 6.44 | 3.44 | (4.98) | 6.40 | 3.46 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.02) |  |  |  |
| Net Realized Gain |  |  | (0.01) |  | (0.05) |
| Total Distributions |  | (0.02) | (0.01) |  | (0.05) |
| **Net Asset Value, End of Period** | $29.26 | $22.82 | $19.40 | $24.39 | $17.99 |
| **Total Return<sup>(2)</sup>** | 28.22% | 17.71%<sup>(3)</sup> | (20.42)% | 35.58% | 23.77% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $76184 | $46123 | $41802 | $34693 | $5807 |
| Ratio of Expenses Before Expense Limitation | 1.10% | 1.16% | 1.19% | 1.36% | 2.29% |
| Ratio of Expenses After Expense Limitation | 1.07%<sup>(4)</sup> | 1.08%<sup>(4)(5)</sup> | 1.09%<sup>(4)</sup> | 1.09%<sup>(4)</sup> | 1.12%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 1.07%<sup>(4)</sup> | N/A | 1.09%<sup>(4)</sup> | 1.09%<sup>(4)</sup> | 1.11%<sup>(4)</sup> |
| Ratio of Net Investment Income (Loss) | (0.19)%<sup>(4)</sup> | 0.19%<sup>(4)(5)</sup> | 0.07%<sup>(4)</sup> | (0.06)%<sup>(4)</sup> | 0.07%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 32% | 45% | 23% | 26% | 54% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment income, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.09% | 0.18% |

---

(6) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**US Core Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $21.73 | $18.61 | $23.56 | $17.51 | $14.30 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.24) | (0.11) | (0.13) | (0.17) | (0.10) |
| Net Realized and Unrealized Gain (Loss) | 6.17 | 3.23 | (4.81) | 6.22 | 3.36 |
| Total from Investment Operations | 5.93 | 3.12 | (4.94) | 6.05 | 3.26 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  | (0.01) |  | (0.05) |
| **Net Asset Value, End of Period** | $27.66 | $21.73 | $18.61 | $23.56 | $17.51 |
| **Total Return<sup>(2)</sup>** | 27.29% | 16.77%<sup>(3)</sup> | (20.97)% | 34.55% | 22.84% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $48126 | $31178 | $36707 | $22638 | $3353 |
| Ratio of Expenses Before Expense Limitation | 1.85% | 1.92% | 1.91% | 2.12% | 3.07% |
| Ratio of Expenses After Expense Limitation | 1.83%<sup>(4)</sup> | 1.84%<sup>(4)(5)</sup> | 1.81%<sup>(4)</sup> | 1.84%<sup>(4)</sup> | 1.90%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 1.83%<sup>(4)</sup> | N/A | 1.81%<sup>(4)</sup> | 1.84%<sup>(4)</sup> | 1.90%<sup>(4)</sup> |
| Ratio of Net Investment Loss | (0.94)%<sup>(4)</sup> | (0.57)%<sup>(4)(5)</sup> | (0.65)%<sup>(4)</sup> | (0.80)%<sup>(4)</sup> | (0.68)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 32% | 45% | 23% | 26% | 54% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.85% | (0.58)% |

---

(6) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**US Core Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $23.05 | $19.60 | $24.61 | $18.10 | $14.61 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.04 | 0.11 | 0.06 | 0.06 | 0.07 |
| Net Realized and Unrealized Gain (Loss) | 6.57 | 3.42 | (5.02) | 6.47 | 3.47 |
| Total from Investment Operations | 6.61 | 3.53 | (4.96) | 6.53 | 3.54 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.03) | (0.08) | (0.04) | (0.02) |  |
| Net Realized Gain |  |  | (0.01) |  | (0.05) |
| Total Distributions | (0.03) | (0.08) | (0.05) | (0.02) | (0.05) |
| **Net Asset Value, End of Period** | $29.63 | $23.05 | $19.60 | $24.61 | $18.10 |
| **Total Return<sup>(3)</sup>** | 28.69% | 18.05%<sup>(4)</sup> | (20.16)% | 36.06% | 24.27% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $707 | $19 | $9 | $285 | $18 |
| Ratio of Expenses Before Expense Limitation | 1.60% | 19.75% | 3.92% | 2.20% | 13.73% |
| Ratio of Expenses After Expense Limitation | 0.75%<sup>(5)</sup> | 0.73%<sup>(5)(6)</sup> | 0.75%<sup>(5)</sup> | 0.75%<sup>(5)</sup> | 0.75%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | 0.75%<sup>(5)</sup> | N/A | 0.75%<sup>(5)</sup> | 0.75%<sup>(5)</sup> | 0.75%<sup>(5)</sup> |
| Ratio of Net Investment Income | 0.14%<sup>(5)</sup> | 0.54%<sup>(5)(6)</sup> | 0.28%<sup>(5)</sup> | 0.25%<sup>(5)</sup> | 0.50%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 32% | 45% | 23% | 26% | 54% |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.75% | 0.52% |

---

(7) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relate to the US Core Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued four classes of shares — Class I, Class A, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) 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; (2) 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; (3) 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"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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; and (5) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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.

**2. 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | $383319<br><sup>(1)</sup> | $— | $— | $383319 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 4857 |  |  | 4857 |
| **Total Assets** | $**388176** | $**—** | $**—** | $**388176** |

---

(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.

**3. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**4. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**5. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**6. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **First $750<br>million** | **Next $750<br>million** | **Over $1.5<br>billion** |
| 0.60% | 0.55% | 0.50% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.57% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.80% for Class I shares, 1.15% for Class A shares, 1.90% for Class C shares and 0.75% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $82,000 of advisory fees were waived and approximately $35,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to approximately $1,000.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $190,996,000 and $97,773,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by approximately $6,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $1045 | $96156 | $92344 | $149 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain <br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $4857 |

---

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions <br>Paid From:** | **2024 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $196 | $— | $496 | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, primarily due to a net operating loss and a nondeductible expense, resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Distributable<br>Earnings<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $325 | $(325) |

---

At December 31, 2024, the Fund had no distributable earnings on a tax basis.

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $19,800,000 and $13,300,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $2,317,000.

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 80.2%.

**K. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of US Core Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of US Core Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386627_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024. For corporate shareholders 100% of the dividends qualified for the dividends received deduction.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $2,550,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386627_za004.jpg)

MUOAX-NCSR 12.31.24

------

![](j25386628_aa017.jpg)

Morgan Stanley Institutional Fund, Inc.

Vitality Portfolio

Annual Financial Statements and Additional Information

December 31, 2024

![](j25386628_aa018.jpg)

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#portfolioofinvestments-28) | 2 |
| [Statement of Assets and Liabilities](#statementofassetsandliabilities-28) | 3 |
| [Statement of Operations](#statementofoperations-28) | 4 |
| [Statements of Changes in Net Assets](#statementsofchangesinnetassets-28) | 5 |
| [Financial Highlights](#financialhighlights-28) | 6 |
| [Notes to Financial Statements](#notestofinancialstatements-28) | 10 |
| [Report of Independent Registered Public Accounting Firm](#reportofindependentregisteredpublicaccountingfirm-28) | 17 |
| [Federal Tax Notice](#federaltaxnotice-28) | 18 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund, Inc. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.***

***Additionally, you can access information about the Fund, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.***

***There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Portfolio of Investments

**Vitality Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (95.4%)** | **Common Stocks (95.4%)** | **Common Stocks (95.4%)** |
| Biotechnology (32.8%) | Biotechnology (32.8%) | Biotechnology (32.8%) |
| 4D Molecular Therapeutics, Inc. (a) | 1824 | $10 |
| Alnylam Pharmaceuticals, Inc. (a) | 335 | 79 |
| Altimmune, Inc. (a)(b) | 2479 | 18 |
| Argenx SE ADR (Belgium) (a) | 256 | 157 |
| Ascendis Pharma AS ADR (Denmark) (a) | 500 | 69 |
| Beam Therapeutics, Inc. (a) | 1368 | 34 |
| Biohaven Ltd. (a) | 849 | 32 |
| Exact Sciences Corp. (a) | 2200 | 124 |
| Intellia Therapeutics, Inc. (a) | 2525 | 29 |
| Relay Therapeutics, Inc. (a) | 7042 | 29 |
| Vertex Pharmaceuticals, Inc. (a) | 202 | 81 |
|  |  | 662 |
| Health Care Equipment & Supplies (13.3%) | Health Care Equipment & Supplies (13.3%) | Health Care Equipment & Supplies (13.3%) |
| Align Technology, Inc. (a) | 375 | 78 |
| IDEXX Laboratories, Inc. (a) | 61 | 25 |
| Inspire Medical Systems, Inc. (a) | 397 | 74 |
| Intuitive Surgical, Inc. (a) | 176 | 92 |
|  |  | 269 |
| Health Care Providers & Services (6.1%) | Health Care Providers & Services (6.1%) | Health Care Providers & Services (6.1%) |
| Agilon Health, Inc. (a) | 7354 | 14 |
| UnitedHealth Group, Inc. | 217 | 110 |
|  |  | 124 |
| Health Care Technology (7.8%) | Health Care Technology (7.8%) | Health Care Technology (7.8%) |
| Doximity, Inc., Class A (a) | 1015 | 54 |
| Schrodinger, Inc. (a) | 2488 | 48 |
| Veeva Systems, Inc., Class A (a) | 259 | 55 |
|  |  | 157 |
| Life Sciences Tools & Services (20.0%) | Life Sciences Tools & Services (20.0%) | Life Sciences Tools & Services (20.0%) |
| 10X Genomics, Inc., Class A (a) | 3698 | 53 |
| AbCellera Biologics, Inc. (Canada) (a)(b) | 5132 | 15 |
| Illumina, Inc. (a) | 289 | 39 |
| MaxCyte, Inc. (a) | 14540 | 60 |
| Standard BioTools, Inc. (a) | 33298 | 58 |
| Stevanato Group SpA (Italy) (b) | 1793 | 39 |
| Thermo Fisher Scientific, Inc. | 181 | 94 |
| West Pharmaceutical Services, Inc. | 143 | 47 |
|  |  | 405 |
| Pharmaceuticals (15.4%) | Pharmaceuticals (15.4%) | Pharmaceuticals (15.4%) |
| ATAI Life Sciences NV (a)(b) | 14030 | 19 |
| Eli Lilly & Co. | 213 | 165 |
| Enliven Therapeutics, Inc. (a)(b) | 408 | 9 |
| Royalty Pharma PLC, Class A | 701 | 18 |
| Structure Therapeutics, Inc. ADR (China) (a)(b) | 1335 | 36 |
| Zoetis, Inc. | 401 | 65 |
|  |  | 312 |
| **Total Common Stocks (Cost $2,429)** | **Total Common Stocks (Cost $2,429)** | 1929 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Short-Term Investments (4.7%)** | **Short-Term Investments (4.7%)** | **Short-Term Investments (4.7%)** |
| Securities held as Collateral on Loaned Securities (4.7%) | Securities held as Collateral on Loaned Securities (4.7%) | Securities held as Collateral on Loaned Securities (4.7%) |
| Investment Company (3.9%) | Investment Company (3.9%) | Investment Company (3.9%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.29% (See Note G) | 80025 | $80 |
|  | **Face<br>Amount<br>(000)** |  |
| **Repurchase Agreement (0.8%)** | **Repurchase Agreement (0.8%)** | **Repurchase Agreement (0.8%)** |
| Merrill Lynch & Co., Inc., (4.45%, dated 12/31/24, <br>due 1/2/25; proceeds $16; fully collateralized <br>by a U.S. Government obligation; 4.63% <br>due 4/30/29; valued at $16) | $16 | 16 |
| **Total Securities held as Collateral on Loaned<br>Securities (Cost $96)** | **Total Securities held as Collateral on Loaned<br>Securities (Cost $96)** | 96 |
| **Total Investments (100.1%) (Cost $2,525) <br>including $136 of Securities Loaned (c)** | **Total Investments (100.1%) (Cost $2,525) <br>including $136 of Securities Loaned (c)** | 2025 |
| Liabilities in Excess of Other Assets (–0.1%) | Liabilities in Excess of Other Assets (–0.1%) | (3) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $2022 |

---

(a) Non-income producing security.

(b) All or a portion of this security was on loan at December 31, 2024.

(c) At December 31, 2024, the aggregate cost for federal income tax purposes is approximately $2,525,000. The aggregate gross unrealized appreciation is approximately $302,000 and the aggregate gross unrealized depreciation is approximately $802,000, resulting in net unrealized depreciation of approximately $500,000.

ADR American Depositary Receipt.

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Biotechnology | 34.3% |
| Life Sciences Tools & Services | 21.0 |
| Pharmaceuticals | 16.2 |
| Health Care Equipment & Supplies | 14.0 |
| Health Care Technology | 8.1 |
| Health Care Providers & Services | 6.4 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2024.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Vitality Portfolio**

---

| | |
|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2024<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> (Cost $2,445) | $1945 |
| Investment in Security of Affiliated Issuer, at Value (Cost $80) | 80 |
| Total Investments in Securities, at Value (Cost $2,525) | 2025 |
| Due from Adviser | 56 |
| Receivable for Investments Sold | 10 |
| Cash from Securities Lending | 8 |
| Receivable from Securities Lending Income |  |
| Dividends Receivable |  |
| Receivable from Affiliate |  |
| Other Assets | 48 |
| **Total Assets** | 2147 |
| **Liabilities:** | **Liabilities:** |
| Collateral on Securities Loaned, at Value | 104 |
| Payable for Professional Fees | 10 |
| Payable for Custodian Fees | 2 |
| Payable to Bank | 1 |
| Payable for Administration Fees |  |
| Payable for Transfer Agency Fees — Class I |  |
| Payable for Transfer Agency Fees — Class A |  |
| Payable for Transfer Agency Fees — Class C |  |
| Payable for Transfer Agency Fees — Class R6 |  |
| Payable for Sub Transfer Agency Fees — Class A |  |
| Payable for Shareholder Services Fees — Class A |  |
| Payable for Distribution and Shareholder Services Fees — Class C |  |
| Other Liabilities | 8 |
| **Total Liabilities** | 125 |
| **Net Assets** | $2022 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $3237 |
| Total Accumulated Loss | (1215 |
| **Net Assets** | $2022 |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $1933 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 332437 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $5.81 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $30 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5132 |
| **Net Asset Value, Redemption Price Per Share** | $5.78 |
| **Maximum Sales Load** | 5.25 |
| **Maximum Sales Charge** | $0.32 |
| **Maximum Offering Price Per Share** | $6.10 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $29 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5090 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $5.70 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $30 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5160 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $5.82 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $136 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Vitality Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2024<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $—@ of Foreign Taxes Withheld) | $6 |
| Dividends from Security of Affiliated Issuer (Note G) | 6 |
| Income from Securities Loaned — Net | 1 |
| Total Investment Income | 13 |
| **Expenses:** | **Expenses:** |
| Professional Fees | 139 |
| Registration Fees | 55 |
| Advisory Fees (Note B) | 17 |
| Shareholder Reporting Fees | 17 |
| Transfer Agency Fees — Class I (Note E) | 3 |
| Transfer Agency Fees — Class A (Note E) | 2 |
| Transfer Agency Fees — Class C (Note E) | 2 |
| Transfer Agency Fees — Class R6 (Note E) | 2 |
| Custodian Fees (Note F) | 4 |
| Pricing Fees | 3 |
| Administration Fees (Note C) | 2 |
| Directors' Fees and Expenses | 2 |
| Shareholder Services Fees — Class A (Note D) |  |
| Distribution and Shareholder Services Fees — Class C (Note D) |  |
| Sub Transfer Agency Fees — Class I |  |
| Sub Transfer Agency Fees — Class A |  |
| Sub Transfer Agency Fees — Class C |  |
| Other Expenses | 12 |
| Total Expenses | 260 |
| Expenses Reimbursed by Adviser (Note B) | (214 |
| Waiver of Advisory Fees (Note B) | (17 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2 |
| Rebate from Morgan Stanley Affiliate (Note G) | (— |
| Net Expenses | 21 |
| **Net Investment Loss** | (8 |
| **Realized Loss:** | **Realized Loss:** |
| Investments Sold | (152 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | (36 |
| **Net Realized Loss and Change in Unrealized Appreciation (Depreciation)** | (188 |
| Net Decrease in Net Assets Resulting from Operations | $(196 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

**Vitality Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2023<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $(8 | $2 |
| Net Realized Loss | (152 | (144 |
| Net Change in Unrealized Appreciation (Depreciation) | (36 | 327 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (196 | 185 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (2 |  |
| **Class R6** | (— |  |
| Total Dividends and Distributions to Shareholders | (2 |  |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Subscribed |  | 122 |
| Distributions Reinvested | 2 |  |
| Redeemed | (69 |  |
| **Class A:** | **Class A:** | **Class A:** |
| Redeemed | (3 | (1 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Distributions Reinvested |  |  |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | (70 | 121 |
| Total Increase (Decrease) in Net Assets | (268 | 306 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 2290 | 1984 |
| End of Period | $2022 | $2290 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed |  | 20 |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed | (11 |  |
| Net Increase (Decrease) in Class I Shares Outstanding | (11 | 20 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Redeemed | (— | (— |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Issued on Distributions Reinvested |  |  |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Vitality Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **Period Ended**<br>**December 31, 2021<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $6.38 | $5.84 | $9.85 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.02) | (0.00)<sup>(3)</sup> | (0.04) | (0.00)<sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | (0.55) | 0.54 | (3.79) | (0.15) |
| Total from Investment Operations | (0.57) | 0.54 | (3.83) | (0.15) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.00)<sup>(3)</sup> |  |  |  |
| Paid-in-Capital |  |  | (0.18) |  |
| Total Distributions | (0.00)<sup>(3)</sup> |  | (0.18) |  |
| **Net Asset Value, End of Period** | $5.81 | $6.38 | $5.84 | $9.85 |
| **Total Return** | (8.87)%<sup>(4)</sup> | 9.25%<sup>(4)(5)</sup> | (39.84)%<sup>(4)</sup> | (1.50)%<sup>(6)(7)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1933 | $2190 | $1891 | $2765 |
| Ratio of Expenses Before Expense Limitation | 11.44% | 13.74% | 12.50% | 595.07%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 0.94%<sup>(9)</sup> | 0.60%<sup>(9)(10)</sup> | 0.94%<sup>(9)</sup> | 0.95%<sup>(8)</sup> |
| Ratio of Net Investment Loss | (0.39)%<sup>(9)</sup> | (0.02)%<sup>(9)(10)</sup> | (0.58)%<sup>(9)</sup> | (0.95)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.01% | 0.01% | N/A |
| Portfolio Turnover Rate | 19% | 13% | 22% | 0%<sup>(7)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Performance was positively impacted by approximately 0.34% for Class I shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class I shares would have been 8.91%.

(6) Calculated using the NAV for US GAAP financial reporting purposes.

(7) Not annualized.

(8) Annualized.

(9) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(10) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.94% | (0.36)% |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Vitality Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **Period Ended**<br>**December 31, 2021<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $6.36 | $5.84 | $9.85 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.05) | (0.02) | (0.06) | (0.00)<sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | (0.53) | 0.54 | (3.79) | (0.15) |
| Total from Investment Operations | (0.58) | 0.52 | (3.85) | (0.15) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Paid-in-Capital |  |  | (0.16) |  |
| **Net Asset Value, End of Period** | $5.78 | $6.36 | $5.84 | $9.85 |
| **Total Return** | (9.12)%<sup>(4)</sup> | 8.90%<sup>(4)(5)</sup> | (40.06)%<sup>(4)</sup> | (1.50)%<sup>(6)(7)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $30 | $35 | $33 | $49 |
| Ratio of Expenses Before Expense Limitation | 17.78% | 20.21% | 18.13% | 598.74%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 1.29%<sup>(9)</sup> | 0.96%<sup>(9)(10)</sup> | 1.29%<sup>(9)</sup> | 1.30%<sup>(8)</sup> |
| Ratio of Net Investment Loss | (0.73)%<sup>(9)</sup> | (0.38)%<sup>(9)(10)</sup> | (0.93)%<sup>(9)</sup> | (1.30)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.01% | 0.01% | N/A |
| Portfolio Turnover Rate | 19% | 13% | 22% | 0%<sup>(7)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(5) Performance was positively impacted by approximately 0.34% for Class A shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class A shares would have been 8.56%.

(6) Calculated using the NAV for US GAAP financial reporting purposes. Does not reflect the deduction of sales charge.

(7) Not annualized.

(8) Annualized.

(9) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(10) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class A shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 1.29% | (0.71)% |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Vitality Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **Period Ended**<br>**December 31, 2021<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $6.32 | $5.85 | $9.85 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.09) | (0.07) | (0.11) | (0.00)<sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | (0.53) | 0.54 | (3.78) | (0.15) |
| Total from Investment Operations | (0.62) | 0.47 | (3.89) | (0.15) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Paid-in-Capital |  |  | (0.11) |  |
| **Net Asset Value, End of Period** | $5.70 | $6.32 | $5.85 | $9.85 |
| **Total Return** | (9.81)%<sup>(4)</sup> | 8.03%<sup>(4)(5)</sup> | (40.45)%<sup>(4)</sup> | (1.50)%<sup>(6)(7)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $29 | $32 | $30 | $49 |
| Ratio of Expenses Before Expense Limitation | 19.10% | 21.67% | 19.32% | 599.49%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 2.04%<sup>(9)</sup> | 1.71%<sup>(9)(10)</sup> | 2.04%<sup>(9)</sup> | 2.05%<sup>(8)</sup> |
| Ratio of Net Investment Loss | (1.49)%<sup>(9)</sup> | (1.13)%<sup>(9)(10)</sup> | (1.68)%<sup>(9)</sup> | (2.05)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.01% | 0.01% | N/A |
| Portfolio Turnover Rate | 19% | 13% | 22% | 0%<sup>(7)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(5) Performance was positively impacted by approximately 0.34% for Class C shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class C shares would have been 7.69%.

(6) Calculated using the NAV for US GAAP financial reporting purposes. Does not reflect the deduction of sales charge.

(7) Not annualized.

(8) Annualized.

(9) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(10) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 2.04% | (1.46)% |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Financial Highlights

**Vitality Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2024** | **2023** | **2022** | **Period Ended**<br>**December 31, 2021<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $6.39 | $5.84 | $9.85 | $10.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(3)</sup> | (0.02) | 0.00<br><sup>(4)</sup> | (0.04) | (0.00)<sup>(4)</sup> |
| Net Realized and Unrealized Gain (Loss) | (0.54) | 0.55 | (3.78) | (0.15) |
| Total from Investment Operations | (0.56) | 0.55 | (3.82) | (0.15) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.01) |  |  |  |
| Paid-in-Capital |  |  | (0.19) |  |
| Total Distributions | (0.01) |  | (0.19) |  |
| **Net Asset Value, End of Period** | $5.82 | $6.39 | $5.84 | $9.85 |
| **Total Return** | (8.81)%<sup>(5)</sup> | 9.42%<sup>(5)(6)</sup> | (39.81)%<sup>(5)</sup> | (1.50)%<sup>(7)(8)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $30 | $33 | $30 | $49 |
| Ratio of Expenses Before Expense Limitation | 17.86% | 20.55% | 18.29% | 598.49%<sup>(9)</sup> |
| Ratio of Expenses After Expense Limitation | 0.89%<sup>(10)</sup> | 0.55%<sup>(10)(11)</sup> | 0.89%<sup>(10)</sup> | 0.90%<sup>(9)</sup> |
| Ratio of Net Investment Income (Loss) | (0.33)%<sup>(10)</sup> | 0.03%<sup>(10)(11)</sup> | (0.54)%<sup>(10)</sup> | (0.90)%<sup>(9)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.01% | 0.01% | N/A |
| Portfolio Turnover Rate | 19% | 13% | 22% | 0%<sup>(8)</sup> |

---

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Commencement of Operations.

(3) Per share amount is based on average shares outstanding.

(4) Amount is less than $0.005 per share.

(5) Calculated based on the net asset value as of the last business day of the period.

(6) Performance was positively impacted by approximately 0.34% for Class R6 shares due to the reimbursement of transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class R6 shares would have been 9.08%.

(7) Calculated using the NAV for US GAAP financial reporting purposes.

(8) Not annualized.

(9) Annualized.

(10) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(11) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class R6 shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2023 | 0.89% | (0.31)% |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements

Morgan Stanley Institutional Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of twenty-seven separate, active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relate to the Vitality Portfolio. The Fund seeks long-term capital appreciation.

The Fund has issued four classes of shares — Class I, Class A, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) 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; (2) 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; (3) 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"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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; and (5) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

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.

**2. 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | $1929<br><sup>(1)</sup> | $— | $— | $1929 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 80 |  |  | 80 |
| Repurchase Agreement |  | 16 |  | 16 |
| **Total Short-Term <br>Investments** | **80** | **16** | **—** | **96** |
| **Total Assets** | $**2009** | $**16** | $**—** | $**2025** |

---

(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.

**3. Repurchase Agreements:** The Fund may enter into repurchase agreements under which the Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

**4. Securities Lending:** The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Gross Amount Not Offset in the Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Statement of Assets and Liabilities** |
| **Gross Asset<br>Amount<br>Presented in the<br>Statement of <br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| $136<br> (a) | $— | $(136)(b)(c) | $0 |

---

(a) Represents market value of loaned securities at year end.

(b) The Fund received cash collateral of approximately $104,000 of which approximately $96,000 was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Fund as reported in the Portfolio of Investments. As of December 31, 2024, there was uninvested cash of approximately $8,000, which is not reflected in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $36,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

(c) The actual collateral received is greater than the amount shown here due to overcollateralization.

FASB ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous<br>(000)** | **<30 days<br>(000)** | **Between<br>30 &<br>90 days<br>(000)** | **>90 days<br>(000)** | **Total<br>(000)** |
| **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** |
| Common Stocks | $104 | $— | $— | $— | $104 |
| **Total Borrowings** | $**104** | $**—** | $**—** | $**—** | $**104** |
| **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** |  |  |  |  | $**104** |

---

**5. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

**6. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**7. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**8. Segment Reporting:** During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | |
|:---|:---|
| **First $500<br>million** | **Over $500<br>million** |
| 0.75% | 0.70% |

---

For the year ended December 31, 2024, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.00% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.95% for Class I shares, 1.30% for Class A shares, 2.05% for Class C shares and 0.90% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2024, approximately $17,000 of advisory fees were waived and approximately $222,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement. As of December 31, 2024, amounts owed by the Adviser to the Fund are reflected in Due from Adviser on the Statement of Assets and Liabilities.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Company's Distributor of Fund shares pursuant to a Distribution Agreement. The Company has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Company has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A and Class C shares.

**E. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to less than $500.

**F. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**G. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $441,000 and $402,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2024.

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 year ended December 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2023<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $196 | $490 | $606 | $6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2024<br>(000)** |
| Liquidity Fund | $— | $— | $80 |

---

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 year ended December 31, 2024, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**H. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 <br>Distributions <br>Paid From:** | **2024 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** | **2023 <br>Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $2 | $— | $— | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, primarily due to a net operating loss and a nondeductible expense, resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Accumulated<br>Loss<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $8 | $(8) |

---

At December 31, 2024, the Fund had no distributable earnings on a tax basis.

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $414,000 and $297,000 respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Fund's next taxable year. For the year ended December 31, 2024, the Fund intends to defer to January 1, 2025 for U.S. federal income tax purposes the following losses:

---

| | |
|:---|:---|
| **Qualified<br>Late Year<br>Ordinary<br>Losses<br>(000)** | **Post-<br>October<br>Capital<br>Losses<br>(000)** |
| $— | $5 |

---

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Notes to Financial Statements (cont'd)

unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2024, the Fund did not have any borrowings under the Facility.

**J. Other:** At December 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 53.9%.

**K. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the

Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Vitality Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Vitality Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the period from December 31, 2021 (commencement of operations) through December 31, 2021 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the three years in the period then ended and the period from December 31, 2021 (commencement of operations) through December 31, 2021, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25386628_fa019.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 24, 2025

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2024**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2024. For corporate shareholders 100% of the dividends qualified for the dividends received deduction.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2024. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $4,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25386628_za020.jpg)

MSVEX-NCSR 12.31.24

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

This information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**

Not applicable

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders**

There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Directors since the Fund last provided disclosure in response to this item.

**Item 16. Controls and Procedures**

(a) It is the conclusion of the registrant's principal executive officer and
principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure
controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information
required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the
Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated
to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required
disclosure.

(b) There have been no changes in the registrant's internal controls over
financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation**

Not applicable.

**Item 19. Exhibits**

---

| | |
|:---|:---|
| [(a)(1)](#a_002) | [Registrant's Code of Ethics – Not applicable (please see Item 2).](#a_002) |
| [(a)(2)(i)](tm253866d1_ex99-cert.htm#cert_001) | [Principal Financial Officer's Section 302 certification.](tm253866d1_ex99-cert.htm#cert_001) |
| [(a)(2)(ii)](tm253866d1_ex99-cert.htm#cert_002) | [Principal Executive Officer's Section 302 certification.](tm253866d1_ex99-cert.htm#cert_002) |
| [(b)](tm253866d1_ex99-906cert.htm) | [Combined Section 906 certification.](tm253866d1_ex99-906cert.htm) |

---

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Morgan Stanley Institutional Fund, Inc. | Morgan Stanley Institutional Fund, Inc. |
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | February 21, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Francis J. Smith |
|  | Francis J. Smith |
|  | Principal Financial Officer |
| Date: | February 21, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | February 21, 2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**MORGAN STANLY INSTITIONAL FUND, INC.**

**FORM N-CSR**

**Exhibit 19(a)(2)(i)**

**<u>CERTIFICATION</u>**

I, Francis J. Smith, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Morgan Stanley Institutional Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | |
|:---|:---|
| Date: February 21, 2025 | /s/ Francis J. Smith |
|  | Francis J. Smith |
|  | Principal Financial Officer |

---

**MORGAN STANLY INSTITIONAL FUND, INC.**

**FORM N-CSR**

**Exhibit 19(a)(2)(ii)**

**<u>CERTIFICATION</u>**

I, John H. Gernon, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Morgan Stanley Institutional Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

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| | |
|:---|:---|
| Date: February 21, 2025 | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |

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## Exhibit 99.906

**Exhibit 99.906CERT**

**Form N-CSR Item 19(b) Exhibit**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Morgan Stanley Institutional Fund, Inc. (the "Fund"), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Annual Report of the Fund on Form N-CSR for the period ended December
 31, 2024 (the "Report") fully complies with the requirements of Section 13(a)
 or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the information contained in the Report fairly presents, in all material
 respects, the financial condition and the results of operations of the **Fund** for such
 period.

**A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.**

Morgan Stanley Institutional Fund, Inc.

Date: February 21, 2025

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| |
|:---|
| /s/ Francis J. Smith |
| Francis J. Smith |
| Principal Financial Officer |

---

Date: February 21, 2025

---

| |
|:---|
| /s/ John H. Gernon |
| John H. Gernon |
| Principal Executive Officer |

---