# EDGAR Filing Document

**Accession Number:** 0000836487
**File Stem:** 0001133228-26-007606
**Filing Date:** 2026-4
**Character Count:** 51344
**Document Hash:** 4753a5230ef6baf3fa883f923a4b52fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-007606.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001133228-26-007606

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-23166
- **FILM NUMBER:** 26927124

**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

### 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           |

![](sp17305img002.jpg) <br>

**Morgan Stanley Institutional** **Fund, Inc.**

Emerging Markets Leaders Portfolio

**Summary Prospectus** **\|** April 30, 2026<br>

---

| | | | |
|:---|:---|:---|:---|
| **Share Class and Ticker Symbols** | **Share Class and Ticker Symbols** | **Share Class and Ticker Symbols** | **Share Class and Ticker Symbols** |
| **Class I** | **Class A** | **Class C** | **Class R6** |
| MELIX | MELAX | MEMLX | MELSX |

---

Before you invest, you may want to review the Fund's statutory prospectus ("Prospectus"), which contains more information about the Fund and its risks. You can find the Fund's Prospectus and other information about the Fund, including the Statement of Additional Information ("SAI") and the most recent Annual and Semi-Annual Reports to Shareholders ("Shareholder Reports"), online at www.morganstanley.com/im/MSIFEmergingMarketsLeaders. You can also get this information at no cost by calling toll-free 1-866-414-6349 or by sending an e-mail request to orders@mysummaryprospectus.com. The Fund's Prospectus and SAI, both dated April 30, 2026 (as may be supplemented from time to time), are incorporated by reference into this Summary Prospectus.

**Investment Objective**

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

**Fees and Expenses**

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

For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share ("NAV") of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Multi-Class Funds already held in Related Accounts (as defined in the section of the Prospectus entitled "Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares") as of the date of the transaction, amounts to $50,000 or more. More information about this combined purchase discount and other discounts is available from your authorized financial intermediary, on page 52 of the Prospectus in the section entitled "Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares" and in Appendix A attached to the Prospectus.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I** | **Class A** | **Class C** | **Class R6** |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |  | 5.25% |  |  |

---

![](sp17305img003.jpg) <br>

SU-MSIF-29

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

Emerging Markets Leaders Portfolio (Con't)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I** | **Class A** | **Class C** | **Class R6** |
| Maximum deferred sales charge (load) (as a percentage based on the lesser of the offering price or NAV at redemption) |  | 1.00%<sup>1</sup> | 1.00%<sup>2</sup> |  |
| Redemption Fee (as a percentage of the amount redeemed on redemptions made within 30 days of purchase) | 2.00% | 2.00% | 2.00% | 2.00% |

---

---

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

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I** | **Class A** | **Class C** | **Class R6** |
| Advisory Fee | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and/or Shareholder Service (12b-1) Fee |  | 0.25% | 1.00% |  |
| Other Expenses | 0.55% | 0.60% | 0.68% | 1.79% |
| Total Annual Fund Operating Expenses<sup>1</sup> | 1.30% | 1.60% | 2.43% | 2.54% |
| Fee Waiver and/or Expense Reimbursement<sup>1</sup> | 0.31% | 0.25% | 0.33% | 1.59% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>1</sup> | 0.99% | 1.35% | 2.10% | 0.95% |

---

---

| | |
|:---|:---|
| 1 | The Fund's "Adviser" and "Administrator," Morgan Stanley Investment Management Inc., has agreed to waive all or a portion of its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.99% for Class I, 1.35% for Class A, 2.10% for Class C and 0.95% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the "Company") acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. |

---

**Example**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If You SOLD Your Shares** | **If You SOLD Your Shares** | **If You SOLD Your Shares** | **If You SOLD Your Shares** | **If You SOLD Your Shares** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class I | $101 | $381 | $683 | $1541 |
| Class A | $655 | $980 | $1328 | $2305 |
| Class C | $313 | $726 | $1266 | $2535 |
| Class R6 | $97 | $639 | $1207 | $2756 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If You HELD Your Shares** | **If You HELD Your Shares** | **If You HELD Your Shares** | **If You HELD Your Shares** | **If You HELD Your Shares** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class I | $101 | $381 | $683 | $1541 |
| Class A | $655 | $980 | $1328 | $2305 |
| Class C | $213 | $726 | $1266 | $2535 |
| Class R6 | $97 | $639 | $1207 | $2756 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 59% of the average value of its portfolio.

**2**

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

Emerging Markets Leaders Portfolio (Con't)

**Principal Investment Strategies**

The Adviser and the Fund's "Sub-Adviser," Morgan Stanley Investment Management Company ("MSIM Company"), seek to achieve the Fund's investment objective by investing primarily in equity securities of companies located in emerging market countries.

The Adviser and/or Sub-Adviser generally use a fundamental bottom-up stock selection process informed by macro thematic research on overall emerging markets. The Adviser and/or Sub-Adviser will employ this consistent and targeted approach seeking companies they expect to become leading companies in emerging markets. The Adviser and/or Sub-Adviser seek to construct a focused portfolio of equity securities designed to take advantage of thematic opportunities in emerging markets by seeking to invest in companies that they believe have the potential to outperform emerging markets generally over the long-term.

The investment process integrates information about environmental, social and governance issues (also referred to as ESG) when making investment decisions. The Adviser and/or Sub-Adviser believe that monitoring ESG helps build a more complete picture of the opportunities and risks facing companies, and seeks to engage directly with company management to gain insights on how each company addresses material ESG issues and how these may affect long-term financial performance. The investment process excludes holdings in tobacco companies.

Under normal circumstances, at least 80% of the Fund's assets will be invested in equity securities of issuers located in emerging market countries. This policy may be changed without shareholder approval; however, you would be notified upon 60 days' notice in writing of any changes. The Adviser and/or Sub-Adviser consider an issuer to be located in an emerging market country if (i) its principal securities trading market is in an emerging market country, (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue or profits from goods produced, sales made or services performed in emerging market countries or has at least 50% of its assets, core business operations and/or employees in emerging markets countries or (iii) it is organized under the laws of, or has a principal office in, an emerging market country. By applying this test, it is possible that a particular issuer could be deemed to be located in more than one country.

Emerging market or developing countries are countries that major international financial institutions or the Fund's benchmark index generally consider to be less economically mature than developed nations, such as the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe (such as the United Kingdom and France). The specific countries that comprise emerging markets or developing countries may change from time to time. The Adviser and/or Sub-Adviser generally consider selling an investment when they determine the company no longer satisfies their investment criteria.

The equity securities in which the Fund may primarily invest include common and preferred stocks, convertible securities, rights, warrants, depositary receipts, limited partnership interests and other specialty securities having equity features. The Fund may hold or have exposure to equity securities of companies of any size, including small and medium capitalization companies, and to companies in any industry or sector.

For purposes of maintaining exposure of at least 80% of the Fund's assets to equity securities of companies located in emerging market countries, the Fund may also invest in American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and other types of depositary receipts with respect to companies located in emerging market countries.

The Fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. The Fund's use of derivatives may involve the purchase and sale of derivative instruments such as options, futures, swaps, contracts for difference ("CFDs"), structured investments and other related instruments and techniques. The Fund may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities. Derivative instruments used by the Fund will be counted toward the Fund's 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy.

**Principal Risks**

There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund. Investments in the Fund involve risks and you should not rely on the Fund as a complete investment program. The relative significance of each risk factor summarized below may change over time and you should review each risk factor carefully because any one or more of these risks may result in losses to the Fund. The principal risks of investing in the Fund include:

• **Equity Securities.** In
 general, prices of equity securities are more volatile than those of fixed-income securities.  U.S. and foreign
 stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in the
 past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly or
 widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental condition
 of the issuer, including general market, economic, political and public health conditions. During periods when equity
 securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or distress,
 the Fund's investments in equity securities are subject to heightened risks.

**3**

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

Emerging Markets Leaders Portfolio (Con't)

The value of equity securities and related instruments decline in response to perceived or actual adverse changes in the economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the Fund's equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. Although prices can rebound, there is no assurance that prices of the Fund's equity securities will return to previous levels.

• **Foreign and Emerging Market Securities.** Investments in foreign markets entail special risks such as currency, political (including
 geopolitical), economic and market risks, and heightened risks, that may result in losses to the Fund. There also may
 be greater market volatility, less reliable financial information, less stringent investor protections and disclosure standards,
 higher transaction and custody costs and risks, decreased market liquidity and less government and exchange regulation
 associated with investments in foreign markets. In addition, investments in certain foreign markets that have historically
 been considered stable may become more volatile and subject to increased risk due to developments and changing
 conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets has
 increased the probability that adverse developments and conditions in one country or region will affect the stability of economies
 and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular industries
 or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or other
 conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, entities
 and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist or
 retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or other
 actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the
 imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on foreign
 investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or cause
 delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or liquidity
 of investments denominated in that currency. Certain foreign investments may become less liquid and decline in value
 in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, particularly
 during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its portfolio
 may be harder to value. The risks of investing in emerging market countries are greater than the risks associated with
 investments in foreign developed countries. Certain emerging market countries may be subject to less stringent requirements
 regarding accounting, auditing, financial reporting and record keeping and therefore, material information related
 to an investment may not be available or reliable. Certain emerging market or developing countries are among the largest
 debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the repayment
 of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance with
 the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require holders
 of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, there
 is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. In addition, the Fund
 is limited in its ability to exercise its legal rights or enforce a counterparty's legal obligations in certain jurisdictions outside
 of the United States, in particular, in emerging market countries. In addition, the Fund's investments in foreign issuers
 may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments will
 fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, imposed
 against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar
 measures could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell securities (in
 the sanctioned country and other markets), negatively impact the value or liquidity of the Fund's investments, significantly
 delay or prevent the settlement of the Fund's securities transactions, force the Fund to sell or otherwise dispose
 of investments at inopportune times or prices, or impair the Fund's ability to meet its investment objective or invest in
 accordance with its investment strategies.

• **Active Management Risk.** In pursuing the Fund's investment objective, the Adviser has considerable leeway in deciding which
 investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in
 its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such
 decisions will affect the Fund's performance.

• **Non-Diversification.** The Fund is non-diversified, which means that the Fund may invest a greater percentage of its assets in
 a smaller number of issuers than a diversified fund. Because the Fund is non-diversified, it may be more susceptible to an adverse
 event affecting a single issuer or portfolio investment than a diversified portfolio and a decline in the value of that issuer's
 securities or that portfolio investment may cause the Fund's overall value to decline to a greater degree than a diversified
 portfolio.

• **Foreign Currency.** The
 Fund's investments in foreign securities may be denominated in foreign currencies. The value of foreign
 currencies may fluctuate relative to the value of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar- denominated
 securities, and therefore may convert the value of such securities into U.S. dollars, changes in currency exchange
 rates can increase or decrease the U.S. dollar value of the Fund's assets. Currency exchange rates may fluctuate significantly
 over short periods of time for a number of reasons, including changes in interest rates and the overall economic health
 of the issuer. Devaluation of a currency by a country's government or banking authority also will have a significant impact
 on the value of any investments denominated in that currency. The Adviser may use derivatives to seek to reduce

**4**

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

Emerging Markets Leaders Portfolio (Con't)

this risk. The Adviser may in its discretion choose not to hedge against currency risk. In addition, certain market conditions may make it impossible or uneconomical to hedge against currency risk.

• **Market and Geopolitical Risk.** The value of your investment in the Fund is based on the values of the Fund's investments, which
 change due to economic, geopolitical 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. These types of events may be sudden and unexpected, and could adversely affect the value (or
 income generated by) and liquidity of the Fund's investments, which may in turn impact the Fund's ability to sell securities
 and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain social,
 political, economic and other conditions and events (such as war, natural disasters or events, epidemics and pandemics,
 terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the threat
 and/or actual imposition of tariffs, trade barriers and other protectionist or retaliatory measures)  adversely interrupt or
 otherwise affect the global economy and financial markets. It is difficult to predict when 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). These types of events may negatively impact broad segments of businesses and populations
 and have a significant and rapid negative impact on the performance or value of the Fund's investments, adversely
 affect and increase the volatility of the Fund's share price and exacerbate pre-existing risks to the Fund. The frequency
 and magnitude of resulting changes in the value of the Fund's investments cannot be predicted.

• **China Risk.** Investments
 in securities of Chinese issuers involve risks associated with investments in foreign markets as well as
 special considerations not typically associated with investments in the  U.S. markets or other foreign (including emerging) markets.
 For example, the Chinese government has historically exercised substantial control over virtually every sector of the
 Chinese economy through administrative regulation, state ownership and/or other involvement. Actions of the Chinese central
 and local government authorities continue to have a substantial effect on economic conditions in China and operations
 of particular Chinese companies. In addition, the Chinese government has actively intervened in Chinese companies'
 operations and structures and taken (and may continue to take) actions that influenced the prices at which certain
 goods may be sold, encouraged companies to invest or concentrate in particular industries, induced mergers between
 companies in certain industries and induced private companies to publicly offer their securities. Investments in China
 involve risk of a total loss due to government action or inaction or other adverse circumstances.

Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic conditions, trading policies and taxation of imports of its primary trading partners, such as the United States, Japan and South Korea, would adversely impact the Chinese economy and the Fund's investments. Moreover, a slowdown in other significant economies of the world, such as the United States, the European Union and certain Asian countries, may adversely affect economic growth or the value of investments in China. An economic downturn in China would adversely impact the Fund's investments. In addition, certain securities are, or may in the future, become restricted and/or sanctioned by the U.S. government or other governments and the Fund may be forced to sell or unable to sell such securities and incur a loss as a result and the Fund may be unable to purchase securities of Chinese issuers from time to time.

U.S. relations with China are strained, because of, among other things, a series of trade, international treaty, tax, and sanctions actions taken by the United States and China against each other, including the designation of China as a "foreign adversary" of the U.S., as well as countersanctions or countermeasures from the Chinese government that have been triggered or are expected to be triggered. Moreover, recent developments in relations between the U.S., other trading partners and China have heightened concerns (and the realization) of increased tariffs and restrictions on trade between the two countries, such as the potential for an escalation in trade tensions or a trade war. Increases in tariffs or trade restrictions (and threats thereof) could lead to a significant reduction in international trade, which could have a negative impact on China's export industry, Chinese issuers, the liquidity or price of the Fund's direct or indirect investments in China and, therefore, the Fund's investments.

These and other developments, including government actions or inactions, would likely result in significant illiquidity risk or losses or forced disposition for Chinese investments. The Chinese securities markets are emerging markets characterized by a relatively small number of equity issues and relatively low trading volume, resulting in decreased liquidity, greater price volatility (caused by, among other things, military, diplomatic, or trade conflicts and government intervention in economic and securities markets), and potentially fewer investment opportunities for the Fund. The Fund's investments in Chinese securities are also subject to additional risks associated with differing regulatory and audit requirements in the Chinese securities market as compared to the U.S. securities market, including a lack of reliable audits and other financial information regarding many Chinese companies and heightened risk of market manipulation and fraud, which may be increased through actions taken by the Chinese government. In addition, the relationship between China and Taiwan is particularly sensitive, and hostilities between China and Taiwan, including continued threats by China to invade and control Taiwan, present a significant risk to the Fund's investments in China. Ongoing political tension between the People's Republic of China and the Hong Kong Special Administrative Region may have impacts on the economy of Hong Kong, and these impacts remain uncertain.

*Risks of Investing through Stock Connect.* The Fund may invest in A-shares listed and traded through Stock Connect, or on such other stock exchanges in China which participate in Stock Connect from time to time or in the future. Trading through Stock Connect is subject to a number of restrictions that may affect the Fund's investments and returns. Moreover, Stock Connect A-shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in

**5**

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

Emerging Markets Leaders Portfolio (Con't)

accordance with applicable rules. The Stock Connect program is a relatively new program and may be subject to further interpretation and guidance. There can be no assurance as to the program's continued existence or whether future developments regarding the program may restrict or adversely affect the Fund's investments or returns. Because certain transactions through Stock Connect may not be subject to certain investor protection programs, the Fund may be exposed to the risks of default of the broker(s) they engage in their trading in China A Shares.

• **Variable Interest Entities.** Chinese operating companies sometimes rely on variable interest entity ("VIE") structures to raise
 capital from non-Chinese investors because of Chinese government limitations or prohibitions on direct foreign ownership
 in certain industries. In a VIE structure, a series of contractual arrangements are entered into between a holding company
 domiciled outside of China and a Chinese operating company or companies, which are intended to mimic direct ownership
 in the operating company, but in many cases these arrangements have not been tested in court and it is not clear that
 the contracts are enforceable or that the structures will otherwise work as intended. The offshore holding company, which
 is not a Chinese operating company, then issues exchange-traded shares that are sold to the public, including non- Chinese
 investors (such as the Fund). In addition to the risks generally associated with investing in China and a Chinese operating
 company, the shares of the holding company purchased by the Fund would not be equity ownership interests in the
 Chinese operating company and the Fund's interest would be subject to substantial legal, operational and other risks associated
 with the company's use of the VIE structure. For example, the Chinese government has not approved VIE structures
 and at any time without advance notice the Chinese government or a Chinese regulator or court could determine that
 the contractual arrangements constituting part of the VIE structure are unenforceable or do not comply with applicable law
 or regulations, these laws or regulations could change or be interpreted differently in the future, and the Chinese government
 also may with no advance notice otherwise intervene in or exert influence over VIE structures or the related Chinese
 operating companies. If any of these or similar risks or developments materialize, the Fund's investment in the holding
 company may suddenly and significantly decline in value or become worthless because of, among other things, difficulty
 enforcing (or the inability to enforce) the contractual arrangements or materially adverse effects on the Chinese operating
 company's performance. In these circumstances, the Fund could experience significant or total losses with no recourse
 available. From time to time, the Fund's investments in  U.S.-listed shell companies relying on VIE structures to obtain
 exposure to Chinese operating companies could be significant. A decline or worsening in diplomatic or other relations between
 the U.S. and China could increase the risks associated with the VIE structure.

• **Financials Sector Risk.** To
 the extent the Fund invests a substantial portion of its assets in the financials sector, factors that have
 an adverse impact on this sector may have a disproportionate impact on the Fund's performance. The financials sector can
 be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial and
 asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, inflation,
 and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect on
 the financials sector of an emerging market economy than on other industries of its economy. The enactment of new legislation
 or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operations
 and profitability of the financials sector.

• **India Risk.** To the extent
 that the Fund invests a substantial portion of its assets in Indian issuers, the value of the Fund's assets
 may be adversely affected by political, economic, social and religious factors impacting Indian businesses and the Indian
 economy, changes in Indian law or regulations and the status of India's relations with other countries. Indian government
 actions in the future could have a significant effect on the Indian economy, which could affect private sector companies
 and the Fund, market conditions, and prices and yields of securities in the Fund's portfolio. To the extent the Fund
 invests a significant portion of its assets in Indian businesses and the Indian economy, factors that have an adverse impact
 on Indian businesses and the Indian economy may have a disproportionate impact on the Fund's performance.

• **Information Technology Sector Risk.** To the extent the Fund invests a substantial portion of its assets in the information technology
 sector, the value of Fund shares may be particularly impacted by events that adversely affect the information technology
 sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and competition,
 and may fluctuate more than that of a fund that does not invest significantly in companies in the technology sector.

• **Consumer Discretionary Sector Risk.** To the extent that the Fund invests a substantial portion of its assets in the consumer discretionary
 sector, the Fund will be particularly susceptible to the risks associated with companies operating in such sector(s).
 Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of the
 overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency exchange
 rates, increased competition and consumer confidence. Performance of such companies may also be adversely affected
 by factors such as reduced disposable household income, reduced consumer spending, and changing demographics
 and consumer tastes.

• **Industrials Sector Risk.** To
 the extent that the Fund invests significantly in the industrials sector, the Fund will be particularly
 susceptible to the risks associated with companies operating in this sector. For example, the value of securities issued
 by companies in the industrials sector may be adversely affected by changes in government regulations, domestic and
 world events and economic conditions. In addition, companies in the industrials sector may be adversely affected by, among
 other developments, environmental damages, product liability claims, commodity prices and exchange rates as well as
 changes in the supply of and demand for both their specific products or services and for industrials sector products in general.

**6**

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

Emerging Markets Leaders Portfolio (Con't)

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

• **Small and Mid Cap Companies.** Investments in small and mid cap companies may involve greater risks than investments in larger,
 more established companies. The securities issued by small and mid cap companies may be less liquid and such companies
 may have more limited markets, financial resources and product lines, and may lack the depth of management of
 larger companies.

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

• **Convertible Securities.** A
 convertible security is a bond, debenture, note, preferred stock, right, warrant or other security that
 may be converted into or exchanged for a prescribed amount of common stock or other security of the same or a different
 issuer or into cash within a particular period of time at a specified price or formula. To the extent that the Fund invests
 in convertible securities, and the convertible security's investment value is greater than its conversion value, its price will
 be likely to increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the investment
 value, the price of the convertible security will tend to fluctuate directly with the price of the underlying security.

• **Derivatives.** Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to those
 of the underlying asset or instrument, including market risk, and may be subject to 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. Certain
 derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss.

Please see "Additional Information About Fund Investment Strategies and Related Risks" in the Fund's prospectus for a more detailed description of risks of investing in the Fund. Shares of the Fund are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency.

**Performance Information**

Pursuant to an agreement and plan of reorganization, between the Company, on behalf of the Fund, and Morgan Stanley Emerging Markets Leaders Fund (Cayman) LP, a private fund managed by the Adviser (the "Private Fund"), at open of business on January 6, 2015, the Fund acquired substantially all of the assets and liabilities of the Private Fund in exchange for shares of the Fund (the "Emerging Markets Leaders Reorganization"). The Private Fund commenced operations on June 30, 2011, and had an investment objective, policies, and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the Private Fund was not registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and therefore was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (the "Code"), which, if applicable, may have adversely affected its performance.

The Fund adopted the performance history of the Private Fund. As a result, the historical performance information shown below reflects, for the periods prior to the Emerging Markets Leaders Reorganization, the historical performance of the Private Fund. The performance of the Private Fund has been restated to reflect any applicable sales charge but is otherwise not adjusted to reflect differences in expenses between the Private Fund and each class, as applicable.

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's Class I shares' performance from year-to-year and by showing how the Fund's average annual returns for the past one, five and 10 year periods and since inception compare with those of a broad measure of market performance. The performance of the other classes, which is shown in the table below, will differ because the classes have different ongoing fees. The Fund's returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.morganstanley.com/im or by calling toll-free 1-800-869-6397.

**7**

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

Emerging Markets Leaders Portfolio (Con't)

**Annual Total Returns—Calendar Years**

![](sp17305img001.jpg)

**8**

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

Emerging Markets Leaders Portfolio (Con't)

During the periods shown in the bar chart above:

---

| | | |
|:---|:---|:---|
| **High Quarter** | 06/30/20 | 32.55% |
| **Low Quarter** | 03/31/20 | -19.69% |

---

**Average Annual Total Returns**<br>(for the calendar periods ended December 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Past**<br>**One Year** | **Past**<br>**Five Years** | **Past**<br>**Ten Years** | **Since** **Inception** |
| **Class I** (commenced operations on 6/30/2011)<sup>1</sup> |  |  |  |  |
| Return Before Taxes | 10.61% | -2.99% | 6.82% | 4.82% |
| Return After Taxes on Distributions<sup>2</sup> | 11.30% | -2.61% | 6.82% | 4.81% |
| Return After Taxes on Distributions and Sale of Fund Shares | 6.96% | -1.88% | 5.74% | 4.07% |
| **Class A** (commenced operations on 6/30/2011)<sup>1</sup> |  |  |  |  |
| Return Before Taxes | 4.34% | -4.36% | 5.86% | 4.14% |
| **Class C** (commenced operations on 4/30/2015) |  |  |  |  |
| Return Before Taxes | 8.30% | -4.04% | 5.79% | 4.37%<sup>3</sup> |
| **Class R6** (commenced operations on 6/30/2011)<sup>1</sup> |  |  |  |  |
| Return Before Taxes | 10.63% | -2.93% | 6.88% | 4.86% |
| MSCI Emerging Markets Net Index (reflects no deduction for fees, expenses or taxes)<sup>4</sup> | 33.57% | 4.20% | 8.42% | 3.89%<sup>5</sup> |

---

---

| | |
|:---|:---|
| 1 | Performance shown for the Fund's Class I, Class A and Class R6 shares reflects the performance of the limited partnership interests of the Private Fund for periods prior to the Emerging Markets Leaders Reorganization, adjusted to reflect any applicable sales charge of the class, but not adjusted for any other differences in expenses. If adjusted for other expenses, returns would be different. |

---

2 These returns do not reflect any tax consequences from a sale of your shares at the end of each period.

3 Class C shares will generally automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. Performance for periods greater than eight years reflects this conversion.

---

| | |
|:---|:---|
| 4 | The MSCI Emerging Markets Net Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of emerging markets. The term "free float" represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The MSCI Emerging Markets Net Index currently consists of 24 emerging market countries. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. It is not possible to invest directly in an index. |

---

5 Since Inception reflects the inception date of Class I.

The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund's other classes will vary from Class I shares' returns. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to foreign tax credits and/or an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable.

**Fund Management**

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

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

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

---

| | | |
|:---|:---|:---|
| **Name** | **Title with Adviser/Sub-Adviser** | **Date Began**<br>**Managing Fund** |
| Paul Psaila | Managing Director of the Adviser | February 2026 |
| Amay Hattangadi | Managing Director of MSIM Company | February 2026 |
| Eric Carlson | Managing Director of the Adviser | February 2026 |

---

**Purchase and Sale of Fund Shares**

The minimum initial investment generally is $1 million for Class I shares and $1,000 for each of Class A and Class C shares of the Fund. To purchase Class R6 shares, an investor must meet a minimum initial investment of $5 million or be a defined

**9**

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

Emerging Markets Leaders Portfolio (Con't)

contribution, defined benefit or other employer sponsored employee benefit plan, in each case provided that the plan trades through an intermediary that combines its clients' assets in a single omnibus account, whether or not such plan is qualified under the Code, and in each case subject to the discretion of the Adviser. The minimum initial investment may be waived for certain investments. For more information, please refer to the section of the Prospectus entitled "Shareholder Information—Minimum Investment Amounts."

Shares of the Fund may be purchased or sold on any day the New York Stock Exchange ("NYSE") is open for business directly from the Fund by mail (c/o SS&C Global Investor and Distribution Solutions, Inc., P.O. Box 219804, Kansas City, MO 64121-9804), by telephone (1-800-869-6397) or by contacting an authorized third-party, such as a broker-dealer or other financial intermediary that has entered into a selling agreement with the Fund's "Distributor," Morgan Stanley Distribution, Inc. (each, a "Financial Intermediary"). In addition, you can sell Fund shares at any time by enrolling in a systematic withdrawal plan. If you sell Class A shares or Class C shares, your net sale proceeds are reduced by the amount of any applicable CDSC. For more information, please refer to the sections of the Prospectus entitled "Shareholder Information—How To Purchase Fund Shares" and "—How To Redeem Fund Shares."

**Tax Information**

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

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

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

**10**

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